You know Al I really didnt get consistantly profitable until I got this MM thing down. I learned I could win 4 - 25 pip trades faster then 1 for a 100 pips. Then if I had 10 I had a 250 pip day which is almost impossible on 1 trade. I have done it but I could count that many on two hands over 8 years. Yet 250 pip days are common almost every week of my trading life.alorente » Fri Mar 28, 2014 7:58 pm wrote:I agree with you. The key, as Bob supports, is to cast a wide net with small positions and a BIG Stop Loss. Having many trades open is also helpful in that you don´t obsess over any of them. As the winners are closed, you can afford to give nurturing care to the temporary losers. Either work with recovery or exit them on a rebound to support/resistance at a loss. I also find important to never use more than a third of margin available for two reasons: It gives you the latitude to let the losers recover and it gives you spare bullets in case a spectacular trade shows up on a news spike. This system works for me and I learned most of it from Bob over the years.Haggadah » Fri Mar 28, 2014 12:24 pm wrote:I guessed there's a need to look at the relationship between equity/balance, margin, dd, profit and trades to be profitable in forex. There were times that I went even to the limits in using my available margin when dd is close to zero or profit is positive and closely watching turning points to bank profit making my equity smooth. Setting aside fundamentals, what went up will go down and not in hurry to close my losing trades as I am not a fan of SL. I found out that sacrificing two profitable trades against a dd is a sound equity/money management.alorente » Fri Mar 28, 2014 11:41 am wrote:Excellent Bob !!nanningbob » Fri Mar 28, 2014 11:20 am wrote:SHeesh......... I have made it so simple.......... the standard 10.4 trade.
1 CSS daily read. eur and chf are ready to cross CAD and GBP. Cad has already crossed gbp.
2. Price has crossed the 240/60 lines, bar turns green telling you the standard 10.4 trade is here.
3. 2 reads ............ that is it. I enter eur/cad has moved +250 pips so far on the sell (I dont have chf/cad) +gbp/cad has moved 150+ pips so far. ( I dont trade eur/gbp) gbp/chf buy +100 pips so far.
The CSS told me two days ago this was coming. I mentioned it yesterday, what did you all do????? Thats 500 pips sitting on the table. With some multi level trades I have totaled 621 pips on those 3 pairs this week and most of that has been the last 2 days. I dont know how simpler I can make it. I even told you in advance it was coming.
I´m up over 1000 pips this week on the strength mostly of EurUsd, EurGbp, EurAud, GbpCad, ChfJpy, EurJpy and EurCad, but I am in the hole for over 300 (Still Open) AudUsd, NzdUsd, GbpUsd and NzdJpy. I hope these work for me next week.
H
My highlight days are when I break a 1000 pips which with 10.4/10.6 trades I have done many times in the last year. Almost 1500 pips this week, and about 1/2 was using the TMA range trades I started the week with. Gonna play with that some more but 10.4/10.6 trades when the market is trending and TMA or Zenturo Gann, will have to decide later, for range trades completes the system. I now can trade with complete confidence over the course of a currency move up or down. 11 of my 13 weeks trading this year have been profitable. Had to take out some losers on those CAD moves earlier in the year. Anyway, thanks for taking the time to teach TMA trading. I am sure these guys have learned a lot. Settle into a system, use good MM and you will be profitable. Again if you are getting a signal and you are afraid to trade then lower your lot size to the point you are not afraid to trade. Anyway a good week to end the month. Nicely recovered from week 2 of March being a loser and will end the month with another profitable month. Anyway gonna play some more with this range thing and making it solid then hopefully write my last booklet.
and I echo the comments of Pedigree above to any new traders that have been fortunate to find this thread will indeed save a truck load of pain and hardship!