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Trading Made Simple

  • #76,661
  • Edited 5:33am Mar 6, 2017 4:50am | Edited 5:33am
Quoting emmanuel7788
{quote} well done. did you use M1 for entry? remember, I believe in CONSISTENCY over 3 to 5 years. Read this post https://www.forexfactory.com/showthr...12#post9629312
thanks emmanuel
Yes I did use M1. Making it difficult to trade for myself. When the account is big and there is no self discipline a trader (me) take / make bad trades. Reading books webpages, forums, demo trading can only do so much.

It is when the account is alive and the odds are stacked against you that you start to learn, burn the bad habits straight out of you. Make sure that the trade is placed for the right reason's.
Attached Image
  • #76,662
  • Mar 6, 2017 5:05am Mar 6, 2017 5:05am
Quoting Tekkies
{quote} thanks emmanuel Yes I did use M1. Making it difficult to trade for myself. When the account is big and there is no self discipline a trade (me) take / make bad trades. Reading books webpages, forums, demo trading can only do so much. It is when the account is alive and the odds are stacked against you that you start to learn, burn the bad habits straight out of you. Make sure that the trade is placed for the right reason's. {image}

seriously, I don't know you want to use M1 for entry.

since I use the Fozzy-RSI or TDI, I program my trade manager to take an entry when the TDI M15 cross but only after certain conditions are met.
Or for those who do not like to use custom indicators like the TDI, they can use the standard MACD cross in the M15 or M5 timeframes

emotion management is very important when we are trading. it has to do with developing mental strategies to handle various emotional states we go through while trading. never allow surrounding environment affect us when trading. always be discipline and be focus in the performing the different tasks of trading.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,663
  • Mar 6, 2017 5:22am Mar 6, 2017 5:22am
Quoting bistolis
{quote} I do believe that TDI giving you good entries I just cant find any profitable way to have a good exit look at this chart 1H CADJPY how the hell can I exit with as much profit as possible using the TDI alone without any thought about money management AFTER the entry? {image} any suggestions are welcome (you get an even more confusing trend ride using the TDI on the left of this entry on the chart)
bistolis
After a trade is made there are two exit's. Profit vs Loss.
Money Management must happen before an entry. Not after an trade is placed. The market care less about money management after the fact, the price has got the lotsize of the trade placed and is going to town with that lotsize / account.

BigE's green goes flat................ is the easy and fasted way out.

"how the hell can I exit with as much profit as possible"
The word greed comes to mind, one of the inner beast that need to be kept in check. Get out of the market when in profit. You can always place a second trade on the bounce. Chasing that last pip is when price bite it's own tail and take a profit trade into a lossing trade.
  • #76,664
  • Mar 6, 2017 5:54am Mar 6, 2017 5:54am
Quoting Tekkies
{quote} bistolis After a trade is made there are two exit's. Profit vs Loss. Money Management must happen before an entry. Not after an trade is placed. The market care less about money management after the fact, the price has got the lotsize of the trade placed and is going to town with that lotsize / account. BigE's green goes flat................ is the easy and fasted way out. "how the hell can I exit with as much profit as possible" The word greed comes to mind, one of the inner beast that need to be kept in check. Get out of the market when...
i look at it as money management after I place an order, you can call it trade management or whatever you like
In any case I don't like TDI as exit, when a trend is kicking TDI becomes useless in my opinion and I don't like the goes flat or hook or change in color in bars. I was thinking about letting run as long it stays below/above 5EMA, and I have doubts if this is enough.

"Greed is good" -Gordon Gecko
  • #76,665
  • Mar 6, 2017 6:02am Mar 6, 2017 6:02am
Quoting bistolis
{quote} I do believe that TDI giving you good entries I just cant find any profitable way to have a good exit look at this chart 1H CADJPY how the hell can I exit with as much profit as possible using the TDI alone without any thought about money management AFTER the entry? {image} any suggestions are welcome (you get an even more confusing trend ride using the TDI on the left of this entry on the chart)

you posted this stuff by Dr Van Tharp
https://www.forexfactory.com/showthr...72#post9628572

then you should follow R and R-Multiple exit management. That works most of the time. If you risk 15% to 30% per trade, then you use the TDI exit otherwise ignore that as your Exit Strategy. You risk 1% to 2%, then use the R-Multiple exit management.
Read this post

https://www.forexfactory.com/showthr...98#post6958198

At the end of the day, you want to look at positive Expectancy as measure of your trading system performance.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,666
  • Mar 6, 2017 6:04am Mar 6, 2017 6:04am
Hi Tekkies,

Quoting Tekkies
Buy trade? - right at / against resistance.
You are probably right on this one.

