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Forex, Greed, and Risk

  • #1
  • First Post: Oct 18, 2007 9:04am Oct 18, 2007 9:04am
Hello everybody. I would like to tell my story and may be receive an advice from experienced traders.

Once, Ive been attracted with the information about Forex... where its possible to make money easily staying at home.

Of course it was very interesting for me, everyone would like to earn money... or win Without a moment's thought, Ive opened a demo account on forex.com. And

Ive played (I intentionally use the word played as that was really nothing more than playing) knowing no rules, without reading any of that quantity of books about trading, technical analysis, money management etc.

I was just looking at the chart and trying to buy lower and sell higher That continued for not too long as Ive raised my deposit more than twice in only several days, starting from 200$ and gathering 20 - 40 pips every day
Of course, I didnt know anything about money management and opened positions using 50 - 100% of my deposit and the depo was growing rapidly, day after day
So, the time has come then I, inspired by my demo winnings, feel myself good enough to open a real account. Of course, Ive opened it at forex.com, where Ive started with demo, and my first $2000 were placed to my account
First, everything was the same the same tactics with the same results as on demo Ive got about $600 within first days.

And then I knew about all those books on trading, about the classicists of technical analysis which all teach us how to trade better, about magic indicators, which show where to buy and where to sell How wonderful I thought when starting to read those books And after some reading of classical books I decided to protect my depo by using Stop Loss, so as not to loose all the money at once What a surprise was when the first Stop Loss took $1000 away from my depo!!! A good protection

I thought All right, I cant win every time, the next time Ill recover it back After reading a bit more books Ive started to use all those methods I knew from the books in trading. But the price started to avoid all my traps, eating my orders and reversing ITS UNBELIEVABLE! I even suspected it could be some virus in my terminal moving the price against me! It was like a card game with the computer which knows my cards

Although a bit later I tried the terminal of other dealing center and everything was the same, so I didnt worry about virus any more, but worried about trading! Why the price behavior is nothing like it was described in the books it doesnt obey any signals of indicators, moves against the news and never moves where I expect it to move! All my efforts to save the decreasing depo were ineffective, and finally Ive got Margin Call.
So my first contact with Forex was badly finished and thats what the greed and risk leads to

Could anyone tell me what Ive done wrong and how to become a good trader?
  • #2
  • Oct 18, 2007 9:22am Oct 18, 2007 9:22am
  •  mld
  • | Joined Sep 2007 | Status: Pips Raining Cats & Dogs | 85 Posts
You just dived from Desert into Sea
You'll be fine, look forward to hear from experienced traders...
mld
  • #3
  • Oct 18, 2007 9:26am Oct 18, 2007 9:26am
Really, a very common story, I think. Most traders lose their first deposit. In my opinion the point is that you trade without any system. A trading system is required for beginners, at least the simplest system like “to buy at the lower boundary of the flat and to sell at the upper one”. And of course one should never risk with the entire deposit.

I think it’s better not to trade in flat, but look for a good trend to trade better – remember that “trend is your friend”.
What is the flat and what is the trend after all?
Flat – is a price movement within a range between two levels, when the price can’t break neither upper (resistance) nor lower (support) of them.
Trend – is a directional price movement, when the price moves in one direction (up or down) from one level to another.

It’s possible to gather 100-200 pips in trend, while flat is more likely to destroy your deposit.
I recommend you to read here about trend and flat
http://www.masterforex-v.su/002_000_01.htm
  • #4
  • Oct 18, 2007 9:37am Oct 18, 2007 9:37am
Quoting stace
Really, a very common story, I think. Most traders lose their first deposit. In my opinion the point is that you trade without any system. A trading system is required for beginners, at least the simplest system like “to buy at the lower boundary of the flat and to sell at the upper one”. And of course one should never risk with the entire deposit.
But, actually, IT was my system Maybe it is too simple? What do you suggest me to do? You know, it was so easy on demo... I have read some books, as I already mentioned, but it was no use!!!
  • #5
  • Oct 18, 2007 9:43am Oct 18, 2007 9:43am
Hi MinorTrend, just keep on trading until you can be familiarized yourself with the market movements, use indicators to learn your trades and try to anticipate a move instead of read and react. Trade small and use tight stops while you learn, in time? I think everything will start to click for you. IMHO.

