i discovered something awesome a few days ago. it’s called “myfxbook” seriously, out of boredom i started playing around with its features. before i only looked at the equity curve, weekly/monthly gains. but there are some features that are really worth noting.
MAE/MFE graph: this can be really helpful to determine SL and TP levels for your “typical” trades. i need to further evaluate in the comming weeks as i go, because it only shows the recent 200 trades (and i take tiny positions so i can set individual TP levels. thus i have more than 10 positions for 1 single trade sometimes).
custom periods: say you changed your way to trade significantly (i did in march this year for example) and thus you have a “shift”. you can just set the start date (and possible end date if you changed your method again) accordingly. this will give you insights if your “shifts” helped your trading or not. (you can also see it without custom periods and just looking at your equity curve, but you get some more detailed stats such as drawdown and so on for the custom period)
custom pairs: this is crucial for me. i’ve tried some very different methodologies and comming with it different pairs. the one thing that i respected most of the time is to trade fiber/cable only using ICT based methods (not every time unfortunately, think i did take a handful of trades on the daily TF, and as far as i can remember they were losers, so the stats should probably be even better, but cant say for sure). so i thought i’d look at my fiber/cable stats to evaluate my ICT based day trading. and wow, what an eyeopener and a real boost of confidence. i am a little better than BE this year with ALL pairs. if i just look at fiber/cable i’m up 24%! this is huge for me, maybe not for others, but for me it certainly is because it is telling me “you can do this, you can actually do this!”. all i need is to FOCUS and trust in the skills i got using ICT methods and dont get distracted by other pairs/methodologies. but now i have the hard evidence i needed!
my goal is not to double my account every month. my goal is to gain consistant monthly return so, given a certain capital basis, i could go full time. to make it happen i need to get on average about 5% monthly, which i am pulling off. now i need to focus and keep doing what i am doing and build a capital basis, by saving money and growing the money i got. in 3 years i’m going to graduate and that is the point in time where i want to have accumulated the money needed to make a living from the monthly returns.
i set my goals, and i am going to reach them. i am determined to make this thing happen, and i am going to.[/QUOTE]
Thanks for the info and this was something I queried the other day in pvt. Will see how these tools benefits in my journey too and GLGT
Okay guys this always gets me. I’m looking at US bond yields. Ever since may first they have been trending up. USDX was trending along with them till the 28th. Since then it has been falling like a rock… I thought US bond yields and usdx were correlated. Have I been looking at this all wrong? Are they actually inversely correlated? Or are we just having a funky few days?
I haven’t abandoned this thread, still lurking once a week or so as work is getting busier by the day here!..
It’s going to be a hectic summer for me & I’m missing the charts
Keep up the good work!
I notice how aware I am at the price action more than all the differnt things linning up.
There was a time that I would take trades with the confluences put my risk on of 30 pips or so and let it run, but now I seem to be able to cut my loosers short or dont trade when it just looks wrong. This maybe luck but I hope its with looking at this dam moniter all the hours that I have.
Thanks for this peterma… I am not that familiar (yet!) with bonds, stocks or any of the indexes and its supper hard to keep them straight… I am going to look at them everyday intill they become as familiar to me as good old cable, fiber and usdx.
I’m also looking into buying Intermarket Analysis. Is it any good?
Pipmart, it’s a very good book on a topic nearest to my heart.
I’m only a portion of the way through it, will do a review here when finished.
Confirms some of the things I’ve learned, e.g. the 10yr is most often followed, and using intermarket analysis as a ‘mirror’ (he must be following this thread lol).
A new addition for me is gold price and it’s effect on the usdx, have been watching that also in the past few days,
Good Trade Pipmart, as far as i know 4-5 ICT students took this trade and all with dif target objectives. Myself i just took 20pips from the first bounce cuz i dont like trading on sensitive USDX area
I took a demo short this morning on pound 1.5729. All the risk is off and going to let it ride. It really wasn’t clear enough to actually trade real money on. I am kinda looking for shorts this week after seeing two year bond yields take a dumb. Thoughts?
Hey guys, I’ve been out for a while with graduation and all. Back in it!! Just got back from a conference here in Madrid, with John Hardy, Boris Schlossberg, James Chen and Greg Michaelowski. I am EXTREMELY motivated, I learned a lot. One of the greatest parts is how they all emphasized the importance of simplicity in your entry.
Pick a simple entry and then focus your efforts on risk and trade management, that’s part of learning that is often bypassed.
I myself have focused on trade entry for SO LONG, and have given little importance to trade management, so I will now be using basic tools to get into the market.
I’m currently reading[B] Technical Analysis of Stock Trends by Edwards and Magee[/B], and was wondering if any of you know a thread here at babypips where people focus on chart patterns? (H&S, Pennants, Flags, etc.)?? I would like to have a place to work with others in identification of these patterns, on my own I can identify them but I believe my learning would be augmented by working with others.
Thanks for your help ^^ glad this thread is still alive, it seems. I had to search for it though!!!
No haven’t seen any thread focusing on Chart pattern but I think I saw a brief explanation of it here in BP school and some other website.
I was wondering if Kathy Lien also in a conference or just Borris? Kathy is my fav. I’ve read her books. I will attend one of those conferences here in US if Kathy is on it
!! nope, Kathy didn’t come. I would have loved it that she did. I’ve also been getting their emails, I try to read them. If you get a chance to go to a conference whatever it’s about it’s great because you get to see all the different approaches. Similar to reading market wizards I suppose, you get a taste of different systems and beliefs and can weigh them against your own.
^^ Cheers, I’ll try to stick around this thread more now. Looking forward to it =)
Oh bummer… I wish she was there so you can see her… I think they do quite a bit of conference
in Vegas or New York but I am looking for something closed by where I live.
True attending this conferences can help and get motivated and I actually attended quite a few of those for the pass years not for trading but other potential investments. I am trying to pick and choose which one I should attend and only those that I am interested in because if I attended a lot of those I will get confused lol. Besides, I’ve read plenty of books already though maybe in the future when I want to learn something new I will…
Beware jumping on the euro fall this evening - Euro fin Ministers have just now agreed to allow the ESF (European Stability fund) to prop up Eu banks on a retro basis, (each bank on a case by case).
Early days but many of the smaller countries have been pushing for this for a long time - could be euro positive news.
seriously, out of boredom i started playing around with its features. before i only looked at the equity curve, weekly/monthly gains. but there are some features that are really worth noting.
]([(
Back in it!! Just got back from a conference here in Madrid, with John Hardy, Boris Schlossberg, James Chen and Greg Michaelowski. I am EXTREMELY motivated, I learned a lot. One of the greatest parts is how they all emphasized the importance of simplicity in your entry.