The news to look out for is called Macro-economic news. The rest is just daily fluff. Countries/banks going bankrupt and taking people's deposits is Macros news. The fallout will last for weeks or months. NZD not raising its interest rates made the market jump but didnt change the direction of the market. I look for Macro-economic news that changes market direction or entrenches it. That takes time to learn and watch for. To find it, find out what made price change direction on a monthly chart.Jonathan2FI wrote:Bob,
have been following 10 and searching for defined trend following strats for 2 years .... job means I am end of day trader - now with discipline approach both time and sticking to rules (that takes times not quite 10000 hrs to mastery yet)- had a little coaching and followed Steve's forum. Coaching guy (not a scammer) said trade a trend on retracements forget the rest and demonstrated on 50 trades. Have been looking for a clearly defined more mechanical system since..10.4 is that system. Could you comment on the following with respect to your own trading regime with 10.4 in the context of end of day :
1. Weekend
1.1 Review if any news items coming up in coming week - currency, potential impact and day
1.2 Review previous weeks performance % gain, compliance to strategy, lessons learned and
any refinements.
1.3 On the pairs being followed review
1.3.1- if any major e.g monthly long term support resistance lines or trend lines could impact
trades in the coming week.........drawn or updated on charts
1.3.2 Review currency slope strengths on D1 noting currency pairs that have
slope>0.4 or <-0.4 as potential trend strength targets
1.3.3 Review immediate e.g. Sunday/Monday 10.4 trades as per rules and note these
1.3.4 Review likely 10.4 trades (clear trending pairs and cyclical retracement behaviour)
and note these in trading plan for the week
1.4. Sunday Night GMT2200
Place the choice 10.4 pending trades from 1.3.3 that don't conflict with 1.1
REPEAT weekly
2. Weekday evenings 1 hr GMT 2200-2300
2.1 Review open trades
validity - OK or close down
Trade Management - move SL or take profit
Note Especially with H4 and checking EOD then use MPTM EA
2.2 Check slope strength and likely pairs for target update weekly plan
2.3 Review weekly trading plan list and check if still valid
2.4 Check on target charts for 10.4 setups place pending orders where valid
REPEAT Daily
I know there are many tools indi's scripts and EAs ...to support the above and I do use them but wanted to take a fundamental view
Thanks Jonathan
I review trades but I dont dwell on them. I never beat myself up for taking profit. Most of the time I get a good part of a move. I never try for all the move, good way to lose money. I dont dwell on a loss. Has nothing to do with a read or entrance. I take my loss and move on.
I try to keep ice in my veins, I am an American and long term bullish on the USA. But I realize it wont be bullish if our govt. doesnt cut back on it massive deficit spending. If we do, USA has a decent future. If we dont, then we will be Euro 2. I try to make sure my pro USD or JPY or EURO moods do not affect my trading decisions. Become a-political, dump your conspiracy theory, and trade cold and independent. Take your emotions out on some politician.
I trade, simple, I just trade. I dont go through any long process. CSS tells you where to look for your best trades. Top two lines look for buys, bottom 2 lines look for sells. The others pick and choose what looks good. Price below 240 sell, price above buy, Take the ones that look the best at the time with the RSI 2 or Sto 5. Set my pendings, SL, TP on to the next pair. If I spend more than a minute on a chart something is wrong. It is a simple read. Check my chart every 4 hours and make adjustments. Last week was a slow week except Monday and Wednesday. I took 75 trades. I was 55 and 19 with 1 break even. Only two trades hit my 240 MA SL line. Biggest loser 147 pips biggest winner 56 pips. That is a 75% win rate. Some of those losers could have been winners but I closed for the day and was done. Maybe with more patience I would have been 72 and 2. In 6 weeks of 10.4 I have averaged 465 pips a week and an 70% win rate. My win rate has been going up every week as I get better with the system. Biggest loser -397 pips biggest winner 137. My average losers are 8 pips bigger than my average winner but with a 70% win rate that becomes meaningless. I increased my account for March 25%. If you worked for a brokerage or any kind of money fund and did that for a year, you are a superstar. Millionaires would pay you a lot of money to make 25% a year. I did it in one month. There are guys here lurking in the back ground snickering, I beat nanningbob this month. There are some really good traders in this forum. Some guys are making money for the first time. Be patient, you will get better.
Bottom line. I dont care if you trade a penny a trade and have a 10,000 dollar account. Learn to trade with no emotion. Once you find a lot size that fits your emotional level where you have no emotion. You got it. If you are afraid of a trade either dont trade, lower your lot size, or put more money in the account. Get to the point where you can trade and if price goes 100 or 200 pips against you, there is no murmur, no cussing, no blaming God, the broker, your favorite conspiracy, THE FOX (sorry CJ) etc. You look for your next set up because it will hit first level, then second level, sometimes a third level and most of or all of the 200 are back in the bank. Sorry for the rant I probably didnt answer a thing you asked.
