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  • #1,221
  • Feb 1, 2008 5:02pm Feb 1, 2008 5:02pm
Thanks Jairo, that will come in handy for sure.

Hi All,
If you want to practice your dancing and strategies and you have an mt4 set up you might like to try the vhands trading simulator located on the forum -> http://www.forexfactory.com/showthread.php?t=60849

There are detailed instructions on install and use, you can get through many hours of trading in minutes, enjoy!
  • #1,222
  • Feb 1, 2008 8:40pm Feb 1, 2008 8:40pm
I just started reading this thread tonight and still have a ways to go, but though I’d chime in here with my interpretation of the dance. A simple trend, as seen in the daily Euro chart, it’s long, higher highs and more importantly higher lows as support levels advance. But this look can also be seen in the smaller time frames in the retracements / corrections and the impulsive up swings. Go down in the charts and we still see trends on a smaller scale but the same dance with smaller steps, price advances and then retraces but not quite as far, advances, retraces back a percentage and advances again….. Until it retraces back past the prior starting point.

Then we see a partial retrace and an advance in the opposite direction and a new trend is started and the dance proceeds to the other side of the dance floor, only to repeat again.

If the trend we are seeking to trade is long we want to wait for a southern retracment to jump on board, but where? We can look to the fibs, candle patterns, what nots but we are confident that as long as the trend is alive it should not run out the south end zone before it scores a touch down.

Is it here where we divide our troops, just a few scouts in the shallow retracements holding the reserves for the deeper ones with a better risk reward ?

The dance imho, is surfing the waves in the direction of the tide.
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  • #1,223
  • Feb 2, 2008 12:23am Feb 2, 2008 12:23am
Quoting Zoran
I'm still debating whether this can work over the longer term. Leigh had some very good points. We are not pros and I have always had better success trading on the longer timeframes. It allows me to sleep.

I found the trick is to size the position correctly, so entries are smaller but profits are generally larger (so it balances out). I know this has been discussed before but I can't seem to remember why you discouraged it.
For me, I think I would encounter much more stress and definitely would need deeper pockets (especially to conduct rescues) on the longer term timeframes. Because moves would be much larger and take much longer to make, I would imagine that battling out a rescue could possibly take weeks, and there's much more $$ on the line. With short term, I'm in-and-out in several hours, so I don't have the stress and worry hanging over my head overnight, every night for who knows how long. The re-averaging would also be quite a larger pip amount to make on a longer term trade.

To better show you the impact of what I'm saying, below is an example chart of what a rescue might look like on a longer term trade (I used your favorite pair, the GBP/JPY). As you can see, there would have been many days of stress and turmoil (price went as low as 221.29 ... that would be -1463 pips) until you could enter your rescue troops in at the right time. Upon finally entering rescue troops after 50 tumultuous days, the re-averaged price with 3 rescue troops would be 223 pips away from break even (not taking into account adding any negative rollovers if there was one). If you enter 5 rescue troops that would re-average to 228.48 = 148 pips to break even.

If you exited all positions at the break even point, you would have successfully rescued the trade, however if you somehow, for whatever reasons, missed the exit point at break even, then ... well, let's just say you would be up a creek without a paddle for who knows how many more days, since as you can see, the price plummeted.

DutchAngel can probably attest to the stress level involved with battling out a rescue that took about a week. BTW, DutchAngel, were you trading the longer term (what timeframe chart were you using) when you encountered your Dec. 2007 battle?

Zoran ... have you tried doing a 5m timeframe trade yet using fti's method? If you haven't, give one a try to get a feel and see what you think.

I know you feel that profits are larger with longer term, but have you recently averaged out your pips per day? fti's method on short term trades can add up quite a lot of pips per day with attacks (and even rescues where profit can be made).

