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mithras Oct 19, 2010 5:23am | Post# 101

Attachment 563485

This is my setup for the day. If you wan to trade my calls just go to my blog. I'd like this thread to be solely for discussion of the concept, so that newcomers would hopefully find it easier to catch up with our dicussions.

Thanks. Have a good day.

not easy to trade today

baronfei Oct 19, 2010 5:46am | Post# 102

not easy to trade today
not easy at all

scalploss Oct 19, 2010 8:19am | Post# 103

Agree With TS
 
I am interested with the TS' topic since I also trade very simple method: Triangle/Rectangle Breakout, only with shorter time frame.

Mostly agree with TS. Have been trading for 3 years, but only trade with solid system around 5 months. Here's some interesting fact throughout my 5 months journey:
1. Never single day of trading I blew out because of following the system.
2. I have a record of 11 losing streak in one day because of following the system and still managed to profitable for the day with only one trade.
3. I recently blew out around double ytd profit in just one day, trading without the system.
4. It's hard to become consistently profitable again since that day of defeat.
5. Slowly recovery from the loss, already up 10% from my account.

I realized this all about ourselves. Best system in the world won't make you profit if you're not ready. Now I'm ready, let's see what today'll do

baronfei Oct 19, 2010 8:50am | Post# 104

I am interested with the TS' topic since I also trade very simple method: Triangle/Rectangle Breakout, only with shorter time frame.

Mostly agree with TS. Have been trading for 3 years, but only trade with solid system around 5 months. Here's some interesting fact throughout my 5 months journey:
1. Never single day of trading I blew out because of following the system.
2. I have a record of 11 losing streak in one day because of following the system and still managed to profitable for the day with only one trade.
3. I recently blew out around...
11 losing streak and still be able to be profitable for the day is simply awesome. I have got similar streak but it was over a span of a 2 weeks or so though. Took me a while of paper trading to regain the confidence.

I wish you pips!

Darreeb Oct 19, 2010 8:59am | Post# 105

stuck in trade
 
really tough,
I bought at 1.3860 , and I'm down a bit... thinking to take my loss and run...
what do you think?

>Apocalypto< Oct 19, 2010 10:20am | Post# 106

not easy at all
hi fellas, I have been watching the A/$ for a few days now waiting on a a break of the high or a break of the low put in last night/this morning at .9828 well this evening got the break and shorted AUD.... I saw the set up you guys had, always good to keep an open mind, for downside with upside... A/$ was pick with cable... by the way I was a line chart if you find my support number a little odd.

I picked the aud to short as it's been the hype pair of late in the news on reports so I had the idea a lot of late money would be in there to scare out. plus out of the three the a/$ had the best setup in what i look for.

netted 106 pips. (out now)

lets see where the next retrace gets too, for the next possible trade move.

good trading.....

baronfei Oct 20, 2010 1:05am | Post# 107

really tough,
I bought at 1.3860 , and I'm down a bit... thinking to take my loss and run...
what do you think?
Hi Darreeb

I got a BE for the trade... I always set SL to BE when I have +20. If you are trading my setups, its best you visit my blog for the details.

baronfei Oct 20, 2010 1:12am | Post# 108

hi fellas, I have been watching the A/$ for a few days now waiting on a a break of the high or a break of the low put in last night/this morning at .9828 well this evening got the break and shorted AUD.... I saw the set up you guys had, always good to keep an open mind, for downside with upside... A/$ was pick with cable... by the way I was a line chart if you find my support number a little odd.

I picked the aud to short as it's been the hype pair of late in the news on reports so I had the idea a lot of late money would be in there to scare...
Hi Apoca,

Good shot there. I don't see many people trading with Line chart, perhaps you are into MW formation as well? Not sure how you got 9828 but perhaps I would have a sellstop set at 9840.

Let's post your setups too when you are available, it should be beneficial to the people around here

baronfei Oct 20, 2010 1:49am | Post# 109

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My setup for the day, the Price may not retrace that much but I feel that's the level with relatively larger profit margin and smaller risk to take.

Again, if you would like to trade my setups please by all means visit my blog, I have other MM rules and SL posted there. The post here is purely for the discussion of the concept. Please don't take the trades blindly...

scalploss Oct 20, 2010 2:02am | Post# 110

11 losing streak and still be able to be profitable for the day is simply awesome. I have got similar streak but it was over a span of a 2 weeks or so though. Took me a while of paper trading to regain the confidence.

