Ideas for increasing trader performance

Hi Tom.

Will you explain me how to use your tips and tricks of this one?

Pavel

Hello Tom,
Thanks for your reply. I can understand that with the time and maturity in trading you have achieved so far, its quite manageable without many of the things one draws on a chart.
Forgive me, but I wished to ask that why do we use emas when they may not work in a volatile situation? They are still a secondary indicator. You just mentioned


So, would it be wrong to say that emas and MACD come with an implicit rider, ' Avoid using under volatile conditions'?

Well, I can understand your reasons for trading 12 markets now a days. You just said that you are not using pin bars as such and one can attribute that to your experience in the market. You are watching things from a much higher perspective than what we newbees do.

I wish to ask you, don't you think that it is a good idea that one does some programming and that his program alerts him when ever there is a pin bar formed?

Let's take an example of Daily TF in forex. Let the program run every 5:00 pm eastern time(NY) and which so ever currency pair, major/minor, has a pin bar, the program alerts him. That way one can avoid missing pinbars and can trade in many many markets. Once he has a list or pin bars, he can look out for confluence and see if it constitutes a high probability setup worth trading.

I just do demo trading with oanda, but I think meta trader gives one the possibility to do programming in its customised language and that its platform can send email alerts. This way one can couple the two and have a list of pinbars.

I am sure people would have done similar things, but I wished to seek your take on that. Your perspective would be esteemed.

Thanks and Regards

simplest solution is ask trader_dante to execute his live trade on any demo/live MT4, and give us the read-only password..

hope he'll post a heads up here before theres an entry, what do you say?

I think, I have interchangably used "our/your" in my previous post and that caused confusion. NO WHERE I asked Tom to give me his list of potential seups. Might be it conveyed an impression inadvertently like that and for it, I apologise. I have editted my post for the sake of proper elucidation.

All I meant was that, if it is a good idea for somebody to write his/her own code/program which gives them a list of pin bars.

You gave me an early morning english exercise.

Post has been made highly singular. Hope no more confusion.

A pinbar is only that, a bar (or candle). Pinbars as such are only a minute piece of the puzzle that is a high probability trade setup. If you really find it hard to identify pinbars, there are expert advisors available for Metatrader 4 which will place an arrow above perceived pinbars, but really, after a little practice, you can easily spot them yourself. Here are 2 documents that will help you identify the good ones. The very best ones always stick out and practically scream to be traded anyway. At the risk of sounding like a broken record, do yourself a favour and read through T_D's MMT thread elsewhere on this forum, and also at least the first hundred pages of the James16 thread over at FF.

The 3 most important factors that determine a high probability trade setup are location, location, and location. Kinda like real estate, come to think of it. How you see price behaving at these high probability locations depends on the data feed you're using, i.e., one data feed will give you a pinbar, another data feed might give you an inside bar, or perhaps a bullish or bearish outside bar. It's all the same actually. All patterns indicate that a reversal is taking place. If you want to make optimal use of your time, focus on spotting good locations and finding supporting factors (confluence), such as fib retracement levels, fib confluence (i.e., 2 or more fib levels more or less overlapping at the same price level), (E)MA confluence and round numbers.

Your English is fine. It was Everyones etc who asked for signals from TD (Fat chance since TD is not a signal provider for the lazy).
Take a look on Forex factory dot com - I have seen a pin bar alert indicator (free) on it somewhere.
Good luck.

Thanks for your reply. Well, I am a software developer, so I can write the code myself. Quite easy it is. It could be one of the first steps in ones pursuit for developing an automated trading system in the long run. Just that I wanted to know Tom's perspective on that. I don't need any ready made signals from anyone. I have no desire for spoon feeding and I think Tom had already helped people a lot through his regular postings at T2W.

Sorry, if my english caused any misunderstanding.
Regards