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Monthly Profit - Daily Trading using SMA

  • #2,781
  • Sep 16, 2016 5:35pm Sep 16, 2016 5:35pm
And I would appreciate some good guidance
  • #2,782
  • Sep 16, 2016 5:48pm Sep 16, 2016 5:48pm
hi bk8 my open trad pls tell me eruaud and audsgd now confim signal ?
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  • #2,783
  • Sep 16, 2016 6:22pm Sep 16, 2016 6:22pm
another week in profit, 541pips
thanks Bk8
  • #2,784
  • Sep 16, 2016 6:58pm Sep 16, 2016 6:58pm
Quoting NotMe
another week in profit, 541pips thanks Bk8
Wow! Really great result. Congratulation
I racked 190pips only. But that is already considered alot for myself. Last but not least thanks Bk8
  • #2,785
  • Sep 16, 2016 7:07pm Sep 16, 2016 7:07pm
Quoting laikos
{quote} Wow! Really great result. Congratulation I racked 190pips only. But that is already considered alot for myself. Last but not least thanks Bk8
I don't follow these two rules (in white)
Avoid

  1. Lower timeframe charts, even H4 is not reliable.
  2. Risk - Do not take positions more than 5% of account value and do not take multiple positions on same pair, even setup is 100% correct
  3. Sideways pattern

Edit: and I use EMA not SMA

  • #2,786
  • Sep 16, 2016 7:54pm Sep 16, 2016 7:54pm
If you are using EMA then you should ignore this thread.

Quoting NotMe
{quote} I don't follow these two rules (in white) Avoid Lower timeframe charts, even H4 is not reliable. Risk - Do not take positions more than 5% of account value and do not take multiple positions on same pair, even setup is 100% correct Sideways pattern Edit: and I use EMA not SMA
  • #2,787
  • Sep 16, 2016 7:54pm Sep 16, 2016 7:54pm
Quoting laikos
{quote} Wow! Really great result. Congratulation I racked 190pips only. But that is already considered alot for myself. Last but not least thanks Bk8
  • #2,788
  • Sep 16, 2016 7:55pm Sep 16, 2016 7:55pm
Quoting NotMe
another week in profit, 541pips thanks Bk8
Great but please read post#1 thoroughly
  • #2,789
  • Sep 16, 2016 7:56pm Sep 16, 2016 7:56pm
Quoting saranga
hi bk8 my open trad pls tell me eruaud and audsgd now confim signal ? {image}
Looks good
  • #2,790
  • Sep 16, 2016 7:56pm Sep 16, 2016 7:56pm
Quoting shimmering
And I would appreciate some good guidance
Please read post#1, you will be good to start
  • #2,791
  • Sep 16, 2016 8:34pm Sep 16, 2016 8:34pm
Hi Bk8,
I came across your post this morning and I really like that simple way of trading, also a big fan of trading the D1.
I'll be giving it ago this week for sure.
Cheers & Thanks !
Bob
  • #2,792
  • Sep 16, 2016 8:52pm Sep 16, 2016 8:52pm
Quoting bobhowson
Hi Bk8, I came across your post this morning and I really like that simple way of trading, also a big fan of trading the D1. I'll be giving it ago this week for sure. Cheers & Thanks ! Bob
Thank you Sir!
  • #2,793
  • Sep 16, 2016 9:26pm Sep 16, 2016 9:26pm
Quoting deankenny21
Guys, remember you will have losers, best traders in the world have losers, it's all about money management and risk. You may have took a trade and lost from yesterday, but look at GBPAUD, it's flying, and has potential to be a steam train runaway and not only cover your losses but close in profit too, covering the losses and adding on top. This is why in the long run if you stick to the rules, take the losers as part of trading, and allow the winners to run, you will always end out on top in the long run.
+1.
Also I want to add in, think in terms of percentage or R:R ratio. 1 tiny pips can outcome 100 pips in dollar amount. It's the lot size talking. Somebody can gain 1000 pips but only get 4 % on account gain, while others can gain only 30 pips but get 30% on account gain.
My main point is, pip count does nothing in money management. It's the lot size & stoploss size related to account size that determine you're doing a good money management or not.

Happy weekend everybody.
  • #2,794
  • Sep 16, 2016 9:35pm Sep 16, 2016 9:35pm
Quoting pipmunks
{quote} +1. Also I want to add in, think in terms of percentage or R:R ratio. 1 tiny pips can outcome 100 pips in dollar amount. It's the lot size talking. Somebody can gain 1000 pips but only get 4 % on account gain, while others can gain only 30 pips but get 30% on account gain. My main point is, pip count does nothing in money management. It's the lot size & stoploss size related to account size that determine you're doing a good money management or not. Happy weekend everybody.
I think you are missing the point... think about traders like me who want to develop a sustainable strategy for others who is desperate to earn 20 pips per day, I want to provide a platform where they can get 100+ pips..
  • #2,795
  • Sep 16, 2016 9:38pm Sep 16, 2016 9:38pm
Quoting pipmunks
{quote} +1. Also I want to add in, think in terms of percentage or R:R ratio. 1 tiny pips can outcome 100 pips in dollar amount. It's the lot size talking. Somebody can gain 1000 pips but only get 4 % on account gain, while others can gain only 30 pips but get 30% on account gain. My main point is, pip count does nothing in money management. It's the lot size & stoploss size related to account size that determine you're doing a good money management or not. Happy weekend everybody.
Excellent addition to what I said.

