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As simple as possible: 00 level trading

  • #25,921
  • Jan 16, 2015 8:18am Jan 16, 2015 8:18am
Quoting Asmodai
{quote} You know you can simply not trade that pair for the day. I would not have taken any trades there today..... not safe enough for me. Asmodai
Ok... UJ or EU for example was so far better to trade... but what is "safe" for you? what you need to see?
  • #25,922
  • Jan 16, 2015 8:40am Jan 16, 2015 8:40am
Quoting fakeylover
{quote} Ok... UJ or EU for example was so far better to trade... but what is "safe" for you? what you need to see?
I'm not in from of my platform right now, but it all depends on what the chart is telling you. Indicators, price action, S/R, pivots, harmonics, everything.
I only started in forex a few months back and one of my main faults was lack of patience, i wanted to be in trades all the time. That has changed.
This week i only took 4 trades, all safe in my eyes and all winners.

This week was a weird one and very dangerous for new traders. I'm trading by 15m Udine rules 100%, plus all the other things i mentioned earlier. Only change is i'm not using TS.

Basically what i'm saying is try to look for "slamdunk" trades, safe, almost 100% chance trades.

The veterans can correct me if i'm getting something wrong.

Asmodai
  • #25,923
  • Jan 16, 2015 8:49am Jan 16, 2015 8:49am
Quoting Chake
{quote} Yeah, saw it, maybe it will seperate the good brokers from the bad. During yesterdays mayhem, my broker never stopped quoting and never stopped trading in the CHF crosses.
Hello,

who is your broker?
  • #25,924
  • Jan 16, 2015 9:50am Jan 16, 2015 9:50am
Quoting Masterrmind
{quote} One thing you should never do is to put all your eggs in 1 basket..... I use several brokers to spread the risk...... It pays to be very smart business wise not only in your trading strategies but with whom you do your business....... Good trading, Masterrmind.......... :nerd:
So correct. But, till one has only one egg, its risky alright. Earlier Broco also went down with few....
  • #25,925
  • Jan 16, 2015 10:18am Jan 16, 2015 10:18am
Quoting Meta1
{quote} Hello, who is your broker?
Send you a pm
Persistence will get it. Consistency will keep it.
  • #25,926
  • Jan 16, 2015 2:48pm Jan 16, 2015 2:48pm
Quoting Asmodai
{quote} I'm not in from of my platform right now, but it all depends on what the chart is telling you. Indicators, price action, S/R, pivots, harmonics, everything. I only started in forex a few months back and one of my main faults was lack of patience, i wanted to be in trades all the time. That has changed. This week i only took 4 trades, all safe in my eyes and all winners. This week was a weird one and very dangerous for new traders. I'm trading by 15m Udine rules 100%, plus all the other things i mentioned earlier. Only change is i'm not using...
No correction needed or required..........

I think you summed it up nicely.....

Masterrmind...............
Master your Mind then Master your Trades
  • #25,927
  • Jan 16, 2015 3:54pm Jan 16, 2015 3:54pm
Good morning MM , could you pm your brokers at your convience thanks Q
Whats That? you're trading What?
  • #25,928
  • Jan 16, 2015 3:54pm Jan 16, 2015 3:54pm
Quoting Chake
{quote} Send you a pm
Please pm Ur broker to me as well. Thanks
Trade With PDF & Wisdom
  • #25,929
  • Jan 17, 2015 5:04am Jan 17, 2015 5:04am
Good afternoon MM can you please pm your brokers as well ? Thank you very much.
Porta itineris dicitur longissima esse
  • #25,930
  • Jan 17, 2015 5:46am Jan 17, 2015 5:46am
Quoting Qed
Good morning MM , could you pm your brokers at your convience thanks Q
Pm sent...........

Masterrmind...........
Master your Mind then Master your Trades
  • #25,931
  • Jan 17, 2015 5:46am Jan 17, 2015 5:46am
Quoting bubincka
Good afternoon MM can you please pm your brokers as well ? Thank you very much.
PM sent.........

Masterrmind...........
Master your Mind then Master your Trades
  • #25,932
  • Jan 17, 2015 2:37pm Jan 17, 2015 2:37pm
Quoting Masterrmind
{quote} I use several brokers to spread the risk......
Hi MM.

I wonder how do you manage few accounts? Do you treat every account as separate bussines? Or maybe you use order copier to make the same trades in the same time on each account?
Or maybe it is one more possibility: risk per each trade 2%, lets say $100,000 invest capital: 10 accounts in different brokers with $10,000 each. To avoid using trade copier it is possible to trade on only one account with risk 20% ($2000) but it is still 2% for invest capital.
  • #25,933
  • Jan 17, 2015 6:02pm Jan 17, 2015 6:02pm
Quoting iwan73
{quote} Hi MM. I wonder how do you manage few accounts? Do you treat every account as separate bussines? Or maybe you use order copier to make the same trades in the same time on each account? Or maybe it is one more possibility: risk per each trade 2%, lets say $100,000 invest capital: 10 accounts in different brokers with $10,000 each. To avoid using trade copier it is possible to trade on only one account with risk 20% ($2000) but it is still 2% for invest capital.
Hi iwan73,

I trade 3 strategies mainly....

short term (00 method and scalping method),
intermediate term (PA and harmonics related etc) and
longer term......

sometimes consecutively and sometimes not....it all depends on the overall chart analysis and if and when a trade(s) is/are placed (to market or via pending order).

I prefer to not use trade copier software when trading the 00 method.......small TP's can be a drama if ping times become excessive when matched up to high volatility (in short this translates from a winning trade on 1 account to a possible loss on the other account). In slower moving markets this becomes less of a problem. Optimizing the connections by choosing the best broker pairings is possible of course and can be done.

