Discuss 1MinuteDaily.com

[haan]

It seems that 1MD method alone doesn't really work? I started trading live with 1MD last week and my account is now down 20%. I think before I can make profit my account is blown up.

 

[cds4686]

It seems that 1MD method alone doesn't really work? I started trading live with 1MD last week and my account is now down 20%. I think before I can make profit my account is blown up.

haan, you have to give it time. One week is not enough time to evaluate whether it is a good system or not. Every system has drawdowns and 1md has a history of drawdowns of around 40% (risking 5% per trade)! But in the long run it has proven profitable - you have to hang in there for at least several months to see true results. It happens to be that the first 4 months of this year were extremely profitable for the 1md system, but starting from the second week in May, there've been quite a few losses.

This goes for any system and if you want to succeed in Forex you have to stick with a system for a long period of time otherwise you will just keep jumping from system to system every time you have a drawdown (which will happen with every system) and think that there is something wrong with the system, and you will never be profitable. So hang in there...

 

[M.O.B.]

Agree

I have to agree.

Simple, stripped down price action on higher time charts (H4, Daily) is where it is at.

One month is too small a sample size to make any definite judgement, but my account is up about 75% in the last 25 days using price action methods similar to those MOB is discussing.

The entry signals are a bit counter intuitive at first but once you get some practice and a feel for it starts to make sense and the entry signals start jumping off the chart.

IMHO no matter what system you are using you are flying blind if you aren't at least considering what is going on with price (Supp, Resistance, Trend) especially on the higher time frames.

Ie. if 1Minute signals a buy entry but price is very near a solid resistance level that has been tested multiple times and has held, than taking the trade is usually going to end badly for you.

Cheers.

Agreed Sergiel, I highly agree, price action on higher time frames=$$$$$$$$$$

I see that we're on the same page With price action you should be able to at least double your money every month. As you can see Sergiel, you're up 75% in 25 days so you're pretty much on the mark

 

[sergiel]

It seems that 1MD method alone doesn't really work? I started trading live with 1MD last week and my account is now down 20%. I think before I can make profit my account is blown up.

Hey haan, CDS is quite right, you will get some drawdown with any method, and you will get winning weeks and losing weeks.

However in my books 40% drawdown is unacceptable because what happens is your account takes such big hit the size of your trades dwindle (if using 5% per trade) and it takes a very long time to build it back up. This was my biggest issue with 1Minute as 2 of the first 3 weeks I started using system were bad.

I would suggest using 2% per trade if trading more than 1 currency pair with 1Minute or filtering your trades better using price action as discussed above.

Cheers.

 

[sergiel]

Hi M.O.B.,
Thanks for the explanation. Could you be a little more specific as to how you trade with S/R. Trading in the Buff only explains one price action pattern - the 1-2-3 pattern, which I find very often does not work as it should. Do you use any other ways of determining S/R? How do you trade it - do you wait for price to bounce off S/R and then trade in that direction? I'd really appreciate any specifics.

Sergiel - if you could also tell us a little more specifically about your methods, that would be really helpful

Thanks!

I started using Nial Fullers price action methods about one month ago (Google if your interested). His methods are not new, but I liked the way he packages and simplifies everything. If your interested in learning more about price action trading I would suggest checking out the multitude of free videos he has on his site.

 

[M.O.B.]

How I trade Price Action 1-2-3

Hi M.O.B.,
Thanks for the explanation. Could you be a little more specific as to how you trade with S/R. Trading in the Buff only explains one price action pattern - the 1-2-3 pattern, which I find very often does not work as it should. Do you use any other ways of determining S/R? How do you trade it - do you wait for price to bounce off S/R and then trade in that direction? I'd really appreciate any specifics.

Sergiel - if you could also tell us a little more specifically about your methods, that would be really helpful

Thanks!

A long time ago I skimmed over some information regarding price action using candlestick charts. The article spoke of the "Long Candle" which turned out to be bar 2 on the 1-2-3 pattern, so I quickly understood what John Templeton was talking about.

How I trade Long Term, meaning, for me, 1 trade per day or 3 trades per week.

Step 1- I pull up longer time frames (W, D, 4H, 1H) to find the trend and the "True S/R"

Step 2- Work my way down to a 1H chart to find another S/R which is most of the time near the higher frame's S/R, for a good entry point, as John mentioned 6-12 pips below or above S/R.

*If there is a new perfect S/R created that hasn't been tested, then I wait for retracement.

*If there has been a S/R tested a numerous of times (ie Range), then I look at the overall trend of that pair, if it's down then I don't hesitate to jump in at resistance. If it's up, I don't hesitate to get in at the support level.

How I trade Short term, which is most of the time.

Step 1- Pull up 4h, 1H, 30M for S/R then I enter using 15 minute charts unless there isn't a good noticeable 1-2-3 pattern I enter on 30M and I trade irregardless of the trend. I just simply trade those pivotal areas getting in and out at S/R.

*If I get in at S, I get out at the next 123 R and vice versa.

I try to get at least 100 pips a day on 3-5 trades, sometimes I get more, but I'm avg 100 pips a day. That is highly possible for you to achieve as well.

I use the 1 minute daily account just for savings, but the real money maker is "Price Action", which is what I call the Ferrari Money Everybody uses it which is why it works.

You want to trade the "Perfect" set ups, you don't want to trade just to say that you're trading. Hey if it's just a few good setups, then go for the sha-bang, you'd be more comfortable trading perfect setups knowing that the odds are in your favor for having money in the bank.

I became an even better trader by talking to John everyday. He answers his emails in a timely manner every single day. Trading with Price Action with the use of 1MD's "True Money Management" system made me a fearless trader.

Trading S/R is so easy, the odds are in your favor and you make dough EVERY single day.

Hope I've explained this well enough.

 

[haan]

Hi guys,

Thanks for sharing your experience and advice.

 

[M.O.B.]

Drawdown

Hey haan, CDS is quite right, you will get some drawdown with any method, and you will get winning weeks and losing weeks.

However in my books 40% drawdown is unacceptable because what happens is your account takes such big hit the size of your trades dwindle (if using 5% per trade) and it takes a very long time to build it back up. This was my biggest issue with 1Minute as 2 of the first 3 weeks I started using system were bad.

I would suggest using 2% per trade if trading more than 1 currency pair with 1Minute or filtering your trades better using price action as discussed above.

Cheers.

I agree Sergiel, that kind of drawdown is unacceptable! You won't experience that much drawdown trading price action, worst case scenario 20%, if that, usually 10% if your trading 3% per trade which means you've roughly had 3 straight losing trades which is unlikely if you're trading price action. I haven't experienced it as of yet. In fact I've had 15 straight winning trades 30 pips + on GBP/USD EUR/USD and USD/JPY, they all seem to be ranging at the moment Up 50 pips as I type on GBP/USD

 

[musni]

M.O.B, appreciated if you could post your trading screen shot for better understanding.

Thank you

 

[Rene Solz]

Hello guys,

Iam following this thread for a while now.
I tried to configure the 1 Minute Daily EA like the manual strategy but I never get the results in the Excel sheet provided.
Does anyone have an idea ?
Is someone able to reproduce the results of the Excel sheet providedby 1MinuteDaily ?