As simple as possible: 00 level trading | Page 277 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

As simple as possible: RENKO M5 trading 75 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

Simple Level Trading 1 reply

Trading: As simple as possible, but no simpler - by a real Cityboy 92 replies

Attachments: As simple as possible: 00 level trading
Exit Attachments

As simple as possible: 00 level trading

  • #5,521
  • Jun 25, 2014 8:03am Jun 25, 2014 8:03am
Quoting mor707
{quote}
I've edited my post mor707 :

Quote
I'm not as fast with MT4 as with my usual platform.
When I prepared my trade, EJ was under 138.700.
The close was 138.703, less than 1 pip >138.700, so I choosed to place the order @ .600 to fully comply with the rules...
And I forgot to place a pending long @ 138.800.
I was very lucky as I would have been stopped with a loss @ 14:30...

So I was part sticking to the rules and part lucky but not PDF and compliant with the rules;-)
  • #5,522
  • Jun 25, 2014 8:06am Jun 25, 2014 8:06am
EJ : pending long @ 138.800 + pending short @ 138.700
GJ : pending short @ 172.800
  • #5,523
  • Jun 25, 2014 8:07am Jun 25, 2014 8:07am
that's how you lose
Attached Image (click to enlarge)
Click to Enlarge Name: capture_06252014_160723.jpg Size: 89 KB
  • #5,524
  • Jun 25, 2014 8:08am Jun 25, 2014 8:08am
Quoting FXEmpire
hey Udine, what you think about the biting suarez guy, lol.. whats up on that..
If I would be his coach I would give him something to eat before the match...

seriously he should be send home... otherwise the FIFA is really not to be taken serious..

Udine
Sleep less, live fast, as it aint gonna last
  • #5,525
  • Edited 8:28am Jun 25, 2014 8:15am | Edited 8:28am
Quoting Udine
{quote} If I would be his coach I would give him something to eat before the match... seriously he should be send home... otherwise the FIFA is really not to be taken serious.. Udine
,, or his wife feed him something soft skin to avoid the harsh..
i was living it yesterday watching that match.. first of all the really harsh red card decision.. then he just ignored the action of the Dracula, lol.. this is his third time, ridicules..
but funny to watch.. lol
now is he at least suspended for the next match? any decision has come out yet?
Passion, Persist, Patience, Protect
  • #5,526
  • Jun 25, 2014 8:19am Jun 25, 2014 8:19am
GJ : TS -2.2 pips at the news at 14:30
GJ : SL -10 pips at 15:07

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 726 KB
  • #5,527
  • Jun 25, 2014 8:20am Jun 25, 2014 8:20am
Quoting skoda2008
{quote} Yep, despite what you will read here, "Two wins, 2%, done for the day", it is simply not true. If you risk 2% per trade and have to pay $5.50 commission per round turn lot, two wins of 5 pips will get you 1.7% for the day. ie. Two wins does not cancel out one loss.
Hmm I have my TP on 5,6 pips so i get my comission + 5 pips on every trade,, is this wrong? I tought all was doing this?

Then i get my 1% on every winning trade
  • #5,528
  • Jun 25, 2014 8:21am Jun 25, 2014 8:21am
Quoting FXEmpire
{quote} ,, or his feed him something soft skin to avoid the harsh.. i was living it yesterday watching that match.. first of all the really harsh red card decision.. then he just ignored the action of the Dracula, lol.. this is his third time, ridicules.. but funny to watch.. lol now is he at least suspended for the next match? any decision has come out yet?

fifa opened an investigation.... so still waiting

Udine
Sleep less, live fast, as it aint gonna last
  • #5,529
  • Jun 25, 2014 8:29am Jun 25, 2014 8:29am
Quoting Udine
{quote} fifa opened an investigation.... so still waiting Udine
reminded me of Tyson biting holyfied ears off.. lol
Passion, Persist, Patience, Protect
  • #5,530
  • Jun 25, 2014 8:36am Jun 25, 2014 8:36am
guys so much discution about netting the full 1% etc..

it's simple... know how much is the total cost of your every trade and add that amount in pips to your +5 tp target.. only you would know how much is that.. on 1lot size trade you may pay 7$ commission and .5 spread.. so total cost to you is 1.2 pips.. this amount to be added to your +5 target.. so your tp is 6.2 from your order price or your trigger price bcz you may not get trigger exactly at what you place.. so quickly adjust it.. that's it.. KISS
Passion, Persist, Patience, Protect
  • #5,531
  • Jun 25, 2014 8:37am Jun 25, 2014 8:37am
Quoting FXEmpire
{quote} reminded me of Tyson biting holyfied ears off.. lol

