I agree with that - I think it's easier to commerce and egy off dailies instead of smaller timeframes.
Originally Posted by ;
I agree with that - I think it's easier to commerce and egy off dailies instead of smaller timeframes.
Originally Posted by ;
Thank you for the kind words guys. This means a lot to me personally. Trading begins in January.
**Goal #1: To gain 20 pips per transaction for the first 20 trades. No more than 15 pip loss per transaction. Should the commerce transcend my 20 pip goal my cease moves in addition to the trade. Should the commerce hit my stop, that's it for the day.
**Trading rule #1: I'm a trend trader. I'll always trade the tendency, not a single candle's motion. That is where I dropped almost all of my cash, entering trades on candle movement's delight. I'd shed waiting for the candle.
I like the idea presented to trade daily charts. Short term charts, IMO, are for the pros who have plenty of trading funds and is able to lose 50-70 pips a trade. I'll see the daily charts the remainder of this week. I feel much better already.
One important point to notice:
the larger the time frame the price action happened, the more powerful its 'significance'.
Eg pinbar on daily (read thread about pinbar) is a much more powerful indior of a trend change than the usual pinbar you view to the 15min chart.
Great luck.
ken
khoong is right on as usual. All of you who are new to these theories should look only in the daily and weekly charts until you are succesful there. Such as khoong says they are dependable and a lot less stressful and they just level work on those timeframes.Originally Posted by ;
**Trading Formula #2: Trade one currency pair at a time. Frequently I traded two or three pairs, attempting to create the pips flow.
**Trading Rule #3: There should be at least two reasons for entering the trade. Whether it's technicals, fundamentals, or simply because the chart seemed good to resist, I want to have information to back up my entrance. Help me out if there be a motive? Should the exit be predetermined?
**Trading principle #4: Once a trade has been placed, stop and limit set up, that's it. Have you ever had the price getting the stop a little to close to you and a stop move? Man, what a way to lose!
Hello,How are you defining a fad?Originally Posted by ;
Could you define what's going to qualify as a motive and what will not qualify as a motive?Originally Posted by ;
How will you determine your limit and stop?Originally Posted by ;
Just trying to explain your egy
Best regards
Alan
Mark Goals are significant and its appropriate that you are thinking this way but the essence of those goals are equally significant. Possessing a daily pip target is a distraction from what you need to be focusing on and besides which its quite meaningless.Originally Posted by ;
You can only create, in terms of pips, what the market is ready give on any given day, irrespective of your goal. With an notion of what your yield is 1 thing, but makeing it a goal is setting yourself up for failure because you can't force the market to yield what it does not what to, without straying out of your egy.
Certainly you would be better served by setting daily goals that you'd control over?
E.g. Flawless execution of you trading egy or only taking high probability transactions, things like this. The outcome will probably likely be regular and consistent profits. On some days you will make alot and on the others you may shed somewhat but you are going to be.
Only a thought.
Good to see you doing this diary BTW.
Steve
Thanks for asking Alan,
Simply as soon as the market is making higher highs and higher prices, then it's in an uptrend. The principle suggests that I will trade instead of merely trying to ch a ride on hot candle motion.Originally Posted by ;
An example of a reason would be that the price has transferred two full candles above/below -- support/resistance, whatever the case may be. The fundamentals indie that the dollar is gaining/losing strength because oil prices are rising/falling. The principle suggests that I want advice to back up my commerce instead of throwing a dart at the chart and hoping to get a bull's eye.Originally Posted by ;
I was taught to put stops and limits above/below the past known high/low. I will have to determine just how many pips am I willing to risk and stop the trade there rather than moving the stop to prevent being stopped out. But, I'm a huge fan of moving stops to protect profit. The limitation is the one that is tough . On one hand you would like to move the limitation to continue earning profit but on the other hand once the trade turns back your captured in the warfare of stopping the trade or not.Originally Posted by ;
Mark
All great points Steve. I think regular and consistent profits defines trading as a whole. As it coincides with sticking to the principles with a aim of just taking high probability trades is an excellent suggestion. If I adhere to my principles, then the likelihood of the transaction will probably be greater than entering a trade as a candle jumps 10 pips in a few seconds.Originally Posted by ;
The path I was searching with my pip aim was to place my trade, hit my goal, and stop trading until the next opportunity. This is where a lot of my difficulty is, the inability to walk away from the chart after losing or obtaining in a transaction. I would enter another trade immediately, looking to regain losses. Therefore a pip goal gives me the safety of being able to walk away knowing I made a trade, closed with a profit, and did not lose by trying to gain greater.
I truly appreciate the maturity with this forum, people. Howtotrade...I actually admire your courage to continue with this particular journal. I too am currently going 'live' again (an older futures trader). I have always had only a trading plan. It was overall, I had excuses to do something different and forget the rules.
Right now I am minding my plan. I am trying to be Ruthless together with myself in creating the egy objective and not giving my chance to change the rules. FIREHORSE'S comments are so important. For one, how do you specify trend. When you say higher High's and lower highs, that's a start (at least for me), however, I constantly struggeled if in a trading range, and this also gets all goofed up. SO I need to specify something which tells not just what the trend is, however, also when there is not one on my trading interval to me! Somehow, an definition must be made.
Other things I'm wanting to do:
1. Keep the plan straightforward and clear. When and when I can't use discretion! I would like to be able to unemotionally backtest it.
2. Clear initial and trailing stops, entrance, and exit standards.
3. Trade record clears. Don't cheat in demonion mode.
4. Clear % of capital that I wll risk. Too much, and I get nervous!
Best of luck this past year to you as you continue. Look forward to seeing good results for you
Jim