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Trading Made Simple

  • #20,361
  • Jun 8, 2013 2:14pm Jun 8, 2013 2:14pm
Quoting BernhardA
Hi all! I am still preparing my weekly Journal: my first week using TMS on a real account... As I made some... let's say I learned a lot and I would like to share this knowledge with you by giving you a picture. Your task now is to find the error in the picture... {image} Concerning my account: this week I made 11 trades and I am currently at -4% for this week. The reason why I am so happy with that -4% .... I will tell you later... Cheers Bernhard
Hi all, as I promised, I will share my trading journal with you. Have a look into the attached PDF. Any feedback is welcome.
This Week I started to trade with my life account, filled with 3.000€. After one week and 11 trades my result is -116€ (-4%).
My overall lesson after analysing my trades: most of the losses could have been avoided by following my rules... +10% and more would have been possible...
Attached File(s)
File Type: pdf Trading_Journal_2013_06_08.pdf   1.6 MB | 849 downloads


Now lets talk about my biggest error I have ever done in trading... This week was so informative for me, I learned such an important thing. I am just thankful that my account survived this week with only -4%...

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What happen with this stupid gold position where I lost 400€?
What I have done: I entered the data for the gold position I wanted to trade in the website http://www.earnforex.com/position-size-calculator
The website told me to enter 432 units of gold to have 2% risk by having SL at 20 pips...
Somehow I had a bad feeling... 432 units? Have never entered such an amount in currencies...
May be gold is different? As it has been the first time I am dealing with gold I decided to enter 10% of that: 40 units.
After entry it took me 2 minutes to understand that I did a mistake and I exited the trade with -400€.
It took me one week to understand what was my mistake: as I am using a EUR-Account I have to enter the Current EUR/USD Ask price into the position calculator. How ever I did not see "EUR/USD" and always entered the price of the pair I am currently trading e.g. 1412.7 for the gold trade...
That mistake virtually increased the value of my EUR-Account by the factor of 1.000! 400 units of gold has been recommended for a 3,000,000 € Account... The 40 units I have entered have been for a 300,000€ Account which is still 100 times larger than my account.
After looking back to my other trades I saw, that I always made this mistake...

I am so ashamed of having done this stupid mistake.
I whish you will never do the same.

However: the next week will come and I am happy about getting a second chance.

Cheers Bernhard
  • #20,362
  • Jun 8, 2013 2:25pm Jun 8, 2013 2:25pm
Quoting BernhardA
{quote} Hi all, as I promised, I will share my trading journal with you. Have a look into the attached PDF. Any feedback is welcome. This Week I started to trade with my life account, filled with 3.000€. After one week and 11 trades my result is -116€ (-4%). My overall lesson after analysing my trades: most of the losses could have been avoided by following my rules... +10% and more would have been possible... {image} Now lets talk about my biggest error I have ever done in trading... This week was so informative for me, I learned such an important...
Bernhard, thanks for show us your tradingweek and told about your mistake.
I appreciate it.

PS: Wie sagen wir auf deutsch: Dazu muss man einen Arsch in der Hose haben ;-)
  • #20,363
  • Jun 8, 2013 2:41pm Jun 8, 2013 2:41pm
@ Emmanuell, i told you that i start to love the three powerful forex price pattern.

Last week took this trade on GJ H1
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I have mark my signal, i identified it as a Bearish Harami, can you confirm this for me?
Thanks.
  • #20,364
  • Jun 8, 2013 3:17pm Jun 8, 2013 3:17pm
Hi Bernhard


Had a look at your journal it is excellent, I'm only new to this myself but can I make two suggestions?

1) Cut down on the number of currencies you are looking at, you should only look at one or two to start with and then when you get the hang of those look at a couple more and so on.

2) I see you had a few problems with the stop loss, one method I've seen on this thread is to use the ATR (Average True Range). I put a stop loss at 2 x ATR, TP1 at 2 X ATR and TP2 at ATR x 4. When TP1 is hit I take off half the trade and move the SL to around 20/30 pips and let the trade run to TP2 or I will keep an eye on it and move the SL along following the trade. This method was recommended by dgcinc who trades TMS with great success.

