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  • #921
  • Mar 25, 2008 9:09am Mar 25, 2008 9:09am
Oh .. houston .. we have problem ..
  • #922
  • Mar 25, 2008 9:15am Mar 25, 2008 9:15am
Quoting malcolmb14
No stops cause you do not want to lose money ?????

novice traders ..... this is not a good idea . This kind of advice can write an account off.

mind posting those trade before you do it.... to make 400 per day you must be in the markets 100% of the time.

I just go hard and make 50 - 100 pips , but with 10 -20 lots. Looking to increase that to 100 in next few months,

4 hours per day max ..... then I can enjoy life and not be a slave to forex.

I think Scotty would agree with me in that he doesn't use stop losses because as he says they are a waste of money. But I bet he also doesn't use them BECAUSE he doesn't want to lose money.

When I say 400 pips I am referring to profits based on one unit generally a minilot. So If I have sometimes more than one minilot long at a different price I count ALL PIPS. So If I am using forex.com instead of FXSOL it is slightly different. But I almost NEVER buy more than one minilot at a time,
so if I have 5 minilots long all bought at a different price and most sold at a different price, I count those pips separately. Thats at FXSOL.

But at forex.com they force me to use FIFO (First in first out) {which is bullshit} so I have to change my trading strategy. I buy one minilot at a time there as well as it falls I am buying all the way down at a different price.
Forex.com averages them all into one averaged price and doesn't allow me to sell them in any order I want they FORCE me to sell the FIrst one I bought.

So I scale into all trades and when I get out at forex.com I sell all lots.
So if I sell 5 minilots at one price and I bought them all at different prices, it is too hard to figure out what I paid for each one so I figure the pips,
in a twisted way maybe, but if I sell 5 minilots which have an accurate averaged price and make $50 that is an average of about 10 pips on each,
even though in reality each one actually had a different pip profit or loss associated with that individual trade.

I trade 24 hours a day, 6 days a week. Even when I am not sitting here,
I have orders in waiting to be filled for TP and for entry.

So when I make 360 pips today, it is just that 360 pips at about $1 a pip.
Almost never do I buy more than one lot at the same price as another lot with ANY of my 3 brokers.

So I made about 360 pips today which yielded on forex.com $353.13 in USD
in a real live trading account. I am not trading demo, except at one broker where I have not mastered thier trading platform yet.

And for those who want to check my trades since last night. here they are.
Looks like I really took some chessy profits in a few cases, but none the less
here are the real trades exported from forex.com report section of my account.

I generally have pips and units. A pip for me is a one pip movement on one minilot. Units come into it when I have more than one minilot. But do Understand and check the records, I normally only buy one minilot at a time
and not usually at the same price as other minilots that I buy, unless it is ranging hard in which case I will buy for 201.00 and sell for 201.20
then if it goes down again I will buy it again for 201.00 and sell it again for 201.20. So sometimes I trade the same trade over and over or the same sequence of trades over and over, extended through time as the GJ ranges.

Any more questions just ask

Elijah
Attached File(s)
File Type: xls MyForexAccount 1 .xls   46 KB | 400 downloads
  • #923
  • Mar 25, 2008 9:17am Mar 25, 2008 9:17am
Quoting Scotty B
She did it!
She is not doing what you told her!
She is still screaming north over here! ARG

Elijah

P.S. anyone getting the feeling she may be deadset on heading North before South?
  • #924
  • Mar 25, 2008 9:22am Mar 25, 2008 9:22am
Hey Malcolm,

You went short at 199.80 and made 80 pips so you covered at 199? I have to say that this is a great trade. Do you just brace yourself at whole numbers? If so, this is a learning experience. I was up 60 pips when it hit 199 but protected only 5 pips of profit. I expected a retracement but nothing like 100 pips, as a result I made a small amount :-(


At 20 pips a day, a small account can become a huge account in 240 trading days. At the rate you are going, you will have a HUGE account in no time. COngrats again!!
  • #925
  • Mar 25, 2008 9:24am Mar 25, 2008 9:24am
Hey Malcolm,

You went short at 199.80 and made 80 pips so you covered at 199? I have to say that this is a great trade. Do you just brace yourself at whole numbers? If so, this is a learning experience. I was up 60 pips when it hit 199 but protected only 5 pips of profit. I expected a retracement but nothing like 100 pips, as a result I made a small amount :-(


