[penzevsergey]

Originally Posted by ForexEASystems

I quit dont understand.

Please explain me which rules broken?

Bank Holidays > All trading banks including stock exchanges are operating today. May some local small branch banks are closed but that does not mean no trading.

Loss > Losses are part from trading. Please read the user manual to know why the trade was to close.

I would call myself still a newbie but my trading results are very close to the results from Alex.

Basically nothing difficult:

Follow the rules
Cut losses quickly
Let winner run
Dont forget that the trend is your friend
Dont enter trades shortly before news
Dont make emotional trade decisions

I have only one question about the thing with bank holidays:

Is it ok to trade when trading and clearing banks work (stock exchanges open) or is it better to trade only when commercial banks are open?

@ wanelad

What means chasing a loss?

May a stupid question but as english is not my native language i dont understand what you mean with it.

[DaveC]

For what it's worth, with UK and the US open for business today I thought that sufficient to enter trades.
I broke my own resolve to avoid counter trend trades, and was stopped out on the early moring cable long.
I took the short strictly by the rules, at the open of the candle following the signal candle, albeit i think a few pips later than Alex, but currently have a floating 75pips.
I too have some difficulty following some of Alex's calls, both entry and exit, but at present am putting that down to his own experience and knowledge applying a degree of discretion to the rules, where he may be able to see that strict application may not yield the best result.

[wanelad]

Manne markets stay open as not all banks are on holiday often they are not all on holiday but volumes are low on these types of days thus lead to failed breaks etc.

I was more concerned though that Alex makes it a clear point that he only takes one trade a day as can be seen in blue above but today took a second trade which is not normally his style. The other thing is what GT was referring to is many of the trades seem to be coming in more as a back test rather than a forward test

[wanelad]

Penze chasing a loss is when a trader takes another trade to try make up for an earlier loss. This of course does not relate to a trader that normally takes several trades in a session as part of the usual trading pattern.

[ForexEASystems]

Originally Posted by penzevsergey

Is it ok to trade when trading and clearing banks work (stock exchanges open) or is it better to trade only when commercial banks are open?

Local bank holidays do not affect trading. You should not trade when the important markets are closed and trading departments from the big dealers are closed as well.

I think it will be a good idea to make a list with days when it is not recommend to trade to avoid miss understandings like today.

[penzevsergey]

Originally Posted by wanelad

Penze chasing a loss is when a trader takes another trade to try make up for an earlier loss. This of course does not relate to a trader that normally takes several trades in a session as part of the usual trading pattern.

Thank you.

@ Alex

In our last chat session you told me that you take only one trade per day. Was the second trade simple an example for traders who enter more then one trade per day did you enter the trade as well?

[ForexEASystems]

Originally Posted by penzevsergey

Thank you.

@ Alex

In our last chat session you told me that you take only one trade per day. Was the second trade simple an example for traders who enter more then one trade per day did you enter the trade as well?

I enter only one trade per day. I already do so since 2 years .

However, i know that many ProFx user enter more then one trade per day what is absolutely fine. In fact the profit potential is higher when entering more then 1 trade per day.

Personally i stick to my "one trade per day" rule because it is a very good filter for choppy market conditions and i dont need to spend so much time monitoring the charts.

Sometimes it is better to enter only one trade, sometimes not. As example today:

I made one trade and closed the day with a loss. ProFx traders who enter more then one trade covered the loss already and sit now with a profit from +70 - +80 pips.

[wilsonch]

Originally Posted by ForexEASystems

Thanks



Yes, i trade day in day out.

Here my trade from Friday.

GBPUSD LONG

Entry: 1.44202
Stop Loss: 1.43602
Take Profit: 1.43202

Exit: 1.43692 (market direction changed, trade closed shortly before stop loss level reached)

-----------------------------------------------
Profit/Loss: -51 Pips
-----------------------------------------------

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Total for May: +486 Pips
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Yes, tight ranges are difficult to trade. Thats why i enter only one trade per day. The time factor is just a perfect filter.

Alex, got some questions for you. How did you decide when to enter the trade? like this trade you have shown, you actually enter in the 2nd bar of your trading session. As we can see, the 1st bar has the confirmed signal too. I have seen from your past trading history, some of the trades you do enter right after the 1st bar is open (open time 6.35am, which is 5 mins after the bar is open).

Come back to last friday trade, if you actually enter the trade in 1st bar, you would have hit a full stoploss.

There's still some doubts in my head now. Would continue trading once I have cleared them

[DaveC]

Alex
Could you answer the following please. How do you decide what makes a change in direction.
Today for example, an 80pip fall then a couple of candles the other way, ProFX06 has turned blue and ProFX07 has become neutral.
With 2 indicators changing it would be easy to class that as a change in direction, but it could just as easily be a retrace (a 3 rising candlestick continuation pattern for example) before continuing south?

Thanks

Dave

[piptaker]

Alex question please.......on the previous page you stated you only take one trade per day. The perfect time filter. Then a few post later you posted taking a 2nd trade and being up approx 80 pips. So what is it, one trade per day or not?

thx,
todd