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Monthly Profit - Daily Trading using SMA

  • #3,621
  • Sep 21, 2016 8:51am Sep 21, 2016 8:51am
Crude inventories in about 40 minutes, watch your CAD trades. This will be an interesting day all together, big announcements!!!!!
  • #3,622
  • Sep 21, 2016 8:54am Sep 21, 2016 8:54am
Quote
Sorry Saranga, Here is another example why we should not take early or late entry... and we do not need real time alerts
we can alert on chat add mt4 chat before decision trade
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  • #3,623
  • Sep 21, 2016 9:09am Sep 21, 2016 9:09am
Quoting Heelfan23
Crude inventories in about 40 minutes, watch your CAD trades. This will be an interesting day all together, big announcements!!!!!
I still got one open position . Should i change the SL to BE? Or just keep hold on?
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  • #3,624
  • Sep 21, 2016 9:10am Sep 21, 2016 9:10am
Hey all,

Running into some technical difficulties at the moment. Just started the 2 position instead of one to try and maximize the moves but my MT4 won't let me set different TP amounts for the different positions. If I set a TP at 1:1 it makes the TP the same for both, if I go in and delete the TP for the second position, it deletes it for both. Any suggestions?
  • #3,625
  • Sep 21, 2016 9:14am Sep 21, 2016 9:14am
Quoting arielcorp
{quote} Hi Bk8, I asked about this set up and response I got was not positive, reason being appeared sideways? Your thoughts please. Cheers
Sorry I might have missed, I took this position long time back...
  • #3,626
  • Sep 21, 2016 9:19am Sep 21, 2016 9:19am
Quoting BuffaloPat
Hey all, Running into some technical difficulties at the moment. Just started the 2 position instead of one to try and maximize the moves but my MT4 won't let me set different TP amounts for the different positions. If I set a TP at 1:1 it makes the TP the same for both, if I go in and delete the TP for the second position, it deletes it for both. Any suggestions?
Hi, do you have open two positions separately or you have one position ,but double the ammount ,for example 2 X 0.01 lot or 1 x 0.02 lot ?
Read 1st post , if you don't understand something , then , ask a question
  • #3,627
  • Sep 21, 2016 9:22am Sep 21, 2016 9:22am
Quoting Ghibli
{quote} Hi, do you have open two positions separately or you have one position ,but double the ammount ,for example 2 X 0.01 lot or 1 x 0.02 lot ?
two separate positions 2 x 0.01, which is why it seems weird. I am in US so I have to adhere to FIFO rule, but I am making the first entry the 1:1 TP based off the time stamp.
  • #3,628
  • Sep 21, 2016 9:25am Sep 21, 2016 9:25am
Quoting BuffaloPat
{quote} two separate positions 2 x 0.01, which is why it seems weird. I am in US so I have to adhere to FIFO rule, but I am making the first entry the 1:1 TP based off the time stamp.
Yeah ,it's weird ..I am in the EU and never had that problem..
Read 1st post , if you don't understand something , then , ask a question
  • #3,629
  • Sep 21, 2016 9:50am Sep 21, 2016 9:50am
Quoting Heelfan23
{quote} If that is your concern, then you should adjust your lot size to what you are comfortable putting at risk on any trade. It really shouldn't matter in pips, it matters in dollars, or percentage you are willing to risk on any given trade.
I understand the principle of lot size to account size but that wasn't the point I was making. I was talking about the fact that you wouldn't normally see 80 to 220 pips, the amount you need for a 1:1, unless you had a very strong move in your favour but you would need this number of pips to stay above/below the signal candle +15 pips
  • #3,630
  • Sep 21, 2016 10:29am Sep 21, 2016 10:29am
Quoting Brian214
{quote} I understand the principle of lot size to account size but that wasn't the point I was making. I was talking about the fact that you wouldn't normally see 80 to 220 pips, the amount you need for a 1:1, unless you had a very strong move in your favour but you would need this number of pips to stay above/below the signal candle +15 pips
I think you are raising concerns without any facts, if D1 candle size is 30 pips SL is 45 pips and so on.
Where is the confusion?
  • #3,631
  • Sep 21, 2016 10:49am Sep 21, 2016 10:49am
Quoting Bk8
{quote} I think you are raising concerns without any facts, if D1 candle size is 30 pips SL is 45 pips and so on. Where is the confusion?
Thanks for your reply. I will put as simply as I can. In your experience with the system have you found a 1:1 RR is achievable for the first exit??? Maybe I am being too careful and taking pips too soon and too small.
Thanks again for your system it is working very well for me except as I say maybe I am stepping out too soon
  • #3,632
  • Sep 21, 2016 10:51am Sep 21, 2016 10:51am
Quoting Bk8
Thanks Civitas, I think you have highlighted original point, Fx-Flux wanted to ask. Answer is no, once we miss the setup we should wait for next signal. I think majority of traders are losing because they are not disciplined and consistent. we may gain quick pips or lucky for time being but that will destroy our long term startegy. {quote}
I get both sides of the discussion here, and have reconciled it to myself in this way.

