Using M5 (so far), got about 7.5 pips, I left a good 14 on the table by getting out too soon.
Only about 2 hours and 15 minutes past the news spike and the rules are working. I took 3 entries but should have took 4. I only got about 7 pips, the 3rd entry was for -0.3 pips. I played this so badly, on just those 4 entries if I would have had patience I would have another +50 (and counting) pips.
What happened was I would get in and almost immediately be down 5 pips, then I would get dragged to -10 or more and started wondering if I was getting sucked into a retracement. By the time I got back to even I was anxious to get out.
The problem is that once stochastic gives you a signal to place your order it can quickly move back in the other direction…it sits there flicking it’s tail up and down like a nervous cat. I think the best procedure (on m5) would be to wait for a close with stochastic pointing in the right direction, or at least wait until minute 4 before placing order. This way you can knock out at least half of that draw down and turn it into profit.
The problem is that once stochastic gives you a signal to place your order it can quickly move back in the other direction…it sits there flicking it’s tail up and down like a nervous cat. I think the best procedure (on m5) would be to wait for a close with stochastic pointing in the right direction, or at least wait until minute 4 before placing order. This way you can knock out at least half of that draw down and turn it into profit.
Well this depends how good swing is, on proper full swing this never happens due to strong momentum, and on more questionable swings sure you can follow m1 aswell to be more precise. And somethimes there is nothing else to trade but M1 swings like yesterday on CAD pairs after news.
It’s pictures like this that make me think I do not understand your system at all. You have a trendline that sits below many of the highs and there are lows that don’t come down to meet your horizontal line, and there are some lows sitting 25 pips below it. I guess I don’t know how you are getting those particular highs and lows. Zig Zag shows something completely different.
Holding +40 on double GC positions.
LaCamus i have shown many times on sessions that trendlines are not drawn precisly onto highs or lows, some traders draw it like that but if you do you will never know where fake breakouts happen and it is generalizing price action which is dangerous as it is counter signal. I can show again on next session if you have problems on this side.
Lows in this picture are perfect example of fbos, i will cover this excesevly on next session like i said, how to spot them correctly and also how to trade them.
ZigZag indicator is NOT reliable i have said this many times, learn to spot lows and highs by yourself becouse indicator cannot show you fbos.
As for next session i am also preaparing many strong things hopefully you guys will be there quite a lot of things and improvements to go trough.
Jan, regarding doubling your account with 100 to 200 pips:
I did some calculations, the best I could ever hope to achieve is to double my account with 200 pips. This is because in the united states we are maxed out at 50:1 margin. This means if I use the absolute max in lots I can achieve the doubling with 200 pips, however this would mean that if my open orders happen to total about -25 pips I would get margined out. If you are doing it with about 100 to 150 pips (using about a 100:1 margin) that means if an order goes to about -10 to -15 you would be margined out also. How do you achieve this? I see orders in your images that go -25 to -35 pips all the time?
I only get orders that go right into positive territory about 10% of the time.
Thanks
The way I am doing it is utilizing a risk that will allow 4 open orders without being margined out if all go to -50 or so. This means it will take me about 900 pips to double my account using my current risk.
Oh LaCamus didnt think of that before, hm ofcourse it makes sense you need to get more pips than me for possible doubling due to leverage. But also since you are still not grasped on system good i would not recommend at all using such strong positions, i want you to learn properly before you go strong, or if you go strong at least post trade entry here before so we can all go trough analysis before you enter.
My leverage is 1:1000 maximum existing. And no my orders are never big that they could stop me in 10 pips, 150 pips stop is somethimes risk i play for stopout, but that is only risking profits never risking base money which is very important.
Dont worry about doubling account so much for now, give yourself 2 months to get positive trading result at end of each month, and then upper your risk. Also for lot sizes use bigger positions on bounce trades and smaller on breakouts.
???
If you only risk your profits then this is simple, and if you have zero profits it is very simple (double of 0 is 0…haha). I thought when you were doubling your account you were doubling your whole account, meaning if I now have 10,000 then after doubling I would have 20,000.
You are saying if I have 10,000, then make 1% profit ($100), that you then try to double only that 1%? I have been doing this all wrong. The percentages I was showing you were of my base account…in that 1 week I had made 25% of base account.
One of the things I think that would help me the most is finding a way to pinpoint an entry so that my order goes positive in minutes, sometimes it can take hours. That is why I wind up getting stuck, waiting on trades to get positive (BE). I would say about 80% of time I get in and trade reverses to -5 or -6 within 5 -10 minutes. I have seen positive movement stop right when I place my market order, happens more than 50% of time.
