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Trading Made Simple

  • #12,161
  • Sep 29, 2011 8:14pm Sep 29, 2011 8:14pm
Quoting Phx62
I normally only trade the H1 chart during the London session...this week was different because I was off work and wanted to experment with earlier entries on the M15 chart. There are usually only 1 or 2 crosses of TDI during the 9 hours of London. Highlight the hours of the London session on your charts and only trade crosses during that period. You will find that there is almost always a 50 to 100+ move during that period. Once the PA has moved 50 or 60 pips in one direction, there is usually a small retracement or consolidation and then the move...
Hey Phx:
Congrats again on another great week. You've really got this trading method down. Are you still closing out your position at 50 pips, or are you holding on for potentially more depending on price action. I have a bad habit of holding on and then giving a lot of it back. Thanks for your advise and continued success.

Jim
  • #12,162
  • Sep 29, 2011 10:07pm Sep 29, 2011 10:07pm
Quoting bigjim1958
Hey Phx:
I have a bad habit of holding on and then giving a lot of it back.
I have the opposite problem, trading scared. When it bounces against me I get out, then it goes in my direction. I guess for a while I'm going to have to set my trade, go in the kitchen, & don't watch.
My favorite crochet hook is size J. It's a J-Hook!
  • #12,163
  • Sep 29, 2011 10:20pm Sep 29, 2011 10:20pm
Firstly i'll point out I'm still very much a green horn with trading. I've been tinkering with different systems over the past year and pretty much constantly just break even. I like this system but as has been said previously I think I'm well and truely over trading. Roughly how many trades are you guys taking per week? I see someone, Fx I think it was, mentioned earlier that he generally sees 1 -2 TDI crosses per london session. That was on the E/U but if that were applied to say 6 majors are there really on average 6-12 good trade opportunities being taken every session?
Everyone's got a plan until they get punched in the face
  • #12,164
  • Edited 11:01pm Sep 29, 2011 10:58pm | Edited 11:01pm
Quoting Dud45
Firstly i'll point out I'm still very much a green horn with trading. I've been tinkering with different systems over the past year and pretty much constantly just break even. I like this system but as has been said previously I think I'm well and truely over trading. Roughly how many trades are you guys taking per week? I see someone, Fx I think it was, mentioned earlier that he generally sees 1 -2 TDI crosses per london session. That was on the E/U but if that were applied to say 6 majors are there really on average 6-12 good trade opportunities...
What if you knew that there is one habit that you can adopt as a trader that will nearly guarantee trading success? What if you knew that all professional traders share one habit in common? Furthermore, what if you knew that this simple habit allows these traders to trade relaxed, that this habit allows these traders to anticipate the future because through this habit these traders have learned what to expect, and by adopting this habit professional traders have incredible confidence in their abilities to extract profits from the markets?

Wouldn't you like to know what this habit is?

This habit is the one thing that all successful traders have in common. It may come as a surprise, but even though this secret habit is by far the single best predictor of trading success, many traders choose not to adopt this habit. Few traders choose to consistently adopt this habit, and we know that few traders consistently make money trading forex. Is this a coincidence? Probably not. This one habit is the single most important thing to a trading success...and many successful traders will emphasize this point. And yet, many unsuccessful traders refuse to adopt this habit.

This one habit that successful traders share is this: successful traders backtest their trading systems. By backtesting their trading strategies they become more relaxed in their trading, and this is because they have seen their trading system perform over years in thousands of situations. These traders have learned to anticipate the future because they are intimately aware of the characteristics of their trading systems and will often develop a 'sixth sense' about the markets simply from viewing the markets through the filter of their trading systems for so long. This sort of experience can only come when a trader sees a trading strategy perform over years and in a variety of market conditions. And finally, these successful traders have confidence that their trading strategies will prevail in the markets because they have seen their trading system work in the past, and they know that it will work in the future.

Perhaps it is intriguing that most traders refuse to adopt this simple habit, or 'don't have time' to backtest trading strategies. For many traders it may be like that foreign language, or that cooking class or perhaps that classic novel that was on the 'to do' list. Maybe it is not too surprising that many more traders lose money trading - only the profitable traders get around to backtesting their trading methods.

Manually Backtest

Only one kind of system testing makes sense. It is slow, it is time-consuming, and it does not lend itself to testing a hundred markets at once, but it's the only method that prepares you for trading. It consists of going through historical data one day at a time, scrupulously writing down your trading signals for the day ahead, then clicking your chart forward and recording the trades and signals for the next day.

Alexander Elder, Come Into My Trading Room - As Dr. Elder explains, manual backtesting is very slow, and can be boring. But the experience you gain from it is well worth the time spent. You not only learn what it is like to experience the ups and downs of your trading system, but you also can learn the importance of keeping good records, which helps the budding trader in his quest to treat trading as a business.

