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Diary of a Trader - "18 years and counting"

  • #21
  • Nov 18, 2017 12:05am Nov 18, 2017 12:05am
Small accounts are not meant to get rich from but rather develop processes so that when you do trade size you will have the mechanics in place.
  • #22
  • Edited 3:33am Nov 18, 2017 1:22am | Edited 3:33am
I assume you trade order flow and use footprint indicators? I'm a big fan of engulfing candles but I've found different brokers to show visually different candles for the same time. That's why pin bars, doji's etc. are not reliable.
  • #23
  • Nov 18, 2017 6:35am Nov 18, 2017 6:35am
How much minimum one need to make a living out of Fx trading? Please be specific only in numbers.
  • #24
  • Nov 18, 2017 6:47am Nov 18, 2017 6:47am
Quoting Traderview
How much minimum one need to make a living out of Fx trading? Please be specific only in numbers.

it depends. if you want to live a humble life in a cold place where everything is expensive, then I would say $50-100k.
  • #25
  • Nov 18, 2017 7:35am Nov 18, 2017 7:35am
Quoting XxixixX
The purpose of this thread is more of a reflection and for others that are struggling, the path of success can be a long and painful road, however it is worth it. Comments and questions are welcomed. I would ask we are all adults and to be respectful to each other. Shall we begin? .
18 years of trading experience is something that's extremely great. I'd like to know about how you could survive.
and... have you managed to trade for a living?
  • #26
  • Nov 18, 2017 9:00am Nov 18, 2017 9:00am
Quoting HeyYou
{quote} it depends. if you want to live a humble life in a cold place where everything is expensive, then I would say $50-100k.

25k in a little above normal life. Is it ok?
  • #27
  • Edited 10:46am Nov 18, 2017 9:38am | Edited 10:46am
Quoting Traderview
{quote} 25k in a little above normal life. Is it ok?
well we are at the mercy of the market.. I think it's very important to keep expectations as low as possible and be prepared for the worst scenario.

I would also keep other sources of income.
  • #28
  • Nov 18, 2017 9:51am Nov 18, 2017 9:51am
Quoting XxixixX
{quote} For an intra-day basis look at an hourly chart. The sentiment i am concerned on a has to do with institutions activity, retails does not move prices it is institutional that do. In the hourly chart below you see the engulfing candle that is larger by all the other candlesticks. Dialing down to a 15 minute chart we see that throughout this hrly candle institutional buyers were in force. I always start with a small position because I have been wrong in the past and will be wrong in the future so that way if things do not work out, I exit with...
Ok thanks for your example. I think the concept is very general, because when we see a big candle, it is what it is, a big candle in some direction, already happened, people, institutions or whatever is the driver already participated. And we have the future that is still in the empty space to the right and carries uncertainty. I want to ask a few things that interest me. First - how does the observing of the chart and the candles carry information regarding future unfolding of price action, which of course has to be in our favor mostly if we want to make money. Second, how do you determine the stop or position exit. I understand that you ar snowballing your position size and profits when the market moves in your favor, and you firstly test the market with small size, but you can be in with 5 or 10 positions, already built "in the move" so exposure grew bigger, then get a sharp reversal against you and you can get with a serious negative float if you do not exit or reduce size. And the market often does that because we all know he is not very stupid.
  • #29
  • Nov 18, 2017 9:56am Nov 18, 2017 9:56am
Quoting XxixixX
{quote} Let me expand how I view intraday sentiment. Using a combination of things: First I am looking at major fundamental news worthy events of the day. Review the information and get am idea of what the street is expecting. Once the news breaks compare the actual to the forecast, prior and how that numbers falls within that range vs. what the street was expecting. I will wait usually anywhere from 15-60 minutes to see price behavior. I look at currecncy index charts (I klnow sonmeone will ask so here is the site: https://www.mataf.net/en/forex/tools...-index#c_index....
Thanks for the link. Never seen currency index charts before. Interesting and informative.
  • #30
  • Nov 18, 2017 10:50am Nov 18, 2017 10:50am
Quoting HeyYou
{quote} well we are at the mercy of the market.. I think it's very important to keep expectations as low as possible and be prepared for the worst scenario. I would also keep other sources of income.
by the way I don't trade with a large account, my only big deposit was 5k and also my biggest mistake. I made money as a gambler lol don't take me too seriously, my estimation is based on backtesting.
  • #31
  • Nov 18, 2017 5:24pm Nov 18, 2017 5:24pm
Quote
I always start with a small position because I have been wrong in the past and will be wrong in the future so that way if things do not work out, I exit with a small loss, however if the trend continues, I will add to the position (as much as 10 - 15 times) as that trend is unfolding. Its called pyramiding or stacking which is not a new concept however even with some small loses, my winners can be 10,20 or 50 fold.

