I am not a CPA nor am I giving tax advice. But I am going to recommend that those in the US explore having a forex CPA do your taxes if you made profits. Your regular CPA doesn't understand how forex works and the special rules and laws that allow you to pay less in taxes than a standard Schedule C form. There is a BIG difference between a trader and an investor when it comes to taxes. You may think you are a trader but you have to prove it. That is why I have a daily journal, where I write down the prices of 13 pairs. You have to be trading at least 4 hours a day to be a trader. How do you prove it without a journal with prices and times? The tax advantages of being a partnership instead of an individual are also worth it. Look at the web site www.simscpa.com and really read it. You will see that if you have a business, you can pay less in taxes with the 60/40 rule. Then someday, if you get the power of forex, we can talk about trading inside of a Roth IRA.
Dollie's Safe Pips Indicator
- #810
- Edited 8:18am Jan 10, 2008 8:15am | Edited 8:18am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
In response to pip pirate's "voice in the wilderness", here I go again. I've been popping into and out of this thread over the last few weeks, just to see what's happening, and like pirate, I was getting a bit worried that the thread was dying. It seemed to be pretty healthy just before Christmas, but it's obvious we need some sort of stimulus to get it going again.
To start things off in the right vein, here's one of my attempts this morning. What this one proves is that if people are prepared to wait patiently for the right signals, then pips are waiting to be collected. Sometimes, with this system, it's like money for old rope, quite honestly. Not all the time, mind you, but SOME of the time. This USD/CHF chart shows the DZ green line crossing the blue line, giving the "heads-up" that we all know and love. At that point, everything's looking good, apart from the ASH, which we want to cross the zero line. An hour later, over it goes, just slightly before the lsma3 crosses, and I'm in at the precise spot I wanted to be in.....slightly below the Pivot Line. It's all systems go from there on in, with the Guppy looking VERY healthy, and the exit point is clearly marked, as the lsma3 leaves the orange/blue zone. A pretty straightforward trade, which this Dollie/Guppy method continues to pin-point on a regular basis.
How's that then, pirate, will that do to be going on with? Happy New Year, by the way.
To start things off in the right vein, here's one of my attempts this morning. What this one proves is that if people are prepared to wait patiently for the right signals, then pips are waiting to be collected. Sometimes, with this system, it's like money for old rope, quite honestly. Not all the time, mind you, but SOME of the time. This USD/CHF chart shows the DZ green line crossing the blue line, giving the "heads-up" that we all know and love. At that point, everything's looking good, apart from the ASH, which we want to cross the zero line. An hour later, over it goes, just slightly before the lsma3 crosses, and I'm in at the precise spot I wanted to be in.....slightly below the Pivot Line. It's all systems go from there on in, with the Guppy looking VERY healthy, and the exit point is clearly marked, as the lsma3 leaves the orange/blue zone. A pretty straightforward trade, which this Dollie/Guppy method continues to pin-point on a regular basis.
How's that then, pirate, will that do to be going on with? Happy New Year, by the way.
- #812
- Jan 10, 2008 6:38pm Jan 10, 2008 6:38pm
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #814
- Jan 11, 2008 7:11pm Jan 11, 2008 7:11pm
As much as I love this Dollie method, I still monitor other methods as well. Maybe I should keep away from the "Trading Systems" section of FF! Someone is always coming up with a well-thought out system, and I don't know about anyone else, but I just can't resist trying them out! Of course, the simpler the better for me. If a chart is posted that looks as if it needs a couple of hours to analyse, I kick the whole thing into touch.
Well, it's now 00:30 here in the UK, so I guess I'd better be hitting the sack.
.
I've read it before but trying to find the Holy Grail aint gonna happend but I know what you mean Its finding something else that maybe ticks the boxs -a new angle... Not that Dollie isnt great on its own...Eye - are u a full time trader? I'm also UK based (london) but work duding the day and wondered if its possible to get involved early say 6a.m GMT?
- #815
- Jan 11, 2008 7:37pm Jan 11, 2008 7:37pm
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Hey I just scrolled down at caught you looking at a best combo new system...!
Eye - are u a full time trader? I'm also UK based (london) but work duding the day and wondered if its possible to get involved early say 6a.m GMT?
I guess I just can't resist looking at new systems that come along. That's one of the beauties of FF, I'm afraid.I'm up in Cumbria, mate, which is the frozen north at the moment. I had to take early retirement a few years ago, which gives me the opportunity to trade a bit more than maybe people like you who have to go out to work. However, I'm also a carer for my disabled spouse, so my trading can be a bit erratic from time to time.
Don't ask me about 6:00am, mate! After years of having to go out on shift work at that time, I resolved to kill myself if I ever caught myself getting out of bed at that time ever again!!
Having said that, looking at the charts from 6:00am (which is the European start, I believe), there's usually some good movements at that time, so it seems to be worth getting up for.
Sack time now, mate, so I'll say goodnight.
Cheers
- #816
- Jan 15, 2008 4:01am Jan 15, 2008 4:01am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #817
- Jan 15, 2008 4:33am Jan 15, 2008 4:33am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
This could be interesting. I've no idea where this one will go, but a quadruple cross HAS to be taken notice of!!
- #818
- Jan 15, 2008 5:09am Jan 15, 2008 5:09am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
You can't win 'em all, and this one turned out to be a dead loss. It just goes to prove that an initial fantastic signal doesn't always work out. Put it down to experience and move on..............
- #820
- Jan 15, 2008 7:14am Jan 15, 2008 7:14am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
just wanted to post a chart. Eye/Pirate/otheres - i haven't forgot about Dollie. it is a new year and i'm still scalping and still playing around but the always constant Dollie is still in my charts. I have actually played around with some of the settings (RSI ASH & LSMA) in an attempt to make the window smoother. As you can see I also have added a few new indicators that I am trying that i've found reading through the forum. I take after you Eye... i am always curious and love to try new things. Anyway... once i feel confident with these indicators and their settings i'll post them for all as usual.
here is a quick scalp i just got off the Eur/Jpy. It turned out to be a 30+ move so i am very happy. It was unexpected and I almost got out at the S/R line. Guess I was lucky. You'll see that Dollie was prime and my other indicators popped.
I started playing with these indicators because i am working on a long term strategy to add to my arsenal. I will always be a short term trader by nature but am intrigued by a Daily strategy that I set and forget.
Well, why not? You don't know WHAT they'll do until you mess around with them. Having said that, of course, it helps if one knows what they are and what they're for! Looking at your chart, mate, there's one or two that I'm not familiar with, but I guess, like you said, they're there in order to work out your LT strategy. Actually, you've prompted me to try a couple of indicators that I saw on another thread a few days ago. One is another Pivot indicator, but you can scroll back with this one and see where the various pivot lines were on any particular day up to around a month ago. The other indicator is just one that draws what are called psychological lines on the chart at the 00 and 50 points. It's spooky how often price either retraces or consolidates at these levels. Plus, when one of these lines is almost at the same point as a pivot line, it makes it even MORE significant.
I got these from another thread, and if you can tell me how to put a link in a post, then I'll point you in the right direction. I still haven't figured out how to post a link yet, and I've been on FF for quite a while now!
Anyway, keep on keepin' on, mate, and good luck with your new methods.
Cheers