This type of backtesting is limited only by the amount of data that the charting software can hold in the chart. Tradestation, Intellicharts and Metatrader both can hold enough data to make manual backtesting possible.
It takes a lot for me to IGNORE you, but you can try.
  • #12,165
  • Sep 29, 2011 10:58pm Sep 29, 2011 10:58pm
Hi

Firstly My name is howy and i'm new to the forum and not sure exactly where to start, so I apoligise in advance if I'm in the wrong place to post a question.

But here goes anyway,have you tried this method of trading using daily bars as I'm looking for an end of day method I can use, I live in australia and have to take into account the US times.

Secondly,I came accross an end of day trading method by porkpie when googling for an end of day system.It seems credible so was wondering if anyone has tried this method or has any further information about.

I can copy and paste the method here, but I found it on this forum so figured most experienced traders that have been here for a while would have heard about.

Cheers Howy
  • #12,166
  • Sep 29, 2011 11:03pm Sep 29, 2011 11:03pm
Quoting amiralifx
live trading

sell eurusd h1

Attachment

tp with 88 pip.

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  • #12,167
  • Sep 29, 2011 11:20pm Sep 29, 2011 11:20pm
nice trade and green pips .Congrats

Quoting amiralifx
tp with 88 pip.

Attachment
  • #12,168
  • Sep 29, 2011 11:25pm Sep 29, 2011 11:25pm
Prepared for http://www.forexfactory.com/michaelsimon but ya'all can have a look
Attached File(s)
File Type: pdf Creating a Trading Plan Bradley W Gareiss.pdf   241 KB | 2,831 downloads
It takes a lot for me to IGNORE you, but you can try.
  • #12,169
  • Sep 29, 2011 11:42pm Sep 29, 2011 11:42pm
Quoting bigjim1958
Hey Phx:
Congrats again on another great week. You've really got this trading method down. Are you still closing out your position at 50 pips, or are you holding on for potentially more depending on price action. I have a bad habit of holding on and then giving a lot of it back. Thanks for your advise and continued success.

Jim
Big Jim,
I have done all the things talked about on this thread.....closing trades once they reach 15 or 20 pips......staying in too long and having PA reverse and take away profit......revenge trading.....etc. Once I developed my trading plan based on Big E's systems and became more confident in it, I began to make fewer mistakes and began to make every trade based on the mechanical set-ups. Now I follow the rules of the plan 100% (well, maybe 95% of the time) and the emotion of winning or losing a trade is nearly non-existent which keeps me from making too many bad decisions. I began to focus on the trades themselves and what made them work and what did not and adjusted my trading plan accordingly. Then a losing trade wasn't that big of a deal because I knew my trading plan would get those pips back and more.
My weekly pip goal is 250 pips. At first that seemed impossible but as I began to follow the trading plan the Aha moments came easier and so did the pips. Once I relaxed and quit trying to get every pip out of every move the trading opportunities became more clear. I trade only one pair, the EU during the London session about 90% of the time with occasional trades during the NY session but never the Asian. I've given back more pips than I care to think about during that session. I still spend hours each week learning all I can about forex trading and studying charts and trades that worked out and those that did not. I set most trades with a 50 pip TP and a 50 pip emergency SL. If I am not going to monitor the trade, I bring the SL to 25 or 30 and walk away. Once the trade reaches 20 pips profit, I have an EA that automatically moves the stop to BE when I am not monitoring.
Good trading to you.
  • #12,170
  • Sep 30, 2011 12:58am Sep 30, 2011 12:58am
Well worth reading... twice

I Can’t Think!

The Twitterization of our culture has revolutionized our lives, but with an unintended consequence—our overloaded brains freeze when we have to make decisions.
It takes a lot for me to IGNORE you, but you can try.
  • #12,171
  • Sep 30, 2011 2:23am Sep 30, 2011 2:23am
Quoting langa01blue
Hi

Firstly My name is howy ....
.....I came accross an end of day trading method by porkpie ..............
.....I can copy and paste the method here, ............
Dear Howy.

Please DO NOT paste another method in here! It is crowded with unrelated stuff any way.

Thanks.
  • #12,172
  • Sep 30, 2011 3:26am Sep 30, 2011 3:26am
Just thought I'd point out this significant double bottom formation also a bounce off of the range low. I'm looking to go long here and also if this Daily Support 1 breaks it should be quite a drop.

Sharing is caring - unless its a BK Whopper Meal!
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  • #12,173
  • Sep 30, 2011 3:26am Sep 30, 2011 3:26am
Quoting langa01blue
Hi

Firstly My name is howy and i'm new to the forum and not sure exactly where to start, so I apoligise in advance if I'm in the wrong place to post a question.

But here goes anyway,have you tried this method of trading using daily bars as I'm looking for an end of day method I can use, I live in australia and have to take into account the US times.

