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This is a discussion on Hello within the First Steps forums, part of the Reception category; Originally Posted by Quantt Trading the simulator is good and let us know how it is going and just keep ...

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Old Sep 2, 2017, 11:13am   #17
NVP
 
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Originally Posted by Quantt View Post
Trading the simulator is good and let us know how it is going and just keep in mind all those are lagging indicators...
Everything is lagging in trading .....every new price tic in any market means all else is history
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Old Sep 2, 2017, 2:52pm   #18
 
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Everything is lagging in trading .....every new price tic in any market means all else is history
it's all about the perspective, isn't it
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Sep 6, 2017, 7:35am   #19
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TheWinningAttitude started this thread I picked three trades last night before I went to bed, and all were up about $50 in the morning. 3/3 is a good start to a strategy.

I'm thinking out loud, so here's my system I'm looking to test, modify and make this work consistently unless there's reason to abandon it.

I set up the Zig Zag indicator at 2,0,1.5, 5. I go a year back on the daily chart, and mark price levels for support and resistance

I make sure that both the 1H and 4H Zig Zag are in the same direction, and have been going in that direction for a fair amount of time (not looking to trade fresh turns of direction). This is crucial and if they don't match I go to the next pair.

Does the RSI on both 1H and 4H go in the same direction as the Zig Zag?

Is the Stochastic on both time frames agreeing with the Zig Zag?

What about the 9EMA and 20EMA on both time frames? Are they approaching a crossover?

Does the MACD agree with the direction of the Zig Zag on both time frames? Is it going to cross over? Is it over or under zero?

Does the CCI agree on both time frames?

So I'm looking at
  1. RSI direction 1H
  2. RSI direction 4H
  3. Stochastic 1H
  4. Stochastic 4H
  5. 9EMA & 20EMA crossover 1H
  6. 9EMA & 20EMA crossover 4H
  7. MACD 4h > 0
  8. MACD 1H > 0
  9. MACD 4H crossover
  10. MACD 1H crossover
  11. CCI direction 1H
  12. CCI direction 4H

12 different criteria after the pair passes the Zig Zag filter.

I'm also writing notes on each pair and time frame so I can be more specific with each pair once I have enough data. One of the notes I have are "AUD / CAD Notes
1H CCI > 100 and a Long MACD Cross looks reliable"

I'll start collecting data on which signal came before the other after I make a consistent strategy, measure the likelihood of success in each situation, and adjust volume I open accordingly.

A lot of work to be done, but persistence, focus, hard work and patience will pay off.
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Old Sep 12, 2017, 5:34am   #20
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TheWinningAttitude started this thread I'm reading The Market Wizards and on page 99 in the interview with Randy McKay discusses, he discusses his strattegy to stay in business when on a cold streak. He decreases his volume when he goes on a cold streak and gradually increases it back. I like the idea and am putting it here for reference.

I've increased my trading volume to 10 lots and made $600 over night on the simulator. I'm focusing on not over trading.

Another tip from the McKay chapter - "McKay doesn't try to gauge whether the fundamental news is bullish or bearish. Rather, he focuses on the market's response to the fundamental news. For example, if the market is shrugging off a barrage of bearish news, McKay would view that as evidence of an impending bull move."

McKay also believes in immediately getting out of a position that has gone sour.

Last edited by TheWinningAttitude; Sep 12, 2017 at 8:32am.
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Old Sep 14, 2017, 8:44am   #21
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TheWinningAttitude started this thread I don't think I've been over trading, but the last couple days I've looked at the charts in all the time frames way too much. Over watching is what I'd call it.

I switched to real money and after 4 trades I'm up $5 and using the smallest lot size.
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Old Sep 15, 2017, 4:38pm   #22
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TheWinningAttitude started this thread Sometimes when I find a good set up, I get over excited, and don't go through my check list because I want to get in at the best price. I don't check for support and resistance on all the time frames, I don't check for TP/SL levels, and sometimes I don't even check the 15M, 5M, and 1M chart for the best entry point.

Last night I took a trade before I found support levels. I couldn't find the support level so I exited early with a bit of profit, but this morning I look back at the 4H chart and see a clear support level.
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