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Trading Made Simple

  • #12,601
  • Edited 1:00pm Oct 13, 2011 12:41pm | Edited 1:00pm
i took these trades before about 25min.. 2 loses.. i analyzed both - ranged... very small candles.. my mistake.

AUDCAD i dont know why i made it short... error in brain.
AUDChf - ranged..
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  • #12,602
  • Oct 13, 2011 1:34pm Oct 13, 2011 1:34pm
Quoting buyorsell
hi all,
another week is over for me. total +230 pips, my targets is 250, so nearly reached. Most traded EUR/USD H1 and H4 TF. Im gonna stick to that pair only next week, it should be enough trade just this one to hit my target. More more and more back-testing over the weekend
many pips to all!!!
What session do you trade
  • #12,603
  • Oct 13, 2011 1:42pm Oct 13, 2011 1:42pm
Quoting buyorsell
hi all,
another week is over for me. total +230 pips, my targets is 250, so nearly reached. Most traded EUR/USD H1 and H4 TF. Im gonna stick to that pair only next week, it should be enough trade just this one to hit my target. More more and more back-testing over the weekend
many pips to all!!!
Great work! Very encouraging! Keep it up.

Quoting X-Man
But the worst thing to do is watch a 4H chart , your emotions will be like a roller coaster watching PA going up and down enough times making you want to exit too early.
Yes I am definitely getting that, especially like today, when I was around the house and pc all day, cause off work today. So I kept running up to peek and thats no good with H4. If I can control my patience and emotions, H4 seems it will be better for me than H1 tho. Bigger moves, less trades, less back and forth..
  • #12,604
  • Oct 13, 2011 2:12pm Oct 13, 2011 2:12pm
Quoting kingclarence
What session do you trade
i live in UK so trade this session only, using main TMS rules, plus all fx basics, trend, sup, res, fibs etc.
  • #12,605
  • Oct 13, 2011 2:28pm Oct 13, 2011 2:28pm
Quoting MichaelSimon
Great work! Very encouraging! Keep it up.


Yes I am definitely getting that, especially like today, when I was around the house and pc all day, cause off work today. So I kept running up to peek and thats no good with H4. If I can control my patience and emotions, H4 seems it will be better for me than H1 tho. Bigger moves, less trades, less back and forth..

My rules for trading on the H4 and day charts:

1. Verify the set-ups at 4:30pm and between 8:30 and 10 pm (Pacific)
2. Follow the entry criteria (no hope trades) - or wait until entry criteria is hit - this may take several/many candles - not trading is good if the entry criteria isn't met
3. Set your SL and TP based on risk assessment of the trade / MM plan
4. Close computer and go to bed
5. Wake up - make tea, check trade - smile or curse, close computer, go to work if applicable, or make second cup of tea and stroke the cat
6. Check in on trade when next candle is due or out of curiosity and smile more it TP is hit (curse if SL is hit - look for cat) - DO NOT change SL, except to move to B/E or to manually manage your profits (depending on trading / MM plan)
7. Accept your P/L with good grace (relax - stroke the cat)
7. Go back to Step 1 - rinse / wash / repeat

Several things that I have learned over the past few years

A. Everyone has the same data - all indicators are averages of the same data and are therefore lagging indicators

B. Watching Price Action on Charts when I have a trade running, makes me do stupid things, like changing SL/TP or worse (emotions)!

C. Placing a trade based on an expectation of Price Action is not the wisest decision and doesn't comply with my trading / MM plan, although if it wins, it was obviously a good decision!

D. Listening to any talking head / opinion / news release makes me do stupid things, like making a trade because ..... (fill in the blank)

E. Protect any profits / move to B/E any in process trades before FOMC

F. Stick to your trading / MM plan and don't second guess your in process trades

G TDI is not the holy grail of all indicators, but when used correctly per the rules, probably puts it right up there and has certainly improved my trading accuracy
"To live with Passion, it takes Courage and Grace to survive"
  • #12,606
  • Oct 13, 2011 3:03pm Oct 13, 2011 3:03pm
another profit.. 70~ pips... today about 180~ pips.. ty Big E.

