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As simple as possible: 00 level trading

  • #25,961
  • Jan 19, 2015 9:18pm Jan 19, 2015 9:18pm
Guys/Gals,

I've been following Tokyo open and plenty of nice TP opportunities according to the H1 rules.

USD seems to be very strong . . . USD/JPY, AUD/USD, & USD/CAD all trending in favor of strong USD.

Will start posting charts soon, but very happy with my demo pips :-)

Thanks everyone!
  • #25,962
  • Jan 20, 2015 12:09am Jan 20, 2015 12:09am
Quoting scottik187
{quote} Great start. I recommend that you move to a live account as soon as you're comfortable. My opinion differs from the general school of thought on this. The psychology of using real money is very different to a demo, I believe you need to use real money as soon as possible to train yourself in all the different challenges that brings.
Hi Scottik187

Thanks for the words of advice. I do intend to move onto a live account fairly quickly as you are absolutely right, demo is merely a means to get a feel for what is working, the emotional aspect of trading with real money is not there on a demo and this will mean you make different decisions than you would when real money is at stake. I still intend to double my demo before going live, purely because I have adjusted the strategy somewhat and therefore need a little longer to see if it is actually profitable over slightly longer period of time. The way things are going it won't take me long to do this and I will move on to a live account sooner rather than later.

Thanks

Stu
  • #25,963
  • Jan 20, 2015 12:18am Jan 20, 2015 12:18am
[H1] AJ to SL

Was that because of no clear trend?
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  • #25,964
  • Jan 20, 2015 12:21am Jan 20, 2015 12:21am
Quoting LuXing
{quote} Fantastic Stuart1984. Welcome aboard and happy reading !!! Would you mind sharing the "few minor alterations" you made ? I did not have any time to post, but here´s my 3 trades of today: #1: CADJPY to TP #2: EURUSD out by TS (+1 pip) #3: GBPAUD to TP Grand total of the day: +11 pips. All the best and happy trading. LuXing {image} {image} {image}
Thanks LuXing for the warm welcome.

Basically I am looking for a bigger R:R than what Udine has taught. I want to be clear that I have made these adjustments purely from a personal perspective and that I fully believe that the original risking 10 pips to make 5 is very profitable for some people. For me it doesn't work, psychologically, knowing I have to be right so much more often than I am wrong puts a lot of pressure on me and I struggle to deal with it (I have tried it). I would personally rather flip things around and accept that I am wrong more often than I am right but when I am right it pays me handsomely and wipes out the losses for the times I am wrong.

I don't really want to go into much more detail at this stage, I have not been testing for long and I don't want to send anyone on a wild goose chase. I also want to respect Udine by speaking to him first before I start posting the finer details of how I have adapted his strategy to meet my needs. Hope you understand.

Green pips

Stu
  • #25,965
  • Jan 20, 2015 12:59am Jan 20, 2015 12:59am
Hello guys, no loser ever since friday, thus nothing to show except some nice trades from this morning during Tokyo.

82 / 8.2 = 10 Trades on JPY pairs.

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Wish you all a green week!

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
  • #25,966
  • Jan 20, 2015 1:24am Jan 20, 2015 1:24am
Quoting Stuart1984
Well slowly but surely I am making my way through this thread. Now up to post 9000 and still learning something valuable nearly every day. A big thanks to Udine and all the regulars for all the fantastic insight that I have come across so far. I started demoing this on the first week in January, I have made a few minor alterations to how I trade the basic strategy based on my own personality and attitude to Risk/Reward. So far the results are outstanding, up 30% since 7th January using the same 2% risk per trade that Udine has endorsed only during...
I like the control you are showing and the risk/reward awareness during potentially non favorable sessions.

That is very pleasing to read.

My only hope is that once your account grows over time and becomes much larger (hopefully) then I hope you will have this same mindset and strict risk/reward control.

As your account grows you will reach levels at which your emotions are put at risk of giving into greed.

Don't let that happen and you will do very well.

All the best in your trading it sounds like you are on the right track.

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #25,967
  • Jan 20, 2015 2:08am Jan 20, 2015 2:08am
Good morning and good trading everyone.

