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As simple as possible: 00 level trading

  • #25,161
  • Dec 27, 2014 1:38pm Dec 27, 2014 1:38pm
Holiday greetings..it's a snowy day where I live and we don't get much snow.. since things are slow I thought I'd ask opinions on any nuances anyone sees between the 15 min and 1 hour system. My success rate is much higher on 1 hr..perhaps because more experience and more comfortable with it.
Second thing..my new year's resolution for trading..I'm going to ramp up my trading discipline and strict rule adherence. When I do udine's plan and follow it I'm at 80%. I have this horrid weakness for wanting to trade news events and small reversals..and when I do I often lose. It's been a problem for me the last 3 months. I need to be happy just trading udine's simple scalps and work on some discipline and sound trading psychology. It's kind of like in sports when the coach preaches mastering the fundamentals and the player just wants to "hot dog" and do trick plays...strict rule adherence is dull but it works..
  • #25,162
  • Dec 27, 2014 3:51pm Dec 27, 2014 3:51pm
Good morning peoples, google "emotion free trading book" may help some cheers Q
Whats That? you're trading What?
  • #25,163
  • Dec 27, 2014 8:16pm Dec 27, 2014 8:16pm
Quoting fxokieusa
Holiday greetings..it's a snowy day where I live and we don't get much snow.. since things are slow I thought I'd ask opinions on any nuances anyone sees between the 15 min and 1 hour system. My success rate is much higher on 1 hr..perhaps because more experience and more comfortable with it. Second thing..my new year's resolution for trading..I'm going to ramp up my trading discipline and strict rule adherence. When I do udine's plan and follow it I'm at 80%. I have this horrid weakness for wanting to trade news events and small reversals..and...
The main question should be. Why you do want to trade news and other stuff... Wanting earn more ? Not that difficult. Increase 2% to 3%. With 80% and compounding you are done. Wanting adrenaline ? Well thats another story...trading is not a good place to look for it.
  • #25,164
  • Dec 28, 2014 3:12am Dec 28, 2014 3:12am
Quoting Qed
Good morning peoples, google "emotion free trading book" may help some cheers Q
Thank you Qed. This is an excellent read, especially for new traders!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #25,165
  • Edited 12:22pm Dec 28, 2014 11:59am | Edited 12:22pm
Hi Udine

I like the simplicity of everything about your trading system, but the R:R is a disaster waiting to happen (imo ) 2 losers and you have to make 4 wins to BE !

I understand trading is as much about probability than anything else, but its also random, so you have as much chance of winning as you have losing.

You are effectively trading a 1 Hour system, so why such tight targets? there's no perfect way I know, but you have to be red hot at winning with this R:R.

Clearly you get it right a lot (respect due for sure) but has this always been your approach?

Thanks
  • #25,166
  • Dec 28, 2014 2:40pm Dec 28, 2014 2:40pm
Quoting ab1
Hi Udine I like the simplicity of everything about your trading system, but the R:R is a disaster waiting to happen (imo ) 2 losers and you have to make 4 wins to BE ! I understand trading is as much about probability than anything else, but its also random, so you have as much chance of winning as you have losing. You are effectively trading a 1 Hour system, so why such tight targets? there's no perfect way I know, but you have to be red hot at winning with this R:R. Clearly you get it right a lot (respect due for sure) but has this always been...

but the R:R is a disaster waiting to happen (imo ) 2 losers and you have to make 4 wins to BE : discussed more than enough in the thread..no
need to bring that up again..

that is my style of trading and works for me..

read the thread and you have all the answers

Udine
Sleep less, live fast, as it aint gonna last
  • #25,167
  • Dec 28, 2014 6:35pm Dec 28, 2014 6:35pm
Quoting Udine
{quote} but the R:R is a disaster waiting to happen (imo ) 2 losers and you have to make 4 wins to BE : discussed more than enough in the thread..no need to bring that up again.. that is my style of trading and works for me.. read the thread and you have all the answers Udine
Thanks for the response, will check it out further as I understand there's no perfect way to trade and if its working for you then who am I to say if its right or wrong, its only my opinion and I'm all for expanding/ changing the way I think about trading.

