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Trading Made Simple

  • #11,061
  • Sep 5, 2011 1:58pm Sep 5, 2011 1:58pm
Following on from my response to Dean - here is a 4 hour example and has some great examples of multiple Fractal Break entries.

This also shows (coincidentally) one of the questionable areas of entries around OS/OB areas and is not for newbies and is most definitely not a TMS strategy!

I am only suggesting this as an add on to TMS and can only thank big E for developing the initial 5 method and then the TMS to its current status as well as the experts who contribute regulalry, especially dcginc.

Run back tests - Fractals will be solid entry levels as they will have already been set. I kept seeing these set ups while running my own testing on Day and H4 charts over the past 6 months and started live testing last month with good results along with traditional TDI entries.

My biggest issue was that on the H4 I was missing entries (due to my trading times) so would stay out of the longer runs. This seemed to address that issue and helped me see some of the TDI bounces which I was not so good at seeing.
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"To live with Passion, it takes Courage and Grace to survive"
  • #11,062
  • Sep 5, 2011 2:50pm Sep 5, 2011 2:50pm
you are right...

nice setup on daily nzdusd, i'm into this one



Quoting DayTraderBiH
Just look at the big downtrend and your trying to cash the lowest low ?
Here's a little tip, if your trading those lower time frames then add it to your entry rule to always go with the trend, it's gonna save you a lot of pips.
There are a lot of opportunieties, just take the perfect setups.
Look at this one:
  • #11,063
  • Sep 5, 2011 3:14pm Sep 5, 2011 3:14pm
Quoting DayTraderBiH
Just look at the big downtrend and your trying to cash the lowest low ?
Here's a little tip, if your trading those lower time frames then add it to your entry rule to always go with the trend, it's gonna save you a lot of pips.
There are a lot of opportunieties, just take the perfect setups.
Look at this one:
My chart is very different, what is your Broker gmt please ?
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  • #11,064
  • Sep 5, 2011 3:30pm Sep 5, 2011 3:30pm
Quoting imperatorfr
My chart is very different, what is your Broker gmt please ?
I don't see a big difference. My broker is Fxopen GMT +2
The Mind creates reality.
  • #11,065
  • Sep 5, 2011 3:48pm Sep 5, 2011 3:48pm
Quoting fufighter
I did

Everything follow the rule so far, it even show blue candel in my chart. I wait for another 2 candle to see if there any improve, if not i'll close with loss.

Hope it going up. it's been in oversold area far too long now.
If your following the rules then you should be out as green has hooked over. Take small loss now and find better setup.
  • #11,066
  • Sep 5, 2011 4:46pm Sep 5, 2011 4:46pm
Quoting DayTraderBiH
I don't see a big difference. My broker is Fxopen GMT +2
Look TDI level.

Your cross a candle earlier than mine.

And I have 2 red candle against 3 red for you.
  • #11,067
  • Sep 5, 2011 4:56pm Sep 5, 2011 4:56pm
Quoting imperatorfr
Look TDI level.

Your cross a candle earlier than mine.

And I have 2 red candle against 3 red for you.
which one is better? i also use Fxopen.
  • #11,068
  • Sep 5, 2011 6:37pm Sep 5, 2011 6:37pm
Quoting Tedge UK
anyone got there order in on gbpcad daily........looking tasty
It was a good setup but now it is taking a pause.
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Forex is boring but profitable with patience and discipline
  • #11,069
  • Sep 5, 2011 7:11pm Sep 5, 2011 7:11pm
Quoting Fitness09
Thanks drift, I am also long on the GA. Already in a while ago.
im not in yet, im currently in 2 other trades so im hesitant to go into a 3rd.

having said that ill get in if theres a strong break of 1.5300, PA still looks weak on H4 but could bouce at london open
  • #11,070
  • Sep 5, 2011 7:43pm Sep 5, 2011 7:43pm
anyone with me on this G/A?
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  • #11,071
  • Sep 5, 2011 7:44pm Sep 5, 2011 7:44pm
I am writing this to see if any other traders have ever experienced what I am currently going through. Let me fill you in on my background as a trader. I started demoing the forex about 2 years ago. I had never traded anything before, but am a small business owner, and wanted to spend more time at home.When I began learning, I didn't even know what a pip was, but as determined to get my little piece of the forex pie. I spent literally 12-14 hours 7 days a week trying to teach myself everything I need to know to be successful as a trader. One of the first people to help me told me that being a trader was a very lonely business.

