try to get more profit.
Attached Image (click to enlarge)
To PH or Xman, appreciate sharing your knowledge. Been studying your charts and doing so much screen time my eye glass prescription has changed. I realize the tdi was near the top but I'm trying to learn to trade PA instead and it looked like it wanted to pop upward. I waited for the break of the high before jumping in today. I went to bed after the first trade so I missed the nice move down.
Could you tell me if you would have done the same or would you have jumped in sooner. If so which candle- 1, 2, or 3? or would you have skipped the trade...
I would also have taken the next trade at the open of the candle you show as #4. The previous candle pulled back after setting the high of the day and left a long wick with a close much lower than the open and there was a TDI cross at the open of candle 4, confirming the trade. It actually ran for another +78 pips (you could have taken at least +50).
Regards
Hi smokey,
I've gone through the spreadsheet and it's impressive and I've been doing the maths, maybe I should pick your brains, with a lot size of 0.5 and SL of 30 you'd be risking $150 that means twenty bad trades and bye bye to your capital but that's not gonna happen.
I think we need to get to a place like you said where your 30 pips TP is consistently hit but there are days with draw-downs and flat PA how do you still achieve 1M in 28weeks?
Do you trade 2 lots with primary target at 30 and breakeven for the second and let it run so as to accommodate...
First to show how vital money management is and to calculate your lot size based on SL so your risk is never exceeded on any trade.
But...once you are satisfied with your risk (we'll use your example of a .50 lot with an EMERGENCY SL of 30 making your risk on that trade a $150.00) and...I will assume this would be somewhere between a 2-5% risk of equity...it now comes down to trading style!!
From this point forward I will speak only for myself and what has been successful for me and as it relates to what X-Man has shared as far as his system ONLY, not my own.
Notice I capitalized EMERGENCY SL. That's what a SL is in my mind. I am protecting myself from a sudden reversal on the position I took. I am going to also assume that you are well into mastering what X-man has given you. What I do is monitor and manage from the M15 TF. IF PA shows it is moving against me in several M15 bars, I will exit the trade for minimum loss and even sometimes minimum profit. RARELY do I ALLOW my SL to be hit...I let PA tell me where it's going and act accordingly.
I apologize for the lengthy explanation of getting to your comment "that means twenty bad trades and bye bye to your capital" but trading encompasses so much more than "when A and B do C, hit the Go Button, set a SL and TP...and sit and wait for the money to come to you"!!!
SL is the emergency "Close my trade"...TP is a "WISH"! EVERYTHING that happens in between is your responsibility to manage. I also set a TP based on some high probability parameters, but if PA hits a brick wall 20 Pips in my direction...I take them, I don't sit and wait for PA to get to, say, the 35 that I set as my TP.
Just quickly I will say that if you have had your SL hit 20 times in a row...you have a lot of homework to do. (no disrespect)
Finally...the main purpose of sharing my spreadsheet, which is twofold...
1) You don't NEED a lot of Pips to be successful
2) Knowing and accepting that, you can concentrate on High Probability trades ONLY!
I will just add another hint...look at some of the charts Phx62 has been kind enough to share, and read why he entered some of his most successful trades...VERY high probability entries. Not only "A and B doing C, but ALSO D and E doing F"
Just my thoughts...
Enter Signature
excellent post, Smokey, hopefully they haven't answered because they are digesting you valuable insight, I know I am.
I have been to hell and back with the currency market, and the thoughts I try to pass on is to only compliment X-Mans system (Hope you don't mind X) and try to STRESS that a trading system is just the beginning. Ones entries can be an 80% success rate, but if not managed, with a plan, You Lose.
This is the part that took me so long to "GET".
Many +Pips Always!
Enter Signature
Friend:
I have read every post you have put on this thread more than a couple times and look forward to more. Newbies should heed your words along with a couple others: Phx62, Vantage, and of course: X-man. With any luck, maybe I'll add my own name to that list, but not yet. I haven't made my quota yet ;0)... Oh yeah, there's other gentleman that comes to mind: Geosanuy. You seem quality as well. Thanks for the learning people.
Wishing All everything you deserve, and a Safe and Happy Holiday!
Enter Signature
- #2,413
- Dec 22, 2011 3:42am Dec 22, 2011 3:42am
nice capture. now im looking at a long on a shorter timefr. In the morning the market was to flat for me, but now its time to catch some pips after the cable GDP fig.was been publ.Gl with the trades guys!
- #2,416
- Dec 22, 2011 5:59am Dec 22, 2011 5:59am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
Thank-you my friend.
I have been to hell and back with the currency market, and the thoughts I try to pass on is to only compliment X-Mans system (Hope you don't mind X) and try to STRESS that a trading system is just the beginning. Ones entries can be an 80% success rate, but if not managed, with a plan, You Lose.
This is the part that took me so long to "GET".
Many +Pips Always!
Thanks for the clarifications.
I actually blew my first account in 1 day (well 95%), then blindly followed some guru and burnt the remaining 5%.
Since then I've been searching for that elusive "Holy Grail" which led me to an indicator RSI histo which has a signal line and a price line and it boosted my craft, but something was still missing cos my demo never grew.
I found the synergy system but in my estimation the entry signals always came late giving just poor results: then came the Force 5minutes system which slowed my CPU.
Finally I saw big E's thread and only agreed to check it out to amuse my self, but wow I came across Synergy and Force 5 minutes system fused together and so simple to execute without thinking and without late entries.
Now seeing TDI with RSI I'm hooked and my preoccupation has been to identify the highest probability trade set ups with the TDI and it's been staring me in the face all this while.
You have given me a paradigm shift that is SL is for emergency and I can take the money on the table and run to trade another day, previously I'd be too sure of my position until my SL was hit.
Combining TDI with Money and trade management, I can see there's no stopping me this time around.
Thanks Smokey
Intrepid
Let it turn and find your entry.
