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As simple as possible: 00 level trading

  • #27,361
  • Mar 11, 2015 3:47pm Mar 11, 2015 3:47pm
Quoting pgpb
Quoting diallist
{quote} As long as the AWR is greater than the BEWR chosen by the trader, the method will be profitable over the long term. Hi Diallist thanks for the full and complete explanation on this topic, this was actually exactly what I was looking for, interesting that the acronym BEWR brings to mind the word "Beware". I have quoted the words that made it clear to me. The thing that I learned is that my way, is not the only way. I had it in my head that changing the stop loss was suicide but you showed me how it can work. For me,
...
You're welcome!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #27,362
  • Mar 11, 2015 3:55pm Mar 11, 2015 3:55pm
Udine, all you taught to fish. And undoubtedly the one to follow the system, will win.

The Big problem now is the Psychological each operator. Why say this?

Who has an account above 10K and earn 1% or 2% per day, will be earning a great salary. Here in Brazil the dollar is 3-1 ... minimum wage in Brazil is 260 dollars.

Operators are with a small account, as I and other friends, have to have a very disciplined Psychological to win 1% or 2% or 3% and stop operations in dia.Sabemos that any income you earn 1% day, will lead us to financial victory in 02, 03 years ... But who can do? Who can make only 02 operations and turn off the PC?

Udine did its part and continues to do, most friends and I, we have to make our ... it is difficult ... even though we have a system expectable, fantastic.

My goal is to have 10K ... for gaining 1% a day ... would be very happy to give ... I pay my expenses quietly.

So my big question now is: How to make my account get to 10K?

A) Working with only the 04 US peers, GU, EJ and GJ with 10 pips stop and 05 pips TP or 20 pips stop and 05 pips TP.

B) Work with all 28 pairs, which are in the Supreme Meter indicator, with 10 pips stop and 05 pips TP or 20 pips stop and 05 pips TP.

Item A and B

Placing a higher risk of for example 2% ... 4% or 5%

I'm exposing all this because this is what will generate doubts on the operators, as everyone knows, the system's potential ... and we all know and respect, really, having an account with a value razoável..ganhar 1% or 2% is great. But as we all want to see their fat accounts as soon as possible ... this can lead to failure.

I would like the opinion of friends, because I think the system is already more that overcome.
  • #27,363
  • Mar 11, 2015 7:55pm Mar 11, 2015 7:55pm
Quoting Robinho
So my big question now is: How to make my account get to 10K? A) Working with only the 04 US peers, GU, EJ and GJ with 10 pips stop and 05 pips TP or 20 pips stop and 05 pips TP. B) Work with all 28 pairs, which are in the Supreme Meter indicator, with 10 pips stop and 05 pips TP or 20 pips stop and 05 pips TP. Item A and B Placing a higher risk of for example 2% ... 4% or 5% I'm exposing all this because this is what will generate doubts on the operators, as everyone knows, the system's potential ... and we all know and respect, really, having...
Hi Robinho,

You have been making a lot of great points here and your passion for Forex trading is second to none...
I really value your dedication as I am a young Trader here...

With regards to your big question, I would like to offer my Opinion...

First and Foremost, as a Forex trader, you have to be Neutral as possible and don't get too attached to a
particular pair...I have been studying Supreme Meter Indicator for the past 5 days, and I have noticed
something that's so crucial for all of us traders here...

When you trade a Strong Currency like USD against a Strong Currency like JPY---USD/JPY is definitely going
to move Sideways or consolidated, so it's going to be a waste of time to force yourself on that Pair...

And, when you have EUR News in the Corner, and have USD News that same day, it's very difficult to Trade
EUR/JPY; because EJ can only feed off of one of them Currency Volatilities....Same for GU and GJ

In order words, it's always best to trade at all time A Strong Currency Vs. a Weak Currency (or Vice Versa).

Honestly, you already know all that, but my point is....

Yes, you can trade 4 different pairs, and it doesn't have to be those 4 you have mentioned, and if you chose to
trade 4 different ones, like the exotic pairs, spread will eat you alive the moment you get IN.... (That 10pip Stop)

How do you grow your Account to 10K?

