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Monthly Profit - Daily Trading using SMA

  • #5,061
  • Sep 28, 2016 6:38pm Sep 28, 2016 6:38pm
Hi Shum,

We do not know even each others name so nothing is personnel here... No one should have any doubt on your knowldege and experience.
Some of us raised concern based on experience with other threads where so many ideas spoiled the original idea and become useless for everyone.

I really aprreciate your contribution and I hope you will continue to participate and guide our traders.

Quoting shum
{quote} sorry mate, i folow this thread from the begin, i dont like to speak to much, and i didnt lose any peny this week with this system.. i sow traders who was speak about lost trades and open negative trades this week..so i try to give them some "ideas"( how say yonnie), what is a complect system, how to stop to be nervos, to resist in drowdown, an so on, or aple some filtres( like W charts with the same rules) if..just if this will help them to stay calm, until market will start to play normaly.. i dont remeber the post number, it was some...
  • #5,062
  • Sep 28, 2016 6:38pm Sep 28, 2016 6:38pm
GBP/CHF + 32 , EUR/GBP +5 , GBP/NZD +50 , GBP/CAD - 100 but still in the game
Read 1st post , if you don't understand something , then , ask a question
  • #5,063
  • Sep 28, 2016 6:40pm Sep 28, 2016 6:40pm
Quote
GBP/CHF + 32 , EUR/GBP +5 , GBP/NZD +50 , GBP/CAD - 100 but still in the game
my trade -161pip
  • #5,064
  • Sep 28, 2016 6:49pm Sep 28, 2016 6:49pm
Quoting saranga
{quote} my trade -161pip
Good MM ,experience, patience and we will be Ok my Friend

Other traders - My little , humble opinion on this system - Practice , practice and practice with these rules from post 1 - Candle shapes , wicks, sideways , S/R and RR ..so much and so little in the same time..practice for a few months with live account for next few months and then , add some personal experience and thoughts All the best dear contributors !
Read 1st post , if you don't understand something , then , ask a question
  • #5,065
  • Sep 28, 2016 6:59pm Sep 28, 2016 6:59pm
Quoting fekko
Hey BK8 Just wanting to check how you got Long AUD/JPY. Looking at the chart it has been sideways for over a week. Also the cross of the SMA was yesterday. Regards,
Quoting mw108
If you buy AUDJPY, why not GBPJPY too? {image}
Hello BK8. I hope you can answer those 2 question clearly, because I believe many of us here question the same thing.
Also lately I see too many discretion involved to pick a viable setup & become less mechanical & clear based on post 1. I don't say it's bad, but from my point of view, too much discretion is less consistent in result than in mechanical way.
Those two question I quote above, raised because the setup is clearly fit with the rules, but you didn't recommend it.

Please make it clear to us, why you pick some & discard some. So it will be not "discretion" anymore.
Thanks you.
  • #5,066
  • Sep 28, 2016 6:59pm Sep 28, 2016 6:59pm
Thank you Sir!
Quoting Shaun24
As a losing pips member this week, I take full responsibility for my loses and do not blame the system for casing these losses. This is the forex market. It doesn't always play by the rules. I am i giving up cause i have had a losing week? Ummm no! you get back on the horse and do it all over again. The strategy will work and yes it may have some losing weeks. But the gains to be made are more than worth the small hits we are going to receive. BK8 keep up the good work and don't let the minority put you down. Thank you for the time an effort you...
  • #5,067
  • Sep 28, 2016 7:06pm Sep 28, 2016 7:06pm
@pipmunks, @mw108,@fekko

I took A/J because, bull is dominating for last 2 days
and crossed last 10 days threshold.
I did not check red news scheduled tonight at 2:30 AM
so we may take profits from all JPY pairs and close if we can not afford red this week any more

G/J had very small candle and wick on top of that so I excluded this setup.

Quoting pipmunks
{quote} {quote} Hello BK8. I hope you can answer those 2 question clearly, because I believe many of us here question the same thing. Also lately I see too many discretion involved to pick a viable setup & become less mechanical & clear based on post 1. I don't say it's bad, but from my point of view, too much discretion is less consistent in result than in mechanical way. Those two question I quote above, raised because the setup is clearly fit with the rules, but you didn't recommend it. Please make it clear to us, why you pick some & discard...
  • #5,068
  • Sep 28, 2016 7:11pm Sep 28, 2016 7:11pm
I am still unable to create a trade explorer so let me upload screenshots...it may change but I do not mind
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  • #5,069
  • Sep 28, 2016 7:12pm Sep 28, 2016 7:12pm
Second one
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  • #5,070
  • Sep 28, 2016 7:13pm Sep 28, 2016 7:13pm
3rd one
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  • #5,071
  • Sep 28, 2016 7:14pm Sep 28, 2016 7:14pm
4th one
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  • #5,072
  • Sep 28, 2016 7:15pm Sep 28, 2016 7:15pm
And 5th one, all small accounts just for experiment and fun
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  • #5,073
  • Sep 28, 2016 7:16pm Sep 28, 2016 7:16pm
Quoting Bk8
{quote} NZD/CHF - 65 pips (SL) EUR/NZD - 135 Pips (SL) So far we have 5 losers in last 4 weeks
Hi Bk8,

First off i would like to commend you on starting a thread, sharing your methodology, keeping a daily Performance Summary(), and showing an infinite amount of patience with other members many of which a new to trading/forex. I sincerely believe you are trying to help others and doing your best to foster a healthy environment for people to learn, trade, and make money. Hats off to you.

