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As simple as possible: 00 level trading

  • #19,381
  • Oct 7, 2014 11:23am Oct 7, 2014 11:23am
Quoting flx69
{quote} Hi there FXE, Nice to see you stopping by ! Hope all´s well and that you´re getting plenty of green pips. I am out for the day. Grand total +5 pips was the result of blood sweat and tears ;-) Speak tomorrow. flx69

hey bud.. take it to the bank brother, it's all fun and it's the beauty of our job, the challenge.. and tomorrow is another day for better.

stay green.
Passion, Persist, Patience, Protect
  • #19,382
  • Oct 7, 2014 1:30pm Oct 7, 2014 1:30pm
Quoting Anusragger
Hi everyone, I've read the first and last pages of this thread and I do like the method. I understand that it's profitable with a 75+% hit rate. But that's 1 loss in 4 trades, so 10 pips. So 3 wins @ 5 pips leaves you with a total profit of 5 pips. Udine, you want 2 wins to reach your target. So, do you make an average of 8 trades per day? If not so, what am I missing?
@Anusragger
“ If not so, what am I missing?”

Well, please bear in mind that this is a Quixotic thread.

quixotic /kwɪkˈsɒtɪk/ (comparative more quixotic, superlative most quixotic)
Possessing or acting with the desire to do noble and romantic deeds, without thought of realism and practicality; exceedingly idealistic.
1. {C}Impulsive.
2. Like Don Quixote; romantic to extravagance; absurdly chivalric; apt to be deluded.

Udine is starring as Don Quixote, and most thread members, frequently posting (only winning of course) trades, star as Dulcinea, Sancho Panza, the Knight of the White Moon (that would be me), … and of course Cardenio.

Would you be so kind to assume Cardenio´s role in this thread?
In the novel, Don Quixote, the character Cardenio is first encountered by Don Quixote and Sancho wandering in the desolate mountains of Sierra Morena. He at first avoids the Knight and Sancho, appearing as a long-haired, half-clothed, and long-bearded hermit (the two refer to him as "The Ragged One").

Of course this thread is full of people tilting at windmills, but hey, this is occupational therapy in its purest form and as good as it gets (and it´s free) !!!

Hope this answers your question my friend.

flx69 (aka The Knight of the White Moon from now on)
  • #19,383
  • Oct 7, 2014 1:47pm Oct 7, 2014 1:47pm
Quoting Udine
{quote} change thje chart timeframe to M15 and check if its working.. Udine
No, I've checked all timeframes.
  • #19,384
  • Oct 7, 2014 1:59pm Oct 7, 2014 1:59pm
Quoting flx69
{quote} @Anusragger “ If not so, what am I missing?” Well, please bear in mind that this is a Quixotic thread. quixotic /kwɪkˈsɒtɪk/ (comparative more quixotic, superlative most quixotic) Possessing or acting...
Are you saying this is a bullshit thread?
  • #19,385
  • Oct 7, 2014 2:11pm Oct 7, 2014 2:11pm
dont post much but this aint a BS thread. This is discipline. The problem in this style of trading is knowing what not to take! and that my friends is what each one needs to find out. Udine, Jibala, flx, mastermind etc have got it....and so do I!
  • #19,386
  • Oct 7, 2014 5:53pm Oct 7, 2014 5:53pm
Quoting joe12345
dont post much but this aint a BS thread. This is discipline. The problem in this style of trading is knowing what not to take! and that my friends is what each one needs to find out. Udine, Jibala, flx, mastermind etc have got it....and so do I!
Well put joe12345, nail on the head.
Your post made me think of the following;

"To be is to do"
Socrates
  • #19,387
  • Oct 7, 2014 8:33pm Oct 7, 2014 8:33pm
Quoting Anusragger
Hi everyone, I've read the first and last pages of this thread and I do like the method. I understand that it's profitable with a 75+% hit rate. But that's 1 loss in 4 trades, so 10 pips. So 3 wins @ 5 pips leaves you with a total profit of 5 pips. Udine, you want 2 wins to reach your target. So, do you make an average of 8 trades per day? If not so, what am I missing?
Hi Anusragger, you are right in being concerned with issues of money management such as R:R - as any good trader should be. As we saw a few days ago our fellow trader arianptc01 suffered 4 consecutive losses (and perhaps more) in one session - this would have been detrimental (with regard to scalping in general) with high R:R ratios against the trader. I'm guessing traders trying systems like this 'blanket trade' in the sense that they simply try anything and everything - and hope the set rules will work regardless of market conditions / price action etc. This will not work given the fundamental nature of the market (not to mention realities of trading). Traders like Udine make it work through sheer experience and perseverance (by no means a trivial nor mechanical task).