Simplest way to do it is to trade 1 mini lot and 1 Currency pair at a time and focus only on +25pips/ Trade
-If you won 5 successful trade per week = $125 USD
-By the end of the month, you will double a $500 USD Account, meaning $500+ $500 = $1,000 USD

Now, your first Initial $500 will become Buying Power or Leverage, now you can focus on 2 Currency Pairs at a time
and still targeting that +25pips/trade mark ( which means, you will trade 1 mini lot for each Pair )

On the second month, you will probably see a $2,000 USD Account....

And if you carefully repeat that same process, that $2,000 USD Account might become a $4,000 USD

And that $4,000 USD Account might become a $8,000 USD Account...

Better yet, if you are so confident about your System and you keep your emotion in Check... You will not
have to increase your Pips Target but rather your Lot size to take advantage of your Leveraging Power.

This might sound so Easy to do, but most people even myself have a tendency to trade many pairs instead
of focusing on One Currency Pair at a time.

Help me make this My GOAL:

1 TimeFrame + 1 Currency Pair + 1 System + 1 Week at a time = Consistent Profits

Last but not least, there's a specific Time and Space for this if you are going to do it Well...

I only Trade the U.S Session, and I will tell you exactly what to look for...

Between 16:00GMT and 17:00GMT, the Market in any Pair, will make a HIGH or a LOW, and right after 17:00GMT
You should be able to notice a Clear Trend that's going to FORM ( Sometimes, it's a small one, but it will be
more or at least +25pips ).....Basically, you have at least 3 Full Hours to make as much pips as you want from
17:00GMT and 22:00GMT ( Remember U.S Session ONLY) .

Picture Below:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-M5.png Size: 91 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #27,364
  • Mar 11, 2015 11:43pm Mar 11, 2015 11:43pm
Quoting Udine
{quote} Dial, Well done.. the corect answer.. I am a simple guy, so my trading must be simple otherwise I dont understand it anymore {image} here we go, one by one.. EURUSD: 1. the burlyWood horizontal line just above the 1.08500 is the daily open line 2. M Candles settings 1440 is red, so only short 3. the ASH turned red on the 11:00 candle 4. entry (was a little early) on the 1.07800 level Why was I early? Because I did put the pending a few seconds before the candle close, it was {image} EURJPY: first trade: 1. above dailly open line so MCandles...

GREAT update mate, I'll be giving this a run tonight!

Cheers!
Life is like a snickers, its full of nuts!
  • #27,365
  • Mar 11, 2015 11:50pm Mar 11, 2015 11:50pm
Robinho & others,

One of my first mentors, who has been trading full-time for over 20 years, taught me a very valuable lesson.

He drilled it into me that it is vitally important that a small account be traded exactly the same as a large account.
He said that the idea of trading aggressively with too much risk and too much leverage to rapidly build a small account into a large one, thinking that once the account was large you could then switch over to trading in a more conservative and business-like manner was a fools game. He said yes, you might end up with a large account, but you then would not know how to trade it because you had not taken the time to learn along the way. By trading the small account exactly the same way you would a large account means that when you get to your large account you also have the skills to continue trading for a lifetime of steady profitability.

Udine has graciously provided us with a simple yet amazing trading methodology. It behooves us to trade it exactly the way he taught us to without any deviations or additions. If we trade the Udine way every day, day in and day out with consistency then by the time we have our large account we'll also have gained the skill set to keep going for life.

Udine has patiently helped people in this thread for many months now, but if people don't do what he said, how much longer do you think he's going to stay around? It has to be exasperating for him to see people not following his rules. Think how much more rewarding it would be for him to see people following his rules to the letter and becoming as successful as he is. That is the best thing we can do for him to pay him back for all he's given us.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #27,366
  • Mar 11, 2015 11:51pm Mar 11, 2015 11:51pm
@Udine, I notice you are using a new or modified Market Panel Display indicator, and also a new or modified xADR-0.2renko indicator (as highlighted below).

Attached Image (click to enlarge)
Click to Enlarge Name: indis.jpg Size: 76 KB


I have tried the ones under the paperclip, are the ones you have new? If so is it possible to post them?

