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Trading Made Simple

  • #12,141
  • Edited 8:10am Sep 29, 2011 6:24am | Edited 8:10am
I have shorted the E/$, G/$, & long the swissy. Regardless how these go I will pull out @ 07:00 cdt because of the news that will shortly follow. I hope we all do well this a.m.

Just great - all 3 in mius territory and about 15-20 minutes before I pull the plug. The setups still look great but price isn't following MY rules - imagine that.

07:20 - minus 15 total for all 3. Done for the morning.
  • #12,142
  • Sep 29, 2011 6:27am Sep 29, 2011 6:27am
Bought $/CAD Sold E/$ - US GDP 2Q released in 1 hour - hopefully this will only add to my gains - maybe not the safest time to trade but the U/C is locked at BE.

Not having the greatest week but overall it looks like I'll break even if these trades go well.
  • #12,143
  • Sep 29, 2011 6:31am Sep 29, 2011 6:31am
Quoting makybe05
I'm short E/U what do you guys think?
Hi Makybe05, looks like a good entry to me. Would you mind posting the indicator on the left of your chart that shows the times at the different exchanges. Thanks
  • #12,144
  • Sep 29, 2011 7:06am Sep 29, 2011 7:06am
Quoting fufighter
Short E/U
hi fufighter, i just noticed the clocks on your chart are off. London is now 13:05 , GMT 12:05 , don't know the rest but I am in London.
  • #12,145
  • Sep 29, 2011 7:13am Sep 29, 2011 7:13am
Quoting twenty155
hi fufighter, i just noticed the clocks on your chart are off. London is now 13:05 , GMT 12:05 , don't know the rest but I am in London.
yeah, it's not working. I only look at spread lol!


closed E/U as TDI flat per rule -10 pips :/
  • #12,146
  • Sep 29, 2011 7:35am Sep 29, 2011 7:35am
can anyone here share their EA for SL/TP/JS, etc set?
just EA would be nice -and its instruction
EA + Setting file would be better!

i have tried mptm with this method. but i have failed to set mptm. or any other EAs.

Regards,
Jhfx
  • #12,147
  • Sep 29, 2011 7:49am Sep 29, 2011 7:49am
Quoting Erebus
Here is how this should have been displayed - WOW - look at the actual risk placed on this trade! See how high the RISK has to increased to make the lot size equal 1, which is what you are using. Problem is, if this became a huge winner for you, then you become addicted to random rewards.
Erebus, This calculator is excellent. I developed two EAs (BuyFibo and SellFibo) to include the calculation of volume from this calculator that I saw in a post above yours and likewise included in these EAs to BreakEven Fibo level, Profit 1 and Profit 2 also mentioned. All this is automated. I would like you try it because I think it is a very useful tool for everyone here.

The EAs is find at post 12097
http://www.forexfactory.com/showthread.php?p=4995487 # post4995487
Enter Signature
  • #12,148
  • Sep 29, 2011 8:42am Sep 29, 2011 8:42am
Quoting piprac
My bad, I said R/R because that is how I think of position size - my Risk part. I just equate position size with risk size (amount.) Sorry for the confusion. p
He! He! Ok No harm done! I do just the same.
  • #12,149
  • Sep 29, 2011 9:16am Sep 29, 2011 9:16am
Erebus and Dean,
I know what youre saying.
It's not that I didnt realize I was no where close to lot size for risk. I knew but obviously since its demo I wanted to sort of "test" my senses and see if Im thinking in the right direction.
What I crucially have been realizing these past 24 hours though is, that I cant expect that it reflects the live situation, as in: "Well if this works I"ll do the same but with micro-lots instead of full lots"
The catch is, that even with 1 cent pips, I wouldn't allow myself to ever get 500 pips down in the belief that it will come back. I'm not sure I'm explaining it well, but you know.
I did end up closing that chfjpy for a +150 pips or so just an hour ago. And my track record on this account looks pretty good, which got me disillusioned, thinking I can actually make a living if I follow these rules.
But because I left out the r:r factor and mm, it doesn't mean jack....
I still think this system is genius in its simplicity. And I believe I can get the hang of it.