2 loses today.
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  • #12,607
  • Oct 13, 2011 3:09pm Oct 13, 2011 3:09pm
Quoting Raa
another profit.. 70~ pips... today about 180~ pips.. ty Big E.

2 loses today.

Are you using multiple time frames or is it all on the 4H charts?
  • #12,608
  • Oct 13, 2011 3:12pm Oct 13, 2011 3:12pm
Quoting ananjee
Are you using multiple time frames or is it all on the 4H charts?
1h and 4h.
  • #12,609
  • Oct 13, 2011 3:38pm Oct 13, 2011 3:38pm
Quoting Raa
1h and 4h.
You have a very interesting trading method, you're in and out on the same candle. Thats a very different approach than what i take; a very refreshing perspective.

Great work here RAA. Happy pippin'.
  • #12,610
  • Oct 13, 2011 3:39pm Oct 13, 2011 3:39pm
Quoting MichaelSimon
Guys Im about to go out but I couldnt leave before sharing this (also had to move my stops to profit so I let let these 5 trades run)

Ive been taking some bad trades lately and getting some heat for them. I think Ive been set on track by you guys.
Piprac pm'd me with great advice, telling basically to get back to basics and reread this thread. At least the more important parts. Also he pointed me to the pdf file, which I already had downloaded but didnt open cos I was busy with the thread.
Guys that pdf is awesome. It really sifts out alot...
Yep spot on with all you have mentioned...one more thing to really get your patience working but your strike rate a lot better.....forgetting your exotics (eur/jpy etc) the 3 trades you had on the EU GU and UC, were all counter trend. Look on your 4 hour chart and you will see a clear uptrend. I have attached the EU chart. NOw one of the checks you do before entering is to see how strong the last swing was in your direction (you went short I am assuming). As you can see the last swing low only lasted 2 weak candles so for me its a no trade. With such a strong uptrend, I would have waited for the swing low to finish and the next upswing setup. THats not to say you cant counter trend trade...many do...but its always more risky trading against the current trend. Another thing is...it is totally unecessary to have 5 trades on at once and this will lead you into overtrading, particularly being new. AS I said...pick one of the majors (say the EU) and practice on it for a few weeks and see what you can get. Honestly take your time. You dont need more than one trade per night. Get that right and you will make as much money as you want, but do it right from the start. Develop good habits not bad ones. Overtrading will kill you. AS I said, trading is not just about entering a trade as per a setup, its about the patience waiting for it, the ability to stay away and the discipline of sticking to your plan...practice ALL of it, not just the trade entry.
  • #12,611
  • Oct 13, 2011 3:55pm Oct 13, 2011 3:55pm
Quoting Britpip7
My rules for trading on the H4 and day charts:

1. Verify the set-ups at 4:30pm and between 8:30 and 10 pm (Pacific)
2. Follow the entry criteria (no hope trades) - or wait until entry criteria is hit - this may take several/many candles - not trading is good if the entry criteria isn't met
3. Set your SL and TP based on risk assessment of the trade / MM plan
4. Close computer and go to bed
5. Wake up - make tea, check trade - smile or curse, close computer, go to work if applicable, or make second cup of tea and stroke the cat
6. Check in on trade...

A great summation for all to pick up great trading nuggets from. Excellent work Britpip7!
  • #12,612
  • Oct 13, 2011 4:01pm Oct 13, 2011 4:01pm
Quoting dean
...but its always more risky trading against the current trend. Another thing is...it is totally unecessary to have 5 trades on at once and this will lead you into overtrading, particularly being new. AS I said...pick one of the majors (say the EU) and practice on it for a few weeks and see what you can get. Honestly take your time. You dont need more than one trade per night. Get that right and you will make as much money as you want, but do it right from the start. Develop good habits not bad ones. Overtrading will kill you. AS I said, trading...
Great forex advice, Dean.

Focus on winning days and cut out distraction (over-trading, holding on to losers, fiddling with SL and TP once you're in the trade etc).

