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Monitor for 'Trading Made Simple' system 565 replies

Trading Made Simple the right way, and other trading lessons 334 replies

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MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

  • #45,181
  • Nov 27, 2014 10:43am Nov 27, 2014 10:43am
Quoting snarlyjack
Fear Greed Hope Regret Not understanding risk/reward Not understanding position sizing Are you a trader or a gambler Allowing your emotions to cloud your judgement Giving in to your emotions Not having patience Over trading & being to involved in the trade Not taking your profits when you should Forex trading can be very addictive The best way to deal with all these issue's is to be very aware of them. And knowing your mental state before you start trading. Are you angry? Did you just break up with your s/o? Do you feel pressured to make lot's of...
Well said Sj. I recommend watching Denise Shull on Youtube, and her book Market Mind Games to raise your awareness of your personal mental/emotional geography. I think you'll be very surprised by her conclusions and where your approach to the market comes from.
K
Thanks for your help, warmth and straight talking Heather.
  • #45,182
  • Nov 27, 2014 10:52am Nov 27, 2014 10:52am
Quoting mact4
{quote} Still working on a cleaner chart! However, these lines are clear to me as they are part of my analysing process - looking for confluence. My apologies. I should have deleted them before posting.
Got to go out. Price at Daily range and S/R zone so retracement possible. Closed 2 for +25. Left 1 to run. with stop at BE
  • #45,183
  • Nov 27, 2014 10:58am Nov 27, 2014 10:58am
Sesame Street, I'm not addressing my question to die 5-jährige Kind like you.
  • #45,184
  • Nov 27, 2014 11:30am Nov 27, 2014 11:30am
Hi all,

SJ - sorted my chart - what do you think?


Made a whole £10 on a demo account today and managed to fix my graphs so may retire for the weekend - still not sure if I should line up H1 or M30 as happy to watch the charts as think I will learn more....but want to venture in at the right opportunity - do you all share when a line up in each persons HO is ready for Pipage?
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  • #45,185
  • Nov 27, 2014 11:53am Nov 27, 2014 11:53am
Quoting snarlyjack
Good morning Tms, Tms is a excellent system & were getting pretty good at trading it But their is more...the mental side of trading. Trading can be a huge "black hole" of emotions that you need to be aware of. Let me give you some examples of emotional trading & trading mistakes. Fear Greed Hope Regret Not understanding risk/reward Not understanding position sizing Are you a trader or a gambler Allowing your emotions to cloud your judgement Giving in to your emotions Not having patience Over trading & being to involved in the trade Not taking...
Very true SJ, not only trying to learn this method but also trying to learn some of the traits that make a good trader, patience I believe is key to this method. Having red BigE's posts I see he was recommending using the 1H time frame during the LO, do most of you guys stick to the 1H time frames now or still got with the 4H or try and like up 1H, 4H, Daily and stick with the daily trend? I have been studying some old charts on the 4H and Daily time frames, I must say I can see how profitable the Daily is but getting in on the 2nd or 3rd candle often proves hard work.
  • #45,186
  • Nov 27, 2014 11:55am Nov 27, 2014 11:55am
Quoting fxtrader29ca
{quote} Greenb what indicator gives you the HA signal arrows on your chart? Thanks!
that would be xTDI_arrow, you can find it on the attachment part (paperclip) top of thread
Daniel
  • #45,187
  • Nov 27, 2014 2:30pm Nov 27, 2014 2:30pm
just wondering how many currency pairs people trade as I think i am trying to analyse to many and i should reduce it to about 4 or 5

thanks
  • #45,188
  • Nov 27, 2014 2:38pm Nov 27, 2014 2:38pm
Quoting GrantMcscott
just wondering how many currency pairs people trade as I think i am trying to analyse to many and i should reduce it to about 4 or 5 thanks
Grant,

This completely depends on the individual. If you don't feel comfortable, you're probably watching too many pairs.

Many traders in this thread successfully trade 6-12 currency pairs. However, I'd say while you're learning, less is definitely more.

I've been following this thread for a while but didn't really start "learning" until I focussed on one currency pair and one timeframe.

I've traded EURAUD H1 exclusively now for around 8 weeks and am starting to understand how it moves in different scenarios.

Using this approach also teaches you an important lesson in patience.

Hope this helps!

