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As simple as possible: 00 level trading

  • #4,461
  • Jun 20, 2014 9:22am Jun 20, 2014 9:22am
GA buy @ 1.81400 -> SL
  • #4,462
  • Jun 20, 2014 9:23am Jun 20, 2014 9:23am
Quoting whatfx
just finished my test trades on a live account. sorry to say , but a 2:1 risk reward is still the problem. this wont cut it in the long run. even with a trailing stop. you folks need to get your head together, think about improving the r:r. iam sure there are many experienced traders here that can come up with a solution. put your brains together and think of something. a 1:2 risk reward is ideal. even a 1:1 is a good start. but as it is at the moment, it doesnt matter if you make 10 pips a day. and with a 40 pip maximum loss per day before you...
Adios -
Small disciplines repeated with consistency lead to great achievements.
  • #4,463
  • Jun 20, 2014 9:27am Jun 20, 2014 9:27am
Quoting whatfx
just finished my test trades on a live account. sorry to say , but a 2:1 risk reward is still the problem. this wont cut it in the long run. even with a trailing stop. you folks need to get your head together, think about improving the r:r. iam sure there are many experienced traders here that can come up with a solution. put your brains together and think of something. a 1:2 risk reward is ideal. even a 1:1 is a good start. but as it is at the moment, it doesnt matter if you make 10 pips a day. and with a 40 pip maximum loss per day before you...

You as well,

stay green

Udine
Sleep less, live fast, as it aint gonna last
  • #4,464
  • Jun 20, 2014 9:33am Jun 20, 2014 9:33am
All this profit taking over here will surely disturb the big banks today.
They will be looking where all the money went..
Persistence will get it. Consistency will keep it.
  • #4,465
  • Jun 20, 2014 9:43am Jun 20, 2014 9:43am
Quoting Udine
{quote} You as well, stay green Udine
What I'd like that guy to do is to start his own thread and see if he can produce better results than this system.

I understand the risk to reward problem but interestingly I have found that many systems can do quite well when the risk side is greater than the reward.

Strange at it is I have found this to be true.

Taking only 5 pips genuinely needs a stop slightly greater than 5 pips to account for small movements in the market otherwise you'd be in and out of trades too often and possibly for the wrong reasons.

ps. Having tested many systems even the ones with fantastic Risk:Reward ratios can fail miserably (such as 1:2, 1:2.5, 1:3 etc)


I still like this system because you are only in the market for a short time (usually) so in terms of time you have limited risk in the market......

Everyone to his or her own I guess after all it's your own money that's on the line ...........

I'm staying here...........

Masterrmind...........
Master your Mind then Master your Trades
  • #4,466
  • Jun 20, 2014 9:47am Jun 20, 2014 9:47am
Today -10 PIPS SO FAR,

WAITING FOR GBPJPY， next hour see whether give a long chance, better go below 173.70, then pending buy.
Attached Image
Outcome is not important at all, but correct technique is what only matters
  • #4,467
  • Jun 20, 2014 9:49am Jun 20, 2014 9:49am
Quoting Masterrmind
{quote} What I'd like that guy to do is to start his own thread and see if he can produce better results than this system. I understand the risk to reward problem but interestingly I have found that many systems can do quite well when the risk side is greater than the reward. Strange at it is I have found this to be true. Taking only 5 pips genuinely needs a stop slightly greater than 5 pips to account for small movements in the market otherwise you'd be in and out of trades too often and possibly for the wrong reasons. ps. Having tested many systems...
I wrote this somewhere else, but I personally know three professional retail traders (other than those who may or may not be on this forum). One of them is more of a day trader, taking intraday entries and holding them to swing trades, but will also scalp out the trade if necessary. The other two are purely what you would call scalpers - one targets 1.5 - 6 pips, the other targets 4 pips. Both of them have inverted reward:risk ratios (aka 1:2-3).

Not sure what that all means other than an inverted reward:risk ratio can certainly work, and work very well at that.
Small disciplines repeated with consistency lead to great achievements.
  • #4,468
  • Jun 20, 2014 9:59am Jun 20, 2014 9:59am
Quoting szpowerx
Today -10 PIPS SO FAR, WAITING FOR GBPJPY， next hour see whether give a long chance, better go below 173.70, then pending buy. {image}
Jez, if i bought just now, +5pips, however, that violate the rule.
Waiting.
Outcome is not important at all, but correct technique is what only matters
  • #4,469
  • Jun 20, 2014 9:59am Jun 20, 2014 9:59am
Quoting jmflukeiii
{quote} I wrote this somewhere else, but I personally know three professional retail traders (other than those who may or may not be on this forum). One of them is more of a day trader, taking intraday entries and holding them to swing trades, but will also scalp out the trade if necessary. The other two are purely what you would call scalpers - one targets 1.5 - 6 pips, the other targets 4 pips. Both of them have inverted reward:risk ratios (aka 1:2-3). Not sure what that all means other than an inverted reward:risk ratio can certainly work, and...
Precisely right!

It comes down to the way the method is applied and it's intended purpose.

All the best and see you next week,

Masterrmind...........
Master your Mind then Master your Trades
  • #4,470
  • Jun 20, 2014 10:00am Jun 20, 2014 10:00am
Quoting whatfx
just finished my test trades on a live account. sorry to say , but a 2:1 risk reward is still the problem.
I have read this thread since its beginning but have remained sidelined. I am marrying this idea (as it is exactly the goals I started with at the beginning of this year (2% per day over 10 pips)) with another idea. For this reason, I have not posted any trades. I have not taken any in the last 2 weeks either. I am behind in my reading (page 111 actually). Congrats to Udine on this thread.

