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Extreme TMA System

  • #11,681
  • Jun 26, 2012 8:13am Jun 26, 2012 8:13am
Nice one, Ramy, thx for the heads up!
  • #11,682
  • Edited 8:51am Jun 26, 2012 8:25am | Edited 8:51am
  •  Mr C
  • Joined Mar 2012 | Status: Knowledge is "potential" power | 439 Posts
Quoting ammar2000a70
Hi

May I get a shot of ur chart to check?

best
Hi, Page,777 Post, 11651

PC.

PS: I tried the template from post 1 it works fine it was just your settings you can use that one.
Of all the things I've lost I miss my mind the most .
  • #11,683
  • Jun 26, 2012 12:02pm Jun 26, 2012 12:02pm
patience to wait for the signal.
Attached Image (click to enlarge)
Click to Enlarge Name: sd.PNG Size: 64 KB
  • #11,684
  • Edited 7:15pm Jun 26, 2012 6:47pm | Edited 7:15pm
Hiya all mates!

1) So, who is a 100% full time (aka we all envy you) trader???

2) Risk management: For my benefit but also the Forum's , can real traders tell me please what is your risk management strategy (just a quick summary)

For instance, I read I should not risk more than 1-4% of my TOTAL account on any single trade. Fine. What about
a) Weekly risk?
b) What about TOTAL risk per day? Is 10%, 20%, 5% logical? What it all depends on? your system? the amount of money you got? both?

Say you have $10000 which seems something achievable to save in a couple year or so. Then 2 % would be no risking more than 200$ per trade.
if I open 4 trades (a very common trading day for me) that means $800 of my account which is 8% which I could possibly lose in 1 day which is a a lot! (to me)

But on the other hand, as a trader-to-be-friend-of-mine says, if you follow that line of thought then you gotta have millions to be a successful trader ever...is that so? I read lots of theory, what's they real thing for real traders?

And to complicate things more, let's add to the equation the recovery system (which I find amazing)

-) For the same example: 4 trades open, if the 4 get go south (which is very likely to happen at least at some point experience tells me) then you will have in the worst case scenario (now quoting Van Tharp's) 400 pips of open DD per trade which give us a grand total of 1600 pips. Let's assume 0.1 lots, that's 1600$ aprox and it's 16% of a 10000 account of open DD!!!!! whoa!


Thanks so much for your answers in Advance!
Hernan (the writer)
  • #11,685
  • Jun 26, 2012 6:50pm Jun 26, 2012 6:50pm
Quoting bassramy
Waiting for the red candle to show her pretty face to go short.
.....
I entered that, was 50 pips up and then it retraced. I keep wondering what the hell should I have done. Theory is great until you get into the real thing and all falls apart.
I read the PDF on MENTAL FITNESS you shared wuth me. It's great, thanks, I recommend it.
using that book's advise I'd say I should stick with my system. But my system was to take 1 lot when touching the CORAL, and it did NOT for 2 pips!!!! then retraced.....
  • #11,686
  • Jun 26, 2012 9:08pm Jun 26, 2012 9:08pm
After reloading, crashes, what can I do?
  • #11,687
  • Jun 26, 2012 11:05pm Jun 26, 2012 11:05pm
  •  Mr C
  • Joined Mar 2012 | Status: Knowledge is "potential" power | 439 Posts
The color will change from gray to red or green when the selected time frame is out of the - 0.25 +0.25 range instead of 0.50.
PC.
Attached File(s)
File Type: mq4 TmaSlope.v1.5 Normalized NR 0.25.mq4   13 KB | 903 downloads

Attached Image (click to enlarge)
Click to Enlarge Name: New_0.25_setting_001.png Size: 103 KB
Of all the things I've lost I miss my mind the most .
  • #11,688
  • Jun 27, 2012 2:40am Jun 27, 2012 2:40am
Quoting Mr C
The color will change from gray to red or green when the selected time frame is out of the - 0.25 +0.25 range instead of 0.50.
PC.
Attachment
Attachment
Very good friend!

Tell us about these another indicators in your graph!