Plan your trade, trade the plan.

scalpt
  • #6
  • Oct 18, 2007 9:49am Oct 18, 2007 9:49am
What percentage of your account are you risking on each trade? That's what killed you.
  • #7
  • Edited 11:16am Oct 18, 2007 10:04am | Edited 11:16am
I guess the best method to find supports and resistances is to look at my positions each of them is a very powerful support or resistance its really difficult for the price to break it giving me profit. What do you think about? Am I wrong somewhere?

I greatly aprecciate all the support!!

PS Forgive me for the tautology ^_^
  • #8
  • Oct 18, 2007 10:20am Oct 18, 2007 10:20am
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Hi MinorChant

A few things for you to consider and some golden rules I like to personally follow:

  1. Always plan your trade and follow it to the letter. A consistent trading plan can take some time to develop so make one that suits your personality.
  2. Terminate your losses quickly if the trade goes against your plan. Most beginners nurture losses because greed kicks in. Don't do this.
  3. Let your profits grow as the trade goes with your plan. Don't let fear terminate your profits prematurely.
  4. Learn everything about technical indicators and then throw them away. They work in the past and the past is not an indicator of the future in forex. The only indicators I use are moving averages to show trend, pivot points to show daily bias and Chaikins volatility indicator to show trading intensity.
  5. Don't misuse the stop-loss. Take full responsibility for the trade. There are rumors that brokers hunt stop losses....
  6. Don't over trade. More money is made waiting rather than actively trading. Wait for the right setup that matches your trading plan. Waiting can be very boring but it pays off.
  7. Trade with the trend. Learn how to identify a short, medium and long trend and trade with the trend according to your trading plan.
  8. Avoid the currency when it is choppy, moving sideways or consolidating like the plague. Come back another day.
  9. Make sure your trading plan clearly articulates risk v.s. reward. Don't take high risk trades that yield low reward
  10. Make sure you become familiar with Daily, 4 Hourly and Hourly charts for the currency pair you trade. This will give you a birds eye view of what is happening. It's not good to be in the weeds (5, 15 minute charts) all the time.
  11. Master one currency before jumping into other currencies. Each pair has its own personality so pick just one and learn it's behavior.
  12. Consider buying insurance to limit risk and increase profits... i'm talking about call and put options.
  13. Learn the basics of fractal mathematics and how it applies to trading.
  14. Learn everything about patterns.... continuations, reversals, triangles.
  15. Learn everything about support and resistance.
  16. Buy weakness and sell strength... this is the MOST important concept to understand. For example, when a currency is strongly trending it often pulls back for a few periods to catch its breath. This is a weakness that should be traded.

Some people ask about my typical trading day so here's todays diary... I rose at 3am to catch the UK markets and sat around waiting until 7am for my first trade. The setup matched my trading plan so I entered th trade. 20 pips in my favor the market changed and began moving against my position. 20 pips became 5 so I terminated the position preserving a very small profit and paying for the commissions. (I hate loss). It was a good call because the currency pair began moving sideways along the top of a support line outside the parameters of my trading plan. I'm very happy with the trade because it went to plan and there was no loss. This is a business after all.

Yesterday I also rose at 3am... it wasn't until 12pm that I found the setup I had been waiting all day to appear. I opened the trade with 10 lots. It moved in my favor according to the plan so I purchased another 10 lots. 80pips later I exited the trade a very happy man. I'm happy to wait all week for this type of trade to appear. When it does I go all in.

