More simple is impossible | Page 370 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

SIMPLE EA for a simple method needed!! 2 replies

Trading is this Simple? Finally Explained simple and clearly! 46 replies

More easy is impossible 17 replies

long-run profits impossible with short-term trading? 39 replies

Attachments: More simple is impossible
Exit Attachments

More simple is impossible

  • #7,381
  • Jun 15, 2016 7:33am Jun 15, 2016 7:33am
Quoting BBalazs
{quote} Question is, how much are you willing to risk to get that 10 pips?
Good point. Ideally, i would not go for 10 pips but at least 15-20...reasoning is that my SL would not exceed the target, and a 10 pip SL does not work well for GER30. (assuming we are using a 10/5 combo, might work for 3 pip chart) I would set my mm so that I can take at least 20-30 such hits.
Best, Josh
  • #7,382
  • Jun 15, 2016 9:57am Jun 15, 2016 9:57am
Quoting BBalazs
{quote} I don't really believe in that. The winning and losing trades a randomly distributed, although one pattern, over a series of trades can produce consistent results. If you think that you can 'filter out' the losing trades, you are deluding yourself in my opinion. There is nothing wrong with trading all day long, matter of fact, you can gain experience a lot faster that way. Of course, as long as you maintain good MM.
The problem is that trading is the most boring business you can ever be in BUT we want to make it exciting ....we want excitement ( human nature) ....so if u want excitement we go to watch a soccer match and u have TO Pay FOR THAT EXCITEMENT ? Trading is the same ...it is boring to wait for that trade so we want to be in the market all the time ...so we have to PAY (the market with our losees) for that excitement that we soo much want .
  • #7,383
  • Jun 15, 2016 12:50pm Jun 15, 2016 12:50pm
Quoting BBalazs
{quote} Question is, how much are you willing to risk to get that 10 pips?
It's about just doing the trades and ending the trading day with >10.

Say 4 modest trades of -10, -7, +18 & +15 (sum +16) then you compound 10 pips for your lot size the next day, so if your first trade happened to be +12, you could close shop for the day.
I've had days when I was up 27 pips and the 3rd trade brought me down to +14 and the 4th to -3 and horrifically the 5th trade took me to -20.

Just know your psychological capital and not trade above it, after you have grown your psychological capital then your trading capital will grow to match it.
Let it turn and find your entry.
  • #7,384
  • Jun 15, 2016 12:55pm Jun 15, 2016 12:55pm
Missed so much, waiting for the news hopefully whichever way it goes.
Attached Image (click to enlarge)
Click to Enlarge Name: RENKO 200.png Size: 70 KB
Let it turn and find your entry.
  • #7,385
  • Jun 15, 2016 2:04pm Jun 15, 2016 2:04pm
Quoting Intrepidpips
Missed so much, waiting for the news hopefully whichever way it goes. {image}
Missed the double bottom (lost connection due to fast PA) got slipped on the short, got to +18 but was targeting the Pivot, has to exit with my skin as the market direction is now uncertain.
Fight another day.
Attached Image (click to enlarge)
Click to Enlarge Name: RENKO 201.png Size: 67 KB
Let it turn and find your entry.
  • #7,386
  • Jun 16, 2016 3:25am Jun 16, 2016 3:25am
Ger30 +32 +39 - I ended up taking a 123 in counter trend as PA became wild this morning. I targeted the 127% and 161.8%, but ended up closing the second lot manually as I noticed the divergence formed on the Macd. (5) I did not take the second push up which did get to 161.8 as I thought this was done. - basing that decision mostly on the 5 pip chart!
It should have been visible that another push was likely, from the MACD and STO on 10, but I focused too much on the 5 pip chart and not the 10 which showed "whats up". Once the PA becomes jumpy, its important to keep cool and not get seduced by the 5 pip chart. The trade worked out well and I would take the result any day, but the bigger picture eluded me. I am not trading much these days, just working on STO patterns and correlations.
Best, Josh
Attached Image (click to enlarge)
Click to Enlarge Name: Ger30 +39 +32.png Size: 141 KB
  • #7,387
  • Jun 16, 2016 8:30am Jun 16, 2016 8:30am
Quoting bettervolume
{quote} when I was trading futures crude I blew my account 3 times ..yet I knew that market so well and I couldn't figure out why I am loosing the money ... until now I realize my mistake ....I over traded I wanted to trade all day long ... but I had 2 - 3 trades everyday that could make me 15 to 20 pips per trade ..90 percent of the time ...but guess what it was too boring to wait hrs for the trade to come along ......in fact im thinking of going back to futures ...this is game of patience ... wait for the trade all day if it doesn't come it is...
  • #7,388
  • Jun 22, 2016 8:40am Jun 22, 2016 8:40am
Hi Gang


How to open h1,h4 and d1 renko chart. I tried changing brick size and time frame from the control chart but to to no avail


