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  • #6,561
  • Nov 7, 2013 1:57pm Nov 7, 2013 1:57pm
Quoting maflip
Bleh mission failed, news threw away all technical analysis. I should just stick to scalping. {image}

Sad to read that this mission failed as you're one of the best stars of this thread. Don't be discouraged, pick yourself up, dust your pant, learn from your mistakes and keep moving again.

Trading is not gambling and should be taken as serious business for those who want to earn a living out of it. I had 2 stressful trades too but it was my choice to make them stressful as one of my rules is to cut short any trade not moving in my favour within 30 minutes. I trade currency strength and weakness and if the trade is not working within this set time, then I have no edge and therefore no reason to remain in the trade, as THERE WILL ALWAYS BE ANOTHER TRADE. Had some good trades too that compensated for the stress but then the market got too fast and I started noticing slippage - all worked out well but I'm out now as there is no need to gamble. Will wait for another day.

Trade carefully guys, and God bless

Shalom

George
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AU Trades - 11072013.gif Size: 82 KB
Click to Enlarge Name: AJ Trade - 11072013.gif Size: 78 KB
Low Risk Low Stress High Reward High Probability Trades
  • #6,562
  • Nov 7, 2013 2:12pm Nov 7, 2013 2:12pm
I thought I'll share something I read on one of the threads here on FF in case it benefits someone to stick to what's working for them - know that you can't win all and don't know in what sequence the profit/loss will come. Therefore have sound and stable trading rules, follow the rules and take all trades that agree with your rules, and at the end of the day, you should be standing on top of the market. Read the experiment below, and don't allow a rat to outsmart you

Cheers, and all the best

George

The Experiment:
"Look, for example, at this elegant little experiment. A rat was put in a T-shaped maze with a few morsels of food placed on either the far right or left side of the enclosure. The placement of the food is randomly determined, but the dice is rigged: over the long run, the food was placed on the left side sixty per cent of the time. How did the rat respond? It quickly realized that the left side was more rewarding. As a result, it always went to the left, which resulted in a sixty percent success rate. The rat didn't strive for perfection. It didn't search for a Unified Theory of the T-shaped maze, or try to decipher the disorder. Instead, it accepted the inherent uncertainty of the reward and learned to settle for the best possible alternative.

The experiment was then repeated with Yale undergraduates. Unlike the rat, their swollen brains stubbornly searched for the elusive pattern that determined the placement of the reward. They made predictions and then tried to learn from their prediction errors. The problem was that there was nothing to predict: the randomness was real. Because the students refused to settle for a 60 percent success rate, they ended up with a 52 percent success rate. Although most of the students were convinced they were making progress towards identifying the underlying algorithm, they were actually being outsmarted by a rat."

DON'T LET A RAT OUTSMART YOU
Low Risk Low Stress High Reward High Probability Trades
  • #6,563
  • Nov 7, 2013 2:13pm Nov 7, 2013 2:13pm
Quoting 919gilead
{quote} Sad to read that this mission failed as you're one of the best stars of this thread. Don't be discouraged, pick yourself up, dust your pant, learn from your mistakes and keep moving again. Trading is not gambling and should be taken as serious business for those who want to earn a living out of it. I had 2 stressful trades too but it was my choice to make them stressful as one of my rules is to cut short any trade not moving in my favour within 30 minutes. I trade currency strength and weakness and if the trade is not working within this...
It's ok its a challenge I joined to see if I can do it. I don't trade like this over leveraged and high risk in my main account. I will try again though, it was challenging, fun and educational.
  • #6,564
  • Nov 7, 2013 4:14pm Nov 7, 2013 4:14pm
Quoting maflip
{quote} It's ok its a challenge I joined to see if I can do it. I don't trade like this over leveraged and high risk in my main account. I will try again though, it was challenging, fun and educational.
maflip, enrollment rate, we never lose in life. We gain experience.
now suggest, reduce the number of trades and traded pairs. Selecting the best entries, use a little more leverage if you want.
you is your system, your system is you.
  • #6,565
  • Nov 7, 2013 5:10pm Nov 7, 2013 5:10pm
Quoting Axiomafx
{quote} maflip, enrollment rate, we never lose in life. We gain experience. now suggest, reduce the number of trades and traded pairs. Selecting the best entries, use a little more leverage if you want.
Yes, ok thank you.
  • #6,566
  • Nov 7, 2013 8:13pm Nov 7, 2013 8:13pm
Quoting maflip
Bleh mission failed, news threw away all technical analysis. I should just stick to scalping. {image}