When we enter according to the rules Bk8 has established, that is the edge - if the market then subsequently moves sideways, after x candles the advantage given by the edge ultimately reduces to the point where the outcome becomes almost random (as random as markets are) - every sideways candle subsequent to the signal dilutes the weight of that original signal.

If I am in the trade from the signal, then I have a definite reason for entering and part of the trade plan is that once in, I am hoping for a continuation of the move but if that doesn't come I "take the chance" and ride it out. Now if I enter the trade 6 candles after the original signal, where the intervening candles have been sideways, then I am instantly "taking a chance" because I have not traded with the edge and in my mind I would then be gambling. My rules would then become blurred and the system would collapse. That's where I am at the moment anyhow.

thanks - Stu
  • #3,633
  • Sep 21, 2016 10:52am Sep 21, 2016 10:52am
Quoting BuffaloPat
{quote} two separate positions 2 x 0.01, which is why it seems weird. I am in US so I have to adhere to FIFO rule, but I am making the first entry the 1:1 TP based off the time stamp.

I've had the same issue. Like you said, FIFO rules. Only two ways I can think of. 1. Open two separate accounts. 2. Double your position and install a partial profit EA to manage the trade. Close half at TP1, let the rest run.
  • #3,634
  • Sep 21, 2016 10:52am Sep 21, 2016 10:52am
Quoting Brian214
{quote} Thanks for your reply. I will put as simply as I can. In your experience with the system have you found a 1:1 RR is achievable for the first exit??? Maybe I am being too careful and taking pips too soon and too small. Thanks again for your system it is working very well for me except as I say maybe I am stepping out too soon
Brian, I only took a couple of trades, but 1:1 worked fine. It is definitely achievable!
  • #3,635
  • Sep 21, 2016 10:53am Sep 21, 2016 10:53am
closed N/U for a 8 pip profit.
with the red USD news looming, it could take out my SL with a large spike.
will leave A/U because its well in the green.
  • #3,636
  • Sep 21, 2016 10:59am Sep 21, 2016 10:59am
Quoting Brian214
{quote} Thanks for your reply. I will put as simply as I can. In your experience with the system have you found a 1:1 RR is achievable for the first exit??? Maybe I am being too careful and taking pips too soon and too small. Thanks again for your system it is working very well for me except as I say maybe I am stepping out too soon
Brian,

If you are not getting AT LEAST 1:1 on any trade, you should not be taking it to begin with. That is a recipe for disaster. If you dont have confidence in the system you can backtest it yourself, but Bk8 has already done that leg work for us. The system works if you follow the rules. Honestly, the only "difficult" part is determining if the pair is sideways, but that is what the peeps here are great at. If you have a potential trade that you are uncertain of you can bounce it off the rest of us.
  • #3,637
  • Sep 21, 2016 10:59am Sep 21, 2016 10:59am
Quoting shimmering
{quote} Brian, I only took a couple of trades, but 1:1 worked fine. It is definitely achievable!
Thank you for that Shimmering
  • #3,638
  • Sep 21, 2016 11:10am Sep 21, 2016 11:10am
Quoting yonnie
closed N/U for a 8 pip profit. with the red USD news looming, it could take out my SL with a large spike. will leave A/U because its well in the green.
Is this the general consensus with the rate news coming up or should we just let them ride?
  • #3,639
  • Sep 21, 2016 11:14am Sep 21, 2016 11:14am
Quoting yonnie
closed N/U for a 8 pip profit. with the red USD news looming, it could take out my SL with a large spike. will leave A/U because its well in the green.
Mines looking like this at the moment. I maybe should close as well, although the SL is quite far away. Hmm

Update: closed
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So many in the Commercial section want to make me rich! :o
  • #3,640
  • Sep 21, 2016 11:25am Sep 21, 2016 11:25am
To many thoughts , solutions and willingness to fix something ,that in my opinion is already working..I am in this system for about a month and day after day I feel with it , " like in home " . I think Bk8 knows this stuff better than we . This thread ,from the beginning ,was kindly given to us , to try it for ourself for a couple of months..I think we should stick to the rules for that time , then we can make a value opinion about it, any thoughts,conclusions , profit/loss statements etc . Don't get me wrong , for me,personally there is something "new" that I would like to try with this system , but ONLY if the strategy will not be working for me ( for now it is working very well ) and ONLY after that period of time . Cheers Traders
Read 1st post , if you don't understand something , then , ask a question
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