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The System (Irony included)

  • #61
  • Nov 6, 2007 6:09pm Nov 6, 2007 6:09pm
Listen guys

Don't marry yourself to anything nor any market. Be diverse. I know this is a forex forum and everything but will be nice for you to learn about equities, bonds etc. Think outside the box. You have no idea how the forex market will be by 2008??? so if you're married with this market and things goes south, then you're screwed... Markets conditions do change.

Another thing, don't take anything you see or hear as a face value. Don't drawn yourself into this "how to trade the NFP" or "surefire systems" outhere. On the long run, that's a looser's game.

Yeah you get excited when you win I mean it's normal. This is a long race, not a sprint. You have a "crossover system" that has a 99.9% of accuracy in backtesting...wow impressive isn't?? So you start pumping your hard earned dollars( and in many cases borrowed) and after a period of time (many times short) the market begins to shift......on boy what should I do now???? I just lost 67k I borrowed from uncle Tom

Don't be a fool. The market is nasty my friend. Remember back in Feb 2007??

Real players are the one's who take the market as it is - a big auction. they read price and act accordingly. My challenge to all of you is to start thinking differently.

Of course there;s plenty of money to be made on the markets

Just take time to understand what's going on. Be an avid student of the market, not a system - That's why I named this thread with irony

All begins with price., once you get the hang of it, you feel that you're in business. Don't take my word and try it.

Talking from experience

Just a little food for though


Peace
Peace
  • #62
  • Nov 6, 2007 7:09pm Nov 6, 2007 7:09pm
Quoting mrjtdude
Iam going to sound like a REAL idiot and/or a fool and/or an egotisticle moron to experienced traders with what I have to say....I have been trading for about 7 years and have just now come across something I have never seen before in my life...with what i have observed I see no reason why anyone could not make a fortune in any market with next to no drawdown...and iam not refering to this thred either....but the thread had got me back to thinking something i have not messed with in along while...so i guess credit is due to the creators of this thread....
and
"I have never felt so excited in my life .......i feel like i have won the lottery lol...i want to share it but i do know that if many use one thing then that one thing becomes useless...All i can say is use two time frames one for your trend and the other for entry point....and it's ALL price action..."


and
"I just got 3 more" ?

mrjdude, I`m sorry but I have to ask.
What is your point in these posts?
Feb is here as a person who has discovered a profitable way to trade and is trying to help...
What is your agenda?

If you want to share ....share.
If you want to brag ,go have a drink with your buddies.
  • #63
  • Nov 6, 2007 8:22pm Nov 6, 2007 8:22pm
I agree just go away mrjtdude.

Standard scammer practice. I have found holy grail and will give you a clue but you need to figure out the rest yourself.

Feb has started a great discussion here and it doesn't need nonsense like mrjtdude.
  • #64
  • Nov 6, 2007 8:49pm Nov 6, 2007 8:49pm
Quoting feb2865
yes absolutely everything must be done at the close
I cannot tell you how many times ignoring this simple rule has burnt me.

Trying to "anticipate" the move can get you killed. (Or, at best.....you get out with small loss/profit.) This can lead to a lot of psychological damage. And for you new guys, trust me - this kind of thing can add up in your mind. (For the longest time I wouldn't trade GBP/JPY because of a few bad trades in the early days. Or, I would take profits WAY too early.)

Right now, I am watching a wicked reversal candle on the AUD/CAD pair, and being patient. If it turns out to be a good trade (i.e. back into the massive box) it will be worth something. However, this is more of a range play, using same concept.

Too many times in the past, I have gotten in on the candle alone, only to get hurt. I am not saying it ALWAYS worked out that way, but it does enough to get you hurt.

By the way, I am referring to the 4 hour chart....daily shows promise too, however, at the moment, I can only wait and see what we get here.

(Box from 0.8550 to 0.8840)

I would guess that Feb would say wait until we get a clean break....and I have to agree it makes it easier.

I once did some work for a Fugitive Recovery Agency. (same thing as bounty hunter.) Trading is similar in the same sense that you never want to be the first or last in. (Those are the guys that are more likely to get hurt.)

Clockwork
  • #65
  • Nov 6, 2007 9:03pm Nov 6, 2007 9:03pm
here is a website with some info http://www.jesse-livermore.com/

Febs foundation before modified with his own twist.
  • #66
  • Nov 6, 2007 9:28pm Nov 6, 2007 9:28pm
Quoting mrjtdude
here is a website with some info http://www.jesse-livermore.com/

Febs foundation before modified with his own twist.
mrjtdude

I know what you feel. Jesse livermore has been my inspiration due to the simplicity of his methods. I don't follow then to the core, but the "pivotal points" as been a fundamental part of my trading I will love to see how it changed you whole trading style as I assumed you discovered something new (or old?)

anyway if you don't mind, please let us know what happened. I am definitely curious

Peace
Peace
  • #67
  • Nov 6, 2007 9:41pm Nov 6, 2007 9:41pm
Quoting clockwork71
I cannot tell you how many times ignoring this simple rule has burnt me.

