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Trading Made Simple

  • #46,681
  • Dec 12, 2014 5:59pm Dec 12, 2014 5:59pm
Quoting Phx62
{quote} I use no more than 1/2 of the ADR as a TP goal. I enter every trade with a 50 pip TP and 50, 40, or 30 pip emergency SL. If price moves in my direction and is moving strong, I move my TP to 100 pips. I monitor the trade at the open of each H1 candle and make decisions based on strength of movement and if that candle closed the same color as the move, I stay in for another candle. If the candle closes strongly in the other direction, I exit manually. Hope this helps.....
thank you for the explanation. it does help actually. for example the EA i took on today trade, it went up to 60/70 pips before a sudden pullback in which the price continues back up again. i was using trail stop and was unfortunately stopped out. but if i had put 50 pips/ 1/2 ADR as goal to begin with, i would have gotten it right there and then. I'm still trying to learn the attitude of this pair, sometimes its nice sometimes it just go seesaw in 1 direction.

Greenb
Daniel
  • #46,682
  • Dec 12, 2014 6:24pm Dec 12, 2014 6:24pm
Quoting adikashyap
Dear SJ and Lastingwell and other seniors, I'm asking few general trading related questions (not directly related to TMS) as few others apart from me also might be facing these dilemmas. Please have patience and advice me. 1. I have 10 pairs, 3 amigos and EJ, UG, GJ, GA, EA, EN and GN, last 4 only because of the higher ATR Pips they keep flushing ... Is it alright to have so many pairs? 2. Though, I have been trading since 3 years (for past 3 months, I have not done live trading. I was going through all the posts by you guys, Phx62, Emmanuel, MrAussiefx,...


1. How big is your screen hahahaha, keep it simple, i have 7 on my screen, but i've been only trading 3-4 of them for the last month and i'm going to throw out a few crosses i don't trade. the rationality of it is that when you see valid signal, often times it also manifest in other co-related crosses. So all you need is really 1 to maximum 2 pairs just in case 1 go and the other doesn't. Too many pairs and it will confused you on which one to trade on and ultimately lures you to overtrade.

2. For me the best analysis is often flawed. most times i look at daily and weekly(since i trade 4h) and determine general trend and how strong it is. I said best analysis is often flawed because we are using old data. The market might respect it, but it may also not. I rather wait for the market to tell me right then where it's planning to go. Of course it's not a bad idea to do analysis before hands. However, i find that you need to be flexible to play in lower TF (1h) and if you analyse too much, you often get the mindset that price have to move certain way and hence becoming less flexible. But if it works for you, then it works for you.

3.The more stuff you need to load the slower MT4 will be period!

4.Common sense means guessing. The definition of common sense is different for every person. Ie. it is common sense for me to wait for my apartment garage to completely closed before moving. Other might say it is common sense to just wait until the door is 1/2 way down etc etc ladidadida... Stop guessing!. Follow the price!. If the price wants to keep going up, no matter how many R on top of it, it will go. Likewise if it wants to go down it will push through Support.

5. 4Htf = 4 1h bar. daily = 24 1h bar. It's all the same. just how much do you want to scroll left really. You can determine trend by looking at hourly,4H/daily. Higher TF is the just thesummary of lower TF.

6.I don't use guppy. and stop overcomplicating your chart. the more indi you have, the harder it is for you to make decision and the less valid signal you will see.

7. babypips.com all you need from elementary to professional. It is advised for any people that want to even touch forex to study all the topics in babypips school.

$10k account....is a lot of money. Tell you what. This might bring a lot of criticism my way, but a month ago, i started a test live account with only $63. Right now, ive grown it 674%. The point is......it's not about how big that initial deposit is. What matter is how you manage your money and your trade. You could have a million dollar and lose it all just by not managing them. My advice, take $500 and use it as a live test for a month. trade 0.1 standard lot. see if by the end of the month if your account survive; in profit or at a loss. That will easily tell you if putting in $10k is worth it or not.
Simply because if your account ended up in a loss after a month or even failed to survive, well you are doing something wrong.

