My honest history chart of trading on Forex - page 2
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That is a very good answer. Thank you.
I actually find more often that traders with pretty wide stops are quite profitable.
The next question is how do you take profit?
I was going to joke to draw a line across your equity curve to show you are hitting a strong resistance at your current point. So you need to breakout.Taking profit depends on a currency. Again cannot formalize it though. If the price travels well, I'd go for 160-300 pips on EURJPY, moving stoploss to breakeven after say 70 pips in profit. If currency is flat, I will walk out with 30 pips and be happy. One of my "rules of thimb" is to open positions only when the price retraces back to the short MA.
You are right about resistance in the equity curve :-) Breaking out, breaking out. I am THE Ice breaker :-)
OK here is my template.
Basically, down-up, line is JMA Slope, Number is timeframe AND MA cross, RSI and CCI - if both RI and CCI go against MA cross, the color turns to dark, otherwise it is light-green or red, And the circle above number signifies iа MACD metatrader with parameters 10,15,1 is above or below zero.
Fairly straight forward system. I'm familiar with trading on MA crosses.
On this type of system, the biggest frustration is when you get into a ranging market. How do you handle the MA crosses when they interwine over a short time? Or does the filters help eliminate this problem?
Another problem is being able to stay up and continually follow along the market. Because the eye is much better than programming logic to prevent trading in chop.
How do you handle the MA crosses when they interwine over a short time?
Because the eye is much better than programming logic to prevent trading in chop.Thanks for asking mate. Forst and foremost, I am learning. I do not have some magiс potion to cure the wounds of wrong enters. They are not in existance, I guess.
But I will try my best to answer.
"How do you handle the MA crosses when they interwine over a short time?" - I ignore them. I use this projection Mizuho Corporate Bank, Ltd. London Branch --- OR my own view to think if it is a general up or downtrend. And I stick to it. If it happens that, say, I'm going long cause my forecast, but thе price goes down and MA crosses down, I am not rushing to turn my position opposite. I watch. I am very conservative in trading. FX is like a crazy drunken girl. I had a Polish one once
You do not have to listen to it, you have to generally grasp the situation - and sooner or later you''ll be "in the zone".
I totally agree with you about programming. Don't think it makes sence. MY SYSTEM IS NOT MECHANICAL. When all my signals say BUY, I never rush to buy. I watch for S/R. I watch for price speed.
Also, if you just do a little bit of history search, you will not be able to find lots of MA crosses going wrong. Take a 30min chart, and find 3 MA crosses within a week. ^)
I don't know if my English is good enough, sorry for that.
FJ,
You are a very clever person to use another source to give you bias. And it is important where the source is, you chose very wisely. I knew of another person that use the Bank of Australia's reports to be his bias, and he did very well in the market since he rode all the moves during a trend and actually pyramided into his winnings based on the report.
Very good, I'm impressed with your resourcefulness. If you were to strictly trade the MA crosses or tried to program it, you would soon be broke, so I'm glad to see at what level of experience and understanding you have achieved.
So look at your equity curve with pride because without the downslope, there would not be this understanding and level of insight without a mentor from the beginning. It was hard earned with humility. Now you just have to keep repeating the successes and not become greedy.
FJ,
You are a very clever person to use another source to give you bias. And it is important where the source is, you chose very wisely. I knew of another person that use the Bank of Australia's reports to be his bias, and he did very well in the market since he rode all the moves during a trend and actually pyramided into his winnings based on the report.
Very good, I'm impressed with your resourcefulness. If you were to strictly trade the MA crosses or tried to program it, you would soon be broke, so I'm glad to see at what level of experience and understanding you have achieved.
So look at your equity curve with pride because without the downslope, there would not be this understanding and level of insight without a mentor from the beginning. It was hard earned with humility. Now you just have to keep repeating the successes and not become greedy.Thank for your kind words mate. I am not that clever, but as I say, once bitten, twice shy :-) You gave me an interesing idea about my own trading, thank you fo that. And have lots of pips!
2 is better than 1.
Playing with it.
General bias - angle of the yellow line of the bottom indie, basically. I use non-standard time frame for it Period Converter Optimized - MQL4 Code Base, cause the 4hr MTF lags big time.
The middle indicator window are trade signals, also indicates retracements.
The levels and Mas on the chart are auxiliary lines for judging where we are in space :-) I had a helicopter-crash-over-water training once (called Huett), and I know how easy it is to loose one's orientation and coordination when things go topsy-turvy. Never panic and know your simple points of orientation is the key.
Other than that, no news - making money little by little. Knock on the wood.