10.2 for Dummies

[nanningbob]

I have a question about the logic and general position management. See the pic below. Well I entered GBPCAD and all was going well for Position 1, Position 2 entered and also went well and I tightened the SL's for each according to the rules. Position 3 triggered but soon after that price turned against me. My point is this: I was over 300 pips to the good (from P1 & P2) at the time position 3 triggered and the net result was a BE trade across all three positions. I am super bummed that I didn't go wit the first 2 positions and leave it at that because it was P3 that undid all the gains I made from P1.

Can anyone offer any advice on how to safely preserve the majority of the pips already won. Would it be wise to close positions out at say a 2:1 reward level and let any further potential move in my favour go?

Any advice would be appreciate.

If I am up 300 pips on a trade i take them and go to bed for the night. More traders are destroyed by greed than any other reason in Forex. There are always plenty of trades but not always profit. 3 trades is about the maximum you will ever get and most of the time 1 or 2. Move your SL up and protect profits when you get them.

This is my one rule in Forex that is always 100% true. What goes up will come down; what goes down will come up. That rule is always true in Forex so protect your profits.

Also Eyeball and backtest a currency pair. How often does price go outside WR1 or WS1? What are your odds it will continue? 50% 20%. Know your odds.

[Ingot54]

I have a question about the logic and general position management. Well I entered GBPCAD and all was going well for Position 1, Position 2 entered and also went well and I tightened the SL's for each according to the rules. Position 3 triggered but soon after that price turned against me. My point is this: I was over 300 pips to the good (from P1 & P2) at the time position 3 triggered and the net result was a BE trade across all three positions.

Can anyone offer any advice on how to safely preserve the majority of the pips already won.

If I am up 300 pips on a trade i take them and go to bed for the night. More traders are destroyed by greed than any other reason in Forex. There are always plenty of trades but not always profit. 3 trades is about the maximum you will ever get and most of the time 1 or 2. Move your SL up and protect profits when you get them.

This is my one rule in Forex that is always 100% true. What goes up will come down; what goes down will come up. That rule is always true in Forex so protect your profits.

Also Eyeball and backtest a currency pair. How often does price go outside WR1 or WS1? What are your odds it will continue? 50% 20%. Know your odds.

CJ - Bob's advice is the best response you will ever get.

What range has this pair has traded in the past. Was it reasonable to expect that the pair would exceed this?

How often can you find great trading setups for 70 - 120 pips? The answer should give you confidence to take profits and move to the next easy setup.

Your choices:

a) try for all the pips on one trade/trading pair in one move ... or ...
b) try for easiest pips on several setups/pairs.

Which is easier? Which is more stressful/less stressful?

Is it important to get everything off the table that a move offers? Or is it best to take a slice out of a move, and then move to the next setup? It is never about taking all the pips in a move, but the best pips in a move.

There is always the next trade. Add the word: "Next!" to your most-used list of expressions. Over time you might discover that you are naturally progressing to see more in a move ... just don't force it.

I sympathise with your frustration, but a mental shift will fix it for you.

Would it be wise to close positions out at say a 2:1 reward level and let any further potential move in my favour go?

I think you have answered your own question.

[medIce]

Hello all fellow traders.

I have asked few questions on other threads, but now i found that this thread is right place to ask.

I would like to ask that im pretty new to forex. I havent found any system that i could actually make more money than loose, and this is where i started to look from FF forum resolution. I found NB's forum there, but one guy said that Bob has moved here and this forum is better place to find out what NB's systems really are.

I have now been reading 10.2 and wanted to set my broker out that i could see how Indicators work in demo and do i understand them in demo account. Well in Indi folder was three more folders. (10.2 EA 5.22, 10.2 Indicator 5.22, and script folder) all files in those folder was EX4 and MQL4 files. Do i copy files from all those three folders to my Empty4/MQL4/Indicators? even from 10.2 EA 5.22 and Script folder?

So my trouble is to place all files in right place.

And someone did answer on my question in other thread but he said that i should study 10.7 system and gave me this link: http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3549

But what i did notice is this text "THIS VERSION IS A TEST VERSION AND NOT ALL THE PARTS HAVE BEEN SEEN IN REAL TIME. HOWEVER THE PARTS THAT HAVE BEEN SEEN HAVE WORKED VERY VERY WELL. SO BE WARNED THAT THIS IS A TEST VERSION.

NANNINGBOB
APRIL 4, 2014

10.7 is going to be different. It is designed to be used with other systems."

So my question is that with which system this work all are that thread included all i need?...

Maybe this is not the right place to ask about 10.7 but i trust that someone can help me.

[allexx58]

G'Day from Gold Coast, Australia.

I stumbled upon NanningBob's old forum and since moving here I am somewhat confused as to wether I'm looking at the latest version of the same system or different trading systems?

I'm currently testing system 5.x from the old NanningBob forum over at the Forex Factory: http://www.forexfactory.com/showthread.php?t=246113

Now, on this forum I'm reading about versions 10.x. Are these completely different systems or should I just work my way up from 5.x

Thank you for your great work.

Regards,

Alex Burton.

[milanese]

G'Day from Gold Coast, Australia.

I stumbled upon NanningBob's old forum and since moving here I am somewhat confused as to wether I'm looking at the latest version of the same system or different trading systems?

I'm currently testing system 5.x from the old NanningBob forum over at the Forex Factory: http://www.forexfactory.com/showthread.php?t=246113

Now, on this forum I'm reading about versions 10.x. Are these completely different systems or should I just work my way up from 5.x

Thank you for your great work.

Regards,

Alex Burton.

Welcome Alex, the latest system is 10.7 you find it here http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3549 . This is the latest development from Bob, just read his threads here and try to find out what works best for you.

Cheers

Tommaso

[allexx58]

Thank you Milanese for your quick response and clarification to my question.

Cheers,

Alex.