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The switch from hourly to daily...and the psychological ramifications...

  • #41
  • Oct 19, 2006 10:13pm Oct 19, 2006 10:13pm
Quoting dukeofdents
How about that Phil Valentine?
yeah, i like phil... not too crazy 'bout dave though.
how long you been trading? where did you learn? i've got most of my training through peter bain and staff.
  • #42
  • Oct 19, 2006 10:23pm Oct 19, 2006 10:23pm
4xfox,

That's funny, I dare you to call up Dave Ramsey and tell him you're trading forex. He'd say, "what did you do, take a stupid pill?!?!"

Actually, his overall life management/money methods are good, though. It's just how you make your money. You have to realize that trading is a job, just like cement finishing or car sales. That's how you make it, not what you do with it after....
"The time to act is when others show signs of tire." --W.D. Gann
  • #43
  • Oct 19, 2006 10:27pm Oct 19, 2006 10:27pm
Also, I'm trying to self-teach myself trading, I went to James Madison College at Michigan State University, that's where I learned Economics, then I fell from grace and became an automotive restorer. I need to succeed at something intellectual for myself, for my personal satisfaction, and this is all I have left...
"The time to act is when others show signs of tire." --W.D. Gann
  • #44
  • Oct 19, 2006 10:29pm Oct 19, 2006 10:29pm
Quoting dukeofdents
4xfox,

That's funny, I dare you to call up Dave Ramsey and tell him you're trading forex. He'd say, "what did you do, take a stupid pill?!?!"

Actually, his overall life management/money methods are good, though. It's just how you make your money. You have to realize that trading is a job, just like cement finishing or car sales. That's how you make it, not what you do with it after....
I like Dave Ramsey, but I'm looking foward to calling him one day and telling him I got rich by taking the opposite of his advice!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #45
  • Oct 19, 2006 10:37pm Oct 19, 2006 10:37pm
Come on, Dave is a cool Nashville dude. His method of money management works for a lot of people, just not psychotics like us!
"The time to act is when others show signs of tire." --W.D. Gann
  • #46
  • Oct 19, 2006 10:39pm Oct 19, 2006 10:39pm
it's a good profession to learn. (trading) the way i figure, this is something i can still be doing when i'm 90 years old. that is if i can still remember how to turn on the computer.
  • #47
  • Oct 19, 2006 10:43pm Oct 19, 2006 10:43pm
Well, 4Xfox, I know absolutely nothing about it. If I did I'd be a millionaire and then I would not spend my time trolling these forums for help...
"The time to act is when others show signs of tire." --W.D. Gann
  • #48
  • Oct 19, 2006 10:44pm Oct 19, 2006 10:44pm
BTW, MA crosses signal money losses...

(I'm also a musician and it rhymes!)
"The time to act is when others show signs of tire." --W.D. Gann
  • #49
  • Oct 19, 2006 11:06pm Oct 19, 2006 11:06pm
Quoting dukeofdents
BTW, MA crosses signal money losses...

(I'm also a musician and it rhymes!)
a musician in nashville? you gotta be kidding!

yeah, i tried that ma cross thing and it just didn't do anything for me. i basicly just use old fashioned support and resistence, trendlines, fibs, pivot points, and watch macd for divergence. i do plot the 50ema and 200ema for moving s&r. i start out looking at the weekly then daily and trade off the hourly.

there are a lot of good people in here with some good systems i'm sure, i just like to stick with what i know and what works for me.

good luck,
david
  • #50
  • Oct 19, 2006 11:31pm Oct 19, 2006 11:31pm
Well done Mr Trend,

I too, like so many hopeful's here at FF, started off on 15min & 5 min charts, sometimes 1min. After about 12 months of banging my head on the wall and blowing out demo accounts month after month, I zoomed out to 1hr/4hr/daily charts.

What a relief! It was almost like the weight had come off my shoulders!

Also my charts have changed since my early days. Gone are RSI/STO/CCI/W%R etc etc. I use 1 indicator, and used ONLY for divergence.

My MA's, PP's, Fibs, S/R levels tell me the rest. Breakouts are my entry, a trailing stop takes my profit.

The James16 Group has helped me heaps! Well done guys!
  • #51
  • Oct 20, 2006 3:49am Oct 20, 2006 3:49am
Hey Lou,

You seem to be looking at my game plan, can you tell me how it ends? I am looking at several options now to open a mini or Micro account. I am still feeling a bit too experimental to go live. I had a big loss yesterday on a test price action set of trades that I looked at. 75% were profitable but one crapped out big time (missed TP by about 4 pips). I have been trading the same $ from a $500 account I opened 3 months ago. Slow and steady.

