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Learning Forex the Electrofx Way
results of strategies applied in practice, sharing some trades, thanking the founder of the site. discussing the methods described here as they relate to trades
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Theo Patsios
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March 26, 2015 - 23:25
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MM=3 risks your chosen % based on the SL Size

MM=4 allows you to enter $ amount and then it chooses position size based on SL to risk that amount

 

also don't forget that using the TM or not, the hard SL and TP can be dragged in MT4 since the major MT4 update just over a year ago

so when using the TM you can drag the stealth SL and TP with TM lines + the hard SL and TP.
when not using the TM you can still drag the hard SL and TP

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WeeMee
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March 27, 2015 - 04:48
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hm does the MM setting also work with oil? seems to me i had it on 4 when it entered and the risk amount was 35.00, but the trade stopped out at 58.00 loss?

 

anyway after that oil trade got stopped out i immediatly pressed reverse as there was a perfect head and shoulders with a nice down momentum behind it. not sure how i missed that when i entered the long. anyway the reverse went perfectly and more then made up for the loss. went to bed and got up to 80.00 profit on that one. was going fora very conservative tp as i'm still expecting oil to go back up  :)

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you can see where i entered by the purple line, my stop was above the pattern plus spread, tp was just a spreads width above the grey box.

 

ps: my experience has been that the hard stop and tp can be moved, but they bounce back to the pre set tm settings of 200 pips. thats why i turn the tm off when i want to use the mt4 hard stop and tp. mostly when i want to go to bed and power down the comp

hey you! remember to follow your bloody rules!

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WeeMee
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March 30, 2015 - 06:20
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thanks for taking a look at those trades during Sunday's webinare. was interesting to hear your take. i should post more complete overviews when i post a trade. what i found interesting is that i couldn't figure out why i took 1 or 2 of them. seems i was letting emotion make ma trade in some cases. anyway it's all a great learning experience.

 

i did want to ask you for any suggestions to plot a TP line in a situation as this:

 

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would you plot the trade on the m8? or maybe just use the mt4 TP and SL?

hey you! remember to follow your bloody rules!

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March 30, 2015 - 06:30
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Well, I wouldn't take that trade to start with ..
that brown wave has run it's course already, you are chasing.
I have marked in the image below what the H/L breakout trade was and mapped its 1:1

but if you have to take that entry point...
then plotting a 1:1 RR for TP around that black wave is how it would be dealt with

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PS. I plot everything on the chart that the TM is running on

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WeeMee
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March 31, 2015 - 06:35
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and of course you were right about that trade, got stopped out.

 

i still need to practice.

 

here are todays attempts so far, last trade in this screen shot went to BE due to me moving the goal posts further away, greed!

 

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edited to add another one, this one actually worked the way i was hopping and went fast too which was a nice bonus.

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hey you! remember to follow your bloody rules!

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WeeMee
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April 2, 2015 - 03:49
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wow what a pain in the ass, my mt4 keeps getting unconnected from the net even though my browsers are fine. no way to trade thats for sure.

 

trading recently hasn't been good, 2 steps forward and 3 back kind of thing. taking trades that are breaking the rules though. often i only see the problem with the trade after i already jumped in. i should probably try go with a slower style first. faster trading is more fun but as Theo warns folks it requires a better skill level.

 

still, Rome wasn't built in a day as they say, i will keep practicing on my demo account till i do it right! :)

hey you! remember to follow your bloody rules!

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April 2, 2015 - 04:37
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for some reason i'm just managing to do everything wrong recently:

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entered this one on the three point turn, it then changed into a brown 3 point turn so i decided i'd stick with it. today i found it had created a box in the way and was looking to get stuck there, so i closed the trade with a few pips. not half an hour later the brown line trade went to target and beyond, lmao. man i'm pissed at myself.

hey you! remember to follow your bloody rules!

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April 3, 2015 - 09:52
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just wanted to say something about trading psychology, i thought it wouldn't really be a problem, but it really is. i'm shocked at how often i'm thinking of trades that really don't follow the wave fx rules. all different things have an effect, if i see no trade for a long time i seem to find myself desperately looking for a set up and taking stuff that i really shouldn't.

 

not sure if it's because it's a demo account that i'm taking stupid risks some times, or if it's lack of experience in reading the locations. i certainly don't plan to trade with real money till i can make a profit on my demo account consistently. so far thats not the case.

 

i have found taking the slower trades has been potentially a bit easier. even if i have the whole other problem of watching price go to profit, then back to loss, the back to profit and so on till it finally does what i am waiting for. it's really hard not to close a trade with a few bucks profit if you have watched it go to 50 bucks minus before. thats the problem with the brown line trades, you need to remain calm and ideally don't watch them. so yeah it's all about getting used to the ups and downs of the longer term trades.

 

lets hope that i can finally make it work in the end, for now i'm always feeling i'm just on the verge of getting it right, but i have been feeling that way for a while now :)

hey you! remember to follow your bloody rules!

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Theo Patsios
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April 3, 2015 - 12:40
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I think trading psychology is the hardest part.

For those longer term trades, don't watch, once you have made your decision, set it and forget it with the TM.

On my LT layout with GOLD I am basically trading the Green Line glad

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WeeMee
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April 4, 2015 - 08:30
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so when trading the green line how do you judge targets, do you judge congestion areas based on the brown? often there are many areas in the way of the green line target, do you have different rules for obstructions on the way to target for LT triggers and trades? like in the fast style you say go between the first and second obstruction, on the brown triggers that would mostly not allow you to aim very far.

hey you! remember to follow your bloody rules!

