No Name Trading System - page 8

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mostamst08:
Yes , better to show discipline and the proper method. In those trading contests , most are likely to be gambling and those that are 'lucky' are then indicated as good traders.

Agreed 100%

Now I believe that the contests are mainly carried to attract participants that are likely to open and account with the sponsoring broker in order to blow it all away with faulty MM later on

Just like online casinos that will give the gamblers huge matching bonuses to open accounts knowing that the deposited funds will be theirs in due course.

 

what happened??

Hi Pip,

I noticed that you stopped posting and i was wondering what happened.

You mentioned that you will share the script that will watch 3 time frames and I have been waiting for you to post this.

ARe you still interested in sharing as many of us are using your system silently...though with some modification to suit our own trading plan.

Many thanks.

ibk

Pip:
Hello everyone,

As a follow-thought to my previous post, it would be awesome if a script could be created that would alert the user of potential set-ups based on the NNTS.

Not an indicator or and EA, but a simple script that would be attached to the charts of various instruments; it keeps watch for setup formations keeping in mind the 3 time-frames specified and would alert the user via, visual/sound alerts, email, and/or SMS of potential setups.

This would be a fantastic tool to alert users who are not at their computers at all times (like me, and am sure others too) of potential setups.

If anyone is up to the task please let me know and we can discuss it further. The script would be made available for all to use as part of this system.

Cheers,
 

Looks simple enough system. I'll give it a try on demo.

Thanks for sharing.

I hope you'll keep it updated.

 
ibk:
Hi Pip,

I noticed that you stopped posting and i was wondering what happened.

You mentioned that you will share the script that will watch 3 time frames and I have been waiting for you to post this.

ARe you still interested in sharing as many of us are using your system silently...though with some modification to suit our own trading plan.

Many thanks.

ibk

Hello IBK,

Thanks for your post. Unfortunately no one has volunteered to create the alert yet so I have nothing to share in that aspect. I have been playing around with Molanis alert module but I do not have anything meaningful yet. If you are a decent programmer and you think you can help us out, please do so.

As for trading, I posted that last trades I had (Oct 26th and Oct 27th) a few posts back. I don't trade every day and only when my time allows me to do so.

If you have been using this method I encourage you to post your trades here (the good and the bad) so that we may all share our experience.

Cheers,

 
MobbyD:
Looks simple enough system. I'll give it a try on demo.

Thanks for sharing.

I hope you'll keep it updated.

Hello MobbyD,

Welcome aboard.

Cheers,

 

thanks i will try it soon as possible

 

Welcome Aboard

ro0ose:
thanks i will try it soon as possible

Hello Ro0ose,

Let me know if you need any assistance.

Cheers,

 

Thanks for this!

Thanks for posting this. The system looks interesting.

 

11-09-2010 Trade

Hello everyone,

Just got out of a trade on the EURUSD.

Position: Long

Entry price: 1.39226 and 1.39026

Trade setup: Slow retracement, trend continuation on 1H, counter trend on 4H

Profit target: 1.39900

Stop-loss: 1.38900 (below support on 1H)

Exit price: 1.38900 (stop-loss

Profit: -45.2 PIPs

Rules violated:

1) Never take a trade based on shortest time-frame

2) Always consult Medium and Long-term time-frames

Lessons learned:

1) Confirmed that counter trend trades are riskier than trend or trend continuation

2) Trust support and resistance lines - should have set PT at resistance on 4H at 1.39506 and take smaller profit (i.e. less exposure) due to the higher risk involved; and should have traded in the direction of the 4H time-frame and not be fooled by the Triggerlines on the 1H time-frame. The Triggerlines did carry the trade in the initial direction but not to the extent I thought it would. So, my sense of direction was OK, but i stayed in the trade for too long.

3) Confirmed (and drilled it in my head) that Support and Resistance lines on higher time-frames are always stronger than those on smaller time-frames

So, at this stage i expect price to reach the first support level on 1H at 1.38489, then potentially go on to the next one on the 4H time-frame 1.37336 if the trend continues.

I hope this helps others in avoiding similar mistakes that I make (always stick to the rules).

Cheers,

Files:
11092010_trade.jpg  183 kb
 

Always go back and re-read your rules

Hello everyone,

This is a general post to share with you a thought that crossed my mind today. I have noticed that my trading activities have experienced cycling nature where on one aspect of the cycle I would trade very well and then on another aspect I would have a loosing streak. Although loss is normal in trading, I am always interested as to the underlying cause of the losses, especially when they present themselves in a streak.

Upon analysis of my trading history I have discovered that during the loss streaks my trading decisions have deviated from the strategy rules that I have set for myself. Some how, inadvertently, my discipline seems to slip away and I begin taking unnecessary risks, or taking riskier trades, or simply taking trades on intuition rather than the solid rules (setups) that I have set in the plan. This is further supported by the fact that when I go back and re-read my plan and apply it to the letter, my trading begins to improve and I begin to rack up pips.

So, what is the moral of the story? It is always a good idea to re-visit your plan every once in a while or on a set schedule to re-affirm the principles in your head.

Cheers,

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