TMM journal

[Tomi]

Hi, if I may comment something.. this was on NFP news, entry was ~23 pips from AIMS level, initial SL about ~30 pips and on M1. At least for me those are out of the question. Worked well though.

[tmmbabs]

Hi, if I may comment something.. this was on NFP news, entry was ~23 pips from AIMS level, initial SL about ~30 pips and on M1. At least for me those are out of the question. Worked well though.

My Emergency stop loss was 20 pips, but I hardly loose 20 pips on trades average loss is around 10 pips, Lets keep it all simple, for me I feed most of my Alligator with volatile market and I do get that on news often, all depend on your brokers stability and your Risk tolerance. if you look at the trade it broke the AIMS M5 Level, I trade off M5 and get my Entry on M1. Hope this Help, comments always welcome.

[Tomi]

No worries fellow, I understand your point. Just a comment and we have all our comfortable zones. Have a nice weekend!

[tmmbabs]

I realize to my observation that set and forget cheat pips out of you, Don't get me wrong I have a 50 Pips target per week, which i achieve on a consistence level, but I get jealous sometimes missing out on bonus pips, So I made a decision to sit through this and trade M1 and M5 using not only 34SMA which is good for set and forget but to use gator and V5 alert, , I want to experiment on this so I deposited $3000 on my odd dormant Live account for this test, The progress will be made know through myfxbook. Let the journey on this begin next week. Stay tune[/quote]

Less I forget this is typical 34SMA Trade in combination with AIMS V5 So My trade may be a little bit difference, but with similar application.

[Tomi]

All right, sounds good. I wish you plenty of pips on your journey!

I like 34 due to its simplicity and I'm following it on the sideline.

[tmmbabs]

All right, sounds good. I wish you plenty of pips on your journey!

I like 34 due to its simplicity and I'm following it on the sideline.

Thank you Tomi, I do read your journal too and I love the discipline you put into your trade, May the pips be with you.

[tmmbabs]

Took this trade during Asian Market, Manage the trade to Break Even, not an easy day to trade but the loss can be minimize for a better day....

[tmmbabs]

Waiting, Waiting, Waiting = Trading By Immy
Finally got 18 Pips (whew)

[tmmbabs]

Another 14 Pips
Total for the week 32 Pips
Trading Can be fun at times as long as we Play by the rule
Sometimes I fall off track but with a reason backing it up, rule may be flexible provided u can take full responsibility. I Try not to be perfect, I Ride with the flow and enjoy the wave. I am Happy With My Life

[tmmbabs]

Here is the thing; trying to get huge pip wins are difficult to get on a consistent basis. Add to that the fact that one has to go really low on the leverage and also allow for lengthy draw down periods or days to weeks for it to finally hit the target. This just ties up equity. The way the market can reverse so quickly means that opportunities are fewer the further long term one goes. The markets trend, and I mean truly trend, only maybe 30% of the time. Unless one has a huge bank roll and doesn't care about waiting months or a few years for a payoff, it just doesn't make much sense. Otherwise, one is looking for big moves on a quick rally or dip, which since it is not a trend, can reverse rather quickly. A highly risky situation.

There is nothing wrong with looking to get in on a big run, but one has to know when to do that. I do not focus on looking for them. If I see a solid one setting up, I'll look to ride it, but my focus is on small but consistent gains. Even if I see a big one setting up that may trend for a few days or weeks, I may still trade only intraday, just because it would be far more profitable. The only reason I'd trade longer term and not intraday is if I just did not have the time or simply did not feel like watching charts for 2-3 hours.

The only real reason to trade off longer term and looking for big moves is if one simply has so little time to spare that one has to. I'll do longer term trades at times, but my focus is on intraday and on consistency. Stop caring about getting big pip wins. The REAL profit is in smaller but consistent pip wins. The very best traders in the world I know of do this. I don't expect everyone to accept this. Even just going by the common 2% will be fine and will make one much more going for the smaller but consistent pip gains.

Have a Good Trading Day