Secondly,I came accross an end of day trading method by porkpie when googling for an end of day system.It seems credible so was wondering if anyone has tried this method or has any further information...
I think you will get your answers if you start reading the entire thread and please don't post any other trading method on this thread. Its purely TMS.
If you have found a trading system for an end of the day system then why are you still looking for another method.
Many traders blow their accounts and become unsuccessful because they don't stick to one system. You have to practice and practice over and over again until you can execute a trade without over thinking it without emotion.
Try 300 trades before even determining whether a trading system is good enough. Those 300 trades must be only according to the system, if it dont meet the requirements then dont take the trade.
X-man the legendary conqueror of markets
  • #12,174
  • Sep 30, 2011 3:41am Sep 30, 2011 3:41am
Quoting Zr-fx
Dear Howy.

Please DO NOT paste another method in here! It is crowded with unrelated stuff any way.

Thanks.
How about results, are we allowed to post them? This is a trading contest, current leader, not me, I am # 161

How do these guys do this? I know they must be over-leveraged but how do they get the trades right in the first place? Might go study his track record, if I solve, I'll be sure not to tell you
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It takes a lot for me to IGNORE you, but you can try.
  • #12,175
  • Sep 30, 2011 3:43am Sep 30, 2011 3:43am
Quoting langa01blue
Hi

Firstly My name is howy and i'm new to the forum and not sure exactly where to start, so I apoligise in advance if I'm in the wrong place to post a question.

But here goes anyway,have you tried this method of trading using daily bars as I'm looking for an end of day method I can use, I live in australia and have to take into account the US times.

Secondly,I came accross an end of day trading method by porkpie when googling for an end of day system.It seems credible so was wondering if anyone has tried this method or has any further information...
Use your brain mate.......if you have one.....why on earth would you post a message about another trading method.....honestly.....its this sort of shit that has completely put me off forums.....read the first 50 pages, then if you think you need to ask questions.....do so.....but I can tell you now.....most people genuinely folowing this thread...even the new people who want to give it a go have no time for your unthoughtful, baseless questions and you wont get one person willing to offer their opinion on a totally unrealated trading method........so either make an intelligent contribution or submit a genuine question once you have read the first 50 to 100 pages....or f*&^ off. I am sick of it and I am sure most others are.
  • #12,176
  • Sep 30, 2011 5:19am Sep 30, 2011 5:19am
Quoting twenty155
Just thought I'd point out this significant double bottom formation also a bounce off of the range low. I'm looking to go long here and also if this Daily Support 1 breaks it should be quite a drop.

Sharing is caring - unless its a BK Whopper Meal!
Can I ask where you got the Daily Pivot EA? I have one, but not that impressed with it, looking for a different one. thanks
  • #12,177
  • Sep 30, 2011 7:33am Sep 30, 2011 7:33am
Quoting Erebus
How about results, are we allowed to post them? This is a trading contest, current leader, not me, I am # 161

How do these guys do this? I know they must be over-leveraged but how do they get the trades right in the first place? Might go study his track record, if I solve, I'll be sure not to tell you

Hey, where's this trading contest? If my calculations are correct, and the contest started on Aug 26, this guys only averaging 15% per day. Maybe I'll go take a look......
  • #12,178
  • Sep 30, 2011 7:35am Sep 30, 2011 7:35am
Quoting dean
you are overtrading
Perhaps. Dean, I trade the 1H (preferred) or 15M during the NY session so I take what I can get. I reentered 3 hrs later selling the A/$ & gbp/$ and got +26 pips for a net of +11 for the morning. Like BigE I have not had success with the NY 4H at 07:00 cdt my time so again as he suggests I go to the 1H.
Erebus has suggested a manual backtest looking at the 1H early morning to see if 1 or 2 prs consistently deliver +25-50 pips. I can then push lot size to a more agressive 3 or 4%. This isn't set in stone but just a testing idea. Thanks for you input to this thread, we all appreciate it. p.
  • #12,179
  • Sep 30, 2011 7:41am Sep 30, 2011 7:41am
Quoting 4xbillions
Hey, where's this trading contest? If my calculations are correct, and the contest started on Aug 26, this guys only averaging 15% per day. Maybe I'll go take a look......
http://www.myfxbook.com/

It is the current GO Markets contest, 1 day, 8 hours to GO (pun intended) says daily 9.88% for him, and I moved to # 150

http://www.myfxbook.com/contests/tra...ptember-2011/5
It takes a lot for me to IGNORE you, but you can try.
  • #12,180
  • Sep 30, 2011 8:48am Sep 30, 2011 8:48am
Quoting Phx62
Big Jim,
I trade only one pair, the EU during the London session about 90% of the time with occasional trades during the NY session but never the Asian. Good trading to you.
Hi Phx62
Liked the charts you put up. Would appreciate any input, if so inclined on posted chart. EU London session,1H with TDI crosses marked on chart. How do you handle these? H4 is short.
IF already short, do you exit on these hook, especially G>R(if 50 pips not met and SL not hit) and intend to be flat by session end.
This happened twice: any action on these (long or short) based on TDI or do you ignore these and keep short, (Large frame short,).

Am aware of other factors etc. but trying to stick to 1H,TDI.
Hope BigE is doing well. His method sure is.

Any constructive input would be appreciated.
Thanks,
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