{quote} read my previous post again. I was writing about t/p not s/l for s/l I use 7 pips plus I move it 3 pips if it is close to round numbers (by Round I mean every 10, for ex: 1.3110, 1.3120 etc in this case)
- #9,401
- Jul 17, 2013 6:49am Jul 17, 2013 6:49am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
- #9,402
- Jul 17, 2013 7:22am Jul 17, 2013 7:22am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
{quote} Very tight SL my friend. That means you are very good at your entries, nice
I got to point where I understood that I need to read manual often, even every 2 weeks, otherwise I slightly change rules over time, till I get to point where I stop earning, then start loosing and mentality gets crazy. few more days on demo account and will topup with 500 Pounds on my real account. I got to time where I cannot be bothered about trading on small accounts or demo accounts, it just puts me off - I believe that trading on normal money will make me keep discipline. 3% of profit is 15 Pounds at 500 account, so makes it worth trading and worth sticking to discipline, and many times I could get to 10% daily in the past method tests.
On my way to financial independence - if others can do it - I can do it
- #9,403
- Jul 17, 2013 10:39am Jul 17, 2013 10:39am
- Joined Jun 2013 | Status: Membership Rewarded | 3,206 Posts
Risiko birgt immer auch die Chance.
- #9,404
- Jul 17, 2013 10:59am Jul 17, 2013 10:59am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
{quote} I think you´re absolutely right! read the manual over and over again .. I tried different strategies with many top secret indicators.... but they confused me more than gives a result. I really feel comfortable with the dance ! I saw somany options for a good trade.. , but I´m just a newbie in this kind of trading. ..so I read also the manual over and over again ^^
for example you trade 10ema touch if retrace took 1-2 bars. but quite often after 3-4 bars it retraces as well - it will happen for you few times, till you take it a s a rule, then suddenly it stops working, and you wonder why - after reading manual you see the mistake, and get on proper track again. so the more often you reed manual the better for you. also james 16 thread is really useful if you want to learn price action. it tells a lot and shows a lot examples about pa - you can use it witch dance - double tops, double bottoms, pinokio, pin bars, doji bars, and a few more. focus on the easy ones. also add daily pivot points r1,s1,r2 and s2, but don't count only on them, but worth to use tem when they cover other indicators (for example double bottom at daily pivot's s1 on round number - should be strong signal) just don't go too far with it and keep it simple ;-)
and one more thing - after some time of trading choros your enthusiasm will be gone and trading will be boring. set yourself trading hours - ex 7am-2pm London time, as it will be boring find yourself something interesting to do while you wait for signal - watch some movie, play some computer games, iron your shirts (sado-maso option
)
On my way to financial independence - if others can do it - I can do it
- #9,405
- Jul 18, 2013 1:46am Jul 18, 2013 1:46am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,406
- Jul 18, 2013 4:50am Jul 18, 2013 4:50am
thank you for your valuable input kostas
i shall implement a stoploss of at least 12 pips on EU / AU
i shall implement a stoploss of at least 12 pips on EU / AU
{quote} Hawk, I like a lot the fact that you appeared in this thread having already done a lot of study to the method and you are trying to approach your trading methodically. That's why I would like to comment on your EU evaluation. The M15 lines are completely flat today (probably waiting for the news). Yesterday's 35/50 lines were nicely angled rising up and there was a good 35/50 trade around 13:00 GMT. Most of the day the price was bouncing from the M15 10. 9 pips is kind of low for SL but if you use M5/M1 to fine tune your entry it could work....
- #9,411
- Jul 18, 2013 9:18am Jul 18, 2013 9:18am
though the pepperstone account age is not more than just 13 days, i am very happy to see a profit factor of 4.31 for the first time, i hope i remain consistent !!!
i thank you kostas for being there & dancing along with us !
i thank you kostas for being there & dancing along with us !
- #9,412
- Jul 18, 2013 3:08pm Jul 18, 2013 3:08pm
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
Hawk, can you please mark your entries and exits on the charts? because you just show charts - fine for those who trade and know but some newbies may be lost
Also I would recommend you to increase t/p (I already mentioned about it yesterday) and stop trades manually when you see price hesitates or move the t/p further if you see price goes further - how would you feel if you took only 12 pips of a 200 pips movement?
and of course congratulations
Also I would recommend you to increase t/p (I already mentioned about it yesterday) and stop trades manually when you see price hesitates or move the t/p further if you see price goes further - how would you feel if you took only 12 pips of a 200 pips movement?
and of course congratulations
On my way to financial independence - if others can do it - I can do it
- #9,413
- Jul 19, 2013 2:32am Jul 19, 2013 2:32am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,414
- Jul 19, 2013 2:57am Jul 19, 2013 2:57am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,415
- Jul 19, 2013 3:10am Jul 19, 2013 3:10am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
- #9,417
- Jul 19, 2013 3:30am Jul 19, 2013 3:30am
Hawk, can you please mark your entries and exits on the charts?
I would recommend you to increase t/p (I already mentioned about it yesterday) and stop trades manually when you see price hesitates or move the t/p further if you see price goes further - how would you feel if you took only 12 pips of a 200 pips movement?
check any big move in recent few days, it would not be more than 60 pips.
happy to collect 1/5 th of the move.
2. THIS IS THE MOST IMPORTANT LEARNING AFTER WHICH I HAVE BECOME PROFITABLE :-
* before you even enter a position, along with sl , TAKEPROFIT should be VERY clear in your mind & it should be implemented the moment trade is ON ... once you are in the game & you have a fixed sl & tp, it does two things :-
a) removes the guess work, eliminates GREED / FEAR and the constant zooming of eyeballs in candles.
b) close the terminal & do something else.
i have found, whatever is written in books does NOT work real time. " let the winners run " ??? that has NEVER worked for me in the long run and if you do not close at a pre determined TAKEPROFIT, you will find out that often you are forcing the market to give you more & more ... this is where i failed !!! i tried EA's like tight trailing stoploss and what not, but they stopped > 12 pips most of the times .... on a M 15 !!!
pick up ANY strategy & they keep talking about perfect entries & show charts and system of a perfect entry but the EXITS are not discussed which mark your trade as a winner or looser !!!
for me, the name of the game is " PRE DETERMINED EXITS &............................................ ENTRIES "
i value your opinion & greatly appreciate you sharing what works for you !
- #9,418
- Jul 19, 2013 3:46am Jul 19, 2013 3:46am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
