@ballistical and @dforant1 thanks for your answers. I am getting understand where did I make mistakes. Actually it is a simple system however applications needs more practice.
- #36,682
- Apr 23, 2014 3:18pm Apr 23, 2014 3:18pm
- Joined Dec 2010 | Status: Never Stop Learning | 7,349 Posts
- #36,684
- Apr 23, 2014 5:02pm Apr 23, 2014 5:02pm
{quote} How many pips loss did you take? When did you exit and why?
Without checking, the loss was 85 or 88 pips plus commission
EN & AC. I took the trades on TDI cross at open and before the news event from memory they were up nearly 35 or 40 pips. Whose knows that little voice that says "quit now" and the other "stay in " the news will be good. Well that voice won and within a second of news I was 80 or 90 pips down. I then hoped that the drop may have been over reaction and that it would climb back after a news event. It did not show that sign so I closed them.What I stress on my posts is that my D trades are half the position size of my 4H trades so the harm is not overly painful.
I do believe that "normally" on a day trade we should be able to trade thru news except maybe a couple of biggies like Non-farm etc,
However the good news is that if you are consistent and don't allow the losses to effect you TMS will get the pips back. The 4H trades later took care of the loss and added +ve pips to the account
- #36,685
- Apr 23, 2014 5:09pm Apr 23, 2014 5:09pm
{quote} Nice results again today GilR,
Normally I do either knowingly or in ignorance. Would never have made the pips on EU pair without the news event. I think I read somewhere in Big E pdf that he talks about news and not to trade on lower time frames, but seemed a little less concerned on higher time frames.
At best its 50/50 one way or the other except for Nonfarm etc which can whipsaw wildly both ways
That is my take ... take the risk
. TMS will claw back the pips if you are wrong 
- #36,691
- Edited 6:02pm Apr 23, 2014 5:47pm | Edited 6:02pm
{quote} Catch the momentum right when it starts, thats why you enter on candle 1 or 2 color change + other rules. He said if the TDI "tweaks" its a heads up and if it starts to hook or the angle is no longer valid you exit no matter what. you can always re-enter if it continues in your direction. It's a hard thing to get used to, but follow the rules no matter what your gut tells you (emotions). I've been around here for a while and i still fight myself with exits sometimes.
- #36,693
- Apr 23, 2014 5:58pm Apr 23, 2014 5:58pm
Let me give you an example of what I am talking about.
This was Big E mindset "You can't beat me sucker" I'm here to clean your clock." That is some serious attitude when you consider many of us hit the buy or sell button with a "hope so" mentallity.
Now let me give you the whole quote
How do we do that? Wait for the next episode. In the mean time some of you may be able to help us with the answer
This was Big E mindset "You can't beat me sucker" I'm here to clean your clock." That is some serious attitude when you consider many of us hit the buy or sell button with a "hope so" mentallity.
Now let me give you the whole quote
How do we do that? Wait for the next episode. In the mean time some of you may be able to help us with the answer
- #36,694
- Apr 23, 2014 6:10pm Apr 23, 2014 6:10pm
Agk007 and GilR! Thank you for your answers! Yes, you are right, i agree with every word you said! I read posts of Big E again and again, i know what he was doing and what he was learing others. But to know and to do - are two different things Need to learn and to struggle with emotions, to build confidence, need to do on practice what Big E was learning. That's the hardest for me right now. Discipline is one of the most important things in successful trading.
Need to learn and to struggle with emotions, to build confidence, need to do on practice what Big E was learning. That's the hardest for me right now. Discipline is one of the most important things in successful trading.
- #36,696
- Apr 23, 2014 7:16pm Apr 23, 2014 7:16pm
Morning Everyone, thank you all or all the lovely PM and messages... I have had a long weekend to think and reflect and have decided I will continue here to help honour Big E thread and help all of us to gain more confidence in this amazing and simple system
- #36,697
- Apr 23, 2014 7:24pm Apr 23, 2014 7:24pm
{quote} Hi - good advice, but guys this is more than just a set of rules. This system worked for Big E because it came from him and was in his blood. You must conquer the physiological psychological side more so than the rule part
Morning Everyone, thank you all or all the lovely PM and messages... I have had a long weekend to think and reflect and have decided I will continue here to help honour Big E thread and help all of us to gain more confidence in this amazing and simple system
Your postings help a lot of (unseen) fellow traders in their march towards achieving their dreams.
Warm regards.