After demoing for about a year, I felt I was ready to go live. I was trading a few different systems on lower time frames. I would get lucky, and lose a lot. I was literally consumed with the market. I would constantly be in the chat rooms and trading. I had read a few books on the psych part of trading, refined a good system, and dropped a few methods all together. I am currently trading the TMS system on higher time frames.

To make a long story short. I think I have progressed tremendously as a trader because I have come to the realization there is no "holy grail" or any get rich quick schemes. By no means have I become a millionaire overnight and it's hard work to trade the forex. Currently I think I am suffering from extreme mental stress and exhaustion from sitting in front of a screen for a year and being taken on an emotional and economical roller coaster. It has taken a huge toll on my health, and when you own health clubs for a living and you don't want to even think about working out, it becomes a problem. To be honest, all I really want to do it sleep all the time lol.

My questions to the experienced traders are:
1. Is this what it is like to be a trader?
2. Does the stress ever go away?
3. If you have experienced the extreme mental exhaustion, what did you do to over come it?

Thank you for your time to read this and any advice given.
F09
  • #11,072
  • Sep 5, 2011 8:05pm Sep 5, 2011 8:05pm
Quoting Fitness09
I am writing this to see if any other traders have ever experienced what I am currently going through. Let me fill you in on my background as a trader. I started demoing the forex about 2 years ago. I had never traded anything before, but am a small business owner, and wanted to spend more time at home.When I began learning, I didn't even know what a pip was, but as determined to get my little piece of the forex pie. I spent literally 12-14 hours 7 days a week trying to teach myself everything I need to know to be successful as a trader. One of...
Well thought pal..what I do to overcome that stress is I set a trade on longer TFs and then I either force myself to go out (where I got no computer access) or I go to sleep! When ur back, u skip the roller coaster part to jump straight into the results...

We all happen to pass that situation..overcome it and u will love trading!
A trader must be humble - else the market would humble him.
  • #11,073
  • Sep 5, 2011 8:36pm Sep 5, 2011 8:36pm
Quoting Fitness09
I am writing this to see if any other traders have ever experienced what I am currently going through. Let me fill you in on my background as a trader. I started demoing the forex about 2 years ago. I had never traded anything before, but am a small business owner, and wanted to spend more time at home.When I began learning, I didn't even know what a pip was, but as determined to get my little piece of the forex pie. I spent literally 12-14 hours 7 days a week trying to teach myself everything I need to know to be successful as a trader. One of...
I have something of an answer for you. As I am in the universe of "ME" and you are in the universe of "YOU" we will always see and experience the markets, trading, and life... etc... completely differently.
I am a professional trader, I make no other income, it is not a game and it is not a hobby. It IS, however, very rewarding. I use, but dont necessarily need about eight hours a day, four days a week to accomplish my goals. I am therefore qualified to give an answer based on experience. now answers:
1. Is this what being a trader is like?
A. Lonely? yes, at least to me it is....stressful? not always. I would surmise that the stress and anxiety you have expressed are attributed to the fear of loss and or failure. This is where the psychology of trading gurus would tell you that you are like a self fulfilling prophesy. At some point you will realize the cliche that "you can be your own worst enemy" is the whole truth. You have to see that the stress you put on trading is not external, it is internal. Then you have to find the root cause and you have to work it out....and all this must be done by you, trader, no one is going to be able to help you with that, I dont care how much you pay them, or what they claim their "system" can do, it has to be you.
2. Does the stress ever go away?
A. For the big answer, see question one. But I can tell you that it does with some work, then your job becomes not letting the stress back in....the human brain is odd, it is always looking for a problem, and when it doesnt find one it invents a problem. For the most part, the stress will go away, the rest of it is just your brain being a jerk.
3. Have you experienced extreme mental exhaustion, and how did you overcome it?
HELL YES!!!!! I typically put on my yellow-stained tanktop and roll up a news paper and let my wife have it......Not really lol....What i have and sometimes still do experience is what I have dubbed "VaporLock". Its the inability to place a trade no matter what set-up I see, what time of day it is , or what type of market I am observing. It can be like this for days, its devastating. I can only get out of it by talking it it out with my wife, and placing very small lot sized trades, by doing this, I get my confidence back. This usually happens after a huge loss on what originally looked like a perfect set-up. My root cause of stress is an acute lack of confidence in myself.....constant battle.


You have to find the root cause of the stress before you can fight it, and you have to be honest with yourself and see your faults...not very easy to do. When you can do this, trading gets better, life gets easier.
  • #11,074
  • Sep 5, 2011 8:56pm Sep 5, 2011 8:56pm
Quoting Fitness09
My questions to the experienced traders are:
1. Is this what it is like to be a trader?
2. Does the stress ever go away?
3. If you have experienced the extreme mental exhaustion, what did you do to over come it?
I cant say i have been to the extremes you are describing although some of it does sound familiar.

a couple of things come to mind, you may already be implementing some or all, im just putting it out there.

