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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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May 23, 2015 - 08:35
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I'm not sure if my thoughts on your last message will be encouraging or the opposite!

If trading were easy then there wouldn't be such a high failure rate and I would be more surprised to see someone truly 'get it' and be consistently profitable in under a year vs the alternative (and with that time span I mean focused on 1 particular style/strategy). This is actually why all the get rich quick Forex crap online makes me angry.. because I know that they are full of *&%$

More focused on your trading though I notice in your back test images that you are trading single black waves which would be the advanced trade of the advanced layout. I myself am not willing to trade constantly at that speed and I consider myself quite advanced. The first scale of wave I mastered was the Green, then I moved on to the Brown and only now I sometimes consider a single black wave as a trade. Something to think about perhaps? even though it is extremely boring. Slow and steady wins the race and the rest run out of steam.

Perhaps the latest video I am putting online today in the VIP members area will drive that home a touch for you and i am interested in your comments on it so I can consider what to hone in on in the next video.

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WeeMee
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May 23, 2015 - 09:56
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you know, i was thinking about the type of trades and realized myself i was not really trading the right trades. i'd be in a sell and see a great buy triggering, then hope keeps me in the wrong trade till it stops out at which point the good trigger is missed, which then makes me want to catch up and so on, it's like a circle of mistakes all because of the first mistake. on  the other hand if i start a session with a good trade or at least the second is good, then things tend to go well from there on.

 

got the impression recently that EU is harder to trade then GU AU and GJ in back tests, the trends seem to last longer on the latter.

 

can't wait for the new video, i have watched the new ones you posted recently twice so far.

 

thanks for the feed back, i have to work on patience. as long as you think i'm not beyond hope i will persevere 🙂

hey you! remember to follow your bloody rules!

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May 23, 2015 - 10:40
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Got the latest VIP video up.. that's 93 VIP videos now plus 99 others on my YouTube channel eyedrop

I think I have an idea of what the next one should be but I will wait to see what questions arise from this latest one first.

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May 23, 2015 - 18:43
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watched the new video, really nice, very clear. really helped cement things in my brain re the trends and the different risk levels for various types of situations. its the one shame about back testing with simple mt4 program, you can't have 2 charts open to help you see when longer targets could be used. anyway last video and recent webinares really helped me, so thanks. specially loved the interactive part, was great to kinda be tested a bit on my understanding of the subject.

 

in the end i think the fast trading is gonna be for me. i don't have the patients or the nerves to wait out whole green lines, let alone orange ones. in fact i think i make much more profit when i take trades with very small stop losses and small targets. its easier to read a 5 pip move then to read a 50 pip move correctly it seems to me, as long as the trade makes the target i get the win. here or there i get the chance for higher rr.

 

had a pretty cool session on the aud usd back tester using the complimentary entry chart template. this is what i call a nice graph

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edited to add: in this session i consciously moved the stop loss to BE at the first problem area. lot of BE trades that could have won at the original stop loss, but it also saved me a lot of stop outs and seems all round safer managing trades that way.

went on with this back test till chart ran out, could be better but not bad even if i gave back some profits before the end.

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hey you! remember to follow your bloody rules!

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May 27, 2015 - 08:35
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been taking a few small trades today which all closed in profit except 1 BE. at this point i'm looking at the EJ, considering a sell. seems to me it follows the rules of a safe tier 1 trade according to how you explained it in the last webinars and videos. am i right? any feed back appreciated. seems to me it could be looked at as a purple turning black which is turning brown which will be turning the green? so quite a big target possible?

 

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well the question of taking this trade has resolved its self the dbl tap on the brown and the 3 point turn that was setting up have been negated the highs broken. glad i didnt jump in.

hey you! remember to follow your bloody rules!

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May 27, 2015 - 08:55
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WeeMee said
been taking a few small trades today which all closed in profit except 1 BE. at this point i'm looking at the EJ, considering a sell. seems to me it follows the rules of a safe tier 1 trade according to how you explained it in the last webinars and videos. am i right? any feed back appreciated. seems to me it could be looked at as a purple turning black which is turning brown which will be turning the green? so quite a big target possible?

 

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well the question of taking this trade has resolved its self the dbl tap on the brown and the 3 point turn that was setting up have been negated the highs broken. glad i didnt jump in.

That EJ would have been a Tier 1 trade had it set up yes
anywhere from obstacle 1 to obstacle 2 on the brown could have been used  owshh

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May 28, 2015 - 06:14
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interesting, so the tier 1 trade would only count as set up or triggered, once the brown 3 point turn triggered? i thought as i was with the green trend it would be a case where i could enter with the black trigger on the 3rd stretch of the 3 point turn on brown? anyway something kept me out of that black trigger. just want to be clear on when it counts as tier 1, as i do remember you saying in one of the last webinars, that a trade can be based on the green without the green pattern having triggered yet. but i suppose thats only if the orange is already behind the trade?

hey you! remember to follow your bloody rules!

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May 28, 2015 - 06:29
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Black trigger would be fine yes, I can't see in your image by how far that black pattern was breached and I do not know what kind of buffer you are using on your entries, I assumed you did not enter because it did not trigger.

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May 28, 2015 - 10:07
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the black line triggered, but i hadn't put the lines in place as i was not feeling it. also i have been focusing more on short trades then long ones, then there was the orange against it. if i do take long term it better be as perfect as possible i'm thinking.