Trying to "anticipate" the move can get you killed. (Or, at best.....you get out with small loss/profit.) This can lead to a lot of psychological damage. And for you new guys, trust me - this kind of thing can add up in your mind. (For the longest time I wouldn't trade GBP/JPY because of a few bad trades in the early days. Or, I would take profits WAY too early.)

Right now, I am watching a wicked reversal candle on the AUD/CAD pair, and being patient. If it turns out to be a good trade (i.e. back into the massive box) it will be worth something. However, this is more of a range play, using same concept.

Too many times in the past, I have gotten in on the candle alone, only to get hurt. I am not saying it ALWAYS worked out that way, but it does enough to get you hurt.

By the way, I am referring to the 4 hour chart....daily shows promise too, however, at the moment, I can only wait and see what we get here.

(Box from 0.8550 to 0.8840)

I would guess that Feb would say wait until we get a clean break....and I have to agree it makes it easier.

I once did some work for a Fugitive Recovery Agency. (same thing as bounty hunter.) Trading is similar in the same sense that you never want to be the first or last in. (Those are the guys that are more likely to get hurt.)

Clockwork
GPB/JPY is definitely a rough ride. I have plenty of heat from crude oil and e-minis already

AUD/CAD....how does this pair works for you clockwork???


" that you never want to be the first or last in. exactly how I think
Peace
  • #68
  • Nov 7, 2007 6:56am Nov 7, 2007 6:56am
Quoting feb2865
Also, I am on the lookout for periods of consolidation. Just check on the last chart I posted and tell me what happened today.
Hi Feb,

Could you please shed a light on how you would enter and trade the trend continuation given the consolidation?

Thank you.
  • #69
  • Nov 7, 2007 7:04am Nov 7, 2007 7:04am
Quoting scalpt
1 hr chart, to me. This is the zone where I made most of my pips, and where most traders stay away from.
???? random statistic ?????

From what I have observed, this is exactly where most newbies aim for (for the "long term" trend )
  • #70
  • Nov 7, 2007 7:09am Nov 7, 2007 7:09am
feb. can you post your staitment of one month. We want see how to trade...
Thanks
  • #71
  • Nov 7, 2007 7:13am Nov 7, 2007 7:13am
What an excellent thread you've started here Feb, thanks

M
  • #72
  • Nov 7, 2007 7:37am Nov 7, 2007 7:37am
Quoting feb2865
GPB/JPY is definitely a rough ride. I have plenty of heat from crude oil and e-minis already

AUD/CAD....how does this pair works for you clockwork???


" that you never want to be the first or last in. exactly how I think
Well, the AUD/CAD pair works as well as any other pair for me. (I trade charts, so a hammer is a hammer for me.) But, it is an odd pair in the sense that you have two really strong currencies. It's like all the others, except that it takes it's time often. (However, I don't trade this one very often....for whatever reason?)

GBP/JPY is a rough ride, but as I have learned proper position sizing..... it is a lot easier these days. In fact, the last two months has been my biggest winner. This pair is often calling for a stop-loss of 200 pips. It's just how it is. So, for example - I tend to play smaller lot sizes on this one, so I don't risk more than 1 or 2% of may account. (If the stop has to be 200 pips....so be it. I just have to settle for less a pip. The good news is that it will give me 50 fast.....)

I find that depending on the pair, you have to adjust the stop loss size. Take a look at reversal candles on different pairs.....

EUR/USD might be something like 75 pips long, while GBP/JPY can be something like 150. It's all in the size.

My personal belief is that GBP/JPY takes more mental fortitude than anything else. The technicals are all the same.

Now if my stupid broker offered CAD/JPY, we'd be in business.

Oh well, I guess I have to keep earning in Swiss Francs. There are worse things in life, I suppose.

Love this thread.

Clockwork
  • #73
  • Nov 7, 2007 8:20am Nov 7, 2007 8:20am
Quoting sydney
feb. can you post your staitment of one month. We want see how to trade...
Thanks
Sydney

I trade a variety of markets. Forex is just one of them. If you're trying to see how I do, we should be back to probably 1989 when I started on nasdaq. Actually I barely traded Forex on 2006 as I think it was not a good year especially for EUR/USD.

I see things on the long run. I am not active as I was because I don't have to(please don't get me wrong on this comment ). I had losing periods like everyone else. I just learned thru experience how to minimize risk. But trading/investing, etc is risky.I have no other way to put it.

This is a business based on probabilities. You just need to make and educated guess. but you need to get on the ride. If not there's no way of knowing until you get your hands on the fire.

I got motivated to start a thread in this forum, (as you notice I don't post very often) as I watched on that Cornelius system and followers going down the drain. I am just amused on how many people fall trap into following an individual/system and not been inquisitive, especially when is your own money we're talking about.

