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Why don't you trade full time Nina? You have everything you need, correct mindset etc..
Hi!
Because I like my job. I admire those that quit their jobs a trade for a living though.
And, if you have a family, the most important here is: will you be able to make the same amount of money trading than working?
How could you avoid that "family pressure" when trading for a living?
Could this "family pressure" make you trade worst?
Mikejody, Sniper's EMA is the same EMA with colors. You should set it at 50 if you want to use it.
And "max. Stop Loss" is what that indicator tells you in order to pair's daily range and a r/r of 3.
I want to remind people today that once we hit 800k views, I'll stop posting like now.
I think I've said all I wanted to say and I've shown CatFX50 gives money. So, no need of more recaps and so on.
Nina
Thank you for the explanation, Nina.
One more question about the Max Stop Loss: how do people use it when live trading? I understand what it does, regarding the r/r ratio, but do you actually use it to set stop losses when live trading? Please give more info about how to use it practically.
One more question about the Max Stop Loss: how do people use it when live trading? I understand what it does, regarding the r/r ratio, but do you actually use it to set stop losses when live trading? Please give more info about how to use it practically.
Thank you.
Hi!
Lets say eurusd is trading now at 1,3000 and it has already a range of 60 pips. Its daily Range is 80 pips. It has gone up 60 pips. So, it has only 20 pips left to the upside. If we want a r/r of 3, our stop loss should not be more than 6 pips.
Yes, you are right: ranges here are to bo broken. But I'd be very confident to take a long when I have only 20 pips left and a stop wider than 6 pips.
Lets say eurusd is trading now at 1,3000 and it has already a range of 60 pips. Its daily Range is 80 pips. It has gone up 60 pips. So, it has only 20 pips left to the upside. If we want a r/r of 3, our stop loss should not be more than 6 pips.
So in the above situation, when you had a long entry, you would enter and place your stop at 6 pips, and consider taking profit or scaling out at 20?
Quote:
Originally Posted by nina
Yes, you are right: ranges here are to bo broken. But I'd be very confident to take a long when I have only 20 pips left and a stop wider than 6 pips.
But in the above scenario you had only 20 pips left but your stop was not wider than 6 pips. You said above, "our stop loss should not be more than 6 pips" if we want 20 to the upside. So would you take that trade if you received a valid long signal or not?
Again, I am just trying to understand how to use this information practically, in determining when to take a trade or where to actually set the stop loss. I read somewhere that you always use a 34 pip stop loss, but I see the "Max Stop Loss" of 6 pips on the indicator and I wonder what to do with that information.
So in the above situation, when you had a long entry, you would enter and place your stop at 6 pips, and consider taking profit or scaling out at 20?
But in the above scenario you had only 20 pips left but your stop was not wider than 6 pips. You said above, "our stop loss should not be more than 6 pips" if we want 20 to the upside. So would you take that trade if you received a valid long signal or not?
Again, I am just trying to understand how to use this information practically, in determining when to take a trade or where to actually set the stop loss. I read somewhere that you always use a 34 pip stop loss, but I see the "Max Stop Loss" of 6 pips on the indicator and I wonder what to do with that information.
Thank you again.
Hi!
Lets not make it difficult. If I get a validated CatFX50 signal to go long and Daily Range is telling me there are only 20 pips left, I will look for a logic stop loss. If that stop loss is much more than 6 pips, I'd not take the signal. Then we need to look at previous price action, we need to see if there is momentum and so on.
Lets not make it difficult. If I get a validated CatFX50 signal to go long and Daily Range is telling me there are only 20 pips left, I will look for a logic stop loss. If that stop loss is much more than 6 pips, I'd not take the signal. Then we need to look at previous price action, we need to see if there is momentum and so on.
Nina
Thanks Nina, that makes sense. I appreciate you answering questions and helping us learn this excellent system.
NINA:
Hi!
Because I like my job. I admire those that quit their jobs a trade for a living though.
And, if you have a family, the most important here is: will you be able to make the same amount of money trading than working?
How could you avoid that "family pressure" when trading for a living?
Could this "family pressure" make you trade worst?
Well, some thoughts.
Nina
Hi , 'family pressure' is exactly my problem.Stayng home to trade is not easy ,drive kids to school and back,do the home work with them....take the dog out...and always some problems when i need to concentrate on trading,news or some important events.Not to mention parrents (old) i think all of you know that problem.It is lot easier to go to work and there no one can't buder you.
I ma thinking to rent an office and tourn off all phones and stay there to trade but problem is my trading day is London + NY session.
Another problem for 'free' traders,at least for me,i am siting home ,London session is slow,outside nice wether just call you to get out...and when you get out market moves ,almost always.This can't hapin at work if you have boss there.
But i guess everything will become more easy when i make my first million
Here is a trick to calculate quickly in your head (by heart) the pivots , when you do not have a calculator at hand : Sometimes it is handy , when you are looking to a chart and wish to know where the pivots are :
Here we go :
a) We determine the midpoint between high and low. That is always easy to do. Let us call this point Px.
b) next , we look where the close of the day is in relation to Px :
We go to the point in the middle just between them : This is the Main Pivot.
So, the midpoint between Px and Close is the Main Pivot.
c) Now for R1 and S1 :
Determine the Range : High - Low of the day.
Calculate Rx = 0.5 * Range
Now : S1 = Px + Rx
R1 = Px - Rx
Take for example the Eurusd data of Friday 10 november :
Hi=1.2901
Lo=1.2830
Cl=1.2847
Linear Mode
