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  • #221
  • Oct 15, 2007 12:36pm Oct 15, 2007 12:36pm
Quoting renasdad
Hilmy83,

50 and 100 MA's on a monthly chart are pretty big. Maybe try droping them down a little say, 30 and 60 or 25 and 50. I would say to stick with what you are making money at but do what you are trying talking about. Put it on a chart and see what it looks like.

well i was thinking of using 50/100 mva on the weekly. And from the looks of it, it looks good. But since i'm still making money from my current method, I might put this idea on the backburner for now
  • #222
  • Oct 15, 2007 12:42pm Oct 15, 2007 12:42pm
Quoting mrgreen
Contrary to rumour, it was not same sex marriage that killed off the dinosaurs, it was the inability to adapt to changing conditions. I think it is essential that one continue to refine and modify their methods and systems. Use a demo to test out the enhancements. If using a demo doesn't seem real, then open a small subacct for testing. One that will not get u into trouble while you try out new methodologies.
True, but I also think that there are things that never changes regardless of what the market is doing.
A system should be versatile enough to handle most market conditions. Too often people make it so detailed and not allow any room for interpretation that it fails once the market changes. I think it's fine to change your systems from time to time, but all systems should have rules that are so fundamental in trading that do not change regardless of what the market is doing.
  • #223
  • Oct 15, 2007 12:43pm Oct 15, 2007 12:43pm
I would suggest if it looks good, make a few demo trades and see how it goes. Wouldn't hurt to give it a shot.
JOHN 3:16
  • #224
  • Oct 15, 2007 12:47pm Oct 15, 2007 12:47pm
Quoting hilmy83
True, but I also think that there are things that never changes regardless of what the market is doing.
A system should be versatile enough to handle most market conditions. Too often people make it so detailed and not allow any room for interpretation that it fails once the market changes. I think it's fine to change your systems from time to time, but all systems should have rules that are so fundamental in trading that do not change regardless of what the market is doing.
Price Action, Support/Resistance, Trend lines
JOHN 3:16
  • #225
  • Oct 16, 2007 7:19am Oct 16, 2007 7:19am
Greetings -

Wonderful thread. I'd like to ask the following:

1. Are Mondays good days to trade? I hear that some traders stay away from both Mondays and Tuesdays b/c of lack of news, low volume in the market, etc.

2. We are coming up on the Holidays. What weeks in Novemember, December, and January should be avoided?

3. When will we be back in a trending market? It seems as if a good deal of the currencies are ranging.


Thanks,
God Bless
Sam
  • #226
  • Oct 16, 2007 8:00am Oct 16, 2007 8:00am
i'm really embarrassed to say this........

but how you geniuses figure out which ema, sma, wma, etc etc to use.....???

i barely even know what they mean......must look up some books everytime and then i'll soon forget.......

and i can't fathom out how you guys figure out which time period of all these MAs to use for which timeframe ???

trial and error ???........voodoo......???
  • #227
  • Oct 16, 2007 11:10am Oct 16, 2007 11:10am
Quoting Samantha
Greetings -

Wonderful thread. I'd like to ask the following:

1. Are Mondays good days to trade? I hear that some traders stay away from both Mondays and Tuesdays b/c of lack of news, low volume in the market, etc.

2. We are coming up on the Holidays. What weeks in Novemember, December, and January should be avoided?

3. When will we be back in a trending market? It seems as if a good deal of the currencies are ranging.


Thanks,
God Bless
Sam

1. Well when I started, if the markets were open, it was time to trade. I don't care for Fridays anymore and I am to the point Mondays arent very good either. Many may not agree. It might be the way I trade.

2. This question isn't one I should answer. Someone else may be able to answer it. I think the day of thanksgiving, Christmas, and New Years will be dead. The day following those days may be big movers. I'm not sure how exactly that works.

3. Ranging is a good thing sometimes. If you know the area of a top, take a short. When it gets to the bottom, close it (easier said than done). And again, I am not sure when things will be back to normal. Did I just say back to normal? Forex doesn't know that word. Maybe there just needs to be some sort of interest change or some drastic news come out to push things in a certain direction.
JOHN 3:16
  • #228
  • Oct 16, 2007 11:22am Oct 16, 2007 11:22am
Quoting findcount
i'm really embarrassed to say this........

but how you geniuses figure out which ema, sma, wma, etc etc to use.....???

i barely even know what they mean......must look up some books everytime and then i'll soon forget.......

and i can't fathom out how you guys figure out which time period of all these MAs to use for which timeframe ???

