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As simple as possible: 00 level trading

  • #6,661
  • Edited 10:07pm Jun 30, 2014 9:17pm | Edited 10:07pm
Quoting buntmn
{quote} Too true, and hopefully they won't have to un-learn some bad habits (I can put my hand up here coz i got some habits that need to be dropped)
The funny part is that the rules are right there for everyone to read and yet still get overlooked.....

Masterrmind...........
Master your Mind then Master your Trades
  • #6,662
  • Jun 30, 2014 9:22pm Jun 30, 2014 9:22pm
Quoting jmflukeiii
{quote} Other than the open being below it, there are a couple other things about this trade that Udine has mentioned before - 1) I don't like trading right next to the open line and - 2) correlation. I placed the EJ trade once I saw everything else moving - without all that other action, I would have left it alone -
Thanks. I have been thinking some of those things as well, which suggests I might finally be moving in the right direction. Especially too close to DO, which Udine has also mentioned.
  • #6,663
  • Jun 30, 2014 9:22pm Jun 30, 2014 9:22pm
Quoting Masterrmind
{quote} The funny part is that the rules are right their for everyone to read and yet still get overlooked..... Masterrmind...........
Overlook is just one aspect,

Another aspect, is once you have a couple SL in a row, how can you endure it, esp. for less experienced trader.

The time in past days, when i jump from one system to another system, loss in a row would be the main reason.
Outcome is not important at all, but correct technique is what only matters
  • #6,664
  • Jun 30, 2014 9:23pm Jun 30, 2014 9:23pm
Quoting fxaus
Hi can someone tell me what is the latest rule or indicators for this system please?Thanks in advance
Sure thing!

Please go to Post #1 and start your journey from that point.

You will find the zip folders for the indicators, scripts and RULES at the start of this thread.

Good luck and welcome to the thread

Masterrmind.............
Master your Mind then Master your Trades
  • #6,665
  • Jun 30, 2014 9:27pm Jun 30, 2014 9:27pm
Quoting szpowerx
{quote} Overlook is just one aspect, Another aspect, is once you have a couple SL in a row, how can you endure it, esp. for less experienced trader. The time in past days, when i jump from one system to another system, loss in a row would be the main reason.
Yep, "fear" is one of those bad habits I'm still struggling with.
  • #6,666
  • Jun 30, 2014 9:28pm Jun 30, 2014 9:28pm
Quoting buntmn
{quote} Yep, "fear" is one of those bad habits I'm still struggling with.

You misunderstand loss in a row as fear, that isn't just fear.
Outcome is not important at all, but correct technique is what only matters
  • #6,667
  • Jun 30, 2014 9:29pm Jun 30, 2014 9:29pm
A raft of pending sell stops on spi getting hit ... instant profits .damm TPs hit b4 I even had chance to take screen shot LOL 5pts each line sticking to the rules
Attached Image (click to enlarge)
Click to Enlarge Name: spi ent.jpg Size: 106 KB
Whats That? you're trading What?
  • #6,668
  • Edited 10:21pm Jun 30, 2014 9:38pm | Edited 10:21pm
Quoting szpowerx
{quote} Overlook is just one aspect, Another aspect, is once you have a couple SL in a row, how can you endure it, esp. for less experienced trader. The time in past days, when i jump from one system to another system, loss in a row would be the main reason.
One of the pitfalls for new traders and some not so new traders is jumping continually from 1 system to the next.

Sufficient time needs to be spent trading a given system and an analysis of all your trades conducted.

This takes time several weeks even months and the frequency of losses can be avoided by either demo trading initially (which I disagree with except to become familiar with the trading platform) or starting live with a fraction of what you would usually feel comfortable trading.

Then decide if the system suits your trading style and personality (some traders like to scalp others like longer term trading)

Only YOU can make that decision.

Worst situation is when traders are not prepared to learn first...then trade.

They have their rose tinted glasses fixed on the million dollars at the end of the rainbow and forget that you need to crawl before you walk.... learn the system before you trade it!

ps. MM and risk will take care of the 2 losses in a row but you will need to take care of the emotional. You should not be even worried about 2 losses in a row if your trades are sized correctly as this should only mean that your account is down 4% so you still have 96% to trade with.

