My GBP Trading recommendations & Journal - page 5

New comment
 
cementman:
Malcik..As a start take a look at the Vanessa, Tlatomi and fozzy methods, if you don't know where to find the tell me i'll handle it what i do is simple and effective and the approach is very similar then after a while we'll be going through the details but just read those for now as Simba said walking then running

Thanks cementman... this is going to take some time because it's a loooot of pages plus the test season at school is approaching so I can't do Forex all day long. But I'll do it all, at least I'll give you some rest You continue with your recommendations, if you want

I've found Fozzy and Tlatomi but haven't found Vanessa, could you please give me a link?

Thanks again

 

Good luck on your exams and here are vanessa if you had any problems just register first and then try logging in again.

 
cementman:
Good luck on your exams and here are vanessa if you had any problems just register first and then try logging in again.

Thanks for the link.

I already went through the Tlatomi thread. There seem to be two approaches: using NonLagMA as trend filter and using MAs 9 and 5 periods crosses as trend filter. Which one do you think is more robust? My bet is NonLagMA since it's usefulness should be independent of ever-changing market cycles.

Thanks for your advice

 

There are minor differences between the 2 IMO but that's caz I do manual back tests as I don't like experts i don't like either strategy testers so it takes time but from my experience there are no major differences and it's all about discipline choose what ever you like just believe in it and follow it, lets say you had 3 trades on some week and you lost on the first 2 so you decided that you're not going to take the third which was the one that will put you back to break even or even profit. the moral is the moment you lose trust on your system is the same moment it starts to make money, so unless you hit your % loss limit for the day or week that we've talked about previously keep following it caz you don't know which one is the home run.. so don't start telling your self that ABC was doing good when i lost these 2 trades I'm switching my system to ABC and on the third trade you find that ABC lost and the old system came back to winning don't think that the grass is greener at the other side of the fence.. Don't ever do that I'm telling you that from experience I've been there still human nature are not convinced until it see and taste for itself if you can beat that you're on the right track.. Maybe after your exams we can start a back testing campaign

 
cementman:
There are minor differences between the 2 IMO but that's caz I do manual back tests as I don't like experts i don't like either strategy testers so it takes time but from my experience there are no major differences and it's all about discipline choose what ever you like just believe in it and follow it, lets say you had 3 trades on some week and you lost on the first 2 so you decided that you're not going to take the third which was the one that will put you back to break even or even profit. the moral is the moment you lose trust on your system is the same moment it starts to make money, so unless you hit your % loss limit for the day or week that we've talked about previously keep following it caz you don't know which one is the home run.. so don't start telling your self that ABC was doing good when i lost these 2 trades I'm switching my system to ABC and on the third trade you find that ABC lost and the old system came back to winning don't think that the grass is greener at the other side of the fence.. Don't ever do that I'm telling you that from experience I've been there still human nature are not convinced until it see and taste for itself if you can beat that you're on the right track.. Maybe after your exams we can start a back testing campaign

Cementman,

Thanks again for your thoughts. I already know that discipline is the key. That's why I want to practise it with a simple system that I know doesn't lose money so that I can concentrate on the discipline itself and not worry about the system.

I think we can start backtesting even now, only next 4-5 weeks I will be a bit slower But I want to do it, I'm not able to do school stuff all day long anyway; I use Forex as my relaxation

As far as the EA, how about just using it the way we did it with Simba? That means, use it so that we can in a couple of minutes see what setups are not even worth wasting time on and which ones should be examined more thouroughly, even through manual backtesting... what do you think?

 

Malcik.. start with any one you like of them i teach them to people as a first step (easy and profitable)and some of them come back to me saying that they don't want no more and it's enough for them.. so for the back testing I prefer Neuimex platform as its steady data feed and suitable timing i think its GMT+1 and most of my tests had been done on it as it in 4H trading if you choose a wrong time it would result you go in a trade after its already done just because an hour or 2 time difference and as for the back testing you could start with the 3 I told you about previously and start with nonlag , 5&9 and Vanessa see how long you can test and what are the average pips per week ,max consecutive losses or wining you know the usual stuff.. and as for the EA as I told you I'm not a big fan of it but if it'll make you happy do it you have the major rules for each of them, now what i don't like EA beside i like to be the one who pulls the trigger is EAs don't know there is a news coming up after few minutes and they don't know there is a major support or resistance in certain areas and they don't work on other platforms than MT they'll never beat the human mind, but i have to say that if i was to chose I'd choose the big time frames EA caz there are no major differences between them if they were put on identical timing MT4 even on different brokers and it doesn't matter a pip or 2 the opposite of course on the small TF EAs which are hunting for few pips and they get in and out a lot so a pip or 2 make a big difference.. so to make it short do what ever makes it easy for you and the next step i'll talk to you about how to make the maximum of it even with a trade or 2 in a week.. so good luck

 

Oh, and one more thing:

What is your opinion on Woodie's CCI? I have no experience with it but I see it very often on Czech forums so I just wonder what your opinion is, especially given that WCCI is originally developed for stocks, futures, and options trading. But there are people who trade it on FX as well.

Thanks

 

I use to use it but now i don't..now whenever a guy comes out with a system and say its making millions well good for him i'm happy with mine and i may add minor things but never change the core of it just like what i said you may add small things to your car but as long as its moving i don't change it..I'm not saying its bad i'm just saying i don't use it.

 

Buoght 3 mini lots G/U @1.9955..SL 1.9855

 

sold 3 mini lots G/U @ 1.9800 SL 1.9900 1st TP 50 2nd 100 3rd open and when your 1st TP get hit move your SL to BE

12345678910111213
New comment
Reason: