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As simple as possible: 00 level trading

  • #12,801
  • Jul 23, 2014 8:28am Jul 23, 2014 8:28am
Quoting Patron
3 years ago I ran 40 or 50 trades per day to earn 50-70 pips. It was with Price Action Scalping, indicators, and mini support-resistences. Now that's stressful for me. That's why I'm here. Because I think the scalping and capital management are the only ways to fish in the market, unless you have a large capital. And in Udine system I feel much more relaxed.
Yes and isn't that what's important?

Less stress, ease of execution and only in the market for short periods of time.

Great strategy to apply as long as you get the direction right!

It really doesn't matter if you have a 1K account or a 1M account it works the same.

I really like the concept of loading up your position (within reason) and hitting the market for a 5 pip TP instead of having the same risk over say 100 pips.

Which one do you think has the best chance of being hit. The 5 pip or the 100 pip.

Crystal clear to me!

Good Trading.....

Masterrmind............
Master your Mind then Master your Trades
  • #12,802
  • Jul 23, 2014 8:31am Jul 23, 2014 8:31am
Quoting Udine
{quote} you can give a mediocre system to a great trader and he will succeed... you can give the best trading system to a mediocre trader and the chance he will succeed isnt that great, due to lack of experience... Udine
That's right.

Hence the reason for adding in the clause "applied effectively with market wit".

Failing to apply even the best strategy effectively will simply lead to disaster.

Apply it effectively and quite literally the world is your oyster.

Masterrmind...........
Master your Mind then Master your Trades
  • #12,803
  • Jul 23, 2014 8:36am Jul 23, 2014 8:36am
Quoting panamamike
AU to TP....for sme reason my pending on EJ was rejected error invalid stops. Not sure what caused it. {image}
Hi panamamike,

Where can i get the "multi pair" wukar indicator like yours (on chart at right side) ?
If you make it, would you share it ?

Thanks
  • #12,804
  • Jul 23, 2014 8:40am Jul 23, 2014 8:40am
Quoting Masterrmind
{quote} Yes and isn't that what's important? Less stress, ease of execution and only in the market for short periods of time. Great strategy to apply as long as you get the direction right! It really doesn't matter if you have a 1K account or a 1M account it works the same. I really like the concept of loading up your position (within reason) and hitting the market for a 5 pip TP instead of having the same risk over say 100 pips. Which one do you think has the best chance of being hit. The 5 pip or the 100 pip. Crystal clear to me! Good Trading........
I have to confess that I had at that time eager to work. But now I want to work just right. I do not need more than 10 or 20 pips. It is enough if you manage properly your capital.
Donde hay Patron no manda Marinero
  • #12,805
  • Jul 23, 2014 8:43am Jul 23, 2014 8:43am
Hi All,

thanks to Udine for starting this thread and various others I have pestered while lurking following this thread.

Can some please list a or screen print the indicators that are used so i can ensure i have everything up to date. (The list could be included on page 1)?

You cannot beat reading then Re-reading this thread as you pick up bits you missed the first time.

Thanks In Advance.

Ian
  • #12,806
  • Jul 23, 2014 8:45am Jul 23, 2014 8:45am
Quoting Patron
{quote} I have to confess that I had at that time eager to work. But now I want to work just right. I do not need more than 10 or 20 pips. It is enough if you manage properly your capital.
It certainly is Patron.........that's true.

Masterrmind..........
Master your Mind then Master your Trades
  • #12,807
  • Jul 23, 2014 8:45am Jul 23, 2014 8:45am
... I thought I had to make at least 50 pips a day. And one day I went arteries through the eyes. High Tension. Then I looked for a more relaxed swing trading, but does not convince me. I still believe that scalping is only capable of winning, small capitals. Then came Udine and taught me what I needed.

Eternamente agradecido, Udine
Donde hay Patron no manda Marinero
  • #12,808
  • Jul 23, 2014 8:49am Jul 23, 2014 8:49am
Quoting Patron
... I thought I had to make at least 50 pips a day. And one day I went arteries through the eyes. High Tension. Then I looked for a more relaxed swing trading, but does not convince me. I still believe that scalping is only capable of winning, small capitals. Then came Udine and taught me what I needed.
I haven't been trading this method as long as Udine...obviously!

But I can say in the time I have been trading this method that every day you trade on this setup the more you learn and the more you see and the more your confidence grows.

It's amazing and all anyone needs to do is think, apply.....collect.

Masterrmind........
Master your Mind then Master your Trades
  • #12,809
  • Jul 23, 2014 8:51am Jul 23, 2014 8:51am
Finally a SL EJ was now
LOL
  • #12,810
  • Jul 23, 2014 8:54am Jul 23, 2014 8:54am
Quoting Masterrmind
{quote} I haven't been trading this method as long as Udine...obviously! But I can say in the time I have been trading this method that every day you trade on this setup the more you learn and the more you see and the more your confidence grows. It's amazing and all anyone needs to do is think, apply.....collect. Masterrmind........

that is exactly it... and with a 20K account you can do very nicely and grow your financial empire...

Udine
Sleep less, live fast, as it aint gonna last
  • #12,811
  • Jul 23, 2014 8:58am Jul 23, 2014 8:58am
Quoting Masterrmind
{quote} I haven't been trading this method as long as Udine...obviously! But I can say in the time I have been trading this method that every day you trade on this setup the more you learn and the more you see and the more your confidence grows. It's amazing and all anyone needs to do is think, apply.....collect. Masterrmind........
The same is happening to me..
I'm learning a lot day by day, thanks to the mistakes i make and also to what i read here.
This thread became my best friend in the last month .