EU+6, NU+6, GU+6, Uchf+6, UJ+10, AU+7 [UCad was looking good for .600 short but just froze?] (sorry no charts, on lunch break )
  • #19,388
  • Oct 7, 2014 8:44pm Oct 7, 2014 8:44pm
NZDUSD: Good momentum
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  • #19,389
  • Oct 7, 2014 8:47pm Oct 7, 2014 8:47pm
GBPUSD: Same story. Price X Velocity = Momentum
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  • #19,390
  • Oct 7, 2014 8:56pm Oct 7, 2014 8:56pm
EURUSD: And that should do it for now. Forget the wins...they will come. Think about the process on why you should not take the trade. I found really no reasons so I took it.
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  • #19,391
  • Oct 8, 2014 12:38am Oct 8, 2014 12:38am
Quoting griffinssoul
{quote} Hi Anusragger, you are right in being concerned with issues of money management such as R:R - as any good trader should be. As we saw a few days ago our fellow trader arianptc01 suffered 4 consecutive losses (and perhaps more) in one session - this would have been detrimental (with regard to scalping in general) with high R:R ratios against the trader. I'm guessing traders trying systems like this 'blanket trade' in the sense that they simply try anything and everything - and hope the set rules will work regardless of market conditions /...
I've reread the rules again. According rule 16: Trailstop 3.5 pips. This essentially means that Udine uses an sl of 3,5. So our ratio is now approx 1:1,4 If winning percentage is still >75%...
  • #19,392
  • Oct 8, 2014 1:06am Oct 8, 2014 1:06am
GM Thread!

Trade#1 GJ to TP

Greetz Michael
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  • #19,393
  • Oct 8, 2014 1:27am Oct 8, 2014 1:27am
Quoting Anusragger
{quote} I've reread the rules again. According rule 16: Trailstop 3.5 pips. This essentially means that Udine uses an sl of 3,5. So our ratio is now approx 1:1,4 If winning percentage is still >75%...
Its good to think about TS's and strategies to minimize loss but the R:R that I refer to is the initial R:R - this (the initial ratio) does not change under managed conditions as they are all post alterations (the re-evaluated ratio, of course, does). It may be the case that the market goes against you within 3.5pips, taking your 10pip SL without the intervention of the TS. (Anusragger, there are good discussions about TS's a few pages back (I think) in this thread.)
  • #19,394
  • Oct 8, 2014 1:29am Oct 8, 2014 1:29am
Trade #2 EU to TP

Greetz Michael
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  • #19,395
  • Oct 8, 2014 1:35am Oct 8, 2014 1:35am
Quoting Anusragger
{quote} I've reread the rules again. According rule 16: Trailstop 3.5 pips. This essentially means that Udine uses an sl of 3,5. So our ratio is now approx 1:1,4 If winning percentage is still >75%...

Wrong !!!

SL = 10
Trailstop kicks in when the profit is 3.5 pips and sets the SL to 0..

its a matter of reading...

And seriously.. to get 10 pips, i dont need 7 - 8 trades...

Udine
Sleep less, live fast, as it aint gonna last
  • #19,396
  • Oct 8, 2014 1:40am Oct 8, 2014 1:40am
Quoting mwsteiner
GM Thread! Trade#1 GJ to TP Greetz Michael {image}
Buenos días familia,

Nice trade (and also profitable) Michael, but not according to the rules...
Remember, FF Open, only levels ...

flx69
  • #19,397
  • Oct 8, 2014 1:44am Oct 8, 2014 1:44am
Quoting flx69
{quote} Buenos días familia, Nice trade (and also profitable) Michael, but not according to the rules... Remember, FF Open, only levels ... flx69
Fu...

its my first day i can trade so early so i have forgotten about this.... shame on me!!

Thanks alot flx, i need this feedback i haven´t thought about that...

Greetz Michael
  • #19,398
  • Oct 8, 2014 1:44am Oct 8, 2014 1:44am
Quoting Udine
{quote} Wrong !!! SL = 10 Trailstop kicks in when the profit is 3.5 pips and sets the SL to 0.. its a matter of reading... And seriously.. to get 10 pips, i dont need 7 - 8 trades... Udine


First off, I did not wanted to insult you I'm just trying to figure ou the numbers in my head.
Second: Now I understand. I did read it differently. "16. Trailstop 3.5 pips & Stoploss to BE @ 3.5 pips" I thought this meant when the trade opens it started trailing 3,5 pip and when @ + 3,5 you would be @ BE because of the trailing.

And about those 7-8 trades for 10 pips. Isn't that what's statistically necessary to gain 10 pips if you would not use trailing or breakeven?
4 trades:
win 3*5=15
lose 1*-10=-10
result 15-10=5

8 trades:
Same as above
result: 5*2= 10 pips
  • #19,399
  • Oct 8, 2014 1:48am Oct 8, 2014 1:48am
Quoting Anusragger
{quote} First off, I did not wanted to insult you I'm just trying to figure ou the numbers in my head. Second: Now I understand. I did read it differently. "16. Trailstop 3.5 pips & Stoploss to BE @ 3.5 pips" I thought this meant when the trade opens it started trailing 3,5 pip and when @ + 3,5 you would be @ BE because of the trailing. And about those 7-8 trades for 10 pips. Isn't that what's statistically necessary to gain 10 pips if you would not use trailing or breakeven? 4 trades: win 3*5=15 lose 1*-10=-10 result 15-10=5 8 trades: Same as above...
You need 2 good trades = 2 wins = 10pip not more!

But it´s not easy to find these 2 perfect trades... PDF and learn, learn, learn!!

Greetz
  • #19,400
  • Oct 8, 2014 2:15am Oct 8, 2014 2:15am
Quoting mwsteiner
{quote} You need 2 good trades = 2 wins = 10pip not more! But it´s not easy to find these 2 perfect trades... PDF and learn, learn, learn!! Greetz


Trade #1 EU TP.

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Only one more and I am done!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
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