At the end of the day, this is business. TMS is a system, how conservative/aggressive you are in using it will have huge footprint on your account. And this method did not cover the other 1/2 of trading aka your Psychology. Always remember, there is no shortcut.

Hope this helps

Greenb

P.S maybe the way i write sounds harsh, but believe me when i say i have the best intentions in answering any of the question.
P.S.S forex is harsh She could be your best lover tonight and be a Medusa tomorrow
Daniel
  • #46,683
  • Dec 12, 2014 6:54pm Dec 12, 2014 6:54pm
Quoting likica
{quote} I was there did that with very similar time (2007) & paid $$$$$$ for courses (got so much stuff in my head), but still have space and learnt so much for the last 6 months here in TMS thread . People in this thread are kind and patient and generous with their time and knowledge. What else do we need? our disciplines.
It's really hard to find this kind of helpful people around....... Glad to find this wonderful thread.
  • #46,684
  • Dec 12, 2014 9:08pm Dec 12, 2014 9:08pm
Quoting Phx62
{quote} No, it is not necessary but if it happens it is confirmation of a direction. I enter most trades on a break of the previous candle and try to do so with a confirmation from the TDI.
Thanks for your support and help, wish you all the best in new year
I Have Learned to Take Some Losses to Make Profits
  • #46,685
  • Edited Dec 13, 2014 12:09am Dec 12, 2014 9:30pm | Edited Dec 13, 2014 12:09am
Hi Ababias,

Thanks or interested in my oil trading style. I will try to explain as much in words as I can, the best way is having a closer look at my chart.

Quoting ababias
{quote} What are the rules of your trading?
My oil trades were entered on M5 when TDI crossed at S/R (200MA, guppy) and with trend (only go short when price below 200ma, only go long when price above 200ma on M5)

- Sometimes in your chart, I see that you take the trade even though the Green is not yet crossed the Red line on higher time frame.
best and safest trades when M30 or H1 tdi crossed then watch price retrace back to guppy on M5, then enter when same signal confirmed on M5

- It is mandatory that both the time frames cross should be completed? yes, but only enter signal on M5 where price is bounced off guppy.

- On PA side, what kind of analysis do you consider before taking the trade?. On M5 need to have HH HL, LH LL, ... do not go against guppy and 200MA. Divergence is my favourite style

- Your SL & TP will vary on the pair you trade or it is standard SL. SP/PT = 50/50 then moved PT along as price moved

- Once you are in the trade do you move your SL to brake even? no, I acted according to price action (ei. if I was in a short and price moved back and make HL on M5, I exited my trade)

- How the Guppy's are helpful for you analysis? Regards, AB
It gives my trading a lot of sense and more relaxing. Don't have enough words to say thanks to SJ. (Well, before that I used 800MA, 200MA, 50 MA, 20MA to feel the market as you know looking at M5 is not very easy to see big pic on what big guys r doing ), having guppy on my chart making it look more beautiful and useful). As I mentioned on my prev post, guppy is my bodyguard