Labrat407

Quoting Lou
Hi Labrat407,

Just a thought you might consider. Since trading demo is nothing like trading real $ when it comes to psychology, you may want to find a broker that uses micro pips. You can still trade regular pipage but also have the choice to try micro. Fits with the methodology of moving from hourly to daily.

Lou

BTW... this thread is very confirming.
  • #52
  • Oct 20, 2006 9:15am Oct 20, 2006 9:15am
Quoting Labrat407
I have been trading the same $ from a $500 account I opened 3 months ago. Slow and steady.

Labrat407
Nice. Keep it up. That's exactly how it should be.
Mr. Trend
  • #53
  • Oct 20, 2006 9:52am Oct 20, 2006 9:52am
Quoting 4xfox
it's a good profession to learn. (trading) the way i figure, this is something i can still be doing when i'm 90 years old. that is if i can still remember how to turn on the computer.
I am ABSOLUTELY CONVINCED that this is the best "business" in the world.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs
2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)
3. No inventory or stock to buy. No shrinkage (theft of stock) and no "slow moving" items. No massive amount of funds tied up in inventory
3. You can "borrow" as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill...it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers by the use of leverage.
4. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."
5. You can "scale" your business to whatever size YOU want simply by increasing/decreasing your positions.

I could keep telling you more of the benefits of this business, but suffice to say...this is the best "business" in the world.
  • #54
  • Oct 20, 2006 12:22pm Oct 20, 2006 12:22pm
Quoting jacko
I am ABSOLUTELY CONVINCED that this is the best "business" in the world.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs
...

I've already been told by my significat other that if I were to do this full time, I'd need to get an office. She doesnt think she could "stand having [me ]around all the time." Which is okay, because she can be a total bitch.
So far so good.
  • #55
  • Oct 20, 2006 12:52pm Oct 20, 2006 12:52pm
Quoting paul2
I've already been told by my significat other that if I were to do this full time, I'd need to get an office. She doesnt think she could "stand having [me ]around all the time." Which is okay, because she can be a total bitch.
to quote eric cartman, "why if some skanky ol' ho talks to me like that, i will kick her right square in the nuts!"
  • #56
  • Oct 20, 2006 1:59pm Oct 20, 2006 1:59pm
Hello,


Right On Jacko!!!!

Man, thanks for bringing back some of the reasons why I am involved with FX. I want to add a #6 if I may... May I? Ok...

#6 YOU CAN TRADE FROM JUST ABOUT ANYWHERE ON THE PLANET!
Just imagine.... take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.

Some may say that I am full of hot air but I have never seen a Hot Air Balloon leave the ground without it.
All 4 1 and 1 4 All
  • #57
  • Oct 20, 2006 6:51pm Oct 20, 2006 6:51pm
Where can I find the "Fx Sniper" and "A/D" indicators you have on the charts?

Quoting summitfx
I'm use a lot of moving averages on my dailys. I plot an 8,21,34,55,100 and 200 sma. On this chart of the usd/jpy you can see that the 21 had held the decline on many days and acted as support. Yesterday the eur/usd was stopped dead on by the 200 day ma and so on. I have also plotted the Fozzy method and find it to be interesting. Of course trendlines and japanese candlesticks are excellent tools as well.
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #58
  • Oct 20, 2006 7:01pm Oct 20, 2006 7:01pm
"I'd like to trade Forex more but I'm training to be a cage fighter when I'm not online chatting with babes all day."

Quoting Mr Trend
Dude, Napoleon Dynamite 0wnz...
"Though this be madness, yet there is method in it." -Hamlet Act II
  • #59
  • Oct 20, 2006 7:17pm Oct 20, 2006 7:17pm
Quoting summitfx
I'm use a lot of moving averages on my dailys. I plot an 8,21,34,55,100 and 200 sma. On this chart of the usd/jpy you can see that the 21 had held the decline on many days and acted as support. Yesterday the eur/usd was stopped dead on by the 200 day ma and so on. I have also plotted the Fozzy method and find it to be interesting. Of course trendlines and japanese candlesticks are excellent tools as well.
Look at all the times the EUR/USD WASN'T stopped dead by the 200sma.
  • #60
  • Oct 20, 2006 7:29pm Oct 20, 2006 7:29pm
Quoting TheGreatMilenko
Look at all the times the EUR/USD WASN'T stopped dead by the 200sma.
Or the usd/jpy decline WASN'T supported by the 21 sma.What you have to remember is the value of any moving average is there on your chart because of where price has BEEN.Price does not follow a moving average or stop because of it.MAS tell you where price has been NOT where it is going.
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