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  • #21
  • Mar 27, 2008 12:56am Mar 27, 2008 12:56am
Quoting techtrader10
since I deal with a 2% risk on the account, it prevents me from dealing with anything over that.
I'm not sure if I understand you correctly, but are you saying that you can't risk 2% of your account on higher timeframes? If that's the case, then it's probably because your broker doesn't offer flexible lot sizes, so change to another broker that allows you to trade fractional lots or better. For example an IBFX mini account allows you to trade $100 positions, and Oanda as little as $1. That should give you sufficient "resolution" to be able to risk whatever percent of your account you want on whatever timeframe you desire.
  • #22
  • Mar 27, 2008 7:15am Mar 27, 2008 7:15am
@ Soultrader - Great minds on the Gridlines

@ OP - lower timeframes works only when market is trending, perhaps, when you were in demo account, the market is favoring 15min because it is trending.

You should not worry about not getting on the move, Do you want to get on the move and lose money, or do you want to wait and win?

I am in no way imposing anything to you, these are all just my suggestions from my experience. Somehow, i feel that every one should go through what you are going through, asking what went wrong, and why.

It is like you have to learn a,b,c, and d, before knowing e,f,g...

I was in your position a while back, thinking it was my indicator that sucks. so I spent alot of money paying programmers to do this, do that, filter this, filter that..

In the end, i went back to 1hr.
If you dont see it now, keep on trying and trying, you are on the right track, and will get there.
Why do people only post a nice trending period chart?
  • #23
  • Mar 27, 2008 7:40am Mar 27, 2008 7:40am
Fierceman hit the nail on the head. Using GFT, you're forced into a scary situation with there minimum position sizing. Makes things a lot harder. You'll breath a lot easier moving to a broker that allows you a smaller bang per pip.

Soultraders tips are worth thinking about too , man. ...actually more than thinking about. Doing. lol

(And those grid lines. eck!
Bundy's status today: "Waiting..."
  • #24
  • Mar 27, 2008 12:15pm Mar 27, 2008 12:15pm
Quoting masterfx
Just some questions,
Are you a scapler?
How many pips is your target? (i.e. profit and loss)

Just some insight to, demo accounts mean nothing, good for practice but will not teach how to control emotions.


To answer your question, no I'm not a scalper. But it depends on what you call a scalper. I am not a position trader either. I have recently been told from a friend that most of these forums are for position traders. I day trade for a minimum of 25 pips per trade but I prefer 50 or more.

Hope that helps you out.
  • #25
  • Mar 27, 2008 12:24pm Mar 27, 2008 12:24pm
Quoting yuhu
@ Soultrader - Great minds on the Gridlines

@ OP - lower timeframes works only when market is trending, perhaps, when you were in demo account, the market is favoring 15min because it is trending.

You should not worry about not getting on the move, Do you want to get on the move and lose money, or do you want to wait and win?

I am in no way imposing anything to you, these are all just my suggestions from my experience. Somehow, i feel that every one should go through what you are going through, asking what went wrong, and why.

It is like you have to learn a,b,c, and d, before knowing e,f,g...

I was in your position a while back, thinking it was my indicator that sucks. so I spent alot of money paying programmers to do this, do that, filter this, filter that..

In the end, i went back to 1hr.
If you dont see it now, keep on trying and trying, you are on the right track, and will get there.

Thanks for your suggestions, I love this business and spend most of my time doing research and learning. I guess I am just putting too much pressure on myself to get where everyone else is. I have come a long way since I started and I can see the changes in my trading (for the better) since I started. There are times I have to tell myself the same thing but it gets frustrating when I make the wrong call and sit scratching my head and say why. Thanks for the words of encouragement they are well recieved.
  • #26
  • Mar 27, 2008 12:36pm Mar 27, 2008 12:36pm
Quoting bundyraider
Fierceman hit the nail on the head. Using GFT, you're forced into a scary situation with there minimum position sizing. Makes things a lot harder. You'll breath a lot easier moving to a broker that allows you a smaller bang per pip.