All the best and have a great weekend.
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Appreciation is the key to wealth and happiness
  • #46,686
  • Dec 12, 2014 9:42pm Dec 12, 2014 9:42pm
Quoting snarlyjack
{quote} Erelation. I trade the 4 hour chart but I look at the next higher time frame for the trend. When I look at the daily chart it screams down trend to me. A long trade on the 4 hour chart would be a counter trend trade. I've been burned by counter trend trades in the past so I would be very careful if I took that long trade. (That is how I trade, everyone is different). Lastingwell & Likica are fast enough to pull it off... I'm a pretty conservative trader. sj
SJ,
EU tested 200 EMA almost 6 times in two days and failed all the times ... That way, EU might / should bounce off from 200 EMA ... I shorted EU @ 1.2465, after it tested 200, failed and then color changed to red ... still sitting on that short with 40 pips SL and TP @ 1.2400, just above 200 EMA on 1H.
But on the other hand, on D, the latest candle broke both the H/L of the previous candle ...
How are you analyzing for strong down trend? Is it because, you feel Guppy range might prove as R Zone?
  • #46,687
  • Dec 12, 2014 9:56pm Dec 12, 2014 9:56pm
Quoting Greenb
{quote} 1. How big is your screen hahahaha, keep it simple, i have 7 on my screen, but i've been only trading 3-4 of them for the last month and i'm going to throw out a few crosses i don't trade. the rationality of it is that when you see valid signal, often times it also manifest in other co-related crosses. So all you need is really 1 to maximum 2 pairs just in case 1 go and the other doesn't. Too many pairs and it will confused you on which one to trade on and ultimately lures you to overtrade. 2. For me the best analysis is often flawed. most...
Thanks a ton Buddy ... Your advice did help ....
I'm not that new to Fx ... 5th Year into trading Fx ... I was not very planned / disciplined ... TMS brought that approach in me .... If Big E simplified my approach ... Less stressful ... Guys like Phx62, Lastingwell, SJ brought in a new dimension in my approach ...
From a "Fx is a source of income" kind of mentality, I have actually started enjoying it every bit ... As Phx62 commented once, it beats to to analyze where the market will go and see it actually going there ....
I have bigger account ... as next year, I'm planning to retire from my professional career .. had 20 good years ... I have to move on now ... and want to ONLY trade Fx well into my retired life .... Having a 10,000$ account gives me cushion to trade standard lots (10$ / a pip) and will compensate the High paying job / career that I'm quitting forever ...
Thanks guys ... You are all awesome ....
  • #46,688
  • Dec 12, 2014 11:17pm Dec 12, 2014 11:17pm
Hi,

I have stopped looking at chart for Dec month but Phx62 chart has inspired me to take this trade as volatility is not decreased yet.

EURAUD +100 pips

Thanks
Manoj
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  • #46,689
  • Edited Dec 13, 2014 12:39am Dec 12, 2014 11:56pm | Edited Dec 13, 2014 12:39am
Quoting manoj_3986
Hi, I have stopped looking at chart for Dec month but Phx62 chart has inspired me to take this trade as volatility is not decreased yet. EURAUD +100 pips Thanks Manoj {image}
It s beautiful trade Manoj. I m not at level 100 in fx yet

Here are my EA for the week just to show a few traders who PM me asking how I traded recently. I told them to focus on 1 pair and EA has been good around FO LO and NY.
Note that this is H1 snapshot to fit all trades in. If following my posts M30 was used a lot at S/R for tdi crosses.

Quoting adikashyap
{quote} Thanks a ton Buddy ... Your advice did help .... I'm not that new to Fx ... 5th Year into trading Fx ... I was not very planned / disciplined ... TMS brought that approach in me .... If Big E simplified my approach ... Less stressful ... Guys like Phx62, Lastingwell, SJ brought in a new dimension in my approach ... From a "Fx is a source of income" kind of mentality, I have actually started enjoying it every bit ... As Phx62 commented once, it beats to to analyze where the market will go and see it actually going there .... I have bigger...
If you don't mind, I'd like to add one more question asking yourself: " Have I ever had 3 good (green) months in trading? if the answer is no, then start trading with 10 cents per pips (not sure if 10 cents per pips is the minimum allowed by broker?) until you get it then increase it to $1 per pips and let it go for 3 mths to see if you are consistent then go from there. No short cut. I blew my accounts more than once (not so small accounts).

Therefore, don't take words from anyone, do and see it yourself. The method might be very good for lots of traders and might not turn out beautifully at your end because success in trading is not only about knowing the signals but managing them well (psychological side) that makes the different.

It does not make any different whether LW, Phx62, Sj, Emman, TSS, or who ever you try to follow, it's your trade that you have to sit through....

Will you let market cooks the trade to the best? How do you know it s at it best? I m sure you have all answers since you have been trading for a while...