Anyway, that's just my opinion from how I am imagining what rescuing trades would look like for longer term. I think that kind of stress would be far too much for me to want to handle, lol.
.
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  • #1,224
  • Feb 2, 2008 12:44am Feb 2, 2008 12:44am
leighsww,

Thus far we have been pretty much talking examples of rescues and the lot skew. I have mentioned and posted how I attack, but for the benefit of everyone would you be able to post a chart of your winner attack sequence. I would love to compare notes on the E/J 5min..

Thanks for all your hard work.

NP
  • #1,225
  • Feb 2, 2008 1:18am Feb 2, 2008 1:18am
Quoting MickD
I'll be going live next week and it will only be a small account so any tips will be great.
Congratulations on going live!

If starting with a small account, then you might start off with only .5 lot size for scout (or even less, if your account size is under $2,500), as I had mentioned earlier. That way you can attack and rescue with confidence because you will have enough resources/troops to not get you into a stressful situation. It made a big difference for me!

Then once you have many successful attacks and rescued trades then you can up your lot size accordingly. No matter how big your account gets however, I would always recommend to only use ONE scout initially and then enter larger attack troops at levels 2 and 3. Scout is not there to win the battle (so there's no need for too many scouts), he's only there to feel the market pulse.

Quoting MickD
regarding levels 2 and 3, would they be when the PA has finshed retracing from a run and swinging back in our direction again?
Similar to when our rescue would be implemented I'm guessing, and what amount of troops would one consider to deploy at these levels?
Okay this one will take another long post for me, because I'll want to show you and describe what I'm doing and the various situations, etc., so I'll be back when I have my post ready for ya (it might not be tonight, but as soon as I can get to it).

Quoting Northpro
Thus far we have been pretty much talking examples of rescues and the lot skew. I have mentioned and posted how I attack, but for the benefit of everyone would you be able to post a chart of your winner attack sequence. I would love to compare notes on the E/J 5min..
My post to MickD will probably encompass what you've asked, so I'll be back later with the info. Please be patient, because I might have to spend some time with hubby this weekend too, but I'll post the info as soon as I can get back here again.

Have a GREAT weekend everyone!
  • #1,226
  • Feb 2, 2008 1:32am Feb 2, 2008 1:32am
Quoting leighsww
.... Please be patient, because I might have to spend some time with hubby this weekend too, but I'll post the info as soon as I can get back here again.

Have a GREAT weekend everyone!
Thanks Leighsww, in your own time and you have a good week end too.
cheers,
Mick.
  • #1,227
  • Feb 2, 2008 5:34am Feb 2, 2008 5:34am
  •  Jairo
  • Joined Sep 2007 | Status: Amateur EA programmer | 485 Posts | Online Now
Originally Posted by Zoran
I'm still debating whether this can work over the longer term. Leigh had some very good points. We are not pros and I have always had better success trading on the longer timeframes. It allows me to sleep.

I found the trick is to size the position correctly, so entries are smaller but profits are generally larger (so it balances out). I know this has been discussed before but I can't seem to remember why you discouraged it.

<< End quote>>

Hi Zoran,

I proposed this "longer term rescue" and FTI discouraged me. As I am not a very disciplined student , I did started a longer 0,01 lot position. Believe me, it is not worth. If you pick the right direction, your profit is small. If you pick the wrong direction, your snowball begins to gain life. It may grow slowly as time goes by. You go to sleep with say a -10,35 drawdown. You wake up and see it is now ... -17,89. Maybe it would be a good idea to double... You do it. Now the snowball increases at 3x the prior speed. You begin not to sleep so well. You wonder how far you can stand this. Will you have the guts to enter the next level? Your drawdown is now ... -78,51. Will I be able to double up again? Wouldn't have been better to stay out all these 5 days? If you decide to take the 3rd level, each downtick will be a nightmare... Shouldn't I limit my loss with a stop? No, it will be hunted. Then I can't leave the position alone too much time... Go to the supermarket? Maybe later... And so on. The trade takes control over your life.

