M1 and H4 trading on E/U (M1 and H4 trading on E/U) - MT4/MT5 Resources
For a while I was mostly doing other things. I do a few trades from time to time. I had an idea that I would post what I did. I think it's fair to say that what I'm about to talk about will make no sense to a beginner. I mean, if you're going to trade, no matter which way you decide to trade, you do need a lot of screen time. Also, to be fair, I need to say that the trade I'm making here is supported by my old stats and some sort of higher TF trade. Based on factual statistics, I now know that on any given banking day in England, I can generate an average profit of around 0.5% per day, with reasonable risk. If I'm more aggressive, if I'm careful, I might get 1%, if I fail, I might get 0.5%. The worst case scenario is 100% loss, but the probability of one before 2013 was about 0.2 to 0.5. The exact time when funds double is not that important, but it takes approximately 140 banking days before x becomes 2x.
For this kind of trading, you need to work 10 hours per banking day and you need at least $100.000 to generate a significant income while also growing the account (100.000 x0.05=500). $500 a day, then you need a place to live, maybe some brushes for the paint, you need to fix your car, you need some doe for a new carpet in the kitchen, etc. So you need a few hundred dollars a day, but if you withdraw that money, your account won't double for about 140 days. So preferably you have $100.000 and what you need to live on for at least a year.
To me, a beginner would never want to trade with a stop loss of 700 pips and take a profit of 2 pips. I think this is one of the reasons why beginners simply can’t make a profit. If I find that I have to make a profit of 2 pips rather than take a loss on the position, I will close the position. I tried doing it different ways over and over, but it just didn't work. Anyway, the stop loss I used on these trades was 700, but it was only something I used as a last resort and I've never had a loss like this happen. Stop loss is also related to the way of thinking in trading. A good profit is about 5 pips, a good profit is more than 10 pips. Sometimes I will stay out of a position for a longer time around 50 pips TP, but most of the time I don't want to do that.
I also need to talk about systems. What I am talking about here is not mechanical, but more about experience and analysis.
When it comes to closing positions, experience is probably the most important, general experience. It's not enough to be good at estimating support and resistance, it's not enough to be good at statistics, it's not enough to be good at understanding how banks work.
Typically when I trade, I trade in both directions, trend trading and counter-trend trading. I often hedge my positions to get a lower TF profit while still holding the opposite position to get a higher TF. This behavior results in approximately 50-100 closed positions per day.
I use H4 and the given templates for analysis, and I have strong, big S/R to show what's going on, and I can see what's happening over the course of a few days. The keltner channel on H4 shows the conditions "a bit sold a lot" and "a bit bought a lot".
My old M1 template is pretty much the same one I've been using for a long time. My envelope has almost the same functionality as the keltnerchannel on H4 and then I have my old friend EMA 21. For this version I'm also using EMA 89.
I analyzed the situation regarding S/R and channels on H4. Then, if it seems like a good idea when price moves back to EMA 21 on a favorable trend opportunity, or is at the envelope on a competing trend opportunity, I'll step in. This may seem simple, but I've never done anything as difficult as trading. I'm not going to write a book about this, but I could, so this little article barely explains much, but maybe someone will get some kind of idea that could push them to take some money in the bank along the way.
Well, anyway the last thing I want to say is: for me this is the best way to trade. Everything else I read was mostly crap. There are a few people, and I really mean a few people that I have met or at least interacted with who actually know a thing or two about trading. It takes a lot of effort and is anything but simple. Most people don't have enough perseverance, they just want to get rich quick.
Now look at the pictures and explanations.
For this kind of trading, you need to work 10 hours per banking day and you need at least $100.000 to generate a significant income while also growing the account (100.000 x0.05=500). $500 a day, then you need a place to live, maybe some brushes for the paint, you need to fix your car, you need some doe for a new carpet in the kitchen, etc. So you need a few hundred dollars a day, but if you withdraw that money, your account won't double for about 140 days. So preferably you have $100.000 and what you need to live on for at least a year.
To me, a beginner would never want to trade with a stop loss of 700 pips and take a profit of 2 pips. I think this is one of the reasons why beginners simply can’t make a profit. If I find that I have to make a profit of 2 pips rather than take a loss on the position, I will close the position. I tried doing it different ways over and over, but it just didn't work. Anyway, the stop loss I used on these trades was 700, but it was only something I used as a last resort and I've never had a loss like this happen. Stop loss is also related to the way of thinking in trading. A good profit is about 5 pips, a good profit is more than 10 pips. Sometimes I will stay out of a position for a longer time around 50 pips TP, but most of the time I don't want to do that.
I also need to talk about systems. What I am talking about here is not mechanical, but more about experience and analysis.
When it comes to closing positions, experience is probably the most important, general experience. It's not enough to be good at estimating support and resistance, it's not enough to be good at statistics, it's not enough to be good at understanding how banks work.
Typically when I trade, I trade in both directions, trend trading and counter-trend trading. I often hedge my positions to get a lower TF profit while still holding the opposite position to get a higher TF. This behavior results in approximately 50-100 closed positions per day.
I use H4 and the given templates for analysis, and I have strong, big S/R to show what's going on, and I can see what's happening over the course of a few days. The keltner channel on H4 shows the conditions "a bit sold a lot" and "a bit bought a lot".
My old M1 template is pretty much the same one I've been using for a long time. My envelope has almost the same functionality as the keltnerchannel on H4 and then I have my old friend EMA 21. For this version I'm also using EMA 89.
I analyzed the situation regarding S/R and channels on H4. Then, if it seems like a good idea when price moves back to EMA 21 on a favorable trend opportunity, or is at the envelope on a competing trend opportunity, I'll step in. This may seem simple, but I've never done anything as difficult as trading. I'm not going to write a book about this, but I could, so this little article barely explains much, but maybe someone will get some kind of idea that could push them to take some money in the bank along the way.
Well, anyway the last thing I want to say is: for me this is the best way to trade. Everything else I read was mostly crap. There are a few people, and I really mean a few people that I have met or at least interacted with who actually know a thing or two about trading. It takes a lot of effort and is anything but simple. Most people don't have enough perseverance, they just want to get rich quick.
Now look at the pictures and explanations.
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