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Trade with 60

  • #821
  • Jul 17, 2016 4:36am Jul 17, 2016 4:36am
Inserted Video
tradewith60
  • #822
  • Jul 18, 2016 3:59pm Jul 18, 2016 3:59pm
As ever, thanks for the video.
You mentioned a few times hitting your weekly target. I know it's each to their own, but what is your weekly target on the GJ 4h charts please?
  • #823
  • Jul 18, 2016 5:55pm Jul 18, 2016 5:55pm
Quoting JRob
As ever, thanks for the video. You mentioned a few times hitting your weekly target. I know it's each to their own, but what is your weekly target on the GJ 4h charts please?
Hi JRob
He is trading a basket of instruments (circa 3 or 4 instruments) where he is aiming 200 pips/week.
I'm doing the same on 4 currency instruments.
Cheers
Merka
  • #824
  • Jul 19, 2016 12:04am Jul 19, 2016 12:04am
yep Merka is right Jrob... your weekly target is essentially another RR decisions - I have opted for a low RR of net 200 (although I will go over this at times), this target is nearly always hit but runs the risk of losses being larger. It is a personal choice best made on live trading results and to a lesser degree back test results. It should also be something you review over time. One of the main advantages is on H4 you can often get away with trading only part of the week and having time away from the charts is always an advantage. It feels counter intuitive because if the strategy is good then surely we should trade all the time to make the maximum available - but as with most feelings towards trading, your first instinct is often wrong. Having clear medium and long term goals that you consistently achieve should always be the main focus.
tradewith60
  • #825
  • Jul 19, 2016 5:13am Jul 19, 2016 5:13am
Thanks Merka and 60mm.
Having an overall weekly target and then stopping sounds like a good idea.
It sounds daft, but having just checked back through my records, I am surprised at how often I have made something, but then given it back by over trading. You would think it would have dawned on me by now!
I do seem to have gravitated to the 4h charts, and lately I have also added a few daily charts, as per Willem's videos. I do find it a more relaxed way of trading, even though in order to control MM I have had to reduce the £ per pip to allow for the larger SL sizes.
Out of interest, what pairs do you trade Merka?
  • #826
  • Jul 19, 2016 11:33am Jul 19, 2016 11:33am
let's just forget we're traders for 1 minute, isn't it completely irrational that people can easily believe the chart below somehow predicts where price is going next? and at the same time simply selling when price is going down and buying when price goes up is mad?

Attached Image


now add to the mix some basic understanding of cognitive biasses - are you sure you're not falling into their traps?
tradewith60
  • #827
  • Jul 19, 2016 11:49am Jul 19, 2016 11:49am
Quoting 60minuteman
let's just forget we're traders for 1 minute, isn't it completely irrational that people can easily believe the chart below somehow predicts where price is going next? and at the same time simply selling when price is going down and buying when price goes up is mad? {image} now add to the mix some basic understanding of cognitive biasses - are you sure you're not falling into their traps?
The problem is not with the chart, the problem is that retail traders have 95% of their analysis on the charts and possibly 5% looking at fundamentals, compared to institutional traders that spend 95% of their analysis on macro/micro market fundamentals - Global events/news/sentiment/analysis of their competition and other related markets. 5% is then used for entry i.e looking for liquidity to enter large orders over a period of time until they have their quota filled at best possible prices. This may involve technical analysis -SR levels, fractal highs/lows because that is where liquidity can often be found. Unfortunately most retail traders don't understand this or can't be bothered to put the effort in with what they should be doing.
  • #828
  • Jul 19, 2016 12:20pm Jul 19, 2016 12:20pm
Quoting Porkpie
{quote} The problem is not with the chart, the problem is that retail traders have 95% of their analysis on the charts and possibly 5% looking at fundamentals, compared to institutional traders that spend 95% of their analysis on macro/micro market fundamentals - Global events/news/sentiment/analysis of their competition and other related markets. 5% is then used for entry i.e looking for liquidity to enter large orders over a period of time until they have their quota filled at best possible prices. This may involve technical analysis -SR levels,...
certainly no coincidence that the majority of retail traders rely purely on TA and lose - Understandable though, it's confirmation bias - if everyone is doing it then it must be true, right?.

I think things like an inability to accept that the outcome is always uncertain and very strong loss aversion also leads traders to look in the wrong areas for answers.

