Dawg Days Of August

Count me in too. How shall we start?

Post information on how you trade in this thread: http://www.forexfactory.com/showthread.php?t=97917

You don't need to describe or post each trade, just a little about your methodology.

Have fun and good luck.

Another trainwreck.

This time it wasn't listed in the trading systems section but in the forex discussion threads even though it was a system.

Cruise through the forex discussion forum and you will see what I mean. Another thread where someone started with the best of intentions but over time everything morphed into a hideous creature not close to the original. It has gotten so bad that the creature is now under lockdown.

Are we so brainwashed into thinking that the "holy grail" of trading exists? Why do we even need a holy grail? Because we are so arrogant that the mere thought of being wrong is disgusting and repulsive. To be wrong is beneath us. We are traders and our analysis is NEVER wrong!! To be wrong would mean that we do not know what we are doing! It is this arrogance that leads people to post their trading calls on forums. And (I've actually seen this done here) after the price moved as they stated, they quote their own post to make sure EVERYONE knows how good they are at picking winners. If this arrogance exists in you, then you WILL NEVER SUCCEED IN TRADING!

I will be one of the first to admit that I was on a holy grail quest early in my trading career. Never found it. I have several thousand indicators and trading systems stored on my computer that provide a map of where I went on this quest. Not one single system or indicator in any of the thousands of combinations that I tried ever came close to reaching the nirvana of 100% correctness. At one point I had so many indicators in metatrader that even metatrader stopped listing them all because even it knew I would never find the grail.

Once I realized that the holy grail did not exist I quickly became disheartened with forex and trading in general. It was in this heartbroken state that I remembered something a good friend of mine told me a long time ago. He was and still is a business mentor of mine. His quote started "The object is not to become a millionaire...." To which I immediately replied "ARE YOU TOTALLY CRAZY???" He contiued...."The object is to BECOME the kind of person who is a millionaire." He proceeded to tell me the story of Milton Hershey. I strongly recommend you do some research into his life.

My great friend also spoke of money and that it was "like an elusive rabbit". "If you chase it, you will almost never catch it." Instead, as he told me, you must set a trap for it AND WAIT PATIENTLY FOR THE RABBIT TO COME TO YOU!

It was at that point I realized that the HOLY GRAIL DOES EXIST! I am proclaiming that "I HAVE DISCOVERED THE HOLY GRAIL OF FOREX!" Over the next month, I will show the members of FF the beauty and grandeur of THE HOLY GRAIL.

What?? You didn't actually expect me to give you everything in one post did you?? I promise the grail will be revealed but it is NOT what you think.

now I see that the thread is unlocked. The thread I was referring to in my previous post is the one about carry trades. Read the last few pages and you will see the destruction of the constructive.

He that is, I, Kevin, is the holy grail. End of argument, end of discussion. I think KHarvell is siphoning some of this off now too, lol. Damn leecher Kevins!

The grail exists, but it's different to every person, and it's different within every person. I've found mine, and you've found yours, and for that reason alone, we can duke it out in August .

Like I said, I don't honestly expect to "beat" you, but I'll be damned if I don't wind up better than I started off.

It's all in the hips

Hey Magnum. You said that you will start taking trade begining on Aug 1st but you haven't posted anything in that regard.

correct, but I also said that I will not be posting my trades. I really don't want this journal to become a buy sell signal service for those who won't take the time to learn or who are otherwise looking for an easy out.

What I will say is that I took no trades today. I normall avoid NFP days and if I have a trade on I will close it out prior to the NFP announcement. Interest rate days (like this coming up Tuesday) are rest days also. Too much speculation and whipsawing to be worthwhile. Once the interest rate statement is issued, I will wait 1-2 hours and let it settle down before looking for an entry.

On the FXSolutions account I did take two small trades earlier in the week to re-familiarize myself with their interface. Both winners and the account went from 2797 to 2813. So 2813 is what I will start the month with.

Sunday night and Monday could be interesting. Normally when there is a major news announcement early in the week, Sunday night and Monday get to be interesting. Some pairs are lining up for entry.

It looks like our trading styles may not be too far off from each other then. I'm looking forward to Sunday night's open.

Strong is the force with this one...

Any progress on the indicator help I sent you? No deadline obviously, was just wondering.

BTW kids, trading is a job just like any other and sometimes you need a vacation, so to that end it's off to the lakehouse for me tomorrow and sunday. See you guys again Sunday night!

I am an 18 year old trader that believes in my own analysis. I will joing you guys in this adventure and give it my best . The strategy I fallow is by BOBOKUS in forexfactory, he is a master in fibbs (personal opinion) and a great person willing to help and I am simply attempting to have the the ability he has for analyzing. The strategy I fallow is completly explained in this thread http://www.forexfactory.com/showthread.php?t=50767

I will post the trades when I take them and will also show them when I close them, judge me only in the trades I take here since I will give them as soon as I take them and as soon as I close them. I am joining this not for the competition itself but for me to get confidence in my analysis and grow as a trader. Hope you guys dont mined allowing me to joing, hope you guys learn from me somthing as well I hope I do from you guys . I believe in myself and dont care if I come out negative at the end of the month since I am here in this thread to gow as a trader.

Let the pips begin.

I am currently long in gbp usd and treating like a scalp since its against my intraday levels...

I got long at price 9755...

I will say when I close the trade...

interesting. do you trade with a stop?

Nope ...I let the market tell when is right to jump out....I took the break of the high of the previous candle...and got cought for a loss of 20 pips already lol...not a good way to start but lost with my decision and closed exactly like I had planned...Support broke light blue fibb.

I am currently short when my suppor broke...let see how it play out...

one of the things I have been taught is to avoid entering a trade between 1:45 and 2:15 am eastern time U.S. for the Frankfurt open and 2:45 until 3:15 for the london open. Price tends to get whipped around.

That's not to say you should get out of a trade if you are in one at these times, it just means that entering one is riskier during these times. My mentor stated that approximately 70% of all of his losing trades occurred when he entered a trade during these times. Another great reason to keep a journal. You can find little things like this that make a big difference in your trading.

I agree with you 100 percent....
Today I took an extra risk...sometimes it pays of sometimes not
I am currently short looking for the area 9681.....
Lets see how it goes for what left of the night...

no doubt sometimes the set up is just too good and you have to take it. Well, ok, you really don't HAVE to take it. LOL!

Looks like your choice may pay off.

Lol to funny...

Alright bud I have moved my stop to the previous candles high...worst case I will come out at break even in this short trade...