i see a lot of similiar questions so i hope this post will aswer moxt of them.
1- the rules to enter the trades i think that are already understood.
2- my usual SL is 20 Pips. sometimes i use the previous high or low so i use a smaller SL and in a pais like gbpjpy and gu sometimes i use a SL as big as 30 pips. i try always put the SL above or below the previous high or low…
3- i trail my SL manually until the BE. sometimes i move my SL 1 pip for every pip that price moves, sometimes i move it 1 pip for every 2 pips price moves. it dependes on the “velocity” of the movement.
4- to close my trades i use different things, i´m triyng to learn wich is the more profitable. i think the MA cross is the best. will only use this on my live account.
6- the wiining ratio and the RR ratio depends on the pairs i trade. i keep a record of my trades in a paper, but i only count the trades by pair. i try don´t look to the overall pic. i´ve already loss 5 consequetive trades in only one pair and i´ve already got 9 consequetives winnings with only 1 pair.
my average loss will be less than 20 pips per trade and i´ve already made more than 350 pips in a single trade(2 days)
7-about scale the exits i still try to learn the best MM to use. still study if is more profitable close everything at the same time or scale the exits. the same for re enters-still study
8-the only way to know if the trade will be good or not is see what will happens. i try to enter all the set ups, if i don´t enter a set up because the fear and the set up turns to be a 100 pips trade i will put those pips in my losses list. if i close a trade before i see reasons for it and the trade keeps going and could made 100 pips more i´ll put them in the losses list. for me a pip that i don´t win is the same as a pip that i lost. and the consequences for my account is the same.
hello ruilima22 could you please tell me the name of the simulator you used? i found a simulator called vhands but i dont know if that’s what you used please let me know… thank you
The GU went up 35 pips and then retraced I kept holding on and ended up with a huge loss -66 pips
ruilima I tried yesterday using a 20 pips top and then trailing it pip for pip and once I go +10 i move my stop to BE
problem with this i found that although you have very few losing trades you don’t have any wining trades either because price may go up but then it almost always retraces and if your stop is at BE you get stopped out.
ruilima22 i was wondering if you wait for 2 lower highs to jump in a bearish trade or do you only wait for 1 lower high to jump into a bearish trade? thank you
same problem here.
only solution found is to close manually - when you have gain 10-15 pips
thats what i have done today and overall i won 78pips ( +115 / -37 ) hope tommorow ill do better
another quick question…does it make a big difference if its just a regular simple moving average at the high and the low or does it HAVE to be ‘smooth’ simple moving average?
the price move in swings. i try to enter after the 1 swing. i see a higher low am i´m in. after that is very normal the price to a lot more swings during is move and sometimes when you go long after a higher low is very normal that the next higher low will be bellow your entry point. that´s why that i trail my SL pip by pip. and sometimes i trail my SL only 1 pip for every 2 pips the price move. and after i see a new higher low that will be my new SL point and so on until i close the trade.
i got this gbp usd too. and it was closed at BE. i´ve found that is more profitable let a trade BE or even close it with only a few pips losses than close the trade with a few pips gain or in a predeterminated TP.
you will see with time that a lot of trades that you will open will do more than 100 pips. in a bad day i´ve already end the day losing a few pips but in a good day i´ve already made 670 pips.
like everyone saids. the secret is cuts your losses and let the winnings run. learn to do that and have the discipline to do that is all you need to make money.
in a day like today the best thing to do is close trades with a few pips but in a good day if you do that you will miss a lot of big moves and in the long run your profits will be smaller.
and unfortunelly the only way to know if the day will be a bad day or a good day is waiting for the end of the day:D and that will be to late.
but any way 78 pips is more than most of people try to do. good job
it`s ok…for 8hrs of watching the charts :))
anyway, i get now how it works.
at first i combined the 2 methods (from your previos 2 threads) and it become a bull**** an thats why i get confused
the simulator i´ve used is LFH_trading_simulator_3.
í found it in mql community. you´ll have to install it in your pc and you´ll have to learn to use the scripts. i think is very difficult to use and have a lot of problems. but is the only one i ever used so i don´t know if the others are better or horst
ruilima what you say about cutting losses and letting profits run is very correct it is written in many tutorials.
hopefully with the guidance of a knowledgeable and successful senior trader like yourself we newbies can maybe make some small consistent pips everyday
I had a good trading day yesterday (demo of course), but then today i only found 1 trade and didn’t honour my stop loss. If it was yesterday I would have honoured my stop loss because i already had profit from other trades but today this was the only trade I took so i was feeling desperate to make even some small profit but if i got out at BE then maybe i wont make any profit for the day so i held on hoping it would reverse
but it did’nt
Please tell us which trades you took today if u tell us we can look in the charts to see and try to understand better.
I found: MTF Moving Average @ Forex Factory is this the one your are using for “MTF moving avg”? If so what setting are you using because I can’t get it to duplicate the channels… If not can you copy the indicator and rename it to .txt, that would allow you to upload it here…
Here are my trades
keep in mind I am managing these a little differently than is explained by Ruilima22, I aim for less pips. I am using my scalping MM, a few of these are not MMTT trades.
A few ran away from me I had a defined acceptable loss in $ not pips. I closed them at that point. Cant win them all;). Looks like +118 pips. Overall a good night:D:D.
Have you taken any trades today on your pairs? I'm still very interested in this system but really can't seem to grasp the entry rules yet. It would be very helpful if you could give more examples of trades you took and what made you take them.
Just looking through some of your trades and have a couple of questions. You eurusd trade at 15:52 - why didn’t you take the earlier lower highs at around 9:15 - 10:30am? These would have been stopped out I imagine, what kept you out of these please? Also your entry at 1.4417 - how do you define a lower high, and when do you enter? I thought you mentioned before you wait for the last low (1.4390 in this case) to break (for a lower high entry), but obviously not in this case.
Chart posted for reference, first two arrows are the earlier lower highs, small purple line is your later entry.
