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Hi all,
This is the end of my 3rd week trading ProFX.
This is the first time I have strung together 3 consecutive weeks of profit.
My pip count is around 750 for the 3 weeks.
I have been trading [unsuccessfully] for around 18 months.
SO FAR, ProFX seems to be making the difference I have been looking for.
I will be sticking with this one!!
Big thanks to the main contributors [you know who you are!] on this and all the other ProFX thread.
The only advice I would give would be K.I.S.S. !!!!
Don't try to alter it!
Don't try to improve it!
JUST TRADE IT!!!!!
Have a great weekend and a pip-filled week next week everyone!!
This is the end of my 3rd week trading ProFX.
This is the first time I have strung together 3 consecutive weeks of profit.
My pip count is around 750 for the 3 weeks.
I have been trading [unsuccessfully] for around 18 months.
SO FAR, ProFX seems to be making the difference I have been looking for.
I will be sticking with this one!!
Big thanks to the main contributors [you know who you are!] on this and all the other ProFX thread.
The only advice I would give would be K.I.S.S. !!!!
Don't try to alter it!
Don't try to improve it!
JUST TRADE IT!!!!!
Have a great weekend and a pip-filled week next week everyone!!
Thanks! I intend to!!!
BTW - I wasn't bragging about MY performance. I was just wanting to show everyone what is possible with ProFX.
SO FAR, it has definitely turned a losing trader into a winning one!!
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stricky1967
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Well done BioBob!
Great to see another successful profx trader here on this thread :clap:
If you could please spare a few mins over the weekend it would be a great help to most following the thread if you could summerise the trading plan that 'you' follow as, I'm sure I'm not alone in saying this, some of the 'rules' in the manual are open to creative interpretation
I've been following the ups and downs of this thread and others for a while and I know BMB has his way, and Lucca has his own way.
So any pointers greatfully recieved on Entry, Exit, Pairs traded, Times traded, TP level, SL level and any other tips !
.....many thanks and have a great weekend!
Hi mate,
Well, where to start!!??
There IS certainly a good degree of discretion to how I trade this strategy, which unfortunately is difficult to teach. Plus, I am no expert in it, although I have had a good start to using it!!
I tend to ignore the higher timeframe, as per BMB, in terms of TAKING a trade, but I am AWARE of it.
I monitor EURJPY, EURUSD, GBPJPY and Cable.
At the moment, I am limiting myself to only having one trade open at a time, although as my confidence/success grows, I intend to have multiple trades open.
Entry is as per the rules.
Exit is the discretionary bit I was talking about. I pay attention to pivots and round numbers a little bit, and also ATR. I also pay a bit of attention to previous support/resistance.
However, at this stage, I do think it's probably crucial to go for the full 100 pips tp [70 on EURUSD] in order to be profitable long term.
WHENEVER you exit, detach yourself completely from it. What I mean is this - take today for example, I reached my 100 pip target and exited. Price continued for another 50 pips before retracing. AND I COULDN'T CARE LESS!! I got in, achieved my target and got out! Simples!
I tend to use the 21 moving average as a stop - although I am seeing that in order to hit these HUGE targets, you need to give the trade room to move.
As for times traded - I am still figuring it out.
I have seen the price moving nicely when Europe opens [7:00am my time], only for London to come in and promptly reverse it MANY times.
Similarly, this isn't always the case - you risk missing big moves by waiting for 8:00am BST.
So, I am still undecided on trading times. I certainly think trades taken at Europe open should be treated with much more care and attention. And be ready for that 8:00am reversal. But like I say, sometimes it happens, sometimes it doesn't.
Hope that helps!!!
Well, where to start!!??
There IS certainly a good degree of discretion to how I trade this strategy, which unfortunately is difficult to teach. Plus, I am no expert in it, although I have had a good start to using it!!
I tend to ignore the higher timeframe, as per BMB, in terms of TAKING a trade, but I am AWARE of it.
I monitor EURJPY, EURUSD, GBPJPY and Cable.
