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The System (Irony included)

  • #541
  • Nov 17, 2007 3:58am Nov 17, 2007 3:58am
Here is just one example of why i would prefer Weekly S/R levels as stop loss rather than daily bars. In the first half of the chart i would use weekly resistance levels to place my stop/loss. On second half of the chart i would use weekly support levels to put my stop loss. I am sure you would save on stop losses. Afterall Feb likes discounted prices

I also prefer to use weekly PP and S/R as profit targets.

The moment price broke down thru one support level it went to the next. And in most cases it would rebound after hitting S3 due to oversold levels.

Also true for upside break. Moment it went up thru one resistance level it went to the next. And once it hits R3 it tends to rebound due to overbought levels.

It only failed 1 out of 9 attemps not to reach its next destination and that was due to bad news coming out of UK that saw gbp/usd fall.
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  • #542
  • Edited 4:52am Nov 17, 2007 4:10am | Edited 4:52am
Quoting Mr Trend
I've torn through accounts like a madman. If I can come on here and tell it like it is, in the hopes that someone will listen and maybe, just maybe, not have to go through the crap, emotionally, and financially that I have, then I've done my job -- regardless if they think I'm brass or whatever.

Because when you've given the market the equivalent of four years at Harvard, you do not want others to have to go through the same friggin' thing.
Yeah, I know how you feel. I have felt and done the same with people starting a business, cuz I didn't want them to go through what I did.

*edited:

Quoting Mr Trend
...but, I don't know anything and you don't believe me anyways, so whatever... one of these days you'll learn the same things I've learned and think back, "Hmm, maybe he wasn't such an arrogant bastard after all..."

I swear... you try to help people and you're told to practice humility.
I never said you didn't know anything, in fact I've praised you quite a bit. Please don't throw a tantrum, I had just gained respect for you from your previous post, as I thought you showed class in your responses.

To be honest, if you read your post (hmmmm, although somebody deleted it, so you will have to read it in the quotes of my post) --> http://www.forexfactory.com/showthre...53#post1715653

Your intention/motivation didn't seem to be that of wanting to help me, but more wanting to prove me wrong or something.

If I have hurt your feelings, I apologize http://leighswishingwell.com/lp/emotes/hug.gif
  • #543
  • Nov 17, 2007 5:25am Nov 17, 2007 5:25am
Quoting leighsww
Yeah, I know how you feel. I have felt and done the same with people starting a business, cuz I didn't want them to go through what I did.

If I have hurt your feelings, I apologize http://leighswishingwell.com/lp/emotes/hug.gif
Sounds some communications going on. Thanks for my poor English, I really don't know meanings behind the English words, only try to understand in a plain and good-intended way.
  • #544
  • Nov 17, 2007 5:36am Nov 17, 2007 5:36am
Quoting Mr Trend
Women are better traders than men, because men tend to, generally, let ego get in the way. Women aren't into ego. Men let revenge get in the way. Women typically don't have that gene, so to speak.

Psychologically, there's a huge difference. That's not to say women don't experience these things, but they generally don't let it get the best of them.

...but, I don't know anything and you don't believe me anyways, so whatever... one of these days you'll learn the same things I've learned and think back, "Hmm, maybe he wasn't such an arrogant bastard after all..."

I swear... you try to help people and you're told to practice humility.

If that's what you think, hey, no problem.
My friend i get the impression you are very tense here.

Unless you provide us with a study that was done in recent years proving that women are indeed better traders than men, then you shouldnt be upset if people critisize this assumption you made.

Even i can disagree with you because what you said about male traders are not applicable to a lot of male traders. So i will disagree with you on 2 assumptions:

1) Females are not necessarily better traders than males
2) All males are not ego traders

You will get good traders both male and female.
You will get ego traders both male and female.

Trading is not a gender issue. It is a discipline issue
  • #545
  • Nov 17, 2007 8:49am Nov 17, 2007 8:49am
Something about pivot points/ S/R lines, fibos. etc

Never place stops at these levels. Too many sharks in these waters (myself included, not in forex but in some other markets) By the way, I have to give credit to Mr. Trend on what he said about placing stops like 20 pips away from daily bars.