Cheers mate!
Life is like a snickers, its full of nuts!
  • #27,367
  • Mar 12, 2015 12:09am Mar 12, 2015 12:09am
Quoting Robinho
Udine, all you taught to fish. And undoubtedly the one to follow the system, will win. The Big problem now is the Psychological each operator. Why say this? Who has an account above 10K and earn 1% or 2% per day, will be earning a great salary. Here in Brazil the dollar is 3-1 ... minimum wage in Brazil is 260 dollars. Operators are with a small account, as I and other friends, have to have a very disciplined Psychological to win 1% or 2% or 3% and stop operations in dia.Sabemos that any income you earn 1% day, will lead us to financial victory...

Robinho,

I understand you very well, as I started myself with $ 200.. and I worked my way up.

In post 711 http://www.forexfactory.com/showthre...35#post7518535 I spoke of how to live off forex.. and mentioned a start with a 1K account...

Suppose you would have a $ 200 account, how would it then look like??

20 trading days @ 2% = factor 1.48

month 1. 296
month 2. 438
month 3. 648
month 4. 959
month 5. 1.420
month 6. 2.101
month 7. 3.110
month 8. 4.603
month 9. 6.813
month 10. 10.084

The big question is where were you 10 months ago and where do you want to be 10 months from now?????

Think about that question, I mean really think about it.. I know everybody wants a big forex account as fast as possible but is it realistic??

BTW if you start with $ 50, it only takes you 4 months longer..

I know it can be done, because I did it, and if I can, SO CAN YOU !!!!

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #27,368
  • Mar 12, 2015 12:11am Mar 12, 2015 12:11am
Quoting OctaveJay509
{quote} Hi Robinho, You have been making a lot of great points here and your passion for Forex trading is second to none... I really value your dedication as I am a young Trader here... With regards to your big question, I would like to offer my Opinion... First and Foremost, as a Forex trader, you have to be Neutral as possible and don't get too attached to a particular pair...I have been studying Supreme Meter Indicator for the past 5 days, and I have noticed something that's so crucial for all of us traders here... When you trade a Strong Currency...
OctaveJay509,

Interesting idea.. Give it a go and keep us posted or open a thread for it..

Cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #27,369
  • Mar 12, 2015 12:14am Mar 12, 2015 12:14am
Quoting Udine
{quote} Robinho, I understand you very well, as I started myself with $ 200.. and I worked my way up. In post 711 http://www.forexfactory.com/showthre...35#post7518535 I spoke of how to live off forex.. and mentioned a start with a 1K account... Suppose you would have a $ 200 account, how would it then look like?? 20 trading days @ 2% = factor 1.48 month 1. 296 month 2. 438 month 3. 648 month 4. 959 month 5. 1.420 month 6. 2.101 month 7. 3.110 month 8. 4.603 month 9. 6.813 month 10. 10.084 The big question is where were you...
This is great info, and gives hope to those of us who are starting with small accounts!

Cheers mate!
Life is like a snickers, its full of nuts!
  • #27,370
  • Mar 12, 2015 12:16am Mar 12, 2015 12:16am
Quoting firewight
@Udine, I notice you are using a new or modified Market Panel Display indicator, and also a new or modified xADR-0.2renko indicator (as highlighted below). {image} I have tried the ones under the paperclip, are the ones you have new? If so is it possible to post them? Cheers mate!
Firewight,

the market panel is not different, it is only a price indicator, and the xADR is slightly different..

All the stuff you have gives more information, so no need to change anything

As I like to work from my laptop, I simply reduced stuff so I could see my 4 pairs side by side and still see enough of the action on the charts

cheers

Udine
Sleep less, live fast, as it aint gonna last
  • #27,371
  • Mar 12, 2015 12:21am Mar 12, 2015 12:21am
Quoting diallist
Robinho & others, One of my first mentors, who has been trading full-time for over 20 years, taught me a very valuable lesson. He drilled it into me that it is vitally important that a small account be traded exactly the same as a large account. He said that the idea of trading aggressively with too much risk and too much leverage to rapidly build a small account into a large one, thinking that once the account was large you could then switch over to trading in a more conservative and business-like manner was a fools game. He said yes, you might...

