Im at +812 pips after a little over a week of trading. My Aud shorts kicked my but, but the other trades pulled through nicely. Gbp/Usd is at +440 :59:
It’s been a week of trying things out and getting the feel of things, and i must say that it feels pretty good.
I also took a few Jpy shorts before fridays trading, so you were not alone in your counter trend exploration Ltrader… Lets hope for the best.
Have a nice weekend and I look forward to next weeks trading.
Yes, I have also read “Long-Term Secrets to Short-Term Trading”, and Larry Williams is also a pretty good marketer. That “market structure” LOL is just the same as Trend Analysis with a twist of Bill Williams work on Chaos. Actually the term [B]Market Structure[/B] in the financial world means a totally different thing.
You can tweaked as much as you want, but that “amazing” information has been known for the last 100 years…
I’ve been thinking along the same lines, by simply upping the TFs on the brilliant, straight forward, common sense “monkey see, monkey do” method Nikitafx presented in the first few posts on her thread.
I creeped up to higher TFs as I cut down on my trade frequencies, hence the changes in TF.
I started realizing that I might get three or four days in a month where the H1 chart whiplashes and gives many false entries, before finally doing what it should do. It requires enormous amount of will power and be very psychologically strong from my part to hold my trades on days like this.
Than there is also the problem of being wrong in reading the price waves, causing losses.
When looking on a month on month basis, I realised that these H1 entries were one of the biggest problems I was having with my trading.
So decided to creep up the time frames.
D- pip, nothing of the trading method is absolutely mine, I just copied what other traders were doing here and there and came up with a mixed platter that suited my psychological make up as a trader.
I just want to say thanks for opening this thread. Using the methodology as I understand it has me sitting on +1167 pips in my demo a/c after 10 days.
I am totally new to Forex trading and have found trying to use indicators really frustrating. Felt like I was looking backwards to drive forward. This way feels so much more natural.
It’s good reading the thread and seeing others contributions too.
Price dropped and I wasn’t having it. After that long candle if it kept going down I was outta there. Price could have even went back up just to fall back again and that was no good either.
I put my stop ten pips below the low of that candle which would lock in a few pips profit.
How did you arrive at this idea of one unit per dollar - rather than say 1% of equity or whatever? because units of different pairs have varying value do they not? and does this matter to you?
I like the idea of it, seems kind of ‘organic’ in some way!
Yes, the different values will vary, but I wanted simplicity. I arrived at it, because it was low enough of risk to support 30+ pairs at once and the calculation was simple.
I prefer minimal effort provided my edge is maintained. At times, I dabble with ideas but I rarely make a move that complicates things.
Not to be a negative Ned or Debbie downer but you’re trading 28 pairs, I wouldn’t calculate gains/losses in terms of pips. I think what really matters is your DD and percent gained/lost as well as equity to a lesser degree being that the profit/loss isn’t confirmed. It’d be interesting to see how much percentage gain on your account 1167 pips is. Either way congrats on having a good start with this methodology
I’m in agreeance. It’s more fun to talk about pips, but it’s the percentage that counts. If he’s employing my methodology around pip size, he has about a 10% gain in equity.
Hi MG,
What about if something happened and you couldn’t connect to your broker for several days or so for some reason and you weren’t able to close a losing trade manually or a winning +900 trade that became a losing-900 trade?..like if you got into an accident (heaven forbid) or a disaster of some kind plugged up the communication channels, or something else unforeseen…
I just got told not putting a stop was “One tsunami from disaster”…
It’s not likely all the trades would turn on me out right. I have multiple sources of readily available internet. I understand if someone wants to put in an “Oh crapola” stop loss.
I just personally accept the risk and am willing to absorb it of the worst case scenario occurred.
MG you are absolutely right, your approach is to spread the risk, the only conceivable occcurence that could cause you to wish you had a SL would be the return of the bartering system and and end to currency - maybe a meteorite hit.
On the other side, my own experience of no sl was back many years ago, in stocks, the single biggest loser on the nasdaq - there I was - lesson well learned, put in the sl - that meteorite can hit
Do’nt believe me?
Check out the more recent loser this side - not in thousands, not in millions but in billions - he had no SL.
