Disliked{quote} I would say it depends on the situation. Always look for good Risk Reward and don't make it too small. Minimum ~30 Pips in H4. For the most time it is best placed on the previous High/Low of the HA Candle. More aggressive would be at High/Low of current cundle that is forming. {quote} In H1 I have made the experience that H4 Swing(5) Highs and Lows as well as previous day's high and low, which are often the same, are good for potential targets. The AsianSession low and high is also a level to consider taking profits. As I see it getting...Ignored
- #47,428
- Edited 9:39pm Dec 19, 2014 8:18pm | Edited 9:39pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #47,429
- Dec 19, 2014 8:28pm Dec 19, 2014 8:28pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #47,430
- Dec 19, 2014 8:57pm Dec 19, 2014 8:57pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
OFF TOPIC question: Anyone has problem to attached charts to post today? Every time I click on 'Upload from Computer', I get the message and then bump to FF Homepage screen.
I wanted to ask your advice on a ABCD chart, unable to attach any chart .....
- #47,432
- Dec 20, 2014 12:41am Dec 20, 2014 12:41am
[quote=emmanuel7788;7956269]{quote} Hi moretti et all, Forming small groups of like-minded TMS traders in a live trading room (using skype or other realtime online chat) is a good idea. A few members here have started but as I know, they did not continue for very long and eventually stopped. I would love to hear from the experience from those who started live trading groups and are still active. I am sure those members who joined these previous live trading groups have their experience why they did not continue. We can learn from them and not make the same mistakes. As far I am concern, my small group of live
You are the wise one emmanuel
Happy holidays...
You are the wise one emmanuel
Happy holidays...
- #47,433
- Dec 20, 2014 1:02am Dec 20, 2014 1:02am
[quote=sknight1;7954507]{quote} That is absolutely amazing. I've been at this for two years and still come up empty handed month to month.
Dont feel too bad mate, put it down to gaining experience....
Together we will get our wheel barrow in the New Year
Take care and happy holidays to you..
Dont feel too bad mate, put it down to gaining experience....
Together we will get our wheel barrow in the New Year
Take care and happy holidays to you..
- #47,434
- Dec 20, 2014 2:11am Dec 20, 2014 2:11am
{quote} Ok great, yea the previous high looks like a great idea... When I back test, this system looks so awesome.. Especially with the gubby lines, it makes you feel more comfortable to remain in a trade for a few more hours. I plan to open an account with FXCM with a $1000 deposit when I feel like im trading well... Should I get a mini account or micro?
Learn the lessons from eelfranz, his guidance and repeated warnings and recommondations have to be taken seriously. He passed away, but you can still learn from his expertation in this thread. Also study the posts of people who have been trading this system for a long time.
Learn about risk management and market techniques, better spend money on your education than burning it on the markets.
Find your comfortable Risk Zone. You have to accept to also lose money, if you don't you don't understand the trading business at all.
I risk about 1-2% on each trade depending on mental and market conditions. But with a 1000$ acount that's just 10-20$, but this is the way to go.
[quote=forexday;7956351]
{quote} That is absolutely amazing. I've been at this for two years and still come up empty handed month to month. Dont feel too bad mate, put it down to gaining experience.... Together we will get our wheel barrow in the New Year
I hope this has given you a better idea of trading.
Greetings, dignitas
- #47,436
- Dec 20, 2014 3:01am Dec 20, 2014 3:01am
Hi Dignitas,
I see you quoted me and you asked some really good questions, so here is my approach what I am trying to implement in my trading.
First a little background: H1 trading is the exact opposite of what I was doing in the last couple of years. I guess I was an example of when you take a generally good idea ("Let you profits run") to an extreme you get an exactly opposite result (stop loss after stop loss until you say "hi" to a margin call). With my first trades taken on D1 / H4 timeframe my MM was to set the stop loss to the closest swing hi / low and move it to the point where the price action forms the current support / resistance. As I quickly found out as a result the price would go my way and then against me taking out all floating profits I made. After several trades that went from floating profit of +60 / +100 pips to either my stop loss of -50 or BE of +1 to 10 pips I realized that something needs to be changed...
Amen to that, brother! I totally agree with you and one of the advantages of TMS is that the rules are there, we just need to follow them.
Let's go back to the source:
So the HA Candle changing color is not a reason to get out but it is more of a warning sign: "watch the TDI line!"
I wish there was an indicator showing you what kind of market you have right now. We are all so smart looking at the left side of the charts....