I have really simplified many complex concepts into a few lines so forgive me if there is anything ambiguous of flippant here. If you need any clarification then please don't hesitate to ask.

Regards
TrevA

  • #9
  • Oct 18, 2007 11:06am Oct 18, 2007 11:06am
Quoting TrevA
Hi MinorChant

A few things for you to consider and some golden rules I like to personally follow:
Quote
[*]Make sure you become familiar with Daily, 4 Hourly and Hourly charts for the currency pair you trade. This will give you a birds eye view of what is happening. It's not good to be in the weeds (5, 15 minute charts) all the time.[*]Master one currency before jumping into other currencies. Each pair has its own personality so pick just one and learn it's behavior.
I must understand the movement of one definite pair?
But very often USD and Euro going in the same direction! Is there some connection? Are they have the same behavior?

Quote
[*]Learn the basics of fractal mathematics and how it applies to trading.
Please, tell me, what can I read on the subject? I have never heard about it...

Quote
[*]Learn everything about patterns.... continuations, reversals, triangles.
You mean patterns that show points of turn and continuation?
Quote
[*]Learn everything about support and resistance.
Can you tell more information on the subject? I know a little, and I use it, but I want to learn a bit more information ot this theme.

Quote
[*]Buy weakness and sell strength... this is the MOST important concept to understand. For example, when a currency is strongly trending it often pulls back for a few periods to catch its breath. This is a weakness that should be traded.
But how can I define these points? And where the trend will stop? What timeframes, do I have to use?

Quote
Some people ask about my typical trading day so here's todays diary... I rose at 3am to catch the UK markets and sat around waiting until 7am for my first trade. The setup matched my trading plan so I entered th trade. 20 pips in my favor the market changed and began moving against my position. 20 pips became 5 so I terminated the position preserving a very small profit and paying for the commissions. (I hate loss). It was a good call because the currency pair began moving sideways along the top of a support line outside the parameters of my trading plan. I'm very happy with the trade because it went to plan and there was no loss. This is a business after all.

Yesterday I also rose at 3am... it wasn't until 12pm that I found the setup I had been waiting all day to appear. I opened the trade with 10 lots. It moved in my favor according to the plan so I purchased another 10 lots. 80pips later I exited the trade a very happy man. I'm happy to wait all week for this type of trade to appear. When it does I go all in.

Great work! I look forward to be as profitable, as you!

Thank You for interesting information.
Hope you will answer my questions

Best regards!!!
  • #10
  • Oct 18, 2007 12:02pm Oct 18, 2007 12:02pm
hey there, welcome to the forum

Your story is very common for a new trader, so don't feel bad. The first thing I would say to do is make sure you are trading on demo, forget live trading for a few months.

You need to find a strategy online or make your own (this is much better). It might be a good idea to start with something very simple like a moving average crossover, with stops below support/resistance points and a trailing stop to lock in profits. By doing this it will teach you how to be disciplined and how to manage your account with good money management. When you become more experienced, you will probably amend the strategy a lot to one that suits you best. Just my two pips..
  • #11
  • Oct 18, 2007 12:31pm Oct 18, 2007 12:31pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
MinorChant

I recommend not getting distracted by trading multiple pairs when learning forex. Choose one and stick with it. Currency pairs are like children... they may have the same parents but their personalities are unique. I personally like EUR/JPY because it moves 100-180 pips each day, generally trends nicely and fits with my trading plans. AUD/JPY and GBP/JPY tend to mirror the behavior of EUR/JPY and each other but have their own characteristics. Learn one, then diversify.

With currency pairs (EUR/JPY), the first currency (EUR) is the commodity and the second currency is the money (JPY). If you have a forex account in USD and you buy EUR/JPY, your broker first converts your USD to JPY, then purchases(or sells) EUR with the converted JPY. When you exit your position, your broker then converts the JPY back to USD. Confused?

