Immy's Corner [The Setup The Hunt - T20's and more]

[immy]

No, i havent.
I dont have opportunity to trade m1/m5. And all of my H1 fruit tries never ends with profit.
I think that Fruit is not for me yet. I Still have no feeling of market wich is necessary to trade fruit, cause you re catching the tops and the bottoms.

Master the Setup - my first goal. When i could reach at least 6 months of consistent profit - i could try something new.

If you want to trade h1 charts, fruit works perfectly. You may want to exit trades on daily basis at the end of the day or you may want to let them ride but I think if you trade em every day on h1, you should be able to capture so many trades/pips in one day that you won't have to let them run, or else you might just want to take profits from add ons and let the first entry run overnight. But really, Adding on to your trades is the single most valuable technique you will ever find. Adding on is the key to making huge profits. If you start adding on to your normal S1 trades you will find the difference as well. all the best

[kooky]

Immy, all this emphasis on AddOns sounds wonderful, and Darrens' EA that manages your trades , you can almost picture Greenbacks falling from the sky into your account. However it all ASSUMES one thing that I find terrifyingly difficult, and that's the ability to get into a winning trade in the first place to even have those options. Sorry to be so negative I think I just lost so much after 9/11 that the fear always overides the moment,I'm thinking that maybe the damage is unrepairable.

[immy]

Hi Marcus

Trading is all about correct money management and making and entries and exits based on a proven concept. We know that hte structure of hte market is Elliott Wave and know that between an upper aims level and lower aims level there is always an elliott wave of a certain degree, we know that the structure of elliott wave is AIMS Levels (the fractals) as the structure of entire universe, fractals, on top of that we know that trading is a "pattern recognition numbers game" we know the five fundamental truths about trading (see first page of this journal/topic). Having this knowledge allows you to take trades with a mindset that says that its not important to make more winning trades than losing trades rather making winning trades that are larger than your losing trades, its about keep a higher than 1 profit factor. So what we are suggesting here is that if you are not really successful using one trade system, you can split your total risk e.g. 2% into 3 or 5 and start with only .25% per trade and add on to it only when it goes in your favour allowing you to get into the mentality of letting it run rather than looking for quick scalps. more on this later... why don't you start a journal? come to the chatroom? Why do you ignore these calls from me and other members? Answer this and you may find some peace...

[immy]

A lesson in Classic Setup.
Well done Darren on taking this short trade.

[Darren]

:-bd

[immy]

I was analysing the markets and writing some new material something told me look at UJ. The I looked at H1 after taking this picture and it told me don't touch your SL leave it where it is...

[immy]

I was analysing the markets and writing some new material something told me look at UJ. The I looked at H1 after taking this picture and it told me don't touch your SL leave it where it is...

And then I though lets look at M5. oh well.

[immy]

How to Fix Mistakes

[immy]

Do you feel betrayed or angry at the market when it goes against you?
If you and I know most of us experience those feelings let me ask you a question. When you're ready to toss a coin and call heads or tails and when the coin lands and its not what you called, do you feel betrayed by the coin? If you are playing a slot machine and time and time again you don't get what you want do you feel betrayed by the machine? I'm sure your answer is absolutely not.

When the pattern shows up, e.g. S1 Setup, you have to take it just like you're willing to flip a coin. "trading a technical pattern like ours has nothing to do with being right and wrong, this is not a right or wrong game" its just an odds game. Trading a technical pattern is exactly that. It gives you odds in your favour but not per "attempt" or "trade".

Odds in your favour, what does it mean?
And the odds in your favour are not per trade. You have to understand this, that you have odds in your favour over a series of trades not per trade.
Traders often mistakenly think that when the "pattern" e.g. The Setup 1 presents itself that they get odds in their favour which means "I will the next trade because its a GOOD Setup". The reality is that Setup 1 or any other pattern, The Fruit or Seed, Trend lines or whatever repetitive pattern you've found in the market is just that, a pattern that repeats itself. A pattern is a pattern. It does not give you an edge in terms of your ability to win this particular trade or your next one. However it does give you a edge , it gives you odds in your favour in terms of your total winnings be more than your total losses. It means that at the end of a series of trades your overall balance will be positive. But this largely depends on your ability to stick to the plan. You cannot count trading mistakes, which means not following your rules, in this series of trades.

How sure am I if I will win my next trade?
I cannot guarantee, i cannot even have any idea so that I could tell at all, whether my next trade will be a winner. I can say with certainty that if you follow this pattern at the end of 20 or 50 trades your overall winnings will be more than you've lost. This is Trading. Trading is a pattern recognition numbers game.

Its Easy to Trade, Its easy even to find a good winner, everyone finds a winner every now and then, however its not easy to make consistent gains unless you've addressed the mind issue which is "Fear of Trading". Unless you've understood the fundamental fact about trading. Trading is an odds game and you have to play by the rules. Unfortunately our fears in our minds always block our way towards consistent success.

If you're scared, if you're not making money, you've got to get this eBook. Activating The Zone

[immy]

• Being consistently successful in the markets simply means believing in your analysis.
• Being consistently successful in the markets simply means believing in your system.
• Being consistently successful in the markets simply means following your rules.
• Being consistently successful in the markets simply means learning one market and learning it well ~ before moving on to more than one.