 

anyway check out the high low break out trade i am trying to do, it's exactly 1 to 1 on the rr and see how the market seems to know and turn just before it? hopping it will make it after the pull back

 

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and woohoo it made it on the second run up without hitting my stop at be, (also happens a lot as i always go to BE asap.)

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hey you! remember to follow your bloody rules!

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May 28, 2015 - 10:30
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A man after my own heart... I will be speeding up my Hybrid layout this weekend... shorter term the better in my World... in and out multiple times per day ... good RR... thank you very much!

That said I am still going to try and get the odd green line trade this summer... an exercise in discipline cool

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May 29, 2015 - 12:22
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yeah i do like your style of trading, through trying various strategies in terms of size of trade, when i go to BE etc in the back tester i quickly realized that those sessions i did with small trades and going to BE at the first obstacle  were more successful then sessions where i was trying to get the maximum from every trade.

hey you! remember to follow your bloody rules!

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May 29, 2015 - 14:47
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 all of a sudden my mt4 is asking to change things on my hard drive and ever since it started doing that when i turn it on i can no longer add templates to the back tasting charts like i was able to do before. so far i have just used the simple time based charts that mt4 back tester offers. was doing the job, but without the templates it feels and looks weird.

hey you! remember to follow your bloody rules!

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May 29, 2015 - 22:12
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Just confirmed the same, can't use template with back testing in Build 825 of MT4

I did just read this though and it does work

"If you want to use a specific template for an EA in the visual testing window, rename the template exactly to that of the EA and it will be applied on the visual tester chart window opening. "

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May 30, 2015 - 04:18
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not sure i quite understand, so i have to rename the template i want to use; v1 vip trade manager?

 

so far, i put a few indicators on individually  and changed the chart properties and made it look like what i'm used to.

hey you! remember to follow your bloody rules!

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May 30, 2015 - 04:43
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Exactly ... save whatever template you want as "v1_VIP_Trade_Manager_EA"

then use the "v1_VIP_Trade_Manager_EA" in the back tester and it will use that template automatically

The following users say thank you to Theo Patsios for this useful post:

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WeeMee
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June 1, 2015 - 11:49
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had a bad start to today, with 2 lost trades, but then i won the next 3, 2 of which made a decent amount too. the back testing has really helped so much with gaining confidence to the point where i recognize  certain situations and know exactly what to do to.

 

anyone reading this who is still struggling should get the back tester set up. you can't beat it for gaining lots of hands on experience to help build your confidence in your decisions.

 

founbd this nice situation on the s&p500

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the blue lines are my original stop loss and take profit, but as it was a brown line pattern and made it to 1 to 1 really fast i decided to open it up to the farthest safe tp.  in the end i closed it about a spreads width away from the new tp as it started to make me think it was turning, lol. anyway it's really fun to start seeing the wave fx system give me a real edge on the market, if i can keep it up and get better at structure reading i'm on the good path to actually trying this with some real money

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edited to add:

here is my oil trade, was 1 to 1 didnt see it go to target or i might have extended the tp a bit. forgot to do the screen shot but the red lines show where my entry, sl and tp were.

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it's cool, last 3 trades have all been winners.

hey you! remember to follow your bloody rules!

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WeeMee
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June 2, 2015 - 12:25
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trading is still not where it needs to be, gets better, then i get over confident and lose all my forward momentum again, 1 step forward and 1 and a half back kind of thing. too much confidence from the back tester can bite you in the ass too.

 

anyway, the reason i'm writing is because now i got the template to show on the back tester, but now the trade manager is not showing up, the lines are not being recognized.

hey you! remember to follow your bloody rules!

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Theo Patsios
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June 2, 2015 - 21:15
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Trade Manager is working as usual in the latest builds 825 and 830 of MT4
I have tested live and in the backtest, nothing has changed.

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WeeMee
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June 3, 2015 - 11:48
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strangely enough it works fine on my forex.com account metatrader, but didnt seem to work on the ic meta trader in the back testing chart. will see if it works on my second ic meta trader. to be honest it's nothing to do with the TM it's self, it works perfectly trading live charts. i'm not exactly on the best of terms with my meta trader software. i actually had 2 versions of meta trader disappear from my computer when i was trying to add new ones. all the profiles had to be redone all software and history re installed. will just add the history of everything i want to practice to the backtesting mt4 from forex.com account for now. different spread, but ok for back testing.

hey you! remember to follow your bloody rules!

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June 3, 2015 - 11:58
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i tried to take a few trades at once and was careless on the GU, the map showed the possibility of a 3 point turn and even though the brown trend was there it was actually exhausted.

 

the EU might still work, its with both green and brown trend, got in a bit early, but was thinking the location was safe, specially with a safe stop. might not be so safe after all though. we will see.

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this one on the Aud Usd seems to be working out, think it follows the rules?

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last there was this one, its still open, stop loss at break even. really like the new hybrid m3 template

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edited to add:

the eu makes a come back, Aud usd stopped out in profit, spx500 went to Break Even, now it all rests with the EU to see if the day is in profit or not

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thats nice, while i was typing eu went to target just under the box. now if only i hadn't entered the trade that was against the wave fx system rules for level 1 trades, i'd be in much better profit for the day.

 

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even though i entered this trade too early, i knew the level was valid, so i put my stop just under the last brown peak which coincided with just under the bottom of the box. was trading the brown continuation wave.

 

i'm posting this stuff so you can see where i'm at in my education.

hey you! remember to follow your bloody rules!

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