BDM Trading Tips, Tricks, and Development

I will answer all that this evening if this last EUR short basket pays off.
If else i will hide and won't.....

Well it did.
Because there was no "end" or "close" target for this last (extra) basket i will take about 2 to 3 hours before market close.

@Denya

I am a very lazy (and perhaps a clueless) trader so once a day i want to set up my trades (baskets) for that day and frankly after that i do not want to look at them anymore.
Of course i do because i am behind a terminal anyway. But i am happy to set up my trades and go out without worrying about them.

Dashboard trading and/or scalping is not my style.
All those flashing numbers and trading large lots for a couple of pips profit just takes to much continuous attention.
And ever since i started building auto traders that is about eight years ago, i started to believe less and less that auto trading is a sustainable profitable way of trading that's why i started basket trading learning it from the T101 basket trader.
And believe me i wrote (and tried) a lot of auto traders slope, trend, counter trend, ma's, intrabar etc. etc.
Basket trading profits can be a bit smaller but losses are smaller also. So losing a basket is not a big deal.

On live results, two to three out of the ten (live) baskets taken end in a loss (20 to 30%).
But usually that is because i meddle with the baskets playing with the takeprofit setting, widening the trailing stoploss or adding extra trades to a basket.
Also setting the breakout lines to close just to make sure a basket is taken is usually a mistake.
Most of the time you are better off that the trade (basket) isn't taken due to lack of movement.
Demo is of course another story, there you have to try, test and learn.
The above second eur basket is not taken on my live account because the trade was already done and closed so live i did not make the 334 pips yesterday.

To be continued, breakfast first.

About risk/reward.

If you look at post 122 and 123 these are typical baskets (as always 0.01 on demo) which are also taken on my live account (not 0.01 lot of course ) .
Post 130 is a news breakout basket and i do not trade those live. Just to risky, i do not need that, it was just an example.

I do not only trade baskets, i trade basket breakouts.
That means i do not invest anything (just time) before a basket signals a clear direction.
The direction by the way can be with the original intended direction but it could also be counter that direction.
That depends on which point in time you selected the basket.
After that breakout and the trade is taken it is difficult to lose a lot of money because the baskets consist of more than 1 pair and two currencies. I usually only trade baskets which consist of at least 5 pairs or 3 (4) strong signaling pairs.
All the basket pairs turning against the trade is extremely rare and you probably didn't pay enough attention to the pairs correlation when creating the basket.

Selection.

My baskets are selected on direction, currency strength, previous day pair correlation and i keep half an eye on upcoming high impact news just to make sure that not all pairs in the basket could be influenced at the same time by the news. Perhaps BSM will have an indicator soon just to signal that a currency/pair has upcoming news.
By selecting the baskets for the day way in advance using the (not yet fully proven) method from member Kopratasa i do not need to look at ADR, trade room, bidratio etc.
Setting the breakout and takeprofit targets i use the previous day fibo and simple deMark lines or a trade channel. That's all.
Loading the BasketMTF indicator on the offline chart could also be a good idea so you could eliminate pair(s) at the last moment if you see that they suddenly counter the other pairs.

I will however on demo start using the new currency LFX charts to see if that will positively influence my basket selection.
Will finish those charts this weekend with on option to select high/low or open/close values to be displayed as candles.

Weaknesses.

- Most of the time you do not trade for maximum profits but i do not think that that is a weakness.
- It is quite boring sometimes if baskets do not breakout but it doesn't have to be if you also start using the BDM dashboard at the same time.
You can switch between your offline basket charts, a multi purpose (autotrading ?) dashboard of your liking and of course the 28 charts with indicators to do your manual trading.
- There is still a lot of functionality to be build in the BDM and the BTM has to be debugged and partly be reprogrammed.
- BT_14_v27 does the job for now but should (and will) be replaced by a more integrated manager.

Thank you for answer. Very frankly
News alert on pair, new advanced manager help to be more profitable, you're right.
How can I help you, you did not answer ... heh.
And how widely you open to new ideas? Do you like / do not like?

You said that you're lazy. I finished two postgraduate studies and my philosophy teacher said: laziness - the engine of progress. By your developments I see it....

nice answer.....brother....Yes, the important is concept....i believe, u have this concept.....

@ Denya


You misunderstood me, i said "i am a lazy trader...."

I am always open to ideas.
Even if they are not exactly implemented as suggested they can always lead to new ideas.

How to help, well start using it and report back.
Tell other traders what you do and post templates, indicators and EA set's to achieve the same.

Thanks sister.

I also really like your trading dashboard, well thought through and really nice to trade from.
Good for intraday trading.
Do have a request, will PM it to you.

"My baskets are selected on direction, currency strength, previous day pair correlation and i keep half an eye on upcoming high impact news just to make sure"

good info HP...thank you

yes. I'm always open to new ideas that lead to better ideas also. Good ideas take lots of thought, and thought is the hardest work of all. I appreciate greatly all the ideas and sharing.

Thanks again.

Yes, i get message...still learn about money manager on dashboard..hope this will run smootly...brother....If we familiar with fibo...this dashboard will help us......

@Denya

You are good in filling up templates.
Perhaps you can get some useful information on the DINDONGDASH, there is a lot of black space around it.
The name is BDMDINGDONDASH.tpl

Okay, I'll try it.

Interesting day tomorrow for some news breakout baskets.

Hi HP!
i saw sometimes you trading Tokyo+2 or LO-1.
what is your favorite time zone for basket trading?
and what is reason
thanks always!

A monday Asia+2 (14 pair) selected basket.
Not going anywhere staying within the breakout lines because to many correlated pairs.
Nothing gained, nothing lost.
Just closed the chart.

ps. second image not the same basket but if you would have traded this one as is with all those correlations this basket probably wouldn't have gone anywhere.

Normally i am not yet trading at Tokyo+2, i lock the BSM basket suggestion at Tokyo+2 (+1 minute).
If i am awake at that time and there are at least 5 pairs in each basket i will create the offline charts and have a look.
If the baskets look good at that time i will set breakout lines and go to bed.

If i am not awake at selection time i will create the charts at London-1 and then set the breakout lines.
33% chance on a "dead" basket (see the one above) 33% chance on a big reversal from the Asia direction and 33% chance that the Asia trend will continue stronger. There are no more flavors. But by placing the breakout lines at sound points outside pivots, above or below fibo lines and steer away from obvious SD zones (easly spotted looking at the chart) you will catch the right one.

Between the 0 and +- 200 pips i do not really pay much attention except for upcoming news anything outside that range i am going to have a look at the charts and fibo levels. Baskets also respect fibo levels (which was a surprise to me).

Up until now it has been a typical Monday fight.
FED announcement doesn't seem to make a big impact so i think i will bail.

Any basket for today HP?

Thanks,

Selections for today but i am sceptic if they will amount to anything and i am a bit to late to set a lock at LO-1 (alternative to TK+2).
Only a 4 pair buy.

Nice. I made 2 basket's for today to test. First picture it's a basked selected at LO-1 based on the most unmoved pairs since market open for today, hoping for a PO breakout and second basket it's Tokyo +2 with BO.

Correct me if I am wrong with lines or baskets.

Thanks,