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As simple as possible: 00 level trading

  • #4,521
  • Jun 21, 2014 9:51am Jun 21, 2014 9:51am
Quoting FerruFx
{quote} That's exactly why those who have a real interest in this thread have to read each and every post from page 1. It is growing very fast for a reason : it's a gold mine ... and worth the time spent reading ...
Honestly, it really doesn't require reading more than the first post to understand and start trading the method. The few posts Udine links to are important as well, but this method is so uncomplicated - that's the beauty
Small disciplines repeated with consistency lead to great achievements.
  • #4,522
  • Jun 21, 2014 10:04am Jun 21, 2014 10:04am
Quoting jmflukeiii
{quote} Honestly, it really doesn't require reading more than the first post to understand and start trading the method. The few posts Udine links to are important as well, but this method is so uncomplicated - that's the beauty
So you are supporting the new followers to be lazy ... those who are asking questions answered zillion times in the thread

I can't agree on this
MT4/MT5 EAs/Indicators/Alerts coder
  • #4,523
  • Jun 21, 2014 10:19am Jun 21, 2014 10:19am
Quoting jmflukeiii
{quote} Good! For clarity, there's something that needs to be worked on in the spreadsheet, or you need to work on discipline ?
Discipline, remaining 8% ;-)
Spreadsheet, put in slippage calculations to monitor my brokerīs performance.
Everybody tweaks the excel file to their likings, doesnīt need any work.
Thanks for the trade journal file jmflukeiii !
  • #4,524
  • Jun 21, 2014 12:44pm Jun 21, 2014 12:44pm
Quoting jmflukeiii
{quote} Honestly, it really doesn't require reading more than the first post to understand and start trading the method. The few posts Udine links to are important as well, but this method is so uncomplicated - that's the beauty
You are right that it can get someone going quickly but the only way to really build great trading skills is for them to read what the other successful traders are thinking and doing, and to learn from what others are doing right and wrong. I have been lazy about keeping good records like Udine and I need to change that, so I can KNOW if I followed my rules and what I was thinking or feeling at the time I took each trade, and not just guess.
  • #4,525
  • Jun 21, 2014 12:53pm Jun 21, 2014 12:53pm
Quoting FerruFx
{quote} So you are supporting the new followers to be lazy ... those who are asking questions answered zillion times in the thread I can't agree on this
I am not supporting them being lazy. I am only saying that their need to ask questions shows a definite and serious lack of reading comprehension. After reading the first post, there is no need to ask questions.
Small disciplines repeated with consistency lead to great achievements.
  • #4,526
  • Edited 1:34pm Jun 21, 2014 1:21pm | Edited 1:34pm
Quoting jmflukeiii
{quote} I am not supporting them being lazy. I am only saying that their need to ask questions shows a definite and serious lack of reading comprehension. After reading the first post, there is no need to ask questions.
On top of that, there's even a word doc file in English and Turkish. If they can't even read the first post or the word doc, they do directly on my ignore list for their ignorance and laziness. All questions are answered more then once by reading at least the first 20 some pages, if you still don't understand after reading the first post and doc file. Not that hard to do, IMO. This isn't brain surgery.

Being an experience trader, I even took the time to read the whole thread. Wanting to be spoonfed is just pure laziness in my book.



Cheers
  • #4,527
  • Jun 21, 2014 1:25pm Jun 21, 2014 1:25pm
Quoting jmflukeiii
{quote} I am not supporting them being lazy. I am only saying that their need to ask questions shows a definite and serious lack of reading comprehension. After reading the first post, there is no need to ask questions.
It's simply true.

But...

That only is the fact, if you learn how the trading works. If you know, what is a pip, what is a tenth of a pip (like shown in MT4 with 5 digits broker), if you know how to calculate risk, if you know, what a spread is and why it exists and so many things more.

This trading method is nothing for the new trader with a lack knowledge.

The successful ones here, without questions, with winning trades or on a good way, already made their homework, already burned the account 2 or three times to learn, to treat this as a serious business and not like a casino game to get rich in a week.

Forex is a good business to earn some extra money with low time or to get rich one the slow lane. BUT still possible for EVERYBODY who is not too laze to learn.

If you know the rules and the forex basics and if you know how to keep your emotions under control (what is important, do not move the SL to 20 pips at a 8 pip loss, do not take profit at 0.5 pip and so on....), then you'll be successful with this (or some other system what fits your personel needs) on the long run.

This system is a great idea, really simple. Everybody can teach it to the 7 year old child in minutes...

