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As simple as possible: 00 level trading

  • #20,861
  • Nov 6, 2014 10:42pm Nov 6, 2014 10:42pm
Quoting L0pg
EURUSD +5 {image} GBPJPY -10 {image} How would you trade this candle? Was looking at it, decided to pass on the 300 level. {image} Markets kind of quiet tonight... @Masterr, My plan for increasing lot size is to increase it on every even numbered increase on my account. So if I had $1000, I would not increase my lot size until I earned my way to $2000. Slower building, but mentally, it makes me "feel" better. Leading to less want to revenge trade, or chase the market.
Some nice interesting comments you have made about your personal thinking......

I see no problem with your lot size increase strategy....steady as she goes!
Very common amongst traders to increase lot size on a per '000 increase in account equity but there are many other methods too!

If you apply the pending order scripts to your trading by starting @ 1% or 2% risk per trade then after each successive TP your account is nicely compounded however starting at $1000 etc might mean that you need to make several positive trades before an increase in lot size is noticed. Different story when you are trading @ higher equity (really notice the jump in lot size) but that might be for a future time for you...no problem!

If you feel comfortable using 0.4 lots @ $2000 of account equity (per 2% SL / 1% TP) then by all means trade with that until you get to $4000 then you can trade at 0.8 lots per trade until you reach $6000 then trade @ 1.2 lots......I think you get the message. Its your money after all....

The beauty with the scripts is that provided you trading win rate is kept nice and high your account will theoretically increase a lot faster. For some traders this is important whilst for others they prefer to take the slower lane and that's perfectly fine, you need to decide what suits you and your conditions because no-one else has the exact same trading circumstances as you.

Never attempt to revenge trade....the market will smash you up...its far bigger than anyone in this world and for all intents and purposes it has bottomless pockets.

I'm very pleased to see how aware you are of revenge trading and chasing the market because these are exactly the types of trading mentalities that you must conquer immediately.

Good Trading to you,

Masterrmind..............
Master your Mind then Master your Trades
  • #20,862
  • Nov 6, 2014 10:43pm Nov 6, 2014 10:43pm
Quoting Masterrmind
Trade #1 USDJPY +5 TP {image} Masterrmind...........

Why did not you shoot one candle earlier ?

Anyhow, congrats for green pips !
  • #20,863
  • Nov 6, 2014 10:47pm Nov 6, 2014 10:47pm
Quoting Stingr
{quote} Nice ones, snail69, I caught that AUDUSD channel as well but only on one trade. (do you ever have losing trades? )
Sure do. Posted along with wins. :nerd:
  • #20,864
  • Nov 6, 2014 10:49pm Nov 6, 2014 10:49pm
Quoting snail69
{quote} Why did not you shoot one candle earlier ? Anyhow, congrats for green pips !
Sometimes I like to watch either a M5 or usually an M15 candle at the start of a new hour and just wait and see how PA reacts (what it does and where it goes)...

I don't always jump straight into the trade, this is a very useful technique that I use quite often.

On an hourly chart you would have been none the wiser because time of entry would have been unclear.....

ps. If I need more confirmation then I will simply enter later...simple as that!

Masterrmind.............
Master your Mind then Master your Trades
  • #20,865
  • Nov 6, 2014 10:49pm Nov 6, 2014 10:49pm
Quoting Stingr
{quote} did you also wait for the price retracements with ASH changing colour between consequent trades in one direction, that Udine mentioned in post #20827?
Stingr, i do not use Ash. Just following price and using support and resistance, plus candles. :nerd:
  • #20,866
  • Nov 6, 2014 10:51pm Nov 6, 2014 10:51pm
Quoting Samsamall
{quote} Your spread is very low. Here in Cambodia, the spread is 10 + commission 3%!!! Total 13 pips in spread.
Total 13pips is much too large.

You might want to change your broker or change your trading plan (other than Udine's 00 level). I hope you will find a good one.
You can take advantage of the globalization and the internet.

And my spread is not the best. By seeing other traders' charts, you will find very, very low spread.

Compared to the traders with less than 1 pip spread,
I have to be more picky to win. Now I enter only if I expect 8pip TP (and get 5 pips).
My hope has been almost completely shattered, but not completely yet
  • #20,867
  • Nov 6, 2014 11:00pm Nov 6, 2014 11:00pm
Trade #3 [Bonus trade #1]