Fractals
In short, fractals tell you when the behavior of the currency is changing on a period by period basis.
There's a lot of discussion on this forum about fractals so do a search. Here's an interesting discussion on the subject: http://www.forexfactory.com/showthread.php?t=4042

Patterns
Yes, you are correct. I mean reversals and continuations. Tops, double tops, head and shoulders, dead cat bounce, ascending triangle, descending triangle, channels and so forth. Search the forum for this because it's worth more than gold to learn. These patterns occur every day and increase trading success. For example

Support and Resistance
Here's a good thread on the subject- http://www.forexfactory.com/showthread.php?t=7363
I really love to use pivot points. Of all the technical indicators this is the best because it is used by institutional traders around the world every day. It sets the tone for the day and you know whether the day will be bullish or bearish. For example, if the day opens below the pivot price/point then generally speaking, the day will be bearish. If it opens above the pivot price/point then the day will be bullish. They are really good to watch in action because you can see prices bounce of support and resistance lines as the day progresses. You can see how a price behaves when it hits a high or low for the day.

Take EUR/JPY today (18 Oct 2007) in the M15 chart. The price opened on the pivot (165.61), headed down towards the .5 support line, turned and headed up through the pivot and bounced of the top .5 resistance line... pretty cool huh? When it hit the .5 resistance line, the bulls tried twice to break through and failed... a double top pattern example. After failing the second time the bulls gave up and the bears took over dropping the price by 82 basis points in 1hour 15min.

Weakness and Strength
Open EUR/JPY 17 Oct 2007, switch to M15, time 15:30 to 19:45. This is a perfect example of pull back and weakness. Notice how the price pulls back at 17:30? The bears are taking a small break and the bulls take over. After a short time, the downward trend continues. This pullback is an opportunity to short even further. I traded this trend from top to pullback and closed the position only because I had to stop trading for the day. These opportunities present themselves with great frequency. You'll notice that at the bottom of the downward trend, another fractal formed around the 1st support line which took the price back up. Trading this particular pattern through to completion would have yielded 150 points in 6 hours of trading.... absolutely awesome!

Weakness and Strength timeframes
All timeframes display this fractal pattern.

Hope this helps
TrevA
  • #12
  • Oct 18, 2007 1:05pm Oct 18, 2007 1:05pm
Quoting peterM
hey there, welcome to the forum
Quote
Your story is very common for a new trader, so don't feel bad. The first thing I would say to do is make sure you are trading on demo, forget live trading for a few months.
How long should I be on Demo? I thought that I am only one, who lost money every day ((

Quote
You need to find a strategy online or make your own (this is much better). It might be a good idea to start with something very simple like a moving average crossover, with stops below support/resistance points and a trailing stop to lock in profits.
There are a lot of strategies in the web, but which one should I choose? I tested some strateg's on the history, and they were profitable, but on the real charts they sucks! How may it be?

Quote
By doing this it will teach you how to be disciplined and how to manage your account with good money management. When you become more experienced, you will probably amend the strategy a lot to one that suits you best. Just my two pips..
Hope I will find what I need...
And one more question. Can you help me with MM? How to use it? I dont know, actually, how can it help me on real account. Can you show it on the charts?

Thank you for all!
Look forwad for you answers!
  • #13
  • Oct 18, 2007 2:03pm Oct 18, 2007 2:03pm
Quoting stace
It’s possible to gather 100-200 pips in trend, while flat is more likely to destroy your deposit.
I recommend you to read here about trend and flat
http://www.masterforex-v.su/002_000_01.htm
I visited this link of yours... There are 3 big books, you know? How do you expect me to read it at once? Anyway, I have read this http://www.masterforex-v.su/002_000_01.htm. Actually, I liked the theme. I liked trend's defenition:
Quote
General conclusions about trend from the Masterforex-V trading system
1. Trend is a directed movement of prices between two reversal patterns going opposite directions.
2. Movement on trend is zigzag looking – the rollback wave follows each impulse wave. This balance of impulse and correction between them indicates the trend direction.
3. Classic figures – this is a correction model (of rollback), upon completion of which, follows the subsequent trend wave
It is hard to believe, but even I understand it
But one thing I have to mention: do you think that this book wiil be helpful for me? I have read so many and I afraid that the other ones wont help...
Now Im a desperate trader. I realised that most systems wont work on real charts. But still I dont wanna give up. At least I'll give it a try. Can you advise, from which part of the book should I start?
I appreciate all the help, and I'm glad that so many people have answered on my questions!
  • #14
  • Oct 18, 2007 2:53pm Oct 18, 2007 2:53pm
Welcome to the forum Minor.....

