As simple as possible: 00 level trading | Page 412 | Forex Factory

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As simple as possible: 00 level trading

  • #8,221
  • Jul 7, 2014 9:32pm Jul 7, 2014 9:32pm
Quoting navk
In a way, I would say that the system rules control the emotional part of trading. - Never trade during / before / after Red news. - Never trade more than one in 1 hr - Never trade at RN level. - Fix stop loss - Never trade more than 2 trades of 5 pips + only bonus trades at half the lot size... so on

Sure, strict rule is the base stone.
Outcome is not important at all, but correct technique is what only matters
  • #8,222
  • Jul 7, 2014 9:34pm Jul 7, 2014 9:34pm
On the other day, I booked 4 trades each 5 pips + .

Many advised here to switch off my PC.

I would suggest every one shall look at the spread sheet, the trading plan.

If you you book 15 to 18 pips a day, you are doing very good.

The a/c history will tell you you are doing extremely good after 4 to 5 months.
Intraday only.
  • #8,223
  • Jul 7, 2014 9:40pm Jul 7, 2014 9:40pm
Hourly has changed to Red candle in GU.
Intraday only.
  • #8,224
  • Jul 7, 2014 9:41pm Jul 7, 2014 9:41pm
Totally different question; Does anyone trade on a tablet? Or has anyone tried it before?

I'm considering getting one, but not sure how well MT 4 runs on these type of devices.
  • #8,225
  • Jul 7, 2014 9:43pm Jul 7, 2014 9:43pm
Quoting Kobiet
Totally different question; Does anyone trade on a tablet? Or has anyone tried it before?
There are three types of tablet
- x86 with windows os, almost same as PC
- ARM with android os, a bit different with PC
- IPAD

I would prefer the X86 with Win OS, the software running on your PC is also able to be running on this tablet.
Outcome is not important at all, but correct technique is what only matters
  • #8,226
  • Jul 7, 2014 9:45pm Jul 7, 2014 9:45pm
Quoting szpowerx
{quote} There are three types of tablet - x86 with windows os, almost same as PC - ARM with android os, a bit different with PC - IPAD I would prefer the X86 with Win OS, the software running on your PC is also able to be running on this tablet.
Cheers, szpowerx
  • #8,227
  • Jul 7, 2014 10:38pm Jul 7, 2014 10:38pm
Quoting Kobiet
{quote} Cheers, szpowerx
I am in I.T and I have considered this going forward as a solution to not being tied to a desk - we have nice beaches in Aus

The best solution I can think of is to setup an MT4 on a server - or VPS somewhere so it is running and you can load your EA's etc just as you normally would. Then have your tablet able to connect to that server/vps so you can place orders and monitor if/when you like.

This way you are not relying on a mobile device to be connected to the internet to trade from and run any EAs you want.
The best device for this would still be an x86/windows tablet. The windows surface would be perfect, still can easily use a keyboard and pointing device...

Just my 2c worth
  • #8,228
  • Jul 7, 2014 10:42pm Jul 7, 2014 10:42pm
Asia Morning Session Traders,

What is your most optimal to start and stop trading in the morning? (in SGT/HKG time zone)
  • #8,229
  • Jul 7, 2014 10:46pm Jul 7, 2014 10:46pm
Quoting Patmontes
Asia Morning Session Traders, What is your most optimal to start and stop trading in the morning? (in SGT/HKG time zone)
Answer: There is not an optimal time.

Reason: You need to analyse the charts and then make a decision.

EDIT: Best times are as follows (not Asian session in general) London open generally works extremely well and New York (1st couple of hours trading)

As you read through the thread you will begin to get an idea of what times on "average" have generated the best results.

Note: The Asian session for this trading week ie on Monday and Tuesday has been far better than expected but is not always like this so beware!

Masterrmind...........
Master your Mind then Master your Trades
  • #8,230
  • Jul 7, 2014 10:53pm Jul 7, 2014 10:53pm
Quoting Masterrmind
{quote} Answer: There is not an optimal time. Reason: You need to analyse the charts and then make a decision. EDIT: Best times are as follows (not Asian session in general) London open generally works extremely well and New York (1st couple of hours trading) As you read through the thread you will begin to get an idea of what times on "average" have generated the best results. Note: The Asian session for Monday and Tuesday has been far better than expected but is not always like this so beware! Masterrmind...........
thanks for the quick response. I usually trade 1st 2 hours of London and NY only. Was thinking if i can apply the same principle with Tokyo
  • #8,231
  • Jul 7, 2014 11:00pm Jul 7, 2014 11:00pm
Quoting Patmontes
Asia Morning Session Traders, What is your most optimal to start and stop trading in the morning? (in SGT/HKG time zone)
I'm guessing you are around the GMT+8 time zone.

