ElectroFX Pure Price Action Trading - page 12
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I think too many people want to get rich quick and don't put in the work and time before risking their hard earned cash. The truth is that you can actually run tick data back-tests with an EA that allows you to trade/manage trades and simulate trading in a very realistic fashion, but at a faster pace than live. This means you can gain the experience of a years trading in just some weeks if you are hardcore.
Tick data back-testing is where you can build confidence in your trading plan and your ability to execute it, plus make sure it has no holes. If you are able to trade months, or even years worth of tick data and maintain a consistent profit then you know your plan works as a fact. I try and emphasize this to all my members and although this stage of the process is without the emotion of real money trading, it does narrow down all future issues to emotion and means it is the last thing you will need to overcome, instead of trying to overcome it all at once if you see what I am saying
Cheers,
Theo
Here is a shot of my entry chart I use and today's winning trade. Pound / USD. Also had a breakeven short. you can see the earlier entry...
This system is the safest and most efficient I have encountered. Never hold a trade over night or on the weekend. No starring at screens, sleep soundly at night.
I even took a 25 pip trade on my smart phone while waiting for a flight in Dallas last month.
This is good stuff.
Thanks Theo!
Here is a screen shot of my trading set-up on my server based MT4.
I use the electrofx dedicated server to take all of my trades. Living in Brazil I have to deal with frequent power outages. This guarantees that my trades will be managed with or without internet or power.
The top three boxes are the EU and the bottom three the GU. I only trade these two pairs. The far left charts are my entry charts.
This allows me to view all supt/resistance and price action on multiple levels simultaneously on one screen. I take 75% of all my trades on a 14 inch laptop. All trade updates, entries, lock profit alerts, move to break even alerts are sent to my smart phone so I can easily, map out my trades, set my pending order lines, turn off my computer and forget about the trade. Then log on to my smart phone to adjust if I am away from my desk.
My goal is 50 pips per week or more.
I am curious if anyone out there knows of any other system that offers this type of service? I would like to compare, contrast, and find areas for improvement.
Happy trading
Hey Guys: took a late friday EU long, stayed 1-1 and booked profits. Normally I would stay with the trade until price moved to the box, but am conservative on Friday afternoon. No losses for the week!
Any feedback is welcome!
Good safe play for Friday afternoon Rob,
shame the weekend got in the way, that one went to the box as usual
Thought I would throw some more videos in here for you all
Here is one showing you how you can predict the next most probable market moves if you are able to read price action correctly.
and here is one demonstrating how a trade can be executed in a stress free set and forget style.
Plenty of new free videos added to this YouTube channel for those interested in the style of trading discussed throughout this thread. I will be adding more all Winter also
Many more videos added to my YouTube channel and plenty more trade examples added across my social media channels. I don't see any new questions in here but I did want everyone to know that I do keep my eye on it
The mount of absolute crap in the on-line Forex World seems to keep growing and some of the emails I get are hilarious. If anyone wants to actually learn a proven method and even witness me high speed scalping live then visit my profile for the website link.
Throughout this past year I have been slowly mastering the use of the tick chart for fine tuning entries in to trades I would be taking regardless. This fine tuning allows for smaller Stop Loss and even better Risk:Reward. For those who have understood my trading style I have started posting these trades here:
http://www.pinterest.com/electrofx/trades-taught-at-electrofxcom/
I have been adding 2-3 per day and will do so up to 100