Just passing by and seeing you're doing well, Congratulations 
Simplicity is the Ultimate Sophistication.
great trader here.
thanks for sharing mate.
thanks for sharing mate.
been a while, thought to post some updates and few thoughts. for a start, I would like to thank Diego for the kind review. while it is very early and only on his second month since we met in person, i have only one expression jumping to mind jokingly: "i have created a monster"he has mentioned ranking #9th on Psy, but that was 10 days ago...his score seriously jumped! there is only 1 more ( +1 not usually visible there) to pass, and you well may be! {image} i certainly encourage everyone semi-serious about trading to try to build up that...
- #1,204
- Mar 24, 2020 8:32am Mar 24, 2020 8:32am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
the market conditions for this week become adverse to 'my way' of trading to the tune when it is the very best to just stay on the sideline mostly.
if anything, only try to fade the very very extremes, and even then apply caution.
the spreads can and do randomly jump from crazy to very crazy, thus slippage is more an issue as before. ( trading the faster TFs, on daily chart not that much an issue).
a good example of the spread of gold, which today just after London open was extremely high, something a few month ago was cover an average day's range, unbelievable as it is, but true!!
if cant control the urge to trade,
least make sure that pay a quick but careful look not to blindly jump on a 20$ spread!
this last few weeks a great warning and reminder also why EAs backtest on these type of times, using 'normal' conditions just a recipe for failure, as results will inevitably off to real actual market conditions. (ie. normally a 20-30 cents spread on gold would be considered sufficiently conservative for a test).
stay safe, preserve capital!
if anything, only try to fade the very very extremes, and even then apply caution.
the spreads can and do randomly jump from crazy to very crazy, thus slippage is more an issue as before. ( trading the faster TFs, on daily chart not that much an issue).
a good example of the spread of gold, which today just after London open was extremely high, something a few month ago was cover an average day's range, unbelievable as it is, but true!!
if cant control the urge to trade,
least make sure that pay a quick but careful look not to blindly jump on a 20$ spread!
this last few weeks a great warning and reminder also why EAs backtest on these type of times, using 'normal' conditions just a recipe for failure, as results will inevitably off to real actual market conditions. (ie. normally a 20-30 cents spread on gold would be considered sufficiently conservative for a test).
stay safe, preserve capital!
there is always, always another trade!!
Hi Zoltan,
Just wanted to express my gratitude for the lessons learnt during the weekend. I am really grateful for the time you spent with me, for the knowledge shared, the advices, hints and everything else...I'll try to make the most of them and already started to implement your teachings into my trading...I am confident it will take my trading to a different level.
It is always a priceless opportunity to listen and learn from a professional trader, trading real accounts, real money, real profits, making a living out of fx trading...this happens extremely rare in the forums' world. In fact, really, really rare...The truth is that in this environment full of sellers, scammers, liars, pretenders, imaginary/demo millionaires etc. it becomes very difficult to distinguish between real and fake. But, as one of my former buddies used to say, when you know...you know
Wishing you a great week ahead,
Cheers,
B
Just wanted to express my gratitude for the lessons learnt during the weekend. I am really grateful for the time you spent with me, for the knowledge shared, the advices, hints and everything else...I'll try to make the most of them and already started to implement your teachings into my trading...I am confident it will take my trading to a different level.
It is always a priceless opportunity to listen and learn from a professional trader, trading real accounts, real money, real profits, making a living out of fx trading...this happens extremely rare in the forums' world. In fact, really, really rare...The truth is that in this environment full of sellers, scammers, liars, pretenders, imaginary/demo millionaires etc. it becomes very difficult to distinguish between real and fake. But, as one of my former buddies used to say, when you know...you know
Wishing you a great week ahead,
Cheers,
B
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
- #1,207
- Mar 30, 2020 1:13pm Mar 30, 2020 1:13pm
- | Commercial User | Joined Aug 2014 | 3,922 Posts
Hello Zoltan!I accidentally drew attention to you in the George Aus theme. I decided to read your thread, I read almost everything! You have a lot in common with George; you also trade on kickbacks. sorry for my English, it’s not my language, but I’m also studying the language in the FF) I am very glad that I met you and George, quite by accident ... I found George by typing “pound yen” in the search)), I was looking for people trading on this pair. This meeting turned my worldview around! I understood the whole point of this game .. Then I found...
thank you for reading the journal.
i respect George and we still talk regularly to this day, but while there are many similarities in our trading, there are also major differences.
reading your comment, and the feeling of exiting early...i think it is a common threat of traders.
if anything to work around that mental barrier ( as such self beating up may be negative), i can only suggest you one thing:
go into every trade with a plan!
it doesnt have to be a 100% rigid plan, but still something that is generally define a bunch of 'what-if' scenarios, including what you would expect out of it generally.
to give an example...
as you may know already, i mostly scalp.
as such, and especially from single entries, i dont expect a whole lot to make. ( but i often have many entries during a trading day, so all those "little" add up.
here is one trade, today, GA...
my plan was to take the entry, and if it is just a single entry, book 6-10 pips profit, or about 0.05-0.1% gain.
