Dawg Days Of August

Yes, I am fully qualified to spell Dawg that way being from Georgia.

WARNING!!! If your feelings get hurt easily or if you get offended easily DO NOT POST IN THIS JOURNAL! If you say something stupid, I will not hold back or pull punches.


So, what is this journal about?? I spend alot of time here at FF. Great forum. I believe that most are trying to help. Occasionally I will very bluntly tell people how I feel. Most of the time I do so with the best of intentions but it comes off wrong. In here, I will make no apologies for what I say or do. I will not do so to be mean or try to pick an e-fight. All I want is for people to understand that forex can and will if you put in the effort, significantly impact your life. I believe it is one of the last ways that Joe or Jane average can take as little as 100 dollars and if they have the patience and drive turn that 100 dollars into massive amounts of income.

I am starting this journal to make a point and to share some of the advice I have been given that has made a difference in my trading career. Yesterday I issued a challenge for anyone who wanted to trade against me for the month of August to show people that both Price Action AND Indicators can work in forex. NO ONE HAS ACCEPTED THE CHALLENGE as of this post.

In that challenge I offered to trade one of my live accounts. Still no one has accepted the challenge. Oh well, makes me wonder about how many people in this forum trade live vs. demo.

Beginning today and ending the last trading day of August (the 29th) I am going to run this journal. I will not be making trading calls. I will not be sharing my system with anyone on this forum. After market close on each friday, I will share with you my account stats and on the 29th of August I will post a copy of my account statement. And just to shut the critics and skeptics up I will make a withdrawal during that timeframe just to prove it is actually a live account.

The account I mentioned in the challenge has about 2,800 dollars U.S. in it as of today. I will trade this account exactly how I trade my other accounts. How much do I expect this account to grow over the next month? Simple answer: It will grow as much as the markets will let it. If price movement is flat, there will be little growth. If price has some good volatility in it, growth will be good.

The amount of money you start with DOESN'T MATTER! Are you any less of a trader if you trade an account with a balance of 250 dollars than the one trading an account worth 250,000 dollars? Nope!

If you both risk 1% of your account for a trade then you are equal traders. Quit worrying about what your balance is compared to someone else.

"But I only have $250 to start." Not a problem, deposit into an account with a broker that lets you trade micro mini's. Small steps lead to big steps.

One more thing about the amount you start with, if losing all of it will hurt you financially then you are starting with too much.

Forex trading systems: I have been asked several times to post my trading system on FF so all can benefit. Let me just say that I will never do that. Take some time to read through the trading systems forum and you will see this happen over and over and over again:

1. Some person with the greatest of intentions will post their trading system. Many will have spent a great deal of time and energy developing and refining that system.

2. Some person will then come along and notice that this system will have a few false signals and in an effort to "filter" out the bad trades they will suggest to add "indicator x".

3. A little while later someone will come along and see that although this filter has helped, he has another indicator that will help filter out more bad trades.

4. And then the inevitable happens. Some schmuck will come along and ask if anyone has developed an "EA" for this system. 'sigh' The saddest one I saw was for a daily system. YOU ONLY HAVE TO LOOK AT THE CHARTS 1 TIME EACH DAY! Are people really that LAZY that they need an EA to trade for them on a daily system??

Eventually when you make it to the last page of the system you will notice that there are several different incarnations of the original system. The simple and effective trading strategy that was originally posted has been bastardized into something that looks like a shuttle launch graph that experts at NASA cannot understand.

Now you know the reason I will never post my indicators or my system. I have over 700 hours of time developing and refining my system. It would drive me nuts to post it here and then watch the mutation begin.

So, how do I trade? If I am in front of the computer I will scalp to fill in the time I am waiting for a swing trade to develop. I only have 2 indicators on my chart. Between the two I only get about 1-3 signals a week on each currency pair while swing trading and 1-5 signals a day while scalping. That's about all I will say about my system so don't bother asking.

A quick note about my trading expertise. I started back in October of 2007 with $7,500. By the end of December I had replaced 40-50% of my income and by March I had replaced all of it. Forex is my main source of income, although I will occasionally take on a programming project (I was a freelance programmer) just for the challenge. I had some stock trading succes prior to starting in Forex.