At the moment, I am limiting myself to only having one trade open at a time, although as my confidence/success grows, I intend to have multiple trades open.
Entry is as per the rules.
Exit is the discretionary bit I was talking about. I pay attention to pivots and round numbers a little bit, and also ATR. I also pay a bit of attention to previous support/resistance.
However, at this stage, I do think it's probably crucial to go for the full 100 pips tp [70 on EURUSD] in order to be profitable long term.
WHENEVER you exit, detach yourself completely from it. What I mean is this - take today for example, I reached my 100 pip target and exited. Price continued for another 50 pips before retracing. AND I COULDN'T CARE LESS!! I got in, achieved my target and got out! Simples!
I tend to use the 21 moving average as a stop - although I am seeing that in order to hit these HUGE targets, you need to give the trade room to move.
As for times traded - I am still figuring it out.
I have seen the price moving nicely when Europe opens [7:00am my time], only for London to come in and promptly reverse it MANY times.
Similarly, this isn't always the case - you risk missing big moves by waiting for 8:00am BST.
So, I am still undecided on trading times. I certainly think trades taken at Europe open should be treated with much more care and attention. And be ready for that 8:00am reversal. But like I say, sometimes it happens, sometimes it doesn't.
Hope that helps!!!
Hi Biobob
Great to see your posts...
and congratulations to your great results.
What you write about the rules is ABSOLUTELY correct.
After analysing my trades from today (-100pips) I had to accept that I made so many violations of the rules, unbelieveable.....
- too early entries
- much too early exits (not letting run the trades)
- scalping in m5
- etc etc....
Following the clear rules today has prevented me from about +200pips profit.
Today I fighted with the market, I had a good fight, good scalps, but absolutely senseless...
I don't post my charts from today....they are not glorious examples to see....
Anyway, the mistakes are crystal-clear and this weeks result is: +351pips
Next week, new chance to do it better.
Please go on posting your results and all other traders here in the forum post too....profx is really great and the great results depend only from our tradingbehaviours.
Happy weekend.
Great to see your posts...
and congratulations to your great results.
What you write about the rules is ABSOLUTELY correct.
After analysing my trades from today (-100pips) I had to accept that I made so many violations of the rules, unbelieveable.....
- too early entries
- much too early exits (not letting run the trades)
- scalping in m5
- etc etc....
Following the clear rules today has prevented me from about +200pips profit.
Today I fighted with the market, I had a good fight, good scalps, but absolutely senseless...
I don't post my charts from today....they are not glorious examples to see....
Anyway, the mistakes are crystal-clear and this weeks result is: +351pips
Next week, new chance to do it better.
Please go on posting your results and all other traders here in the forum post too....profx is really great and the great results depend only from our tradingbehaviours.
Happy weekend.
stricky1967
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many thanks for your detailed reply biobob...have some more q's, but it's the w'end and they can wait...have a gud un chaps !
many thanks for your detailed reply biobob...have some more q's, but it's the w'end and they can wait...have a gud un chaps !
You're welcome mate!!
Like I say, I don't profess to be an expert, but I'll always have an opinion!!!!
stricky1967
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Many thanks fella.....would love to get my 'trading plan' in order ready for monday :smart:
So the other q's I have, if you don't mind, are:
ENTRY -
-Do you enter second 30 min candle? Or happy to enter on signal candle?
-Profx05/06 - Do you wait for +50/-50 before entry as per BMB?
-Re-entry, if you have a couple of losers in the early session do you re-enter later in the day? or throw in the towel?
- So you trade counter 4h trend sometimes? as per BMB and advanced rules?
EXIT -
- If after a while the trade is now heading the wrong way, do you exit early before hitting the SL? If so what are the pointers you look for to determine that the trade is a dud and not worth hanging on in for?
-Do you continually adjust stop following 21MA?
cheers mate
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Many thanks fella.....would love to get my 'trading plan' in order ready for monday :smart:
So the other q's I have, if you don't mind, are:
ENTRY -
-Do you enter second 30 min candle? Or happy to enter on signal candle?