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Theo Patsios
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April 4, 2015 - 23:05
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1st obstacle = conservative target

2nd obstacle = still highly probable target

Trading the brown then it is obstacles based on brown lines and probable new brown line high or low

Trading the green then it is obstacles based on the green lines and probable new green line high or low

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WeeMee
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April 6, 2015 - 07:04
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thank you Theo,

 

that makes logical sense.

 

even though i plan to trade more brown line triggers, i will still use black line triggers too, but only when they are in a place where they turn the brown into a trigger turning the green. will be interesting to see how it goes if i slow things down.

 

i intend to be really strict from now on with my triggers, no more wishful thinking trades...i know it sounds like something not needing to be said, but believe me the mind plays silly games with one and gets one thinking about making trades based on anticipated price moves rather then evidence based moves.

 

anyway lets see how this next week goes.

hey you! remember to follow your bloody rules!

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WeeMee
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May 1, 2015 - 15:01
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things have been going good last three days, it almost feels like the market has changed and become easy to read. would be really cool if i can keep things on this track, time will tell.

 

still have trouble some times with my mind getting in the way of a good trade. but slowly and surely i feel my confidence growing. i seem to at least be able to tell when i'm looking at a hi probability trade. practice makes perfect as they say. mind you 3 days ago i was starting to seriously wonder if trading was really for me. i mean it seems to need a certain way of thinking that doesn't come naturally to most of us in the beginning. of course it's still too early to say anything definite about my trading skills, but yeah i feel a lot more optimistic after 3 days of decent profitability in my demo account.

 

starting to be able to really call quite a lot of the moves the market makes.

hey you! remember to follow your bloody rules!

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May 1, 2015 - 22:31
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It only gets easier with time, a lot of time, but there is a reason for the 95% fail rate that you read about, this is not an easy thing to master or everyone would do it and win, then there would be no money to go around anyway. The market will go through cycles of being really easy to read and you getting long winning streaks with almost no losses, to being hard to read and getting 50/50 results, those are the times when RR is your best friend, and those are the times that will test your resolve.

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WeeMee
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May 14, 2015 - 15:51
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hey Theo,

 

just wanted to update things a bit, been doing a bunch of back testing recently and kicking myself that i didnt start doing it right from the beginning as you advise in the video course. the way you can trade a bunch of time fast allows a great rate of learning. i am actually finding the back testing easier then the demo trading.

had an awesome session just now, wanted to do 10 trades and check the stats, but after 9 trades the chart was finshed. i took aud usd as it's one i don't follow closely normally so no chance of remembering what happened. anyway i set the tm to 5% of account and here is the report 🙂

as you can see things went quite well this session....

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hey you! remember to follow your bloody rules!

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Theo Patsios
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May 15, 2015 - 00:47
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cool I didn't think anyone listened to that piece of advice

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WeeMee
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May 16, 2015 - 10:04
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well i did listen and wanted to get started, but the first time i tried i had some problems making it work and just left it thinking live demo trading would be enough to practice. but of course the speed of the back testing makes it much more beneficial in terms of gathering experience.

 

above is todays session of back testing EJ, was doing really well, over 3k profit, but then i started to lose and couldnt adjust trade size so things didnt end as well as they could have. still, not bad, profit is profit in the end, lol.

 

i was thinking of making video of my back testing sessions, will be fun and interesting to be able to go back over the whole session trade by trade.

 

anyway things have been going really well  in my back testing sessions. even if i make a few wrong calls, in the end i'm nearly always ending the sessions well in profit.

 

turned 10k into 13500 in 20 trades yesterday, but then lost 4 in a row which made me end up with 2.5k profit from 24 trades. thats the one thing with the back tester you can not adjust your mm once you start the session. so can't adapt your trade size when things are not going well. still that has positive side to it as well as it forces you to stick to the plan.

 

anyway i tried to down load a program to capture my back testing sessions and immediately got a warning from mc affee pc protection that it had isolated a trojan, lol. any tips about some software i could use to make vids?

hey you! remember to follow your bloody rules!

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maximus
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May 16, 2015 - 21:08
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I use Applian. It's cheap & easy to use.

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It is screen capture software though so if you change from MT4 to a website then it will record that. You can pause the recording at any time & it's great for recording webinars that may not be recorded by the presenter.

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Theo Patsios
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May 16, 2015 - 23:03
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I use Camtasia for everything I do here at EFX
but a free option I used many years ago is  ** Register Here for Free Membership to see this image/link **

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WeeMee
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May 23, 2015 - 08:14
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thanks guys, appreciate the links.

 

getting a better and better handle on this trading method, but i'm still finding some days nothing will work, while other days nearly everything works. same thing with my back testing, had some great sessions to start with, but have had mixed results with other sessions.

my demo account is at around the same level as it was 2 weeks ago, lol. its been a few hundred down, then back up, then back down and so on. finding it very hard to keep my trades profitable every day.

 

have found my self losing trades due to a very few pips, often the tight trades end up losing if i stick to 1 to1 while they win at a few precent under 1 to 1 rr, its like the market is alive and laughing at me and my 1 to 1 rule 🙂

 

anyway here a recent back testing session, it went wrong from the beginning and i was trying to catch up all the way through till the session chart expired. probably would have made it to profit if that last trade had worked out, but the move was so fast the TM didnt enter the trade. you can still see my tp and sl lines on there. was running with 250 dollars of risk per trade.

 

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hey you! remember to follow your bloody rules!

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