The System (Irony included)

Quoting leighsww

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WoW, thanks shreem for the FANTASTIC doc file, as well as including some of my quotes in it! I feel very honored!

As far as my quotes are concerned, it is not necessary for you to put my name next to them. That would be far too much work/effort for you to have to read through this entire thread again to look for them, so don't worry about doing that for my quotes.

Again, TERRIFIC job you have done with providing people a comprehensive summary of the finer points and teachings of feb's thread!!

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Quoting Old_Not_Dead

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This post from feb reminded me that I should probably clarify something I haven't mentioned yet.

Us price action traders talk about trading being boring and that learners are on the right track when the thrill and excitement of jumping on and off a runaway train starts to fade.

Let me tell you, often the most successful form of trading is the most utterly boring - trading in the long term.

What I wanted to clarify was my trading strategy. A lot of my trades are what most forex traders would consider long term (though stock investors wouldn't!). The way I tend to work is to keep a portion of my original position open if the expected direction is still as it was when I initiated that position.

A couple of examples are that I am still long AUDUSD from June 2006 with added positions in October 2006, March 2007 and September 2007. I'm short USDCHF from February 2007 with added positions in June and July. (A clue - you'll need weekly charts to spot my entries )

The point I'm making is that a big, but very rarely discussed, part of my trading is these longer term trades. On this thread I more likely to talk about the shorter term stuff. I am often in a long term position whilst dipping in and out of additional positions in the same market.

Sometimes I'm long a market and I add another long and it too turns into a long term position. Sometimes I'm long a market and I take other short term longs and sometimes i'm long a market and I take other short term shorts etc etc.

I personally believe that all traders who want this to be their source of riches for evermore need to have this balanced approach of long term accumulation and short term strategic positioning. It will not suit everyone to hold a position from months ago whilst the market goes 400 ticks against that position but I would urge everyone, when the basics are learned and understood and the finances are secure, to at least consider this approach.

O N D

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Quoting Old_Not_Dead

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Hello Zee,

No offence intended but perhaps it would be better if you post some charts that have caught your attention and then myself and others can critique your analysis?

I think the thread is going to be most helpful if everyone is taking what they learn along the way and using it to analyse the markets. Me posting all my trade ideas wouldn't really stimulate much learning in others I fear.

Hope you take this in the encouraging spirit it is intended

O N D

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Quoting shreem

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Hello Dear O N D, great post you made. Your post, along the one of Feb talking about he is in a position since last February and last August on Euro, give me great ideas of how to approach my trading. I do really agree that a long term successful trading career need to include logn term and short term strategic moves.

Also, I think diversifying our own account into different strategic markets, (forex spot and future, e-mini future, equities, option and so on) are a well and sound approach. As the saying goes: "Do not put all your eggs in the same basket".

I am certainely not there yet, but I am more and more interested in seeing inter-market relationship between different currency pairs with gold, oil, e-mini future, certain stocks, to just name a few.

So, Dear O N D, thank again for your great post and your insight is very much appreciated.

Sincerely

Shreem

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Quoting feb2865

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Hello guys

My girlfriend has held me hostage at the hotel for thanksgiving weekend.... work??.....forbidden (now she's out looking for ice )

I'll be posting more from tomorrow on.

If you asked me a question and I haven't reply, I apologize. I have a bad habit of not looking back on the thread. Please pm if you want.

Good work shreem, V, OND Leighs. everyone.

Peace

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Quoting alcastro

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Feb, I cannot think of a better way to being kept hostage!! LOL.

Shreem, I want to join my voice to the chorus that is thanking you for your work. It is a great compilation. Your charts are excellent examples of Feb's method.

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Quoting ownshook

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WOW Shreem...Incredible effort and generosity displayed! Thank you.

As stated by FEB.....
"Guys you need to assess how much risk you're willing to tolerate. If the swing is too high, then just lower your gear. Somebody told me once that there's a broker out here that allows you to trade by units."

