I always read your posts, and am interested to see your trades and charts … 
If you want to trade here you have to learn first ,because without learning here you can not do anything in the forex market it is very very much difficult online market.try to lean support resistance and price action strategy. forex is the best business that i have even seen.i know that in the online world there no any other business as like as forex business.before earn you better learn how to trade here.
How about reading the thread first befor commenting. Pay the OP the respect they deserve instead of trying to highjack the thread with irrelevant nonsensical generic bull.
Oh! Ok, I hadn’t realised that, thanks for the heads up! I’ll try and learn it today, thanks for the advice, Chris, I am sure you have saved us all from losing much monies.
Yes it is! You know I bought some of those American type dollars on my computer today and it didnt even ask me where I want them delivered to or when! Maybe it was because my computer is quite old and I dont have a slot to put my euros in to pay for them first?
Oh! That must be my big mistake. Imagine, I have made big mistake and got all tangled up with those indicator things, what are they called again? moving thingies? No wonder they dont work if they keep on moving all the time. I put a 1 hour chart below and you can see every time those things crossed that price just dropped again! - no support at all there! Thanks again for that wisdom, Chris! I am sure Turbo will also be really grateful cos he forgot to put ANY of those support or resistance things on his strategy.
“before you earn you better learn”
Now THAT has to be the all-time most profound statement for all traders everywhere. Write it on your computer screens, on your bathroom mirror, everywhere - lest you forget…
Thanks Lexy, that is nice to know. But I was really interested if anyone else is following this High-5 method that Turbo has put here, not just my own experiment with it. There hasn’t been much comment on it from others and I don’t want to kind of “smother” the core process here with my own stuff. Afterall, the thread is about a specific method and it would be nice to know how people have reacted to it.
I know Turbo has been very busy otherwise recently, but he wil be back here soon.
Thanks again Lexy (as you know, I hold your own posts in the highest regard)
That’s funny Manxx…you just said everything I was thinking
By the way…I’ve been quietly reading your posts and watching what you’ve been doing here. This thread has had a lot of views…somebody else must surely be having a go at it? Where on earth is everyone?
Exactly! Strange! That was why I was concerned that I am getting in the way here!
Test trade update:
EURUSD entered 10.2. at 1.06385.
Trade is still open with the stop/reverse now reduced to 1.06676 from 10.2. (when the trade was originally opened).
Currently the trade is almost back to breakeven (currently 1.0635) and there is a possibility for a reversal later today if market continues to rise.
Some interesting observations. Personally, I would have found this very disheartening to have seen the trade reach a profit yesterday of +117 pips, only to see it reverse back today as far as to -2 pips. Not only is this psychologically frustrating but I think it also provides an important insight for people planning to trade full-time as a sole source of income. Even though this trade has not yet lost any money, it has been open for nearly a week and has moved from a significant potential income of 100+ pips to almost zero in that period. If one is trading for income then one needs drawable profits. If one has watched a trade for a week and then earned nothing from it then it creates a big pressure to earn and a dangerous urgency and impatience to trade more - and take riskier trades in the process.
Naturally, this is only one trade and this method is based on multiple trades, so we can assume other positions may well have compensated for this one and the overall position could be very positive. But I think the point here is that a longer term trader who is trading as a sole source of income must anticipate these types of periods and [I]has [/I]to have sufficient capital to ride these out where there is no immediately drawable profits. This method is actually [I]designed [/I]to catch the full benefit of the large trends that occur from time to time, and these can continue for weeks. They will have large, unrealised profits, but one has to wait for the payout.
I’m following you bro, with great intent. And as with yourself and others, I’m bedazzled as well at the lack of interest in this methodology. I have a like for donchain channel trading and remember doing a lot of work on a former active thread. It did take my focus away from my work but and the rest is documented history.
While the mechanics of this system are simple and well explained. There is a huge void that could be discussed heavily here. And that’s how to decide on a hot market. Although Turbo has gone to great lengths to discuss and define how he determines a hot market, it is, at the end of the day, a discretionary decision by the individual trader on whether to enter a market or not. To me that’s worth talking about more than the normal garbage dispersed here on BPs.
The mechanics also lend themselves for a pretty simple trading panel for MT4. Going to give it a go as a side project over the next week or so. But my own work must come first so until then I will have to live vicariously through you.
Hi again Nero and sorry for my even later replay.
It’s really impressive that you never used demo accounts and learned everything on the real market!
I hope I would have the time and patience to test the whole method on a demo. If I ever do, I will share the results there
Once again thanks for the great thread!
Cheers.
OK so, as anticipated, we just touched our 5-day high level (if I have understood the method correctly!) and would have automatically closed out the short and opened a long position. Final situation as shown.
