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Highest Open / Lowest Open Trade

  • #1,681
  • Jun 3, 2016 12:12pm Jun 3, 2016 12:12pm
Quoting TooSlow
{quote} What is the reason you are bending the rules? Is it FOMO? Fear Of Missing Out? What do you think you are going to miss? The chance to trade? So what if you miss a trade? I miss trades. It is OK to miss trades now and then. Missing trades is caused by lack of focus more often than not. Trying to trade too many pairs. Trying to get every possible trade. As soon as you take your eyes off one pair to look at another, you miss the trade. Hasn't that happened to you at least once? Learn to wait. Be patient. The trades will appear. Do not get "trigger...
Couldn't agree more with you....
Going back to the GBPUSD setup I was desperately looking for a reason to jump in and RULE N.3 actually prevented me from doing it.
I guess the FOMO has a lot to do with it. It's like you're watching the charts and you want to be rewarded with an opportunity to trade - and the GBPUSD is a great example because one could say I was actually "punished" for respecting the rules. It's how we're wired to think I guess...
I have to say your rules are helping me in reducing the number of trades although I still have the "need" to look at several pairs (FOMO again...)

This thread has been a class on discipline and patience for me. Still a long way to go but I start to see a light at the end of the tunnel.
THANKS!!!!
  • #1,682
  • Jun 3, 2016 12:13pm Jun 3, 2016 12:13pm
Quoting wannalearn12
{quote} My insides were hurting seeing something surge 180 pips against myself. I nearly cut my loss short but confided in the forum.
18 pips or 180 points?

1.35050 - 1.35000 = 0.00050
5 pips
50 points.

Insides hurting indicates you are risking more than you are truly comfortably trading.
A losing trade should trigger a reaction along the lines of "No biggie. I'll get it back and more the next time."
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,683
  • Jun 3, 2016 12:14pm Jun 3, 2016 12:14pm
Quoting trader-f1
{quote} Still a long way to go but I start to see a light at the end of the tunnel. THANKS!!!!
Be sure the light is not an oncoming trading
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,684
  • Jun 3, 2016 12:18pm Jun 3, 2016 12:18pm
Quoting trader-f1
{quote} Couldn't agree more with you.... Going back to the GBPUSD setup I was desperately looking for a reason to jump in and RULE N.3 actually prevented me from doing it. I guess the FOMO has a lot to do with it.
News releases can be exciting and sometimes profitable.
FOMO at its finest.

How far was price from the high of the day when you wanted to jump in?
Adjust your position size so if you get stopped out at HOD+spread, your risk is within your limit.
Then place your bets and take your chances.
What have you got to lose?
YOUR ACCEPTABLE TRADE LOSS LIMIT.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,685
  • Jun 3, 2016 12:29pm Jun 3, 2016 12:29pm
Quoting TooSlow
{quote} 18 pips or 180 points? 1.35050 - 1.35000 = 0.00050 5 pips 50 points. Insides hurting indicates you are risking more than you are truly comfortably trading. A losing trade should trigger a reaction along the lines of "No biggie. I'll get it back and more the next time."
I was only risking a couple dollars. It was just the fact that is moved that hard against me. and maybe it is points, I see making pips is not what I thought
  • #1,686
  • Jun 3, 2016 12:30pm Jun 3, 2016 12:30pm
Read and let it sink in:

http://www.forexfactory.com/showthre...49#post8655949
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,687
  • Jun 3, 2016 12:38pm Jun 3, 2016 12:38pm
Quoting TooSlow
{quote} Neo1: Please do not take this the wrong way. Giving a new driver a Ferrari usually won't end well. Giving a new soldier a machine gun usually won't end well. Giving a new student a scientific calculator usually won't end well. The basics must be learned and mastered, first. The time and effort must be put in. Then understanding happens. Have you read all the way through this thread? What good would having this coded do anyone, if they can't do it themselves? You have to crawl before you walk. Walk before you run. Otherwise, it usually won't...
THANKS FOR ANSWERING
I AGREE WITH YOU ABOUT UNDERSTANDING AND LEARNING THE METHOD
MY QUESTION WAS BECAUSE AN EA WILL always FOLLOW THE RULES and you dont have to keep watching or waiting for a trade
PLEASE ACCEPT MY QUESTIONS IM JUST A NEWBIE
  • #1,688
  • Jun 3, 2016 12:38pm Jun 3, 2016 12:38pm
Hi TooSlow,

Let's say you get a buy signal on EURJPY and a sell signal on EURUSD.
Although both trades could end up a winner depending on trade management, it's unlikely both pairs would get a sizeable move on opposite directions due to their correlation.
Do you try to filter out these trades somehow or you would take both signals?