As I mentioned in one of my earliest post, I use them, including trendlines. But I don't worship anything on my charts other than price.

How do I use them?? well, very simple, looking for clues on what others are doing. I track speed and momentum on this lines. Also to have an idea on where not to place my stops. That's it.

You don't need any of that to be a consistent player in this business. I am not here to create controversy, I am here to give you a another perspective on the market, without any trees blocking the view.

Take the market for what it is. A big auction. At the end, it's all about numbers.

Hindsight is only good for reference purposes. I could go on with something like" I made a backtest down to year 1492. This system gave me an 99.99% of winers" WOW man this is it.

what is that good for??

well I you know, it could be good to clutter your head and follow hindsight like a dummy, keeping your out of focus of what's really happening on the market. Very much like reading tea leaves.

Trade the market in real time ***as is happening*******


Fractals works more often than not. It's a way for you to see if the market has intention to resume the trend or to be sloppy. But I got burned BIG TIME (capital letters) on fractals before. Because my job description includes "Risk assessment" I decided for the fractal to be confirmed. I rather leave some money on the table that get burned.

I am so sorry if I am bursting some bubbles here. Didn't mean to be rude or anything. I know I sound kinda harsh sometimes. But that's the way it is. I am not giving you a system with an on/off switch. My goal here is for all of you to have a deeper understanding on the markets so you can make an educated guess with an appropriate risk assessment when the time comes to pull the trigger.







Peace
Peace
  • #546
  • Nov 17, 2007 10:29am Nov 17, 2007 10:29am
Quoting ownshook
Trader_V was kind enough to document via a doc file as to why he entered that trade.....clockwork71 was pretty much bang-on

here is the doc: http://www.forexfactory.com/attachme...6&d=1195177710


You are right. i missed that post. But anyway, it was a different entry system from the fractal.

On another topic, and i know it might come across as rude but......can we stop the Big Brother, Litlle Brother thing? It eerily reminds me of the Tiger thread where everybody was calling each other brother this and brother that, and it become sort of a cult where the brothers were following blindly the Big Brother and were almost ready to send him money to "support" some kind of fishy charity that this guy said he had. And when someone dared to question the Brother intentions and/or wisdom he/she was immediately attacked publicly in the forum and through countless PM's by the blind little brothers.

Don't we have names here?
  • #547
  • Nov 17, 2007 11:00am Nov 17, 2007 11:00am
Quoting alcastro
On another topic, and i know it might come across as rude but......can we stop the Big Brother, Litlle Brother thing?
I was thinking along the same lines that this thread is taking a turn from something it was originally set up for. While it makes sense to question to understand why somebody did something...in relation to trading...some of the other comments are not serving the overall purpose of this thread.
  • #548
  • Nov 17, 2007 12:29pm Nov 17, 2007 12:29pm
Quoting feb2865
Something about pivot points/ S/R lines, fibos. etc

Never place stops at these levels. Too many sharks in these waters (myself included, not in forex but in some other markets) By the way, I have to give credit to Mr. Trend on what he said about placing stops like 20 pips away from daily bars.

As I mentioned in one of my earliest post, I use them, including trendlines. But I don't worship anything on my charts other than price.

How do I use them?? well, very simple, looking for clues on what others are doing. I track speed and momentum on this lines. Also to have an idea on where not to place my stops. That's it.

You don't need any of that to be a consistent player in this business. I am not here to create controversy, I am here to give you a another perspective on the market, without any trees blocking the view.

Take the market for what it is. A big auction. At the end, it's all about numbers.

Hindsight is only good for reference purposes. I could go on with something like" I made a backtest down to year 1492. This system gave me an 99.99% of winers" WOW man this is it.

what is that good for??

well I you know, it could be good to clutter your head and follow hindsight like a dummy, keeping your out of focus of what's really happening on the market. Very much like reading tea leaves.