Id like to post my statement and charts, but now you got me too self conscious. I'm afraid some poor bastard will unwittingly listen to what Im saying...
  • #12,150
  • Sep 29, 2011 11:17am Sep 29, 2011 11:17am
Quoting makybe05
I'm not doing so well this week. Slowly losing money. How is everyone is going? It's just a confidence thing. Might be time to go back to demoing and really prove that I can consistently trade profitably week to week.
My friend maybe it's just this strategy doesn't suit you?

May I suggest you look at this:

http://www.forexfactory.com/showthread.php?t=127271

It might look confusing at first and it's a big read but well worth it in my opinion... It's turned my fortunes around...
  • #12,151
  • Sep 29, 2011 11:19am Sep 29, 2011 11:19am
The daily trend move occurred during the Asian session today. That move could have garnered up to 140 pips for anyone who took it. As a result of the early move, the London session was quite choppy and ranging. I did one trade on the M15 chart for +24 and decided to stay out of the market until London tomorrow. As has been stated many times by several different traders on this thread, knowing when NOT to trade is just as important as knowing when to enter or exit a trade. It doesn't take long to give back those pips by trading when the market is not trending.
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  • #12,152
  • Sep 29, 2011 12:02pm Sep 29, 2011 12:02pm
I am done for the week. Most of my trades were based on PA and not this system.. however, there were probably about 5 trades I did take using this system on mostly E/U.

Total trades for the week - 11
Total loosing trades - 2
Total winning trades - 9

Total pips lost - 21.7
Total pips won - 107

Since my first goal is 50 and my second is 100... I'm very happy with this week.
  • #12,153
  • Sep 29, 2011 12:49pm Sep 29, 2011 12:49pm
Quoting amiralifx
live trading

sell eurusd h1

Attachment
sl : remove to 1.36100 (+3)

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good luck
  • #12,154
  • Sep 29, 2011 2:26pm Sep 29, 2011 2:26pm
Quoting MichaelSimon
Erebus and Dean,
I know what youre saying.
It's not that I didnt realize I was no where close to lot size for risk. I knew but obviously since its demo I wanted to sort of "test" my senses and see if Im thinking in the right direction.
What I crucially have been realizing these past 24 hours though is, that I cant expect that it reflects the live situation, as in: "Well if this works I"ll do the same but with micro-lots instead of full lots"
The catch is, that even with 1 cent pips, I wouldn't allow myself to ever get 500 pips...
Michael,

When you know better, you will do better. There is NO need to test your senses or think in the "right" direction.

Yes, you may have 'won' on the trade, but did you stick to your trading plan? A monkey can be taught to a task, and will repeat that task if rewarded. If the reward stops, the monkey will stop doing the task.

However, if during the training, the reward is given on a random basis, the monkey may continue doing the task indefinitely, as there is no reason to stop as the reward may be given at any time. See the reasoning here?

You say that you wouldn't ever let that happen with a real account? Read on...

So what to do? During the weekend:

a) Read "Trading in the Zone" and especially study the 5 fundamental truths
b) Write down your trading plan, simple and basic is fine
c) Within that plan, your detailed trading method including time frame, risk, entry, stop loss, take profit
d) Open a new demo account (size does not matter as 2% risk is the deciding factor)
e) Follow the exercise given in the book - take 20 trades exactly as per your plan to test both the edge of your trading method and your new found DISCIPLINE
e) Familiarize yourself with using the Position Size Calculator, as it is absolutely critical to your trading success

http://www.earnforex.com/position-size-calculator

You can find Trading In The Zone as a pdf file on the internet, or I highly recommend using an audible copy and listen to it as much as you can.

For the trading exercise, I suggest sticking with 1 time frame only; if the trading method has an edge on that time frame, no need to seek further analysis.

Also, stick with the main currencies, 6 pairs should be enough to find the 20 required trades, especially if your plan is to trade on the 1 hour time frame.