What strategy do you use in pyramiding? What is the ratio of the new positions to the initial one, how far do you stack your pyramids from each other? And what exactly gives you the confidence that the trend in question, at that point, is most likely to continue?
  • #32
  • Nov 19, 2017 2:45pm Nov 19, 2017 2:45pm
Quoting XxixixX
{quote} I make enough to go to the movies and get the extra large popcorn with extra butter which cost .50 more
Alone or did you have time to search for a soulmate between 2 charts?
Don't give up on your dreams. Keep sleeping.
  • #33
  • Nov 22, 2017 5:36am Nov 22, 2017 5:36am
https://cdn-assets.forexfactory.net/...ar422486_8.gif XxixixX
Would you care to share or teach some of your successful strategies that made you a great trader. What eas do you use etc. Thanks and
Regards
  • #34
  • Nov 22, 2017 5:41am Nov 22, 2017 5:41am
Quoting XxixixX
{quote} I make enough to go to the movies and get the extra large popcorn with extra butter which cost .50 more
If that is all you can do in 18 years, would not it turn off newbies from forex trading. I thought you should be able to do a hell of a lot more than just buy popcorn. Thanks and
Reagrds
  • #35
  • Nov 22, 2017 5:53am Nov 22, 2017 5:53am
Im so curious about your money management. Share to us please, with details and twist
  • #36
  • Nov 26, 2017 4:54pm Nov 26, 2017 4:54pm
Quoting rvanscho
I assume you trade order flow and use footprint indicators? I'm a big fan of engulfing candles but I've found different brokers to show visually different candles for the same time. That's why pin bars, doji's etc. are not reliable.
I had access (through one of my clients) to Deutsche Bank feeds (handles 70% of the eur/usd), traded with it for 9 months. After statistical analysis with how I traded with it was about b/e. The daily grind of watching this 10-12 hrs a day was just not worth it.
  • #37
  • Nov 26, 2017 5:04pm Nov 26, 2017 5:04pm
Quoting Traderview
How much minimum one need to make a living out of Fx trading? Please be specific only in numbers.
My goal is to double the accounts every year or at 2-3% a week. So for example with $100,000(usd), would be 2-3K a week. I know many retail accounts are no where near that and may see this post and become discouraged, however the money is made trading institutional accounts. If you can trade a $1000 just like a $100,000 account you will find clients to trade for. I started off with a small 3K account with the end goal of attracting clients.
  • #38
  • Nov 26, 2017 5:22pm Nov 26, 2017 5:22pm
Quoting Th-
{quote} 18 years of trading experience is something that's extremely great. I'd like to know about how you could survive. and... have you managed to trade for a living?
We all have heard this phrase "This is a business". Any successful business has a focus/purpose with meaning. The greater the meaning, increases the success of the business. For example which of these traders has the greatest determination to succeed?

Trader A: Wants to make a lot of money trading.
Trader B: Wants to make $100,000 trading.
Trader C: Needs to make $100,000 trading for his wife to stay home and take care of their child with an incurable disease.

Every trader will hit a wall (many times). The key is getting back up, learning from your mistakes and creating a process to avoid them. I cannot tell you how many times I wanted to throw in the towel but I have more than just myself to think about (Trader C).

Learn to get really good at loosing as far as you handle them. Knowing that I am going to loose in the future, iI start with a small positions and add as the trend unfolds, however if I am wrong in my analysis exit and look for the next bus.

Just remember "How does an ant eat an elephant? One bit at a time"
  • #39
  • Nov 26, 2017 5:33pm Nov 26, 2017 5:33pm
Quoting feline207
{quote} Ok thanks for your example. I think the concept is very general, because when we see a big candle, it is what it is, a big candle in some direction, already happened, people, institutions or whatever is the driver already participated. And we have the future that is still in the empty space to the right and carries uncertainty. I want to ask a few things that interest me. First - how does the observing of the chart and the candles carry information regarding future unfolding of price action, which of course has to be in our favor mostly...
If there is an engulfing candle, I look for the driver that is causing that (breaking news, someone speaking, etc.) looking at the candle by itself is just focusing on TA alone. I will refer the index charts (posted earlier) for over intraday sentiment. I will look within the hourly candle at the 15 min candles and see if they are consistent with more than just a 15 min. candle burst. If it is news breaking I will read the Econoday site as that has a pretty good feel for the what the street is expecting. Even after all that I still will enter with a small positions in case things go sour. The charts are first thing I am looking at as this gives an indication something may be behind this move, than look to do due diligence (takes about 10-15 minutes) so I am not rushing into trade.
  • #40
  • Nov 26, 2017 5:52pm Nov 26, 2017 5:52pm
Quoting bobjay
{quote} What strategy do you use in pyramiding? What is the ratio of the new positions to the initial one, how far do you stack your pyramids from each other? And what exactly gives you the confidence that the trend in question, at that point, is most likely to continue?
Viewing index charts is helpful: are they trending in the same direction? Are there any other newsworthy events that could have an impact on the pair you are trading for the the rest of the day? For the hrly charts are the following candle displaying the same type of structure, or does it seem like MOMO has stopped, or is there a pullback which is more significant than it should be? What cycle is this happening, towards the end of the US morning session? Many times the afternoon session can be pretty dry and many times will exit the positions to avoid chop.

The key is having a pulse and prepping about an hour before the market opens is crucial.
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