???
If you only risk your profits then this is simple, and if you have zero profits it is very simple (double of 0 is 0…haha). I thought when you were doubling your account you were doubling your whole account, meaning if I now have 10,000 then after doubling I would have 20,000.
You are saying if I have 10,000, then make 1% profit ($100), that you then try to double only that 1%? I have been doing this all wrong. The percentages I was showing you were of my base account…in that 1 week I had made 25% of base account.
No ofcourse not. What it means is if you are constantly profitable you are able to build decent account size, and after that your risk it as whole risk, but my actual SL risk never exceeds so far it could eat away base money becouse already made profits are exceeding that far, and i have not been withdrawing those for this reason. I am still doubling account as whole, but for example if my SL risk is 15% of whole account it means that those 15% will not eat any base money, becouse my actual real account equasion is taken in account for example as 200% account instead 100%, becouse 100 is base and 100 are profits (example). But risk is always taken for 100% account not 200%. But even on draw down or loss of 50% no base money is risked. Ofcourse just to be clear i dont want to lead anyone in wrong waters, my usual trade risk is still 3-5% which means i make usually 10-15% per 100 pips, but i do often double on bigger positions on 100-200 pips.
(for example just exited GBPCHF longs +70 pips took +9% acc increase).
Don’t know if I say this enough, but thank you for your time…keeping up with this thread and doing those sessions takes up a chunk of your life, so once again, thank you.
LaCamus it helps me to expand system, it actually helps me aswell. For example pending order trading suggesting from Bernardo helped me and this system a lot, i have never before trade with pendings, but after Bernardos suggestion i found its great to trade that way especially with this system.
Then there were all of you guys suggesting that fbos are problem and i actually found they were problem for me too but i havent bothered too much becouse without properly defining them i was still profitable. Now with new update this has actually helped me alot becouse i have now proper view of defining them which came from you guys, becouse it pushed my stubbornes to actually research problem.
Then again this thread helps me to keep track of my own entries and to research what is improving over time and what not.
There are many more reasons why this isnt just good for all newbies following but its actually good for me aswell, as i am not really usual “veteran” trader that you find on many forexfactory thread who dont take any suggestions once they are inside of bubble of their own system for too long.
Right now I am right back where I started 2 weeks ago (well…about .07% less). That is pretty good considering I have had some pretty big losses the past 2 weeks. I think once I learn to let those big ones go, maybe only about 25% of the actual loss I had given back, then that will be a game changer. I believe I should stop paying attention to my win loss ratio so much…maybe concentrate more on percentage of gain.
Who would you rather be, the guy who has 100 small wins and a few big losses (me!), or the guy who has a 300 pip winner and 100 one pip losers?
I keep trying to get to and maintain that illusive 90% win ratio and that (I think) is what is causing me to hold on to the trash too long.
There is one big link that is important for wining percentage, is what entries do you actually take. Taking every possible entry you get while looking at charts usually results in much lower winning percentage. While if you would only take best of market day given you can easily get 90%. Just perfect example was yesterday i was on charts since LO and til NYO, and made 4 so so trades and after i went i way there was excellent rally and entry chance on CAD pairs, which easily gave over 100 pips. So many times you just miss all good entries trough day, and thats why alert indicator is needed, its almost ready i had programmer few corrections assigned but it should be ready soon. There will be also kijun slippage alert indie and EA in the making.
Jan i still too cant understand how u r drwing those lines but i think im in a good way to understand.i have notice u use ichi to draw the trend line am i right?
i have take some orders lately that hasnt go well and my psychology is a bit down now. but still i think i have progress i must be in the right way.
Ichi is not used for drawing lines, i will explain on next session as i see there are major problems for all traders here, its understandable though becouse this has actually not yet been covered on any price action learning series or at least i have not seen it.
Tried EA shorts based on 100+ news spike, shorted on signals on M5, then on M15. got out of the M5 position at -40, still holding the other at -34.
One thing the static (non-live) charts do not show is the movement back and forth of stochastics. They only show final positions. Been working on this in strategy tester also and am not getting great results. I went back and looked at jpg to make sure I didn’t miss anything…not sure anymore.
The thing that happens is that Stochastic creates a great looking “V” for entry and then before the bar closes it switches to the other direction. Happens at least once on every instance I have attempted. Every entry I have tried with this strategy has gone negative at least 6 pips before turning around, more than 50% have hit -12.