Disliked{quote} Great post Erol! Just based on my two weeks of experience being here, TMS h4 is not working out well. Backtesting it worked great. But I have simply not been doing well in it and it happens during night for me. Yes, my time zone is same as Big E, but being a university student, I need sleep to perform the next day. I am going to go back to trading the daily time frame as it has led me to success in the past. I trade pure PA with PA candlestick entries. However, I noticed that I missed a few trades because PA did not give me a good signal...Ignored
- #35,442
- Apr 10, 2014 5:03pm Apr 10, 2014 5:03pm
Remember guy you will get better and better at finding the best set-ups, it just take practiceBig E said this: {image}
I think one of my problems is trying to find a trade each time and end up taking what I think is the best of the bunch when I should just walk away.
Simply put - over trading
At 70 to 85% you can start to invest some serious money with confidence
Pity Big E not around anymore, but you are doing a good job at keeping his simplicity going
Gil
- #35,443
- Apr 10, 2014 5:41pm Apr 10, 2014 5:41pm
- Joined Aug 2012 | Status: Trader | 18,655 Posts
the cautious seldom err....C
- #35,446
- Apr 10, 2014 6:37pm Apr 10, 2014 6:37pm
- Joined Apr 2007 | Status: Trader | 1,021 Posts
Failure, is a wonderful teacher!
- #35,447
- Edited 8:49pm Apr 10, 2014 7:01pm | Edited 8:49pm
Hi guys!
I just wanted to add this for those of you who are new and feel overwhelmed by all the different trading strategies now in this thread.
I joined this TMS thread some time back looking for a “easier” way of trading. For most of my trading career I’ve concentrated on the 1 minute chart and scalping with moderate success t, but very time-consuming. In fact any profit was soon lost in more courses etc etc.
When I came across this thread I read about the first 25 pages and realised that Big E was not only onto something simple, but it was working for him over and over again. However as I continue to read page after page the focus of the thread changed to one hour trading right down to 15 minute trading with a multitude of different rules etc. So I tried one hour and 4 hour trading with very limited success until my attention was drawn to Bizzzle posts last Monday and + 30 pips.
Why did this draw my attention? Well for weeks now it seems the thread has become more about hundreds of pips and small pips frowned upon. One character whinges and rants each time he gets 20 or 30 pips because in hindsight the trade goes on for hundreds of pips! You should take no notice of people like that, don’t let them influence you because that is not the sign of a good trader. A good trader is thankful that his trading plan works and knows that the same opportunities will be there tomorrow and the next and looks forward with expectation.
+30 pips on half a lot is $150, a full lot $300. Not bad, but here is the real advantage. Only check your trades 3 times over 8 hours. 2 times for entries and the 3rd time to close all trades. Now that is quality of life.
I said to myself “why not give this a go”. The rules are simple, in fact so simple you don’t even need much “trading experience”. It is almost like the less experienced you are the better your success will be if you are prepared to follow the simple rules as laid out by Big E and once again reiterated by Bizzzle.
My results from last Tuesday are based on 0.5 lots for London trades and 0.25 lots for daily trades. So the daily pips are only worth half the London pips.
TUESDAY
London 4h: +137p
6am: EURGBP +30; AU +30; EURAUD +30
10am - CHFJPY +26; EURCAD -8; EJ +27
Daily: +154p
UJ +100; AJ +23; CHFJPY +71; EG -41
WEDNESDAY
London 4h: +17p
6am: AJ +6; CC -18; GJ +29
Daily: +202p
EU+77; GU +67; UC+58
THURSDAY
London 4h: -8p
6am: EA +40; UJ -4
10am - GBPCAD -44
Daily: No trades
FRIDAY
London 4h: waiting with expectation
Daily: Both candidates swimming above water as I write GBPCHF, EG
The only rule change for daily is following the daily trend. I thank Phx62 for that insight.
And this week listening to Bizzzle and Balistical, I have made a few mistakes. It is not about the number of trades and volume of pips. It is what the pip is worth in real dollars and how it relates to your lifestyle
Edit:-Pairs added by request
I just wanted to add this for those of you who are new and feel overwhelmed by all the different trading strategies now in this thread.
I joined this TMS thread some time back looking for a “easier” way of trading. For most of my trading career I’ve concentrated on the 1 minute chart and scalping with moderate success t, but very time-consuming. In fact any profit was soon lost in more courses etc etc.
