I am not random, U just can't think as fast as me....
- #31,522
- Feb 27, 2014 1:26pm Feb 27, 2014 1:26pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #31,526
- Feb 27, 2014 5:34pm Feb 27, 2014 5:34pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #31,527
- Feb 27, 2014 5:45pm Feb 27, 2014 5:45pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #31,528
- Feb 27, 2014 5:47pm Feb 27, 2014 5:47pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #31,529
- Feb 27, 2014 5:54pm Feb 27, 2014 5:54pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
EJ H1 long, after PRCP and AB=CD completion TP hit + 77 slightly below fib 61.8 of the AB=CD pattern {image}
Hi TheScorps,
very nice one.
consolidation with double inside bars was the alert I got at CONFLUENCE of Prev W Low, Prev D Fib 161% and BRN 139.00
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Got late to enter at second candle at last night so placed an entry order where i should have been entered if i was watching the chart.
I know that way I may have lost the momentum but i was hoping in Asian session it will pull back little and then run down again due to good resistance at left. Just woke up and saw order fulfilled at night and TP got hit.
+50 more for the week ,
If i add +50 of recent crude oil trade too then total +642 for the week.
I know that way I may have lost the momentum but i was hoping in Asian session it will pull back little and then run down again due to good resistance at left. Just woke up and saw order fulfilled at night and TP got hit.
+50 more for the week ,
If i add +50 of recent crude oil trade too then total +642 for the week.
I am not random, U just can't think as fast as me....
- #31,531
- Edited Feb 28, 2014 9:00am Feb 27, 2014 10:28pm | Edited Feb 28, 2014 9:00am
- Joined Apr 2011 | Status: Hoc Etiam Transibit.... | 6,088 Posts
EA 1H shoot & forget Buy entry targeting 1.5377...
EDIT:
My Entry was too early but it looked bullish biased and I decided to stay in the trade. Based on this, I modified my SL to right under a support line. PA touched and bounced that trend line before hitting my target. SL was around 40 pips away, which was not especially nice (I am comfortable with 20 - 30 pips of SL), however RRR was still acceptable. I made several profitable EA and EJ trades during this week and personally I made a record weekly profit.
Have a nice weekend!
EDIT:
My Entry was too early but it looked bullish biased and I decided to stay in the trade. Based on this, I modified my SL to right under a support line. PA touched and bounced that trend line before hitting my target. SL was around 40 pips away, which was not especially nice (I am comfortable with 20 - 30 pips of SL), however RRR was still acceptable. I made several profitable EA and EJ trades during this week and personally I made a record weekly profit.
Have a nice weekend!
Simplicity is the ultimate sophistication - Leonardo da Vinci
- #31,532
- Feb 28, 2014 2:07am Feb 28, 2014 2:07am
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Hi everyone,
I really enjoy trading so I've decided to invest quite a bit of time in this business. I'm about at page 500 in this mega thread and almost all my questions have been answered throughout ( most to the tune of "it depends on you"
).
Being very new to all of this, I've created a big picture trading plan that I think will suit me for the next year or so. However, I would be very grateful if more experienced traders like Big Em and Phx62 could comment on this strategy:
- Sticking to one pair, EUR/USD: I know it's very choppy right now, what with fundamentals being rocky and all, but it's the pair I have the best feel for. I've forward tested it three months and backtested 5 years one candle at a time. It has given me much more confidence, so it's a pair I'm comfortable with. I've tried trading 8+ pairs but I just ended up overtrading and screwing up my entries/exits.
- Trading one time frame, 1hr: I'm comfortable checking the charts every hour, using the daily as direction, and the lower time frames for finer entries/exits. I tried the 4hr, but I find it too slow, too awkward for my personality.
- Trading one session, london: everyone here knows why of course. I'm from Montreal, Canada (EST) so this is a stretch for me. As much as I agree with Big Em about being happy and well-rested, I work from home so it is a viable option. Also, I've been doing it for 3 months and I quite enjoy it...we'll see how summer goes!
- Demo for four months, then open small account: I'm still on the fence on this one. My goal is to learn quickly, not make or lose money quickly, and from what I've read the psych gap when trading live vs demo is huge. Although I think I'm treating my demo the same as I would a live account, I can't know for sure. If the gap is really that big, it sounds like it would make sense to open a small account asap. Is this better than demo -> constant profit -> live? I know the answer is subjective...
Aside from that, I follow this thread everyday and study the charts, pdfs of all the superstars on here. I'm also quite keen on learning fundamentals of the pair, but more so out of curiosity.
Is there anything else you guys would suggest doing or learning for someone very serious about TMS & Forex?
Thanks a bunch guys!