Well, I may take both directions, bigger in the direction of the trend. Hmmm, then one is in profit but the other is a burden. You can ride a long trend with this strategy with reasonable profit. I have made this. But your losing positions will tie your hands. When to take profits? If too early, you losing with not be hedging anything anymore. They will simply collect losses. So your winning are "tied" together. With the winning equally tied, your trend reversal will finally come in. Now your worst nightmare is just beginning: the painfully collected gains begin to evaporate. You bigger positions are now against the trend. And which is the trend really? Is it just a short term correction? No one knows.

Now that I discovered thanks to FTI's lessons and experimenting with the shorter timeframes that it is possible to generate good profit in a few minutes with very limited (in % and time) drawdowns and have the whole day free and good nights of sleep, I discontinued the longer terms experiments.

I admit, I am a bit stubborn. Maybe I still try some day in a demo account, to compete against the short term fight.
  • #1,228
  • Feb 2, 2008 3:34pm Feb 2, 2008 3:34pm
I think you could use this method for longer term trading BUT, you have to start short term and see how the trade pans out. Once you're in front start climbing to bigger time frames and use the same sequences for staking in.

The best part is that if the trade is good, you can ride it for what it's worth once you take some profits then use the house money to keep it in long term. If you're wrong at the outset you haven't invested too heavily and can rescue it and try again.
Just a thought.
  • #1,229
  • Feb 3, 2008 4:51am Feb 3, 2008 4:51am
I'll try to keep this brief as I'm not sure there is any point discussing further. I was trading longer term for about 6 months prior to stumbling across this thread. Prior to that I was trading intraday but then moved to short term (trades lasting days to weeks) as it suited my lifestyle by not having to watch a computer screen all day.

This is not necessarily any more profitable than intraday as position sizes are adjusted accordingly, to allow for greater swings, but more pips were generally collected so the balance worked well. Over this time I developed a "short term" mindset and the key was to be patient. However, the great benefit I found was that the effort required was much less than intraday trading. I could sleep well at night and I didn't have to watch the charts all day - once the mindset was developed. When fti posted the turtle system, I noticed some similarities with my experiences.

As these entries were smaller the rescues don't necessarily have to take a long time to complete. If something didn't work out, I could switch back to intraday mode and make a rescue quite easily - as the entries were smaller, I would just need to snowball at the intraday level. Remember, we must have an endless series of maneuvers. I shall leave it there as it's not really appropriate to this thread. fti's system is different so I'm here to learn what I can.
  • #1,230
  • Feb 3, 2008 6:58am Feb 3, 2008 6:58am
  •  Jairo
  • Joined Sep 2007 | Status: Amateur EA programmer | 485 Posts | Online Now
Quoting Zoran
I'll try to keep this brief as I'm not sure there is any point discussing further. I was trading longer term for about 6 months prior to stumbling across this thread. Prior to that I was trading intraday but then moved to short term (trades lasting days to weeks) as it suited my lifestyle by not having to watch a computer screen all day.

This is not necessarily any more profitable than intraday as position sizes are adjusted accordingly, to allow for greater swings, but more pips were generally collected so the balance worked well. Over this time I developed a "short term" mindset and the key was to be patient. However, the great benefit I found was that the effort required was much less than intraday trading. I could sleep well at night and I didn't have to watch the charts all day - once the mindset was developed. When fti posted the turtle system, I noticed some similarities with my experiences.

As these entries were smaller the rescues don't necessarily have to take a long time to complete. If something didn't work out, I could switch back to intraday mode and make a rescue quite easily - as the entries were smaller, I would just need to snowball at the intraday level. Remember, we must have an endless series of maneuvers. I shall leave it there as it's not really appropriate to this thread. fti's system is different so I'm here to learn what I can.
An interesting way out rescuing intraday the short term trades... I tried short term rescuing and it was not a pleasant experience. I agree with you it is not appropriate to extend this discussion here.