At 20 pips a day, a small account can become a huge account in 240 trading days. At the rate you are going, you will have a HUGE account in no time. COngrats again!!
  • #926
  • Mar 25, 2008 9:24am Mar 25, 2008 9:24am
I don't advocate the use of stops, but I try not to broadcast it all over. Malcomb is right when he says a lot of accounts get blown because stops are underutilized! Malcomb kindly asked those of us a while back who were talking about not using stops to refrain on his forum. He started this thread so he sets the tone. Not the end of the world, just take care in what you say especially in something so risky. Also, who really needs to know that anyway? focus on talking about your targets instead. thats what we are all working on really anyways. I have to back Malcomb up on this one.
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  • #927
  • Mar 25, 2008 9:25am Mar 25, 2008 9:25am
Personally, this pair has been frustrating. I don't know what to expect. It's 200.45 and going higher. All bets off the table. And when I started trading, I thought the GBPUSD was the beast LOL !!
  • #928
  • Mar 25, 2008 9:31am Mar 25, 2008 9:31am
Quoting malcolmb14
No stops cause you do not want to lose money ?????

novice traders ..... this is not a good idea . This kind of advice can write an account off.

mind posting those trade before you do it.... to make 400 per day you must be in the markets 100% of the time.

I just go hard and make 50 - 100 pips , but with 10 -20 lots. Looking to increase that to 100 in next few months,

4 hours per day max ..... then I can enjoy life and not be a slave to forex.
100 standard lots? crap if I saved up my money instead of spending it
at 100 lots I'd be a multimillionaire before the year is over.

I can only dream of lots like that, Trouble is I spend $ faster than I make it.

I've got a really fast car if anyone is interested, then I can trade MAD units

http://www.cars.com/go/search/detail...eadExists=true

I have it tuned down to 610 HP, jack boost as high as 25 and she should put out in excess of 1000HP, but trust me at 610 even with 12 inch wide wheels
and a Aluminum flywheel and Ceramic clutch, it is already very hard to keep the tires on the ground.
  • #929
  • Mar 25, 2008 9:38am Mar 25, 2008 9:38am
Quoting rrram2
She is not doing what you told her!
She is still screaming north over here! ARG

Elijah

P.S. anyone getting the feeling she may be deadset on heading North before South?
I know where she is going I just don't know when she'll get there. This would be a great time to talk about the stop loss issue. Right now I don't have one set on my shorts, but I have a reasonable idea of where this beast will go. If you look at the last chart I posted there are two green lines. I am comfortable staying in my short even if she goes up to the far green line. I let my trades ride because I have a SOLID REASON for doing so. Could I lose money? Of course! Don't ever not place a stop so you 'don't lose money.' You should ALWAYS have a REASON for everything you do in trading. Always! Justification for your trades is the first step to success!
  • #930
  • Mar 25, 2008 9:46am Mar 25, 2008 9:46am
Quoting rrram2
100 standard lots? crap if I saved up my money instead of spending it
at 100 lots I'd be a multimillionaire before the year is over.

I can only dream of lots like that, Trouble is I spend $ faster than I make it.

I've got a really fast car if anyone is interested, then I can trade MAD units

http://www.cars.com/go/search/detail...eadExists=true

I have it tuned down to 610 HP, jack boost as high as 25 and she should put out in excess of 1000HP, but trust me at 610 even with 12 inch wide wheels
and a Aluminum flywheel and Ceramic clutch, it is already very hard to keep the tires on the ground.
You're killing me smalls!
  • #931
  • Mar 25, 2008 10:03am Mar 25, 2008 10:03am
Quoting Scotty B
I know where she is going I just don't know when she'll get there. This would be a great time to talk about the stop loss issue. Right now I don't have one set on my shorts, but I have a reasonable idea of where this beast will go. If you look at the last chart I posted there are two green lines. I am comfortable staying in my short even if she goes up to the far green line. I let my trades ride because I have a SOLID REASON for doing so. Could I lose money? Of course! Don't ever not place a stop so you 'don't lose money.' You should ALWAYS have a REASON for everything you do in trading. Always! Justification for your trades is the first step to success!
I agree with you wholeheartedly. But it goes without saying that the GJ is like an elevator always going up and down and up and down. I think there were some 3 year cycles that completed today.

I advocate always setting a stop loss order AT the same TIME when you place your entry order. But I don't for specific SOLID reasons as well.