Same is the case with me $200 account, bad thing is I take 20% risk sometime and it burns my account.....hehehe.
  • #6,567
  • Edited 3:14am Nov 8, 2013 1:18am | Edited 3:14am

Hi all from Oz,

Firstly a big thank you to dna and favorite. It doesn’t seem enough to just say thank you because you guys put so much into developing this method. Its been an amazing ride.

After reading through the whole of this thread (yes all 329 pages) taken me many weeks but enjoyed every minute of it and it has certainly been worthwhile. To be able to see the development and the ideas and changes made to the original and to understand the reasons is certainly helpful and those that come along and don't read it, seem to be confused so I suggest if you really like the idea of this thread to take the time to read through it.
I have shared in the highs and lows, the winning trades, the losing ones, the trolls and naysayers and even the birth of a beautiful baby girl who should be 6 months by now I think. Congratulations dna and thank you for continuing with us, even with the demands of a new family.

Thanks also to all the thread contributors particularly DNA and Favorite and most recently maflip, axiomax, pundit, 919, capstone, in the past condor, gilR, jamest, peterwest, jmflukeii, igor, MrC, special thanks to Simonik (fellow female trader she was an inspiration to me so organised, sticks to her rules and did really well with her trading, "you go girl!"

But i wanted to wait until I had some ideas to share before i contributed. I did manage to turn my demo from $1000 to $2000 in 3 days which says whole lot for this system/method, I made mistakes, I had bad trades yet i managed to double the demo. I will try again next week and try to lose some of my bad habits, make better judgement calls.

But i wanted to add some ideas to the thread. So firstly one common complaint I notice is lack of trade management ability in Mt4 which we all hate, for "MYFX" trading i use a "Trade Console", but it does cost a yearly fee, demo trading for free. Some brokers offer it up for free if you trade with them, Go Markets for instance does. With this piece of software i can have preset sl, tp, create multiple trade managers, for example break even at 5 pips up, trail by 15 pips when up by 10, tp 50% at 20 pips and trail the rest, whatever you like it allows any kind of management you can think of. Create different ones for different situations. It has one click trading, shows you spread, allows all the limit order settings etc, shows you balance and total risk, net positions for currencies, margin used etc. Very helpful.


Also some of you have been asking for low spread, low commission, ecn broker, I am trying FXOpen (AU), spreads are amazing and from what i can see dont blow out during news. Aussie and Euro and Yen often at 0.0 to 0.3. Even EJ is currently 0.5. Be aware though accounts under $1000 have HUGE commission which they don’t tell you. Over $1000 its around $7 per trade, varies with currency, aussies and yen cheapest. Larger accounts have the advertised $5 commission I think for over $10k not sure. I wasn’t happy they didn’t explain this til after i traded on a mini account and commission worked out to over $17 per lot. Wowee! But after depositing a little more I got reasonable commissions.

The demo server is a little unreliable they say its because they test things on it so it hangs, stops for no reason etc, but the times I used the real server there were no problems. Also demo is meant to mirror liquidity so fills are an accurate representation of realtime. For example some of my demo trades got filled in parts. Try it out but be aware the low commissions on demo are for larger accounts.

I trade mostly Asian timeslot, I think one or 2 others contributors also do, so any trades i show or suggestions i make are based on my preference for Asian times. One thing which is predominant for Asia trading is Pivots, they can be used for entries or exits fairly consistently, I know favourite doesn't use them, and i can understand why, often during London/USA session they are completely ignored so again for Asia they are very helpful particularly for Aussie, Yen and even Euro. I use a pivot indicator which shows previous days so you can use in back testing to see how often your favourite currency reacts at pivots.