If I was to add anything to my trading it would be some very simple strong/weak currency selection - but at the same time I know it is not completely necessary and more information can add an increased level of human error.

nice to hear from you again Porkpie, hope all is well
tradewith60
  • #829
  • Edited 6:07am Jul 20, 2016 5:53am | Edited 6:07am
Quoting 60minuteman
{quote} certainly no coincidence that the majority of retail traders rely purely on TA and lose - Understandable though, it's confirmation bias - if everyone is doing it then it must be true, right?. I think things like an inability to accept that the outcome is always uncertain and very strong loss aversion also leads traders to look in the wrong areas for answers. If I was to add anything to my trading it would be some very simple strong/weak currency selection - but at the same time I know it is not completely necessary and more information can...
Ditto 60, hope you are well and glad your work continues to challenge others on the 'value' of Technical Analysis.

Yes I agree, with regards information overload, but it depends on the quality of information. Too much information retail traders use is based on price movement alone rather than the underlying causes of that movement i.e the macro/micro fundamental picture and the objectives of the main players in the market at the time.

The terms bandied around 'Price is Everything' , 'the market is always right' etc etc, its nonsense. Price isn't everything, its the underlying value that is important and value is not based in regards to whether its high or low in comparison to other prices, or stochastics Ob/Os, or previous SR or SD levels etc etc. Also, The Market is often wrong otherwise there wouldn't be much in the way of opportunities to profit.. So my point is, the quality of info is key not the volume of info.

Ok, rant over..
  • #830
  • Jul 20, 2016 6:32am Jul 20, 2016 6:32am
Quoting Porkpie
{quote} Ditto 60, hope you are well and glad your work continues to challenge others on the 'value' of Technical Analysis. Yes I agree, with regards information overload, but it depends on the quality of information. Too much information retail traders use is based on price movement alone rather than the underlying causes of that movement i.e the macro/micro fundamental picture and the objectives of the main players in the market at the time. The terms bandied around 'Price is Everything' , 'the market is always right' etc etc, its nonsense. Price...
yep I agree with you completely PP, and I always balance everything with self analysis -

'what everyone forgets is that the Nobel Laureate Harry Markowitz who essentially created the idea of asset allocation warned that step one was not deciding risk preference but knowing what you believe and why.'

'With anything uncertain, our brains search for context, and a large share of that context is the pre-existing internal one – better known as our beliefs and emotions. Harry Markowitz, the father of asset allocation, said step one is knowing what you believe. (Again, a feeling of confidence is part of a belief, is it not?) Step two is the allocation. He reiterated many times that his prize-winning paper started with step two!'

this level of questioning our beliefs is rarely if ever considered by most retail traders - and for a long time professional traders too.
tradewith60
  • #831
  • Aug 3, 2016 8:57pm Aug 3, 2016 8:57pm
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tradewith60
  • #832
  • Aug 5, 2016 1:49am Aug 5, 2016 1:49am
my nice little winning run may be coming to an end - got one day to turn it around...

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tradewith60
  • #833
  • Aug 6, 2016 4:34am Aug 6, 2016 4:34am
Inserted Video
tradewith60
  • #834
  • Aug 6, 2016 4:37am Aug 6, 2016 4:37am
$100 for a year to join the group right now... practically giving it away!

http://www.tradewith60.com

+3765 pips this year to date
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tradewith60
  • #835
  • Aug 7, 2016 2:06pm Aug 7, 2016 2:06pm
What times do you trade? How often are trades generated?

Quoting 60minuteman
$100 for a year to join the group right now... practically giving it away! http://www.tradewith60.com +3765 pips this year to date {image}
Its all in the mind.
  • #836
  • Aug 7, 2016 7:17pm Aug 7, 2016 7:17pm
Quoting 5abi
What times do you trade? How often are trades generated? {quote}
Hi 5abi, majority of us are trading 4 hour and daily charts at the moment, I'm trading 4 hour so I'm active in the live room from 6am GMT until 10pm GMT Monday to Friday. I'm taking around 11-14 trades a week depending on when I hit my target for the week of course.
tradewith60
  • #837
  • Aug 7, 2016 7:18pm Aug 7, 2016 7:18pm
https://2traderspodcast.com/
tradewith60
  • #838
  • Aug 8, 2016 4:39am Aug 8, 2016 4:39am
you can follow my 4 hour trades on twitter https://twitter.com/tradewith60
tradewith60
  • #839
  • Aug 8, 2016 3:43pm Aug 8, 2016 3:43pm
Thanks, I have PM'ed you.


Quoting 60minuteman
you can follow my 4 hour trades on twitter https://twitter.com/tradewith60
Its all in the mind.
  • #840
  • Aug 9, 2016 3:50am Aug 9, 2016 3:50am
http://www.forbes.com/sites/travisbr.../#232e3cf35bab
tradewith60
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