In short, develop good habits right from the beginning.
  • #12,613
  • Oct 13, 2011 4:18pm Oct 13, 2011 4:18pm
i hate asian session.. market is so slooooooow.
  • #12,614
  • Oct 13, 2011 5:31pm Oct 13, 2011 5:31pm
Quoting Raa
i hate asian session.. market is so slooooooow.
That's why I run the set-ups at 4:30pm and between 8:30 and 10 pm (Pacific)

That's what is in my trading plan
"To live with Passion, it takes Courage and Grace to survive"
  • #12,615
  • Oct 13, 2011 6:13pm Oct 13, 2011 6:13pm
Quoting Raa
another profit.. 70~ pips... today about 180~ pips.. ty Big E.

2 loses today.
Hi Raa,

What is your exit strategy? I only ask as you seem to run lower TP than the majority of people here. It's awesome turning that amount of pips in such a short period. I would have thought on the 4H though you'd clear even more by staying in the trades. Don't get me wrong, I'm not criticizing. I'd be happy with 180 pips in a week let alone a day.
Everyone's got a plan until they get punched in the face
  • #12,616
  • Edited 11:37pm Oct 13, 2011 11:25pm | Edited 11:37pm
Hey guys! For the benefit of all, I have setup a trading room for TMS trading.

To join me(us), follow the steps;

1) Download mIRC from http://mirc.com
2)Install and start the program
3) When the "mIRC" options panel pops up, enter your preferred nick
4) Click on the servers section and click "Add"
5) Input "irc.ircforex.co" in the IRC Server section without the ""
6) Description can be anything
7) Leave the rest as it is and click Add
8) Once this is done, go back to the "connect" section where you input your nickname and select "Connect"
9) Once fully connected, join #TMS or just type /join #TMS
10) Now you're in!

This chat room is setup to discuss potential signals, entries, exits, ideas of TMS failures, successes, help and anything else about TMS!

Let's bring this thread one step forward! My nick inside #TMS is "Daytrader"!

I'll see you inside!
A trader must be humble - else the market would humble him.
  • #12,617
  • Oct 14, 2011 12:27am Oct 14, 2011 12:27am
Quoting Raa
another profit.. 70~ pips... today about 180~ pips.. ty Big E.

2 loses today.
1. Your broker must be loving you!

2. A lot of trades for a 4 hour time frame, for very small reward, only fixed lot size traded, what is you risk / money management plan?

3. Are you sure decimal right place?

4. Tip - You can right click the "Profit" column and set to "Profit as Pips" instead of currency
OPPORTUNITY IS NOWHERE
  • #12,618
  • Oct 14, 2011 12:33am Oct 14, 2011 12:33am
Three successful trades taken during the London session. Exited trade 1 with 17 pips after the green TDI hooked over. Re-entered the market on a cross down and continuation in the opposite direction. Trade 3 taken toward the end of the London session for 50 pips. All trades taken per the rules of the TMS. Big E's system works!
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  • #12,619
  • Oct 14, 2011 12:54am Oct 14, 2011 12:54am
Quoting Phx62
Three successful trades taken during the London session. Exited trade 1 with 17 pips after the green TDI hooked over. Re-entered the market on a cross down and continuation in the opposite direction. Trade 3 taken toward the end of the London session for 50 pips. All trades taken per the rules of the TMS. Big E's system works!
Thank's Phx62

Your analysis and advice to me the most useful. Oyapok friendships (French Guyana)
I'm impressed
  • #12,620
  • Oct 14, 2011 1:59am Oct 14, 2011 1:59am
Quoting Phx62
Three successful trades taken during the London session. Exited trade 1 with 17 pips after the green TDI hooked over. Re-entered the market on a cross down and continuation in the opposite direction. Trade 3 taken toward the end of the London session for 50 pips. All trades taken per the rules of the TMS. Big E's system works!

Phx62, thanks for your posts...they're concise and informative. I like your analysis of why you didn't take the short trade.
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