L.
  • #11,689
  • Edited 4:07am Jun 27, 2012 3:39am | Edited 4:07am
Quoting thewriter30
I entered that, was 50 pips up and then it retraced. I keep wondering what the hell should I have done. Theory is great until you get into the real thing and all falls apart.
I read the PDF on MENTAL FITNESS you shared wuth me. It's great, thanks, I recommend it.
using that book's advise I'd say I should stick with my system. But my system was to take 1 lot when touching the CORAL, and it did NOT for 2 pips!!!! then retraced.....
Dear Sir,

This trade is still going and with all respect what we practice here is not only theory we try to help each others succeed by doing demo and live trades.

My opinion :

1- Always enter with a small lot size (image included and this is a Mini Account so its 1 mini lot), like Van tharp says and its crucial for your success, position sizing is the most important aspect of trading.

2- U have to use a risk management strategy be it a stop loss, trailing stop, recovery, that depends on your strategy and on your risk tolerance level, these risk management strategies can keep you alive to trade another daily, be it Daily, weekly or monthly stop loss, and that is another crucial criteria for sucsses.( Look at my stop loss level this is where this trade will go wrong so i get out plain and simple, cut your losses and let your profit run or use recovery), try to lower your leverage too until you get successful and then add risk slowly, very slowly, play it defensive.

3-On the psychological level, practice keeping your emotions out of the way like now, do not go panic any time a trade goes against you that is perfectly normal even if you had a loss that's just part of doing business, we do not go panic anytime we get a telephone or electricity bill in our business, these are the costs of doing business, in the contrary take this losing trade and dissected to know where you were wrong when you took the trade, and learn from it i repeat, learn from it.

To resume :
1- Small position sizing and low leverage.
2- Control Risk with stop loss or recovery as per AL's advice.
3- Keep your emotions in control.
4- Treat your trading as a business.
5- Practice on Demo until its in your blood and becomes second nature and only then go live small and scale in as you become successful.

Thank you and Good Luck.
(Disclaimer : don't trust me i know nothing about the financial Markets).
P.S. As per the system rules the stop loss should be at your discretion, AL uses 100 pip emergency stop and recovery system as risk management.
Attached Image (click to enlarge)
Click to Enlarge Name: gu h1.gif Size: 57 KB
Master Your Setup, Master Your self. (NQoos)
  • #11,690
  • Jun 27, 2012 4:54am Jun 27, 2012 4:54am
Bassramy, I really enjoy reading your posts and I have learnt a great deal from you.

Thanks for posting.
  • #11,691
  • Jun 27, 2012 5:04am Jun 27, 2012 5:04am

< The Ramy Report >


Most analysts agree that the currency markets are consolidating right now ahead of this week’s Euro-zone Summit which starts on Thursday.

Fundamentals :

http://www.bloomberg.com/news/currencies/
http://online.wsj.com/public/page/ne...s-trading.html
http://www.ft.com/intl/markets/currencies
http://www.dailyfx.com/

Technicals :

-EUR/USD to be contained by 1.2660/80
The currency couple is attempting to commence recovery after
rebounding from an initial support level at 1.2456/26. The current
rally, nonetheless, is expected to be tepid, since resistances at
1.2569/99 and 1.2660/80 should be able to halt EUR/USD, where
the price is likely to resume trading lower en route to a long-term
target at 1.2037/00.
-GBP/USD is headed towards 1.5719/87
As expected, the Cable has bounced off a support area at
1.5581/71 and has just encountered an interim resistance at
1.5638/67, which is unlikely to play a significant role in future
fluctuations. Resistance zone that stretches from 1.5719 to 1.5787,
on the other hand, poses significant risk to the upside momentum,
but should eventually give in.
-USD/JPY stabilises at 79.36/12
USD/JPY has stalled after running into a support area at 79.36/12.
Accordingly, bearish momentum of the currency pair has
weakened, but nevertheless is capable of dragging the price down
to 78.53 or 78.16 in the medium term. Overhead lies a short-term
resistance, which may be found at 79.61, followed by a subsequent
level at 79.99/80.03.
-USD/CHF to undergo a bearish correction
A rally above 0.9600 remains shallow, as the bullish move was short
-lived and not distinct. Therefore we may expect dips to extend
down to 0.9554/31 or even 0.9503/0.9497, as suggested by values
of most daily technical indicators. The longer term outlook,
however, remains bullish, implying that worth of the Greenback is
expected to increase within the next few months.

