vegas, you should start a journal thread of your own and help yourself, as well as others, by sharing routine info and journaling about your trades.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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Correct me if I am wrong, but I think you might be pulling cl up on your charts and it looks different than my picture. Because of how nt builds the bars, unless you have the same exact data feed with the time set exactly the same, you will get different results. I use IB for data feed on two computers, and get different results when looking at the same chart, i.e. the bars don't have the same open and close and they are not the same size and shape and accordingly the eco2 doesn't paint the same. This is because the time is not precisely synchronized on both computers. That's where the "considerable judgement" comes into play. I don't simply take every signal, cuz I would lose all my money. I am still working on it, but adopting part of your strategy may help to filter out some of the duds.
FYI, today's Perry demo trades were 4/6 for +40 ticks even.
Last edited by vegasfoster; May 19th, 2010 at 01:55 AM.
The following 3 users say Thank You to vegasfoster for this post:
Thank you very much for sharing your experiences with newbies like me. It is very helpful.
I have 2 questions on your trading:
1. How do you use the Murray Math indicator in your trading?
2. Are there any scenarios where you would not take a trade even if all the rules align?
For example, you stated not enough space to next resistance is that looking at the Murray Math indicator? Do you not take trades if the profit target is near to the swing high/low? I assume you do not trade close to news report times. Any other scenarios?
1. I use the Murrey Maths indicator mainly for taking profits i.e. as a target.
2. Other than all the rules, I read Price Action and the chart, and if I am at a Murrey Maths line, this is a resistance, or I always look to the left to see if I am at some resistance level. In cases like these I may wait a bar or two to see what the price action does. If my profit target for the 1st contract is say 6 ticks, and there is not enought space between the entry and the upcoming resistance, I will not take the trade. Of course I step aside a few minutes before news events, and wait about 5 minutes after the event to resume.
The following 4 users say Thank You to perryg for this post:
I see your perry-02 chart template uses HMA 7 for fast and EMA 13 for slow. If I attempt to use only EMA 13 the force index behaviour is different than your template. I mean the distribution of blue and red color bars on the Force Index panel are not identical. This could lead to different entry signals... can you please clarify the Force Index indicator settings that you have had best experience with? Sorry if this question has been asked in a different way.