Just another observation when having many charts open. During Asia, EJ and AJ seems to be driven by yen, EurAud driven by Aussie/usd so check the underlying majors when trading crosses it can help for the bigger picture. Because of this I prefer the majors not the crosses so I don’t have to check too many charts.

I notice the EJ for instance overshoots or misses the pivots, but if you watch the yen and it has hit a pivot or other support/resistance it will likely bounce, this may cause the EJ to turn for what seems no reason but it’s because the yen is in the driver seat and it has hit support or resistance, this can be the TMA in any time frame, pivot, yesterdays hi/lo or any other support and resistance but the driver seems to control the turns and the EJ is just in the passenger seat. I notice during London it changes to Euro driving and at the crossover of times it can get confused. Again just an observation, try having 3 charts open at once on 1 minute and see the co-relations. The cross will move identically (albeit for more pips) in the direction of every movement of the driver. You can then use the S&R on the driver as a guide or hint to exit.


I have an idea for trading counter trend Tma1 over Tma5 or pivot bounces which I like doing but dislike getting caught out with over shooting pivots, continuation pushes etc, it can mean giving back profits as we all know.

So I had the idea that if you were in a successful trend trade going up and nicely in profit but you see a counter trend trade at a resistance, you keep the trend trade, move sl to positive pips on trend trade, you can now enter counter trend trade with no sl and scalp some pips in complete safety, if it bounces down take a few pips, if it doesn’t, your trend trade is covering it. It might be useful when it is stuck at a resistance and bouncing around for ages as it often does during Asia.

Even safer way only enter half the size of your trend trade on your counter trend so if it goes down take a few pips, if it goes up you are still in same profit as you are only half in loss. Now you don’t care which way it goes.

Trick is to be in a profitable trend trade so that it is more likely to go up and you can just take a few pips here and there on the bounces back. If you decide to take a loss, move your sl/tp on trend trade up by the number of lost pips add a few if you can so at the end of the run you cannot lose overall.

Sorry for the really long post but after reading the whole thread cover to cover I thought I was entitled to a comment I would have contributed as it was happening if it was live for me but it has been a back test/back read for me. Oh and that reminds me, back testing. We have the problem of not being able to see multiple charts on our back testing I have a free solution to that. Just found it recently a free tester which allows multiple charts and backtest trades like real trading, its nothing short of brilliant.

So her endeth my rant, thanks again to ALL contributors and especially my favourites, DNA, favorite, maflip, GilR, 919, Simonik, you guys rock.

Oh I guess I should have mentioned which methodology I use, mostly TMA1 through the cloud is hands down best method ever, but I use 5 and 15 for current trend direction, don’t like 1 hour, I use 5/20/50/100 ema on 5 and 15 with tma5 and tma15, on 1 min I use emas, tma1/ tma5, cloud, tma slope, stoch and pivots with daily open, yesterdays hi/lo and round number indi. Please don’t ask me how much I have made what my profitability is etc. Still on “L” plates here.

I hope we can keep this thread alive and encourage each other, it is not as lively as it once was which is a shame. Did the skype group ever get off the ground? Maflip I am following your ups and downs highs and lows with great interest thanks for sharing and baring all.

