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Trading Made Simple

  • #21,921
  • Jul 17, 2013 2:42am Jul 17, 2013 2:42am
Quoting Direwolf
Seems like I still need a lot more practice. My very first live account started $1,000 2 weeks ago. Discovered this thread when my balance was down to $100. And now it's $21, not enough for even a micro trade. So back to demo it is. I'm really excited to practice more into TMS!
How about this suggestion:

Open a demo account with $10k and trade with mini-lot size.
Open every trade with 2-mini-lots,
scale out 1-lot at +1R, BE 2nd-lot when market move +1R.
trail market with jumping stop R with final TP set to 5R.

Concentrate on lookin g for A+++ trade setup.
For the purpose to learn in shorter time span, trade multiple pairs - AU, AJ, EU, EJ, GU, EAud, ECad, ENzd, GAud, GNzd, GCad. This should give you enough trade opportunities to practice to spot setups and excute your entry and exits for every setups.
But do not do this in Live account trading at the next stage.

You will see how it will be like make 10% of $10K in the number of trades completed. You will also know how good your trade entries are and how good you are at managing your trade exits.

Treat this as real as possible as though the $10k is real money. When you completed 100 trades, make an evaluation. Then decide to trade a demo account with $100k, then start to use position sizing when you trade this larger account.

What do you think?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,922
  • Jul 17, 2013 2:45am Jul 17, 2013 2:45am
EJ 17 Jul:

LO with a stromg H1 breakout candle, who wants to chase after this 70+pips move in one candle?

remember 130.55
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,923
  • Jul 17, 2013 2:54am Jul 17, 2013 2:54am
good morning guys!!!!!

which is your opinion about this possible short entry on eurgbp in h1 chart???

i'm waiting next candle....

please post your comment!!!

Francesco

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  • #21,924
  • Jul 17, 2013 2:59am Jul 17, 2013 2:59am
Hi emmanuel,
Thanks for your help and for your links. When i find more time I´ll read it.
I also noticed the strong bullish candle on EUR / JPY, it even broke through yesterday´s high. I have 2 questions:

a) When E/J comes over the 133,804 (=high of may) mark, is this mark then a resistance line and we traders should go long ?

b) Is it a good was now to wait for a 50 % fib retracement ?

Best regards,
FX94
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  • #21,925
  • Jul 17, 2013 3:10am Jul 17, 2013 3:10am
Quoting emmanuel7788
{quote} scale out 1-lot at +1R, BE 2nd-lot when market move +1R.
trail market with jumping stop R with final TP set to 5R.
Hi Emmanuel. I don't understand this part, can you explain please?
Everything you can imagine, is real - Pablo Picasso
  • #21,926
  • Jul 17, 2013 3:16am Jul 17, 2013 3:16am
Well, just went short on USD/CHF, waiting on retrace to enter E/J
  • #21,927
  • Jul 17, 2013 3:18am Jul 17, 2013 3:18am
Quoting Fx94
Hi emmanuel, Thanks for your help and for your links. When i find more time I´ll read it. I also noticed the strong bullish candle on EUR / JPY, it even broke through yesterday´s high. I have 2 questions: a) When E/J comes over the 133,804 (=high of may) mark, is this mark then a resistance line and we traders should go long ? b) Is it a good was now to wait for a 50 % fib retracement ? Best regards, FX94 {image}

a) you must know that any break of support and resistance are usually fast and furious and you cannot get an entry unless you position yourself before the impedning breakout. Did you see the H4 inside bar when Tokyo open today?

b) Waiting for reatracement would be the logical thing to do and to get a better entry price with small initial SL. Otherwsie, you need to use position building for this move up.
Another way is we may have to wait and see if 130.55 will be re-tested as support later.
130.55 is the May MN close, June was undecided, and if July is to trend up, then it must have support.

wee shall see.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,928
  • Jul 17, 2013 3:24am Jul 17, 2013 3:24am
Quoting frank_seb
good morning guys!!!!! which is your opinion about this possible short entry on eurgbp in h1 chart??? i'm waiting next candle.... please post your comment!!! Francesco {image}

if you want to short EG, you expect good news out of the UK today...
I would not count on that.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,929
  • Jul 17, 2013 3:39am Jul 17, 2013 3:39am
Quoting emmanuel7788
{quote} if you want to short EG, you expect good news out of the UK today... I would not count on that.

Looks like the news was in his favor. EG just fell off the chart.
Everything you can imagine, is real - Pablo Picasso
  • #21,930
  • Jul 17, 2013 3:40am Jul 17, 2013 3:40am
Thanks for your response emmanuel. Should i wait if E/J test the 130,55 mark for support and reenter long ?

Wonderful G/U News Trading. Made 41 pips But could have been 100 pips.
Now i am waiting for a fibo retracement. Should i ?
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  • #21,931
  • Jul 17, 2013 3:51am Jul 17, 2013 3:51am
Quoting Fx94
Thanks for your response emmanuel. Should i wait if E/J test the 130,55 mark for support and reenter long ? Wonderful G/U News Trading. Made 41 pips But could have been 100 pips. Now i am waiting for a fibo retracement. Should i ? {image}
Hmmm,news trading is not my type of trade I'm looking for. Congrats anyway but be careful next time you decide to take these kind of trade.

