MicroTrends MT3 HILO Range Trader - Notes to a newbie trader 1-2 years.
The attached stats is of the MT3 2lots 1 short target 250 Break even + small offset, 2 long target 66% of daily ATR. targets are virtual and allow trades to trail up. Atr Trailing Stop that allows a load of room. But will catch reversals that give back too much. Session times 7AM to 16:00 – with a break between 11am and 13PM GMT - which prevents new trades- but keeps positions in.
Patterns are Top Reversal TB 7am to 16:00 2 weeks - mini lots - range 100. GBPUSD, EURUSD, USDCHF, AUDUSD. For those who are newbies you will get confused by the cash value – forget it– that's vanity – this is about pips... This blog was to just to answer a note from a trader... that the system wont work and they can't believe in the sense of following a plan that took every trade win or loose and then noted the results and conditions or the trade...
This is the system you couldn't stick with, you told me I am putting on trades I know wont work... what you were saying was, I have no idea what I am talking about yet and I am letting my short term experience influence and guide my beliefs so I am telling your system won't work and you don't know what you are talking about... I have lost faith in you and want to go looking else where.... I am a prima maddona and know better already... I have almost 1 weeks of stats – for the trades I bothered to note and know better than your 3 year trading record with the system...

That's exactly what I expect of traders who are new to the game – they think they know the approach and think they can stats and stick with it – without jumping off like a young gun dog after every rabbit that runs out of the hedge...

That is exactly how human nature reacts to danger - a trader learns to override that nature by experience. Your other chosen system whereby you wait for another bar as confirmation for shorts – top reversals TR structure break – SB to close with lower high and close below the low of the high -reverse for longs - Patterns TRSB BRSB - was put there alongside the 1 bar entry TR/BR
as an alternative that is easier for a newbie to swallow.... and indeed maybe as good in the long term if not better....that is your personal discovery. you need blind faith which is then proven or dis-proven over a term of time - by your record keeping... Your stats need to show all trades ideally during the day so you can see all of the potential Recency bias is what makes traders loose faith or jump in...by blindly following the system in your trade plan rules - you would have learnt that it can be a winner, however this is a hard path and takes many days/weeks to see fruit... and also the trading availability you have may mean it is never a winner or not as much as it should be. These stats have no filters with them - it is raw data of price action only... So the task is to note what elements are common in loosing trades or winning – and to write the rules for your success -test,stat, re-iterate... write your winning plan.
Go get something workable that doesn't keep you in test too long, go live and try it on a fixed risk and budget – that is the cost of tuition right there. There is no better school than experience – forget educators charging 10K,5K,3K they are only for the lazy or lost – learn for free on the sim and then use that money for live trading yourself when you see a viable system... risk and money management will provide you the budget to learn.

#1Give a man a fish, he will eat. Teach a man to fish he will eat for the rest of his life..
#2 So for all you traders asking me for best settings...please don't ask me for a fish. See #1
#3 Do any of your strategies work – send me YOUR settings – find them yourself..doh! See #1
#4 If I buy one of your race cars will I win the race? The driver and their car setup wins the race... #5 I dont have time to learn I want money now...i need to win now, just give me your secrets for $999... Give up you're dead already – trading has no time for your sort...you are doomed.
#6 I want to learn and have an open mind... Welcome to MicroTrends lets see what we can for you..
Why don't you start by relaxing and taking your time...this takes dedication and brains...

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