Does anybody know how to edit an attached spreadsheet? I made a ridiculous mispelling in Rescue.xls and would like to correct it ("Lost" for "Lots"). Delete and post it again? Thanks for any help.
  • #1,231
  • Feb 3, 2008 7:06am Feb 3, 2008 7:06am
Quoting fti
@HapaSasa

In trading, when the army is non engaged, scouts must always remain in battle field to gauge the marrkets form. By standers in a battle can hardly "feel" the emoions in the fight. If traders avoid the markets altogether, then point of reference is dependent on ego and self and predictive ways, rather than the info thats coming fom men in battle. Could be self deceiving. Alloew the market scouts to inform of form for productive use of the info for formulation of attack strategy, or be ready for defensive engagement to extradite the scouts in trouble. these should form the traders frame of MO.
When can one be sure?
Only when the scouts are doing well and the market volatility affording for your strategies. Therfore one cannot be sure, only "informed" to guide the course of strategies.
In reality all is left to chance, the point is that the chance has to be managed in such manner to give you the advantage and when disadvantaged to impose correct response to reverse said disadvantage.

regards
Hi fti,

A belated thanks for your comments - I was on the move last week and also missed your trading posts, which I am going to look at together with the charts.

As you mention, one cannot be sure, so the next best thing is to try and inform yourself.
Regarding your last paragraph, I think the most difficult skill I have to acquire is to learn how to impose the correct response to reverse a disadvantage.

regards
  • #1,232
  • Feb 3, 2008 8:13am Feb 3, 2008 8:13am
Quoting leighsww
Congratulations on going live!

If starting with a small account, then you might start off with only .5 lot size for scout (or even less, if your account size is under $2,500), as I had mentioned earlier. That way you can attack and rescue with confidence because you will have enough resources/troops to not get you into a stressful situation. It made a big difference for me!
Hi Leigh

0.5 lot size is very large to start with in my opinion. For someone going live for the first time, that $2,500 will probably get chewed up fairly quickly.

My opinion is not to use demo (unless experimenting) but to go live straight away (for beginners). However, I would suggest starting at the microlot level (0.01 lot or 10c per pip) and build up as more experience is achieved.

I haven't used demo accounts much, but what I found was when I did, I would get lazy. If something didn't work out, well, I knew it wasn't real so just left it.

That is not the case with live - even at the microlot level. Using real money makes the battle real and keeps us alert!

Just my opinion.
  • #1,233
  • Edited 10:18am Feb 3, 2008 8:43am | Edited 10:18am
Quoting fti
Hi Zoran

yes zoran that is right.
this was the reason why I came on to try efx out.
The other one was supposed to be Oanda, which I felt so uncomfortable and disorientated with.
So CMC is same I guess.

MT4 and FXCM which I had tried is lock on to order to order liquadition, very cumbersome blotting. but the chartings good.

Actually the process is known as internal book matching of trades. Which is how all spot fx deals are blotted.

So how's your exposure, is the position ok?

regards
I understand the MT4 ordering system being cumbersome although I saw some benefits to it - mainly being able to have positions in both directions. I ended up developing an MM technique that revolves around it. Though your system would work better with my other account.

If you are still evaluating brokers, I'll PM a suggestion. They are a fairly big company and have offices in most regions. The owner is one of London City's richest people and he was going to float 1/3 of the company for £800M. I think there is a bit more security there if going in big.

The platform is a bit bloated and charting memory is not good, but for naked charts, it may be fine. I tend only to use MT4 for charting.

One other thing, the chart you posted here http://www.forexfactory.com/showthre...72#post1828772 . Does it contain the 5sma or something else?

Here is a lady and her legs playing a tune that I believe you like (you mentioned it once in a post). Please enjoy
Inserted Video
  • #1,234
  • Feb 3, 2008 9:38am Feb 3, 2008 9:38am
Quoting leighsww

With fti's method, you can never lose a trade if you know your stuff, have the proper mindset and can dance to the market well. This I know more than ever in my heart (and head) after trading fti's method and the logic behind re-averaging.

I don't know about most of you, but when I grasped the concept (when he first taught it to me), I was like ... "OMG, this is FASCINATING stuff!!"
Hello Leighsww,

I couldn't agree more.

