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As simple as possible: 00 level trading

  • #14,321
  • Jul 29, 2014 5:23pm Jul 29, 2014 5:23pm
Quoting pj9999
{quote} Hi,this apply s to all ..I have followed this tread from the start..We were all supposed to follow the rules as outlined in page 1....if we didnt people here would point that out very quickly...however over the past week when trades have not worked out it was pointed out by Udine and a few others that there was extra criteria to picking and selecting trades,and what annoys me is why these extra criteria s were not made clear at the start...Rookies were made to believe at the start that the rules needed to be followed and if so you would...

Interesting topic.

Screen time and profound background would take the lead.
Outcome is not important at all, but correct technique is what only matters
  • #14,322
  • Edited 6:09pm Jul 29, 2014 5:52pm | Edited 6:09pm
Quoting szpowerx
{quote} Interesting topic. Screen time and profound background would take the lead.
szpowerx,

You are right on spot regarding the importance of screen time. If I might also add the importance of observing higher t/f's regardless of the time frame used for trade entries for a particular system/method. Traders should not just blindly enter any"black box" type of trading system absent knowing what the larger picture shows and primarily understanding S & R and why they function as such. This understanding is of particular importance when trading levels with this system. Just as using these levels for entries which can and do provide good entry opportunities, one must understand that PA may also quickly reverse due to pending orders in the opposite direction, hence Support and Resistance.

Regards,
Cigarguy
Keep It Simple
  • #14,323
  • Jul 29, 2014 6:15pm Jul 29, 2014 6:15pm
Quoting enda
{quote} dear mr/mrs turboguru.. thanks for your EA...but, can you give me some advice to me...yesterday i put your ea in my mt4 version 4.00 build 670, it can not run (or it just in my mt4) can you help me mr/mrs turboguru?.. thanks
Try putting it in the mql4 file/experts that should fix it and make sure you allow live trading under tools/options/expert adviser
  • #14,324
  • Jul 29, 2014 6:27pm Jul 29, 2014 6:27pm
Quoting pj9999
{quote} Hi,this apply s to all ..I have followed this tread from the start..We were all supposed to follow the rules as outlined in page 1....if we didnt people here would point that out very quickly...however over the past week when trades have not worked out it was pointed out by Udine and a few others that there was extra criteria to picking and selecting trades,and what annoys me is why these extra criteria s were not made clear at the start...Rookies were made to believe at the start that the rules needed to be followed and if so you would...
These rules some of the best rules that one could get at the begginning.... now all you need is thousands of hours of experience.... having said that it would be very similar to giving an unexperienced person a step by step rule book on how to perform open heart surgery and that same person expecting to be able to follow that plan and actually successfully perform the operation without killing the first 100 patients. its just plain not going to happen. Why is trading any different? Im not making a stab at you my friend..... almost everyone thinks that way at first. Why do you think 90+% of people fail? If it was as easy as following a few rules there would be no markets because everyone would be a winner.
Trading is one of if not the hardest thing that any of us will ever try to accomplish. It will take the few that actually succeed years of focused practice to get the point of Udine or Masterrmind or Cigarguy.... Just my 2cents.... Goodluck to all

Bill
  • #14,325
  • Jul 29, 2014 7:00pm Jul 29, 2014 7:00pm
Hey MasterrMind,

PM sent!

Thanks!
Jake
  • #14,326
  • Jul 29, 2014 7:23pm Jul 29, 2014 7:23pm
Quoting pj9999
{quote} Hi,this apply s to all ..I have followed this tread from the start..We were all supposed to follow the rules as outlined in page 1....if we didnt people here would point that out very quickly...however over the past week when trades have not worked out it was pointed out by Udine and a few others that there was extra criteria to picking and selecting trades,and what annoys me is why these extra criteria s were not made clear at the start...Rookies were made to believe at the start that the rules needed to be followed and if so you would...
pj9999,

Traders here are trading PsyLevels with other entry and exit rules provided. Regardless of the rules and trading suggestions offered here, just the method and name 00 Level Trading alone should provide inspiration for traders to take the initiative on their own to learn and gain a comprehensive understanding of the importance of these levels. It's your money and cautious discretion must be used with any system.