I am here to help people and I also enjoy learning a new thing or two.
I think everyone can make money in Forex. It wasn't easy for me at first,
and after going on 3 years of trading forex and researching and studying and charting I finally got the hang of it and my win loss ratio is high, for one becuase I don't accept stop losses as a viable option for ME. I would rather
collect the interest and hold them and fortify my account if need be. But as I said before I much prefer to use maximum leverage 400:1, but of my available Buying power at 400:1 I dont like to ever get to the point where I am using over 10% of my buying power. This way I can stomache unrealized losses of 500 pips or more and wait for her to come back up and in the mean time earn 30% interest a month. I think we are on the same page Scotty.

And I apologize if I have been talking too much or posting too much.
I will cut it back and will mnore closely evaluate what I post.

When I first started reviewing this thread it seemed most of the traders posting in it were what I consider advanced traders. But over time it does look like the thread has grown like mad and we have lots of newer more inexperienced traders.

So unless you have been trading forex for 3 years or more,
I recommend that you never enter an entry order without also entering at the same time, you stop loss and limit (TP) orders.
This is very important because...if your computer crashes or your net conenction drops and you have not entered your stop loss you can get
your account wiped out.

I wiped out my account several times in the old days.

SO everyone ALWAYS use a stop loss that is entered at the same time as your entry order until you have had your first frontal labotomy completed.

I am sorry it is not my intent to lead anyone astray. And hopefully those trades checked out I have never posted any docs from ym live trading accounts.

Honesty is the best policy and for me ONE of the MOST important things in life is being HONEST.

I would rather someone slap me in the face INSTEAD of lying to me.

So IF I can help anyone else any further just let me know, otherwise
I am going to sit back and shutup for a bit as I also respect Malcolmb very much and do NOT want to step on his toes or mislead anyone here.

I just say what I do. And I am looking forward to learning a few
more trading skills from Malcolmb and Scotty and all you other advanced traders out there.

Elijah

P.S. BUY THE RED CORVETTE!
  • #932
  • Mar 25, 2008 10:12am Mar 25, 2008 10:12am
Quoting rrram2
I agree with you wholeheartedly. But it goes without saying that the GJ is like an elevator always going up and down and up and down. I think there were some 3 year cycles that completed today.

I advocate always setting a stop loss order AT the same TIME when you place your entry order. But I don't for specific SOLID reasons as well.

I am here to help people and I also enjoy learning a new thing or two.
I think everyone can make money in Forex. It wasn't easy for me at first,
and after going on 3 years of trading forex and researching and studying and charting I finally got the hang of it and my win loss ratio is high, for one becuase I don't accept stop losses as a viable option for ME. I would rather
collect the interest and hold them and fortify my account if need be. But as I said before I much prefer to use maximum leverage 400:1, but of my available Buying power at 400:1 I dont like to ever get to the point where I am using over 10% of my buying power. This way I can stomache unrealized losses of 500 pips or more and wait for her to come back up and in the mean time earn 30% interest a month. I think we are on the same page Scotty.

And I apologize if I have been talking too much or posting too much.
I will cut it back and will mnore closely evaluate what I post.

When I first started reviewing this thread it seemed most of the traders posting in it were what I consider advanced traders. But over time it does look like the thread has grown like mad and we have lots of newer more inexperienced traders.

So unless you have been trading forex for 3 years or more,
I recommend that you never enter an entry order without also entering at the same time, you stop loss and limit (TP) orders.
This is very important because...if your computer crashes or your net conenction drops and you have not entered your stop loss you can get
your account wiped out.

I wiped out my account several times in the old days.

SO everyone ALWAYS use a stop loss that is entered at the same time as your entry order until you have had your first frontal labotomy completed.

I am sorry it is not my intent to lead anyone astray. And hopefully those trades checked out I have never posted any docs from ym live trading accounts.

Honesty is the best policy and for me ONE of the MOST important things in life is being HONEST.

I would rather someone slap me in the face INSTEAD of lying to me.

So IF I can help anyone else any further just let me know, otherwise
I am going to sit back and shutup for a bit as I also respect Malcolmb very much and do NOT want to step on his toes or mislead anyone here.

I just say what I do. And I am looking forward to learning a few
more trading skills from Malcolmb and Scotty and all you other advanced traders out there.