Best of luck!
Focus on the process and the profits will follow
  • #45,189
  • Nov 27, 2014 2:50pm Nov 27, 2014 2:50pm
Quoting Ballistical
{quote} Grant, This completely depends on the individual. If you don't feel comfortable, you're probably watching too many pairs. Many traders in this thread successfully trade 6-12 currency pairs. However, I'd say while you're learning, less is definitely more. I've been following this thread for a while but didn't really start "learning" until I focussed on one currency pair and one timeframe. I've traded EURAUD H1 exclusively now for around 8 weeks and am starting to understand how it moves in different scenarios. Using this approach also teaches...

Cheers I think I will narrow it down and focus on 1 or 2 - trade less learn more perhaps
  • #45,190
  • Edited 4:29pm Nov 27, 2014 4:12pm | Edited 4:29pm
Quoting poyais
Hi, As I think that the eelFranz system is nothing but Heikin-Ashi confirmed by Traders Dynamic Index and has little bearing on EMA, I'm wondering if there is anyone who made his logic a fully automated and proved it to be literally a 500-pip a week system. In my opinion, it's possible as long as it's furnished with another logic to discern the sideways markets, although this is required for any trend-following system to be successful.
There might be long, very long discussions about automatized system, and believe me I completely understand your strive, but if you would like to know my opinion is this:
I've been on the financial markets since 2006, my thesis in business and finance was on 'automatized trading systems: back-test and optimization procedures' , for someone quite rational and into math/programming, it's really challenging and intriguing to think to find a 'help' with a computer to avoid emotions, human errors ... etc ... but, here's the catch: the automatized-system is itself biased by a human person, the coder that decide to code it in such a fashion, or another, and how he/she back-tests and optimize it (to find the optimal parameters ... but what is optimum for the past is not always optimum for the future) , so all this big story to get to these conclusions:

  1. markets are not a science, it's not a 1+1=2 system, in trading 1+1 sometimes is =3, or 1, or 2 ... or -1
  2. markets are not random, and are not self-repeating, they change and they also repeat themselves somehow
  3. automatic systems DO work (such as in HFT funds, etc...) but they require A HUGE investment in CONSTANT research to fine-tune them, and adapt them to the changing markets
  4. when you optimize a system doing back-tests, there is a huge 'overfitting' problem, you tend to produce 'the best system for the past' but then you will apply it to the future, which is not 1:1 with the past
  5. I've NEVER met a retail-trader that consistently makes profit with a ever-lasting automatic system (maybe they make some profits, then the system blows up, and they change it, and on and on ... at best it's a break-even)
  6. for working on the markets for a living (which i do) you cannot allow yourself to get to break-even only, this is a business, it's not entertainment, you cannot go grocery-shopping paying with a 'break-even check' or a 'break-even credit card'

With all this, I can say I am actually happy that the markets are not only robot-controlled, and trading can still remain an 'art' ... which undergoes with human decisions, feelings, emotions and so on.

So, all in all, you can try to produce an EA to replicate the TMS, for fun, for coding challenging purposes, but, I am 99.99% confident it would be not 'useful' to produce constant and consistent profits, especially with the MT4, also for its (the MT4) simple back-testing and optimization procedures.

  1. No fast-lane
  2. No speedy-boarding pass
  3. No free lunch


This is my 2 cents, but if you need some advice, anything that might be helpful for you, just ask, and you shall receive
have a nice day - green pips to you

Lorenzo
  • #45,191
  • Nov 27, 2014 5:16pm Nov 27, 2014 5:16pm
Thanks that is good advice .Thanks much
  • #45,192
  • Nov 27, 2014 5:29pm Nov 27, 2014 5:29pm
Quoting poyais
Hi, As I think that the eelFranz system is nothing but Heikin-Ashi confirmed by Traders Dynamic Index and has little bearing on EMA, I'm wondering if there is anyone who made his logic a fully automated and proved it to be literally a 500-pip a week system. In my opinion, it's possible as long as it's furnished with another logic to discern the sideways markets, although this is required for any trend-following system to be successful.
Poyais,

If I were you I would contact Dean Malone at Compass Fx.
If their is a system like you describe I'm sure he would know
about it. If he doesn't know anything, I would contact Britpip.

Good luck!

sj
  • #45,193
  • Nov 27, 2014 5:31pm Nov 27, 2014 5:31pm
Quoting twellve
Hi all, SJ - sorted my chart - what do you think? Made a whole £10 on a demo account today and managed to fix my graphs so may retire for the weekend - still not sure if I should line up H1 or M30 as happy to watch the charts as think I will learn more....but want to venture in at the right opportunity - do you all share when a line up in each persons HO is ready for Pipage? {image}
Twellve,

That is excellent trading! Your starting out good!

