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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple

  • #22,061
  • Jul 18, 2013 9:32am Jul 18, 2013 9:32am
Quoting mike1349
{quote} You are a Good trader You are a Good programmer And above of all you are a Good Human Being Thank you Emmanuel for helping us here. Mike P.S. I got some pulse from my EA after loading your setting.Still playing with it.
Thanks Mike,

so many bouquet ... soon I will become a florist.

MPTM working now, that's good.
Did you demo that EJ trade?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,062
  • Jul 18, 2013 9:34am Jul 18, 2013 9:34am
Quoting mike1349
{quote} I was reading the instruction of cave manager but I couldn't find the Jumping Stop> Does it have this option?
sorry, can't help you on cavemanager.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,063
  • Jul 18, 2013 9:40am Jul 18, 2013 9:40am
Quoting emmanuel7788
{quote} Thanks Mike, so many bouquet ... soon I will become a florist. MPTM working now, that's good. Did you demo that EJ trade?

No,Sorry.Came home late last night.Right now I am running it on U/CAD but this pair is not moving.( My luck ) so I have to move to another pair.
As you said this EA is monster. This time I have to figure that out hopefully
Failure, is a wonderful teacher!
  • #22,064
  • Jul 18, 2013 9:41am Jul 18, 2013 9:41am
Quoting irishtoffy
{quote} Hey Erebus! Yea I guess so! So do I load that on to a chart after I have placed a trade, or before I place a trade? And will this apply to this 1 trade only, or to all future trades on that pair and I have to cancel it if I dont want that to happen? Cheers Paul
The instruction manual can be found here; this EA is a monster and if you are new to EA of any kind, it is a handful

Good luck

http://www.stevehopwoodforex.com/php...php?p=516#p516
It takes a lot for me to IGNORE you, but you can try.
  • #22,065
  • Jul 18, 2013 9:43am Jul 18, 2013 9:43am
Quoting emmanuel7788
{quote} Dabbeljoe, You wont find them here in FF. The Average Weekly range is something I created from another indicator for my purpose to analyse the history data to see how market traded each week from the week open. I use a 52-weeks (1 year) and 104-weeks (2-years) traded range average to determine my 4H swing trade targets. It is a cannablised indcator and is still 'buggy' and heavy on CPU resource. I need time to debug and make a clean version before I can share it here. This is only use for weekly trade planning so not necessary for everyday...
And I kept looking and looking… I wondered why I didn't find them. :-)
Thanks for explaining, I'll try to draw them myself.
  • #22,066
  • Jul 18, 2013 9:48am Jul 18, 2013 9:48am
Hi Emmanuel1788

Yes to try the new dashboard if possible,

Not as active in the forum as i would like still learning and always reading yourr posts, you are the man we can all trust and learn from


Thanks
  • #22,067
  • Jul 18, 2013 9:48am Jul 18, 2013 9:48am
Quoting Dabbeljoe
{quote} And I kept looking and looking… I wondered why I didn't find them. :-) Thanks for explaining, I'll try to draw them myself.

There is some....I don't know how they work.

http://www.forexfactory.com/search.php?searchid=6521977
Failure, is a wonderful teacher!
  • #22,068
  • Jul 18, 2013 9:55am Jul 18, 2013 9:55am
Quoting mike1349
{quote} There is some....I don't know how they work. http://www.forexfactory.com/search.php?searchid=6521977
Yeah, I know how to search, but I didn't find the indicator that I wanted.
  • #22,069
  • Jul 18, 2013 9:57am Jul 18, 2013 9:57am
Quoting Erebus
{quote} The instruction manual can be found here; this EA is a monster and if you are new to EA of any kind, it is a handful Good luck http://www.stevehopwoodforex.com/php...php?p=516#p516
Yes agreed!

I was just planning on using Emmanuels Preset file with the jumping SL to manage trades and stop me from self sabotaging!

I wouldn't be getting too much more in depth on it other than that..
  • #22,070
  • Jul 18, 2013 10:10am Jul 18, 2013 10:10am
Quoting Dyekid217
{quote} Not sure if you saw but there seems to be resistance which might turn support. I would not have taken a sell right there. This was the trade I took a couple hours before london opened. Looks like bulls are still in control in UJ after finding some support I entered. {image}
Well those support hold price very well with RN 130 and NY shoot pa up again , thanks for your explanation
I Have Learned to Take Some Losses to Make Profits
  • #22,071
  • Jul 18, 2013 10:23am Jul 18, 2013 10:23am
Quoting mike1349
{quote} It seems we are passing this area.how many times price stopped here. {image}
you should realise that with a JSL of 20pips that trade was already stopped out and now the big run up.

what lessons did we learned here about trade management and knowng how to place stops and moving stops.

using a trade manager helps remove the emotions when we manage our trades.

but as traders, you need to know how you want to manage your trades.

until you know how you want to manage your trades, don't even think think of using any EA.

This is our lesson today. It is real, all done in realtime since Tokyo open this morning. I know many new and inexperienced traders managing trades manually won't survive managing this EJ trade all day.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,072
  • Jul 18, 2013 10:24am Jul 18, 2013 10:24am
Two trades today.....both during Asian session....slept through London today, so no trades during London.
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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  • #22,073
  • Jul 18, 2013 10:51am Jul 18, 2013 10:51am
Quoting emmanuel7788
{quote} you should realise that with a JSL of 20pips that trade was already stopped out and now the big run up. what lessons did we learned here about trade management and knowng how to place stops and moving stops. using a trade manager helps remove the emotions when we manage our trades. but as traders, you need to know how you want to manage your trades. until you know how you want to manage your trades, don't even think think of using any EA. This is our lesson today. It is real, all done in realtime since Tokyo open this morning. I know many...