I like it and I'll stick with this. But from monday (or tuesday) in a new account with another broker, to keep my old hedging system clear from this and have clear results and a ECN broker what I not need with my long term system. So anyway... have a great weekend everybody. I'll watch our germans playing football now. Let the better team win.
  • #4,528
  • Jun 21, 2014 1:27pm Jun 21, 2014 1:27pm
Quoting mpillmann
{quote} It's simply true. But... That only is the fact, if you learn how the trading works. If you know, what is a pip, what is a tenth of a pip (like shown in MT4 with 5 digits broker), if you know how to calculate risk, if you know, what a spread is and why it exists and so many things more. This trading method is nothing for the new trader with a lack knowledge. The successful ones here, without questions, with winning trades or on a good way, already made their homework, already burned the account 2 or three times to learn, to treat this as...
Very good points -
Small disciplines repeated with consistency lead to great achievements.
  • #4,529
  • Jun 21, 2014 1:43pm Jun 21, 2014 1:43pm
Quoting Udine
SUMMARY TRADING RULES: 1. D1 & 1H candle color MUST be both red or both green 2. Entry ONLY the FIRST 00 level 3. Frankfurt open only .400/.500/.600 levels 4. London open all levels 5. No short @ .100 level 6. No long @ .900 level 7. No trading 1 hour before RED NEWS on the pair 8. No trading less than 30 minutes after RED NEWS in the pair 9. After 4 losses stop trading for the day 10. Higher probability at market opens (new money into the market 11. Check ADR 12....


"As simple as possible" ????

When your system (manual or automatic) no news tolerate, in the bin.
  • #4,530
  • Jun 21, 2014 3:01pm Jun 21, 2014 3:01pm
Quoting Udine
{quote} check PM Udine
Hi Udine,

could you pm me this information as well please
cheers
hannele
  • #4,531
  • Jun 21, 2014 4:08pm Jun 21, 2014 4:08pm
Quoting mvp77
{quote} "As simple as possible" ???? When your system (manual or automatic) no news tolerate, in the bin.
You know, I've looked at your statement a number of ways, trying really, really hard to figure out if there was anything beneficial in it. But alas, I have determined that it truly is completely and utterly useless. Thanks for trying, though -
Small disciplines repeated with consistency lead to great achievements.
  • #4,532
  • Jun 21, 2014 4:42pm Jun 21, 2014 4:42pm
Quoting jmflukeiii
{quote} Mario, see my attached spreadsheet. This will allow you to both see the projections of your inputs as well as keep track of your daily progress toward that goal... {file}
A big THANKS for this spreadsheet. Still "struggling" with adapting it for a somewhat easier data input.
I cooked something with the help of a trade history script (P4L order history), pasting into a new sheet (import) and the "Daily Fills" linked to that - takes away a lot of typing!

The freed up time is used to put in additional stuff like peak high and lo pips after entering a trade which could serve to fine-tune the trade management in the future.

BTW: the hyperlinks to the trade screenshots do not work anymore after closing the file (under Linux/Libreoffice)..

Any other input on this highly appreciated!
Attached File(s)
File Type: xlsx Account Tracking FF_V2-00LEVELS-DEMO-p4-import.xlsx   389 KB | 821 downloads
  • #4,533
  • Jun 21, 2014 5:09pm Jun 21, 2014 5:09pm
Quoting Go5
{quote} A big THANKS for this spreadsheet. Still "struggling" with adapting it for a somewhat easier data input. I cooked something with the help of a trade history script (P4L order history), pasting into a new sheet (import) and the "Daily Fills" linked to that - takes away a lot of typing! The freed up time is used to put in additional stuff like peak high and lo pips after entering a trade which could serve to fine-tune the trade management in the future. BTW: the hyperlinks to the trade screenshots do not work anymore after closing the file...
Nice! My other spreadsheet has the daily fills tab setup for my other brokerage (futures) so I can just copy and paste the daily fills report from the platform into there. I tried to clean it up so that it would be applicable to people with any brokerage they were using. But its much simpler if all you have to do is copy and paste, that's for sure!

I will say that, one of the first things that helped me was actually using a trade tracking spreadsheet of any type - it made me think twice - "do I really want to take THIS trade and record it in my account tracking???" - it helped weed out a lot of the crappy, 'off-tilt' trades I would take. However, if you have to manually input, its another "layer" of "bureaucracy" to go through. For my currency tracking spreadsheet that tracks my MT4 trades, I still input manually as it is even a further barrier... not only do I ask myself if this is really a trade I want to record in my spreadsheet, but I ask myself, do I really want to have to manually input this into my spreadsheet???