I am going to go out on a limb here, and suggest a certain author's work. Look into James16's threads. Start with something simple like pinbars. (He has a huge thread on this one alone.)

However, after my first year of trading, I can honestly say that I have yet to find something that I would call "A reliable indicator".

Instead, I would focus on support lines, resistance lines....

Take a look at the EUR/USD at 1.4242 (price).

You will see that several times it bounced down from there. This is a pretty obvious resistance area. (It is really clear on the 4 hour chart.)

So for example, since I wasn't already in this pair.....last night, I put in an order to buy at 1.4255. (I got hit, and went up......) The reason I put it above is because you always have to take into account that not everyone has the same spread. (I have 2 pips on this pair, but on some platforms it is more like 3 or 4.) This way, I should be clear of those stops.

Anyway, this was an obvious place to buy. This is why I took this trade. (In fact, I was asleep when it was triggered.)

You should only take trades that are obvious in my opinion. That is not to say that you can't make money at any given moment, but it really doesn't take that many trades to make a good profit.

Just the right ones.....

Good luck!

Clockwork
  • #15
  • Oct 19, 2007 2:01am Oct 19, 2007 2:01am
Quote
I recommend not getting distracted by trading multiple pairs when learning forex. Choose one and stick with it. Currency pairs are like children... they may have the same parents but their personalities are unique. I personally like EUR/JPY because it moves 100-180 pips each day, generally trends nicely and fits with my trading plans. AUD/JPY and GBP/JPY tend to mirror the behavior of EUR/JPY and each other but have their own characteristics. Learn one, then diversify.

With currency pairs (EUR/JPY), the first currency (EUR) is the commodity and the second currency is the money (JPY). If you have a forex account in USD and you buy EUR/JPY, your broker first converts your USD to JPY, then purchases(or sells) EUR with the converted JPY. When you exit your position, your broker then converts the JPY back to USD. Confused?
Yes, I am a little... So, you mean, that I must not watch multiple charts at once? I am confused for sure... You wrote that "AUD/JPY and GBP/JPY tend to mirror the behavior of EUR/JPY". For example, If I choose EUR/JPY as my main pair... Then I can watch AUD/JPY and GBP/JPY to control it? If it right, so how can I manage to identify its movement? I mean, if GBP/JPY goes south, then wen I must buy my main pair? Are there some definite signals? Sometimes these pairs follow different directions, so what am I to do in such a situation? I really appreciate you help!

Quote
Fractals
In short, fractals tell you when the behavior of the currency is changing on a period by period basis.
There's a lot of discussion on this forum about fractals so do a search. Here's an interesting discussion on the subject: http://www.forexfactory.com/showthread.php?t=4042
I have read something about fractals... That author was Bill Williams. But still I have problems with it. For example, sometimes there is a fractal on the top of the cable. Does it mean that I have to sell this pair? How can I precisely define this movement?