Trade the market in real time ***as is happening*******


Fractals works more often than not. It's a way for you to see if the market has intention to resume the trend or to be sloppy. But I got burned BIG TIME (capital letters) on fractals before. Because my job description includes "Risk assessment" I decided for the fractal to be confirmed. I rather leave some money on the table that get burned.

I am so sorry if I am bursting some bubbles here. Didn't mean to be rude or anything. I know I sound kinda harsh sometimes. But that's the way it is. I am not giving you a system with an on/off switch. My goal here is for all of you to have a deeper understanding on the markets so you can make an educated guess with an appropriate risk assessment when the time comes to pull the trigger.







Peace

Hello Dear Feb2865, just wanted to thank you very much for your absolute great post. Your are not harsh at all in my view, all the opposite. I really like your style of stating what the market is all about and keeping us remembering what is important to look at which is price.

Very well written

Sincerely

Shreem
  • #549
  • Nov 17, 2007 12:39pm Nov 17, 2007 12:39pm
Quoting shreem
Your are not harsh at all in my view
I agree with shreem.

Hey, you give out "tough love" , but your intention/motivation is never for the wrong reasons.

You are always constructive, never destructive. When you are harsh, you do so very fairly. There's a difference.

Everybody can see/feel that from you. You have nothing to apologize for
  • #550
  • Nov 17, 2007 1:02pm Nov 17, 2007 1:02pm
Quoting iandekoker
My friend i get the impression you are very tense here.
I did not view his post as tense. I feel he had good intentions at heart with what he was trying to say due to male/female gender qualities, although women can definitely let emotions run their lives/trading, as much as men, lol

Quoting iandekoker
1) Females are not necessarily better traders than males
2) All males are not ego traders

You will get good traders both male and female.
You will get ego traders both male and female.

Trading is not a gender issue. It is a discipline issue
Yes, and I'm a woman/female, and as much as it would be flattering to think we make much better traders than men, I would not be able to agree with it, because in my opinion, it wouldn't be a fair assessment to make.

I have to totally agree with ian on the above. As I said, I'm a make sense kinda person and that makes sense to me, lol.

Quoting ownshook
some of the other comments are not serving the overall purpose of this thread.
Oops, okay sorry about that, ownshook. I do believe that was my fault (Leighswww turns the http://leighswishingwell.com/lp/emotes/whip.gif on herself)
  • #551
  • Nov 17, 2007 1:06pm Nov 17, 2007 1:06pm
Quoting alcastro
You are right. i missed that post. But anyway, it was a different entry system from the fractal.

On another topic, and i know it might come across as rude but......can we stop the Big Brother, Litlle Brother thing? It eerily reminds me of the Tiger thread where everybody was calling each other brother this and brother that, and it become sort of a cult where the brothers were following blindly the Big Brother and were almost ready to send him money to "support" some kind of fishy charity that this guy said he had. And when someone dared to question the Brother intentions and/or wisdom he/she was immediately attacked publicly in the forum and through countless PM's by the blind little brothers.

Don't we have names here?
Dear friend Alcastro:

I call Feb (and sometimes Trader_V) Big Brother, because first he is male and older than I; second he has more experiences and so kind to help us juniors/newbies. In oriental culture, calling some body Big Brother shows some kind of respect (for example, I may ask a guy on a street: "Big brother, can you tell me the way to bus station?" ). I sometimes call myself little brother, it is a kind of humility or modesty.

Tiger started calling big brother, I think it is due to culture also at least from the beginning. In Malaysia, and Indonesia, every man about the same age calls each other brother (abang in Malay languange).

Take it easy, man. It's only a matter of different culture. If Feb doesn't feel like to be called this way, I can change, no problem, and the respect is still there.
  • #552
  • Nov 17, 2007 1:17pm Nov 17, 2007 1:17pm
Quoting leighsww

Yes, and I'm a woman/female, and as much as it would be flattering to think we make much better traders than men, I would not be able to agree with it, because in my opinion, it wouldn't be a fair assessment to make.
A good news for you. A woman CAN be a good trader!