Summary :

-Aussie and Canadian dollar hold up despite slide in raw materials
-Currencies Locked in Holding Pattern Ahead of Key EU Event Risk.
-Euro May Fall as Slowing German Inflation Drives ECB Rate Cut Bets.
-“Foreign-exchange pairs have generally been stable, with
the U.S. dollar modestly bid early in Asia before stabilizing.
This could be a reasonably long holding pattern until the
headlines start to flow from the summit tomorrow”
RBC Capital Markets (based on MarketWatch).
-"The EU summit at the end of this week will be absolutely key in determining the amount of pressure Spain finds itself under."
Richard McGuire, senior fixed-income strategist at Rabobank International.


Daily Calendar : go to FF Calendar to see the Risk events.

Daily Trading Wisdom :

Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralized, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer.

Daily Trading Cartoons :
The Market evolves.

Thanks Guys and Good Luck in your trading.
(Disclaimer : Don't Trust me or follow my lead i know nothing about the Financial Markets.)
Attached Image
Master Your Setup, Master Your self. (NQoos)
  • #11,692
  • Jun 27, 2012 5:13am Jun 27, 2012 5:13am
Quoting normtold
Bassramy, I really enjoy reading your posts and I have learnt a great deal from you.

Thanks for posting.
And i really enjoys ALL of your posts, i learned a lot from you too, lets keep posting and learning until we join the club of 5% successful traders (Hope so).
As my Mentor says " its not a get rich quick scheme but it can be a get rich quicker if we can be logical and careful.

Good Luck Everybody.
Master Your Setup, Master Your self. (NQoos)
  • #11,693
  • Jun 27, 2012 5:20am Jun 27, 2012 5:20am
Anybody looking at AUDNZD and AUDCHF on H1? Not ready yet but it looks like it might be ready soon.
  • #11,694
  • Jun 27, 2012 5:34am Jun 27, 2012 5:34am
Quoting fedesch
Anybody looking at AUDNZD and AUDCHF on H1? Not ready yet but it looks like it might be ready soon.
This is what u need to know About these pairs D1.

Best Regards.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDCHFDaily.png Size: 36 KB
Click to Enlarge Name: AUDNZDDaily.png Size: 37 KB
Master Your Setup, Master Your self. (NQoos)
  • #11,695
  • Jun 27, 2012 6:10am Jun 27, 2012 6:10am
Quoting bassramy
This is what u need to know About these pairs D1.

Best Regards.
Thanks!! I actually did look at D1 because I think it must not be ignored when trading H1. And AUDNZD looks pretty good to me. Again, not ready yet but close to. Or are you trying to say something different?
  • #11,696
  • Jun 27, 2012 6:28am Jun 27, 2012 6:28am
Quoting thewriter30
Hiya all mates!

1) So, who is a 100% full time (aka we all envy you) trader???

2) Risk management: For my benefit but also the Forum's , can real traders tell me please what is your risk management strategy (just a quick summary)

For instance, I read I should not risk more than 1-4% of my TOTAL account on any single trade. Fine. What about
a) Weekly risk?
b) What about TOTAL risk per day? Is 10%, 20%, 5% logical? What it all depends on? your system? the amount of money you got? both?

Say you have $10000 which seems something achievable...
I'm 100% full time trader, I trade since May 2011, lost 3K and earn nothing, I take the hard path xD

Look at my post 11408 on page 761. In my opinion rigid TP is good way to trade, because you eliminate emotions and alway got some profit if you don't over size them.

In my opinion 1-4% risk for trade is for all 3(or 6 or what you want) positions.
3 positions -> 1-4% risk -> 1 trade.