That broker is Oanda. You are not limited to simply mini-lots...standard lots...heck you can even put up any combo of those.... ie. 150k, 1k, 500k,...endless really. My broker and quite happy with them.

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Quoting alcastro

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David,
Thank you for your summary. I have a question regarding your E/U trades. Would you mind posting a chart(s) with your 5 trades in this pair? Are they based on the daily? I have been following this pair and have not seen that many trades recently, so i want to know what I am missing. What is that i am not seeing that you are?

On another topic, and this goes to everybody in here, i trade the dailies because I have a daily job that takes me away from my trading computer during the most active trading hours: from 6:00 AM (EST) to 5:00 PM (EST). And that is OK. I am happy with the dailies. Less noise. But here is my question: When i see a potential setup, I tend not to go down to the 4hrs to look for a better price because when I am at my computer the market is very slow (the beginning of the asian session). Have any of guys this problem too? How do you solve it? or do you just jump in regardless of the price (that is what i do. I buy it at the market price or at a predetermined buy-stop/sell-stop price. But no bargaining)?

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Quoting alcastro

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guess this post had become invisible?

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Quoting ownshook

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WOW Shreem...Incredible effort and generosity displayed! Thank you.

As stated by FEB.....
"Guys you need to assess how much risk you're willing to tolerate. If the swing is too high, then just lower your gear. Somebody told me once that there's a broker out here that allows you to trade by units."

That broker is Oanda. You are not limited to simply mini-lots...standard lots...heck you can even put up any combo of those.... ie. 150k, 1k, 500k,...endless really. My broker and quite happy with them.

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Quoting alcastro

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On another topic, and this goes to everybody in here, i trade the dailies because I have a daily job that takes me away from my trading computer during the most active trading hours: from 6:00 AM (EST) to 5:00 PM (EST). And that is OK. I am happy with the dailies. Less noise. But here is my question: When i see a potential setup, I tend not to go down to the 4hrs to look for a better price because when I am at my computer the market is very slow (the beginning of the asian session). Have any of guys this problem too? How do you solve it? or do you just jump in regardless of the price (that is what i do. I buy it at the market price or at a predetermined buy-stop/sell-stop price. But no bargaining)?

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Quoting feb2865

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Hello guys

My girlfriend has held me hostage at the hotel for thanksgiving weekend.... work??.....forbidden (now she's out looking for ice )

I'll be posting more from tomorrow on.

If you asked me a question and I haven't reply, I apologize. I have a bad habit of not looking back on the thread. Please pm if you want.

Good work shreem, V, OND Leighs. everyone.

Peace

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Quoting Trader_V

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Well here is my 2 cents on this topic.

If you are trading on the daily formations then base your decisions on the daily formations and drop down to the 4H charts if the opportunity exists.

Just because you do not have th chance to drop down to a lower TF due to other events such as a day job, doesn't mean you can't make the same trading decisions on a just the daily and weekly charts alone.

So don't stress about it and play it smooth. Use the weekly's for direction and trade the setups on the dailies and when the oppoprtunity allows for it drop down to a 4H for an added bonus.

Don't attempt to complicate your trading strategy just because you think you need to get in at a better price. Remember we are taking positions to hold for days, weeks and even months if it warrants it.

Keep it simple my friend.

Cheers!

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Quoting feb2865

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Hello guys

My girlfriend has held me hostage at the hotel for thanksgiving weekend.... work??.....forbidden (now she's out looking for ice )

I'll be posting more from tomorrow on.

If you asked me a question and I haven't reply, I apologize. I have a bad habit of not looking back on the thread. Please pm if you want.

Good work shreem, V, OND Leighs. everyone.

Peace

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Quoting Green_David

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Feb,

It may sound absurd, but do you think DJIA will go down as low as 10,000 points? From an experienced floor trader, give us your prediction or expectation, please.

David

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