Here is what I am doing now:
I set my stop loss to -30/40 pips and use a (kind of) fixed TP that I set to the closest .500 to .000 (BRN) level which means the TP is around 70 to 100 pips. I move SL to breakeven after +25 pips and set fixed trailing stop of 10 pips after the price moves to +50 pips. I close the trade manually if there is a reversal.
Here is my yesterday AUD/USD trade:
Initial stop loss: -40 pips
Take profit: 53 pips
Closed: manually at +12 pips because the TDI line made a reversal.
Regarding money management: I personally found that the tools you get at myfxbook.com are excellent and I strongly recommend it. I really liked that you can see the actual drawdown of your trades before they went positive. I was amazed to see that with my positive trades that ended up either in BE or hit the profit target the maximum drawdown was I think -32 pips, so in general unless you shorted USD/JPY this year at $90, you don't really need large stop losses, 40 - 50 pips should be enough provided you did your homework right and not just jumped into the trade.
Anyways like I said you asked very good questions and it would be great to know what the seniors are doing regarding the MM, since there are other new members who recently asked similar questions.
Also on the side note I think people who concentrate just on the strategy (entry|exit and so on) are missing the point. Don't take me wrong, entry / exit are definitely important, but I think it is the money management that makes all the difference.
I see you quoted me and you asked some really good questions, so here is my approach what I am trying to implement in my trading.
First a little background: H1 trading is the exact opposite of what I was doing in the last couple of years. I guess I was an example of when you take a generally good idea ("Let you profits run") to an extreme you get an exactly opposite result (stop loss after stop loss until you say "hi" to a margin call). With my first trades taken on D1 / H4 timeframe my MM was to set the stop loss to the closest swing hi / low and move it to the point where the price action forms the current support / resistance. As I quickly found out as a result the price would go my way and then against me taking out all floating profits I made. After several trades that went from floating profit of +60 / +100 pips to either my stop loss of -50 or BE of +1 to 10 pips I realized that something needs to be changed...
As I see it getting out of the trade is fare more important than getting in.
I totally agree with you and one of the advantages of TMS is that the rules are there, we just need to follow them.Do you think it is better to only exit when the HA Candle is changing color (in H1 and M30)?
Exit your trade when the green TDI line goes flat, starts to hook over or makes a check mark reversal.
Do you change your behaviour of taking profits when you see the market is trending and what are your criterias to differentiate between a range and a trending market?
Here is what I am doing now:
I set my stop loss to -30/40 pips and use a (kind of) fixed TP that I set to the closest .500 to .000 (BRN) level which means the TP is around 70 to 100 pips. I move SL to breakeven after +25 pips and set fixed trailing stop of 10 pips after the price moves to +50 pips. I close the trade manually if there is a reversal.
Here is my yesterday AUD/USD trade:
Initial stop loss: -40 pips
Take profit: 53 pips
Closed: manually at +12 pips because the TDI line made a reversal.
Regarding money management: I personally found that the tools you get at myfxbook.com are excellent and I strongly recommend it. I really liked that you can see the actual drawdown of your trades before they went positive. I was amazed to see that with my positive trades that ended up either in BE or hit the profit target the maximum drawdown was I think -32 pips, so in general unless you shorted USD/JPY this year at $90
, you don't really need large stop losses, 40 - 50 pips should be enough provided you did your homework right and not just jumped into the trade.Anyways like I said you asked very good questions and it would be great to know what the seniors are doing regarding the MM, since there are other new members who recently asked similar questions.
Also on the side note I think people who concentrate just on the strategy (entry|exit and so on) are missing the point. Don't take me wrong, entry / exit are definitely important, but I think it is the money management that makes all the difference.
- #47,437
- Dec 20, 2014 3:05am Dec 20, 2014 3:05am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
- #47,438
- Dec 20, 2014 3:09am Dec 20, 2014 3:09am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
{quote} same, no more trades for 2014. now it would be the read a book/ shopping time...bye bye all these wonderful green pips. i shall miss you much i'm thinking 2nd week of 2015 before starting again. Greenb
[I should say that i am still trading but in light mode... or i might just stick to the simulator, depends...
]
- #47,439
- Dec 20, 2014 3:13am Dec 20, 2014 3:13am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
{quote} Great job mate!
- #47,440
- Dec 20, 2014 3:22am Dec 20, 2014 3:22am
- Joined Aug 2014 | Status: Membership Terminated | 4,544 Posts
Do you guys have a general recommendation for where to put Stops Losses? Or does it depend on the trade?