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As simple as possible: 00 level trading

  • #6,381
  • Jun 29, 2014 10:55pm Jun 29, 2014 10:55pm
Quoting Masterrmind
{quote} Hi GoldCoastFX, Happy to see that's been entertaining for you and although a broker with low spread is always a bonus it is not the sole reason for success or failure. You still need to be vigilant and watch the spread like a hawk during slower trading times. I generally start trading from the Asian session, then some of Frankfurt, London and a bit of New York if I need too! Gold and silver are still under review and being tested..... but I'm very happy so far.... just takes extra care when taking trades. From time to time I will post screen...
Thank you.
Lets WUKAR FIFO!! - Udine
  • #6,382
  • Jun 30, 2014 12:31am Jun 30, 2014 12:31am
Quoting dlouw
Hello and thank you to Udine and all of you for sharing. I have been quietly following and studying for some time. This is some great stuff. I am trading out of the West coast of the US. Following is a comment and a plea for assistance. First off after studying the session average ranges and hourly average ranges these factors combined with spread look to be very key to the success of the 000 system. I have been observing using the session open instead of the day open and it looks valid, combined with the right session of coarse. The session open...
You pretty mush have to go off shore to get a decent enough margin to to make this method worth your while...US brokers can only offer 50\1 margin, whereas offshore ecn brokers can go as high as 500/1. That way you can at least take a couple of mini lots (2.00 per pip) even though you start with only 500.00... to start building on. Just make sure the broker offers "segregated accounts" like many from Australia offer...with low spreads...
  • #6,383
  • Jun 30, 2014 12:38am Jun 30, 2014 12:38am
Quoting Masterrmind
{quote} Great question! It is simply that at the time PA was too close to the 138.400 level on EJ so I placed a pending long at the 138.500 level. Take a look at the screen shot from post#6366 enlarge it and you will just be able to see my pending long order. Sometimes I miss trades not always because of this reason but due to other factors such as PA or broker spread during the Asian session. EDIT: I don't always start trading right at the commencement of the Asian session either, I may take a quick look but take no action until a couple of hours...

Good question AND answer. Hopefully a few people take note. This isn't a set and forget system. Simple, yes but some basic trading knowledge is required. Hopefully you stick around MM coz when times are difficult (ranging) people will/are start to question what's going on and why are they hit with losses and its experienced traders who will point them in right direction and hopefully reduce some frustration/increase knowledge.

Only need 2 profit trades a day. May as well pick the battles that can be won easily.
  • #6,384
  • Jun 30, 2014 12:50am Jun 30, 2014 12:50am
Good morning everybody !
  • #6,385
  • Jun 30, 2014 1:01am Jun 30, 2014 1:01am
Quoting Masterrmind
{quote} Wishing you heaps of skill (a little luck) and all at the right time..... Masterrmind..........

Thanks bud..
Passion, Persist, Patience, Protect
  • #6,386
  • Jun 30, 2014 1:13am Jun 30, 2014 1:13am
good morning!

GJ -10
  • #6,387
  • Jun 30, 2014 1:14am Jun 30, 2014 1:14am
Ej & UJ trade -- TP eventually
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  • #6,388
  • Jun 30, 2014 1:18am Jun 30, 2014 1:18am
Hmm that didnt seem right levels for FFT open
  • #6,389
  • Jun 30, 2014 1:22am Jun 30, 2014 1:22am
Quoting yag
good morning! GJ -10

why play Frankfurt open on monday morning ???

Udine
Sleep less, live fast, as it aint gonna last
  • #6,390
  • Jun 30, 2014 1:32am Jun 30, 2014 1:32am
Quoting Udine
{quote} why play Frankfurt open on monday morning ??? Udine
i havent thought about that, everything else was by the rules.
so better avoid monday frankfurt open (for me a new rule now)
  • #6,391
  • Jun 30, 2014 1:33am Jun 30, 2014 1:33am
Quoting yag
{quote} i havent thought about that, everything else was by the rules. so better avoid monday frankfurt open (for me a new rule now)
has been mentioned before in the thread...

Udine
Sleep less, live fast, as it aint gonna last
  • #6,392
  • Jun 30, 2014 1:36am Jun 30, 2014 1:36am
Quoting Udine
{quote} has been mentioned before in the thread... Udine
maybe yes...the thread is already very long so i coudnt read all staff so far.
but thx for repeating this important fact for me.
  • #6,393
  • Jun 30, 2014 1:38am Jun 30, 2014 1:38am
Quoting yag
{quote} maybe yes...the thread is already very long so i coudnt read all staff so far. but thx for repeating this important fact for me.
Sleep less, live fast, as it aint gonna last
  • #6,394
  • Jun 30, 2014 1:43am Jun 30, 2014 1:43am
Quoting SerenityFX
{quote} This is utter nonsense. There is no way anyone but a con-artist told you this. I highly doubt even you found one that stupid. You do have to explain the "logic" behind it. Retail traders make up an extremely small fraction of what gets traded on the FX market. Using kindergarten-level math, it doesn't take a genius to figure out that spending exorbitant amounts of money to move the market 10 pips against you just to clean your 100$ account doesn't make sense. Your "buddy" would have lost his job in a few days if he cared about the retail...
@oztrader79 and @SerenityFx

I hate to say that I was right with my theory about instituational traders wathcing and hunting down the setups, but the very first Frankfurt trade of the week on G/J has happened according to what I had predicted and which theory was ridiculed by both of you.

SellStop was briefly triggered at 172.500. The trade was in profit only for about 1 MINUTE, then it was stopped out within 9 MINUTES at -10 pips ...

Maybe the suggested "foil hat" is useful after all...
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Attached Image
  • #6,395
  • Jun 30, 2014 1:44am Jun 30, 2014 1:44am
took me 3 days to finished all the reading again
Wait for London open and cash in
will follow the rules and post chart
Never say no to PIPS
  • #6,396
  • Jun 30, 2014 1:47am Jun 30, 2014 1:47am
Quoting Udine
{quote} why play Frankfurt open on monday morning ??? Udine
Udine, does that mean on monday, it is best to avoid Frankfurt open?
what about London and New York open on monday?
  • #6,397
  • Edited 2:23am Jun 30, 2014 1:53am | Edited 2:23am
Quoting Udine
{quote} why play Frankfurt open on monday morning ??? Udine
I guess, if this loser GJ trade had been a winner, then nobody would say: "Why play Frankfurt open on monday morning ???"

The "rules" state that 400,500,600 levels can be traded at Frankfurt open. So I have also adjusted the rules to myself: "If the trade is a loser on Monday morning at Frankfurt open, don't trade the setup."
  • #6,398
  • Jun 30, 2014 2:06am Jun 30, 2014 2:06am
EA buy @ 1.45100 -> TP
  • #6,399
  • Jun 30, 2014 2:07am Jun 30, 2014 2:07am
Buenos días familia,

Trade #1 o/t day, EURAUD to TP:
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  • #6,400
  • Jun 30, 2014 2:10am Jun 30, 2014 2:10am
Damn EA was so quick

Congrats both of you
Never say no to PIPS
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