According to her, there is a Chinese woman (called Midas registered in a forex forum) who used to trade forex for Chinese central bank in London (billions and billions of US dollars trading) and also participated the "financial war with George Soros" in Honk Kong 1997. She was interviewed (or reported her job to) by central government Premier Zhu some years ago.

By the way, she also thinks the most useful book for speculation/trading is "Reminiscences of a Stock Operator".
So you could be a good trader. Don't worry.
  • #553
  • Nov 17, 2007 1:22pm Nov 17, 2007 1:22pm
Quoting David
Big Brother shows some kind of respect (for example, I may ask a guy on a street: "Big brother, can you tell me the way to bus station?" ). I sometimes call myself little brother, it is a kind of humility or modesty.
That's good that you explained that, David, because I think cultural differences are often why we have miscommunication.

I, myself, am not bothered at all by what you call feb, but I can imagine that for some, especially those in the U.S. (I don't know if any other countries have read the book), the "Big Brother" thingy, might be bringing up memories of George Orwell's novel "1984", haha. This is where that term would have a totally different meaning , lol.
  • #554
  • Nov 17, 2007 1:26pm Nov 17, 2007 1:26pm
Quoting Green_David
A good news for you. A woman CAN be a good trader!

So you could be a good trader. Don't worry.
LOL, David, I didn't mean that women couldn't be good traders, I was referring to the notion that we make better traders than men, silly! :

Read that whole dialog again (I basically agreed with what ian posted about both men and women can be good traders, because it's not gender related but more of a discipline thingy, lol)

But thank you for that! http://leighswishingwell.com/lp/emotes/hug.gif
  • #555
  • Nov 17, 2007 2:52pm Nov 17, 2007 2:52pm
Leigh,

Thank you! This is very flattering that you have found quotes worthy of taking note of.

I am honored

Quoting leighsww

WoW, that was an EXCELLENT post, Trader_V!

Great advice and here are some quotes of yours I especially thought were spot on!!

-------

"So I say yes open a demo account but open it with the same starting capital you are looking to open your real account with. And treat it like it was real money using proper Money Management and proper leverage."

"But just understand you must have a realistic outlook and know that with a small trading account you can still get to those big dreams it’s just going to take a little longer as you build your account."

"Next forget about the dollars and cents until the end of every month. I don’t care how much the trade is worth in actual dollars all I know is I need to end the month with more positive pips then negative pips."

"Now this is not to say that you cannot continue to add to your account as you progress to help it grow faster in fact I encourage this once you have gained the experience to pull profits out of the market consistently."

-------


ACK!! Don't talk about bananas in this naked thread!!
Nothing is impossible, with a willing mind!
  • #556
  • Nov 17, 2007 3:01pm Nov 17, 2007 3:01pm
This is an excelent idea Antra! I will post this in the beginners forum but I will leave it up to the forum GODs to determine if it is worthy of becoming a sticky

You folks in here are much to kind and I thank all of you for your kind words regarding my posts and whayever insights I am able to provide.

I agree completely that Feb and I make a nice pair in this thread. Our ideas meld niceley with each others.

Thanks again!

Quoting Antra
Thanks Trader V for the very wise post regarding demo vs real. It almost needs to go in the beginners section with a sticky on it!
I think it was Merlin who quoted somewhere in this forum....that when a trader starts to look at his account growth in terms of percentage figures then they are on their way to becoming a serious trader.
Great post.