I really enjoy trading so I've decided to invest quite a bit of time in this business. I'm about at page 500 in this mega thread and almost all my questions have been answered throughout ( most to the tune of "it depends on you"
).Being very new to all of this, I've created a big picture trading plan that I think will suit me for the next year or so. However, I would be very grateful if more experienced traders like Big Em and Phx62 could comment on this strategy:
- Sticking to one pair, EUR/USD: I know it's very choppy right now, what with fundamentals being rocky and all, but it's the pair I have the best feel for. I've forward tested it three months and backtested 5 years one candle at a time. It has given me much more confidence, so it's a pair I'm comfortable with. I've tried trading 8+ pairs but I just ended up overtrading and screwing up my entries/exits.
- Trading one time frame, 1hr: I'm comfortable checking the charts every hour, using the daily as direction, and the lower time frames for finer entries/exits. I tried the 4hr, but I find it too slow, too awkward for my personality.
- Trading one session, london: everyone here knows why of course. I'm from Montreal, Canada (EST) so this is a stretch for me. As much as I agree with Big Em about being happy and well-rested, I work from home so it is a viable option. Also, I've been doing it for 3 months and I quite enjoy it...we'll see how summer goes!
- Demo for four months, then open small account: I'm still on the fence on this one. My goal is to learn quickly, not make or lose money quickly, and from what I've read the psych gap when trading live vs demo is huge. Although I think I'm treating my demo the same as I would a live account, I can't know for sure. If the gap is really that big, it sounds like it would make sense to open a small account asap. Is this better than demo -> constant profit -> live? I know the answer is subjective...
Aside from that, I follow this thread everyday and study the charts, pdfs of all the superstars on here. I'm also quite keen on learning fundamentals of the pair, but more so out of curiosity.
Is there anything else you guys would suggest doing or learning for someone very serious about TMS & Forex?
Thanks a bunch guys!
- #31,534
- Feb 28, 2014 5:07am Feb 28, 2014 5:07am
- Joined Nov 2008 | Status: Trader | 50,190 Posts
{quote} My working hours will not allow to monitor the charts every 4 hours. Recently, installed Teamviewer on I-phone mobile. Keep my laptop at home "ON". I am trying to monitor the trade. My timing is EST. My work hours are from 6:30a.m to 5:00p.m and sometimes I have to work long hours. Most of the LO & US session I will miss. Still , I will try to figure out a way to trade 4 hrs. I will start a demo trade. I have been following this thread for nearly 1 year. I owe to all the guru's of this thread. Firstly, a BIG thanks to BigE. oTHER intelligent...
Answer: Read all the 463 posts by our late OP eelfranz aka Big E and also you can download some of the pdfs of his posts and comments. Use the forum paperclip function, see pic below. Post #261 is very important and you must read again and again.
Q1) How long it took to reach the success rate?
Answer: It is not about time to reach success rate. Success is neither a target objective nor a destination in a trading journey.
The time one takes to learn to trade is very different for different people. To reach consistency in trading results is a target a trader must work hard to achieve.
Q2) Do you trade all the sessions?
Answer: No. I trade mainly the Asian and the European market sessions. The US session is my bedtime but I do wake up to look at the London close hour.
Q3) Target profit & Stoploss in pips.
Answer: I do not measure trade results in pips. Trade exits should be measured using R-Multiples.
It is about the Risk to Reward ratio and the R-Multiples result of every trade taken.
Then we look at the Expectancy of the system traded after a period in time and the number of trades completed.
Q4) When you are in trade and away from monitor -> How you often you check your trade at work.trade
Answer: I trade a 4-hour 4H period. This means I look my charts and manage my trades every 4H. Sometimes, I do miss one of the 4H cycle but that is no big deal. I make up for that.
When I trade 4H, I monitor and manage my trades every 4H. I do not manage my 4H trades every hour. Do not micro manage trades in lower timeframes.
By 4H I am not referring to the H4 chart timeframe.
Regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #31,539
- Feb 28, 2014 6:08am Feb 28, 2014 6:08am
Hi everyone, I really enjoy trading so I've decided to invest quite a bit of time in this business. I'm about at page 500 in this mega thread and almost all my questions have been answered throughout ( most to the tune of "it depends on you"
I plan to use one timeframe (hourly) and one pair (not decided yet), and trade the London session as I am in the UK and work from home this is suitable. I came to this conculsion after reading Phx62 PDF's and I think keeping it simple until you can made profit by sticking to you trading plan is much better.
I have traded before for the last 3-4 years on and off (more off) using James16 and learned all about PA, bar types and S/R, space etc very useful, however I was missing a simple entry/exit and proper trading plan. Maybe you could go over some of that thread so shore up your understanding of PA and S/R.