I shared as I care like lots of traders here care for me and others.
(having accounting background, I do count a lot of facts)

L
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Appreciation is the key to wealth and happiness
  • #46,690
  • Dec 13, 2014 12:55am Dec 13, 2014 12:55am
Thanks a ton L ...
In these 3 years I might have had 5- 7 months, where in I had a red month, not more than that ....
TMS helped me a lot in the way I approached Trading .. I learnt Method / System / a process ...
Trading became less stressful ... Became more meaningful ... Became more planned ... More anticipated ....
If Big E gave an easier system to understand and implement, few traders gave different dimension with their personalized adaptation of the same system ..
I'm not trying to follow any one ... But I did learn a lot from different traders here ..
I'm trying to adapt all that education, teachings to have MY TRADING PLAN ... making my strategy ...
I'm particular about trading standard lots (10$ a pip) .. as I believe Trading is more about the Psyche ...
More profit will perk me up .... and the bank balance ... any loss will be a wake up call to iron out the glitches ...
  • #46,691
  • Dec 13, 2014 3:39am Dec 13, 2014 3:39am
Quoting likica
{quote} It s beautiful trade Manoj. I m not at level 100 in fx yet Here are my EA for the week just to show a few traders who PM me asking how I traded recently. I told them to focus on 1 pair and EA has been good around FO LO and NY. Note that this is H1 snapshot to fit all trades in. If following my posts M30 was used a lot at S/R for tdi crosses. {quote} If you don't mind, I'd like to add one more question asking yourself: " Have I ever had 3 good (green) months in trading? if the answer is no, then start trading with 10...
What a great post! Speaking from experience, no doubt... so many great points!
  • #46,692
  • Dec 13, 2014 3:42am Dec 13, 2014 3:42am
Quoting Phx62
{quote} I use no more than 1/2 of the ADR as a TP goal. I enter every trade with a 50 pip TP and 50, 40, or 30 pip emergency SL. If price moves in my direction and is moving strong, I move my TP to 100 pips. I monitor the trade at the open of each H1 candle and make decisions based on strength of movement and if that candle closed the same color as the move, I stay in for another candle. If the candle closes strongly in the other direction, I exit manually. Hope this helps.....
Hi Phx62, thanks for this information. Just wondering, when you say 'H1 candle' is that a HA or normal candle?
  • #46,693
  • Dec 13, 2014 3:48am Dec 13, 2014 3:48am
Quoting Ballistical
My trades this week on EA H1... 4 Trades in total: - 2 Wins (+100 in total) - 1 Break Even - 1 Loss (-42) Monday: Standard TMS trade. Long upper wicks before LO gave an early clue. FO formed a pin bar followed by LO candle which was the setup candle (first red candle). The move was counter-trend since price was above the 200ema so not an A+ setup but still good for +50. Tuesday: Already posted this one earlier in the week. Just was not my day. PA, once again gave some clues before LO with FO candle, once again, forming a pin bar. LO formed the setup...
Yet another great trading W1 Ballistical, congrats! I really like the way you approach trading - its got consistent winner written all over it