I think both you Trader V, and Feb are a great combination on this thread and in many ways your differences are complimentary to each other.
Nothing is impossible, with a willing mind!
  • #557
  • Nov 17, 2007 3:02pm Nov 17, 2007 3:02pm
Quoting Trader_V
Thank you! This is very flattering that you have found quotes worthy of taking note of.
OMG, Trader_V ... are you kidding? Everything you have contributed has been worthy of attention!! (what the heck, I'm feeling comfy with using the touchy-feely emotes on you guys, lol)

You don't need to thank me back for that comment, lol. We don't need to get super mushy here, otherwise everybody is gonna start puking :
  • #558
  • Nov 17, 2007 3:05pm Nov 17, 2007 3:05pm
Thanks ownshook

I am hoping that by posting some trades this way it will help others see the reasons behind the actions and also show how a trade is being managed as it progresses. I think this really helps folks undestand things just a little better.


Quoting ownshook
Trader V...Wanted to thank you for your recent word document as well as keeping us abreast on a current trade you have entered and the logic behind it.

leighsww....sometimes my brain moves too fast that I can't keep up with what I am trying to say. I guess that is why I need clarity from others because I sure have a problem with it.
Nothing is impossible, with a willing mind!
  • #559
  • Nov 17, 2007 3:37pm Nov 17, 2007 3:37pm
Quoting feb2865
Something about pivot points/ S/R lines, fibos. etc

Never place stops at these levels. Too many sharks in these waters (myself included, not in forex but in some other markets) By the way, I have to give credit to Mr. Trend on what he said about placing stops like 20 pips away from daily bars.

As I mentioned in one of my earliest post, I use them, including trendlines. But I don't worship anything on my charts other than price.

How do I use them?? well, very simple, looking for clues on what others are doing. I track speed and momentum on this lines. Also to have an idea on where not to place my stops. That's it.

You don't need any of that to be a consistent player in this business. I am not here to create controversy, I am here to give you a another perspective on the market, without any trees blocking the view.

Take the market for what it is. A big auction. At the end, it's all about numbers.

Hindsight is only good for reference purposes. I could go on with something like" I made a backtest down to year 1492. This system gave me an 99.99% of winers" WOW man this is it.

what is that good for??

well I you know, it could be good to clutter your head and follow hindsight like a dummy, keeping your out of focus of what's really happening on the market. Very much like reading tea leaves.

Trade the market in real time ***as is happening*******


Fractals works more often than not. It's a way for you to see if the market has intention to resume the trend or to be sloppy. But I got burned BIG TIME (capital letters) on fractals before. Because my job description includes "Risk assessment" I decided for the fractal to be confirmed. I rather leave some money on the table that get burned.

I am so sorry if I am bursting some bubbles here. Didn't mean to be rude or anything. I know I sound kinda harsh sometimes. But that's the way it is. I am not giving you a system with an on/off switch. My goal here is for all of you to have a deeper understanding on the markets so you can make an educated guess with an appropriate risk assessment when the time comes to pull the trigger.







Peace

Ok feb we will agree to disagree on using daily bars vs. S/R as places to put stop losses

As long as every traders is comfortable where he/she put their stop losses then that is all that matters.

In the end you wanna get out of a losing trade without too much damage being done to your capital.
  • #560
  • Edited 8:07pm Nov 17, 2007 3:52pm | Edited 8:07pm
Quoting iandekoker
Ok feb we will agree to disagree on using daily bars vs. S/R as places to put stop losses

As long as every traders is comfortable where he/she put their stop losses then that is all that matters.

In the end you wanna get out of a losing trade without too much damage being done to your capital.
Ian,

I have to agree with feb, cuz I used S/R previously for SL (but of course, I was trading short-term/shorter-timeframes), and studying the charts using feb's method, using the previous Daily candlestick seems to have good/safe results. I agree, you have to stay within your means, so if the previous candle is too large a SL, best to look for another trade, or wait for discount enough to make it safe.

I thanked you for your contribution to this thread, but for me, I'm still sticking to feb's method.

Maybe you can try this just so you can quantify your own results ...

When you place your trades, do a paralleled paper-trade using feb's method and see which gives you a better win ratio.

That's the only way to truly test which method has better results.

Otherwise, everything is hypothetical which system works better until we actually do side-by-side testing to quantify the results.

Anyway, just a suggestion

Let us know the results after a month or so of testing. Thank you!
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