stevehopwoodforex.com • 10.4 A Complete System

Author:

Captain Jack [ Sat Mar 09, 2013 1:06 am ]

Post subject:

Re: 10.4 A Complete System

nanningbob wrote:
Captain Jack wrote:
mjws00 wrote:I had the intent of quitting for the week, and only trade NFP occasionally. We'll have to see how it plays out. I've been learning over at Captain Jacks getting my mind blown and having fun with beginners mind. I had to work way too hard for my pips this week while the shotgunners did well. Admittedly in study mode waiting on new action.

Mike
I wish everyday was NFP day!

CJ
Me too. Put a nice ending to my week. If I hadnt misread the market so bad on the Eur/Jpy I would have hit over 10% for the week and had my 5th 1000 pip week in my trading career. These traders must realize that even I do stupid things at times. I get in my head that I can make that goal of 1000 pips and I start trading to reach the goal instead of keeping my head on straight. But that is the fun part of trading I enjoy. It also shows that one set of devastating trades that would normally clean an account out was just another of many other losses for the week. I open myself for criticism by showing a nutty week like this but it also makes the point I trade in a way so I can trade another day.

5% of a 1000 is fifty bucks
5% of 10000 is five hundred bucks
5% of 100,000 is 5 thousand bucks

The point is I never worry about losing my account, account size determines my income not lot size. If traders can ever understand that there would be more successful traders in Forex. I believe I could live comfortably on 5000 a week.

Well said Bob and congrats for a nice week.

Risk is a personal matter, to be determined by each individual trader. As I have read and followed the thread here, the system put forth is one that is well thought out. One that a novice could step into feel safe IF they are disciplined enough to follow the basic rules, yet one that can be adapted to more experienced traders and their varied methods. Therein lies the problem, not with a system, but with each trader. Discipline. Most lack it, and when things go bad, it is the system that the finger points to, instead of to the owner of the finger. Emotion and greed go hand in hand with discipline and fear. Until those human traits are held in check, no trader will be successful until they learn to control them. The trade begins and ends with the trader. The outcome depends on how the plan is followed, how the trade is manged, once placed and how well the trader manages him or herself.

Review and analysis of your weekly trades are good ideas for everyone. Once that is done, a self analysis should be taken, but it's not something that is discussed like trading histories. Where and what part of your trades did the "human" factor play a part of or affect the outcome. It makes a difference and is as important as any system or plan.

Hope every body had a good week and good trading to all.

CJ

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Author:	mjws00 [ Fri Mar 08, 2013 9:21 pm ]
Post subject:	Re: 10.4 A Complete System
I got sidetracked and didn't trade much this week. Hit 7/8 for 311. Probably too picky and half were counter, but based on the set up. The volume guys seem to clean up. That means the rules are pretty solid, imho. Awesome to see the crew kill it. Mike

Author:	Pueo [ Fri Mar 08, 2013 9:29 pm ]
Post subject:	Re: 10.4 A Complete System
allisonmagic wrote: Don't worry i'm down about 2000 pips. i was +$640 on my account. now i'm back to $300.. no worries though, i made 300 in a few days .. so i guess you can lose it just as quick lol This is too much risk, good idea to slow down. Remember we're not here to hit a homerun each week, we're here to be profitable month after month, year after year. Some months give more then others. Have you guys heard of the Ulcer Index? It's basically how much we can stomach the losses.. One of the many amazing parts of this trading method is the ability to diversify. We've got 20 - 30 different markets that we can trade. When done properly this reduces our exposure to a bad run. When not done right, it can increase our exposure dramatically. Here is an example of how we can improve our logic for which trades to take. This site here has a correlation table (they used to be mataf) http://www.forexticket.co.uk/en/tools/01-01-correlation You can see correlations by the hour, day, week. c.jpg Look at how correlated the AUD/JPY is with the CAD/JPY, CHF/JPY and EUR/JPY If your plan is to use 1% risk per trade, and you put 1% on each of the above, you're essentially risking 4% on one trade when they are highly correlated like this. (this changes though so you go check back at the site every week). It's all up to your risk tolerance of course. Did you guy know that if you trade with Oanda, you can risk less then 10cents per pip? Using their desktop software to place your trades, the minimum is 1 cent per pip. This can allow you trades with wide stoplosses and a fixed risk percentage if you're trading with a small account size. (there's other brokers have for 1cent a pip, but I haven't heard any that sounded reputable) Thanks again Bob for a fantastic method. Finally have time get away from the computer!!

Author:	Captain Jack [ Fri Mar 08, 2013 11:01 pm ]
Post subject:	Re: 10.4 A Complete System
mjws00 wrote:I had the intent of quitting for the week, and only trade NFP occasionally. We'll have to see how it plays out. I've been learning over at Captain Jacks getting my mind blown and having fun with beginners mind. I had to work way too hard for my pips this week while the shotgunners did well. Admittedly in study mode waiting on new action. Mike I wish everyday was NFP day! CJ

Author:	nanningbob [ Fri Mar 08, 2013 11:51 pm ]
Post subject:	Re: 10.4 A Complete System
cmeade2 wrote:Bob One stupid question. What's the time zone for these trades? nanningbob wrote: rosst wrote: nanningbob wrote:You really want to find out how bad of a trader I am well here is a PDF file of the trades. You will have to print out and set the pages side by side to get the whole picture. Wow! thanks for sharing this - you do trade a lot! Looks like you don't necessarily use the pivots for additional entries - do you add to a leg as you are moving into profit with the original order a certain pip step or by "feel"? Thanks again for sharing your system... When a signal is given I set my trades 2 or 3 levels at a time. I then let it fly and see what happens. My philosophy is very simple If the trade is below 240 and I set a trade to sell, the odds are really on my side unless there is a clear reason not to. I live in China we dont have time zones