I have found this very useful and in a recent backtest of 100 trades the original SL was never taken out.

Hope this helps


Regards


Blueman
  • #20,365
  • Jun 8, 2013 4:20pm Jun 8, 2013 4:20pm
Quoting Phx62
There are a couple more things I need to add concerning Pullback Candle Reversal Patterns..... 1. A VALID PCRP MUST BE ACCOMPANIED BY A CROSS OF THE TDI. 2. THESE PATTERNS CAN OCCUR ON ANY TIME FRAME AND WHEN THEY OCCUR ON H1 OR H4, THEY USUALLY CREATE LONG MOVES. 3. THE BEST PCRP'S ARE THE ONES MOVING OUT OF OVERBOUGHT OR OVERSOLD AREAS OF THE TDI. {image}
Hello Dear Phx62,
happy to read all your posts,
have a nice sunday
  • #20,366
  • Jun 8, 2013 5:35pm Jun 8, 2013 5:35pm
Quoting Blueman1887
Hi Bernhard Had a look at your journal it is excellent, I'm only new to this myself but can I make two suggestions? 1) Cut down on the number of currencies you are looking at, you should only look at one or two to start with and then when you get the hang of those look at a couple more and so on. 2) I see you had a few problems with the stop loss, one method I've seen on this thread is to use the ATR (Average True Range). I put a stop loss at 2 x ATR, TP1 at 2 X ATR and TP2 at ATR x 4. When TP1 is hit I take off half the trade and move the SL to...
Hi Blueman,
thanks for your feedback!

Using the ATR to get a nice stop level: I will have a look on it.

Concerning the numbers of currencies... I have a full time job during London (Frankfurt) session and cant look for set ups during working hours. As fare as I could analyse the major currencies usually build nice patterns only during London session. That's the reason why I have added more exotic pairs on my watch list. I think this TMS system works for each currency and even stock indices should work with that. Usually if I wake up in the morning, it takes me 3 minutes to check my 37 currencies for new tdi-crosses. The candidates with new crossings I write on a list an go to the news site: every candidate getting big news during the day will be deleted from my list. At this point I have around 5-7 remaining pairs. The next step is to check for trend and price action. After this work I have never had more than 3 trades which is exactly according to my 6% rule. In total to analyse my trades did not took more than 20 minutes every morning. May be in the future I will have situations with more than 3 entries. In that situation I would do a deeper look on the set ups and if they are still similar I would decide based on the expected market volume. My current style of trading is to don't look on the behaviour of the specific currency: I just look on to the chart, look at the tdi, take care of the news enter with the trend - that's it.

Let's keep an eye on that: If this large amount of different currencies starts to confuse me I will change my rules - I promise you.

Cheers Bernhard
  • #20,367
  • Jun 8, 2013 5:36pm Jun 8, 2013 5:36pm
Quoting Fame of me
{quote} Bernhard, thanks for show us your tradingweek and told about your mistake. I appreciate it. PS: Wie sagen wir auf deutsch: Dazu muss man einen Arsch in der Hose haben ;-)
Thanks!
  • #20,368
  • Jun 8, 2013 5:40pm Jun 8, 2013 5:40pm
Hi all,
I have a question to you: do you know a broker or a trading software where I dont need to enter the number of lots to trade but the SL Level and the amount of money I want to risk?

Cheers Bernhard
  • #20,369
  • Jun 8, 2013 6:03pm Jun 8, 2013 6:03pm
Quoting BernhardA
Hi all, I have a question to you: do you know a broker or a trading software where I dont need to enter the number of lots to trade but the SL Level and the amount of money I want to risk? Cheers Bernhard
You mean something like this?
http://www.forexfactory.com/showthread.php?t=281772
  • #20,370
  • Jun 8, 2013 6:20pm Jun 8, 2013 6:20pm
Hi Bernhard


Thanks for explaining how you keep an eye on the different currencies, it looks great, I would find it difficult to track so many but you seem to have it sussed.