Dial,

your mentor is a smart person !

In general:

The fact is that even if you start with $ 50, are you willing to invest a little over a year to grow it to 10K...

Do you have the PDF & BCC to pull it off??

That is why I ask the question.. where were you a year ago, and where you want to be in the summer of 2016 ???

Udine
Sleep less, live fast, as it aint gonna last
  • #27,372
  • Mar 12, 2015 12:49am Mar 12, 2015 12:49am
Buenos días,

Trade #1 o/t day:

AUDUSD to TP

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 56 KB
Wisdom begins in wonder
  • #27,373
  • Mar 12, 2015 12:57am Mar 12, 2015 12:57am
Hi guys,

I guess I have wrong AbsoluteStrenghtHistogram settings (0,7,7,4,1).
What about yours?

A worm thanks.
  • #27,374
  • Mar 12, 2015 12:57am Mar 12, 2015 12:57am
In the financial world there are three rules of thumb to give you an idea how long it will take to double your money. They are the Rule of 72, the Rule of 70, and the Rule of 69. Each rule is designed for use with a specific financial instrument.
I have found that the Rule of 70 works best for the short-term trading that we do in Forex.

Take 70 and divide it by 2% and it will give you the approximate number of trading days it will take to double your money.

70 / 2 = 35 days, or 7 weeks. I call this a doubling cycle.

It only takes six doubling cycles, or 42 weeks, to grow $200 into $12,800.

It only takes five doubling cycles, or 35 weeks, to grow $1,000 into $32,000.

If you keep $32,000 as your base account value, and make 10% per week, you'll have $3,200.

Withdraw the $3,200 every week, and even if you have to pay 50% taxes (I live in the US), then you'll still have $1,600 per week, or $83,200 net per year.

Now, do you think it's worth following Udines instructions and advice to the letter or not?
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #27,375
  • Mar 12, 2015 1:01am Mar 12, 2015 1:01am
Quoting giulius777
Hi guys, I guess I have wrong AbsoluteStrenghtHistogram settings (0,7,7,4,1). What about yours? A worm thanks.
Here goes.

LuXing
Attached Image
Wisdom begins in wonder
  • #27,376
  • Mar 12, 2015 1:04am Mar 12, 2015 1:04am
Thank you LuXing.

Quoting LuXing
{quote} Here goes. LuXing {image}
  • #27,377
  • Mar 12, 2015 1:28am Mar 12, 2015 1:28am
Trade #2 o/t day: GBPUSD out by TS. +1.5 pips

LuXing
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 64 KB
Wisdom begins in wonder
  • #27,378
  • Mar 12, 2015 1:40am Mar 12, 2015 1:40am
Quoting giulius777
Hi guys, I guess I have wrong AbsoluteStrenghtHistogram settings (0,7,7,4,1). What about yours? A worm thanks.

Should be 0,5,4,3,0,1

Udine

Sorry LuXing, did not see your post, nice trading by the way
Sleep less, live fast, as it aint gonna last
  • #27,379
  • Mar 12, 2015 1:46am Mar 12, 2015 1:46am
I also took that trade, and also my TS got taken out. However after waiting a little longer, its clear that the candle did develop past the 5pip TP point.

Are you guys using the wheelbarrow EA as a trailing stop, or no longer doing that?

Attached Image (click to enlarge)
Click to Enlarge Name: gu1.jpg Size: 106 KB
Life is like a snickers, its full of nuts!
  • #27,380
  • Mar 12, 2015 1:49am Mar 12, 2015 1:49am
Quoting firewight
I also took that trade, and also my TS got taken out. However after waiting a little longer, its clear that the candle did develop past the 5pip TP point.

Are you guys using the wheelbarrow EA as a trailing stop, or no longer doing that? {image}
In retrospect I do see that I didnt "take the trade after a close of the 30 minute candle on which the color of the ASH or the hourly Mcandle changed" as Udine & diallist have stated...
Life is like a snickers, its full of nuts!
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