Trading using Murray Maths and Price Action

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Hi All,
I am Karthik from India. I have been trading forex for the past 4-5 years (never realised that i was trading for so long until i checked my records today !!). Anyway, as the title suggests, i trade mainly using Murray Maths and Price Action. Before i go any further, a little history about my forex career.

As stated, i started out about 4-5 yrs back. I have lost a lot of money and i have also gained a lot of money. But most importantly for me, i have learnt a lot during the journey. As my experience grew, i also started managing accounts. I blew up some of these accounts (along with mine) initially, due to various reasons, which included the fact that i was new to managing accounts at that point of time and also due to the investors themselves who wanted me to over leverage inspite of me repeatedly warning them about the risks involved.

Anyway, as stated, i grew up and learnt a lot and now i am a fund manager with a company in Slovenia (i dont want to reveal any names as it is against the rules). I read a lot and have been a regular visitor at babypips for the past 3-4 years though a silent one, so far.

I have started my own share of threads in babypips (esp. a couple of years back) and also ran a very successful forex blog (which had 150-200 regular visitors per day) but i had to give them up as i did not have time. So, i guess some of you in here might remember me.

I am not a full time fund manager or forex trader (yet) and i have other businesses to take care. I can see that most guys in babypips are part time traders only…So i guess, i can understand your problems with forex better.

Anyway, i wish to use this thread to share some of the lessons i have learnt so that i can fast track some of you guys and also help some of you avoid the pitfalls that i faced. I will not only try and share what i learnt, i will also post charts, reveal how i trade and also take some trades in this thread along with you guys. Let us see how this journey goes.

As i said, i am not one who sits on the screen 16 hrs a day watching the market and so i would be a bit off and on. Excuse me for that.

So lets get started. I welcome all of you to post whatever u feel like and also can ask me any questions that u want. I will answer as many as i can.

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what i have personally learnt is that price action is King. I have tried hundreds of indicators, standard ones in MT4, ones posted on babypips, ones on russian forums, u name it, i have used it…thru all this, i have found that price action is the best…indicators seem to work but they work only for specific periods and for specific types of markets, they dont always work…so one week, they work very well, u make a lot of money and u start trusting it…so next week, cos of ur trust, u start to overleverage when u take trades and what happens ? the indicators dont work and u lose whatever u earnt and more…

Studying price action is not easy…it takes time, it takes experience to understand how the price moves, when and why…forex is not a get-rich quick scheme…but when we are ready to spend so many years in our respective work areas (manufacturing, automobile, software etc.) to get some money, its amazing how people tend to get impatient when they enter into forex and they tend to over leverage.

Lesson no. 1 is ‘dont ever over-leverage’…u should not risk more than 3% of ur account in any trade…ever…if u do, u are bound to lose in the long run…u could win in a week or mnth but u will lose in the long run…thats for sure…

reason why people over leverage is cos of greed…lesson no. 2 is to control greed…but its a contradictory thing…lets face it…most of us trade cos we are greedy…we are not happy with the money that we are earning and we want more…thats why we move to trading…but, the trade experts say that we should not be greedy…how can u avoid something which was the very reason that u entered into forex in the first place?? its tough…its really really tough…it took me about 3-4 yrs to control greed…

but just remember this, do u realise that by earning just 50 pips a day using a $1000 account using 3% leverage, u could be making $1000 a mnth after just 5 mnths? and $2000 a mnth after just 7 mnths?? $2000 a mnth is more than enough for a lot of us…and i could go on and on on how we could keep building this amount…

what i have said is not impossible…anyone could afford $1000…3% leverage is a standard leverage…and 50 pips a day is very much possible if u know what u r doing…so, all that i have said above is possible for all of us…but it keeps a lot of self control…

u could make 50 pips a day just by trading for 2 hrs a day during the euro or the US session…but being patient and waiting for the right trade is the key…thats where everyone loses…

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Hi Karthik,

Can I just say that you are a welcome sight and an inspiration to us all. You are the person who has given out the VSA pdf, right? I’m sure many people have enjoyed that read, I know I did.

When i first started, I followed the newbie herd, loaded up with indicators thinking that the more the better. How wrong I was and that was the end of that trading account.

Recently, in my forex trading I look at price, tick volume and MM lines and I’ve been consistently profitable for the last week :slight_smile: I still think that it is a fluke and I’m trying to believe this is the only way.

Can I ask how you trade on price action alone? Would you mind going over some steps? From this, I can have a much better idea on what I’m doing.

Thanks,
Pete

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HI,

I have been to your blog before and quite enjoy your daily post.

However, I am curious to check with you what is Murray Maths and Price Action ? I have tried to google it but none seem conclusive…

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Hi Karthic…welcome back although I can’t say I knew of you then…sounds like you musta just left when I joined up.

My problem doesn’t feel like greed at this point…lol…more like fear!

Anyways, I have had murray math lines on my charts and have read some stuff on them and tried to use them in my trading, but never really knew the ins and outs of them. This is great that you use them and can shed some light on them espcially if you have any advise when trading the Asian session.

Looking forward to your posts.

:slight_smile:

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Hi,

Just want to confirm if this is murray math lines or murrey math lines ?

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Good question…lol. Actually I believe it’s murrey. The indicator I have is named murray_math_lines_3a.mql, but inside in the comments it uses the other spelling…murrey.

The documentation I have uses murrey too.

:slight_smile:

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Hi guys, just to help out, Murray Math Lines, you use these just as support and resistance lines. i’ve attached a MT4 indicator which I’m using but there are many different different versions around, in essence they all about the same level

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Thanks. Is there any place I download the urray_math_lines_3a.mql, I believed this should be a MT4 compatible scripts. I wish to learn more as I have been studying Fib and waves…so this is refreshing…

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Thanks. Is there any place I download the urray_math_lines_3a.mql, I believed this should be a MT4 compatible scripts. I wish to learn more as I have been studying Fib and waves…so this is refreshing…you can email to me at <[email protected]>

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Here’s the one I have. :slight_smile:

Murray Math Lines 3a.zip (12.2 KB)

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Thanks dude…

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Unzip the font file and place it in ‘Fonts’ using control panel

Unzip the other file… it contains a template and an indicator, put them in the appropriate folders

This was designed by Xard777

see the chart attached

fonts.zip (56.9 KB)

New Folder (2).zip (5.96 KB)

daveM - snagz -00001.jpg700×403 50.4 KB

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Hi Karthik:
My name is Joe. I am from New Jersey, USA. I just started using Murrey Math Lines (MML) . I stared to use them on a 15M chart. I wait for price to come to the +, - 1/8 & 2/8 line to enter a trade, but my ? is this. I have entered a few trades using this system but after i am in the trade the MML all of a sudden change lines. Example : Tue i took a trade on the USDJPY when on my chart price had gone below -1/8 and hit -2/8 then all of a sudden i looked at my chart and price was at the 2/8 line. This is not the first time it has happen, i have even taken a picture of the chart before it changed to make sure i am not losing my mind HA HA. Has this ever happened to you??? The settings i am using for MML is: P: 64, MM Period: 15, StepBack: 0 do you know if these are the correct settings to use for a 15Minute chart??? I would really appreciate any info that you can give me. Thank You in advance. I hope you can reply