Quote
Patterns
Yes, you are correct. I mean reversals and continuations. Tops, double tops, head and shoulders, dead cat bounce, ascending triangle, descending triangle, channels and so forth. Search the forum for this because it's worth more than gold to learn. These patterns occur every day and increase trading success. For example

Support and Resistance
Here's a good thread on the subject- http://www.forexfactory.com/showthread.php?t=7363
I really love to use pivot points. Of all the technical indicators this is the best because it is used by institutional traders around the world every day. It sets the tone for the day and you know whether the day will be bullish or bearish. For example, if the day opens below the pivot price/point then generally speaking, the day will be bearish. If it opens above the pivot price/point then the day will be bullish. They are really good to watch in action because you can see prices bounce of support and resistance lines as the day progresses. You can see how a price behaves when it hits a high or low for the day.
My problem with the patterns is that I can easily define them AFTER the movement, and when it is too late. Is there a method to define them in the beginning of the movement?

Quote
Take EUR/JPY today (18 Oct 2007) in the M15 chart. The price opened on the pivot (165.61), headed down towards the .5 support line, turned and headed up through the pivot and bounced of the top .5 resistance line... pretty cool huh? When it hit the .5 resistance line, the bulls tried twice to break through and failed... a double top pattern example. After failing the second time the bulls gave up and the bears took over dropping the price by 82 basis points in 1hour 15min.
But how can I define these levels? Can you show on the charts?

Quote
Hope this helps
Of course it helps (it isnt dark sarcasm ). Now I understand some things.
Please, forgive my curiosity, but really, it is the first forum, where people gave me some answers. On the other ones, they just didnt want to bother themselves with the newbie. But anyway, even a newbie one day would be a proffy, what do you think?
Good luck to you in your trading, and thanks for you answers!
I look forward to see the answers on my new questions!
Best Regards!!!
  • #16
  • Oct 19, 2007 9:51am Oct 19, 2007 9:51am
Yeah. I reccomend to read them man. And also very serious is to read book of Bill Williams "Trading Chaos" but the first book all other are far away from theme but in case also read them. Some time ago I red this book "Trading chaos" but i had lot's questions and I found them here in this book which I reccomend you to read. Will it be helpfuull or not it is your decision bro.
  • #17
  • Oct 19, 2007 9:31pm Oct 19, 2007 9:31pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting MinorChant
Yes, I am a little... So, you mean, that I must not watch multiple charts at once? I am confused for sure... You wrote that "AUD/JPY and GBP/JPY tend to mirror the behavior of EUR/JPY". For example, If I choose EUR/JPY as my main pair... Then I can watch AUD/JPY and GBP/JPY to control it? If it right, so how can I manage to identify its movement? I mean, if GBP/JPY goes south, then wen I must buy my main pair? Are there some definite signals? Sometimes these pairs follow different directions, so what am I to do in such a situation? I really appreciate you help!
I recommend not watching multiple charts until you have mastered one currency pair. Your not going to miss out on opportunities because one pair will give you heaps of action as I will show later in this reply.

Quoting MinorChant
I have read something about fractals... That author was Bill Williams. But still I have problems with it. For example, sometimes there is a fractal on the top of the cable. Does it mean that I have to sell this pair? How can I precisely define this movement?
In isolation fractals just tell you that new information has arrived and a change has happened. Fractals alone do not provide enough information to enter a trade. You need more evidence. I look for how quickly the price is changing, it's trend and whether it has broken through a daily support line.

Quoting MinorChant
My problem with the patterns is that I can easily define them AFTER the movement, and when it is too late. Is there a method to define them in the beginning of the movement?
There is no 100% guarantee with anything here but you can start to see patterns emerge that give weight to change.

For EURJPY, daily volatility is "generally" over 100 pips, so we know that on most days, the currency will move up or down by at least that number of pips.

We know that daily pivot points give us support and resistance lines and when the currency breaks through that one of those lines it's generally headed for the next line.

We know the trend direction from the moving average. We also know that when a pattern forms(descending triangle et al) that the price will behave in a fairly consistent way.

All these indicators together give us the evidence we need to predict a movement AS and BEFORE it happens. If we enter a trade and it doesn't move as we predicted then we exit it quickly to preserve our capital and wait for the next setup.

