The Murrey Math Trading System - page 56
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Thanks for your reply Xard
So you don't want to disclose your way of trading?
Can I assume you you use same entry approach as cmc with only difference that you use tight stops and a larger Take profit?
Regards
@CMC
I agree with Xard and Colbru concerning stops.
Moreover it 'scares' me you 'publish a trading strategy' on this forum based on MM without having an in depth knowledge of MM, your question: 'so which time frame is it calculating the 64 period?' illustrates this.
I wish you all the luck in the world and you need it!
You are not talking about trading, you are talking about GAMBLING
TRADING IS NOT GAMBLING!
I'm a trader now for about 7 years, I have made all the mistakes you can imagine. I lost a lot of money when I started and now I am a consisent winner, but it took years to accomplish that.
Another prove you are a gambler and not a trader is your comment: 'Re my short CAD trade I exited yesterday @ breakeven, it ended up would have hit my target last night for 100 pips, hate that'
Why hate? You missed a trade, SO WHAT? Every day or week gives you new opportunities, so go on YOU CAN"T WIN THEM ALL!
The book that changed my life is:
Trading in the Zone by Mark Douglas.
You should read it, you need it!
The 5 principles of thinking in probabilities
1. Anything can happen
2. You don't have to know what is going to happen next in order to make money.
3. Ther is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
I am a consistent winner because:
1. I objectively identify my edges.
2.I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptability for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
I'm not picking on you and again wish you all the luck in the world!
But you are playing a game, a VERY DANGEROUS GAME
This has nothing to do with trading, NOTHING!
Good luck
Edit:
Also saw this in a review of the book.
' In other words, successfully forecasting the market is not enough. Why not? Well, this book explains why not. It has to do with one's sense of self-worth, one's moral judgment of money, one's work-ethic, one's tendency to focus on good news while ignoring bad, and other things.
' "Zone" was recommended to a friend of mine by a professional floor trader who told him, "I wish I had read it before starting two years ago. Don't place another trade until you do." Well said. Does this apply to investors as well as traders? Oh, absolutely! If you have ever said to yourself, "I'm not selling that stock while it's down, I'll wait until I have a profit in it," then for the love of money, read this book.
To me, trading without any stop = waiting to go bankrupt. Setting *any* stop is required I think. That stop might be 500 pips or 1000 pips or 2000 pips but *some* stop needs to be set. StopLoss = what I'm willing to loose. No stoploss = I'm willing to loose everything in the account and maybe more (news spike).
Sorry I haven't posted much on Murrey Math forum, I'm reading tons of materials and working on the PhoenixFund IB account, etc. My schedule looks crazy for the next few weeks still - but MM research is on the list.
Thanks for your reply Xard
So you don't want to disclose your way of trading?
Can I assume you you use same entry approach as cmc with only difference that you use tight stops and a larger Take profit?
Regardssorry, no quick fix here...do what the rest of us do...
Xard777
Hi Dan,
What is that yc_line in your chart?
regards.
Hi Dan,
What is that yc_line in your chart?
regards.The yc_line is yesterdays close, murrey uses yc to determine price action. It acts very much in the same way as a pivot line. He also uses yesterdays waist.
Xard777
Hi Guys,
I'm resetting my account and taking all profit earned over and above my opening balance for the year. This will protect me from a wipeout should it happen next year. I'd have to be wiped out a few times to come back to breakeven.
If I have a monster loss, which didn't happen all year, I'll either hedge the trade or bail out and cop it, I fail to see how this is a bad strategy.
I've been looking at a few of my older trades, most of them went beyond the 1/8 sometimes to the 2/8 then sometimes further, and a resetting of the MM which we all by now know happens. Had I used a stop, very few of these trades would have turned a profit.
I have been trading consistently profitable all year using this strategy, how can it be wrong? Why is it irresponsible of me to advise traders who are continually loosing money by using stops, to stop using them if you have a sound system?
I'm posting my trades, I'm saying how I trade the system, I'm showing other traders how to make money. If anyone else has a better system, then speak up, if you don't want to share, then keep quiet.
What is the big deal about not using a stop? did your mentor tell you to?
Are you a nervous trader? scared of the wife? how bad can it get, it's only money. If you don't have the gumption to "drop the stop" then invest in real estate.
Also, I don't really need to fully understand the MM Indicator, why should I? it works for me, that's all I'm interested in. Who in here has a 100% comprehention on how any indicator really works? probably not many. I have a basic understanding of it, but a very good understanding of how much money I've made from it, which is more important?
And yes, I was annoyed about the CAD trade, doesn't mean I kicked the cat, in fact I had a laugh about it, only a few hours after closing the position, it went where it should have, of course I hate that, every trader would hate that.
But anyway, I'll continue to use the MM next year, I'll continue to post my trades for other traders to follow to see if this system suits them before committing real money, I'll continue not using stops, I'll continue to ask dumb questions about the indicator, but most importantly I will definately continue to make money.
All the best for Christmas
Good trading to you all for next year
I want to give here cmc a hand....
Try to look at it as a stock investor. If today I go to a Bank and I want to buy stocks. They will tell me this is a long term investment. They'll say "Only buy stocks if you don't need the money for at least 3 to 5 years."
What's wrong with doing buy and hold in Forex if it turns against you? I agree that the ROI will be less. But you also have to invest less time into it than a daytrader and you will also pay MUCH less commissions (spread) than someone that will be in and out of a trade on a daly basis.
just my two cents....
Best Regards to all of you.. :-)
And yes, I was annoyed about the CAD trade, doesn't mean I kicked the cat, in fact I had a laugh about it, only a few hours after closing the position, it went where it should have, of course I hate that, every trader would hate that./QUOTE]
Yeah, that's a pitty but... from this month... I've closed only 2 positions with a loss and... they went where they ought after it to but... that's a good one - I've busted 1/4 of a weakly losses (quite big one, about 5-6000 bucks) in one day!! This weak on monday I've earned the rest of it + a tip
So why should I use stops???? Thay can only kill U, aspecialy during night (CET) when the trading is very low and there can be sudden death jumps (after few minutes thet get back to the same point as before :/), also on important news where it takes some time to find a proper direction!?
So now I'm trying to figure out when to cut a loosing position when it's hopeless to brakeven or place a counter-trade and when to wait - it really pais most of the time but u have to have COHONES!
What I really want't to say is that stops are a good thing but not on forex where someone is trin to to harvest them every day
It doestn't make any sense to set them close and also far away - you can see that ure loosing loads of money and judge if to cut it lose or wait for better times 
I'm resetting my account and taking all profit earned over and above my opening balance for the year. This will protect me from a wipeout should it happen next year. I'd have to be wiped out a few times to come back to breakeven. Good trading to you all for next year
Hello CMC, It appears you do have a stoploss and you *have* done the sort of math I was talking about. You are prepared to loose it all, and after a year of success you are using a stoploss - pulling money out of the account. I plan to do the same thing with EA I don't trust very much (Martingale strategy for one) but have earned enough that I can take the original money out and see how well it does. I don't have any problem with you trading without a SL for every trade. I wanted the people who were asking to realize that no trade SL = account balance as SL.
Sashken entered the MT4 Championship without a SL. He had over 28k in his account and first place, and now his account balance is under 3k. I do agree that when all of the major markets are closed the trading is bad, and these times have hit a few SL for me too. I'm going to have 'stealth SL' where the broker doesn't see it, and use 2 filters. The first will be waiting on confirming signals rather than exiting on spikes. The second will be hour based SL, only exiting if the market is open. In the meantime, I've switched to a broker with less spikes.