Julie

Attached File(s)
File Type: ex4 Auto-Pivot Plotter V2.ex4   8 KB | 429 downloads
File Type: mq4 Auto-Pivot Plotter V2.mq4   21 KB | 448 downloads
File Type: ex4 Auto-Pivot Plotter (Mid-Levels) V1-41.ex4   5 KB | 399 downloads
File Type: mq4 Auto-Pivot Plotter (Mid-Levels) V1-41.mq4   14 KB | 459 downloads
File Type: rar SimpleFXTester_v2.rar   2.3 MB | 855 downloads
  • #6,568
  • Edited 2:39am Nov 8, 2013 2:23am | Edited 2:39am
Quoting pundit78
{quote} Same is the case with me $200 account, bad thing is I take 20% risk sometime and it burns my account.....hehehe.
heh heh yeah, thats what happened why I blew up this small account. I kept adding to shorts because AJ kept going down I thought a huge payday is coming I was wrong. I won't do that again the next attempt then. I became impatient of small gains and I looked for a big gain in one attempt. My bigger mistake was I should have taken half off my positions when it was making 70 pips then move the rest to BE with a trailing stop. Oh well, at the time I got greedy I really thought my reversal trade is really going to keep going up and the down move is just noise, so I kept all of them as a runner. And what happens next is you know the story.
  • #6,569
  • Nov 8, 2013 2:24am Nov 8, 2013 2:24am
Quoting julie1585
Hi all from Oz,Firstly a big thank you to dna and favorite. It doesn’t seem enough to just say thank you because you guys put so much into developing this method. Its been an amazing ride. After reading through the whole of this thread (yes all 329 pages) taken me many weeks but enjoyed every minute of it and it has certainly been worthwhile. To be able to see the development and the ideas and changes made to the original and to understand the reasons is certainly helpful and those that come along and don't read it, seem to be confused so I suggest...
Nice to hear you are doing good
  • #6,570
  • Nov 8, 2013 3:39am Nov 8, 2013 3:39am
Quoting maflip
{quote} heh heh yeah, thats what happened why I blew up this small account. I kept adding to shorts because AJ kept going down I thought a huge payday is coming I was wrong. I won't do that again the next attempt then. I became impatient of small gains and I looked for a big gain in one attempt. My bigger mistake was I should have taken half off my positions when it was making 70 pips then move the rest to BE with a trailing stop. Oh well, at the time I got greedy I really thought my reversal trade is really going to keep going up and the down move...
I will be on demo till control my bad habits in trading.
  • #6,571
  • Nov 8, 2013 6:17am Nov 8, 2013 6:17am
Quoting julie1585
Hi all from Oz, Firstly a big thank you to dna and favorite. It doesn’t seem enough to just say thank you because you guys put so much into developing this method. Its been an amazing ride. After reading through the whole of this thread (yes all 329 pages) taken me many weeks but enjoyed every minute of it and it has certainly been worthwhile. To be able to see the development and the ideas and changes made to the original and to understand the reasons is certainly helpful and those that come along and don't read it, seem to be confused so I suggest...

Thanks a lot Julie1585 for this post. Posts like these are the ones that REALLY help people. You have encouraged me to keep going reading this thread. All your comments are spot on with a lot of sense. It's a shame this thread became so long with mostly junk, so people don't give a try to read it through. Please keep sharing your thoughts, progress and observations. I hope I can start to do the same when I'm through reading the whole thread.
  • #6,572
  • Nov 8, 2013 10:34am Nov 8, 2013 10:34am
+55 pips. Market very predictable lately.
Attached Image (click to enlarge)
Click to Enlarge Name: Capturareurusd110.PNG Size: 23 KB
you is your system, your system is you.
  • #6,573
  • Nov 8, 2013 5:36pm Nov 8, 2013 5:36pm
Was playing with these two systems, so I had the idea to unite Them to M1.

http://www.forexfactory.com/showthre...14#post6232114

http://www.forexfactory.com/showthread.php?t=453796

Needs improvement, maybe make single indicator.
I call the System Mess, MS.
Attached Image (click to enlarge)
Click to Enlarge Name: mess system.PNG Size: 49 KB
Attached File(s)
File Type: zip MS-Mess System v1,333....zip   10 KB | 541 downloads
you is your system, your system is you.
  • #6,574
  • Nov 9, 2013 1:33am Nov 9, 2013 1:33am
Quoting Axiomafx
Was playing with these two systems, so I had the idea to unite Them to M1. http://www.forexfactory.com/showthre...14#post6232114 http://www.forexfactory.com/showthread.php?t=453796 Needs improvement, maybe make single indicator. I call the System Mess, MS. {file} {image}
I believe that you can use in this system only one indicator. The indicator with blue/red lines.
This indicator works fine in M1. Can you tell us his name please?
  • #6,575
  • Edited 4:38am Nov 9, 2013 4:04am | Edited 4:38am
Quoting julie1585
Hi all from Oz, Firstly a big thank you to dna and favorite. It doesn’t seem enough to just say thank you because you guys put so much into developing this method. Its been an amazing ride. After reading through the whole of this thread (yes all 329 pages) taken me many weeks but enjoyed every minute of it and it has certainly been worthwhile. To be able to see the development and the ideas and changes made to the original and to understand the reasons is certainly helpful and those that come along and don't read it, seem to be confused so I suggest...
So I had the idea that if you were in a successful trend trade going up and nicely in profit but you see a counter trend trade at a resistance, you keep the trend trade, move sl to positive pips on trend trade, you can now enter counter trend trade with no sl and scalp some pips in complete safety, if it bounces down take a few pips, if it doesn’t, your trend trade is covering it. It might be useful when it is stuck at a resistance and bouncing around for ages as it often does during Asia.