Asmodai
  • #25,968
  • Jan 20, 2015 3:21am Jan 20, 2015 3:21am
#1 UJ close manually +2, I realized that was a down trend.

Numberman
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  • #25,969
  • Jan 20, 2015 3:23am Jan 20, 2015 3:23am
#2 GU to TP +5

Too close to SL, I was so risky here.

Numberman
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  • #25,970
  • Jan 20, 2015 3:27am Jan 20, 2015 3:27am
Quoting JibalaPasan
Hello guys, no loser ever since friday, thus nothing to show except some nice trades from this morning during Tokyo. 82 / 8.2 = 10 Trades on JPY pairs. {image} {image} {image} {image} Wish you all a green week! Jibala
Nice performance Jibala...

Do you still have your dashboard in use?
  • #25,971
  • Jan 20, 2015 3:34am Jan 20, 2015 3:34am
not bad today . a pair of loss, but a good gain in general
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  • #25,972
  • Edited 6:20am Jan 20, 2015 3:37am | Edited 6:20am
Exit strategy, M15 close: Total -1.2 net effect (although the sum is +5)

20 days left to observe.

Click image to see larger and crisp format. First red day. No trades placed on EU EY due to EUR red news in 30 mins.
Black pips to all!

EOB
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  • #25,973
  • Jan 20, 2015 3:48am Jan 20, 2015 3:48am
Quoting yelena
Exit strategy, M15 close: Total -1.2 (net effect is -4.8). Click image to see larger and crisp format. First red day. No trades placed on EU EY due to EUR red news in 30 mins. Black pips to all! EOB {image}
new to this approach, will give it a try.

yelena, is there a reason why you ignored udines rule nr. 3?

"3. Frankfurt open only .400/.500/.600 levels"
trading is like dancing, don't think and just listen to the music!
  • #25,974
  • Jan 20, 2015 3:52am Jan 20, 2015 3:52am
Hi Yelena,

Thank you for your continued work on this alternate exit strategy.

There seems to be a problem with the attachment. When I click to enlarge I get a message saying image not found?

Thanks again,
Rapid.

Oh! just tried again, now it works...sorry.
  • #25,975
  • Jan 20, 2015 3:59am Jan 20, 2015 3:59am
GJ +5
EJ +5 (during EUR red news blackout... me so bad)
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  • #25,976
  • Jan 20, 2015 4:04am Jan 20, 2015 4:04am
Stop for now... a really good day! Hope this is the way...
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  • #25,977
  • Jan 20, 2015 7:58am Jan 20, 2015 7:58am
Quoting Masterrmind
{quote} I like the control you are showing and the risk/reward awareness during potentially non favorable sessions. That is very pleasing to read. My only hope is that once your account grows over time and becomes much larger (hopefully) then I hope you will have this same mindset and strict risk/reward control. As your account grows you will reach levels at which your emotions are put at risk of giving into greed. Don't let that happen and you will do very well. All the best in your trading it sounds like you are on the right track. Good trading,...
Thank you Mastermind

I have really enjoyed reading all your posts so far.

Stu
  • #25,978
  • Jan 20, 2015 8:12am Jan 20, 2015 8:12am
Quoting Stuart1984
{quote} Thank you Mastermind I have really enjoyed reading all your posts so far. Stu
It's great to see you making use of it!

Masterrmind...........
Master your Mind then Master your Trades
  • #25,979
  • Jan 20, 2015 8:31am Jan 20, 2015 8:31am
[H1] UJ to TS

numberman
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  • #25,980
  • Jan 20, 2015 8:36am Jan 20, 2015 8:36am
Quoting Mr.Ma
{quote} Nice performance Jibala... Do you still have your dashboard in use?
Hello Mr.Ma, sorry for late reply. Was away almost whole late afternoon. When back big big big surprise! Little correction on profit.
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Some trades have been done on CHF pairs.
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To answer your question, yes, I trade only with the Dashboard or better to say I let the Dashboard do the trades. Only sometimes I still place an order manually. Imho not possible to perform that way by manual trading only.

Jibala
PDF & BCC (Patience Discipline Focus & Belief Confidence Consistency)
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