However if you stop trading on any given day after 4 losers at say 1% risk per trade then your 4% down, so if your gain is 0.5% when you win then you have to win 8 times to get back to break even, just highlighting the maths, that's all.
  • #25,168
  • Dec 28, 2014 7:11pm Dec 28, 2014 7:11pm
...........Although humble pie currently being eaten as I bag 20 pips in about 2 minutes flat...lol..nice !

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  • #25,169
  • Dec 28, 2014 7:47pm Dec 28, 2014 7:47pm
Quoting Udine
{quote} have you tried to adjust the Timeshift??? {image} otherwise I would not have a clue Udine
how to adjust the timeshift?
i'm from singapore, what value should i input?

Thanks.
  • #25,170
  • Dec 28, 2014 11:39pm Dec 28, 2014 11:39pm
Quoting jmflukeiii
{quote} I didn't see a setting called TimeZoneofData in the MultiMeter....
is he refering to daily open line???
  • #25,171
  • Dec 29, 2014 12:37am Dec 29, 2014 12:37am
Quoting ab1
{quote} Thanks for the response, will check it out further as I understand there's no perfect way to trade and if its working for you then who am I to say if its right or wrong, its only my opinion and I'm all for expanding/ changing the way I think about trading. However if you stop trading on any given day after 4 losers at say 1% risk per trade then your 4% down, so if your gain is 0.5% when you win then you have to win 8 times to get back to break even, just highlighting the maths, that's all.

"just highlighting the maths.."

And you think I, or anyone else who has read the thread, doesnt know that ???

Udine
Sleep less, live fast, as it aint gonna last
  • #25,172
  • Dec 29, 2014 12:37am Dec 29, 2014 12:37am
Quoting ab1
...........Although humble pie currently being eaten as I bag 20 pips in about 2 minutes flat...lol..nice ! {image} {image}

well done

Udine
Sleep less, live fast, as it aint gonna last
  • #25,173
  • Dec 29, 2014 12:38am Dec 29, 2014 12:38am
Quoting ngeng
{quote} how to adjust the timeshift? i'm from singapore, what value should i input? Thanks.

Try different settings and you will know.

Udine
Sleep less, live fast, as it aint gonna last
  • #25,174
  • Dec 29, 2014 12:39am Dec 29, 2014 12:39am
Quoting ngeng
{quote} is he refering to daily open line???

No !!

If you read, you know he is talking about the Multimeter..

Udine
Sleep less, live fast, as it aint gonna last
  • #25,175
  • Dec 29, 2014 12:42am Dec 29, 2014 12:42am
OK I wonder what the chances are IF you follow the RULES (all the rules) of even getting 4 losses in a row ?
Whats That? you're trading What?
  • #25,176
  • Dec 29, 2014 1:02am Dec 29, 2014 1:02am
Quoting Qed
OK I wonder what the chances are IF you follow the RULES (all the rules) of even getting 4 losses in a row ?

slim to none

Udine
Sleep less, live fast, as it aint gonna last
  • #25,177
  • Dec 29, 2014 3:43am Dec 29, 2014 3:43am
Only one trade last friday...

EUR/USD, +2.9
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  • #25,178
  • Dec 29, 2014 3:44am Dec 29, 2014 3:44am
Buenos días,

Good luck everybody for this new week!
  • #25,179
  • Dec 29, 2014 3:50am Dec 29, 2014 3:50am
Although we can't expect much in these days, but the robot is doing a great job! 1 x NZDUSD, 3 x AUDUSD

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It works much better since we changed to ICM!

Wish you guys a great and green week!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #25,180
  • Dec 29, 2014 4:28am Dec 29, 2014 4:28am
ICM??
Whats That? you're trading What?
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