I use to think re-averaging was very dangerous and could kill you. But after experiencing the live running battle example, I was going.. "Woo. Wow. This is clever... why didn't I see this before.. wow, good shite! This is great!!!"

I think I'm only just beginning to see[ yep, slow learner here.. :-) ] why fti stresses the importance of the "market structure" and he kept on mentioning... market form, bar-chart compositions/compound, impulse wave. market structure in terms of true "original" forms of T/A and how they fit to the re-averaging of positions(rescue).

Just had to comment b/c I was feeling the same excitement with this new discovery of this concept. anyway, I still got alot of learning and practice to do... back to the battle station... Trading simulation, first, Trading: the fti way/style. ; -)

cheers,
  • #1,235
  • Edited 11:42am Feb 3, 2008 11:05am | Edited 11:42am
Quoting fti
Hi ALL,
I have registered the AOW read of the below mentioned.

MickD#643
alexfot#646
Maseyw#648
Syres#649+650
catshot#654
crazy_bdog#661

please repost your revised thoughts on the subject for
Lesson 1. The General.
I shall compile the manifest of participants on this subject on friday 11 th Jan.

I shall PM the list a thought text of my own on the subject.
Please do not reveal the PM in public.

I would like all interested to post your thoughts.
This is not for my benefit but for you to check it against mine.
Unless you are actively in the thought process of these studies,
there will be little you can benefit from it.
Therefore for the education process of Sun Zi AOW,
I shall only be sending the PM, to those of the members who are in active study and research on AOW and have post prove here that They are reading Sun Zi AOW.
It is also to spare myself the frustration of explaining the contents to those who are not reading it.

On receiving the PM, check your thoughts against that which I have PM you and see if you can understand.
You may PM me questions and I shall answer them in this thread were appropriate.

regards

Hi Fti,
firstly...tq for ur time and appreciate a lot from sharing of ur wisdoms......

just found this post 2 days back....and i m accelerating as fast as possible to read from the begining of the thread.....until found this....post...

if only through PM...ppl like me which have just found ur post cant learn much from you....is there a better way for this....or something like Zoran suggested to complie a summary learnt from you....in the mean time i still chasing the posts....hehe..

once again tq verymuch for sharing so uch with everyone of us.

and also tq leighsww for helping out as well.....

*edit - oppsss....reached post #803....u r posting out instead of PM....sorryy...hehe
  • #1,236
  • Feb 3, 2008 12:18pm Feb 3, 2008 12:18pm
Here is something I picked up from another trader on the FF way back sometime (cant remember who). I thought this was good for a laugh (or a cry..lol). Been there done that...anybody?

Look at the chart carefully...there's an underlying message that relates well to fti's methodology.

Wishing you all a healthy week of trading.

NP
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  • #1,237
  • Edited 3:22pm Feb 3, 2008 1:48pm | Edited 3:22pm
Quoting Zoran
I shall leave it there as it's not really appropriate to this thread. fti's system is different so I'm here to learn what I can.
I would not consider it inappropriate to discuss this matter in this thread, because if it helps those who might have been thinking of doing longer term trading with fti's method, it would be a good thing to discuss. Hey, also if you can find a way for this to work for longer term, that would be GREAT!

I was waiting to hear back from DutchAngel about whether her trade was done on longer term timeframe, because to be honest, when I saw her post on having to battle an 800 pip rescue for a week, I was very concerned. I'm sure she would not let herself get into that situation again in the future, however posts/shares of that nature and our discussions of it, helps others to learn and possibly (hopefully) prevents anybody else from doing the same.

Our sharings/discussions will help ALL of us to become better traders, to become profitable traders.

I do note now, however, that you are not trading exactly as fti and that you are only using what you feel can be applied to your own style.

I just wanted to give my viewpoint/opinion on how I felt using fti's method with longer term trading would be like for me, lol, just in case it helped others to see what it might be like for themselves, as well (hopefully, saving them the agony of possibly having to experience that type of rescue battle first-hand).

------------

To everyone ...