( yes, i had a plan for it what level(s) i want to add to the entry if it moves against me some; and without going into any pro and contra argument if that is good or bad, lets just settle on the point, that if it is a part of a planned out scenario, it is OK in my mind, cos not random action, but something based on many stats in my case).
got the trade where i wanted, scaled out how i wanted, and actually got slightly better overall than the initial "expectation", ended with 0.12% gain on this entry.
looking in retrospect, up to 13 pips profit could be deemed early exit....
bcos as the chart shows it could be 30 pips gain too.
true! in hindsight, of course.
but here is the point:
i went into the entry expecting 0.05-0.1% gain...and... got 0.12%
was the exit really early?
could argue that it was.
or could say i got what i was planning for, and some more.
i settle for the later!
there is always another trade to take!
and it is always easy to know what to do in hindsight!
have a plan, follow your plan!
that is all that matters!
happy trading!
Zoltan
there is always, always another trade!!
bcos as the chart shows it could be 30 pips gain too.
true! in hindsight, of course.
i went into the entry expecting 0.05-0.1% gain...and... got 0.12%
was the exit really early?
could argue that it was.
there is always another trade to take!
and it is always easy to know what to do in hindsight!
have a plan, follow your plan!
that is all that matters!
You just wrote a book `` What a trader need to be succesful`` , for free!
- #1,210
- Mar 30, 2020 7:41pm Mar 30, 2020 7:41pm
- | Commercial User | Joined Aug 2014 | 3,922 Posts
hi Michael,
scalping is opportunistic.
but there was 4 important points for me i considered:
- how the price got to the point i took the trade (approx 50 pips move in just 2 min)
- where was the price (psychological lvl)
- where was the indi when the price was hitting that lvl
- where was the next target ( day's low)
based on those, could work out those 'what-if' scenarios in my mind, and decide to take the trade.
of course, there are other things that one can/do use as finds fit, but generally, i make a decision from a chart as it is on the screenshot, as it has pretty much the info i need.
no need to answer, but for example having 5 MAs on a small, phone screen, does it help you positively? probably yes, else why would you have them?
see, we all find values at different things. which is great. this is why in the journal there are more guidelines discussed as an approach and not a system with (mostly) rigid rules.
scalping is opportunistic.
but there was 4 important points for me i considered:
- how the price got to the point i took the trade (approx 50 pips move in just 2 min)
- where was the price (psychological lvl)
- where was the indi when the price was hitting that lvl
- where was the next target ( day's low)
based on those, could work out those 'what-if' scenarios in my mind, and decide to take the trade.
of course, there are other things that one can/do use as finds fit, but generally, i make a decision from a chart as it is on the screenshot, as it has pretty much the info i need.
no need to answer, but for example having 5 MAs on a small, phone screen, does it help you positively? probably yes, else why would you have them?
see, we all find values at different things. which is great. this is why in the journal there are more guidelines discussed as an approach and not a system with (mostly) rigid rules.
there is always, always another trade!!
- #1,211
- Mar 30, 2020 11:29pm Mar 30, 2020 11:29pm
- Joined Feb 2019 | Status: Trader | 1,285 Posts
{quote} {quote} {quote} {quote} You just wrote a book `` What a trader need to be succesful`` , for free!
Empty your mind and let the market guide you
- #1,213
- Mar 31, 2020 4:26am Mar 31, 2020 4:26am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
...hi Michael, scalping is opportunistic. but there was 4 important points for me i considered...... Thanks, Zoltan !!! Clearly, at the expense of the daily minimum, I need to take this into account too! I don’t trade on this pair, on the GA, I just found it on the phone so as not to upload to MT4, I wanted to parse your input .. and I found a lot of valuable for myself, for example RSI! Yes, there are MA7 and MA20. TMA also helps a lot, here are the settings on the minute chart: 96.48.5. Do you use TMA? Of course I trade
cant really comment on your charts.
i do use TMA sometimes, but rely on RSI more. i have reasons, but lets just call it personal preference, as a full explanation would be a long topic.
also, the TMA settings i have are very different, but then once again, there isnt good or bad. it is how you look at it, and ultimately if it delivers you the desired end result, or not!
i am well aware that most would say RSI is useless.
the same time it seems to be OK for me. or some others who learned a bit about the way i like to use it.
made a point to a handful of those guys i have talked, that in fact any ( or least) most indicator could be used profitable, it could be R%, or RMI, etc, the way one look at it is what makes the difference, and what do you do with what you find.
so it doesnt have to be RSI.
one of the beauty of the approach i think.
not as much about the 'what' and lot more about the 'how' and 'why'.
for something to think about, i would like say that just because i trade "full time" it doesnt mean i trade all the time!
i use both time of day and ADR to limit the time i allow myself to trade, and while they are 'rules' to bend, i dont bend them too often, thus 90% of my trades falls into an 8-9 hours time window.
lots of ppl automatically think only the income aspects of trading, and forget the flexibility of the "work" as a trader, the free weekends, etc, which for many professions arent available options for real.
there is always, always another trade!!
thus 90% of my trades falls into an 8-9 hours time window. lots of ppl automatically think only the income aspects of trading, and forget the flexibility of the "work" as a trader, the free weekends, etc, which for many professions arent available options for real. [/quote]
Good afternoon, Zoltan! Sorry to take your time .. are you trading in the open of New York?