Elijah

P.S. BUY THE RED CORVETTE!
I tried to pm you for this, but which 3 year cycles completed today? we are stuck in range right now, no new highs or lows? What cycles are you talking about?
  • #933
  • Mar 25, 2008 10:16am Mar 25, 2008 10:16am
Quoting Scotty B
You're killing me smalls!
You think smalls are funny? I am conservative
thing is 2000 small GJ pips is still 2000 pips at 99 cents/pip per week.

What IS funny
1. I have no Job and have not had one for years
2. I do what I want with ALL my time (no JOB)
3. Forex profits feed me and my family and allow me to buy ANYTHING I want
4. I made $353.15 USD in relaized profits ( a typical day of scalping for me)
5. I waste all sorts of time at Forex (but it pays the bills)
6. Forex is FUN!

Elijah

P.S. Don't make fun because I am successful and conservative.
I just really don't need much more than $350 a day profit to live.
But really I am OK with youy making fun with me as long as it is not going to be making fun of someone's loss or misfortune.
  • #934
  • Mar 25, 2008 10:16am Mar 25, 2008 10:16am
Quoting rrram2
I agree with you wholeheartedly. But it goes without saying that the GJ is like an elevator always going up and down and up and down. I think there were some 3 year cycles that completed today.

I advocate always setting a stop loss order AT the same TIME when you place your entry order. But I don't for specific SOLID reasons as well.

I am here to help people and I also enjoy learning a new thing or two.
I think everyone can make money in Forex. It wasn't easy for me at first,
and after going on 3 years of trading forex and researching and studying and charting I finally got the hang of it and my win loss ratio is high, for one becuase I don't accept stop losses as a viable option for ME. I would rather
collect the interest and hold them and fortify my account if need be. But as I said before I much prefer to use maximum leverage 400:1, but of my available Buying power at 400:1 I dont like to ever get to the point where I am using over 10% of my buying power. This way I can stomache unrealized losses of 500 pips or more and wait for her to come back up and in the mean time earn 30% interest a month. I think we are on the same page Scotty.

And I apologize if I have been talking too much or posting too much.
I will cut it back and will mnore closely evaluate what I post.

When I first started reviewing this thread it seemed most of the traders posting in it were what I consider advanced traders. But over time it does look like the thread has grown like mad and we have lots of newer more inexperienced traders.

So unless you have been trading forex for 3 years or more,
I recommend that you never enter an entry order without also entering at the same time, you stop loss and limit (TP) orders.
This is very important because...if your computer crashes or your net conenction drops and you have not entered your stop loss you can get
your account wiped out.

I wiped out my account several times in the old days.

SO everyone ALWAYS use a stop loss that is entered at the same time as your entry order until you have had your first frontal labotomy completed.

I am sorry it is not my intent to lead anyone astray. And hopefully those trades checked out I have never posted any docs from ym live trading accounts.

Honesty is the best policy and for me ONE of the MOST important things in life is being HONEST.

I would rather someone slap me in the face INSTEAD of lying to me.

So IF I can help anyone else any further just let me know, otherwise
I am going to sit back and shutup for a bit as I also respect Malcolmb very much and do NOT want to step on his toes or mislead anyone here.

I just say what I do. And I am looking forward to learning a few
more trading skills from Malcolmb and Scotty and all you other advanced traders out there.

Elijah

P.S. BUY THE RED CORVETTE!

Love the car . I have a Jaguar XKR .. it goes fast enough for me and looks really nice with the roof down...I have more than enough seppeding tickets already !
Blogging daily now at www.volume.zone
  • #935
  • Mar 25, 2008 10:24am Mar 25, 2008 10:24am
Quoting rrram2
You think smalls are funny? I am conservative
thing is 2000 small GJ pips is still 2000 pips at 99 cents/pip per week.

What IS funny
1. I have no Job and have not had one for years
2. I do what I want with ALL my time (no JOB)
3. Forex profits feed me and my family and allow me to buy ANYTHING I want
4. I made $353.15 USD in relaized profits ( a typical day of scalping for me)
5. I waste all sorts of time at Forex (but it pays the bills)
6. Forex is FUN!

Elijah

P.S. Don't make fun because I am successful and conservative.
I just really don't need much more than $350 a day profit to live.
But really I am OK with youy making fun with me as long as it is not going to be making fun of someone's loss or misfortune.
Not making fun of you personally. Just a favorite quote from a favorite movie. http://en.wikipedia.org/wiki/The_Sandlot
  • #936
  • Mar 25, 2008 10:33am Mar 25, 2008 10:33am
Scotty was known to have said:
"I tried to pm you for this, but which 3 year cycles completed today? we are stuck in range right now, no new highs or lows? What cycles are you talking about?"

