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As simple as possible: 00 level trading

  • #6,081
  • Jun 27, 2014 6:01am Jun 27, 2014 6:01am
Quoting artem_t
{quote} There is only one wrong thing here: rule #2 "Entry ONLY the FIRST 00 level". So, you skip 183.100 because of rule #5, and you don't place an order at 138.000 because it is contrary to the rule #2.
Sleep less, live fast, as it aint gonna last
  • #6,082
  • Jun 27, 2014 6:02am Jun 27, 2014 6:02am
Quoting yag
GJ -10...so far -30 for the day.
yes I just got spanked on that as well = 6% down for the day (my first live day as well which is painful). I have a GU open as well which is struggling. fingers xd or

down 8%.

I made a mistake with 1 trade, the GU near the news but the others were proper.
  • #6,083
  • Jun 27, 2014 6:02am Jun 27, 2014 6:02am
jeeez its a hard gig Udine ..... you do well pal
Whats That? you're trading What?
  • #6,084
  • Jun 27, 2014 6:05am Jun 27, 2014 6:05am
Quoting pgtips
{quote} yes I just got spanked on that as well = 6% down for the day (my first live day as well which is painful). I have a GU open as well which is struggling. fingers xd or down 8%. I made a mistake with 1 trade, the GU near the news but the others were proper.

do more analysis... friday as first live trading day ????

why make it yourself so difficult??

Udine
Sleep less, live fast, as it aint gonna last
  • #6,085
  • Jun 27, 2014 6:07am Jun 27, 2014 6:07am
"amateurs open the week , pros close it "
Whats That? you're trading What?
  • #6,086
  • Jun 27, 2014 6:10am Jun 27, 2014 6:10am
Quoting pj9999
{quote} I have traded this method since the post started and i am down €200 odd...I have followed the rules exactly for the last 2 weeks and i am still losing although not as much...broker fine with spread=0.8 gbp/jpy plus commission of €4.30/lot traded which is not bad..the big problem is the 3.5 pip trailing stop almost always get stopped out and then to realize that the trade finally went in my favor ..?
Unfortunately I have had the same exact experience as PJ9999 and Messiahua on a live Pepperstone Razor ECN account, which is a fact.

So just to reiterate PJ9999's post:

"I have traded this method since the post started and i am down €200 odd... I have followed the rules exactly for the last 2 weeks and i am still losing although not as much... broker fine with spread=0.8 gbp/jpy plus commission of €4.30/lot traded which is not bad..the big problem is the 3.5 pip trailing stop almost always get stopped out and then to realize that the trade finally went in my favor."
__________________________

Maybe it is just Pepperstone' ECN to blame; I am not sure. But it is a fact that Udine's daily 2% results CANNOT be reproduced on Pepperstone's ECN account even by doing everything according to the Rules.

I wonder if anybody who follows the "Rules" to the letter - without using any "discretionary filters" or "discretionary pairs" - would have the courage or motivation to post his/her LIVE account on MyFxBook... Maybe Udine...? (Without displaying sensitive account value, of course.) So all would know for sure that the daily 2% is REALLY doable without crippling drawdowns.

Demo accounts are useless for this purpose, as MINOR slippages have MAJOR impact on the results, which signifies how "robust" this strategy is. (Or should I say "unrobust"...?)
  • #6,087
  • Jun 27, 2014 6:19am Jun 27, 2014 6:19am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Hi Udine,

Loving this thread....and this system suits me as I don't have time to trade full time and I don't have the patience for longer term moves. I like the quick in and out.

For those that are getting problems where the price is ranging and you are taking multiple hits...is it worth implementing a rule where you will not attempt the same level again after a loss at that level? So for example if you attempt GJ at 172.60 and it hit your SL you should not make another attempt at 172.60 again.
This can possibly help preserve capital times where price is ranging and struggling to break levels.

Regards

Neio
An expert is a man who has made all the mistakes which can be made
  • #6,088
  • Jun 27, 2014 6:23am Jun 27, 2014 6:23am
Quoting Udine
{quote} If you can't enter at the FIRST 00 level then don't enter at all Udine
I think its a bit confusing when also reading Rule 12 (= Distance to RN > 10 pips).

Following both you could never take a 000 level. So maybe it would help some people to clarify the rule 12. In which case it is to be followed and when not.
  • #6,089
  • Jun 27, 2014 6:38am Jun 27, 2014 6:38am
Quoting FxMasterGuru
{quote} Unfortunately I have had the same exact experience as PJ9999 and Messiahua on a live Pepperstone Razor ECN account, which is a fact. So just to reiterate PJ9999's post: "I have traded this method since the post started and i am down €200 odd... I have followed the rules exactly for the last 2 weeks and i am still losing although not as much... broker fine with spread=0.8 gbp/jpy plus commission of €4.30/lot traded which is not bad..the big problem is the 3.5 pip trailing stop almost always get stopped out and then to realize that the trade...
would have the courage or motivation to post his/her LIVE account on MyFxBook... Maybe Udine...? (Without displaying sensitive account value, of course.)

Nope...