I notice that you are referring to a trader who solely trades the 00 method however from my point of view I may distribute total account equity as follows:

1. 00 method - 30% of total FX trading funds
2. intermediate - 50% of total FX trading funds and
3. long term - 20% of total FX trading funds.

In this case for the total available funds allocated to trading FX then #1 might consist of 2 accounts, #2 might consist of 2 accounts and #3 just 1 trading account.

Personally I would not suggest that for trading the 00 method (basically day trading) that you have 10 accounts (I know this is just a number you picked) because

1. trade copier not recommended due to low TP's. ping time etc and you would need this to manage all the accounts = potential nightmare!
2. since trading the accounts would need to be done manually then 2-3 is plenty.
For example:
Account #1 - use it to trade on Monday, Tuesday and Wednesday
Account#2 - use it to trade on Thursday and Friday

There are many more combinations that could be applied including more trading accounts but I wouldn't suggest having "too many" trading accounts. Just stick to what you can effectively manage. Every trader is slightly different regarding their capacity to manage.

The main purpose here is to not have all your allocated FX trading funds in only 1 trading account although this is relative to a degree.

It also depends on what a trader views as "a lot of money" as this will be very different for different traders!

Boils down to an individuals risk appetite.

Using your example of $100K trading funds and trading 1 account at a time (for 10 accounts in total) then you are right to say 2% risk on the $100K translates into $2K total risk.

By using a single $10K funded account you would be risking the same $2K on this account which is 20% per trade............

You will still need to trade with 20 lots on a $10K account just the same as you would on a $100K account (both represent a $2000 risk over a SL of 10 pips)

How might this approach affect your trading psychology? Trader?? or Gambler?? Only the individual trader can answer this question!

One reason why I allocate 2 to 3 trading accounts to the 00 method is to firstly spread the risk between different brokers (so my overall risk is reduced or so I like to think!) but to also limit to an extent how much total risk I am taking on the trading account currently being traded.

Personally I much prefer to trade 20 lots on a $33K account ($100K divided into 3 trading accounts) than to trade 20 lots on a $10K account.

Of course trading 20 lots on a $100K account is far more reasonable but it all depends on how much money are you prepared to leave in any given brokerage account?

Food for thought............

Good trading,

Masterrmind..........
Master your Mind then Master your Trades
  • #25,934
  • Jan 18, 2015 1:36pm Jan 18, 2015 1:36pm
Quoting Masterrmind
{quote} Pm sent........... Masterrmind...........

Hello,

First of all thank you guys for sharing this method (Udine) and all of you who are helping with teaching . I have been following the thread the last to month and I started trading last week with 12/12 win trade despite the devastating SNB announcement
My problem now is to find the right brooker for short term trading, the one I use are better for my intermediate and long term trading . Could you PM me a good one MM ?

Thanks a lot

Pipsit
  • #25,935
  • Jan 18, 2015 1:48pm Jan 18, 2015 1:48pm
Quoting pipsit
{quote} Hello, First of all thank you guys for sharing this method (Udine) and all of you who are helping with teaching . I have been following the thread the last to month and I started trading last week with 12/12 win trade despite the devastating SNB announcement My problem now is to find the right brooker for short term trading, the one I use are better for my intermediate and long term trading . Could you PM me a good one MM ? Thanks a lot Pipsit
IC market is the preferred broker among contributors in this thread
  • #25,936
  • Jan 18, 2015 3:53pm Jan 18, 2015 3:53pm
Quoting fakeylover
I'd like to share with you some thoughts of some charts. According to the system, after the opening of london we could open only long positions, but the price goes down and also the ash is red. Despite this to trade the first level 00 would be profitable in the first 3 hours of London. When the price reaches the DO, we have an hourly candle that closes like a candle reaction to DO, and the ash that goes back to green, this would have been a loss. What I mean is that for all the down the ash was red, and advised not to take those two long, then when...
I read that as price is trading sideways, without short-term trend, so I am not looking to trade anything there. Make the easy trades with the 15min strategy, this is what I look for:

1. Do you see a trend or momentum move on the the 15min chart? Yes/no
2. If yes, has there been a consolidation and/or retrace? Yes/no
3. If yes, is there a signal to enter the trade as per all the rules? Yes/no
4. If yes, and you see the price action in chart pattern/structure to support an entry, take it.

The biggest part of this strategy is the Patience and Discipline to wait and pick your moment. You need to have everything in your favour for you to have an edge. You need the trend and time of day to be right just as much as you need the ASH to confirm your entry. It's all important, and without the whole package you're just having a gamble.
  • #25,937
  • Edited 9:24pm Jan 18, 2015 9:03pm | Edited 9:24pm
Quoting pipsit
{quote} Hello, First of all thank you guys for sharing this method (Udine) and all of you who are helping with teaching . I have been following the thread the last to month and I started trading last week with 12/12 win trade despite the devastating SNB announcement My problem now is to find the right brooker for short term trading, the one I use are better for my intermediate and long term trading . Could you PM me a good one MM ? Thanks a lot Pipsit
Pm sent..........

Note: I've added a few more that you may wish to research just to make sure they suit you personally.

Good Trading,

Masterrmind...........
Master your Mind then Master your Trades
  • #25,938
  • Jan 18, 2015 11:10pm Jan 18, 2015 11:10pm
Good morning all
EU +5 (+10)
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  • #25,939
  • Jan 18, 2015 11:24pm Jan 18, 2015 11:24pm
GU -10
Not in sinc+resistance. My fault entirely. I tried to delete order but unsuccessfully.
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  • #25,940
  • Jan 19, 2015 12:04am Jan 19, 2015 12:04am
[1H] EJ to TS
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