Quote
entry a trade at the beginning of that bar (Not sure if you waited for green to pass red and you can see green on the other side) the trade would be nice at 1.06100

True, but there were no cross then. I did wait for the cross and it was the second candle.

Quote
How you going to exit because green goes flat is removed because it is against getting rich and what is written in some book I do not know. You should ask that member to give new exit rule.

You lost me here, but I really liked "some book I do not know".
Thanks anyway, but I will stick to the original exit rules. Although this trade will probably be taken out by a stop.
Thanks for your feedback, Tekkies.
  • #76,667
  • Mar 6, 2017 6:06am Mar 6, 2017 6:06am
Hi Emmanuel,

Quoting emmanuel7788
hindsight is 20:20 vision.
I lost you here, sorry.

Quote
but I see you chase after a very big candle. I have a rule: do not chase after the market.

Agree.
I did not really see it as chasing after the market, the previous candle did not have the TDI cross, so I entered on the next candle.
This trade will probably be taken out by a stop loss although it did look OK to me when I opened it. Apart from the S/R part it looked solid.

Thanks for your feedback, Emmanuel.
  • #76,668
  • Mar 6, 2017 6:20am Mar 6, 2017 6:20am
Quoting michael_k
Hi Tekkies, {quote} You are probably right on this one. {quote} True, but there were no cross then. I did wait for the cross and it was the second candle. {quote} You lost me here, but I really liked "some book I do not know". Thanks anyway, but I will stick to the original exit rules. Although this trade will probably be taken out by a stop. Thanks for your feedback, Tekkies.
https://www.forexfactory.com/showthr...72#post9628572
  • #76,669
  • Mar 6, 2017 6:45am Mar 6, 2017 6:45am
Quoting emmanuel7788
Here an example trading price action with support/resistance AUDUSD Mar 6 H1 Frankfurt Open {image} There will be one thousand and one reasons why this trade should not be taken. Hindsight will tell you so when this trade end up a loss.
I wouldn't toke this trade, BRN near at the entry, hasn't broken the High from the WRB...

regards
  • #76,670
  • Mar 6, 2017 6:58am Mar 6, 2017 6:58am
Quoting emmanuel7788
{quote} you posted this stuff by Dr Van Tharp https://www.forexfactory.com/showthr...72#post9628572 then you should follow R and R-Multiple exit management. That works most of the time. If you risk 15% to 30% per trade, then you use the TDI exit otherwise ignore that as your Exit Strategy. You risk 1% to 2%, then use the R-Multiple exit management. Read this post https://www.forexfactory.com/showthr...98#post6958198 At the end of the day, you want to look at positive Expectancy as measure of your trading...
I am studying all this currently and I am implementing as much as I can/understand.
My usual approach so far was single entry and multiple exits every 1R usually, and I dont know if or how I could make it work better. I haven't tried MEME yet
As I am practically very new to trading I make lots of mistakes
  • #76,671
  • Mar 6, 2017 8:10am Mar 6, 2017 8:10am
Quoting emmanuel7788
{quote} Hi, Those were H1 trades done from March 1 to 3, only 3 trading days (not 48 days) in this new month of March. These trades were done in a workshop live trading followup practice sessions this week. Like most traders, I do not like to be glued to my PC and I do not like to monitor charts. I did not have to monitor my trades, I just let THV CaveManager do the management. What is Multi-lot money management strategy? A quick revision going back to this old post Using Multiple-Lot Positions to Improve trading TMS: Post#33,507...
Hi Emmanuel,
May I have some more detail on how you trade on H1 and M15?
1. Is it waiting for TDI cross on M15 and follow the H1 time frame trend?
or just Price action?
2. Why "there is very little room for errors"?
3. For THV CaveManager, I google it and it is seem a EA to set the TP and SL based on ATR, but only avaiable for MT4.
and I am using other trading perform.
If I want to monitor manually, will it be difficult?