I wish you pips!
Tq man, still regaining the shattered confidence pips by pips.
Wish you the same too

dashikashi11 Oct 20, 2010 4:02am | Post# 111

Trading is really an art. when i first entered stock exchange , i was just so amazed that what people were doing , but after time by time i started learning and i know how to buy at low and sell at high , its only mind game

psmo Oct 23, 2010 11:53am | Post# 112

[quote=DanyalDenyo;4103732]Some people in this thread proposed that the profitable traders have "scientific" and objective systems that gives them the profitable edge. If there were any scientific method which was successful there would be not one but many profitable trading robots. A trading robot can never be profitable consistently unless you can somehow connect it's decision making to the "One".


yeah with my basic knowledge in EA programming, if most EA can be dynamic in their rule then they will work but they just can't but human can...that is why i accept the fact that trading is an Art in d sense that you have to be dynamic/creative in your trading.

candlepips Oct 23, 2010 11:55pm | Post# 113

Don't you think with a BE at 20 pips, you are missing a lot of good opportunities?

Hi Darreeb

I got a BE for the trade... I always set SL to BE when I have +20. If you are trading my setups, its best you visit my blog for the details.

baronfei Oct 26, 2010 1:14am | Post# 114

Don't you think with a BE at 20 pips, you are missing a lot of good opportunities?
It's a give and take game. With BE you feel a lot better in the long run you know

baronfei Oct 26, 2010 1:17am | Post# 115

EU 101026
 
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baronfei Oct 28, 2010 1:58am | Post# 116

EU 101028
 
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neverallin Oct 28, 2010 11:50am | Post# 117

I agree that trading is not an exact science-- it is an art.

I have taken a purely calculated approach-- tried out "trading systems" and watched peers trade blindly by cold, calculated systems and blow out accounts. I've read and studied technical analysis. I have a trading mentor and an exact set of rules-- entries, exits, targets, analysis-- that I trade by.

But I wasn't able to become profitable until I realized that these "trading systems" and "rules" were only GUIDELINES-- rules put in place so I can have structure to fall back on in my trading life. You have to make whatever system you trade with your own. Change it. Test it. Make it completely yours and be familiar with how to apply it. Your "exact entries" may not happen "exactly" every time-- so be able to recognize variations and permutations of your theme and applicable areas to trade that may be well outside your "system." Think outside of the box, be artistic.

The strength of humanity is its ability to adapt-- and you have to adapt in trading. Make trading YOURS, adapt to market situations, apply your "system" creatively and don't be afraid to break rules. Evolve your plan as the market evolves, realize that you will be wrong, accept it and understand why. There can be no light without darkness.

What matters in the end is your ability to manage your money and the strength of your psychology.

>Apocalypto< Oct 29, 2010 11:27am | Post# 118

I agree that trading is not an exact science-- it is an art.

I have taken a purely calculated approach-- tried out "trading systems" and watched peers trade blindly by cold, calculated systems and blow out accounts. I've read and studied technical analysis. I have a trading mentor and an exact set of rules-- entries, exits, targets, analysis-- that I trade by.
But I wasn't able to become profitable until I realized that these "trading systems" and "rules" were only GUIDELINES-- rules put in place so I can have structure to fall back on in my trading life....
The strength of humanity is its ability to adapt-- and you have to adapt in trading. Make trading YOURS, adapt to market situations, apply your "system" creatively and don't be afraid to break rules. Evolve your plan as the market evolves, realize that you will be wrong, accept it and understand why. There can be no light without darkness.
What matters in the end is your ability to manage your money and the strength of your psychology.
Hi neverallin,

I couldn't have put it better myself mate. this post IMO really hits the nail on the head. Most of what you have mentioned has taken me 4 years to realize.

Great post and welcome to FF look forward to reading more of what you put up on here.

**I put the quotes on so this can be repeated up in full**

Good trading to you and you got my vouch!!!!

Cheers,
Apoca.

Jalarupa Oct 29, 2010 12:10pm | Post# 119

Nice thread... I consider myself a bit of a graphic artist, and I love creating new and interesting systems to trade, and I can honestly say I can see exactly what you talking about with your strategy, mindset and practice...

I too (because of my timezones) trade just before the London open and I have a very simular style to you, whereby I pick a daily bias based on my method and just go with that once I get my trade signal... and the beauty of this method is price likes to MOVE just before London open and if you on the right side of that move... you can make some great pips!

So yeah I will be back...

Peace

Road Runner Oct 29, 2010 4:07pm | Post# 120

At one point of your trading career, you'll probably discovered that there's no hardcore formula that could lead you to success. Because despite what experts have been telling you, there never was.
Nice Thread! Great to see the focus of discussion on becoming a successful trader, versus "successful" trading systems and methods. I look forward to chiming in every so often.


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