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Please go back and read carefull the methodology. It has nothing to do with the change of color of the the 20EMA, and it has nothing to do with ONLY enter after first setup bar. There are very very simple rules. If you follow them you will succeed, so I suggest at least read and learn the RULES, and if possible go over the whole thread as I have given so many examples and explanations that will benfit you.
I have read the whole thread twice which is great, so possibly I misunderstand
I am pretty sure that all of the charts that I have put up have valid Entry bars shown, but ended up in the red.
They were just not necessairily the first set up bar which may have given me more chance of a winner.
You referrred to the entry bar on my chart as
Please, I am just trying to understand ,as I considered i had picked valid set up bars.
Yes they were not as early in the trend as the bar you referred to but they were valid entry bars ... yes?
I note in earlier posts (where people have asked for clarification)
that you give chart examples of multiple setup bars within a down/up trend and
there fore I considered that I was following the set of rules and it was a valid entry??
The reference to the colour change of the EMA 20 was only highlighted in the thread to suggest that i was possibly not entering on the FIRST set up bar and i had somehow misinterpreted the "rules"
Please confirm that it was a valid set up bar?
Thank you for your patience and encouragement with your replies.
It must be frustrating to get the same question asked in different ways by us newbies
Trading Real Time is not the same as looking at a chart in retrospect. In RT you do NOT KNOW how the market will react, so that if the first setup is in place YOU TAKE IT, you do NOT wait. If the trend is short you will be in and out of the trade, and if it starts a long long trend, then there are second and third takes, BUT THIS WE DO NOT KNOW IN ADVANCE. Secondly you must MANAGE your trades. I saw your entries, and and you had at least 4-5 ticks profit, but instead of taking the profit you let it reverse and stop you out.
Try setting up an ATM strategy, that will take profit after 4-ticks. Practice this way with 1 contact. Then startout with 2 contracts and take profit on 1 contract after 4 ticks, move SL to BE, then let the 2 contract run. Manage the second contract by moving your SL as it takes profit.
My MM comment was based on your charts where I see, had you entered on the correct signal bar, there was profit to be made or at the very least break-even trade. Hence I suggested, for the instrument you are trading, spend some time to identify all the winning trades and the average ticks profit to come up with trading rules that will work for you. It is a personal choice.
You know i had never looked at it that way ie: identifying average winner and setting Money management to reflect it. Up until now i have read threads about specific trading systems and it always seemed that the arbitary MM was ....set your Profit target X number of ticks and your stop at Y number of ticks for this or that system
So really I should look at it, as to how many ticks profit I can get out of a specific entry criteria and work back from there.
in other words just because you can get x number of ticks out of a trade doesn't mean I will