hart3000

Good job, Captain and thanks for sharing. What percentage of your account are you risking per unit?

Well, initially my risk is only on the first 2 units entry (2% each), the third and latter are 0 %, by the time I enter the third unit I adjust my SL so my only risk would be just small profit (its more than BE or small loss) applying MM position sizing from YTC PAT and TRADING IN THE ZONE.

 

But sometimes, if the momentum is strong I scaled-ins using MAX system

Forgot to ask: 2% on how many pips SL?

Hart3000: I think that is a fine contribution. Trades may take a while to appear, but translate "boring" into patient and disciplined. More to your point, it is waiting for the higher probability trades to show up. Is it correct that you are primarily trading the London session?

Yes. I rarely enter trades after 0400 EDT (1000 GMT).

Steveg -- I posted about the "boring method" in the related FF thread, not in II. Mixed that up. Apologies.

If I may be so bold, perhaps you would consider re-posting. At your convenience and discretion, of course.

I believe this MMM subset is too boring for most traders. It requires a high degree of discipline and patience. Most of days, you won't take any trade at all, just stare 3 - 5 hours at your charts. That's pretty hard. Nevertheless, here is a simplified summary:

Notice every MW developing on the 15m charts. Only take the strong MWs, i.e. when 1h and 4h TDI support. Find examples of what 1h/4h TDI "support" means in my earlier FF postings.

What you get this way is something similar to SM's 33-Trade. Take only 50 pips on 20 pips risk, regardless how strong the trade appears. Stop trading for the week once you reach 100 pips net profit (100 pips / 20 pips = 5R = 5 x risk).

With 1R = 1% of account size, you grow your account by 5% per week. Assuming 9 months of effective trading per year (some weeks you won't find any strong MWs or miss them, sometimes, you may simply want to take a vacacion), you turn $10k into $10k x 1.05^(9x4) = $10k x 5.79 = $57.9K, which translates into a net gain of 479%. Would you consider that a decent result?

Hart3000: I looked at your past posts in this thread to try to determine your trading method. I found 7 posts. None included your trading method as far as I could tell. Am I missing something?

Steveg -- I posted about the "boring method" in the related FF thread, not in II. Mixed that up. Apologies.

I stopped chatting and posting when I realized that I was failing to achieve my mission (helping others to achieve profitability). At the same time, my own trading deteriorated to a point where I started taking impatient trades. Will trade silently for a couple of weeks. My boring but successful method is laid out in the related FF thread [edited, mistakenly wrote "II thread" first]. That should do for the moment. It's a small subset of what SM is teaching (wouldn't' say that I am a rounded MMM trader yet).

Furthermore, will be busy with a demanding private issue for the next couple of weeks. Perhaps back later.

The chat room continues to be open for all. If anyone would like to take up the room admin role, please let me know. However, a better chatting platform with persistent chat history would serve the purpose of exchanging knowledge better

Good trading life to all!

http://i.imgur.com/tOI9D.jpg

Thanks Ianf0ster. I think you are right. I assume, Pcguy007 is on a different server. If you join room #MW on the wrong server, you simply create a new (unregistered) room. So make sure you are connecting to server chat.ircforex.com, port 6697. There, you find our registered room "#MW".

Please refer to detailed instructions above.

You are not following hart3000's instructions properly. He has given clear steps on how to login at FF thread and also here. (...)

Nice and useful post. Thank you Ianf0ster. Agree with your statements. Fundamentals kick in unpredictably most of the time. Analysts just build narratives. Only the best guys such as Jim Rogers (well connected in international finance and playing this like a chess game several hours per day) master fundamental trading. And even he is usually off with his timing by a couple of weeks or months.

all these fundamentals analysis don't work. (...)

Also, make sure you are using room #MW (not #WM).

I logged in during london session, i didn't see anyone their, i left it open for 3 hours.

 

weird

[Room] [d]oesn't work

I sometimes have to try several times before being accepted (even on first entry of the day). Don't know why.

The administrator advised that members ignore them and report them.

Does a thread starter has the option to ban posters?

May I add that those who can't refrain from rapping about stealing and copyright are going to be kicked out of this room after a warning or two. Same goes for public distribution of copyrighted material. Freedom of speech does not apply in this room. People who need to discuss these issues may start their own room.

We had excellent discussions during some sessions last week and will keep it at that. Some of us even posted live trades. As you can imagine, this is not easy to do while focusing on trading.

Anyone welcome to listen or contribute.

Cheers!

P.S.

For me, one reason why I find posting trades live difficult is the following: Once I have voiced a strong opinion (in form of a trade with SL and target), it is much more difficult to modify my opinion. I am losing thought flexibility because I, as most human beings, prefer to be right.

In fact, last week, I lost my first live trade (minus 1.0 risk). It was a simple mistake, against my rules. So far, so good. This happens also in private trading.

However, my second trade was within my set of rules, went through, up to around +2.7 risk and I didn't take profit because I had expressed my target of +3.5 risk. I should have (and do in 99% of cases) taken 2.0 risk on days where my pre-market analysis indicates choppy markets (I had explicitly written this down as part of my daily plan of attack). The distraction of (a) live chatting plus (b) the (subconscious) desire to be right ... stopped me out break-even and left me with a total of minus 1.0 risk for the day. Haven't had a negative day for quite some time, believe it or not.

Primarily, I am a trader, not an educator. Just here to give back a little to the community of what I have received freely (while enjoying a little entertainment and recognition, of course).

Therefore, please join me in my appreciation and respect for those who dare to post their trades live and help junior traders on their journey to profitability!

The ForexFactory thread has started a IRC room at,

 

http://chat.mibbit.com/?channel=%23MW&server=chat.ircforex.com:+6697

 

In case this doesn't work, you can log on manually:

 

1. http://chat.mibbit.com/

2. Click Server, then enter: chat.ircforex.com:+6697

3. Enter any Nick you like (but make sure it's not used)

4. Channel: #MW

5. [Connect]