Really that is such depressing news. This is exactly the kind of system I have been looking for! I've converted to mostly an price action based trading after trying various indicators and reading many books. Is there no way to convert it to another platform! I may have to switch platforms after hearing this..
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I am having very very bad result with this system. I dont know what Im doing wrong. Everyone seems to be making profits. I have read through most if not all the examples, I believe I am following the rules to the teeth. I have lost $128 in one day trading session. Please help me out. I saw a higher high and higher low on M1 , I entered at the yellow square which the next higher low was formed with Babon Classic. Price re enter the cloud and I was stopped out. The M1 TMA upperband was above the cloud too. Seems like the stars are all aligned but...
Rgs.,
Success is nothing more than a few simple disciplines, practiced every day.
Ok I tried again. I have seriously no idea what is going on anymore. I have a series HH and HL on M1. A very nice M1 pattern. H1 isnt up but its horizontal. At least it is not down. I entered at yellow square, theres about 10 pips upward to M5 TMA upper band. And M5 TMA is pointing up too. The moment I clicked buy, price went down below cloud. Happens all the time, the moment I press buy, price goes below cloud. I can't even catch 5-6pips. Am I doing something wrong with this entry again? I know H1 is ranging and horizontal, but if M1 shows good...
The big picture is the key,and it seems to me that u don't even look at it.
Rgs.,
Success is nothing more than a few simple disciplines, practiced every day.
- #8,434
- Aug 23, 2016 4:35am Aug 23, 2016 4:35am
{quote} My dear,don't u think that if you make the same mistake again and again ,the results will be probably the same? The big picture is the key,and it seems to me that u don't even look at it. Rgs.,
I seems to get your point. But that range is about 180 pips wide, shouldn't I be able to get at least 10-15pips off that range if M1 looks good? OR should I just avoid totally if ranging.
There also seems to be a hierarchy of rules too ? So if H1 is showing range, I should stay out totally even if M1 and M5TMAs are showing entry signals?
- #8,437
- Edited 5:38am Aug 23, 2016 5:30am | Edited 5:38am
- Joined Mar 2013 | Status: High Risk High Gain Master | 299 Posts
{quote} I seems to get your point. But that range is about 180 pips wide, shouldn't I be able to get at least 10-15pips off that range if M1 looks good? OR should I just avoid totally if ranging. There also seems to be a hierarchy of rules too ? So if H1 is showing range, I should stay out totally even if M1 and M5TMAs are showing entry signals?
Babon system is a two-step operation. First we get the big picture, then we go to M1.
Babon is not a system, that will give you 10-20 trades per day on 1 currency pair. There are some days, when you just do not trade, because all the conditions NOT met! Just that!
Trading in a ranging market will always lead you to a losses when you try to follow the trend, because of simple reason - you're following something that doesn't exists at the moment. Most of the time it ends by buying highs and selling lows, and even if you will luckily made some pips in market like this,
you will probably give back much more pips from your SL's. So DO NOT RELY ON IT.
Trading in a trending market is a 70-80% of the entire success!
Re-read the PDF with full understanding, then make yourself a "quicklist summary" (something i made myself and posted it here: http://www.forexfactory.com/showthre...92#post8318692 ). It can be useful, before you will know ALL the rules in your mind. Just make yourself a list with the simplified rules the way you will understand it and keep it neer your desk. It should be helpful on the begin
Regards, Michael
Aggressive, High Risk, High Gain, High Accuracy
- #8,438
- Aug 23, 2016 5:41am Aug 23, 2016 5:41am
{quote} Let me answer you by a quote: {quote} Most of the babon trader's mistakes are made because of impatience and trying to trade, even when there aren't good market conditions. Babon is not a system, that will give you 10-20 trades per day on 1 currency pair. There are some days, when you just do not trade, because all the conditions NOT met! Just that!
Thank you, that was very clear and insightful.
- #8,439
- Aug 23, 2016 8:13am Aug 23, 2016 8:13am
Hey Bsmile, I don't knonw if it will help you but I've recently joined this thread and used the uploaded templates and files of Michael in post 8113 and 8114. Worked fine for me.... Thanks to Michael!
Hey Thanks Viper!! That worked for me
I'm Ready to rock and roll now. A few of the templates don't work well with some versions I guess!
Gentlemen always play by the rules, if they can't, they change them.