That said, i would like to point out a small oversight in your performance reports that i believe might need correcting. In each trade you post your order is displayed with 1st Position & 2nd Position. There are only two ways of achieving this, either A) You open one trade, but close half at a time at two different prices, or B) You open two separate trades, fully independent of each other.

In scenario A, when calculating the PIPS earned or lost for Position 1 and Position 2 you must divide those pip counts by 2. This is required because you are closing half (hence divide by 2) you total position.

In Scenario B, when calculating the PIPS earned or lost for Position 1 and Position 2 you treat each position separately and full pips are calculated for each positions. Therefore, in the case of a straight SL being hit like EURNZD today, if using scenario B, technically, the lose would be -270pip total pips and not the -135pip.

Scenario A
Total Pips = (position1 / 2) + (position2 / 2)

Scenario B
Total Pips = (Position1) + (Position2)

Whichever method you are using for calculating pips is acceptable, as long as you use the same method to calculate both wins and loses. You cannot use Scenario B to calculate the wins and Scenario A to calculate the loses as this will paint an inaccurate picture of this methodology performance and i am sure that is not your intention.

It seems to me that your calculations for pips in a winning trade is scenario B, and the calculation for the losing trades is scenario A. Can you please clarify this point, as in do you open two separate independent positions, or do you open one position and split it in half?

Perhaps you have already explained which scenario you use to calculate your total pips, if so, i apologize, but extra clarity can never hurt, especially with so many newbie traders. Either way, i wish you all the best on your thread and many green pips on your account.

Best,
N
  • #5,074
  • Edited 7:59pm Sep 28, 2016 7:30pm | Edited 7:59pm
Thank you very much Nik-Nyc for your feedback.

There is certainly scope to enhance my performance summary but let me try to explan the current structure.

1. Summary shows pips per unit regardless lot size.we do recommend 2 positions though.
2. when both setups win, we do not add number of pips from both positions either.
3. Purpose of showing position 1 and 2 is to highlight that position 2 will run forever and even if it reverse.. nothing to lose.

I highlight number of losers... but I do not highlight winners count, I am planning to add them too.

Quoting Nik-Nyc
{quote} Hi Bk8, First off i would like to commend you on starting a thread, sharing your methodology, keeping a daily Performance Summary(), and showing an infinite amount of patience with other members many of which a new to trading/forex. I sincerely believe you are trying to help others and doing your best to foster a healthy environment for people to learn, trade, and make money. Hats off to you. That said, i would like to point out a small oversight in your performance reports that i believe might need correcting. In each...
  • #5,075
  • Sep 28, 2016 7:40pm Sep 28, 2016 7:40pm
Thanks To BK8 for sharing his system.

There is no such thing as a perfect trading system, if there was we would all be billionaires.

The typical newbie approach (myself included) is to try a new system for about a couple of trades, and then quit when we get the first losing trade, or the next shiny object comes along.

Try this : trade a system for a minimum of 50 trades, following the rules exactly. Keep a record of all the trades, and then after 50 trades you can see if you are profitable or not.

Just because a system has 3 winners in a row, does not necessarily make it a good system!
AND
Just because a system has 3 losers in a row, does not make it a bad system.
  • #5,076
  • Sep 28, 2016 7:55pm Sep 28, 2016 7:55pm
I have to skip today trade setup because my account cannot take it anymore..But good luck all
  • #5,077
  • Sep 28, 2016 8:30pm Sep 28, 2016 8:30pm
i have just closed 1st AUD/JPY position because it hit the upper band, anybody do the same?
I Will Never Give Up
  • #5,078
  • Sep 28, 2016 8:45pm Sep 28, 2016 8:45pm
Quoting learn2fly
i have just closed 1st AUD/JPY position because it hit the upper band, anybody do the same?
Yeah... I was going to do the same for A/J and C/J since red news is due tonight, already made profit 60-70 pips profit.
This week is horrible so lets not add more risk.
  • #5,079
  • Sep 28, 2016 8:46pm Sep 28, 2016 8:46pm
Will close first position of A/J, 65 pips profit

Quoting Bk8
{quote} Yeah... I was going to do the same for A/J and C/J since red news is due tonight, already made profit 60-70 pips profit. This week is horrible so lets not add more risk.
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  • #5,080
  • Sep 28, 2016 8:49pm Sep 28, 2016 8:49pm
Closing first position of C/J too, 68 pips profit

Quoting Bk8
{quote} Yeah... I was going to do the same for A/J and C/J since red news is due tonight, already made profit 60-70 pips profit. This week is horrible so lets not add more risk.
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