1. trade higher TF's and set and forget. I placed a trade last thursday night (aussie time) ive only checked it 3 times since then.

2. (while you are still learning) the money you trade with should not be the money you pay rent with. you should be able to lose it all and not jepodise your lively hood.

3. similar to point 2, lower your risk per trade, if you have a 50k account, only risk $500 per trade, if you lose it doesnt matter youve got 49.5k left.
  • #11,075
  • Edited 9:27pm Sep 5, 2011 8:59pm | Edited 9:27pm
Quoting XxLessoxX
I have something of an answer for you. As I am in the universe of "ME" and you are in the universe of "YOU" we will always see and experience the markets, trading, and life... etc... completely differently.
I am a professional trader, I make no other income, it is not a game and it is not a hobby. It IS, however, very rewarding. I use, but dont necessarily need about eight hours a day, four days a week to accomplish my goals. I am therefore qualified to give an answer based on experience. now answers:
Thank you very much, Extremely helpful to hear real full timers on the topic of their lifestyle with problems and solutions.

It's not always yachts and holidays.

Thanks again
Ask me again when I know what I'm talking about.
  • #11,076
  • Sep 5, 2011 10:48pm Sep 5, 2011 10:48pm
Hello everyone,
I have just joined these forums. I want to start by thanking everyone who is contributing to this topic. I have not had a chance yet to go through all the posts but I will soon. Looks pretty solid so far

I am going to go ahead and jump into a conversation here:

Quoting Fitness09
I am writing this to see if any other traders have ever experienced what I am currently going through. Let me fill you in on my background as a trader. I started demoing the forex about 2 years ago. I had never traded anything before, but am a small business owner, and wanted to spend more time at home.When I began learning, I didn't even know what a pip was, but as determined to get my little piece of the forex pie. I spent literally 12-14 hours 7 days a week trying to teach myself everything I need to know to be successful as a trader. One of...
F09, here are some things that may help.

 

  1. Always remember that you win some, you lose some. I know its obvious, but we tend to forget.
  2. Do not invest anything you can't afford to lose.
  3. Stick to your strategy. If you have tested it and it works in demo, there is no reason why in a long run it would not work in a real account.
  4. It may be easier on you if you reevaluate your risk tolerance. Maybe buy smaller lot sizes. Go for smaller gains, it is possible you will make less mistakes if there is less on the line.

Cheers,
XP

  • #11,077
  • Sep 6, 2011 12:31am Sep 6, 2011 12:31am
Hi Fitness

I'm no expert but just a few 1cent worth tips :

1. We are all learners no matter how experienced we think we are, everyday we learn something new so don't try to learn everything in one day it will come with time and experience.

2. Don't sit so long hours in front of the PC , longer time frames like 4H is recommended by big E. Sit in front of the PC when looking for a setup after you enter then leave the pc alone but always set your stop limit. If you still feel that you want to look at charts then look at it every 4 hours when the new candle forms.

3. When you leave the pc try relaxing your mind, go out meet people , socialize. Meditating also helps relax and destress.

4. Keep your mind and body healthy, At first we won't enjoy exercising but as we get use to it we would want to exercise everyday because you would start to feel the difference.
Exercising keeps your mind healthy, the better you would be able to think and would be able to study the charts much more better.
We as traders tend to sit in front of the PC for long hours eating and nibbling on food which we don't burn that energy which leads to our minds blurring thats why we miss good setups.

So in many cases its not our systems thats failing its our mind failing to see

Regards
X-man
X-man the legendary conqueror of markets
  • #11,078
  • Sep 6, 2011 12:53am Sep 6, 2011 12:53am
Hi guys

The AUD/JPY daily looking good I went short yesterday. Just watch that 3 candles have formed already.
Went short on the EUR/CHF H4 but candles started getting small so I just took 73 pip profit.

Regards
X-man
X-man the legendary conqueror of markets
  • #11,079
  • Sep 6, 2011 1:49am Sep 6, 2011 1:49am
Trades open from yesterday
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The Mind creates reality.
  • #11,080
  • Sep 6, 2011 2:47am Sep 6, 2011 2:47am
Thank you very much

Quoting eelfranz
Hey Gang ...

I'm sorry for the confusion. It was a Training Chart... the comments that followed you'd think I was giving drugs to kids.

[font=Comic Sans MS][size=4][color=#0000ff]A week or two ago I shared with you the fact that I discovered when green crosses red and like a wave...
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