Many green pips to you

Cigarguy
Keep It Simple
  • #14,327
  • Jul 29, 2014 7:30pm Jul 29, 2014 7:30pm
Quoting cigarguy
{quote} szpowerx, You are right on spot regarding the importance of screen time. If I might also add the importance of observing higher t/f's regardless of the time frame used for trade entries for a particular system/method. Traders should not just blindly enter any"black box" type of trading system absent knowing what the larger picture shows and primarily understanding S & R and why they function as such. This understanding is of particular importance when trading levels with this system. Just as using these levels for entries which can and do...
R&S should take effect, but that is another story. This should be part of your background.

One of the most charmful of this system is its simplicity. Udine emphasize a few times about this.

BTW, for 5 pips goal, 10pips SL, do you assume high level R&S so important? I am a pure R&S guy, i would assume the level of the 15min or 5min would be more important

Forgive about words, this should not be listed here in this thread.
Outcome is not important at all, but correct technique is what only matters
  • #14,328
  • Jul 29, 2014 7:40pm Jul 29, 2014 7:40pm
Hello, early GJ win this Asian session.
Comment: Personally think it was a risky trade as it was betting on the direction from the DO.
What does everyone think?
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  • #14,329
  • Jul 29, 2014 7:44pm Jul 29, 2014 7:44pm
Quoting szpowerx
{quote} R&S should take effect, but that is another story. This should be part of your background. One of the most charmful of this system is its simplicity. Udine emphasize a few times about this. BTW, for 5 pips goal, 10pips SL, do you assume high level R&S so important? I am a pure R&S guy, i would assume the level of the 15min or 5min would be more important Forgive about words, this should not be listed here in this thread.
szpowerx,

Correct this is not a S & R thread and not the place for detailed discussions on that subject and I am not promoting further discussion on that topic. As a S & R guy you already realize their importance. Thanks for your input!

Regards,
Cigarguy
Keep It Simple
  • #14,330
  • Jul 29, 2014 7:47pm Jul 29, 2014 7:47pm
Quoting whitetrading
Hello, early GJ win this Asian session. Comment: Personally think it was a risky trade as it was betting on the direction from the DO. What does everyone think? {image}
the price had not touched 173.100 for a while,
DO had been working as a resistance and it was the first going away from DO in Asian session,
so I think it's a good trade.
If I had been in front of my PC, I would have taken it!
Congratulations on your win!
My hope has been almost completely shattered, but not completely yet
  • #14,331
  • Jul 29, 2014 7:55pm Jul 29, 2014 7:55pm
Quoting whitetrading
Hello, early GJ win this Asian session. Comment: Personally think it was a risky trade as it was betting on the direction from the DO. What does everyone think? {image}
whitetrading,

Nice trade

Cigarguy
Keep It Simple
  • #14,332
  • Jul 29, 2014 8:07pm Jul 29, 2014 8:07pm
Quoting pj9999
{quote}.....however over the past week when trades have not worked out it was pointed out by Udine and a few others that there was extra criteria to picking and selecting trades,and what annoys me is why these extra criteria s were not made clear at the start...Rookies were made to believe at the start that the rules needed to be followed and if so you would have a very high probability of making money ... I am simply stating that if there are additional rules or criteria to selecting trades could you please post them... thanks a million
IMO, what Undine's trading strategy does for the newbie/unsuccessful trader is to anchor them to a single point of reference. By that I mean they have a simple set of rules to focus on, so that instead of skipping from one trading thread to another, looking for the "holy grail", they have a basic set of rules to help stop all the confusion which only results in despair and failure.

Undine has freely given everyone a framework to become successful. But that framework has to be fleshed out with the little nuances only chart time and experience will bring. It's very difficult to express every small nuance of a trade that can be translated into someone else's pattern of thinking, especially so when they're just starting out on the journey.