When I came across this thread I read about the first 25 pages and realised that Big E was not only onto something simple, but it was working for him over and over again. However as I continue to read page after page the focus of the thread changed to one hour trading right down to 15 minute trading with a multitude of different rules etc. So I tried one hour and 4 hour trading with very limited success until my attention was drawn to Bizzzle posts last Monday and + 30 pips.
Why did this draw my attention? Well for weeks now it seems the thread has become more about hundreds of pips and small pips frowned upon. One character whinges and rants each time he gets 20 or 30 pips because in hindsight the trade goes on for hundreds of pips! You should take no notice of people like that, don’t let them influence you because that is not the sign of a good trader. A good trader is thankful that his trading plan works and knows that the same opportunities will be there tomorrow and the next and looks forward with expectation.
+30 pips on half a lot is $150, a full lot $300. Not bad, but here is the real advantage. Only check your trades 3 times over 8 hours. 2 times for entries and the 3rd time to close all trades. Now that is quality of life.
I said to myself “why not give this a go”. The rules are simple, in fact so simple you don’t even need much “trading experience”. It is almost like the less experienced you are the better your success will be if you are prepared to follow the simple rules as laid out by Big E and once again reiterated by Bizzzle.
My results from last Tuesday are based on 0.5 lots for London trades and 0.25 lots for daily trades. So the daily pips are only worth half the London pips.
TUESDAY
London 4h: +137p
6am: EURGBP +30; AU +30; EURAUD +30
10am - CHFJPY +26; EURCAD -8; EJ +27
Daily: +154p
UJ +100; AJ +23; CHFJPY +71; EG -41
WEDNESDAY
London 4h: +17p
6am: AJ +6; CC -18; GJ +29
Daily: +202p
EU+77; GU +67; UC+58
THURSDAY
London 4h: -8p
6am: EA +40; UJ -4
10am - GBPCAD -44
Daily: No trades
FRIDAY
London 4h: waiting with expectation
Daily: Both candidates swimming above water as I write GBPCHF, EG
The only rule change for daily is following the daily trend. I thank Phx62 for that insight.
And this week listening to Bizzzle and Balistical, I have made a few mistakes. It is not about the number of trades and volume of pips. It is what the pip is worth in real dollars and how it relates to your lifestyle
Edit:-Pairs added by request
- #35,449
- Apr 10, 2014 7:24pm Apr 10, 2014 7:24pm
{quote} Hi Great trades with less stress. Are you closing daily chart trade end of the day or carry over next day for higher pips. Please can you put some more details alongwith pips how many trades were takenm so we can understand average per trade pips and how many max trades were open at any point of time, to assess risk . Good job , keep up. Thanks
- #35,452
- Apr 10, 2014 7:56pm Apr 10, 2014 7:56pm
- Joined Oct 2007 | Status: Pip Seer | 1,299 Posts
Pip what you see; See what you pip!
- #35,454
- Apr 10, 2014 8:06pm Apr 10, 2014 8:06pm
{quote} Follow up from yesterday - TDI determined.. I'm still learning this system. My focus for execution is entry. If I can execute 4-5 trades per week.. that is good. If that yields +25 pips per trade, even better... S/l is at BE +1 - can't loose, .. {image}
- #35,456
- Apr 10, 2014 8:14pm Apr 10, 2014 8:14pm
@GiRL thanks for sharing your experience. I'm curious about your daily trade, how long do you keep them open?
. I generally close the after the one day except maybe a Yen pair to see what happens at Asian open. BUT I PROTECT MY DAILY GAIN ALWAYS.I realise staying in for a few days longer may reap better results, but for me this seems to work without much stress. I just look for a new opportunity each day with hopefully pips in the bank from the previous day.
.. Moved SL into profit. I liked this short because TDI showed divergence on H1-D1 charts. W1 TDI starting to curve over.
- #35,460
- Apr 10, 2014 8:53pm Apr 10, 2014 8:53pm
{quote} Hi Great trades with less stress. Are you closing daily chart trade end of the day or carry over next day for higher pips. Please can you put some more details alongwith pips how many trades were takenm so we can understand average per trade pips and how many max trades were open at any point of time, to assess risk . Good job , keep up. Thanks
http://www.forexfactory.com/showthre...36#post7398436
Remember also as I understand Big E did not get caught up in MM (Bizzzle can correct me). On 10000$ account he took 1 lot and moved his emergency stop far enough away not to caught
To put in perspective 5000$ is 0.5 lots and 500$ is 0.05 lots