On the system, I'm not sure we need the arrows.
It seems to me they are kinda redundant.
Try it without the arrows & look at the levels.
  • #45,194
  • Nov 27, 2014 5:34pm Nov 27, 2014 5:34pm
Lorbax,

I think we have the possibility here to "sky rocket" the
system, to everyone's benefit. Between all of our brains
& eyes I think we can zero in on this thing in no time.

I think this is going to be fun...

Welcome.

sj
  • #45,195
  • Nov 27, 2014 5:40pm Nov 27, 2014 5:40pm
Quoting MrAussieFX
I didn't found the Daily Setup on EN daily as I was expecting in post #45,022 but I did found GN daily (trade taken on H4). Pre-Entry explanation Daily GN {image} H4 Entry explanation {image} Result GN H4 {image} Kindest Regards
MrAussieFX,

I think your doing great!
Keep doing what your doing
  • #45,196
  • Nov 27, 2014 5:43pm Nov 27, 2014 5:43pm
Quoting Kanderpro
{quote} Well said Sj. I recommend watching Denise Shull on Youtube, and her book Market Mind Games to raise your awareness of your personal mental/emotional geography. I think you'll be very surprised by her conclusions and where your approach to the market comes from. K
Kanderpro,

That is a very good suggestion, I will check it out.

Thanks & nice meeting you!

sj
  • #45,197
  • Nov 27, 2014 6:11pm Nov 27, 2014 6:11pm
Quoting snarlyjack
Lorbax, I think we have the possibility here to "sky rocket" the system, to everyone's benefit. Between all of our brains & eyes I think we can zero in on this thing in no time. I think this is going to be fun... Welcome. sj
SJ thanks for the constant daily support you always provide, support is so much necessary, for our 'psychological capital protection'

GBP/AUD D1/H4/H1 3x +40ish pips -- last night trade

This was a bit 'risky' (in the sense of expectancy) as I was checking the D1 (not today's last one!) but it was just being formed at the time I entered, I noticed an IB and LH situation (of course in the course of the day it could have changed) but, considering how far it ran on the previous day, upwards, a pullback was quite likely..

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I hunted for shorts on H4, but the first red candle here you see (1) was @19.00 (GMT+1) previous day, and I didn't enter it as it was out of session...
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So I waited 03.00am (GMT+1) and at that time it was already APB#3 (3) ...But I could see it was starting to push down in the ticker, plus SL was not too bad, with a RR=1.5 and more probably... I entered and set cave-manager to split the order in various TPs ... you can see better on h1 here below:
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In the end I collected 3 sets of 40ish pips each on average ... all flat by 7.00am (gmt+1) - sometimes a pinch of luck it's not bad
Lorenzo
  • #45,198
  • Nov 27, 2014 6:20pm Nov 27, 2014 6:20pm
Quoting lorbax
{quote} SJ thanks for the constant daily support you always provide, support is so much necessary, for our 'psychological capital protection' GBP/AUD D1/H4/H1 3x +40ish pips -- last night trade This was a bit 'risky' (in the sense of expectancy) as I was checking the D1 (not today's last one!) but it was just being formed at the time I entered, I noticed an IB and LH situation (of course in the course of the day it could have changed) but, considering how far it ran on the previous day, upwards, a pullback was quite likely.. {image} I hunted...
Lorbax,

Thank you,

What really helps me is to put in the levels (s/r) so I can target them.
But, I think that is a excellent trade...go for it!

sj
  • #45,199
  • Nov 27, 2014 7:59pm Nov 27, 2014 7:59pm
Quoting Dehyah
{quote} Hello Mr.Scorps, Is it possible to include in the TMS 10EMA DASHBOARD a 45 Min 10 EMA? I want to do some scalping using the 45 min 10 EMA . If you or anyone else out there can help.It will be greatly appreciated. Thank you.
I'm not sure you could do that with the dashboard, I have been trying to add other times frames but without much success, I can understand ur needs for this

Hope I could help
I Have Learned to Take Some Losses to Make Profits
  • #45,200
  • Nov 27, 2014 9:58pm Nov 27, 2014 9:58pm
GBPAUD
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Sad i'm not trying to understand PA
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