EA is certainly on a mission today..... 
Doing what you like is Freedom. Liking what you do is Happiness.
- #18,141
- Sep 27, 2013 6:45am Sep 27, 2013 6:45am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
- #18,143
- Sep 27, 2013 6:52am Sep 27, 2013 6:52am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #18,145
- Sep 27, 2013 7:09pm Sep 27, 2013 7:09pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #18,146
- Sep 27, 2013 7:17pm Sep 27, 2013 7:17pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
Here are the results of Week 2 of the M1 test: I left a lot of pips on the table 2 or 3 times this week, so I'm sure that I can improve as I get more used to this setup. Even so, M1 is holding it's own just as the other tests have done. Also, the daily average is really impressive, but that's a little distorted as there were 2 days of very good pippage. I think a daily average over the whole 4 week test will be more accurate and reflective of the true daily average. I'm guessing that it will be in the 50 - 70 range. Number of Trades Taken: 19 Win...
PM1
- #18,149
- Sep 27, 2013 8:19pm Sep 27, 2013 8:19pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
{quote} EXCELLENT RESULTS RJ....................................
Having said that, the other side of the coin (so far) is that I am certain that I could make more pips/day on M1 than any other TF tested so far. Of course there is the ever present danger of 'over-trading', but I find that taking breaks much like you would on a 9 to 5 job is sufficient to avoid this.
Still...no matter what, M1 has not been a disaster (so far...touch wood), so it shows that we have a pretty robust system here
Doing what you like is Freedom. Liking what you do is Happiness.
- #18,151
- Sep 27, 2013 8:23pm Sep 27, 2013 8:23pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
{quote} Waikato....................home of the Chiefs........ Very cute..........thanks RJ PM1
Doing what you like is Freedom. Liking what you do is Happiness.
- #18,152
- Edited 8:40pm Sep 27, 2013 8:27pm | Edited 8:40pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
{quote} Congrats on this weeks testing! I have to concur that the M1 is very good. My only fault is to trading M1 with a 'bias,' that is when things goes down hill for me.... I have a question if you do not mind me asking, are the hours still valid when you trade? I remember you posted that you trade 3 hours from Tokyo open and 4 hours from Franklin Open (though not sure if M1 testing time periods when you test/trade).
As for bias, if you throw an M30 stoch, or even an H1 stoch on your chart and don't trade against it, that should help keep you safe *much* of the time. I find that rather than using the MTF M30 (or H1) stoch on an M1 chart, which can get verrrrrrrrrrrry stretched out.....it's better to have a look at a genuine M30 or H1 chart with it's native stoch, and identify which way it's going and jot it down on a sticky and stick it to your monitor!!!
Thant might help keep you on the right side the immediate trend
Doing what you like is Freedom. Liking what you do is Happiness.
{quote} Yup, those are the best times for sure, although because M1 allows for some quick scalping, 10 pip bites out of the apply are often possible at other times....and those bites soon add up to a mouthful!
PM1
- #18,155
- Sep 27, 2013 8:54pm Sep 27, 2013 8:54pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
{quote} Last week was the first time I traded 3 hrs after Tokyo and London opens and then 2 hrs of NY. My mind was much fresher and more alert. That structure helped me a lot last week- they are now my office hours. If a move happened after that, well.........shit happens............life goes on. Anytime outside these office hours was time for me! Looking back guilt played a big part for me.............why wasn't I available for that move.............gee I should have been there for that.................structured hours takes all that pressure away....
So we shouldn't (and I don't) shed a tear for the missed trades.....just keep on collecting pips, 10s, 20s, 30's and more and the total adds up quicker that we might have thought possible
Doing what you like is Freedom. Liking what you do is Happiness.
- #18,156
- Sep 28, 2013 5:32am Sep 28, 2013 5:32am
I don't think you have to get pissed off or be frustated because you missed a huge move; in realty you didn't because you were in and you made the right decision to exit @ your target. Noboy can know if a move will become a home-run or not and eventually reverse.
We know that the exit (and position size) is where the good traders make the difference but this is also the dark side of the game. So what is the best exit strategy for a day trader (a trader who closes all his/her trades at the end of the day) ?
The Genesis users know that we can use many different exit strategies based on pivots, RN, M15 arrow etc. but there is also the human beings' inner side which doesn't like miss home runs ... therefore what to do? take profit at target or try to let them run?