Thanks!!!!
TF1
  • #1,689
  • Jun 3, 2016 12:42pm Jun 3, 2016 12:42pm
Quoting trader-f1
Hi TooSlow, Let's say you get a buy signal on EURJPY and a sell signal on EURUSD. Although both trades could end up a winner depending on trade management, it's unlikely both pairs would get a sizeable move on opposite directions due to their correlation. Do you try to filter out these trades somehow or you would take both signals? Thanks!!!! TF1
Do you try to filter out these trades somehow or you would take both signals?


No.
No filtering based on this.
I may or may not take both signals.
eudjpy would get priority all things being equal.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,690
  • Jun 3, 2016 12:44pm Jun 3, 2016 12:44pm
Quoting Neo1
{quote} THANKS FOR ANSWERING I AGREE WITH YOU ABOUT UNDERSTANDING AND LEARNING THE METHOD MY QUESTION WAS BECAUSE AN EA WILL always FOLLOW THE RULES and you dont have to keep watching or waiting for a trade PLEASE ACCEPT MY QUESTIONS IM JUST A NEWBIE
No problem.
But you better watch your EA.
When your connection or computer craps out, it is best to know ASAP so you can call your broker to execute your trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,691
  • Jun 3, 2016 12:49pm Jun 3, 2016 12:49pm
Quoting TooSlow
{quote} 18 pips or 180 points? 1.35050 - 1.35000 = 0.00050 5 pips 50 points. Insides hurting indicates you are risking more than you are truly comfortably trading. A losing trade should trigger a reaction along the lines of "No biggie. I'll get it back and more the next time."
So BE+1 is 10 points ..?
  • #1,692
  • Jun 3, 2016 12:53pm Jun 3, 2016 12:53pm
hit sl, be+1
Attached Image (click to enlarge)
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  • #1,693
  • Jun 3, 2016 1:12pm Jun 3, 2016 1:12pm
Quoting tradebuddy
hit sl, be+1 {image}
So do you move your SL when it is at +50 points or +5 points? and is BE+1 break even plus 10 points or plus 1 point?
  • #1,694
  • Jun 3, 2016 1:15pm Jun 3, 2016 1:15pm
Quoting wannalearn12
{quote} So do you move your SL when it is at +50 points or +5 points? and is BE+1 break even plus 10 points or plus 1 point?
move sl to be+1 when it is +50 points
be+1=be+10points
  • #1,695
  • Jun 3, 2016 1:34pm Jun 3, 2016 1:34pm
Quoting tradebuddy
{quote} move sl to be+1 when it is +50 points be+1=be+10points
so in mt4 show profit in points is not showing pips?
  • #1,696
  • Jun 3, 2016 1:44pm Jun 3, 2016 1:44pm
Quoting wannalearn12
{quote} So BE+1 is 10 points ..?
I know this gets confusing with the introduction of the 5 digit brokers (I have read somewhere there there might be 6 digit brokers in the future. This is all due to HFT and a multitude of instruments like cfds, futures, options all traded by the same broker)

Most brokers use 5 digits now and 1 pip is 10 points in forex. Be careful when you trade a different instrument like gold, then the trade sizes, margins, leverage and minimum steps change. Ask me how I know this....:-)
  • #1,697
  • Jun 3, 2016 1:48pm Jun 3, 2016 1:48pm
Quoting Habo
{quote} I know this gets confusing with the introduction of the 5 digit brokers (I have read somewhere there there might be 6 digit brokers in the future. This is all due to HFT and a multitude of instruments like cfds, futures, options all traded by the same broker) Most brokers use 5 digits now and 1 pip is 10 points in forex. Be careful when you trade a different instrument like gold, then the trade sizes, margins, leverage and minimum steps change. Ask me how I know this....:-)
How do you know this?
  • #1,698
  • Jun 3, 2016 2:28pm Jun 3, 2016 2:28pm
Quoting wannalearn12
{quote} So BE+1 is 10 points ..?
Yes.
BE+1 is 1 pip or 10 points.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,699
  • Jun 3, 2016 2:29pm Jun 3, 2016 2:29pm
Quoting wannalearn12
{quote} So do you move your SL when it is at +50 points or +5 points? and is BE+1 break even plus 10 points or plus 1 point?
Yes.
Depending on how the market is moving, BE+1 may be deployed when at +2 or +3.
There is always another chance to trade.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,700
  • Jun 3, 2016 2:30pm Jun 3, 2016 2:30pm
Quoting TooSlow
{quote} Yes. Depending on how the market is moving, BE+1 may be deployed when at +2 or +3. There is always another chance to trade.
A light-bulb just went off in my head.
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