Anyway, this last post of Whatfx is why I finally had to post, hopefully to fully squelch all of the R:R talk. Traditional R:R theory is that reward has to outweigh risk. This assumes that the risk is in play until the full reward is hit, then the trade closes in full. In this scenario, yes the R:R is backwards. HOWEVER, the trailing stop and the movement of the stop up negates the traditional theory of R:R. That does not apply in this case. You can see the number of BE and 1 pip wins that are happening. The discussion of R:R does not apply to this thread at all. The full 10 pip risk is only at risk if the trade basically goes against you from the start. This is the same in EVERY scalping strategy. It is the nature of scalping. Just my thoughts.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #4,471
  • Jun 20, 2014 10:07am Jun 20, 2014 10:07am
Quoting capstone
{quote} I have read this thread since its beginning but have remained sidelined. I am marrying this idea (as it is exactly the goals I started with at the beginning of this year (2% per day over 10 pips)) with another idea. For this reason, I have not posted any trades. I have not taken any in the last 2 weeks either. I am behind in my reading (page 111 actually). Congrats to Udine on this thread. Anyway, this last post of Whatfx is why I finally had to post, hopefully to fully squelch all of the R:R talk. Traditional R:R theory is that reward has...


Its fast in fast out and if possible with a few (5) pips..

Sometimes they say conventional wisdom is wrong... well I started to test and the reality is that I am making easier money now than ever before..., so I stick with it..

have a great weekend, going ot prepare for the Italian match.

do some homework, check the chart of the past week, check your trades to see if you made any mistakes, etc etc

Stay green and enjoy the weekend

Udine
Sleep less, live fast, as it aint gonna last
  • #4,472
  • Jun 20, 2014 10:10am Jun 20, 2014 10:10am
Quoting szpowerx
{quote} Jez, if i bought just now, +5pips, however, that violate the rule. Waiting.

Pending entry 173.8, +5pips

However, still violate the rule, D1 green, H1 Red at entry

But when TP, H1 green too.
Outcome is not important at all, but correct technique is what only matters
  • #4,473
  • Jun 20, 2014 10:13am Jun 20, 2014 10:13am
Considering EURAUD, maybe short next hour
Attached Image
Outcome is not important at all, but correct technique is what only matters
  • #4,474
  • Jun 20, 2014 10:15am Jun 20, 2014 10:15am
Quoting Udine
{quote} Its fast in fast out and if possible with a few (5) pips.. Sometimes they say conventional wisdom is wrong... well I started to test and the reality is that I am making easier money now than ever before..., so I stick with it.. have a great weekend, going ot prepare for the Italian match. do some homework, check the chart of the past week, check your trades to see if you made any mistakes, etc etc Stay green and enjoy the weekend Udine
Thanks Udine, not easy to stay green, but i will try hard to. Thanks!
Outcome is not important at all, but correct technique is what only matters
  • #4,475
  • Jun 20, 2014 10:16am Jun 20, 2014 10:16am
GU 1.70200 -> TP.
Dreaming is hard work...
  • #4,476
  • Jun 20, 2014 10:19am Jun 20, 2014 10:19am
Quoting whatfx
just finished my test trades on a live account. sorry to say , but a 2:1 risk reward is still the problem. this wont cut it in the long run. even with a trailing stop. you folks need to get your head together, think about improving the r:r. iam sure there are many experienced traders here that can come up with a solution. put your brains together and think of something. a 1:2 risk reward is ideal. even a 1:1 is a good start. but as it is at the moment, it doesnt matter if you make 10 pips a day. and with a 40 pip maximum loss per day before you...
Interesting words from brain of an experience trader.. people who do well, they never mention it..

The daily goal & stop along with trail stop factor will cure all the conventional RR issue..

btw.. we will have a lot more fun.. you ain't seen nothing yet... perhaps the Christmas party in FIFO yacht.
Passion, Persist, Patience, Protect
  • #4,477
  • Jun 20, 2014 10:32am Jun 20, 2014 10:32am
Cool little stat for today off my intense live moments tracking..

for 8hours of trading time straight from London to close to couple hours after nys..

if you were to take every signal.. you would have netted +35 pips for today.. for this method, it is a awesome result, considering putting action on all signals.. which you really don't even need to be profitable at this..
so the good solid positive win rate is also there.. which assures that making +10 is a certainty.. and that's all one ever needs.


with that guys.. I am out for the day.. time for beer and football.. go italliaaaa..

It was a pleasure to trading this week along side of all of you and of course Udine the gentleman.

Have a great weekend.
Passion, Persist, Patience, Protect
  • #4,478
  • Jun 20, 2014 10:37am Jun 20, 2014 10:37am
Quoting FXEmpire
Have a great weekend.
Good weekend to you as well -
Small disciplines repeated with consistency lead to great achievements.
  • #4,479
  • Jun 20, 2014 10:40am Jun 20, 2014 10:40am
Quoting szpowerx
Considering EURAUD, maybe short next hour {image}
Short 4480, TP, again, violate the rule
Outcome is not important at all, but correct technique is what only matters
  • #4,480
  • Jun 20, 2014 10:42am Jun 20, 2014 10:42am
Quoting Juan007
when I have time ... I prepared a mini pizza 1 slice of bread lots of cheese tomato slices oregano and the toaster mmmmm rich i finishs excuse me
Heresy ! That's a bruschetta ! lol
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