Its the third time of Suares...
Sleep less, live fast, as it aint gonna last
  • #5,532
  • Jun 25, 2014 8:39am Jun 25, 2014 8:39am
Quoting FXEmpire
guys so much discution about netting the full 1% etc.. it's simple... know how much is the total cost of your every trade and add that amount in pips to your +5 tp target.. only you would know how much is that.. on 1lot size trade you may pay 7$ commission and .5 spread.. so total cost to you is 1.2 pips.. this amount to be added to your +5 target.. so your tp is 6.2 from your order price or your trigger price bcz you may not get trigger exactly at what you place.. so quickly adjust it.. that's it.. KISS
Again, we are having issues with the spread idea. You don't "pay" the spread in that it is a deduction to your profit target. If you set your profit target at 5 pips, your trade will exit when you have 5 net, in your pocket, pips. Commission, of course, is an additional expense and a deduction to the profit target.
Small disciplines repeated with consistency lead to great achievements.
  • #5,533
  • Jun 25, 2014 8:39am Jun 25, 2014 8:39am
Quoting Udine
{quote} Its the third time of Suares...
indeed.. he is mental in my opinion..
Passion, Persist, Patience, Protect
  • #5,534
  • Jun 25, 2014 8:40am Jun 25, 2014 8:40am
Quoting FXEmpire
guys so much discution about netting the full 1% etc.. it's simple... know how much is the total cost of your every trade and add that amount in pips to your +5 tp target.. only you would know how much is that.. on 1lot size trade you may pay 7$ commission and .5 spread.. so total cost to you is 1.2 pips.. this amount to be added to your +5 target.. so your tp is 6.2 from your order price or your trigger price bcz you may not get trigger exactly at what you place.. so quickly adjust it.. that's it.. KISS
WRONG! You only need to add commision to get 1% in your case 7 so tp should be set to 5,7 the spread is just how much you start (in loss) when you open a trade

/Happy Trading
  • #5,535
  • Jun 25, 2014 8:44am Jun 25, 2014 8:44am
Quoting KennyForex
{quote} Hmm I have my TP on 5,6 pips so i get my comission + 5 pips on every trade,, is this wrong? I tought all was doing this? Then i get my 1% on every winning trade
I think you're doing it the right way, but I get the impression a lot here aren't. The problem is, I have noticed that a lot of the time the price will only just get over 5 pips on the chart (bid price) by the time you add on the 0.6 pips commission and the spread (say 0.5 pips) it often won't make it. Before anybody suggests changing brokers, I'm already using what is considered to be one of the best Aussie brokers.
  • #5,536
  • Jun 25, 2014 8:44am Jun 25, 2014 8:44am
Quoting Udine
{quote} Its the third time of Suares...
Itchy gums / teeth?
  • #5,537
  • Jun 25, 2014 8:45am Jun 25, 2014 8:45am
Quoting jmflukeiii
{quote} Again, we are having issues with the spread idea. You don't "pay" the spread in that it is a deduction to your profit target. If you set your profit target at 5 pips, your trade will exit when you have 5 net, in your pocket, pips. Commission, of course, is an additional expense and a deduction to the profit target.

look definitely it does not cover the commission.. and for the spread, most ecn's or ndd's are floating spreads.. so it's better to take the spread into account.. sometimes it will net for you and sometime not.

but jim your the expert i guess, so forget i ever said anything.
Passion, Persist, Patience, Protect
  • #5,538
  • Jun 25, 2014 8:47am Jun 25, 2014 8:47am
Quoting KennyForex
{quote} WRONG! You only need to add commision to get 1% in your case 7 so tp should be set to 5,7 the spread is just how much you start (in loss) when you open a trade /Happy Trading

if you doing fix spread.. if it's floating you can't be sure about it..
you may get trigger at .5 spread.. but by target time out at .9.. you come short .4.. as eg.

and low spread mostly offered on floating.. for example eu on floating ecn ndd account under normal circumstances is between 0.0 to 0.6... but if you were to go for fix account mostly would 1.0 or even 2.0
Passion, Persist, Patience, Protect
  • #5,539
  • Jun 25, 2014 8:48am Jun 25, 2014 8:48am
Quoting FXEmpire
{quote} look definitely it does not cover the commission.. and for the spread, most ecn's or ndd's are floating spreads.. so it's better to take the spread into account.. sometimes it will net for you and sometime not. but jim your the expert i guess, so forget i ever said anything.
I apologize, I didn't mean to be offensive. I'm simply trying to clarify how it works. It doesn't matter if your spread is floating; your profit target will be filled only when the bid or ask reaches the target (depending on if you are long or short). So your profit target will always be 5 pips regardless of spread, regardless of whether it is floating or not, regardless of anything. And, yes, as I wrote, commission is an expense that is not factored into the 5 pips profit target, so if you want to cover it, you must add it to your profit target.
Small disciplines repeated with consistency lead to great achievements.
  • #5,540
  • Jun 25, 2014 8:50am Jun 25, 2014 8:50am
Quoting skoda2008
{quote} I think you're doing it the right way, but I get the impression a lot here aren't. The problem is, I have noticed that a lot of the time the price will only just get over 5 pips on the chart (bid price) by the time you add on the 0.6 pips commission and the spread (say 0.5 pips) it often won't make it. Before anybody suggests changing brokers, I'm already using what is considered to be one of the best Aussie brokers.
That is the risk of the system I think.

Also, I think that the peeps are far to concerned with getting 1% / trade 2% / day exactly...I was / am happy to set TP to 5 pips and pay the commission, and take what the market gives me.

I know that the cost of commission will become considerable over time, but how considerable will BE trades become if I miss TP by the added .5 pip of my commission should I try and get that out of the market?

H
5 traders viewing now