Why I feel a need to discuss things that may possibly have an impact on others ... originally, fti didn't want me to post charts or give too specific info, because he wanted people to figure things out for themselves, however, I sensed that maybe some would need more guidance due to trying to decipher fti's posts and maybe coming up with the wrong or improper message/info.

One thing about "interpretation" ... many different aspects can be derived from it (as we have seen from all the past lessons). Most times there are several interpretations that apply very nicely, however it would not be a good thing should people do rescues without the proper calculations if they are not mathematically inclined (like me, haha). Thus, I feel I need to give a little more "layman's" info to those who might need it.

With the nature of fti's method, if less seasoned traders with shallow pockets use inadequate calculations for attacks and rescues, or do not use proper mindset for when to exit a rescue so as not to turn it into a worse battle or even potentially a "loss," or when to keep fighting to make rescue successful, etc., etc. ... they may find themselves in a very bad way.

I do not trade exactly like fti (my dance style may differ slightly) as each of us needs to find our own "feel" for the dance and use our own proper MM that suits our pocketbooks, so that is where fti will share what he does and I'll share what I do, so that those who are in whichever league can follow along with whomever they feel more comfy with.

However, please keep in mind that after my sister's passing, I cannot be as active here, because I have family obligations in taking care of much of her legal and personal belongings and business affairs. She was single, so I have been helping my parents (since many of it they cannot do) with taking care of all of these aspects, and there's a LOT of "stuff" that will take who knows how long to sort out.

I actually wasn't going to post back here yet, because I knew it would then become time consuming again, haha, but after I saw fti's ride along post, lol, I felt I had to post to prevent the less seasoned traders from fainting or having a heart attack, lol!

Also, I need to request that questions be posted in this thread (please do not ask me questions in PM's), because if I cannot get to answering them right away, someone else may be able to help you faster. Also, if others are having the same questions, the answers/discussions will help them, as well. I am so sorry to have to ask you this ... but I will just find it too hard to answer many PM's with all the things going on for me and that I have to take care of right now. I hope you all can understand

Quoting Jairo
I tried short term rescuing and it was not a pleasant experience.
Are you referring to you using short term rescue in longer term trades, or just in trading the short term in general? If the latter, hopefully as we do more sharing/discussing, rescuing trades will become much more comfortable for those who are uncomfy about doing them.

Quoting Zoran
0.5 lot size is very large to start with in my opinion. For someone going live for the first time, that $2,500 will probably get chewed up fairly quickly.
You may be right for those who have not yet learned how to dance well, but in a future post I will show calculations for .5 lots which is not that great a risk, because with certain currency pairs, you do not have to rescue trades with 2.5 lots for the first rescue.

When I first used .5 lots, I rescued with 1.5 lots (actually, you can even use 1 lot, depending on how many pips away you are from scout, because for the EUR/JPY, making 10 pip pullback moves is very easy to do).

But, your advice is a very good one!

----------

In my experience so far using fti's method ... in making rescue calculations, one needs to keep into consideration:

1) the currency pair (because some pairs have larger and faster ranging moves than others)
2) how far away the market has moved from Scout
3) how much resources you have to be able to rescue multiple times if needed

It is very possible to only have to put in one rescue attempt or at the most two, because if you're needing to put any more than 2 rescue attempts, that probably means you either are not entering your rescue at the right time, or you are not exiting at break even (or "small" profit).

For those who have not yet got their dance figured out, DO NOT try to make large profits on rescue missions. Just get out at little over break even (since you should account for the spread, commission, and any other expenses) to complete a successful rescue mission, then just wait for the next opportunity to enter another scout into a new dance.

When you get really good at rescuing and dancing well, then depending on certain situations/conditions (ex: the longer timeframe trend, candlestick patterns, etc.), you can actually make really good profits on rescues, as well as attacks.

