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Monitor for 'Trading Made Simple' system 565 replies

Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

  • #10,721
  • Aug 29, 2011 5:41am Aug 29, 2011 5:41am
Quoting gloworm
Why are people trading with London & Germany closed ?
Maybe because 16 other countries use the Euro?...just guessing
  • #10,722
  • Aug 29, 2011 5:57am Aug 29, 2011 5:57am
Quoting gloworm
Why are people trading with London & Germany closed ?
Because Frankurt/Germany is NOT closed?
  • #10,723
  • Aug 29, 2011 5:58am Aug 29, 2011 5:58am
Buy
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  • #10,724
  • Aug 29, 2011 6:17am Aug 29, 2011 6:17am
Low volumes are mainly because of ECB anouncements this afternoon, but look at schedule for thursday - who will dare to trade?
  • #10,725
  • Aug 29, 2011 6:17am Aug 29, 2011 6:17am
Ok, why are people trading with London closed ?
  • #10,726
  • Aug 29, 2011 6:19am Aug 29, 2011 6:19am
Long on this pair

From some of the post have read today, i think guys are advising us not to trade againt the trend, but some sometimes u see moves that runs for hundreds of pips against the trend........ so how do we handle this ............sit back and watch???
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  • #10,727
  • Aug 29, 2011 8:15am Aug 29, 2011 8:15am
Quoting finnbjurvoll
I'm not trying to argue Dean, but if I look at the majority of trades with a valid setup, most of the trades has more then a 15 pip dd before it works, at least if trading a 1 hour chart. So what I ment is exit if there is a 15 pip DD will give a lot of 15 pip losing trades.
Did an exhaustive look back over the weekend, discovered many, many valid entries hit neither stop or limit, but rather give or take a few pips by the time the trade is closed either by the session ending or a reversal.
Of the ones that did hit stop/limit, the limits thankfully outnumbered the stops by about 2 to 1.
Bottom line; it takes a large sample size of trades to capture those few really good wins, and it's not a clear-cut 70% win and 30% lose. There's a lot of slush in there too. Still, it looked net profitable.
  • #10,728
  • Edited 11:16am Aug 29, 2011 10:39am | Edited 11:16am
Traders . . .

I indeed use a different cross strategy for this TMS method than Big E – which I have stated repeatedly - but have not delved into it so as not to distract or take away from this great thread. I have instead tried to offer more of a trading mindset overview in my posts.

I do trade smaller time frames. When the market conditions call for it, and/or when I want to scalp a few pips before a news event I will adapt my stops and targets – as my chart postings have illustrated. Once set and entered, I do not make further adjustments to my trades - no matter the time frame. All of my analysis and risk assessment is completed before I enter the market. If the trade pulls back, I do nothing. I do nothing until either my stops or targets are hit. This is the methodology that proves consistently profitable for me. If Big E closes a position after a 15 pip pull back – that is what his plan says to do – so he follows his plan.

I am emotionally neutral after placing a trade because I have calculated my risk/reward before entering the market. Therefore, there is nothing for me to do except move my profit target on my second position to breakeven after my first profit target is hit. That is all. If my stops are hit the trade is over.

I spend most of my time performing a top down analysis at the beginning of the week and looking for other potential set-ups during the week. I limit my trading to the best set-ups I see during the times I trade. I am very particular and have the patience to wait.

During last week, which many traders characterized as choppy or ranging, drilling down on just the EUR/USD on a 15 M chart provided over 10 opportunities for over 80 pips each. I was able to catch 3 of those for over 300 pips profit (trading two lots). So, adapting to the market is a key element of my strategy. I never complain or try to justify what is happening – my job is to adapt and look for opportunities. That can encompass smaller time frames, counter trend, other pairs, etc. I try to observe what the market is telling me, not impose my will.

Please remember I also have losing trades – about 25% on average – considering every time frame and every strategy. I am aware of the potential swings on every time frame and do not panic or worry about being drawn down – I expect it. At the same time, I do not jump for joy when a trade is in profit. Unless high volatility news is coming near on a smaller time frame trade, I will wait for my profit targets to be hit – that means keeping trades opening over the weekend, or for days, weeks, etc.

Those of you that have been trading for any length of time know these same facts. How many times have you said to yourself, after closing a trade too soon, or not following your rules “I know better that that!” I used to do it all of the time; but not anymore. The most interesting common thread among traders is that they know they are doing the wrong thing – and yet they continue to do it – continually proving to themselves that they knew what to do – and yet for some reason, lacking the trust and belief in their knowledge and experience.