EURJPY +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB


Masterrmind............
Master your Mind then Master your Trades
  • #20,868
  • Nov 6, 2014 11:09pm Nov 6, 2014 11:09pm
Quoting easygoing
{quote} Total 13pips is much too large. You might want to change your broker or change your trading plan (other than Udine's 00 level). I hope you will find a good one. You can take advantage of the globalization and the internet. And my spread is not the best. By seeing other traders' charts, you will find very, very low spread. Compared to the traders with less than 1 pip spread, I have to be more picky to win. Now I enter only if I expect 8pip TP (and get 5 pips).
Thank mate, currently I'm trading Gold. The price move actively and I can make some pips between each support/resistant line. Good luck to you
Trade at your own risk. Don't follow one's opinion.
  • #20,869
  • Nov 6, 2014 11:15pm Nov 6, 2014 11:15pm
Quoting Samsamall
{quote} Thank mate, currently I'm trading Gold. The price move actively and I can make some pips between each support/resistant line. Good luck to you
Gold has been very interesting these days, my friend. (BTW right now Oil is interesting for me, too.)
I hope you enjoy profits whatever you trade. Good luck to you too!
My hope has been almost completely shattered, but not completely yet
  • #20,870
  • Nov 6, 2014 11:24pm Nov 6, 2014 11:24pm
Quoting nobby911
{quote} Hi Mastermind, Could you tell me how you get the "PsyLevels Dashboard" to match the Multimeter in yours the H1 & D1 match the direction indicated in the "PsyLevels Dashboard" but i loaded the dashboard with standard settings and they dont match so they are giving conflicting messages 1544844 as you can see eur/usd is showing both D1 @ H1 as green whereas the trend multimeter is showing all tf's as red {image}
Hi Mastermind any ideas on how to sort this out

Thanks
  • #20,871
  • Nov 7, 2014 12:22am Nov 7, 2014 12:22am
Quoting nobby911
{quote} Hi Mastermind any ideas on how to sort this out Thanks
Based on your chart and assuming the DO is right you have the trend meter correct but the psylevels dashboard wrong.

Have you tried compiling your psylevels indi in MT4 editor and checking for error messages.

Assuming that's ok then pull the indi from your folder, restart your MT4 platform, insert the indi into the MQL4>Indicator folder, restart platform and attach psy levels to say a EURUSD chart.

Then tell me what it does?

Next I will be checking your parameter settings if the above fails.

I had a similar problem to you....

Let me know how you get on...

Masterrmind...........
Master your Mind then Master your Trades
  • #20,872
  • Nov 7, 2014 12:26am Nov 7, 2014 12:26am
Trade #3

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM15.png Size: 37 KB


Trade #4

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM5.png Size: 37 KB


Closing up shop for the night. 1% up for the day, better than down!
War. Is my profession.
  • #20,873
  • Nov 7, 2014 12:31am Nov 7, 2014 12:31am
Quoting L0pg
Trade #3 {image} Trade #4 {image} Closing up shop for the night. 1% up for the day, better than down!
1% up for the day is leaving the trading day in a positive note.

Good trading I say......

Masterrmind.............
Master your Mind then Master your Trades
  • #20,874
  • Nov 7, 2014 12:35am Nov 7, 2014 12:35am
Quoting Masterrmind
{quote} 1% up for the day is leaving the trading day in a positive note. Good trading I say...... Masterrmind.............
Good morning would you be able to answer PM?
  • #20,875
  • Nov 7, 2014 12:38am Nov 7, 2014 12:38am
Trade #4 [Bonus trade #2]

XAGUSD +5 TP

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 44 KB


Masterrmind.............
Master your Mind then Master your Trades
  • #20,876
  • Nov 7, 2014 12:47am Nov 7, 2014 12:47am
Quoting orangutangas
{quote} Good morning would you be able to answer PM?
PM sent to you... sorry for the delay must have over looked it...been very busy responding and trading etc.

If you need further clarification then just Pm me again.

All the best,

Masterrmind........
Master your Mind then Master your Trades
  • #20,877
  • Nov 7, 2014 12:58am Nov 7, 2014 12:58am
AJ +5
2 wins. Done for the day.
Thank you Udine. I really like your way. I've been trying to change my work style and put more time into trading.
Attached Image
My hope has been almost completely shattered, but not completely yet
  • #20,878
  • Nov 7, 2014 12:58am Nov 7, 2014 12:58am
good morning,

see that some have been active already.. and collected some green pips..

Let's see if I can get some as well..

stay green

Udine
Sleep less, live fast, as it aint gonna last
  • #20,879
  • Nov 7, 2014 12:59am Nov 7, 2014 12:59am
Hello traders!

Firstly, i would like to thank Udine for sharing such valuble information.

I've came across the thread a month ago and immediately started reading with caution.
I finally broke through and i feel i am ready to jump into discussion, post my trades and somehow contribute to Udine's community
From this day i am starting with demo account, logging my journal and saving screenshots of every trade i'll take.

Before i start i need some clarification:
1. Are you still allowed to enter only 1 trade per hour or do new rules allow you to take one trade per 15 minutes since you have changed timeframe from H1 to M15?
2. Is there a way to automatically cancel a pending order if price breaks the opposite 50 / 00 level?

Thanks, D
  • #20,880
  • Nov 7, 2014 1:04am Nov 7, 2014 1:04am
Quoting Masterrmind
{quote} PM sent to you... sorry for the delay must have over looked it...been very busy responding and trading etc. If you need further clarification then just Pm me again. All the best, Masterrmind........
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