"Who needs leverage, give me consistency and I can move the Earth!", GS(LOL!)
  • #46,694
  • Dec 13, 2014 3:54am Dec 13, 2014 3:54am
Quoting Greenb
{quote} 1. How big is your screen hahahaha, keep it simple, i have 7 on my screen, but i've been only trading 3-4 of them for the last month and i'm going to throw out a few crosses i don't trade. the rationality of it is that when you see valid signal, often times it also manifest in other co-related crosses. So all you need is really 1 to maximum 2 pairs just in case 1 go and the other doesn't. Too many pairs and it will confused you on which one to trade on and ultimately lures you to overtrade. 2. For me the best analysis is often flawed. most...
Thank you Greenb & SJ, for these great posts full of important information... Hope everyone did well. Have a nice weekend
  • #46,695
  • Dec 13, 2014 6:05am Dec 13, 2014 6:05am
Quoting likica
{quote} It s beautiful trade Manoj. I m not at level 100 in fx yet Here are my EA for the week just to show a few traders who PM me asking how I traded recently. I told them to focus on 1 pair and EA has been good around FO LO and NY. Note that this is H1 snapshot to fit all trades in. If following my posts M30 was used a lot at S/R for tdi crosses. {quote} If you don't mind, I'd like to add one more question asking yourself: " Have I ever had 3 good (green) months in trading? if the answer is no, then start trading with 10...
Great post,what is else to say
  • #46,696
  • Dec 13, 2014 7:51am Dec 13, 2014 7:51am
Quoting griffinssoul
I just had one [light mode] trade - more of a curiosity... AChf 4H/D1[got in a bit early I think, was looking @ 1H, looked like 4th 1H candle of 4H... never mind]... +50pips [still open]... It had the strange(?) feature of being supported on every single TF [from 1M to MN] on MT4... LOL! Never seen anything like it....? This W1 has been great : 7 wins, 0 BE, 1 Lose = 339pips [not counting above] {image}
Almost stress free and unbelievable , TMS is really a simple work but only after the hard work , have a nice weekend
I Have Learned to Take Some Losses to Make Profits
  • #46,697
  • Dec 13, 2014 8:10am Dec 13, 2014 8:10am
Christmas and our 2015 goals are getting closer...
Here is winter in England...
Enjoy
sj

Inserted Video
  • #46,698
  • Dec 13, 2014 10:01am Dec 13, 2014 10:01am
I was scrutinizing all my trades from last week and a couple of things were highlighted which I thought I would share that could possibly help other 4H/Daily TMS traders.

1. Wait on close of candle before entry. Previously I would happily wait on the correct TDI signal and jump straight in but this has lead me to fakeouts, yes when the price is really shifting waiting on the close of the candle can leave you standing still watching things motor on, but then just as often as that happens the price cools off and re-traces and then heads in the same direction. so in my eyes avoiding the fakeouts and not chasing after the price is a better approach to trying to catch the start of any moves.

2. If Im looking at a 4H counter trend trade watch the 1H chart more closely for recent S/R Levels in this TF, this is quite a simple but something I was failing to do.

3. Watch out for round numbers. I had a TP at 10 pips above a round number, the price missed my TP by 3 pips, then reversed over 100 pips and hit the next round number, then bounced back up from that level and way through my TP level. This trade ended 80pips+ however if I hadn't been sleeping during the trade then things may have ended differently. No for my self is to just be aware of where they are and where you have your S and TP - far better have a wider SL to include a round number than have it 10 pips before it just to get taken out and then bounce in the right direction. Obviously HH/LL need to be taken in to account, lots of simple things to remember really.

All the best for next weeks folks. I have only been trading the 4H timeframes, some of you guys look like masters of the 1H.
  • #46,699
  • Dec 13, 2014 10:18am Dec 13, 2014 10:18am
Fd7999

What you wrote up there took me a long time to really believe in and acts on accordingly, I took a ver long time in jumping on the setup candle, only to see it goes in the other direction, with time, this changed and I will be very carful as in an aggressive entry on the setup candle while it forming

For new TMS traders, just skip the fuss, and wait the candle to close, APB changes color after it CLOSED, then decide for entries, later on, you can see how APB works and forms with TDI signals and only then you can go aggressive and enter while the setup candle is still forming and when you do this , accept a retracment after ur entry and some DD, but believe in ur setup and wait to see actually APB continues the same way as you planned the trade
I Have Learned to Take Some Losses to Make Profits
  • #46,700
  • Dec 13, 2014 10:50am Dec 13, 2014 10:50am
Quoting manoj_3986
Hi, I have stopped looking at chart for Dec month but Phx62 chart has inspired me to take this trade as volatility is not decreased yet. EURAUD +100 pips Thanks Manoj {image}
That is a very nice trade!
Don't ask me, I have no idea what's going on.
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