There is a lot to learn but guess what? You never ever stop learning this game no matter how long you have been doing it.

Trade well!

Masterrmind.............
Master your Mind then Master your Trades
  • #6,669
  • Jun 30, 2014 9:40pm Jun 30, 2014 9:40pm
I got EA to TS +3 pips again start of this hour.
  • #6,670
  • Jun 30, 2014 9:41pm Jun 30, 2014 9:41pm
Quoting Masterrmind
{quote} Sure thing! Please go to Post #1 and start your journey from that point. You will find the zip folders for the indicators, scripts and RULES at the start of this thread. Good luck and welcome to the thread Masterrmind.............
Thank you
  • #6,671
  • Jun 30, 2014 9:41pm Jun 30, 2014 9:41pm
A gud start into the new day with a +5 Trade on AJ. But maybe there was no more RmUp = foul!

Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2014.07.01_09h56m51s_001_.png Size: 57 KB


Gud luck to all of you!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #6,672
  • Jun 30, 2014 9:44pm Jun 30, 2014 9:44pm
Quoting JibalaPasan
A gud start into the new day with a +5 Trade on AJ. But maybe there was no more RmUp = foul! {image} Gud luck to all of you! Jibala
Thanks Jibala and likewise to you.

Masterrmind............
Master your Mind then Master your Trades
  • #6,673
  • Jun 30, 2014 9:51pm Jun 30, 2014 9:51pm
About 40 mins until cut-off time for AUD (red news in 1 hour 40 mins). If you've got pending orders keep an eye on them.

edit: for any aussies here, what's the general feeling about cash rate. Is expected to stay same?
  • #6,674
  • Jun 30, 2014 10:03pm Jun 30, 2014 10:03pm
Quoting buntmn
About 40 mins until cut-off time for AUD (red news in 1 hour 40 mins). If you've got pending orders keep an eye on them. edit: for any aussies here, what's the general feeling about cash rate. Is expected to stay same?
Yes consensus is that it will remain unchanged @2.5%

Masterrmind..........
Master your Mind then Master your Trades
  • #6,675
  • Jun 30, 2014 10:10pm Jun 30, 2014 10:10pm
Quoting Masterrmind
This takes time several weeks even months and the losses can be avoided by either demo trading initially (which I disagree with) or starting live with a fraction of what you would usually feel comfortable trading.
You mean loss in a row could be avoided? I am afraid this should be met, guaranteed.
Outcome is not important at all, but correct technique is what only matters
  • #6,676
  • Jun 30, 2014 10:15pm Jun 30, 2014 10:15pm
Quoting szpowerx
{quote} You mean loss in a row could be avoided? I am afraid this should be met, guaranteed.
Actually meant to say the frequency of losses.

Losses can never be avoided but they can be minimised.

EDIT: referring post has been edited.

Masterrmind.........
Master your Mind then Master your Trades
  • #6,677
  • Jun 30, 2014 10:21pm Jun 30, 2014 10:21pm
Quoting JibalaPasan
A gud start into the new day with a +5 Trade on AJ. But maybe there was no more RmUp = foul! {image} Gud luck to all of you! Jibala
Hello Jibala!
You have an interesting set of charts off Oanda java and trade successfully. Can you care to share how you play off those charts? Or do you run it's MT4 as well?
Thanks,
T.
  • #6,678
  • Jun 30, 2014 10:39pm Jun 30, 2014 10:39pm
AU >+5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 34 KB


Taken a little earlier in the session.

Waiting for Frankfurt.

Masterrmind...........
Master your Mind then Master your Trades
  • #6,679
  • Jun 30, 2014 11:21pm Jun 30, 2014 11:21pm
Quoting toppo qqq
{quote} Hello Jibala! You have an interesting set of charts off Oanda java and trade successfully. Can you care to share how you play off those charts? Or do you run it's MT4 as well? Thanks, T.
Hello toppo, I have to use mt4 too bcoz there is no such indicator showing RmUp / RmDn on Oandas Trade Station. I could calculate manually, but its much more easy to just have a look on indicator. But another gud help for me the RSI!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #6,680
  • Jul 1, 2014 12:07am Jul 1, 2014 12:07am
possible long GY 173.50 or 173.60 at FFT open
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