I know it sounds sort of juvenile, but in this business, we have no boss. Its just ourselves, and we have to personally impose the sort of guidance and structure a boss might impose upon us at a regular job. What I wrote above is just one of the ways I try to impose the structure upon myself, however trivial it may seem.
Small disciplines repeated with consistency lead to great achievements.
  • #4,534
  • Jun 21, 2014 6:13pm Jun 21, 2014 6:13pm
Quoting jmflukeiii
{quote} Nice! My other spreadsheet has the daily fills tab setup for my other brokerage (futures) so I can just copy and paste the daily fills report from the platform into there. I tried to clean it up so that it would be applicable to people with any brokerage they were using. But its much simpler if all you have to do is copy and paste, that's for sure! I will say that, one of the first things that helped me was actually using a trade tracking spreadsheet of any type - it made me think twice - "do I really want to take THIS trade and record it...
Well said! That really is the key. I know sometimes when I place a trade, I hear myself saying, "It's ok, it's only demo", or "I'm only risking $20" or something. Dangerous habit to get into! That's why it's good to write down what I'm thinking and feeling at the time I place a trade. (No, I don't do this enough.)
  • #4,535
  • Jun 21, 2014 6:43pm Jun 21, 2014 6:43pm
Quoting ericjschroed
{quote} Well said! That really is the key. I know sometimes when I place a trade, I hear myself saying, "It's ok, it's only demo", or "I'm only risking $20" or something. Dangerous habit to get into! That's why it's good to write down what I'm thinking and feeling at the time I place a trade. (No, I don't do this enough.)
Exactly. That is why I avoid demo trading as much as possible - I find even trading with .01 lots [when learning, or testing new systems] is a better use of time as it does apply some sort of monetary consideration for the decisions you make.
Small disciplines repeated with consistency lead to great achievements.
  • #4,536
  • Jun 21, 2014 6:46pm Jun 21, 2014 6:46pm
Quoting jmflukeiii
{quote} Exactly. That is why I avoid demo trading as much as possible - I find even trading with .01 lots [when learning, or testing new systems] is a better use of time as it does apply some sort of monetary consideration for the decisions you make.
True, except that my account requires a minimum 0.10 lots so it's a wee bit more expensive to learn!
  • #4,537
  • Jun 21, 2014 7:11pm Jun 21, 2014 7:11pm
Quoting ericjschroed
{quote} True, except that my account requires a minimum 0.10 lots so it's a wee bit more expensive to learn!
That's the price for success !
MT4/MT5 EAs/Indicators/Alerts coder
  • #4,538
  • Jun 21, 2014 7:12pm Jun 21, 2014 7:12pm
Quoting jmflukeiii
{quote} Exactly. That is why I avoid demo trading as much as possible - I find even trading with .01 lots [when learning, or testing new systems] is a better use of time as it does apply some sort of monetary consideration for the decisions you make.
MT4/MT5 EAs/Indicators/Alerts coder
  • #4,539
  • Jun 21, 2014 7:28pm Jun 21, 2014 7:28pm
ABSOLUTELY ...... demo is ok for testing but thats all, totally useless when it comes to $$ on the line .....use .01 to start if u can and learn real disicpline cheaply ..... as for people who want all the answers without the "hard yards" thats just laziness , fair chance its their $$ we will be getting down the track ......
Whats That? you're trading What?
  • #4,540
  • Edited 10:34pm Jun 21, 2014 10:13pm | Edited 10:34pm
Quoting ericjschroed
{quote} I was thinking about posting another indicator I made for that. It watches spread and ADR. You can sort by any column (see notes) and you can have it sort once or repeat. Currently it is set to repeat at 75 ticks. I just added another option to set Max spread and Min ADR so only pairs that meet both are lit in the ADR column. ADR is currently straight calculation, not the exponential value used by xADR but I may add that later. You can also choose the number of days. (20 is shown) If the ADR looks wrong, put it on a JPY pair. I haven't figured...
Finally catching up with all the recent posts since Friday.

Thank you for this indi as it will help me choose my 2 trading pairs for the day based on Udine's Rule #18
I intend to trade GJ and 1 other pair that is high ADR.

I will also only be starting my trading day at London Open.

EDIT: I just noticed that it only wants to sort alphabetically?? even though I have set it to 8 for ADR. I'll wait till the market to open to really check it.
Thank you again.
Healthy, Wealthy & Steady!!
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