Best of luck.


Regards


Blueman
  • #20,371
  • Jun 8, 2013 7:07pm Jun 8, 2013 7:07pm
Quoting BernhardA
{quote} Hi Blueman, thanks for your feedback! Using the ATR to get a nice stop level: I will have a look on it. Concerning the numbers of currencies... I have a full time job during London (Frankfurt) session and cant look for set ups during working hours. As fare as I could analyse the major currencies usually build nice patterns only during London session. That's the reason why I have added more exotic pairs on my watch list. I think this TMS system works for each currency and even stock indices should work with that. Usually if I wake up in the...
are you trading only the 4h tf?
Daniel
  • #20,372
  • Jun 8, 2013 8:04pm Jun 8, 2013 8:04pm
Quoting Greenb
{quote} are you trading only the 4h tf?
Yes currently I am only trading based on 4h, but I am planning to start my research for smaller time frames as I have some time for scalping during NY afternoon.

Cheers Bernhard
  • #20,373
  • Jun 8, 2013 8:06pm Jun 8, 2013 8:06pm
Quoting Fame of me
{quote} You mean something like this? http://www.forexfactory.com/showthread.php?t=281772
Yes that is what I am looking for but I have the feeling that this script is not stable...
Did you already used it?
  • #20,374
  • Jun 8, 2013 8:06pm Jun 8, 2013 8:06pm
Hi Bernhard,

Thank you for your postings. You may like to close your live account and open a new one as you have posted all the details of your account except the password! Now this may not be a problem but I see no reason to risk it.

Regards
Lpp
I would like to die on Mars. Just not on impact..... Elon Musk
  • #20,375
  • Jun 8, 2013 8:19pm Jun 8, 2013 8:19pm
Quoting BernhardA
{quote} Yes that is what I am looking for but I have the feeling that this script is not stable... Did you already used it?
Yes i did, and i had never any problems.

Try it in Demo to get a feeling how it work.
  • #20,376
  • Jun 9, 2013 12:57am Jun 9, 2013 12:57am
Quoting Phx62
{quote} As I stated above: "The wick on a pullback candle must be at least ½ of the total size of that candle and only have a wick on one end. An even longer wick is preferred." Candles that have wicks at both ends indicate that the bulls and the bears are still battling and a trend or price move is not yet determined.....will price reverse or will it continue the original direction? Until the battle ends, there is no way of knowing. Candles with wicks at both ends are really just long consolidation candles.
I got it.. Thanks you so much & have a nice weekend!
  • #20,377
  • Jun 9, 2013 2:56am Jun 9, 2013 2:56am
Hi Phx 62 i'm studiing better the pullback and reverse candlethis is for now my problem


Hi to emmanuel ;-) and the other who share win and loss for understand better
and Ciao to Smarco welcome back ;-)


good sunday to all
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  • #20,378
  • Jun 9, 2013 3:45am Jun 9, 2013 3:45am
Quoting lpp
Hi Bernhard, Thank you for your postings. You may like to close your live account and open a new one as you have posted all the details of your account except the password! Now this may not be a problem but I see no reason to risk it. Regards Lpp
I am not afraid about this issue. As long as I don't have more than 10.000€ in my account I will use it as an "open" account for this forum.

Cheers Bernhard
  • #20,379
  • Jun 9, 2013 4:57am Jun 9, 2013 4:57am
Hi boys,

Today I am joining you on this thread. I will start live trading next week and I will try to contribute with new trading ideas, opinions, etc.
I have about 3 years experience trading mainly small tf and I am changing my style to 1h, 4h and daily time frames.
I have only read the first 50 pages or so and the last 10 but I intend to keep on reading a few more.
  • #20,380
  • Jun 9, 2013 9:35am Jun 9, 2013 9:35am
Hey guys,

Just checking my ADR indicator with you as I don't understand it. Is there something wrong with it?

It says my previous days range in UY was 3575..surely that can't be right? Or is there supposed to be a decimal point in there somewhere?


Cheers!

Paul
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