I tried to answer this question building a model which simulates double or triple exits and compare the "ALL in ONE" exit (when we close all our units at target) with other strategies based on close unit1 at target (like ALL in ONE strategy) and let the unit2 runs ... the outcome is very interesting
I suggest who wants to improve his/her exit skills to play with the attached model but in few words we can say that if you are a day trader and you take your profit @ your target (whatever R-multiple is) you have many more chances to maximize your profit than let it run ... even if sometime when you close the trade it takes off to the moon.
Just as example in a streak of 20 winning trades if you want to beat the "two units 2R exit" you need to take more than 4 home runs > 10 R or in other words 20% of your trades must be > than 10R; if your avg. risk is 20 pips it means to have 20% of 200 pips days !
I hope this can help you to forget quickly the EA trade and have a great week end
BTW impressive results RJ ... Congratulations !!
We know that the exit (and position size) is where the good traders make the difference but this is also the dark side of the game. So what is the best exit strategy for a day trader (a trader who closes all his/her trades at the end of the day) ?
The Genesis users know that we can use many different exit strategies based on pivots, RN, M15 arrow etc. but there is also the human beings' inner side which doesn't like miss home runs ... therefore what to do? take profit at target or try to let them run?
I tried to answer this question building a model which simulates double or triple exits and compare the "ALL in ONE" exit (when we close all our units at target) with other strategies based on close unit1 at target (like ALL in ONE strategy) and let the unit2 runs ... the outcome is very interesting
I suggest who wants to improve his/her exit skills to play with the attached model but in few words we can say that if you are a day trader and you take your profit @ your target (whatever R-multiple is) you have many more chances to maximize your profit than let it run ... even if sometime when you close the trade it takes off to the moon.
Just as example in a streak of 20 winning trades if you want to beat the "two units 2R exit" you need to take more than 4 home runs > 10 R or in other words 20% of your trades must be > than 10R; if your avg. risk is 20 pips it means to have 20% of 200 pips days !
I hope this can help you to forget quickly the EA trade and have a great week end
BTW impressive results RJ ... Congratulations !!
You control how you trade; the market controls how and when you'll get paid
- #18,157
- Sep 28, 2013 9:40am Sep 28, 2013 9:40am
Here are the results of Week 2 of the M1 test: I left a lot of pips on the table 2 or 3 times this week, so I'm sure that I can improve as I get more used to this setup. Even so, M1 is holding it's own just as the other tests have done. Also, the daily average is really impressive, but that's a little distorted as there were 2 days of very good pippage. I think a daily average over the whole 4 week test will be more accurate and reflective of the true daily average. I'm guessing that it will be in the 50 - 70 range. Number of Trades Taken: 19 Win...
..again results are source of inspiration,motivation and happiness ..(Avg SL = 10.8)what else a robust system can yield than that .. personally I think that I have learnt market much better in M1 TF in (Zoom Out Charts). Well glad that half way of the testing has been completed
- #18,158
- Sep 28, 2013 4:38pm Sep 28, 2013 4:38pm
Fantastic results RJ! I am reviewing my trading each weekend to reach 1/4 of what you do!!! Certain bad habits are persisting but so is my determination and perserverance. The good trades remind me I know how to do it.
Wiz, you're right there. I seem to have read somewhere (Van Tharp?) saying the whole lot was best. I know I don't quite have the maths but it can seem clever to take a profit off early- the "now your trade is free" is used - but SO to BE makes your trade "free" too.
C'mon Argentina!!! (I haven't seen the game yet -- replay later today) and C'mon South Africa of course!
Gap down for Euro? I see Italy is back to govt crisis...
Wiz, you're right there. I seem to have read somewhere (Van Tharp?) saying the whole lot was best. I know I don't quite have the maths but it can seem clever to take a profit off early- the "now your trade is free" is used - but SO to BE makes your trade "free" too.
C'mon Argentina!!! (I haven't seen the game yet -- replay later today) and C'mon South Africa of course!
Gap down for Euro? I see Italy is back to govt crisis...
- #18,159
- Sep 28, 2013 5:40pm Sep 28, 2013 5:40pm
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
I don't think you have to get pissed off or be frustated because you missed a huge move; in realty you didn't because you were in and you made the right decision to exit @ your target. Noboy can know if a move will become a home-run or not and eventually reverse. We know that the exit (and position size) is where the good traders make the difference but this is also the dark side of the game. So what is the best exit strategy for a day trader (a trader who closes all his/her trades at the end of the day) ? The Genesis users know that we can use...
Remember our 50 pips / day pdf from Post #1? To me, gather that 50 pips is easier on M1 that I would have thought possible, but it does depend on exactly what you say above...chipping away at it and not trying to get the whole 50 in one go
Doing what you like is Freedom. Liking what you do is Happiness.