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Author Topic: TradeTheForexMarket.com  (Read 7170 times)

Offline edlomax

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Re: TradeTheForexMarket.com
« Reply #15 on: August 22, 2018, 08:41:36 PM »
FYI,

I started a trial yesterday afternoon in time for the daily singals (which turned out as no opening trades).

What I really like about this signal service is that, the signal(s) happen only once a day at a time that is ok for me and I don't have to spend a lot of screen time managing the trades.

Thanks for checking us out.

There will not be trades everyday.  We are trading off the Daily charts and have to wait for things to develop, both for getting the setup and then for managing the trade.  Once in a trade, they can last anywhere from a few days to a few weeks.  So, just keep this in mind.

I view trading as something that happens in the background of my life.  I check the charts around trading time, make decisions and take action as needed.  Then I close everything down until the next day.  So, not an adrenaline junky style of trading.  I'm in this for the long haul, so this just seems to work better for me.

 

Offline edlomax

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Re: TradeTheForexMarket.com
« Reply #16 on: August 22, 2018, 09:01:11 PM »
Showing results in R is the best way to do it and if you come up with a link to myfxbook soon I will definitely be interested again.

There's one other observation I'd like to make. Your SL seems to be variable but I don't want to take a closer look manually for all those trades. Having myfxbook history makes it possible to plot those trades on charts which is much easier to analyze. What somewhat bothers me is that your targets always seem to be 2R after a quick glance. I find that a little sub-optimal because I believe targets should be variable as well and set according to price action. A fixed 2R might be too far or not far enough.

Can't say much more at this point. Results look good on paper.

You are right.  The stop loss is variable.  I have a range for each instrument I trade, both a minimum and maximum amount of pips.  This range is based on the Average Daily Range as well as current price action.  The targets are always 2R (as you thought).

So, if the stop loss is 125 pips, then the take profit is going to be 250 pips.  We risk 1R for the potential to make 2R.

Previously, I would let trades run.  This of course works out great for those times when price just keeps going in your direction.  But more often than not, price only goes a certain distance and then retraces.  A lot of times my profits would exceed the 2R level, and then come back down to be closed below the 2R level.  Or I would rely just on a trailing stop, and again price would pass the 2R level and then be stopped out below.

This is why I decided to not be greedy and stick with a 2R target.

Obviously, the 2R target is variable as well.  For example, if the stop loss is only 100 pips then the take profit is only 200 pips.  But if the stop is 150 pips than the target is 300 pips.

Basically I am using the Average Daily Range and current price action to determine a stop loss value within a predetermined pip range.  So, the stop is tailored to the market conditions somewhat.  Therefore, by using the 2R target, the take profit is also tailored to the market conditions somewhat.

Of course doing things this way means we are never going to see a 4R or 6R trade, which could happen occasionally and be a great bragging point.  But plodding along in the risk 1R to potentially make 2R manner suits me better than suffering trades that go beyond the 2R mark and then are closed out below 2R, with the hopes of getting one of those high R-Multiple trades to make up for everything.

Plus there is just a little psychological boost when a target is hit, that I just don't seem to get by manually closing trades or letting a trailing stop end the trade.

Offline petermatt

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Re: TradeTheForexMarket.com
« Reply #17 on: August 22, 2018, 09:47:36 PM »
Minimum account size suggested on the website is $1k to $2k (USD).... i have 700 (GBP) which is right at the lower end of the recommended amount. The strategy uses pending orders, which are hidden in my myfxbook for obvious reasons.

Not according to their FAQs

"You will be placing MARKET ORDERS. When you get a signal to BUY, you will place a BUY market order. When you get a signal to SELL, you will place a SELL market order.

We are not using Pending Orders for these signals."

Pete

Offline donnaforex

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Re: TradeTheForexMarket.com
« Reply #18 on: August 22, 2018, 10:15:08 PM »
Ah, i was confused because on the signals page there is a 'entry price' listed and it's a very specific 'to the pip' figure. Closer reading says that we have to enter a market order "around" that price... i'm not sure how this will work in practice as i'm not sure yet how close the entry price is to current market price. I go to bed around an hour after the signal is issued so would have to use a pending order if it was a long way off ...
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Offline donnaforex

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Re: TradeTheForexMarket.com
« Reply #19 on: August 22, 2018, 10:28:39 PM »
Also, it'd be good to get a definition on how far away from the given entry price is acceptable. Sorry to sound pedantic, but i think it's an important point.
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Online primi

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Re: TradeTheForexMarket.com
« Reply #20 on: August 22, 2018, 10:52:35 PM »
You better be on your toes lady, nothing but to the pip is acceptable to us!  :P

Offline donnaforex

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Re: TradeTheForexMarket.com
« Reply #21 on: August 23, 2018, 02:33:15 AM »
You better be on your toes lady, nothing but to the pip is acceptable to us!  :P

haha, thanks for the reminder, no fears about being kept on my toes, i'm practically a ballerina after 10 years of this forum  8)

Anyhow, that's why i'd prefer to do pending orders or have firm guidance on what counts as 'close' to price/ an acceptable point to place market orders. The less thinking about it the better and also the less trouble i'll get into (when an account fails, i get a telling off from the sellers - and when an account does well i get accused of faking it, and finally, if i make a mistake i get a telling off from everyone everywhere  :-X 8).).  This signal service corresponds nicely with the time i'm always online every day though, so i'll definitely be able to enter the trades, and i'm personally fond of long term swing trade strategies.

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Offline Tripper

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Re: TradeTheForexMarket.com
« Reply #22 on: August 23, 2018, 01:28:58 PM »
I've signed up for a weeks trial, not sure there will be enough action to judge in that time but here goes.