GAD, okay sorry, this again was such a long post. I'll be back later when I get a chance to give more info about calculations for rescues and trade sequences.
  • #1,238
  • Feb 3, 2008 2:34pm Feb 3, 2008 2:34pm
Quoting leighsww
It is very possible to only have to put in one rescue attempt or at the most two, because if you're needing to put any more than 2 rescue attempts, that probably means you either are not entering your rescue at the right time, or you are not exiting at break even (or "small" profit).

For those who have not yet got their dance figured out, DO NOT try to make large profits on rescue missions. Just get out at little over break even (since you should account for the spread, commission, and any other expenses) to complete a successful rescue mission, then just wait for the next opportunity to enter another scout into a new dance.

When you get really good at rescuing and dancing well, then depending on certain situations/conditions (ex: the longer timeframe trend, candlestick patterns, etc.), you can actually make really good profits on rescues, as well as attacks.
Great advice leighsww. I have tried myself to ride a rescue beyond B/E to capitalize on what I thought might be a new trend only to see it reverse and then I had to rescue a rescue that already would have worked..psychologically it is beating not fun to endure, however, these mistakes can be overcome from the start if your lot sizes are appropriate...Mine did work out but the lesson I learned is once a rescue prevails, get out immediately and re-evaluate the dance ...just thought I'd share my pain.

NP
  • #1,239
  • Feb 3, 2008 3:09pm Feb 3, 2008 3:09pm
Quoting Jairo
Does anybody know how to edit an attached spreadsheet? I made a ridiculous mispelling in Rescue.xls and would like to correct it ("Lost" for "Lots"). Delete and post it again? Thanks for any help.
I don't believe you can edit posts after one day (or something like that), so you will need to contact a Moderator to help you with that.

Oh, btw, I didn't get to thank you earlier for that. Unfortunately, I'm not using yours because my husband was already creating something for me (so I gotta use his, sorry), but he hasn't finished it yet, lol. I think he's putting more stuff in it for various situations or something. Anyway, he's my valuable math guy, so I'm not going to rush him, and will leave it up to him to finish it when he can get to it, lol.

Quoting Northpro
I have tried myself to ride a rescue beyond B/E to capitalize on what I thought might be a new trend only to see it reverse and then I had to rescue a rescue that already would have worked..psychologically it is beating not fun to endure, however, these mistakes can be overcome from the start if your lot sizes are appropriate...Mine did work out but the lesson I learned is once a rescue prevails, get out immediately and re-evaluate the dance ...just thought I'd share my pain.
Thanks for sharing that, Northpro! Your experience of that is definitely helpful to everyone!

Quoting gfsr
Just had to comment b/c I was feeling the same excitement with this new discovery of this concept. anyway, I still got alot of learning and practice to do... back to the battle station... Trading simulation, first, Trading: the fti way/style. ; -)
LOL, okay, go get 'em tiger! (but don't overdose on caffeine and get some sleep once-in-a-while, you hear?!
  • #1,240
  • Feb 3, 2008 3:23pm Feb 3, 2008 3:23pm
Quoting Zoran
Hi Leigh

0.5 lot size is very large to start with in my opinion. For someone going live for the first time, that $2,500 will probably get chewed up fairly quickly.

My opinion is not to use demo (unless experimenting) but to go live straight away (for beginners). However, I would suggest starting at the microlot level (0.01 lot or 10c per pip) and build up as more experience is achieved.

I haven't used demo accounts much, but what I found was when I did, I would get lazy. If something didn't work out, well, I knew it wasn't real so just left it.

That is not the case with live - even at the microlot level. Using real money makes the battle real and keeps us alert!

Just my opinion.
When I saw .5 lot (assuming a std lot) I thought it was a bit big too. The way I've been using the demo account was to divide it by 100 (even 1000 for 100k) so I had 100 troops. With 2500 this would give me a scout of $25. Yes the amounts are small but it's all about the %ages and getting used to the dance for now.

In regards to demo account I totally agree, it's been more of a 'getting around to it' thing than anything else for me, it's a busy time of year.
As you pointed out, it is too easy to get lazy, Once this happens you get out of step very easily!
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