I made a small comparison of TMA and RSI .... yesterday, for example, it coincided very well on the EC .. TMA 15M and RSI 1M
[/quote]Good afternoon, Zoltan! Sorry to take your time .. are you trading in the open of New York?
I made a small comparison of TMA and RSI .... yesterday, for example, it coincided very well on the EC .. TMA 15M and RSI 1M
- #1,216
- Apr 1, 2020 5:30am Apr 1, 2020 5:30am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
thus 90% of my trades falls into an 8-9 hours time window. lots of ppl automatically think only the income aspects of trading, and forget the flexibility of the "work" as a trader, the free weekends, etc, which for many professions arent available options for real.
Michael,
keep experimenting, it is always good. as i said in my last post, one, or another, or even 2 indi combined, or non at all can work out just as well for someone, long he builds around a solid understanding what and why he is doing. statistics help to that end.
yes, i do trade NYO, mostly trade the London session, with usually taking a break before NYO if the market is slow, for an hour or two.
something to remember: the more lines you have on your chart, the more likely the price will touch one.
but the same time they may become the more meaningless individually too, bcos it becomes a chore just to remember what line it was this or that time that got you into a trade.
bcos this is a journal, for that simple reason i am not looking to go really deeper into certain topics, it would be time-consuming to type an answer, and that it would only bring up questions that would be even more time to answer.
there are system threads that try to do that with various success ( politely said; in fact most threads in the systems section is totally garbage, lol).
i would rather keep this more on the journal aspect, with thoughts on some aspects of the reality of full time trading, props, etc., and not to go down on a full system like details route.
there is always, always another trade!!
- #1,218
- Apr 21, 2020 2:49pm Apr 21, 2020 2:49pm
- | Commercial User | Joined Aug 2014 | 3,922 Posts
just a note to self really, #158.
else same same.
writing much about it would be bragging. but the next milestone is now near, almost arm's length. lets hit then do a longer update post.
apart,
chat with someone totally the other end of the world, but seriously similar world views.
had some issue ongoing with my broker removing a large chunk of the profit blaming LP, but providing no evidence of anything.
read a nice system thread ( https://www.forexfactory.com/showthread.php?t=993524 ), that looks interesting, not many system threads fall to that categoty.
just business as usual. still alive, still trade, still doing the same same.
happy trading!
hi praxifx,
most everyone want big returns quickly, even though most know that isn't likely to happen. but dreaming is free, and it gives birth to some catchy clickbait titles.
seen that you started a journal, wish you good luck with it!
else same same.
writing much about it would be bragging. but the next milestone is now near, almost arm's length. lets hit then do a longer update post.
apart,
chat with someone totally the other end of the world, but seriously similar world views.
had some issue ongoing with my broker removing a large chunk of the profit blaming LP, but providing no evidence of anything.
read a nice system thread ( https://www.forexfactory.com/showthread.php?t=993524 ), that looks interesting, not many system threads fall to that categoty.
just business as usual. still alive, still trade, still doing the same same.
happy trading!
Hi profitfarmer, I just wanted to say that I am quite surprised to see a scalper who can profit in the long term. Most scalpers scalp because they want big returns quickly, so they use big risk which in most cases lead to psychological mistakes and blown accounts. Seeing how little risk you take per trade, I can instantly see how disciplined of a trader you are. I'll keep an eye on your journey. Happy trading!
most everyone want big returns quickly, even though most know that isn't likely to happen. but dreaming is free, and it gives birth to some catchy clickbait titles.
seen that you started a journal, wish you good luck with it!
there is always, always another trade!!
- #1,220
- Apr 26, 2020 2:11pm Apr 26, 2020 2:11pm
- | Commercial User | Joined Aug 2014 | 3,922 Posts
Hi Zoltan, I've been following you for a long time. First of all, I wanted to congratulate you! And then simply say: THANK YOU! You are a source of great inspiration. Know that even if you don't write, you will always have someone who will watch this thread with your account updates. Thanks again and good luck. I wish you the best!
thank you for checking out my thread.
i could write more, but generally nothing much really changed from what was outlined before, or discussed already.
should something come up, in specifics, i dont mind to answer anyone,
but unless some major things ( preferable some "milestones") happening, there is little point to post similar looking charts from trades that also could be plotted from the attached TE if anyone want to see them on chart.
if i have inspired you, then one big goal is fulfilled, i was hoping to show that it is possible to daytrade, and it is possible to be consistant.
and came up some recent discussion, if small gains are good or bad...i believe small gains add up over time pretty nicely.
this may support that point, and hope will add to the inspiration, this update dedicated to you!
(over 20 months, the difference in gains due to regular withdrawals, but "only" average 0.3% daily gains, still...!)
happy weekend!
there is always, always another trade!!