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The 5 minute TF S&R trading system

  • #4,181
  • Oct 8, 2013 8:09am Oct 8, 2013 8:09am
Quoting fxpivots
When I developed this method it wasnt based on mine or others personality. It was based on backtesting a hypothesis that I found to work. Then I put rules to it and it became a theory. The goal was to make consistent money. Now concerning discretion of trades you all know I am looking for 7-10 good trades a month and putting on a so so trade at end of day wouldn't be following the rules

Do you have your rules written down?

........and Re your personality comments, subconsciously...........your system is based on your personality, your personality created it based on what makes sense to you.
  • #4,182
  • Oct 8, 2013 8:19am Oct 8, 2013 8:19am
If you read the thread you would know rules. What does a method have to do with ones personality? Trading is about making money thats what all our personality s want
  • #4,183
  • Oct 8, 2013 8:45am Oct 8, 2013 8:45am
Quoting fxpivots
If you read the thread you would know rules. What does a method have to do with ones personality? Trading is about making money thats what all our personality s want

I have read the thread several times, however, you use language that I have not heard before in 12 years of trading. For example, "Doubles" and "Clean". so a little hard to understand sometimes.

This is not a criticism, you can use what ever language you want, its your creation, but it is the source of confusion sometimes.

Not wishing to bang on anymore about the 'personality' thing, other than to say, of course you personality has everything to do with everything you do, including devising a trading methodology.............and the need to go public with it and have people follow you. As I said, this is not a criticism, the original comment was to Oakwoodinc. Not sure why you are being so defensive?

I ask again, do you have your rules written down?

If you have read "The Disciplined Trader" by Mark Douglas, you would understand why I ask.
  • #4,184
  • Oct 8, 2013 8:45am Oct 8, 2013 8:45am
85 looks like the spot
  • #4,185
  • Oct 8, 2013 8:50am Oct 8, 2013 8:50am
news out at 10 fx
Become the casino
  • #4,186
  • Oct 8, 2013 8:54am Oct 8, 2013 8:54am
If you mean by doubles double senario which means you have 2 possible senarios. I am not being defensive but I have heard for 12 yrs to trade according to you personality but what does that really mean? It boils down to this find something that works and use it
  • #4,187
  • Oct 8, 2013 8:55am Oct 8, 2013 8:55am
Quoting fxpivots
85 looks like the spot

That means 85 + Spread because its a Long Trade, right?
  • #4,188
  • Oct 8, 2013 9:01am Oct 8, 2013 9:01am
news at 10 was yellow, not red or orange, so can ignore
  • #4,189
  • Oct 8, 2013 9:02am Oct 8, 2013 9:02am
look, no offense meant, we are obviously not understanding one another.

"but I have heard for 12 yrs to trade according to you personality but what does that really mean?" I have no idea what that sentence means?
  • #4,190
  • Oct 8, 2013 9:05am Oct 8, 2013 9:05am
Quoting tbjohnton
news at 10 was yellow, not red or orange, so can ignore
apologies tb, didn't know yellow was discarded - many thanks
Become the casino
  • #4,191
  • Oct 8, 2013 9:11am Oct 8, 2013 9:11am
When one says he tradea a certain way cause it fits his personality what is he really mean by that? There are only 2 emotions in trading fear and greed so the goal is not to be greedy and that gets achieved by making and reaching goals consistently and if you do that it takes care of the fear factor. Its all about making money thats everone who trades personality.
  • #4,192
  • Oct 8, 2013 9:11am Oct 8, 2013 9:11am
is the return to 85 not clean?
  • #4,193
  • Oct 8, 2013 9:16am Oct 8, 2013 9:16am
Quoting david1234
is the return to 85 not clean?

Return is clean
  • #4,194
  • Oct 8, 2013 9:17am Oct 8, 2013 9:17am
seems like a double scenario at 92?
  • #4,195
  • Oct 8, 2013 9:22am Oct 8, 2013 9:22am
Quoting david1234
seems like a double scenario at 92?

Thats right so no trade
  • #4,196
  • Oct 8, 2013 9:27am Oct 8, 2013 9:27am
Quoting fxpivots
When one says he tradea a certain way cause it fits his personality what is he really mean by that? There are only 2 emotions in trading fear and greed so the goal is not to be greedy and that gets achieved by making and reaching goals consistently and if you do that it takes care of the fear factor. Its all about making money thats everone who trades personality.

Well trading coaches like Dr Van K Tharp have tests to to see what kind of personality a trader has. Based on that, it is possible to use a trading system that "Fits" their personality. Based on how much someone worries (neurosis or fear) for instance will have an effect on how long they can stay in a trade without it getting to them. So will they scalp, like you do, or will they swing? Can they handle being in a trade for days or is only somewhere between minutes and hours long enough. How their risk tolerance effects them will have a direct impact on their money management rules.

If you don't understand what I am on about, then ironically, this is probably why you are a successful trader................LOL
  • #4,197
  • Oct 8, 2013 9:28am Oct 8, 2013 9:28am
I wouldn't consider that pullback as a pullback it only went 1 pip back doesn't matter 85/86 wasn't hit and we are pulling back.
  • #4,198
  • Oct 8, 2013 9:37am Oct 8, 2013 9:37am
Their might be some truth to that but if one is afraid of losing he shouldnt trade but get a job. One who aspires to trade looks for a way to suceed the only way is to research and find sonething that has consistently won over a 4 yr period. Though it doesn't mean it will perform like that in the future but trading is about probabilities so if you find that thing it does take fear out of the way
  • #4,199
  • Oct 8, 2013 9:42am Oct 8, 2013 9:42am
Quoting fxpivots
I wouldn't consider that pullback as a pullback it only went 1 pip back doesn't matter 85/86 wasn't hit and we are pulling back.
The problem is FX that we had setups like this in the past when pullback liek the one right now was a pullback to trade


So what is a pullback and what not in your eyes?
  • #4,200
  • Oct 8, 2013 9:51am Oct 8, 2013 9:51am
Exactly. People with personalities that need certainty struggle with a probabilistic endeavor like trading, as do people that have a hard time being wrong. They tend to keep moving their stops, because they cannot accept a loss, so they keep moving their stop because the market will turn soon, because the market is wrong, not them. A small loss becomes a huge loss. The strategy is actually quite insignificant in the grand scheme of things. Psychology is the biggest component, followed by money management and then the strategy in order of importance. But most traders spend all of their time chasing the strategy holy grail. That's why so many loose.

Mark Douglas says that If you have not got your rules written down, you are not taking responsibility for your trading, as it allows a trader to 'blame' someone else for their losses. For example, Ben Bernanke, your subscription provider, the news, the taxi driver that gave them that tip, even fxpivots is to blame. Everyone but them.

If you don't have your rules written down and you don't keep a journal and never will...........................get a job.
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