The most successful traders find a system that works for them. You must take the framework of a method such as this and the rules that have been provided by Big E and adapt them to your personality and trading mindset. That is what Big E has done – developed a system that works for him. It is up to you to make it work for you – or perhaps try and find another system that does. In any event, the key to your success is back testing the model to determine if it is profitable and developing a plan that you can follow without hesitation.
  • #10,729
  • Aug 29, 2011 11:31am Aug 29, 2011 11:31am
Overnight I found no legit setups on the 4hr (1am/5am EST) simply by the lack of any fresh new color changes on any of my pairs. I find that this is a good starting point when scouting for a trade (for me) in that if there is no new color changes present then it's not an entry despite what TDI is doing. It's an easy way for me to quickly scan my pairs. When an intraval changes color, then I look to TDI and Stochastics for confirmation. Got all three? Then it's a go, as long as it's only the first 1-2 new candles and everything looks nice.
On the Hourly this morning I found three entries. EU and EJ both long at 9am and then, UCad long at 10am. Was able to capture +32 pips without stress.
Great post once again by dcginc. Shows that there are many adaptations to the entry as well as exit. At this time I choose to close my positions if the two indicators turn against my trade (HA & TDI) or if my personal trading session has come to a close. Note: I don't watch the chart, but only check the updates. So far it's net profitable.
  • #10,730
  • Aug 29, 2011 1:20pm Aug 29, 2011 1:20pm
Quoting dcginc
Traders . . .
Another fantastic post Dginc. I've found all your posts extremely useful.

Please keep it up.
  • #10,731
  • Aug 29, 2011 1:46pm Aug 29, 2011 1:46pm
Quoting eelfranz
1st Trading Chart... Note on the TDI showing your entry set ups... green crossing red enter on that new PA candle...

just a question here ...

whats the dashed line ur using here wih the TDI / good one

Post #2 => http://www.forexfactory.com/showthread.php?t=291622

Thanks,

D
  • #10,732
  • Aug 29, 2011 4:26pm Aug 29, 2011 4:26pm
Hey Everybody..... been missin' you.

I've been off the computer for about a week because of family visiting from out of town.

dcginc - Good comments.

You have to adapt this method to your trading personality. If you change it a little and your succesful... go for it.

I'll try to post more training charts...

Good Hunting .......... Eric
  • #10,733
  • Aug 29, 2011 4:42pm Aug 29, 2011 4:42pm
Welcome back Eric! It's been a rough week for many of us. So it's indeed a good time to do more training and more examples. Thanks a million for this.
  • #10,734
  • Aug 29, 2011 4:47pm Aug 29, 2011 4:47pm
Quoting eelfranz
Hey Everybody..... been missin' you.

I've been off the computer for about a week because of family visiting from out of town.

dcginc - Good comments.

You have to adapt this method to your trading personality. If you change it a little and your succesful... go for it.

[FONT=Comic...
Nice to see you back BigE. Hope you are feeling well.
  • #10,735
  • Aug 29, 2011 4:56pm Aug 29, 2011 4:56pm
Big E, You had me a little worried there, for awhile. What you've been through is no picnic; I know. Good to see you back.
Hej.
  • #10,736
  • Aug 29, 2011 4:57pm Aug 29, 2011 4:57pm
E-U Entry training Chart - Examples
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  • #10,737
  • Aug 29, 2011 5:15pm Aug 29, 2011 5:15pm
  •  GT_Pips
  • | Joined Jun 2011 | Status: Dont hate what you dont understand. | 71 Posts
Quoting eelfranz
E-U Entry training Chart - Examples
Nice chart BigE.

This is a simple money making system.
How I know?
Well the increase in my trading account size lets me know at the end of each week.

But as always there will continue to be some people that will try to over complicate it, throw in 10 more indicators and wonder why they cant make a decision.
Some will even look at the posted chart and still be lost in what to do.
He who wanders, never gets lost. No good deed goes unpunished.
  • #10,738
  • Aug 29, 2011 5:46pm Aug 29, 2011 5:46pm
Nice chart Big E...wish I had one.

I just noticed my E/U chart jumps from june 10 to august 15. How strange is that.
  • #10,739
  • Aug 29, 2011 6:14pm Aug 29, 2011 6:14pm
I'm not saying this method doesn't work, because it does....without a doubt. Just hate seeing charts from a month ago saying, "here's where you should have entered". I can trade old charts like you can't even imagine. I personally like it better when people show today's charts and say "this is my chart, and this is where I entered"... just saying......
  • #10,740
  • Aug 29, 2011 6:48pm Aug 29, 2011 6:48pm
Quoting 4xbillions
I'm not saying this method doesn't work, because it does....without a doubt. Just hate seeing charts from a month ago saying, "here's where you should have entered". I can trade old charts like you can't even imagine. I personally like it better when people show today's charts and say "this is my chart, and this is where I entered"... just saying......
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