You must know your entry, stop loss and take profit BEFORE entering the trade, even if this mean placing a buy or sell stop 10 pips from the market is now, as you need time to put the numbers in the calculator.

Good luck and check my Trade Explorer, account size is not important, the percentages are, did I win 80% or 90% trades? NO, only 50% but look at the size of winning trade to losing trade, there is your secret.

Even if this doesn't sink in today, next week, or next month, it will eventually come to you, you will have an "AH HA" moment if you follow this path.

PS: Still working on my 20 trades
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Attached Image
It takes a lot for me to IGNORE you, but you can try.
  • #12,155
  • Sep 29, 2011 3:37pm Sep 29, 2011 3:37pm
the TDI on A/U H1 chart has a nice bullish cross now, but the H4 chart has a nice bearish cross (as nice as the H1's one)....what would you do?

(my answer: i'm out of this trade)
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  • #12,156
  • Sep 29, 2011 5:59pm Sep 29, 2011 5:59pm
Quoting Nacho
the TDI on A/U H1 chart has a nice bullish cross now, but the H4 chart has a nice bearish cross (as nice as the H1's one)....what would you do?

(my answer: i'm out of this trade)
under this system I would stay out and wait for agreement, but thats just me....you might be getting a better price to short (h4 trend) by waiting on the h1 to turn back into a bearish cross.
edit:maybe look for the short signal when price gets back to the daily pivot and gets rejected?....just an idea..
  • #12,157
  • Sep 29, 2011 6:02pm Sep 29, 2011 6:02pm
Quoting fufighter
Hi, Dean

TDI is not reach 68 yet, but if stock > 80 you would not enter.
I understand correct?
Correct......and I wouldnt enter with the tdi that high either....I would prefer to be taking a short setup from that level
  • #12,158
  • Sep 29, 2011 6:14pm Sep 29, 2011 6:14pm
Quoting piprac
I have shorted the E/$, G/$, & long the swissy. Regardless how these go I will pull out @ 07:00 cdt because of the news that will shortly follow. I hope we all do well this a.m.

Just great - all 3 in mius territory and about 15-20 minutes before I pull the plug. The setups still look great but price isn't following MY rules - imagine that.

07:20 - minus 15 total for all 3. Done for the morning.
you are overtrading
  • #12,159
  • Sep 29, 2011 6:18pm Sep 29, 2011 6:18pm
Quoting MichaelSimon
Erebus and Dean,
I know what youre saying.
It's not that I didnt realize I was no where close to lot size for risk. I knew but obviously since its demo I wanted to sort of "test" my senses and see if Im thinking in the right direction.
What I crucially have been realizing these past 24 hours though is, that I cant expect that it reflects the live situation, as in: "Well if this works I"ll do the same but with micro-lots instead of full lots"
The catch is, that even with 1 cent pips, I wouldn't allow myself to ever get 500 pips down...
Mate I am not criticising you, you seem to understand what I am talking about. I have done it before thats all. ANd yes you do tend to hang on to a trade hoping it will come back when you have real money on it.....the human brain is not prgrammed to accept loss....so part of your practice is to accept it and move on....so again.....make part of your practice selecting 100% trades that fit your criteria and that way if they hit your stop it doesnt affect you. You know that the majority of the time you will come away ahead. Holding on to a trade and removing your stops is an account blower......I've done it
  • #12,160
  • Sep 29, 2011 6:24pm Sep 29, 2011 6:24pm
Quoting dean
Mate I am not criticising you, you seem to understand what I am talking about. I have done it before thats all. ANd yes you do tend to hang on to a trade hoping it will come back when you have real money on it.....the human brain is not prgrammed to accept loss....so part of your practice is to accept it and move on....so again.....make part of your practice selecting 100% trades that fit your criteria and that way if they hit your stop it doesnt affect you. You know that the majority of the time you will come away ahead. Holding on to a trade and...
I have done it as well, kid, and let me tell you Dean is speaking gospel right now. I have lost 20% in one account in two days holding on to a loser before, where i shouldve only lost 2%....stupidly moving stops to allow my trade to "breathe"...which is idiot speak for "hope it works".
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