Nice idea I really like this one. Scalping with safety, and at the same time you have just locked the profit on your trend trade. Worst case scenario you don't gain more if the trend keeps going that direction because profit is already locked. It's hedging the win and locking it, but you are playing the retrace and taking some profit. I'm gonna give this one a try for sure.

And forget about MYFX get this one, it's got the same features and it's cheaper, just a one time purchase of $75.
http://www.az-invest.eu/trade-manager-for-metatrader

Maflip I am following your ups and downs highs and lows with great interest thanks for sharing and baring all.

And don't worry about the $100 loss on that small account When I was scalping on my main account at Forex FS I was able to grow that account from $2500 - $4000 when I closed it. So this $100 loss is nothing just a challenge I joined to challenge myself. On my main account you will not see it loose more than 1% per trade. I'm thinking of setting up two accounts one in Pepperstone and the other Hotforex to see which one I like better. So I might split my money 50/50 on both brokers for $2000 each. I already don't like IC Markets they stop data feed on major news release, and too laggy something you don't want when you are scalping.
  • #6,576
  • Nov 9, 2013 4:05am Nov 9, 2013 4:05am
Quoting Flaviu1981
{quote} I believe that you can use in this system only one indicator. The indicator with blue/red lines. This indicator works fine in M1. Can you tell us his name please?
His name is BBands
Greed causes poverty
  • #6,577
  • Nov 10, 2013 12:21pm Nov 10, 2013 12:21pm
any info for this hawkeye heatmap indicator? I saw the volume indi, it seems me same as standard volume in chart just it paint it red if candle is red and contrary and gray if candle no much move. It gave me no special hint. Is it real or a very good scram?
Scan all 28 Forex pairs with ONE chart... Currency Strength28 Indicators
  • #6,578
  • Nov 11, 2013 2:54pm Nov 11, 2013 2:54pm
Quoting well72
{quote} His name is BBands
Thank you very much!
  • #6,579
  • Nov 11, 2013 4:39pm Nov 11, 2013 4:39pm
Quoting Flaviu1981
{quote} Thank you George! What do you say about this indicator? http://megatrendfx.com/additional-fo...eter-indicator http://megatrendfx.com/forex-probability-meter-fx-mt4
Quoting 919gilead
{quote} You know I bought this indicator about 2 or 3 years ago but did not seem to make head or tail of it but with more experience on my side now, I will revisit it when I finish my testing and tweaking this system to my satisfaction, and will try to remember to revert to you in another month or 2, and we can compare notes.
Hi Flaviu:

I just wanted to get back to you as promised that I will test the indicators from Mega Trend and revert to you in about a month or two. The indicators are lagging like any other indicators and do not bring any advantage to trading the M1 or M5 TF as far I am concerned, and that's my conclusion.

Take care,

George
Attached Image (click to enlarge)
Click to Enlarge Name: Mega Trend Indicators.gif Size: 87 KB
Low Risk Low Stress High Reward High Probability Trades
  • #6,580
  • Nov 12, 2013 12:45am Nov 12, 2013 12:45am
Quoting 919gilead
{quote} {quote} Hi Flaviu: I just wanted to get back to you as promised that I will test the indicators from Mega Trend and revert to you in about a month or two. The indicators are lagging like any other indicators and do not bring any advantage to trading the M1 or M5 TF as far I am concerned, and that's my conclusion. Take care, George {image}
Hi George! Thank you for your efforts!
Regards,
Flaviu
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