Offline rsmereka

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Re: TradeTheForexMarket.com
« Reply #23 on: August 23, 2018, 02:30:25 PM »
I would hazard a guess and say that 'around the price' given in the signal is not that sensitive for the following reasons:

1. this is not scalping
2. we are trading the daily charts
2. average SL (according to the member area) is 55-200 pips which would be 1R so our entry price would need to be way off in order to make a significant difference, as an example 5.5-20 pip difference only represents 0.10R.

IMHO, of course.

Offline Tripper

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Re: TradeTheForexMarket.com
« Reply #24 on: August 23, 2018, 03:13:42 PM »
I've signed in as a member but there is no sign of the dashboard to see where the signals are.

I would be put off suscribing by the fact you have to log in every night to check as this could be a real pain to remember and I travel a lot. It's great to have as a back up but a private telegram group would be a much more useful delivery method.

Offline rsmereka

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Re: TradeTheForexMarket.com
« Reply #25 on: August 23, 2018, 03:33:51 PM »
As soon as you log onto the site, there is one rather large page with both new signals (there have not been any since I started [last two days]) and existing (in progress) signals.

My last signal subscription (which I just stopped) was based on a Telegram group and I can tell you that using Telegram for this purpose is terrible. The network latency of Telegram is really bad. I was getting posts hours late and was getting no posts while traveling using only cell signal (no wifi). That subscription was also no where near based on daily charts so time was an important factor.
« Last Edit: August 23, 2018, 03:36:20 PM by rsmereka »

Offline edlomax

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Re: TradeTheForexMarket.com
« Reply #26 on: August 23, 2018, 04:07:36 PM »
Ah, i was confused because on the signals page there is a 'entry price' listed and it's a very specific 'to the pip' figure. Closer reading says that we have to enter a market order "around" that price... i'm not sure how this will work in practice as i'm not sure yet how close the entry price is to current market price. I go to bed around an hour after the signal is issued so would have to use a pending order if it was a long way off ...

Let me try to clear up any confusion.

I try to place any trades, or take any trade action (move stop, manual close, etc.) slightly before 5 PM New York Time.  Since my platform shuts down for a few minutes and then the stops are slightly wider, I try to trade right before the formation of the new candle.  This also allows me to get the signals dashboard updated as soon as possible.  A lot of times the dashboard is updated before 5, or right around 5 PM, depending if there is anything to do, or how much there is to do.

I fully understand that I am getting in at a specific price, and subscribers will get in at a slightly different price because we are not all placing the trade at the exact time on the exact same broker.  And at that time of day, price does not "usually" move around all that much.  However, there may be times when it does.

However, if the trader is getting into the market close to when the signals dashboard is updated, they will usually be able to get in at a similar price.  By similar I mean within 5 pips or so.

You'll notice I give the sl and tp in pips for everything except cryptocurrency (which I use price levels).  This means the sl and tp will be the same distance away from your price level as it is in my trade.

You could use pending orders if you understand a few things:

1. If price is going against the original trade, price may not come back and trigger you.  It the trade ended up a loser, you would not get the loss.
2. If price is going in our favor, price may not come back and trigger you.  If the trade ended up a winner, you would not get the win.

I think you will find, in practice, there are very few issues.  Since these are swing trades off the daily time frame going after a larger pip number, a few pips here and there should not destroy the overall results of following the trades.

Hope this helps.

Offline edlomax

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Re: TradeTheForexMarket.com
« Reply #27 on: August 23, 2018, 04:17:06 PM »
I've signed up for a weeks trial, not sure there will be enough action to judge in that time but here goes.

Thanks for checking us out.

I set up the trial so potential subscribers can get a look inside and see how things are done.  As you point out, with this type of trading, you are not guaranteed to get a bunch of trades during this window of time.

Here are some things to keep in mind:

  • We are swing trading off the daily time frame
  • We will not always be in trades for each instrument.  We look for very specific circumstances to get into a trade.
  • Trades can last anywhere from a few days to a few weeks.

Here are some things you should be able to gather from the trial:

  • Does the trading time fit your schedule?
  • Can you make it a habit of logging into the site once a day?
  • Do you understand the signals instructions?
  • Do you know how to perform the signals instructions on your own platform?

Obviously, this is not a service for adrenaline junkies looking for 20 trades a day where they are in and out of the market all the time.

As fate has it, there are times when there is not a lot going on.  Then there are times when there is a lot going on all at once.  Just the nature of the markets.

Offline edlomax

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Re: TradeTheForexMarket.com
« Reply #28 on: August 23, 2018, 04:21:39 PM »
I've signed in as a member but there is no sign of the dashboard to see where the signals are.

I would be put off suscribing by the fact you have to log in every night to check as this could be a real pain to remember and I travel a lot. It's great to have as a back up but a private telegram group would be a much more useful delivery method.

I answered you email and you notified me that this was due to an AdBlocker.  So, if anyone joins, logs in and is not taken to the A1 Membership Dashboard page, it might be an ad blocker situation on your computer.

The way things work is this:

Sign up for the trial through PayPal
Get an email with a registration link
Click the link and register
Once registered you can login
After login you are taken directly to the dashboard page

If any of these things does not happen, contact me and we will get it sorted out.

Offline edlomax

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Re: TradeTheForexMarket.com
« Reply #29 on: August 23, 2018, 04:24:24 PM »
I would hazard a guess and say that 'around the price' given in the signal is not that sensitive for the following reasons:

1. this is not scalping
2. we are trading the daily charts
2. average SL (according to the member area) is 55-200 pips which would be 1R so our entry price would need to be way off in order to make a significant difference, as an example 5.5-20 pip difference only represents 0.10R.

IMHO, of course.

Your observations are correct.

As long as you trade around the signal time of 5-5:30, you can normally get in around the same price.

 

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