Trading Made Simple

Thanks Hawaii5000 for your post and, of course, thanks to Eelfranz for this forum,

Hawaii, can you recommend some resources that would help those of us who are in need of help in the areas you mentioned?

Thanks in advance for your help.

Richard in Colorado.

I trade it eod ie i look at the charts as close to the new bar as possible if I have set up I open a position with a stop and dont check again till next day then I once again analyze the charts

Lot of talk about trading psychology. BigE I am sure gets extrremely frustrated when he reads this thread. WHy......because he spent two years perfecting, honing and ultimately simplifying it so it is easy to trade and easy to teach.
The problem is.....you simply can not teach others a mechanical method when the interaction involves human nature and emotion.
Its a waste of time trying to emulate anyone in this game becaue your brain absorbs the information differently. So unfortunatley....although BigE and I am sure many others who have developed simple, succesful trading methods have been generous enough to put them out there for others, its simply impossible to teach. The method was developed, honed and simplified yes......but it was done to make trading simple for BigE....not us.
So sure...use this method, combine it with other things oyu may be comfortable with, add your own indicators or not....whatever you need to give you the courage to enter a trade.....but dont think its as simple as just copying the way someone else trades it.
Even this system has a degree of trading psycholgy embedded in it. The tdi is what you all use to get you into the trade mostly.
I dont care what anybody says....its an indicator.....a lagging one at that...so its not going to tell you what is going to happen....all it is doing is giving you the confidence to enter the trade.....but is it really any better than you reading price action itself?? The market movements and technical analysis are simply mass psychology....an indicator aint gonna tell you how other people are going to trade...its simply something that gives you the courage to pull the trigger....which is psychology in itself.
From all the info I have read, courses I have done, accounts I have blown, emotional frustration I have suffered, I have learned this.....every single trader has to find there own specific way of trading from the method through to the money management through to ttheir own psychology. SO dont kid yourself thinking you can just copy someone succesful......and if you have found a succesful consistent method....dont think you can simpy teach others to trade it the same way. And I mean that with all due respect.

It's Monday (9/19) a little after 8 a.m. here in Japan. We're GMT+9. Today is a national holiday. So for the Asian session Japanese banks are closed. Friday of this week is also a holiday. It started out with a bang this morning with big moves mostly to the short side. I took acouple of short positions on the EURUSD and AUDUSD on the H1 charts and took small losses. Now most of the pairs are giving off conflicting signals. Red candles below the 5 MA with the RSI line of the TDI pointing at the sky and blue candles above the MA with the RSI line pointing toward the basement. A few examples.

I was referring to the actual code in the indicator when I said it needs to be modified, not the settings. There is nothing you can change in the settings that will fix the problem you experienced.

The setting for "refresh_last_bar" in the indicator as it is now will only work if you do nothing to cause it to restart (change settings, refresh chart, change time frame, lose connection to the broker and reconnect, etc will all cause it to "restart", forget where it was up to and recalculate.)

I'll get around to coding another that does not suffer this problem (.... sometime soon, I hope LOL.)

Hi Britpip,I noticed on one of your trades you had a tp1 and tp2. Are you trading 2 seperate lots? Also could you tell me if you like to look at the daily or the weekly time frame to determine the long term trend. Thanks

Maxtrader and others...

It's a slow Sunday night and I was just catching up on my reading.

In my opinion the best "trader" that I have ever heard of is:

Robert Prector of Elliott Wave. Guess what, he has a degree
in Psychology. His trading accomplishments are verified
and recorded in actual live trading championships.

I'am thinking if you talked to Robert Prector he would say
trading is 90% psychology and 10% system.

snarlyjack

I have been trading very successfully for more than 10 years ago, and I only would say that no one can tell how much percent is the Psychology aspect and It will be a usefull discussion, if you ask me I would tell you that certanly It is an iportant part but not 90% of successfull trading, at least in my case It is not.I started to be successfull the day I stop using indicators and I started to concentrate on price action, but in Trading there are many ways and styles that can be very successful, no one has the absolute truth about Trading, but I do respect all types of Trading styles.

Regards

I initially started placing trades with multiple lot sizes but could only set one TP target. DCGINC pointed me in the direction of having a TP1 and TP2, so now I open 2 trades per entry and depending on whether the market is trending or ranging will dictate the SL / TP. Smaller levels for ranging - 1XATR / 2XATR - larger for trend moves 2XATR / 4XATR, depending on S/R levels and Big Round Numbers - 1.500, 1.000, etc.

I trade between 8:30 and 10:30 pm PDT/PST depending on the clocks - on M/T/W/T evenings. I trade whichever currency is moving. I do monitor the trades that are running, and only bail out if I see reversal patterns setting up.

I prefer H4 for my initial signals and also use the Day charts for signals. This will mean that my higher time frames become Day and Week accordingly for trends, however, I watch the Price Action within the trend - I do look at the month charts but mainly this is just for a historic on the S/R levels.

In short in U/J 1H. TDI look good, only stoc touch 20 already, hope it's ok.

Closed +10 pips. TDI H1 come down to almost 32 now, price doesnt move much

Anyone know how this evolution demonstrations W. St? and as you can affect USD today?
Sorry for my english.
regards.

Britpip, Thank you for your insight and taking time to answer my questions. It is very much appreciated

Closse G/U +34 pips , E/A -11 pips

TDI still did not even tweak for G/U, but i close to save the pip....If it go down further a lot that will be quite shame but no greedy is better.

HANDS UP WHO DIDN'T SEE THAT COMING

PS: Let us restrict it to who did see it so we may have a manageable figure!

And what does this prove exactly????????????

I guess that It proves that GAPS really exist.

Another decent session. Not much on the London earlier but the Hourly system caught the drop on the GBP/USD nicely this morning. +65 day.

Whoa, I sure missed some good moves this morning. I did short the 15M E/$ for 13 pips but must have been still asleep to have missed the G/$ 1H move. I must tell the butler to get me up earlier with strong black coffee.

Got the watch set to alarm every hour on the hour, for that very reason.