Thanks in advance
  • #76,672
  • Mar 6, 2017 3:23pm Mar 6, 2017 3:23pm
Quoting Deichkind
{quote} I wouldn't toke this trade, BRN near at the entry, hasn't broken the High from the WRB... regards

When trading intraday H1, one other factor which I would consider is also the daily volatility . Monday is usually the lowest volatility of the 5 days week.
Tuesdays to Thursdays are the best days to trade.

As you see now in hindsight, that BRN 0.7600 above was the show-stopper with double tops.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD Mar 6 POMO.png Size: 46 KB
Click to Enlarge Name: AUDUSD volatility.png Size: 25 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,673
  • Mar 6, 2017 4:01pm Mar 6, 2017 4:01pm
Quoting brian661
{quote} Hi Emmanuel, May I have some more detail on how you trade on H1 and M15? 1. Is it waiting for TDI cross on M15 and follow the H1 time frame trend? or just Price action? 2. Why "there is very little room for errors"? 3. For THV CaveManager, I google it and it is seem a EA to set the TP and SL based on ATR, but only avaiable for MT4. and I am using other trading perform. If I want to monitor manually, will it be difficult? Thanks in advance

Hi Brian,

1. There are two TMS threads - one for H1/H4 trading by X-Man and the other M15 by LE1 aka Arjun. I learn from these two traders here in FF.
https://www.forexfactory.com/showthread.php?t=327972
https://www.forexfactory.com/showthread.php?t=345586

Trading the 5-Method, it is always Price Action first before anything else. Even when Big E traded H4, he first look at the price action, support/resistance, etc. then use the TDI for confirmation. He did not take TDI crosses and bounces blindly. That's is all in one post#647.

X-Man's, "Price Action is king" and I learned that well. The same with LE1, it is Price Action with the use of the 10EMA.

2. "there is little room for error" is because most traders trade with small stop loss and do not use Position Sizing with %Risk. When they do not time their market entry well, they suffer losses when their entry are usually late on the candle and the next 1-2 candles will consume their stop limit orders.


3. THV CaveManager information and links are in this thread.

THV CaveManager EA.
Download the trade manager EA and pdf description from original thread / post by Caveman: Post# 18,455
Both the EA and pdf description are in Post#30,032
User guide by FF member Lookleft Post# 58,004
I made a pdf for member hsn100.
CM parameter setting for HSN : Post#56,308


If you do not trade with MT4, you can always use your platform's tools for trade management.
Or you can simply place your trades with stop and limit orders for your two exits. Every trade entry must have two(2) exits:
...Entry Price
...Exit #1 is your initial Stop Loss. Use this initial SL to calculate your trade lot size.
...Exit #2 is your Take Profit.

In your trading platform, you can use the stop and limit orders for your two(2) exits when you place your Entry. This is "set and forget', no need to monitor your trades and charts all the time. " Set and forget" will free up your time for other things in life but you must have the confidence to trade this way. The tendency when traders monitor their trades frequently is that they will do things which they regret later. Just setup the trade orders, do not look at your trading platform again and better still walk away from your trading terminal/PC.

What if you want to do Multi-lots entry? say you want to use 3 separate lots entries.
It simple, just treat each order entry with its own stop and limit orders, like above.
Most platform allow you to use tools like scripts to place these orders with a mouse click. Use them or code them or ask someone in your platform usergroup forum to help you.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,674
  • Mar 6, 2017 4:12pm Mar 6, 2017 4:12pm
Quoting bistolis
{quote} I am studying all this currently and I am implementing as much as I can/understand. My usual approach so far was single entry and multiple exits every 1R usually, and I dont know if or how I could make it work better. I haven't tried MEME yet As I am practically very new to trading I make lots of mistakes

Hi bistolis,

When you can scale-out with 1R profit that is very good. When there is an established trend and you see a breakout in CONTINUATION, you can scale-in with more Rs too. That is "let profits run". No need to think of acronyms like SE/SE, SE/ME, ME/SE, ME/ME, etc. Just think of scaling-out and scaling-in trades.