I understand what you say Emmanuel.But when I am at the computer to manage my trade I don't even get that 20 or 25 pips.As soon as price return in the oposite direction for couple of pips I chicken out and I take few pips and exit.
So I rather EA manage my trade and I take at least 20 pips.
I should work on my emotions but for now I am happy with EA.
Failure, is a wonderful teacher!
  • #22,074
  • Jul 18, 2013 11:51am Jul 18, 2013 11:51am
Quoting mike1349
{quote} I understand what you say Emmanuel.But when I am at the computer to manage my trade I don't even get that 20 or 25 pips.As soon as price return in the oposite direction for couple of pips I chicken out and I take few pips and exit. So I rather EA manage my trade and I take at least 20 pips. I should work on my emotions but for now I am happy with EA.
I am exactly the same!

I lose confidence in original decision to enter the market when I see the price turn a little against me. Which then causes me to close it at a loss, only to then see that its only a retracement and the price then continues (usually..) in my original trade direction.

Its incredibly frustrating to know what is wrong and recognise it, yet continue to make the same mistake everyday!!

Oh well..repetition and practice, and seeing it happen many more times, will I hope train the logical side of my brain to take over the emotional side in future situations.

Paul
  • #22,075
  • Jul 18, 2013 1:24pm Jul 18, 2013 1:24pm
I think I see divergence on EJ can anyone agree or confirm?
  • #22,076
  • Jul 18, 2013 1:37pm Jul 18, 2013 1:37pm
Quoting irishtoffy
{quote} I am exactly the same! I lose confidence in original decision to enter the market when I see the price turn a little against me. Which then causes me to close it at a loss, only to then see that its only a retracement and the price then continues (usually..) in my original trade direction. Its incredibly frustrating to know what is wrong and recognise it, yet continue to make the same mistake everyday!! Oh well..repetition and practice, and seeing it happen many more times, will I hope train the logical side of my brain to take over the...
I had trouble with this same issue when I started live trading. The way I was able to overcome it, was to spend some time back-testing and forward testing the TMS system on one pair and I kept a record of the number of times price went the direction I expected and the number of times it did not go my way, in each situation. Once you gain the understanding and confidence that when a certain signal happens (example: TDI cross out of overbought area or candlestick pullback pattern at LO or whatever you pick), and your stats show that 65% or 71% or 86% (or whatever percentage your testing shows you) of the time, price will continue as you expected it to, then you will stop getting out of your trades on any market wave. Once you have that information, you will enter trades knowing that your entry will get you the pips you want XX% of the time......then you have an edge in the market. I specifically tested scenerios like the TDI cross in the overbought or oversold areas, or the cross of green over red, or the cross of green over red and yellow, pullback bar formations, news releases, etc.. I tested different times of day and different sessions and different time frames. I tested and recorded how many pips I gained or lost on every trade until I knew what worked for me. You can do the same but it takes some time and some work on your part.
  • #22,077
  • Jul 18, 2013 1:58pm Jul 18, 2013 1:58pm
Quoting Phx62
{quote} I had trouble with this same issue when I started live trading. The way I was able to overcome it, was to spend some time back-testing and forward testing the TMS system on one pair and I kept a record of the number of times price went the direction I expected and the number of times it did not go my way, in each situation. Once you gain the understanding and confidence that when a certain signal happens (example: TDI cross out of overbought area or candlestick pullback pattern at LO or whatever you pick), and your stats show that 65% or...
Phx62
Compared to a lot of the members, i consider myself to be wet behind the ears when it comes to trading forex.
Thanks for what I think is extremely valuable advice. While Emmanuel's trading approach is different, he has also consistently advocated doing extensive homework prior to and during the trading week.


It's quite easy to fall into the trap of thinking along the lines of: "if i can make 100 pips a week @ R10 a pip on two pairs, then I can make $2,000 a week."
Forex has an allure unique to itself.

To become consistently profitable, it is quite clearly not a case of just entering on a cross of the green over red.
Thanks to you and Emmanuel for the honesty and wake-up calls. Time to smell the coffee.

Axiom
  • #22,078
  • Jul 18, 2013 2:04pm Jul 18, 2013 2:04pm
Quoting Phx62
Two trades today.....both during Asian session....slept through London today, so no trades during London.{image}{image}
Phx

Sometimes the angle of the TDI is affected by the size of the MT4 windows.

Do you get your size by enlarging as far as possible, and then clicking back twice?
Do you ever enlarge the window and candles when waiting for a setup?

Axiom
  • #22,079
  • Jul 18, 2013 3:12pm Jul 18, 2013 3:12pm
Quoting Axiom
{quote} Phx Sometimes the angle of the TDI is affected by the size of the MT4 windows. Do you get your size by enlarging as far as possible, and then clicking back twice? Do you ever enlarge the window and candles when waiting for a setup? Axiom
No, I do not click back twice. I have two 24" monitors and I have learned how the angles are based on experience and watching them. My platform is set one click back from the maximum and I leave it there all the time for trading.
  • #22,080
  • Jul 18, 2013 3:49pm Jul 18, 2013 3:49pm
Hi,

Just a little clarification, I noticed that the TDI indicator uses MA 5,2. Do I have to change it to EMA 5,2 ?
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