Lrt
"Every battle is won before it's fought."
  • #12,812
  • Jul 23, 2014 8:58am Jul 23, 2014 8:58am
EJ to SL. Sigh.
EJ +5/-10, GJ -10 today. Missed some good setups this morning.
Attached Image (click to enlarge)
Click to Enlarge Name: 23 julijs 2.png Size: 42 KB
  • #12,813
  • Jul 23, 2014 8:59am Jul 23, 2014 8:59am
Quoting Masterrmind
{quote} Yes and isn't that what's important? Less stress, ease of execution and only in the market for short periods of time. Great strategy to apply as long as you get the direction right! It really doesn't matter if you have a 1K account or a 1M account it works the same. I really like the concept of loading up your position (within reason) and hitting the market for a 5 pip TP instead of having the same risk over say 100 pips. Which one do you think has the best chance of being hit. The 5 pip or the 100 pip. Crystal clear to me! Good Trading........
You are compairing 2 things totally differents, 5 pips and 100pips
As Udine, I need less than 0.5% to live comfortably.
If you are a real trader you know what is your leverage, right ? What is it ?
I trade for a long time ago and I can tell you than 99% of all traders I known are not trading nowadays, really.
Why ?
Because they traded with a too high leverage, if you want to trade for long and live with trading you must have a leverage around 1 or 2, not more.
I see a lot of traders with a return about 100% of their bankroll each month and when a flash stock market crash occured, they are ruined...
Message for french people because I don't know how translating it in english:
"J'ai connu un trader millionnaire qui payait l'Impot sur la Fortune, qui s'est retrouvé en moins de 10 minutes au RSA..."
So for me, my daily target is only 5 pips ! Once I have it, I trade by pleasure with very low leverage as bonus
Trade Safe !
  • #12,814
  • Jul 23, 2014 9:03am Jul 23, 2014 9:03am
Quoting Udine
{quote} that is exactly it... and with a 20K account you can do very nicely and grow your financial empire... Udine
That's $2000/week by trading only 4 lots per position.

Trading only 5 pip TP's at 1% equity per trade by 2 trades per day over 5 days.

Magic and that's only trading 4 lots........haha

Masterrmind..........
Master your Mind then Master your Trades
  • #12,815
  • Jul 23, 2014 9:03am Jul 23, 2014 9:03am
Outside of Udine, 95% of you do not trade Live.

Live trading is totally different ball game, especially if you want to live off Forex.

Divide your profits, multiple your wins by at least 30 - 40%.

Just be prepared for the whole different ball game.
  • #12,816
  • Jul 23, 2014 9:05am Jul 23, 2014 9:05am
Quoting Lrt.Ita
{quote} The same is happening to me.. I'm learning a lot day by day, thanks to the mistakes i make and also to what i read here. This thread became my best friend in the last month . Lrt
That's the best post I've read all day.

Not because of the mistakes you've made but because of the fact that you can see those mistakes and correct them.

Excellent !

Masterrmind...........
Master your Mind then Master your Trades
  • #12,817
  • Jul 23, 2014 9:06am Jul 23, 2014 9:06am
We talked about small capitals. So leverage is necessary in all aspects. But more on discipline and management, rather than capital.
Donde hay Patron no manda Marinero
  • #12,818
  • Jul 23, 2014 9:08am Jul 23, 2014 9:08am
Quoting driven18
Outside of Udine, 95% of you do not trade Live. Live trading is totally different ball game, especially if you want to live off Forex. Divide your profits, multiple your wins by at least 30 - 40%. Just be prepared for the whole different ball game.
Perfect !
No other word to add, really !
Trade Safe !
  • #12,819
  • Jul 23, 2014 9:08am Jul 23, 2014 9:08am
Quoting driven18
Outside of Udine, 95% of you do not trade Live. Live trading is totally different ball game, especially if you want to live off Forex. Divide your profits, multiple your wins by at least 30 - 40%. Just be prepared for the whole different ball game.
The statistics for live versus demo in this thread would be very interesting.

I know Udine trades live, FXEmpire trades live and I trade live maybe many more so hopefully those of us that trade live can give some useful hints

along the way but in the end they just have to jump in the deep end and learn by themselves.

At least with threads like this one they never ever need to feel completely alone.

Masterrmind............
Master your Mind then Master your Trades
  • #12,820
  • Jul 23, 2014 9:09am Jul 23, 2014 9:09am
Quoting Goodgame42
{quote} You are compairing 2 things totally differents, 5 pips and 100pips As Udine, I need less than 0.5% to live comfortably. If you are a real trader you know what is your leverage, right ? What is it ? I trade for a long time ago and I can tell you than 99% of all traders I known are not trading nowadays, really. Why ? Because they traded with a too high leverage, if you want to trade for long and live with trading you must have a leverage around 1 or 2, not more. I see a lot of traders with a return about 100% of their bankroll each month...

man I am happy for you and if your trading style works for you even better !!

As I have said from the beginning it must fit your personality or it wont work... and as soon as you find a way that fits your personality.. stick to it ... and dont kill the golden goose

I also have mentioned in this thread a few times, that as soon as I reach my next milestone, I will reduce risk %, leverage and TP...

why should I risk my money, if all I need is less... so if i risk less and getting the same results, I am even a happier camper

Udine
Sleep less, live fast, as it aint gonna last
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