I won’t follow this particular comparative experiment any further as it is unbalanced just to follow one instrument like this. But I am also interested in other people’s views here and Turbo’s view on its performance as a portfolio of positions rather than single entries like I have followed here.
Great effort, Manxx, sorry I have not posted because I have not had time to read and digest TUrbo’s system,
nor have I understood your contribution here.
Besides, I am just focusing on one pair and my own trading development at the moment, cutting down
on reading/listening in order to make my own decisions without too much reliance on external suggestions.
Thanks for sharing though, and I hope it works out positively (as it seems to be doing).
I am still on a extended business trip. Was in Austria Switzerland, Croaatia and Bosniea. Im outside of the EU so i dont have any mobile internet and can connect only through wlan in public places etc and i like to have no internet connection at the moment (mental holidays without internet and focusing on business).
Ill answare on comments and questions which were raised the last few days once im back in germany.
Wish you all a profitable time till then.
Sidenote you dont need to pay any attention to:
[ul]
[li]Eur/usd long @1,06676 / sl 1,05213
[/li][li]xau/usd long @1.244,58 / sl 1.216,71
[/li][li]gbp/eur short@1,1691 / sl 1,1822
[/li][li]usd/jpy short @113,14 / sl 114,9570
[/li][li]usd/chf short @ 1,0006 / sl 1,0119
[/li][/ul]
Reserved 1
Reserved again
sorry for reserving 1 more time, promise its the last.
I do this all the time Pip Me… from my " land of blissful oblivion"
I was going to send you a long-winded message of encouragement but I don’t want to intrude, or disturb Turbo’s thread.
P.S I’m sorry I didn’t get to answer your questions in the TRY thread…it kind of descended into chaos and I ran off to hide behind the nearest chair :o
I don’t think there was anything particularly “great” about it, but thanks anyway! I was only following a first concrete test example of the High-5 methodology in the one pair that I actually trade - essentially just to familiarise with the rules of the method. But while following that one trade “on paper” I also wanted to simultaneously take that opportunity to compare it with my own experiment in trading a long term signal by taking short term trades off a short term method but [I][B]only [/B][/I]in the same direction as the long term signal. i.e. only trading the short-term chunks of a long term move. In this case the long term signal was from the High-5 donchian-style method. This test trade was “on paper” whilst the short-term trades were live in order to be realistic.
The purpose was not only to compare the results but also to compare the different psychological pressures and practical considerations between constantly having open a series of long-term positions and an “in/out” approach where one is only in the market for short periods and only when wants to be there.
It was not intended as a critique of the High-5, nor could it be so, because I only took one position from one signal. The High-5 is intended (if I have understood it) to comprise a portfolio of up to 5 or 6 simultaneous positions selected from a variety of markets according to their trending status. But what this one trade did show was that, in this case, the stoploss was small compared with the potential gains that this kind of system should be capable of earning - just as Turbo has described! (Turbo even warned earlier that this particular trade might not work out).
In other words, while Turbo has been busy elsewhere, I took the opportunity to explore some aspects of this method and, alongside that, develop some personal approaches to longer term trading.
I proved to myself that I am not suited to holding positions open long-term nor am I suited to following multiple markets (private retail trading is an entirely different ball game to institutional trading with someone else’s money! ) I did not like having open positions constantly on my mind even when there are no immediate “threats” of stop levels (which are also the profit levels). But there was significantly less admin work and screen-watching, and is much easier to identify entries/exits. I also found it frustrating to sit and watch a 117 pip profit disappear and close with a loss even though it was so obvious. But a mechanical method is exactly that - mechanical. If one starts jumping in and relying on one’s intuition to close positions then it is no longer the same method.
I will not be using this method because it does not suit my pyschological make up, nor my lifestyle, nor my trading objectives. But we are all “wired” differently as they say!
That sounds extremely sensible to me. You already possess a sound basis for trading and it is surely better to understand one pair thoroughly and profit from it consistently before expanding into other areas as well? I wish you all the best with that!
Thanks, Yes I have developed my own approach a lot from this. I have been a fan of multiple TFs for a long time but I had not really developed it to a point of clinical precision. My actual trading method has not changed but my assessment of which trades to take and how long to hold them has evolved significantly.
But I will not talk about that any more here on this thread because this is a High-5 thread and my methods are branching off now in a different, but somewhat parallel, direction. But it has been a rewarding experience jogging side by side for while and i will continue reading the input here
Good luck. I do follow your progress here on BP
Go ahead, write a long and rambling message, I am listening
Another time…in a different thread. I don’t want to intrude upon this thread… I might get told off :o
I understand where you are right now and it is the absolute pits. There are thousands upon thousands of people who should stop trading immediately …and even more who should not have started in the first place. You are not one of them.
Thanks FF… I remember you saying that it took your husband eight years to find enlightenment …
What about you?