-Profx05/06 - Do you wait for +50/-50 before entry as per BMB?
-Re-entry, if you have a couple of losers in the early session do you re-enter later in the day? or throw in the towel?
- So you trade counter 4h trend sometimes? as per BMB and advanced rules?
EXIT -
- If after a while the trade is now heading the wrong way, do you exit early before hitting the SL? If so what are the pointers you look for to determine that the trade is a dud and not worth hanging on in for?
-Do you continually adjust stop following 21MA?
cheers mate
Hi Stricky,
You've posed some good questions - and in all honesty, I think there are better qualified people than me on this forum to answer them!
However, I'll give it a go!
I'll enter as the signal candle is forming, but ONLY if all other indicators agree AND I'm going in the same direction as 4hr chart. This is one of the things I learned from Alex on the FX Fishermen thread.
Yes - 5 and 6 above/below 00. I learned the other day as well about not entering if it is OB/OS.
Still deciding on re-entries. BMB seems to take them and he's doing ok! At the moment, my answer is yes - I take re-entries.
Yes - I take countertrend signals as per BMB.
I've tended to find [and I don't think this is statistically significant] that if a trade starts to go in your favour, it tends to make it to the target.
When a trade goes against you [at least in my case!], it tends to do so pretty much straight away.
Although not part of ProFX, RSI trendlines are a good way of keeping you in/getting you out.
I did trail the sl initially, but I'm now thinking of just leaving it - only exiting at tp, sl or if you get an opposite signal - as per Alex.
Hope this helps!
PS - looks like I jumped on the right pair today - a nice 100 pips from eurjpy!
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stricky1967
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thanks Biobob, good to get a feel how others are using the system......great to hear you had a win today too.
wish I had! ......although have to say I saw this pair setting up around the same time as a cable signal came on around 10.00-10.30am I think.
I chose cable, and waited for the original 30 min 'arrow' candle to finish and move on to the next candle, it did, nice, and all indicators were still in the right direction, however after I placed a trade and looked back the original arrow, now around 35-40 mins old...had gone :-0
Didn't think it could do that? I thought once the 30 candle had painted with an indicator that was it and the indicator stayed. I hung on to see if the arrow would return but after 2 hours, I closed the trade.
never mind small loss and onwards and upwards
red line is where i entered this a.m.
PS - looks like I jumped on the right pair today - a nice 100 pips from eurjpy!
wish I had! ......although have to say I saw this pair setting up around the same time as a cable signal came on around 10.00-10.30am I think.
I chose cable, and waited for the original 30 min 'arrow' candle to finish and move on to the next candle, it did, nice, and all indicators were still in the right direction, however after I placed a trade and looked back the original arrow, now around 35-40 mins old...had gone :-0
Didn't think it could do that? I thought once the 30 candle had painted with an indicator that was it and the indicator stayed. I hung on to see if the arrow would return but after 2 hours, I closed the trade.
never mind small loss and onwards and upwards
red line is where i entered this a.m.
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Hey Biobob,
You really got the right pair....
I got this trade too, but made some others in cable (sorry for your loss stricky1967, cable wasn't nice today....)
My daily result: +38pips.
I post my charts no longer here, because all the settings are repeting again and again.....
Good luck to all.
You really got the right pair....
I got this trade too, but made some others in cable (sorry for your loss stricky1967, cable wasn't nice today....)
My daily result: +38pips.
I post my charts no longer here, because all the settings are repeting again and again.....
Good luck to all.
Round 2 this time went long and got stopped out once again, seems to fail in a sideways market, for me anyway. I did take profit last night, but did not post the trade as took a full contract and normally only trade .5, anyway it is break even after these two
Hi Lucca - bad week all round so far.
Let's hope we get some trends kicking off soon....................
Yep more damage last night, the program is no good for trading ranges, which has been occurring during the UK sessions it seems most of the real action is now occurring in the U.S session which is a change from the last few weeks.
To think I was nearly going to trade live this week, glad I stuck with the dummy account
To think I was nearly going to trade live this week, glad I stuck with the dummy account
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