Rocky

Yesterday turned into a nightmare. I can hear the groans already! Whilst I was content with my early +20 I did have one other trade and what should have been an elementary win turned into a farcical loss and a big loss. An errant lack of concentration when placing my stop cost me dearly. Without going into further drama I completely messed up the TP and SL levels and ended up taking myself out for -40 instead of a +20 win. I also failed to cancel a pending trade from much earlier in the day as I rarely have the terminal showing within MT4 as I like to keep as much space free for the graphs. It just touched the entry and spiralled to a loss for another -30. This all happened whilst I left to go and do some grocery shopping for literally 30-45 minutes and the shock when I came back was unreal. Needless to say I was pissed and went about trying to rectify it and make back the losses immediately. A further loss ensued and I was staring into the abyss before some sense got into me and I took a step back and evaluated things.

Mistakes can and will happen but it isn’t the first time I’ve got my SL wrong and more care and attention is clearly needed and I’ll be looking to do just that when I’ve completed the move to Australia. A couple of strong trades today have eliminated yesterday’s disaster and even a small profit. TUFXP hit the mark again today but took a little longer than usual to signal a trade. Very, very early days yet but I think this could be a decent replacement for my old TUFXP method. What is worth mentioning however is the fact that it is 99% identical to ATM-FX which costs 1/10th of the price. Unless you can find other uses for TUFXP which at the moment I do then I really can’t see the advantage of paying an extra ¬£1,900 for the software. Sure it’s helpful having a nice little circle but with practice ATM-FX could equally become second nature and a few programmers could probably even organise an indicator to highlight a trade.

A quick note: It appears I’m using a different MA to CM. I emailed him last week asking which MA he’s using and he said standard which he thought was 20. I’ve tried various settings and I was briefly on 8 but now switched to 20 and looking at today, they appear to match. If anyone knows for sure if it’s 20 then it would be good to hear from you.

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    • marco
    • April 20th, 2010

    Hi John,
    My trade was at 9am for a nice +20 .You are absoloutly right when you say there is very little different between ATM and TUFXP.I find them using them both together very beneficial as i also use the one hour ATM chart and only take the trade if the one hour candle is indicating the same direction as the five minute.what im finding on the one hour is there is a high probabilty that a bull candle will be followeed up by another bull candle and vica versa ,
    this seems to make the trades more reliable.
    CM is using the the 20 MA .
    BTW,i need your skype number to join the trading room and i want to avoid making my email public .please advise
    marco

    • Richard
    • April 22nd, 2010

    John

    TUFXP 2 uses the 20 bar EMA. You should have known this if you were a bona fide member of TUFXP as the manual is quite clear on the subject. Like Marco above i also use atmfx which does seem very similar but does in fact have some subtle differences. For example atmfx uses a 20 bar SMA.

    I am still a newbie and only trade 50p a pip. I do fine if I just follow the signals and stay disciplined but like you, I think, I tend to overtrade- usually with disasterous results. Good luck with everything and I hope you keep the blog going which i much enjoy.

    • Jimmie
    • April 23rd, 2010

    Further to the above post, can I just clarify one thing, it is a 20EMA being used, though this is applied to the Close only. I tried all combinations of OHLC, and the Close on it’s own was the only one that replicated CM’s curve exactly.

    John, all the best with the move, hope it all goes smoothly for you.

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