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As simple as possible: 00 level trading

  • #16,901
  • Aug 28, 2014 7:06am Aug 28, 2014 7:06am
Quoting Lrt.Ita
Bubincka, tell me a circumstance where a move down or a move up couldn't be expected . Psychological levels work, we can see that often. Those levels generally tend to reject price, upwards or downwards, so if it breaks those levels it continues in the direction for more than 5 pips, but if the price is bounced by them and retraces a little it is very rare for it to turn again, break and go to TP (before touching...
Today I rather struggle with the entries too, and once 2-3SL hit, it is very hard to come clean for the day.What you mention about SL, it is also a pheomenon I thought I noticed on my positions. Thus mentally started to play with the idea to reduce the SL distance to something like 7-8 pips...need more samples, but it definately would reduce each loss by about 0.4-0.6%.Once I will accumulate few more trades, will go back and do the stat on them to see if there is a merit to this reduction in SL.
there is always, always another trade!!
  • #16,902
  • Aug 28, 2014 7:08am Aug 28, 2014 7:08am
Quoting Lrt.Ita
Bubincka, tell me a circumstance where a move down or a move up couldn't be expected . I'm going into the conclusion that you really need to have years and years of experience (or a very experienced trader teaching you by side) to pick the very right trades and be profitable with a W/L ratio like this. I think that this W/L ratio isn't suitable for beginners, there's a lot of risk involved everytime. It is possible that I've changed my mind about that only because this month is going really bad for me, but afterall, rationally, i think that isn't...
Hi Lrt, wrong I'm an absolute beginner in discretionary trading. Instead I've got some years of experience in algo-trading, but this is another story.
Btw my balance is red, luckily it's demo money since I'm learning. Maybe further investigate for a better (dinamically ?) adjusted SL/TP settings while keeping the basics of this startegy could be worth a try. Also I'm not convinced yet if TS is good or bad. As said still learning, and it's a long way.
Porta itineris dicitur longissima esse
  • #16,903
  • Aug 28, 2014 7:13am Aug 28, 2014 7:13am
I never use Ts UNLESS im well in profit and have to leave lappy ... but thats just me
Whats That? you're trading What?
  • #16,904
  • Aug 28, 2014 7:32am Aug 28, 2014 7:32am
Quoting Qed
I never use Ts UNLESS im well in profit and have to leave lappy ... but thats just me
EC +5 TP
Comment: despite according to csm CAD is the strongest and EUR is the weakest this trade was very risk, it went less than 1 pip close to SL the to TP.
Attached Image (click to enlarge)
Click to Enlarge Name: EC_TP.jpg Size: 139 KB
Porta itineris dicitur longissima esse
  • #16,905
  • Aug 28, 2014 8:00am Aug 28, 2014 8:00am
Trade #7

AUDJPY out by TS

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 54 KB


Trade #8

[Bonus Trade #3]

EURCAD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 62 KB


Trade #9

[Bonus trade #4]

GBPAUD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 54 KB


Masterrmind........
Master your Mind then Master your Trades
  • #16,906
  • Aug 28, 2014 8:16am Aug 28, 2014 8:16am
Hi MM, first of all compliments .. you're a pip-machine !! Just a question, no controversy, only curiosity: which is your win/loss ratio ? It looks like 100% win
Porta itineris dicitur longissima esse
  • #16,907
  • Aug 28, 2014 8:38am Aug 28, 2014 8:38am
ec +5

ej +5

gj -10
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURCADH1 4.png Size: 62 KB
Click to Enlarge Name: EURJPYH1 2.png Size: 68 KB
Click to Enlarge Name: GBPJPYM15 4.png Size: 77 KB
  • #16,908
  • Aug 28, 2014 9:13am Aug 28, 2014 9:13am
Quoting bubincka
Hi MM, first of all compliments .. you're a pip-machine !! Just a question, no controversy, only curiosity: which is your win/loss ratio ? It looks like 100% win
I wish it was but it is not!

If you look back in the thread you will find the losses.

In reality when you see a trade I make at either BE or taken out by TS this is in fact a net loss.

One of the reasons I hate TS but it is insurance.

Good Trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #16,909
  • Aug 28, 2014 9:25am Aug 28, 2014 9:25am
Trade #10

GBPCHF out at BE

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 49 KB


Trade #11

EURCAD out by TS

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 61 KB


Trade #12

NZDJPY out by TS

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 56 KB


Comment: Haunted by the TS again!

Masterrmind..........
Master your Mind then Master your Trades
  • #16,910
  • Aug 28, 2014 9:56am Aug 28, 2014 9:56am
A question to everyone

After a messy trading day today, I thought to do a little homework on this demo account...
And I found that there is a quite sizeable slippage involved, despite the orders traded with hard SL, TP, and TS.
The demo account is ECN, so, some slippage can be expected and accepted, although this system isnt traded on exotics, and the pairs I choose are rather active and liquid ones. Also, for example, today is nothing like a fast moving trading day, I think.
Anyway, since I still into finding data for stat reasons, I had 17 trades today with this system...
Out of those 3 order was filled right on TP...
2 orders had positive slippage for a total of +1 pip...
13 orders has negative slippage for a total of -7.6 pips...