Udine
Sleep less, live fast, as it aint gonna last
  • #6,090
  • Jun 27, 2014 6:40am Jun 27, 2014 6:40am
Quoting kdta
{quote} I think its a bit confusing when also reading Rule 12 (= Distance to RN > 10 pips). Following both you could never take a 000 level. So maybe it would help some people to clarify the rule 12. In which case it is to be followed and when not.

its crystal clear ... rule 12 is repeating rule 5 & 6, nothing else...

I wont change anything, but feel free

Udine
Sleep less, live fast, as it aint gonna last
  • #6,091
  • Jun 27, 2014 6:49am Jun 27, 2014 6:49am
I have tried this with a pepperstone razor ecn account as well, and It is quite different to doing it on demo, slippage is a bit too frequent and their 2.0 pip distance between price and placing a pending order is a bit of a joke - it cost me 2 winning trades which would have made my little foray into live trading profitable rather than loss... thats easily enough fixed though, change of brokers time... also pepperstones spread on gj and ej isn't that good.
  • #6,092
  • Jun 27, 2014 6:50am Jun 27, 2014 6:50am
Quoting nitecop
{quote} curious, what is your leverage or margin rate with your oanda division? because I'm in the canadian division i can't even risk more than 1% with ej and gj with this strategy. mainly testing on eu/gu gu is close to 2% but not quite. canada has shitty laws
Lets say my account is 2.500 and my amount of trading size is 50k for the USD pairs, so my risk by 10 Pip SL is <3%. I'm right? What I learned is no risk >3% per trade!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #6,093
  • Jun 27, 2014 7:06am Jun 27, 2014 7:06am
Quoting Udine
{quote} would have the courage or motivation to post his/her LIVE account on MyFxBook... Maybe Udine...? (Without displaying sensitive account value, of course.) Nope... Udine
WHY NOT UDINE??
  • #6,094
  • Jun 27, 2014 7:11am Jun 27, 2014 7:11am
just an aside , I never use TS unless Im well in profit to a point where im happy with result ,while I can watch I would rather just drag profit stop towards the current price , tighter as time decays
Whats That? you're trading What?
  • #6,095
  • Jun 27, 2014 7:11am Jun 27, 2014 7:11am
Quoting pj9999
{quote} WHY NOT UDINE??

why should I show my live account information on internet ???

would that make you a better trader..... it will not make you 1 pip more....

Udine
Sleep less, live fast, as it aint gonna last
  • #6,096
  • Jun 27, 2014 7:12am Jun 27, 2014 7:12am
Quoting pj9999
{quote} WHY NOT UDINE??
WHY DO YOU CARE??! I hate when people ask for this type of shit. Its not his obligation to show us anything. He provided a method -> you do the testing -> if profitable, trade it. People want access to Udine's account history because they are LAZY! They won't do the work for themselves. Grow UP. Do your work. This isn't just sucking a lollipop, this is a job.
Small disciplines repeated with consistency lead to great achievements.
  • #6,097
  • Jun 27, 2014 7:13am Jun 27, 2014 7:13am
Quoting jmflukeiii
{quote} WHY DO YOU CARE??! I hate when people ask for this type of shit. Its not his obligation to show us anything. He provided a method -> you do the testing -> if profitable, trade it. People want access to Udine's account history because they are LAZY! They won't do the work for themselves. Grow UP. Do your work. This isn't just sucking a lollipop, this is a job.
Sleep less, live fast, as it aint gonna last
  • #6,098
  • Jun 27, 2014 7:14am Jun 27, 2014 7:14am
Quoting jmflukeiii
{quote} WHY DO YOU CARE??! I hate when people ask for this type of shit. Its not his obligation to show us anything. He provided a method -> you do the testing -> if profitable, trade it. People want access to Udine's account history because they are LAZY! They won't do the work for themselves. Grow UP. Do your work. This isn't just sucking a lollipop, this is a job.
Whats That? you're trading What?
  • #6,099
  • Jun 27, 2014 7:15am Jun 27, 2014 7:15am
Quoting jmflukeiii
{quote} WHY DO YOU CARE??! I hate when people ask for this type of shit. Its not his obligation to show us anything. He provided a method -> you do the testing -> if profitable, trade it. People want access to Udine's account history because they are LAZY! They won't do the work for themselves. Grow UP. Do your work. This isn't just sucking a lollipop, this is a job.
  • #6,100
  • Jun 27, 2014 7:17am Jun 27, 2014 7:17am
Quoting Traffex
{quote} Hi Masterrmind, Which levels do you trade? Which are the results of for example the last two weeks?
PM sent earlier today.

Qed's response is also appropriate however at the moment I am testing several strategies of which I use different TF's (M5, M15 and H1- these charts are open at the same time) same as the one's I posted earlier when trading Gold.

Depending on several factors (session, price velocity and success rate on a per session basis will alter Lot sizing on future sessions for the current trading day).

You may wish to start trading from full dollar amounts such as 1315.00, 1316.00, 1317.00 etc until you get a feel for trading gold.
It is most preferable to only use pending orders as already discussed by Udine particularly for faster moving sessions (it makes life easier!)

I suggest initially (this is up to you) try the levels outlined above and then as soon as you feel comfortable trading these levels then start adding in the levels in between and applying the rules laid out by Udine's 00 Method.


If you need help with any of the gold chart parameter settings regarding the sweet spot level settings simply PM me.
I hope that was useful!

Good Luck with your trading!

Masterrmind..............
Master your Mind then Master your Trades
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