Author:	nanningbob [ Sat Mar 09, 2013 12:02 am ]
Post subject:	Re: 10.4 A Complete System
Captain Jack wrote: mjws00 wrote:I had the intent of quitting for the week, and only trade NFP occasionally. We'll have to see how it plays out. I've been learning over at Captain Jacks getting my mind blown and having fun with beginners mind. I had to work way too hard for my pips this week while the shotgunners did well. Admittedly in study mode waiting on new action. Mike I wish everyday was NFP day! CJ Me too. Put a nice ending to my week. If I hadnt misread the market so bad on the Eur/Jpy I would have hit over 10% for the week and had my 5th 1000 pip week in my trading career. These traders must realize that even I do stupid things at times. I get in my head that I can make that goal of 1000 pips and I start trading to reach the goal instead of keeping my head on straight. But that is the fun part of trading I enjoy. It also shows that one set of devastating trades that would normally clean an account out was just another of many other losses for the week. I open myself for criticism by showing a nutty week like this but it also makes the point I trade in a way so I can trade another day. 5% of a 1000 is fifty bucks 5% of 10000 is five hundred bucks 5% of 100,000 is 5 thousand bucks The point is I never worry about losing my account, account size determines my income not lot size. If traders can ever understand that there would be more successful traders in Forex. I believe I could live comfortably on 5000 a week.

Author:	nanningbob [ Sat Mar 09, 2013 1:31 am ]
Post subject:	Re: 10.4 A Complete System
Trading without fear is the key. If you can set trades and go to bed and sleep all night then you got it. If you have to get up and constantly view your trades to see if they are cleaning out your account or not then you cant relax. When I came back from the USA to China two weeks ago, the markets opened about 2 hours before I left. I set up a handful of trades with SL TP and pendings. I got back to Nanning Wednesday morning. Found myself with a small DD some winners and the knowledge that the usd/jpy had jumped all over the place for some reason and took two 2% SL hits and other trade were a handful of profits. Most guys would have freaked out to even try such a thing but you know I didnt have to worry. I can trade like that. Once you get to that point as a trader you just move on after a series of losses. Still took home a profit by the end of the week. I constantly see guys post occasional losses and state what did I do wrong?? Most of the time they didnt do anything wrong, it was just a bad trade. Quickly analyze the trade, did I follow my trading system or was I cheating. If you had sound reason to take the trade (CAD/JPY this weeks example, aud/chf for me two weeks ago) it just didnt work. Move on to your next trade. Instead you get this, I need another indi, I need another TF, I need another system, maybe that 49.99 deal will work. You can see over the years I have just kept at it and fine tuned this whole 10.0 series over a period of years. Now I just trade away. You know what I said when those eur/jpy trades took out over 4% of my account. DANG, not going to make my 1000 pip week now!! 10 seconds later I was looking for my next set up.

Author:	Wkcfx [ Sat Mar 09, 2013 2:43 am ]
Post subject:	Re: 10.4 A Complete System
nanningbob wrote:Trading without fear is the key. If you can set trades and go to bed and sleep all night then you got it. If you have to get up and constantly view your trades to see if they are cleaning out your account or not then you cant relax. When I came back from the USA to China two weeks ago, the markets opened about 2 hours before I left. I set up a handful of trades with SL TP and pendings. I got back to Nanning Wednesday morning. Found myself with a small DD some winners and the knowledge that the usd/jpy had jumped all over the place for some reason and took two 2% SL hits and other trade were a handful of profits. Most guys would have freaked out to even try such a thing but you know I didnt have to worry. I can trade like that. Once you get to that point as a trader you just move on after a series of losses. Still took home a profit by the end of the week. I constantly see guys post occasional losses and state what did I do wrong?? Most of the time they didnt do anything wrong, it was just a bad trade. Quickly analyze the trade, did I follow my trading system or was I cheating. If you had sound reason to take the trade (CAD/JPY this weeks example, aud/chf for me two weeks ago) it just didnt work. Move on to your next trade. Instead you get this, I need another indi, I need another TF, I need another system, maybe that 49.99 deal will work. You can see over the years I have just kept at it and fine tuned this whole 10.0 series over a period of years. Now I just trade away. You know what I said when those eur/jpy trades took out over 4% of my account. DANG, not going to make my 1000 pip week now!! 10 seconds later I was looking for my next set up. Bob, you have really expressed the "True Holy Grail" for trading here. Of course your 10.4 appears to be the ideal tool and Steve's contributions and effort here are phenomenal but I know from experience, and I believe you will agree, that money/account management and the mind set you have express here are absolutely tantamount to trading success!! All the bells, whistles, indis and EAs are just panacea many traders grasp for yet avoid this fundamental truth. Thank you very much Bob for sharing your insight and your knowledge and Steve for your knowledge, coding, and making it possible for us all to have this unique environment to learn and interact. Enjoy your weekend wk

Author:	Captain Jack [ Sat Mar 09, 2013 2:57 am ]
Post subject:	Re: 10.4 A Complete System
nanningbob wrote:Trading without fear is the key. Once you get to that point as a trader you just move on after a series of losses. Still took home a profit by the end of the week. I like the way you think Bob. Trading becomes almost boring, a mechanical process of opening and closing a trade, over and over, almost as easy as breathing in and out. Congratulations! CJ

Author:	IamTHAT [ Sat Mar 09, 2013 6:38 am ]
Post subject:	Re: 10.4 A Complete System
Pueo wrote: Look at how correlated the AUD/JPY is with the CAD/JPY, CHF/JPY and EUR/JPY Thank you for this helpful info. I tend to ignore this often. Especially if we look at correlation of GBPJPY with GBPUSD and EURUSD, correlation is much higher with EUR than with GBP! Very surprising.

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