I trade via GMT +10.

An approach could be as follows:

1. Attempt 2 trades @ Asian open say a couple of hours into the session (not always true)
2. Frankfurt open for the 1st few hours
3. London open same applies
4. New York open if it's not too late for you (8pm your time) so should be good for the 1st few hours.

In general by the time you get to London Open you should have already made your daily target (2%) and usually this can be achieved in either the 1st or second sessions of the trading day.

Hope that helps.

Masterrmind...........
Master your Mind then Master your Trades
  • #8,232
  • Jul 7, 2014 11:04pm Jul 7, 2014 11:04pm
Quoting Patmontes
{quote} thanks for the quick response. I usually trade 1st 2 hours of London and NY only. Was thinking if i can apply the same principle with Tokyo
I personally have been trading Tokyo and this would be (usually but not always!) the best time to start trading (within the Asian session) as new money enters the market.

Tokyo has been great lately many easy winning trades BUT this may not always be the case as there will be times when trades go against you. If I see this starting to occur I either stop trading it for a while or I simply lower my position size.

Keeping it as simple as possible is key!

EDIT: remember you must be able to adapt to changing market conditions. This is critical!

Good luck!

Masterrmind...........
Master your Mind then Master your Trades
  • #8,233
  • Jul 7, 2014 11:38pm Jul 7, 2014 11:38pm
Quoting Masterrmind
Bonus Trade #2 GU +5 TP {image} Masterrmind...........
Hi Masterrmind, could you share your latest indi & EA. Something is wrong with my assisting setup.Thanks and aappreciate. Eric O.
  • #8,234
  • Jul 7, 2014 11:43pm Jul 7, 2014 11:43pm
Hi everyone, in the Wukar_WB_trail EA
1. what is emergency SL
2. lets say if i put hidden TP 5 and trail stop at 3.5, does it mean it will take tp at 5 or will it let the price go higher than that and activate trail stop.

Sry to ask silly questions
  • #8,235
  • Jul 7, 2014 11:48pm Jul 7, 2014 11:48pm
Quoting Callum
{quote} I am in I.T and I have considered this going forward as a solution to not being tied to a desk - we have nice beaches in Aus The best solution I can think of is to setup an MT4 on a server - or VPS somewhere so it is running and you can load your EA's etc just as you normally would. Then have your tablet able to connect to that server/vps so you can place orders and monitor if/when you like. This way you are not relying on a mobile device to be connected to the internet to trade from and run any EAs you want. The best device for...
Cheers, Callum; great idea (VPS)

BTW we've got the best beaches in the whole of AUS (Pity I don't get to see them during the day)
  • #8,236
  • Jul 7, 2014 11:55pm Jul 7, 2014 11:55pm
EURCAD +3
Intraday only.
  • #8,237
  • Jul 8, 2014 12:00am Jul 8, 2014 12:00am
Until now :
GJ + 6

EA + 6

EC +3
Intraday only.
  • #8,238
  • Edited 12:15am Jul 8, 2014 12:05am | Edited 12:15am
Quoting ministeren
Hi Masterrmind !, i've followed yours & Udine's posts since the start of the thread - i'm very impressed . I 've set up the MT4 demo account, with the template provided by Udine. Somehow i'm missing the "right" template i think. I can see you trade with the wukar_wb_trail_v1_3_2e template, and i simply can't find that. Where did you get that from ? Thanks in advance /Ministeren
Go to the top of the page on this thread and click on the paper clip icon.

This will take you to a list of software and related applications.

Simply search for the name of the EA you want and you will be able to download it in zip format.

EDIT: or go to Post #3261 by Eric and you can download it.

Bare in mind that Udine uses equally effective trade management software too so be sure to check them out.

EDIT: WUKAR EA and Wheelbarrel TS............

Masterrmind.............
Master your Mind then Master your Trades
  • #8,239
  • Jul 8, 2014 12:05am Jul 8, 2014 12:05am
I made 37 trades last week. 10 of them are complete follow udine’s rules, 9 won and 1 lost.
The rest of the 27 trades, only 12 of them make profits, those are the trade I am taking as my free style.
Therefore, follow the rules everyone, and you will see green. Also, keep reading all the posts, it will help you
Have understand more about this system.
Never say no to PIPS
  • #8,240
  • Jul 8, 2014 12:53am Jul 8, 2014 12:53am
Hello Everybody !
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