trial and error ???........voodoo......???
Don't be embarrassed. There is alot of trial and error. Open up your charts and start messing around. These questions you have right now are ones I thought about and never asked. I finally realized that is what most people were doing. Trying differant MA's be it the number or the name of the MA. I spent hours and hours and days and days putting differant things on charts to see if I could pin-point right when the trend changed. It looked good from manual backtesting but in real time it was worthless. One way to see the differance from SMA to EMa to WMA is pull up a chart wether it is a 15 minute or daily. That part doesn't matter. Then on that chart put a 10 SMA, a 10 EMA, and a 10 WMA. Look at the differance between each one of them. When it comes to plotting certain MA's it is all trying this and that.
Don't worry man, you didn't embarrass yourself.
JOHN 3:16
  • #229
  • Oct 16, 2007 3:14pm Oct 16, 2007 3:14pm
I have a question. The fear factor -

I have a system - bought and trained/ing in. Demo-ing at present. And confident that it will be me that determines its success or failure…

And I am just so terrified of failing - Fx just seems so goddamn unpredictable - I am aware that I am never gonna call it right 100% of the time - and I have sound money management principles and risk strategies in place - but equally I know if I don’t overcome my fear of failing and get my mindset correct I am going to have difficulty using ’real’ money - however large or small - it’s money and I don’t want to lose it - least not all - I have my start up capital, relevant risk/reward wise to make a difference - and I do so want to succeed - but I am scared - analysis paralysis at mo - how do you detach enough - or have enough confidence and self-belief that this is the one thing you can make work?

Most of us who will even attempt something like fx are perhaps, risk tolerant - or have tried things before and failed - so could be loosely termed entrepreneurial - I have tried so hard at this…yet no indicator/system can predict what is going to happen next in Fx market…all they give you is an edge.

- I have read whole thread and physiology consensus was that 'greed' was primary…well fear is mine. Any suggestions to overcome the fear?

And don’t suggest Trading in the zone - as failed ‘writer' tis hideously badly written - tho concept accurate.

Thanks in advance to anyone who can help.
BTW Peter - loved your thread.
Cheers
  • #230
  • Oct 16, 2007 3:17pm Oct 16, 2007 3:17pm
And Renasdad - thanks for all the help you have given and are prepared to give everyone.
  • #231
  • Oct 16, 2007 3:27pm Oct 16, 2007 3:27pm
annieb,
Before answer your questions, first I have to ask if you don't using God's name in vain. Most people probably went right over that word and didn't even realize it was there. When I read it, that is all I thought about your whole post.
My next post I will answer you.
JOHN 3:16
  • #232
  • Oct 16, 2007 3:29pm Oct 16, 2007 3:29pm
Apologies - had no Idea I had offended. Thanks and take care
  • #233
  • Oct 16, 2007 3:35pm Oct 16, 2007 3:35pm
Quoting annieb
I have a question. The fear factor -

I have a system - bought and trained/ing in. Demo-ing at present. And confident that it will be me that determines its success or failure…

And I am just so terrified of failing - Fx just seems so goddamn unpredictable - I am aware that I am never gonna call it right 100% of the time - and I have sound money management principles and risk strategies in place - but equally I know if I don’t overcome my fear of failing and get my mindset correct I am going to have difficulty using ’real’ money - however large or small - it’s money and I don’t want to lose it - least not all - I have my start up capital, relevant risk/reward wise to make a difference - and I do so want to succeed - but I am scared - analysis paralysis at mo - how do you detach enough - or have enough confidence and self-belief that this is the one thing you can make work?

Most of us who will even attempt something like fx are perhaps, risk tolerant - or have tried things before and failed - so could be loosely termed entrepreneurial - I have tried so hard at this…yet no indicator/system can predict what is going to happen next in Fx market…all they give you is an edge.

- I have read whole thread and physiology consensus was that 'greed' was primary…well fear is mine. Any suggestions to overcome the fear?

And don’t suggest Trading in the zone - as failed ‘writer' tis hideously badly written - tho concept accurate.

Thanks in advance to anyone who can help.
BTW Peter - loved your thread.
Cheers
I'll poke my nose in.

If you're demo trading this is the first step in conquering fear. If the system you've paid for is any good I'll assume it has some sort of positive expectancy - ie the winners more than offset the losers in monetary terms.

So, trade it with paper money and go STRICTLY by the rules. No second thoughts, no discretion, no holding back. If you can do this for 3 -6 months and you come out the other end in profit, break-even, or, at worst with a small loss then you should have started to overcome the basic fear of trading.

If, at that time, you decide to go live then find a borker where you can trade nano-lots (0.01) for another couple of months. Even if you feel quite confident in the system, only trade single lots for a while, and then gradually increase your trade size up to whatever number of lots your Money Management rules dictate.