Quoting emmanuel7788
EJ 17 Jul: LO with a stromg H1 breakout candle, who wants to chase after this 70+pips move in one candle? remember 130.55
Nah,not me. May be just let the market cool down and decide a direction and signal is a wise move.
  • #21,932
  • Jul 17, 2013 3:56am Jul 17, 2013 3:56am
Quoting frenetic
{quote} Hmmm,news trading is not my type of trade I'm looking for. Congrats anyway but be careful next time you decide to take these kind of trade.

Yes i know news trading is very risky but for me this was a little "trade for fun". I made a small SL of 25 pips and and TP of 41 pips. If it had been 50 pips i would have a R:R o 1:2 so it will be a good risk monemanagement i think.

So perhaps its a good strategy to take a small SL when news trading and a big TP ? So a trader could make for example +3R ?
  • #21,933
  • Jul 17, 2013 4:08am Jul 17, 2013 4:08am
hi guys,

i didn't open any position on EG!!!!! too risk....

let's go for another set up!!!!

francesco
  • #21,934
  • Jul 17, 2013 4:12am Jul 17, 2013 4:12am
Quoting Fx94
{quote} Yes i know news trading is very risky but for me this was a little "trade for fun". I made a small SL of 25 pips and and TP of 41 pips. If it had been 50 pips i would have a R:R o 1:2 so it will be a good risk monemanagement i think. So perhaps its a good strategy to take a small SL when news trading and a big TP ? So a trader could make for example +3R ?
Nah,I don't think so IMHO. Why? Because when the news is announced,the market will not move in 1 direction all the time. So even with small SL,in the long run it will damage your account to a great extent(unless you know how to trade them). And seeing the market move up and down in a second,your little friend "greed" will try to grab something from it,it is dangerous.
  • #21,935
  • Jul 17, 2013 4:24am Jul 17, 2013 4:24am
Enterd short AUD/USD , TDI already crossed before entry , Triple inside bar lower breakout, trade reached +20 pips moved stop to entry level only then to stopped out at zero

Your thoughts on entry or managing the trade are much appreciated
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I Have Learned to Take Some Losses to Make Profits
  • #21,936
  • Jul 17, 2013 4:28am Jul 17, 2013 4:28am
Quoting frenetic
{quote} Nah,I don't think so IMHO. Why? Because when the news is announced,the market will not move in 1 direction all the time. So even with small SL,in the long run it will damage your account to a great extent(unless you know how to trade them). And seeing the market move up and down in a second,your little friend "greed" will try to grab something from it,it is dangerous.

I understand you. You are right, but it was just a demo fun trade
  • #21,937
  • Jul 17, 2013 4:30am Jul 17, 2013 4:30am
Quoting emmanuel7788
Dashboard for TMS trading: If you want to have a dashboard on your chart to help you make trading decision, just let me know your specifications what you want the dashboard to show you and how you will use that to make a trade decision. I am in the mood to take on some MT4 programming when I get some good ideas from TMS traders. regards, EMMANUEL
Hi Emmanuel , please check your pm, thanks
I Have Learned to Take Some Losses to Make Profits
  • #21,938
  • Jul 17, 2013 4:38am Jul 17, 2013 4:38am
Hey traders,
Please take a look at my G/U trade today. I opened this trade at LO and it was a big fail. Lost about 33 pips ;(
I went short when the price broke Asian session low and my TDI RT pointed down. Then the price went higher and my tdi RT changed the direction.
Did i had just bad luck or did i a mistake ?

Regards,
FX94
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  • #21,939
  • Jul 17, 2013 4:58am Jul 17, 2013 4:58am
Quoting Fx94
Hey traders, Please take a look at my G/U trade today. I opened this trade at LO and it was a big fail. Lost about 33 pips ;( I went short when the price broke Asian session low and my TDI RT pointed down. Then the price went higher and my tdi RT changed the direction. Did i had just bad luck or did i a mistake ? Regards, FX94 {image}

Luck is something that is random and we have no control of. You go to the casino you rely on lady luck.

But in trading, market is also random. But we have our chart data to look at and analyse using our knowledge, we look for patterns. We are technical traders, we trade based on repeated patterns which are our setups.

Now concerni g GU, news aside:

1) what is your weekly bias at the start of this week?

2) what is your daily bias when when Tokyo open?

3) if you trade using your higher tmeframe bias, after yesterday bullish close, you will look for a retracement entry to buy, is this correct?

4) look at last week bullish candle, did you have the retracement levels for this week?

now go back and see where the retracement levels were and what happen today.

Hindsight is 20/20, but we learn lessons from hindsight.

Have fun.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,940
  • Jul 17, 2013 4:59am Jul 17, 2013 4:59am
Quoting TheScorpS
{quote} Hi Emmanuel , please check your pm, thanks
okie, will do after I enjoy my dinner ....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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