I can tell YOU what you must do. Take all you knowledge and try to work out your own way of thinking. S/R, fibo, trendlines, channels and all tools with system must by your "second nature". One quick look and you must know everything.. Swing traiding, range traiding... PA exhaustion, we all here searching charts for price exhaustion, this system is created for this and it works like swiss watch. If this is in opposite to your way of thinking because for example, you think that price is going down by month and then going up by month like parabola - you will never earn money by this system.
But ok, if you are here, then we establish that this system is fit to you mentaly... the only thing you have left is practice, practice and some more practice.
Write your OWN trading plan, save you screen with good and bad trades, build a self-confidence and discipline.. Economic knowledge is not necessary but it is good to evolve everyday.
Never listen to the analysts, they never earn anything on the market, they predict where price will go. Traders not predict, we set up position when all point that price is exhausted and wait to see if we were right, no one know were the price will go. Loss? OK we are pay for the fact that we were wrong.
Listen to same traders(like Alorente) the can show you direction. If you compare the analysis of a trader and analyst you will see the difference.

It's a long and difficult road with barbed wire and holes but if you have enough determination to follow it long enough, somewhere out there gratification, dreams and happiness is waiting for you...

Good luck, mate
  • #11,697
  • Edited 8:43am Jun 27, 2012 7:38am | Edited 8:43am
GU Broke RSI up trendline.

UPDATE : You can take some profit now (13:30 GMT and the bottom of the H1 Band) or let it run to the bottom of the H4 band after a small retracement up to the coral, MR the writer i'm taking profit on 1 lot now moving my stop loss to breakeven + spread to cover my Risk and let the other lot run to the H4 bottom band.
Hope it helps.

Best Regards.
BR.
Attached Image (click to enlarge)
Click to Enlarge Name: gu h1 chart2.jpg Size: 135 KB
Master Your Setup, Master Your self. (NQoos)
  • #11,698
  • Jun 27, 2012 9:55am Jun 27, 2012 9:55am
  •  Mr C
  • Joined Mar 2012 | Status: Knowledge is "potential" power | 439 Posts
I figured let’s go pro, had a Telesat 2 way high speed internet satellite system installed, nothing can stop me now… except Mother Nature!

I had the kids run out with an umbrella so I could manage my account then took a trading break, my wife was never happy about the idea of another dish on the house we already have satellite TV so I told here don’t worry this one is small you won’t even notice it’s there… OMG it needs a roof!

First I am not a carpenter and I did this in 3 hours in the rain but it has not cut out since but I have been informed it has to look better and it will.
PC.
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Of all the things I've lost I miss my mind the most .
  • #11,699
  • Jun 27, 2012 10:04am Jun 27, 2012 10:04am
Quoting Mr C
I figured let’s go pro, had a Telesat 2 way high speed internet satellite system installed, nothing can stop me now… except Mother Nature!

I had the kids run out with an umbrella so I could manage my account then took a trading break, my wife was never happy about the idea of another dish on the house we already have satellite TV so I told here don’t worry this one is small you won’t even notice it’s there… OMG it needs a roof!

[size=3][font=Calibri]First I am not a carpenter...
~~~~~~~~~~~~~
dear Mr.C :

Does this satellite internet service at Asia area ?

How is monthly rent fee per month ??

speed is good enough to connect FX ??

BRs,

SCOTT-ibm

~~~~~~~~~~~~~~~~
  • #11,700
  • Jun 27, 2012 10:20am Jun 27, 2012 10:20am
  •  Mr C
  • Joined Mar 2012 | Status: Knowledge is "potential" power | 439 Posts
Quoting scott-ibm
~~~~~~~~~~~~~
dear Mr.C :

Does this satellite internet service at Asia area ?

How is monthly rent fee per month ??

speed is good enough to connect FX ??

BRs,

SCOTT-ibm

~~~~~~~~~~~~~~~~
Telesat is Global they use distributors, you would have to check locally.
I pay around $110.00 a month unlimited downloads always connected.
Speedtest.net results, down load 1.55 mbps upload 1.39 mbps
Even when my internet has the yellow caution and I can’t open webpages my mt4 still works it does not hog speed but it comes and goes it’s harder on computer resources then internet.
PC.
Of all the things I've lost I miss my mind the most .
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