trading is like dancing, don't think and just listen to the music!
- #981
- Feb 5, 2015 4:06am Feb 5, 2015 4:06am
- Joined Aug 2010 | Status: absolute beginner | 5,463 Posts
{quote} Ok, since you mentioned swing I thought that was what you were referring to. To carry on with my 2c, that was a superb signal imho. The price retraced back to the cross level, risk was low, distance from entry to the high was enough (don't forget we're trading m1), so definitely a go, as many of us, first of all Tycoon, thought here. I would suggest you to go back and look at the charts shown from the beginning by him. You will see many similar entries, distance-wise.
I'll do it
Anyway well done for you guys. I stick to daily management and will stay off. 30 pips enough for me considering I also got a loss on early UJ.
The one thing I keep having issue with is reading momentum. I didn't take this, but would've lost of I hypothetically did. Entry would've been on white circle - any comments/feedback? {image}
{quote} That would fall under the "take any signal" category. The only defense we have against this is Money Management as tycoon has pointed out so many times. He's away sleeping right now and away from trouble after getting his daily target. As for me, although my time zone would allow me to trade all day, I try and do the same. More trading doesn't necessarily mean more money.
The issure for me is that I don't often get to trade the first three hours of EU open as I'm still commuting home from work. I can't wait around for NY open as well because its like 1am here and I need my sleep
- #989
- Feb 5, 2015 7:41am Feb 5, 2015 7:41am
- Joined Aug 2010 | Status: absolute beginner | 5,463 Posts
trading is like dancing, don't think and just listen to the music!
{quote} Im not trying to trade more (as I said previously, I'll stop trading if I've lost two in a row). The issure for me is that I don't often get to trade the first three hours of EU open as I'm still commuting home from work. I can't wait around for NY open as well because its like 1am here and I need my sleep
- #995
- Edited 11:29am Feb 5, 2015 10:57am | Edited 11:29am
- Joined Feb 2014 | Status: Trader | 1,133 Posts
{quote} Im not trying to trade more (as I said previously, I'll stop trading if I've lost two in a row). The issure for me is that I don't often get to trade the first three hours of EU open as I'm still commuting home from work. I can't wait around for NY open as well because its like 1am here and I need my sleep
Best of luck.
- #996
- Feb 5, 2015 11:17am Feb 5, 2015 11:17am
- Joined Feb 2014 | Status: Trader | 1,133 Posts
From the reads of today's posts it calls for me to make this post as a reminder for more clarity of what your trading in here.
What everyone needs to realize is that the setup is not a guarantee for a winner… the momentum is not a guarantee for a winner.
..in fact you will lose half or more times on signal setups here… so high accuracy is not the power point, it could be very good some days but it's not what you can solely rely on… that is why as a counter I have the favorable RR 1:2-3 placed… which leads to better risk management as well.
Lousy 30% hit rate would be a breakeven for us here or a slight loss… 40% makes great money… 50% we're golden.
Now other filters such as; short duration trading, during high liquidity time... modest but consistent daily target... managing your money position hour by hour for the whole 3-4hr session diligently… are all key elements to success. (which are all counter attacks for the lack of high accuracy)
Putting all this together in one package, then you start to see consistent results.
The more and more you guys spend with this system the more and more you will appreciate each and every one of the filters I have designed… and the best ones are the none technical ones
It’s like casinos guys… the longer you stay at the table and get hooked playing, the lower your chances to walk away with cash at end of the day. (day trading in 1m and below for long duration)
Anyhow most things are better learned and stuck with upon forward progress pain and sorrows… at least you got solid foundation and structure to go by with from the get go, understand it, study it and take advantage of it.
I see a few people doing good from what I see of their charts and comments and that is great.
I be here for a little while longer before heading out, if you got a any question pop it up and I'll attend to it.
Cheers,
What everyone needs to realize is that the setup is not a guarantee for a winner… the momentum is not a guarantee for a winner.
..in fact you will lose half or more times on signal setups here… so high accuracy is not the power point, it could be very good some days but it's not what you can solely rely on… that is why as a counter I have the favorable RR 1:2-3 placed… which leads to better risk management as well.
Lousy 30% hit rate would be a breakeven for us here or a slight loss… 40% makes great money… 50% we're golden.
Now other filters such as; short duration trading, during high liquidity time... modest but consistent daily target... managing your money position hour by hour for the whole 3-4hr session diligently… are all key elements to success. (which are all counter attacks for the lack of high accuracy)
Putting all this together in one package, then you start to see consistent results.
The more and more you guys spend with this system the more and more you will appreciate each and every one of the filters I have designed… and the best ones are the none technical ones
It’s like casinos guys… the longer you stay at the table and get hooked playing, the lower your chances to walk away with cash at end of the day. (day trading in 1m and below for long duration)
Anyhow most things are better learned and stuck with upon forward progress pain and sorrows… at least you got solid foundation and structure to go by with from the get go, understand it, study it and take advantage of it.
I see a few people doing good from what I see of their charts and comments and that is great.
I be here for a little while longer before heading out, if you got a any question pop it up and I'll attend to it.
Cheers,