I am not here to patronize a system. I would like to help people learn how to read the market thru price and also develop their own view. Don't take my word of anyone for granted. I am only bringing experience on the table that's it. Draw your own conclusions on the market based on analyzing and research of the markets and I bet you will have success in the long run.

It all start as looking on the market as a big auction. I will never get tired of saying this.

Peace
Peace
  • #74
  • Edited 8:41am Nov 7, 2007 8:40am | Edited 8:41am
Quoting supra
Hi Feb,

Could you please shed a light on how you would enter and trade the trend continuation given the consolidation?

Thank you.
Once the market has broken the "box" wait for a pullback at a lower time frame. Don't go blind chasing the market, that's what everyone does and believe me there's a lot of sharks outhere waiting on "breakout traders" to hunt them down. Play smart. Make sure the market has intention to resume the longer time frame. Wait for the market to come to you...AND ALWAYS WAIT ON THE CLOSE (yes capital words included) Don't play in the middle of the move. Yes clockwork I am looking at you........ LOL

Stay away from round "key" numbers i.e 1.4500 - 1.4600 etc - there's a lot of sharks on these waters waiting to hunt your money down. Let the market move away from there. This is applicable to ALL markets. I was on the pit I know this from experience. Forex is no different on this matter.



Or

Plays devil's game and place resting orders on key levels to screw all this "system followers" traders....oh boy that's "evil"...I think I am talking too much hahahahahaha

well I am here to play a "saint" not to be devil's advocate so let's move on.

peace
Peace
  • #75
  • Nov 7, 2007 9:27am Nov 7, 2007 9:27am
Quoting feb2865
Once the market has broken the "box" wait for a pullback at a lower time frame. Don't go blind chasing the market, that's what everyone does and believe me there's a lot of sharks outhere waiting on "breakout traders" to hunt them down. Play smart. Make sure the market has intention to resume the longer time frame. Wait for the market to come to you...AND ALWAYS WAIT ON THE CLOSE (yes capital words included) Don't play in the middle of the move. Yes clockwork I am looking at you........ LOL
How low a time frame would you go down to, Feb?
  • #76
  • Nov 7, 2007 9:44am Nov 7, 2007 9:44am
Quoting supra
How low a time frame would you go down to, Feb?

In forex the lower I go is 4 hours. That' me as I don't like to be sit in front of a computer all day, unless I have a valid reason (like when the dow reach a significant number) but that's another story and another market, which I play rough.

I don't like the noise in forex.

You can go as low as you want. Remember the lower you go, the higher the noise. If you trade currency futures you can go as low as 1 tick. Just make sure you get profitable in the long run.

Peace
Peace
  • #77
  • Nov 7, 2007 10:41am Nov 7, 2007 10:41am
Hi Feb,

I agree. I think this is what high probability trading is all about.

Thank you for explaining.
  • #78
  • Nov 7, 2007 3:14pm Nov 7, 2007 3:14pm
If your daytrading any market I would suggest using tick charts because they are easier to see structure in the market.

I use 5 ring pivots mostly to try to filter out noise.

If you can conquer the correction with minimal drawdown you should have no problems making nice returns.

I currently use 1000 tick and 100 tick charts in my trading with ZERO indicators.

The only thing I add to my charts is horizontal lines.

The BIGGEST advice I can give anyone is always remember for every advance there is a correction.

If this doesn't help then maybe you need to stop trading all together.

Like Feb says use your brain don't just wait like a bum on the street....take action and figure it out!

If producers of trading systems worked consistantly then they wouldn't sell it to you.
  • #79
  • Nov 7, 2007 5:03pm Nov 7, 2007 5:03pm
Ok now is when I keep my ear on the ground

Tomorrow and Friday, there's a bunch of reports piled up all together. We had a "down day" today in all markets I should say. Kinda tempting to "buy a discount" but will advise caution. Let the smoke clears.

In other words, let the fools kill themselves. After that. pick up the pieces.

Play smart

For those following intermarket relationship, keep an eye on Merill lynch and Citigroup. Smells like we're heading to another credit crunch.

Morgan Stanley is writting off a whole bunch of loans. Not good.

Keeps your heads up......Poor dollar!!!!!!!! I definitely feel sorry for him

Peace


Note" If for some reason EUR/USD falls back bellow 1.45(of course depending on market conditions etc.) I am in!!!
Peace
  • #80
  • Nov 7, 2007 7:05pm Nov 7, 2007 7:05pm
I have been quietly following this thread from the beginning and I want to personally thank you feb2865...It is not often that someone professional will selflessly devote his time to help others become more profitable.

There is a site called "Candlesticker.com" that shows different candle patterns and ranks their reliability...Do you use any specific pattern(reversal or continuation)when you have the pullbacks to confirm them?

thanks again
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