This is why I believe Undine stresses that you double your account twice. For some this may only be a month or two, for others, perhaps 12 months or more.
But that enforced chart time will build up your level of experience so that in the end, you should have the ability to add in the missing pieces of the puzzle, and become profitable on a regualr basis.

my 2 cents
  • #14,333
  • Jul 29, 2014 8:23pm Jul 29, 2014 8:23pm
Good morning everyone!
GJ TS out
Attached Image
  • #14,334
  • Jul 29, 2014 8:50pm Jul 29, 2014 8:50pm
Quoting pj9999
{quote} Hi,this apply s to all ..I have followed this tread from the start..We were all supposed to follow the rules as outlined in page 1....if we didnt people here would point that out very quickly...however over the past week when trades have not worked out it was pointed out by Udine and a few others that there was extra criteria to picking and selecting trades,and what annoys me is why these extra criteria s were not made clear at the start...Rookies were made to believe at the start that the rules needed to be followed and if so you would...
You guys ALL miss an important factor in all of this...

low volatility and ADR's... this makes trading much more difficult than trading during times with high volatility and ADR's

PJ9999 " that there was extra criteria to picking and selecting trades,and what annoys me is why these extra criteria s were not made clear at the start.."

when I started trading this the volatility and ADR's were higher, but the market has changed... so you need to adapt, or you will become extinct like the dinosaures....and that is where experience comes in to find low risk, high probability entries for profit ... whether you like it or not..

and if you dont like it, let the system be, until the volatility and ADR's pick up again, or stop whining about so called additional rules when the market is giving us all a hard time...

PJ9999 " I am simply stating that if there are additional rules or criteria to selecting trades could you please post them"
It is clear to me:
1. you think trading is green = buy & red = sell and
2. you look at charts but really have never analyzed the general market situation at all (probably like most of you)

maybe now you start to realize why I said you need to double your demo account twice, so you would encounter all different kind of market circumstances....

nough said..

Udine
Sleep less, live fast, as it aint gonna last
  • #14,335
  • Jul 29, 2014 9:06pm Jul 29, 2014 9:06pm
Gud morning everybody! Proudly presenting Trade #1 + #2 on EJ and NJ TP.

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Have a nice and green day.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #14,336
  • Jul 29, 2014 9:07pm Jul 29, 2014 9:07pm
Quoting ericjschroed
For those who are mathematically-minded, try this after placing your trades: http://gabrielecirulli.github.io/2048/. P.S. Don't forget to Trade!
And for those who like this game or beat it, check this!
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  • #14,337
  • Jul 29, 2014 9:09pm Jul 29, 2014 9:09pm
Personally, IMHO the Asian session is too risky to trade. The market has be bad enough lately during London & NY.
I live in NZ and watch Sydney open, the whole Asian session, and i don't even think about placing a trade until London is under way. By this stage it's 7pm here.
Why take the extra risk!

ExcessFX
Learn from your mistakes until you succeed. It's that simple.
  • #14,338
  • Jul 29, 2014 9:16pm Jul 29, 2014 9:16pm
Quoting ExcessFX
Personally, IMHO the Asian session is too risky to trade. The market has be bad enough lately during London & NY. I live in NZ and watch Sydney open, the whole Asian session, and i don't even think about placing a trade until London is under way. By this stage it's 7pm here. Why take the extra risk! ExcessFX
Yes, that makes sense to me.
Thank you for the input.
  • #14,339
  • Edited 9:47pm Jul 29, 2014 9:27pm | Edited 9:47pm
I have performed a back-testing for this System over the July figures.
Every trade have been log in detail. I have put them in the attachment.

- Trades are detail to second
- Spread, commission, slippage have been ignored
- Trade only between FFO - three hours after NYO (GMT 06:00 - 14:00)
- Daily Open set to (GMT 03:00)
- All TS count as 0 pips profit
- All rules are following strictly, except the news one.
(I'm too lazy to put in the news parameters one by one. You are able to filter all the trade one by one in the trading log attachment.)
- I performed it on EJ/GJ/EU/GU from 01/07/2014 to 29/07/2014 (yesterday) only.

If you want to test it in the other months or the other pairs, please let me know.

Result:

Attached Image

Attached Image
Attached File(s)
File Type: rar July2014_00system.rar   7.1 MB | 854 downloads
File Type: csv Result_july.csv   < 1 KB | 440 downloads
  • #14,340
  • Jul 29, 2014 9:30pm Jul 29, 2014 9:30pm
Hello Mr ICMarkets, welcome to the thread!

ExcessFX
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Learn from your mistakes until you succeed. It's that simple.
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