The summary:
1. this distribution doesnt look like a fair coin toss like number; 13:2 negative vs. positive?
2. total slippage loss is -6.6 pips!!!
3. I trade this system on a $5000, 100:1 ECN....thus ech position is sized as 1 lot....meaning as per #2, this slippage loss is approx. $66, or -1.3% of the balance!!!
(ECN commissions are excluded in this math, it is purely about the slippage!)

Thoughts?
Do you encounter slippage on your orders?
Do you even pay attention to this?

Today, the worst SL had a slippage of 2.2 pips!!! 2 fills like that can eat away 1 TP order!
there is always, always another trade!!
  • #16,911
  • Aug 28, 2014 10:08am Aug 28, 2014 10:08am
Quoting profitfarmer
A question to everyone After a messy trading day today, I thought to do a little homework on this demo account... And I found that there is a quite sizeable slippage involved, despite the orders traded with hard SL, TP, and TS. The demo account is ECN, so, some slippage can be expected and accepted, although this system isnt traded on exotics, and the pairs I choose are rather active and liquid ones. Also, for example, today is nothing like a fast moving trading day, I think. Anyway, since I still into finding data for stat reasons, I had 17...
Great comment!

Yes well aware of slippage issues and have analysed them since (well lets say a very long time) and this occurs at any brokerage at any time and it appears to be a difficult nuisance to get rid of as it is always present.

Most traders have gone the route of doing business with the lowest spreads they can find while others simply throw the slippages into a bag and tag it as "simply the cost of doing business".

Whichever way you look at it it's very annoying unless of course it favors you more than the other side (fact is it does not!)

Try trading 10 and higher ratios of what you are demo trading and see what an impact it makes.....hmmm!

All the best,

Masterrmind...........
Master your Mind then Master your Trades
  • #16,912
  • Aug 28, 2014 10:10am Aug 28, 2014 10:10am
Quoting Masterrmind
{quote} I wish it was but it is not! If you look back in the thread you will find the losses. In reality when you see a trade I make at either BE or taken out by TS this is in fact a net loss. One of the reasons I hate TS but it is insurance. Good Trading, Masterrmind...........
Thank you for your answer ! I wish all my losses were TS !! I should subscribe it as my worst case scenario.....
Porta itineris dicitur longissima esse
  • #16,913
  • Aug 28, 2014 10:12am Aug 28, 2014 10:12am
Quoting bubincka
{quote} Thank you for your answer ! I wish all my losses were TS !! I should subscribe it as my worst case scenario.....
Surely when you get to that stage you will understand a great deal about the way the market moves!

All the best,

Masterrmind...........
Master your Mind then Master your Trades
  • #16,914
  • Aug 28, 2014 10:14am Aug 28, 2014 10:14am
Time to rest......

Good luck to all remaining traders

Masterrmind.......
Master your Mind then Master your Trades
  • #16,915
  • Aug 28, 2014 11:00am Aug 28, 2014 11:00am
I'll go to bed too... today only one trade...
My hope has been almost completely shattered, but not completely yet
  • #16,916
  • Aug 28, 2014 1:01pm Aug 28, 2014 1:01pm
today is by-far the most horrible day of all my trading days. 2 TP, and a staggering 6 SL.
Still going through the whole thing to try and detect mistakes and possible error pattern. Terrible, just terrible.
  • #16,917
  • Aug 28, 2014 3:10pm Aug 28, 2014 3:10pm
Quoting easygoing
PA was too fast; I missed GU and AU. {image} COMMENT: I use my own script to place a pending order at the next 00 level. That's why there's a red arrow at 0.93600 AU. I canceled that order.
Hey there,which script are you using? Can you share that?Thanks
  • #16,918
  • Aug 28, 2014 3:12pm Aug 28, 2014 3:12pm
Gbpcad short @.900 +5 tp
Attached Image


EURCAD SHORT @1.4300 BE TS
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 37 KB
  • #16,919
  • Aug 28, 2014 3:38pm Aug 28, 2014 3:38pm
Quoting Masterrmind
Trade #7 AUDJPY out by TS {image} Trade #8 [Bonus Trade #3] EURCAD +5 TP {image} Trade #9 [Bonus trade #4] GBPAUD +5 TP {image} Masterrmind........
Hi Master,

You Seem to be going with great guns with this method.

Nice.

Now that you are in this system for last 2 months or so.

How is the a/c growth ? Do you use spread sheet to monitor growth ?

I too use the same method, but one difference, I take trades even if Daily is green but hourly is red. A ll other rules are same as per this method.

Nice going for me too for the last 7 weeks.

Hopefully I will see some millions in the next few years with this 2 % per day spread sheet.
Intraday only.
  • #16,920
  • Edited 8:35pm Aug 28, 2014 8:03pm | Edited 8:35pm
EURNZD tp 5.5 pips
AUDNZD tp 5.5 pips
NZDJPY tp 5.5 pips
NZDUSD tp 5.5 pips
EURNZD tp 5.5 pips (BIS)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurnzd tp 55.PNG Size: 67 KB
Click to Enlarge Name: audnzd tp.PNG Size: 76 KB
Click to Enlarge Name: nzdjpy tp 55.PNG Size: 69 KB
Click to Enlarge Name: NZDUSD 55.PNG Size: 68 KB
Click to Enlarge Name: EURNZD 55.PNG Size: 62 KB
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