Pipmunks, I can tell, is already well away on the correct track in his way of thinking.

Somewhere a couple pages ago I saw someone say "I do not like this trade as the SL is too big"
This comment is wrong wrong wrong!!!

You should not be concerned how big the SL is in pips, if you are using proper risk management you will risk the same amount on 20 pip SL as you would on a 200 pip SL.

So there is no "sl is too big in pips"

My standard risk on my main company account and personal account is 0.5% risk per trade, does not matter if the SL is 2 pips or 983 pips, if the trade loses I will lose the same amount regardless of pip size.

There are some fantastic books/articles about FX risk/money management and skills, and I would suggest to anyone using FIXED lot size for every trade to read these articles sooner than later, because if you start adapting fixed lot sizes and becomes habitual you will be in for one hell of a rollercoaster ride, and not a good one.

So for the person a few pages back who made the comment about the sl pip size is too big, I suggest you go away, strictly learn risk and money management and come back to forex. If any of you guys trade first before learning money and risk management, you are heading down the wrong road. Forex is not a casino, it is a business, at least in my case it is, it provides my full time income, so for me, it is "my" business.

Nothing like a good old Friday night rant Just can't help myself. I only rant on because in my early years I fell down all the usual pitfalls of bad money management and all that, and all I am trying to do is help anyone I can avoid the same pits I fell down early on in my career.
  • #2,796
  • Sep 16, 2016 9:46pm Sep 16, 2016 9:46pm
Quoting pipmunks
{quote} Question : Why you don't enter on 1 candle before? The candle already cross MA 5.
because it had sideways until then
  • #2,797
  • Sep 16, 2016 9:46pm Sep 16, 2016 9:46pm
Quoting Bk8
{quote} I think you are missing the point... think about traders like me who want to develop a sustainable strategy for others who is desperate to earn 20 pips per day, I want to provide a platform where they can get 100+ pips..
and you have BK8, many trades that I have monitered here have say a sl of 80 or so pips, and have run to profit of over 250+ pips some of them, this is incredible risk reward, and using proper money management where lot amount = SL pip size divided by risk%, you have provided a very solid system.

this is an EXCELLENT tool, for those that are using proper management.

http://www.babypips.com/tools/forex-...sitionsize.php
  • #2,798
  • Edited 10:46pm Sep 16, 2016 10:36pm | Edited 10:46pm
My Top Contributors So far

@Fx-Flux (My Tech Expert Trader)
@Yonnnie (my lucky charm and best friend )
@Ghibli (My intelligent tech Trader)
@Saraga (Cute but Smart)
@Jakepuia(Cute but smart)
@Chake (Low profile but a great helper)
@hammadshahir(Honest and Smart)
@BuffaloPat( (honest and Smart)
@MrRijk (New but Smart)
@DjPriz(New but Smart)
@Protito(New but Smart)
@Mathy(New but Smart)
  • #2,799
  • Sep 16, 2016 10:47pm Sep 16, 2016 10:47pm
Quoting Bk8
My Top Contributors So far @Fx-Flux (My Tech Expert Trader) @Yonnnie (my lucky charm and best friend ) @Ghibli (My intelligent tech Trader) @Saraga (Cute but very Smart) @Jakepuia(Cute but smart) @Chake (Low profile but a great helper) @hammadshahir(Honest and Smart) @BuffaloPat( (honest and Smart) @MrRijk...
@BK8 thank you, I will try to keep learning and contribute to this thread in a positive way.
  • #2,800
  • Sep 16, 2016 10:49pm Sep 16, 2016 10:49pm
Quoting Bk8
{quote} Hi Dean - I love your posts, to the point and crystal clear. Trust me, SMA (5,3) is still working for me yesterday someone asked about the importance of shift and when I compared, earlier I tried to defend 5,3 but I finally gave up since I did not find any solid reason why 5,0 is not better than 5,3. I think you would agree that changing the shift from 3 to 0 is just settings, Strategy is still same?
Quoting Bk8
{quote} I keep checking setups all day beacuse I want to keep this thread active, help others and seek feedback from senior members like Dean, Mike, Yonnie and others Ideally we need to spend 15 daily when new candle starts.. you should not be checking setups all the time, in worst scenario your SL will be triggered so what.. please read Dean's posts on how traders execute same startegy differently and they complain later why some are profitable and some are losers.
Quoting Bk8
{quote} As @yonnie mentioned that previous candle had long wick that makes setup unstable. Also, we should take position when first candle opens right after candle setup on Day 1 since first candle has better probability i.e. 80% chances that put you in steam train (@Dean's beautiful explanation so that if next candle goes against you, nothing to lose and we will end up with breakeven.
Quoting Bk8
{quote} MrRijk- just to clarify, we can easily figure out sideways without adding anything... but since dean is associated to this thread from day 1. to respect his thoughts I am also going to test again for next few days.
I have tried to bring a professional traders viewpoint to this thread (8 years, 3 years full-time) of a simple and excellent system on the daily timeframe, I very much respect your sharing, and indeed like to help also, especially with the money management as this is the killer of any system. But however this is your thread, and I am a very respectful person, I will restrain from posting and helping here any further unless you would like me to. Until then very best of luck BK8 and others, I wish you all the best, and continue on the dailys, that's where it's at Peace.
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