The Holy Grail - What is it? - page 4
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I think the main problem in forex is to set the SL............as if it is set to 30pips many trades are washed out and if it is set to 100 or 50 then the risk to reward ratio is not satisfactory.......Can anyone give any suggestion about this ? My system is ok but I am not interested to use more than 40 pips as SL............more and more observation is necessary...............
Personally, I never use SL. They are designed to sabotage your trades a large percentage of times. The thing is, you can be sensitive to where retracements are going to happen, and where the currencies will turn, if you use my Absolute Fibonacci Framework. It can take a while to 'attune' yourself to it, but it's really the only way i have figured out to get over this one.
On the Framework, you can see that the spaces between barriers varies, so any stop loss could knock you out unnecessarily if you don't know where they are. With the Framework, it actually helps to see retracements going to certain points, as that helps confirm which part of the framework you are working on. Difficult to explain fully here, but you can see some examples on youtube/leftbraintrader.
I hope this helps.
I think I understand what your saying,........... If you had a 30 pip stop you would have been out of the market, then your trades go positive and are making money, then you go back into a negative trade.
Have you heard of a three bar stop?
Basically, you count back to the third bar, place your stop under the low, if your long, and vice versa, with each candle you move your stop up to the next low. Now this works well in a volatile market because the pip range is greater. In a slow market your closer to your entry. You need some kind of fibo indie for a target if you don't want a hard target. Or some other kind of indicator that will give you an idea the market is about to turn, like Williams%. on a M5, you can set it to say 34, if it starts going the opposite direction get out with what you have. Who cares if that trade made 1 pip.
It is kinda like working on a race car, you have the car that you really like and it does a good job, between races you might need to do a little maint, or change the oil. You need a base system that you can make minor adjustments to in between trading. NEVER change more than one item because if you do, how will you know which change made it better or worse.
Unless you get your system to a place in which you know when to get in and when to get out, before the trade, your gambling and you don't have a system. Indicators are just visual cues to the probability of market direction.
Personally, I never use SL. They are designed to sabotage your trades a large percentage of times. The thing is, you can be sensitive to where retracements are going to happen, and where the currencies will turn, if you use my Absolute Fibonacci Framework. It can take a while to 'attune' yourself to it, but it's really the only way i have figured out to get over this one.
On the Framework, you can see that the spaces between barriers varies, so any stop loss could knock you out unnecessarily if you don't know where they are. With the Framework, it actually helps to see retracements going to certain points, as that helps confirm which part of the framework you are working on. Difficult to explain fully here, but you can see some examples on youtube/leftbraintrader.
I hope this helps.I watched a video and checked out your website, let me ask you this. What is your current risk reward ratio in live trading? and how often do you need to adjust the settings?
BTW, I think you and I are agreeing more than not. LOL
To illustrate something of what I am talking about, because I can see that everyone here is using 'conventional' wisdom
here's one of my videos. Let me know what you think!
http://www.youtube.com/watch?v=uYCBU-jj_SE
Nice to talk to you Bluewhale.
At this moment, I am not trading because I have just got back from a trip. Personally, I never demo trade, so I do 'mindset homework' before I start trading again. When I am trading I usually get them right. Not always, as I said before. If only I was perfect! I think my longest run was 70 positive trades in a row. I don't go in for much money management, as I prefer to manage my head, and then it's just a matter of observation and clarity, because the Framework shows me what is going on if I am in a place where I can see it. In the right frame of mind, I have traded as much as 20 - 30% of my account because with that certainty, I prefer to do shorter trades with more lots. I don't want to be a macho trader, and huge numbers of pips don't impress me. Gradual steady and consistent is best.
The settings are never adjusted, and that's one of the strengths of this. I think this is just about the only technique that has a permanent Framework. You never have to make adjustments, because what I have here is the permanent fractal framework that exists independently of the movements of currencies, and that shows where all the permanent barriers are. The Framework on my charts has been the same one since I invented it in 2005.
To illustrate something of what I am talking about, because I can see that everyone here is using 'conventional' wisdom
Nice trade in the video, I am going to buy your book.
I watch my numbers as far as the math and probability are concerned. Maybe I should give another example of what I am trying to say. I don't think anyone can be 100% correct and never lose. So what is my baseline that I am comfortable with, knowing the odds of success long term. In the event I can achieve my goal of 2.5/1 by whatever means then, I am making a good living.
I know I need a 40% win ratio to make the 2.5/1 ratio work. Do I want to ONLY achieve 40%? Well no, the higher the win ratio the more cheese I have in the bank. Is a 2.5/1 ratio is to achieve? Well not really but the 40% Win ration is, so some place in the middle is a place a wind up. I have a goal with a minimum baseline I expect to achieve.
BTW, Ireland rocks. LOL
Nice trade in the video, I am going to buy your book.
I watch my numbers as far as the math and probability are concerned. Maybe I should give another example of what I am trying to say. I don't think anyone can be 100% correct and never lose. So what is my baseline that I am comfortable with, knowing the odds of success long term. In the event I can achieve my goal of 2.5/1 by whatever means then, I am making a good living.
I know I need a 40% win ratio to make the 2.5/1 ratio work. Do I want to ONLY achieve 40%? Well no, the higher the win ratio the more cheese I have in the bank. Is a 2.5/1 ratio is to achieve? Well not really but the 40% Win ration is, so some place in the middle is a place a wind up. I have a goal with a minimum baseline I expect to achieve.
BTW, Ireland rocks. LOLSounds like you are going to succeed then! Healthy realism is so rare in Forex these days. It will be interesting to see how that expectation changes once you take the book on board.
Be patient, if you've been trading for a while, some traders find it hard to 'unsee' what they have been seeing, and find the patterns. Some find it easy. I hope you are the latter.
Ireland may rock, but having been used to warmer climates, I wonder sometimes if I will freeze to death here....
Personally, I never use SL. They are designed to sabotage your trades a large percentage of times. The thing is, you can be sensitive to where retracements are going to happen, and where the currencies will turn, if you use my Absolute Fibonacci Framework. It can take a while to 'attune' yourself to it, but it's really the only way i have figured out to get over this one.
On the Framework, you can see that the spaces between barriers varies, so any stop loss could knock you out unnecessarily if you don't know where they are. With the Framework, it actually helps to see retracements going to certain points, as that helps confirm which part of the framework you are working on. Difficult to explain fully here, but you can see some examples on youtube/leftbraintrader.
I hope this helps.thanx for the video..............
You are very welcome.
Message for Niceguy777
Niceguy777 - I purchased your book a while ago, would recommend it to anyone here... if I PM you my details as proof of purchase could you resend me the metatrader indicators as I have misplaced them. Thanks