Hey MagnumFreak, I can do it in September. I simply don't have the time in August as I will be on vacation for half the month. Thanks for clarifying any and all questions as well.

I just posted in the other thread. With some rule changes to make it more of a fun contest. People can trade whatever method or system they like, they just need to describe it so people can understand how it works.

I would have taken you on had I some time in August or for the remainder of the year. Maybe, I'll have some time towards the last quarter of the year.

I dont trade using using EA's but just for kicks I've been working on an EA to help open position while I'm a sleep at certain levels that I define. I've just upgraded the EA to open trades on its own. Most likely the EA will fail but will be interesting to see .
I'll run the EA just to see how it does against you .

that will be fun. maybe we will extend it out or do another contest each month. I changed the rules some to open it to any trading method. We will have some fun with it and hopefully some will learn new things as well.

There we go....

http://www.forexfactory.com/showthread.php?t=98218

That's an excellent idea in my opinion. We'll get a chance to see what brings real returns in a set environment, instead of reading the BS time and time again. Heck, If I see something that makes more returns than what I do now and consistently, I'll be adding it to my trading repertoire which is the EXACT reason that I like seeing these and being a part of them. I don't think many will be akin to the chance of putting up or shutting up however.

Round 1 here we go! LOL!

Mike gets September. I'll stand toe to toe with you for August. I don't really honestly expect to "win", but I will end with a nice return on my balance and that's all that I really actually care about anyways .

great. welcome to the cage. LOL!

This doesn't have to be a toe to toe thing Jedi!

We want a royal rumble!!! haha Letttt''sssss geettttt reeeaddddyyyy tttoooo rrrruuummmmbbbblllleeeeee! (Can I be Macho man randy savage?) lol

hi professionals i wanna take your oponion about selling the usd cad @ 1.0250 .

Welp Cristian, thank you for bringing that to my mind good sir or miss!
We've had an indecisive/bearish bar after a long run up indicating that price is exhausting itself out and needs to attain more buyers. Take that for what it's worth to ya!


Add in with that, the weight of the area in which we are at right now. Take a look at your daily chart and draw a horizontal line right where price is currently at and then look back. Notice anything?

attain more buyers ooooooooooooh thats good that u warnning me . by the way iam sir .

I think you possibly may have took that the wrong way man. Check it out, in order to attain more buyers, the price needs to be more enticing for buyers to want it. In other words, buyers don't want to pay a high price for something. Instead, they'll wait for it to come down.

If you have a wife, or ever had a girlfriend, think of this. You know how they come home with 1,595,463 things and say the stuff was bargain priced and that's why they bought it? This is the same way. Traders don't want to buy it if it's overpriced.
(Sorry ladies, this is truth IMO through my own personal experience- not raggin on anybody).

Basing your success or failure on other peoples recommendations is dangerous and fool hearted at best. I have no clue who you are and in all honesty especially in forex my goal is to find someone who is wrong about their trade and to take their money.

I can put a spin on any recommendation that will make you believe I am telling the truth when in fact my trading expertise will tell me to go the opposite way. That is not being mean, that is just the reality of trading. When you ask someone else for advice on price movement in all reality how can you be 100% sure they are not feeding you a big pile of sh**?

I do recommend that you make your own interpretation of the market movement and DOCUMENT IT IN A JOURNAL. Then once price moves you will be able to see if your analysis was correct. If it was not, you should begin trying to figure out why you were wrong. Each time you do this you will get better and better at your own anaylsis. Once you do, you will be able to laugh at the post you made asking for someone elses recommendation.

If I have hurt your feelings please re-read post number 1. Especially the part in RED!!

Boy I like that

To me it's more like golf than cage fighting, lol. It's more of a group activity than two people going head to head. In our case I would think of it more as a friendly competition.

I'm also trading with opm, so I've got another reason to strive for those goals. I only get a chunk of the gains at the end of the month.

I'm going with next monday as the actual beginning since it's the working month of August at that point. Besides that, I've gotta take my cut of the commish Friday, so that could very well be coming out of the account and that'd be an unnecessary account hit.