Simple, isn't it?
  • #234
  • Oct 16, 2007 3:40pm Oct 16, 2007 3:40pm
Sound sense really isn't it -

sometimes you can't see wood for trees. eel like deer in headlgihts at mo...Thanks Peter

And so dreadfully sorry I offended - not intentional. Cheers again

Tomorrow is another trading day.
  • #235
  • Oct 16, 2007 3:49pm Oct 16, 2007 3:49pm
AnnieB,
Ok, the first thing you need to do is get a demo account. Practice a whole bunch. Since you bought a system, is one of the things you are scared of is that system not working like you thought since you spent money on it?
You have to realize you WILL lose money. There is no getting around it. I don't think there is a trader out there that has ever lost any money. I have probably had my SL hit at least 500 times. Closed trades when they were negative even more than that. You have to get it out of your mind that you may give up when it gets rough. Be a trooper. Don't start trading with alot of money. Start small.
I keep telling myself I will succeed. When I started, I had no idea what to do first. All those words I didn't understand and the people that sounded like they knew what they were talking about intimidated me so much. I knew deep down inside how good I was with numbers. How certain things just pop out at me that aren't normal for some people. I have to make it work. Tell yourself you are smart enough. You don't think you are dumb do you? By your post it sure doesn't sound like you are. Use your smartness and do what you want. learn this stuff. Don't let it put you down. If it does, shut off the computer and go get some ice cream or something. If you believe in God, pray to him. Don't look to make $1 million at this. Strive to make your account grow.
You say no indicator or system can predict what will happen next. Price action will do the best job. If you are using a 5/12 MA cross on a 1 hr chart and I am using price action, many times I will be in 3-4 hrs before you are. That could mean alot of pips. And the SL wouldn't be as big either. Don't get me wrong. Price action isn't the holy grail (it's the closest) for forex. There will be times it doesn't work either. Hey, that's just part of the game/business.
If one of the things that scares you also is where to start with pairs to trade, don't need to trade all of them. Pick 1 or 2 and stick to those for a while. I know you may miss out on some trades if you don't watch a whole bunch but it is ok to start small and work your way up.
If you don't want to trade on demo accounts, open up a live account where you can trade micro lots. $.01 a pip if you want. That will give you a little feel for the real thing.
JOHN 3:16
  • #236
  • Oct 16, 2007 3:53pm Oct 16, 2007 3:53pm
BTW,

You are welcome for the help.
That goes for the others that have said thank you too. I enjoy it.
JOHN 3:16
  • #237
  • Oct 16, 2007 4:06pm Oct 16, 2007 4:06pm
Right- thanks -

See where you are coming from - think that's likely it...According to my trading mentor - who I have faith in - just the goalposts have been shifted at times from initial sales stuff - I suppose one of my worries are - I am not consistently acheiving this system in demo - and he says if it takes a year to learn so what? Tho given the initia goalposts, tis different.

I didn't anticipate it taking the year to learn - know that sounds naive NOW - and what's a year - you can't really hurry it...and certainly not with real money. Were you scared when you started out?

Jings - so sorry I offended - first post too!!

Night
  • #238
  • Oct 16, 2007 4:13pm Oct 16, 2007 4:13pm
Apology accepted.
I really wasn't scared when I started live trading. The demoing I did lasted for a long time. Starting on tick charts and going to the longer charts. I was scared of myself though. I know what I am capable of when I have no boundaries to trade. I could have put all my money on the line with one trade. I had those ideas go through my head. I wasn't really scared though other than at myself.
JOHN 3:16
  • #239
  • Oct 16, 2007 4:45pm Oct 16, 2007 4:45pm
So how did you overcome the fear of yourself then...Experience/time?

thanks again.
  • #240
  • Oct 16, 2007 5:01pm Oct 16, 2007 5:01pm
When I say I was scared of myself, I was scared I would "bet" everything on one trade. The money I started with was hard earned money. I wasn't about to lose it that easy. I kept reminding myself how long some of these guys have been doing this and if they "bet" it all on one trade either they were rich or I never would have met them. If the people that are rich kept betting it all on that next trade, they would be gone. Cause we all know there are losers. When I opened a live account, I will be the first to admit, I wasn't ready. I didn't have a sound trading plan. I had run my $1,000 down to under $30. That account is still open to this day and growing if I may add.
I'm not sure exactly how I managed to never put it all on the line with one trade. I guess it was will power. I think about my daughter and how I want to spend everyday with her, no buzzer telling me when I can take a 10 minute break, no minimum wage paychecks. I keep thinking about the long term. For the person that only "lives for today", I don't think that person would make it. A person needs to look at the future.
JOHN 3:16
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