Did Big E use scaling-in? make a guess, he was a stock trader for about 10 years between mid-1990 and 2010. What did stock traders do during those years? Who were the well known and famous stock traders during the years from 1980s? What was pervasive during those years?

Do you believe in averaging down?
Do you believe in buy low, sell high?
Do you believe in buy high and buy higher?

Trade Well,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,675
  • Mar 6, 2017 4:28pm Mar 6, 2017 4:28pm
USDJPY Mar 6 H1 trade example managed usuing THV CaveManager.

"Set and Forget", let a trade manager do the work for you. This is one way to detach your emotions from your trades.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY Mar 6 H1 trade THV CM.png Size: 44 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,676
  • Mar 6, 2017 4:46pm Mar 6, 2017 4:46pm
If you consider yourself to be a newbie trader, did you listen to Big E and go to babypips.com?

Did he say, babypips.com/school? No but we took that for granted as default.

I suggest you go to babypips forum and learn from some of the finest in forex trading,

if you want to learn candlestick trading, here is Tymen in the newbie-island. I spent 2 years in there.

http://forums.babypips.com/newbie-is...nger+band+walk

that's only part one,

part two continues from that.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,677
  • Mar 6, 2017 10:48pm Mar 6, 2017 10:48pm
Folks,

Today is Tuesday and usually the best day of the week to trade H4 from Tuesday to Friday.
Just check which version of the TDI you are using and the setting you chose.
I use the TDI Realtime version with setting 10,5,34,3,1,7.
When I use this setting, I do not use the TDI for exit. I follow price action and the R and R-Multiple exit management.
You can also consider to use THV Cavemanager to manage your trades and scale-out features.

Remember this post when you look for H4 trades.

https://www.forexfactory.com/showthr...24#post9496224

It is one of the ten(10) skills you must have.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,678
  • Mar 6, 2017 10:59pm Mar 6, 2017 10:59pm
For those of you who are Position trading on the D1 chart timeframe and having longer term view, you need to have a bit more information about the markets.

Spend some time and learn how to use the COT report data.

Start learning here:

click Link

Warning: If you suffer from information overload, Do No click that Link.

Use those COT information to help you decide your long term trades if they are in synergy with the market trend you see in your 5-Method trading charts.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #76,679
  • Mar 6, 2017 11:26pm Mar 6, 2017 11:26pm
Quoting emmanuel7788
Folks, Today is Tuesday and usually the best day of the week to trade H4 from Tuesday to Friday. Just check which version of the TDI you are using and the setting you chose. I use the TDI Realtime version with setting 10,5,34,3,1,7. When I use this setting, I do not use the TDI for exit. I follow price action and the R and R-Multiple exit management. You can also consider to use THV Cavemanager to manage your trades and scale-out features. Remember this post when you look for H4 trades. https://www.forexfactory.com/showthr...24#post9496224...
Hi Emmanuel,

My H4 candle closes in about 50 minutes and I am looking EA to short. On W1, PA is below 10EMA and which was resistance on Monday high in confluence with BRN 1.4. Yesterday we had a spinning top, indecision which we can see on H4 as consolidation with MC3. Now PA is well below MC3 low and trading below BRN 1.39. The risk I see is we have a resistance turn support just below 1.39, but I can see this can be broken.

Thanks for your comments.

Okoso
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDH407.03.17.png Size: 50 KB
  • #76,680
  • Mar 7, 2017 12:10am Mar 7, 2017 12:10am
Quoting okoso
{quote} Hi Emmanuel, My H4 candle closes in about 50 minutes and I am looking EA to short. On W1, PA is below 10EMA and which was resistance on Monday high in confluence with BRN 1.4. Yesterday we had a spinning top, indecision which we can see on H4 as consolidation with MC3. Now PA is well below MC3 low and trading below BRN 1.39. The risk I see is we have a resistance turn support just below 1.39, but I can see this can be broken. Thanks for your comments. Okoso {image}
Hi Okoso,

I see similar what you see. To add, when I look at MN, I look for sell high.
To break the 1.39 support, we need more sellers. Look for 'dead cat bounce' if PA reacts around that 1.39 level.
Selling today means initial SL is above the current high of this week.
I have a go at this too.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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