Disliked{quote} thanks pipsmurfer i so much appreciate but see the attached and am i still missing something here how is it suppose to take trade move every 50pip or what {image}Ignored
- #27,788
- Edited 4:01pm Nov 26, 2013 10:55am | Edited 4:01pm
I've been reading through some posts a few pages back that express scepticism about TMS... I must say, I really understand the viewpoint, because I used to think similarly when I was STARTING using this strategy. The core TMS rules were "too simple" which allow a lot of room for bad trades if you're not familiar with FX basics. And when I say "familiar", it doesn't mean you're just aware of them from babypips school, it means you can't look at a chart without subconsciously applying them. You need to be persistent and learn from reading through...
To add to Lane's post and touch upon a few of my experiences using TMS to date....TMS is just the smallest part of the 3 M's. Emmanuel posted it was maybe 5-10%. When I was new to TMS (still new may I add < 8 months) This got me thinking....I'm focusing 99% of my time on 10% of what the 3M's of trading involve...oh boy had I been doing this wrong! I needed to put in more work and do THE WORK....What is the work...(have a guess).
When Emmanuel first talked about THE WORK here, I was like...what...what is the work your talking about...i'm doing tons of it...but I really wasn't! I thought he was referring to spending 10,000 hours in practice. But he wasn't....THE WORK he was talking about is transformation. It's about creating our system. It is about our beliefs.
In order for you to make TMS into your winning system - you must do The Work (there are plenty of pdfs to bring you up to speed and use as an encyclopedia of TMS for you to start building and testing your system, I have supplied a lot of them on 4H TMS+PASR and this was part of THE WORK for me...collating and building my TMS reference guides to aid my system development) It wasn't easy...it took me 3 weeks to compile all Emmanuel's posts on TMS and then another 4 weeks to reference them and read through them! It's taken me over 6 months of THE WORK to get to the stage where I am trading a small live demo account! Whats more important is that THE WORK is still ongoing.
Until you do and completed THE WORK (in stages), you will not make that transformation which will take you forwards.
thats a truly interesting and inspiring post, Lane. can you recommend some books and or PDF's for somebody looking to use TMS successfully? {quote}
Below are some important posts to look at that need focus as the same questions constantly appear, with members not knowing were to look or not realizing the need & importance to do "THE WORK" (the search for your answers is an important development tool for all traders. If you don't practice it here...how can you apply this thirst for answers anywhere else in your development as a trader). You need to read these posts - more importantly read the entire thread (if your serious about trading the TMS strategy)! study the important posts, apply them and formulate your system! Also use the paperclip function!
Emmanuel has mentioned on many occasions:
"The TMS entry and exit rules are simple and very easy to learn and to follow (part of your trading strategy) & less than 10% of the 3M's. But the pre-requirements to trading is the preparation work and planning. Doing the prep work and having a trade plan is important because that helps us to look for chart conditions and the opportunities to get into the market (part of your trading system)." post: #20085
Some important posts (for reflection) in TMS 4H trading:
- Getting up to speed with TMS & the shortcut to TMS success (the red herring): Post #21782
- Building a winning system using TMS as the core method: Post #19498, 20108
- General TMS trading rules for 4H: Post #19223, 19274
- Preparation work for TMS 4Hr traders: Post #19297 & 19308 & 19345
- Big Picture Planning: Post #18709, 18710, 18711, 18721, 18722, 18721, 18723, 18724
- The importance of having a plan A, B & C: Post #16197
- TMS entry / Exit Rules: Post # 18227
- Big Picture Planning: Post # 27,208
- PASR: 26,834
- 4H Trade Management: 24,940
- Having a Plan A, B & C: 23,549
Enjoy & please take the time to read and take notes and acknowledge the fundamental differences between a trading strategy & a trading system (see image below) post # 23294.
To help with the other aspect of the WORK...this book is helping me
- #27,796
- Edited 9:27pm Nov 26, 2013 9:14pm | Edited 9:27pm
- Joined Nov 2008 | Status: Trader | 50,255 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #27,798
- Nov 26, 2013 10:27pm Nov 26, 2013 10:27pm
- Joined Nov 2008 | Status: Trader | 50,255 Posts
+50 pips on EJ overnight, after all that sideways movement yesterday, the H1 tdi made a nice move up, the h4 tdi was already just above the market baseline. {image}
Good trade!
I stay on the buyer side for now... holding my stop at 136.31 now.
138.00 is obvious psych level and with a historical 138.13 being tested, there is no other historical resistance above except RN play .
The way up to 139. 21 is looking good and I manage the downside and let it run up.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