Quoting MinorChant
But how can I define these levels? Can you show on the charts?
Here's how. The attached screen capture is for EURJPY for the 19th October. It's a 15M view with daily pivot points shown and two moving averages. This particular day was very profitable and I waited all week for it to eventuate. It yielded over 200 pips for me.

Notice the formation of a descending triangle? I love this pattern because it means that the bulls are loosing and the bears are winning. Notice how the bears tried twice to pull the price down through the .5 support line and failed? Also notice how over a period of 3 hours, the bulls were getting weaker? This is indicated by low and lower highs.

The numbers here are descriptions for the numbers on the screen shot.

Notice that we knew the days sentiment was bearish because the price opened well below the daily pivot line? Also, while not shown here, the daily price movements for this currency shows a bearish sentiment at the moment. This tells us that we must "bet" with the trend which is bearish.

1. I entered the trade once it broke through the support line, not before. If i was wrong then the price would have turned up through the .5 line and I would have closed my position. In this case all the evidence( Triangle, trend, support line) were in my favor and the bears dragged the price down to the 1.5 support line.

2. I closed my position when the price pulled back above the 1.5 support line... Profit... 60 pips.

3. Trend was still down so I entered a position when it broke through the 1.5 support line. I was wrong and the price reversed. Loss.... 8 pips.

4. This one was more complicated and I almost didn't do the trade. I waited for the price to rise above the 1st support/resistance line AND above the other highs. Trend was up and yielded 40 pips.

5. I shorted this as it broke through the .5 line and closed my position when price turned up and crossed back through the .5 line. Loss.... 5 pips.

6. Breaking back through the .5 line was evidence of bull weakness so entered the trade. See the pullback? That's a very nice fractal. What a ride! Profit... 100 pips.

The temptation existed to close my position when the price turned up through the 1st support line...

In summary, 5 trades, 2 losses, 3 wins. Losses were minimal and I let my profits ride.

I don't know what software you're using for charts but I use MetaTrader. If you haven't already, try and find an indicator for your software that draws daily pivot lines.

Finally, the Bill Williams book on fractals is worth reading but I haven't found his method very useful for forex intraday trading. You'll miss the big moves using his method.

Regards,
Trev
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy19102007.gif Size: 25 KB
  • #18
  • Oct 20, 2007 10:57am Oct 20, 2007 10:57am
Minor -

I your recent post I saw two words that you might want to think about....


Definite and Precisely.

Unfortunately, these words don't really exist in Forex.


Probable and likely are better ones.

I know this seems petty, but trust me on this: No matter how dead sure you are about a trade - it can work against you.

Great thread though.

Clockwork
  • #19
  • Oct 20, 2007 1:08pm Oct 20, 2007 1:08pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
You might find this site useful: http://www.babypips.com/school/

Trev
  • #20
  • Oct 21, 2007 9:01am Oct 21, 2007 9:01am
Quoting stace
Yeah. I reccomend to read them man. And also very serious is to read book of Bill Williams "Trading Chaos" but the first book all other are far away from theme but in case also read them. Some time ago I red this book "Trading chaos" but i had lot's questions and I found them here in this book which I reccomend you to read. Will it be helpfuull or not it is your decision bro.
Thanks! Actually, I have read Williams's book, as I wrote before. And unfortunately, I still got a lot of questions on this theme. I have read few chapters of the book, which you recommended, and, to my surprise, I found some answers there! This book have been written on the basis of books by Bill Williams, Murphy, Larry Williams, Schwager, Demark, etc (so far, I know only Williams... ) and there is good explanation of some problems, that was too difficult for me.
Anyway, thank you for the link. But still I have to find a lot of free time to proceed with my education. I greatly appreciate all the help, that everyone show on this forum. So far none of my problems were solved, but I succeed in starting their solvation.

With best regards,
MinorChant
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