Thx!
Life Is Good
  • #7,389
  • Jun 22, 2016 11:02am Jun 22, 2016 11:02am
Quoting cowcool
Hi Gang How to open h1,h4 and d1 renko chart. I tried changing brick size and time frame from the control chart but to to no avail Thx!
There is no TF control in renko, as renko bars are not time based. You can adjust your brick size to give you a wider picture higher tfs normally would. You should base the renko builder on a 1 min tf. There are detailed instructions earlier in the thread, use search function.
Best, Josh
  • #7,390
  • Jun 22, 2016 11:59am Jun 22, 2016 11:59am
Do you know where I can find the indicators to MT5?
  • #7,391
  • Jun 22, 2016 1:22pm Jun 22, 2016 1:22pm
Thx.. Is there an ea to automatically exit a position based on renko color change\?
Life Is Good
  • #7,392
  • Edited 3:10am Jun 23, 2016 1:26am | Edited 3:10am
Hi Fellas,

I am very new to renko bars ... There are so many renko bar generators

pimped renko ver 4.xx
Ovo Mean Renko
Ovo Pro Renko

to name few.

What is the best renko bar builder out there? I want to be able to backtest and memorize renko patterns without repaint.

What are pros and cons of non repaint renko bars?

Thx!
Life Is Good
  • #7,393
  • Jun 23, 2016 3:25am Jun 23, 2016 3:25am
Quoting cowcool
Hi Fellas, I am very new to renko bars ... There are so many renko bar generators pimped renko ver 4.xx Ovo Mean Renko Ovo Pro Renko to name few. What is the best renko bar builder out there? I want to be able to backtest and memorize renko patterns without repaint. What are pros and cons of non repaint renko bars? Thx!
Ovo's main website offers detail description about every type of renko builders they have. You can download a free trial and test them for 2 weeks.
Best, Josh
  • #7,394
  • Jun 23, 2016 3:26am Jun 23, 2016 3:26am
Josh , what renko builder do u use?
Life Is Good
  • #7,395
  • Jun 23, 2016 3:47am Jun 23, 2016 3:47am
Quoting cowcool
Josh , what renko builder do u use?
I use pimped 4.13 for now, debating switch to mean from ovo. The thing is, if you buy ovo's builder that stores tick data, your station must still run to save it, otherwise, it will be the same as other builders. You can use a regular builder, and keep your station on during the session - same result with exception to back-testing, but as i have written, is poor practice. You should look at things as they unfold. - it makes you remember far better than looking at dead charts.
Best, Josh
  • #7,396
  • Jun 23, 2016 4:36am Jun 23, 2016 4:36am
Here is a trade i took today with the logic behind it. After I closed it at 200, i went to annotate, so considering the move up, we can say i sold myself short, but took pips home.The importance of this is to show momentum gauging in a move. Considering momentum was still high at 200, i should have held longer, but thats the should have/could have/would have game.
Best, Josh
Attached Image(s) (click to enlarge)
Click to Enlarge Name: g1.png Size: 135 KB
Click to Enlarge Name: g2.png Size: 135 KB
Click to Enlarge Name: g3.png Size: 123 KB
  • #7,397
  • Jun 23, 2016 4:50am Jun 23, 2016 4:50am
I went into self destruct mode on the 16th, when I should have tripled my account had I simply followed my rules, I have been so remorseful since then seeing my set-ups play out so so well since then.

Will fund a new account next week and fight again, the market's not going anywhere without me.
Let it turn and find your entry.
  • #7,398
  • Jun 23, 2016 5:18am Jun 23, 2016 5:18am
Quoting Intrepidpips
I went into self destruct mode on the 16th, when I should have tripled my account had I simply followed my rules, I have been so remorseful since then seeing my set-ups play out so so well since then. Will fund a new account next week and fight again, the market's not going anywhere without me.
It is a trick to keep following rules. After a victory or two, its easy to get overconfident... and the market has no tolerance for it. You should work out a system of punishment - take a trade without following your rules - pullout an eyebrow, drink a shot of tobasco..or my personal favorite - listen to some music that makes you sick. Alternatively, work out a system of reward. Whichever works, but its surprisingly effective.

Best regards, Josh
  • #7,399
  • Edited 8:49am Jun 23, 2016 7:30am | Edited 8:49am
Quoting JoshuaHope
{quote} It is a trick to keep following rules. After a victory or two, its easy to get overconfident... and the market has no tolerance for it. You should work out a system of punishment - take a trade without following your rules - pullout an eyebrow, drink a shot of tobasco..or my personal favorite - listen to some music that makes you sick. Alternatively, work out a system of reward. Whichever works, but its surprisingly effective. Best regards, Josh
Lol, I used to have a reversed reward system - if I followed the rules, and despite it the SL got hit, I earned a reward.
  • #7,400
  • Jun 23, 2016 10:22am Jun 23, 2016 10:22am
Quoting JoshuaHope
{quote} It is a trick to keep following rules. After a victory or two, its easy to get overconfident... and the market has no tolerance for it. You should work out a system of punishment - take a trade without following your rules - pullout an eyebrow, drink a shot of tobasco..or my personal favorite - listen to some music that makes you sick. Alternatively, work out a system of reward. Whichever works, but its surprisingly effective. Best regards, Josh
10Q M8
Let it turn and find your entry.
2 traders viewing now