Technically it was last week that it completed going back to week of 7/22/05 on the weekly chart.

GJ made a new lower low that week and the next week it started the begiininng of a LONG uptrend starting with the very next week.

So this week for me is the start of a new very long uptrend completeing a cycle from 7/22/05 on the weekly chart where the low was within a few pips of the weekly low last week and on the following week (this week)
we are immediately making new highs coming off the bottom like we did almost 3 years ago.

So it is like its been almost 3 years since the elevator stoppped on this low floor and finally it came full circle last week and stopped basically on the same floor. A cycle for me forms a circle or it includes returning to the same price level from way back.

I am not technical down to the minute calculation. I only do rough figuring.

For me anything within 10 pips is about the same. So I can't get into it with you perhaps to the mathematical detailed level you may be wanting.

So week of 7/22/05 low on Esignal 192.69
AND week of 3/21/08 low on Esignal 192.60

I consider those the SAME as if they went exactly to the same pip.

What goes up must come down eventually and what goes down must come up eventually...Thats the nature of the markets is movement.

Elijah
  • #937
  • Mar 25, 2008 10:52am Mar 25, 2008 10:52am
i was 100% sure the dj was going down today

How could it not with all the bad news out there ?

I missed this move up .... but I guess that is life.

It look to me like the channel is broken and we may go test next whole number 201
Blogging daily now at www.volume.zone
  • #938
  • Mar 25, 2008 10:57am Mar 25, 2008 10:57am
Quoting rrram2
Must be an American thing or something.

I am all about the moment, Now is all we have, yesterday is gone forever and tomorrow is just a dream, all we have is the here and now.

Elijah
Thanks M8,

Yep could mean lots of things - the one I thought was At The Money but that didn't fit or auto teller machine(forex trading) lol.

Good pips today - well done.

Rgds

Stew
  • #939
  • Mar 25, 2008 11:06am Mar 25, 2008 11:06am
Quoting malcolmb14
i was 100% sure the dj was going down today

How could it not with all the bad news out there ?

I missed this move up .... but I guess that is life.

It look to me like the channel is broken and we may go test next whole number 201
No worries mate. I'm holding my shorts..I've been warning of a fall for a few days now. 201.17 is the highest hourly target she can break before any more long cycles can be hit. Unless she makes some more. We'll see!
  • #940
  • Mar 25, 2008 11:32am Mar 25, 2008 11:32am
Quoting malcolmb14
i was 100% sure the dj was going down today

How could it not with all the bad news out there ?

I missed this move up .... but I guess that is life.

It look to me like the channel is broken and we may go test next whole number 201
One thing i want to point out that I learned not that long ago.
If you were sure the markets were going down weather DJ or GJ
which usually seems to travel in the same direction, what caused you to think that? All the bad news?

Here is my point...no matter what the bad news is...you have to think and act like it is already PRICED into the market because in reality it is.

The reason news events cause so much stir is that you have zillions of people waiting for the split second they get the news and then try to make a trade based on the news before others can react.

But I assure you trading the news is VERY risky and trading based on thoughts of bad news being out there is not what determines price.

I tell you one time when I was green, I was in a trade during some news
(which usually is a no no) ,that was getting ready to come out that I had no clue about.

Well it was Bernacke or whatever his name is was talking...crap...
he opened his mouth and within less than a minute shit started crashing hard. I lost 100 pips in less than 5 seconds I swear. It was all I could do to find the SQR button. If I was smart I would have waitied for it to retrace some or NOT been in the market at all. Because it did retrace almost all of what it fell over the next several hours.

All I am saying is that in trading you have to assume that all news is already priced into the market except in the case of some high impact breaking news,
which once it hits at one moment in time, millions of people are going to be reacting and the moves are crazy and unpredictable.

I make my best money on days that there is no high impact news releases.
But the way I trade now, the only news that I fear is NFP and I make sure to get out before that news hits.

I think you are one of the greatest traders I know and you have tremendous skills and insight. I consider you one of the best and even the best traders like yourself will have an off day every once and a while.

Make sure to enter that stop loss order at the same time that the entry order is placed (I know you already know this but I am reaffirming this for my misstatements earlier so no one thinks that anyone but a moron would not have a stop loss order in place.

M, You rock! Tomorrow is a new day!

Elijah
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