Soultraders tips are worth thinking about too , man. ...actually more than thinking about. Doing. lol

(And those grid lines. eck!
I have taken the advise and got rid of the gridlinesand was talking this morning to someone who is also with GFT, after the conversation I was considering changing to another broker but before I got with GFT I did extensive checking on the bigger brokers and didn't like what I saw. The problems with some were to numerous to mention and since I have not delt with them I will not run any broker down. My opinion is only based on my findings. I do know from past experience 2 brokers I won't use and 1 is Oanda simply on platform issues. I have been knocked off in the middle of trades and I can't deal with that issue.
I will give soultraders tips more thought and discuss them with a couple of people I am working with from time to time.

Thanks for the input.
  • #27
  • Mar 27, 2008 12:37pm Mar 27, 2008 12:37pm
if you want to get where everyone else is, just send me a cheque for your account balance
https://linktr.ee/Soultrader
  • #28
  • Mar 28, 2008 9:09am Mar 28, 2008 9:09am
Quoting soultrader
if you want to get where everyone else is, just send me a cheque for your account balance
. Thanks anyway Soultrader but unfortunately I would be only a problem child for ya so to speak, I am a trader not an investor. According to your Clinic which I found quite interesting, I'd probably be one of the fools you don't suffer . Only time and experience on my part will I get better and hopefully oneday, I might be able to qualify for the thread. I didn't have a lot of time to read all the posts but the ones i did read were interesting and I'll be sure to check them out. When I'll get to it I can't say, because I have lots to do on my plate right now. Good luck to you and your clinic.
  • #29
  • Mar 28, 2008 9:38am Mar 28, 2008 9:38am
It is appearing to me that the thread is starting to go in a direction that it was not intended to go. The overall purpose is to help me figure out what I'm doing wrong not the charts or "gurus" I apply. No matter what system I use, it could be picked apart like a vulture on a dead carcus. I am going to leave this part of my discussion and the system upto the powers that be for now.

On a better note, I have decided to leave my present trainer and move on to hopefully bigger and better training. I'm starting to believe my eyes are getting jaded into seeing one small aspect of the market so I need to start finding the bigger picture and work my way up from here. If that means changing my system completely then I welcome the change. Maybe my system isn't working in this type of market. I don't know I haven't got any feedback on that aspect of it yet but, then again there may not be anyone here that uses the same system. If there isn't anyone who uses a similar system then I'm just beating the proverbial dead horse. I'll let the thread roll to see where it goes until I see no point in it.

Thanks for everyones efforts.
  • #30
  • Mar 28, 2008 10:50am Mar 28, 2008 10:50am
Fierceman is right:

If you really want to be profitable, learn to trade long term, with a nice blend of fundamentals and technicals. Avoid, avoid, avoid mechanical or rules-based trading systems. They will invevitably fail, drive you nuts, or become so cumbersome you give up (unless you're a quant).

Diversify, lower leverage, manage risk and trade long-term. Otherwise I'll bet my house you end up as one of the 95% who lose all their money.
  • #31
  • Mar 28, 2008 10:56am Mar 28, 2008 10:56am
Yeah Techtrader, your system, like most systems I've seen, will not work all the time, and your experience is proving it.

I strongly recommend, if you're really interested in the forex, you let the system go, and really learn how to analyze the market, and change your focus to longer-term trading.
  • #32
  • Edited 8:26pm Mar 28, 2008 7:57pm | Edited 8:26pm
Quoting soultrader
lol, great minds
& Fools...
Thought I would let this thread Mature a little before Posting.
  • #33
  • Mar 28, 2008 8:03pm Mar 28, 2008 8:03pm
Quoting techtrader10
I'll take these one at a time.
{Skip}
2. I use the 5&8 ema, stochastics and IB or OB for entry points. The 21 is a powerful trendline especially when it crosses the blue 55 for trend reversal points. The B.B.s I have found show stalling points. I also use fibs and trendlines on another chart so I don't clutter my charts too much.
...
Thanks for the help.
OK, Just checking, Tell me how an EMA is Calculated. {Trying to establish that You Understand Your System.}
  • #34
  • Mar 28, 2008 8:07pm Mar 28, 2008 8:07pm
Quoting techtrader10
{Skip} Here I was thinking it would bounce off the 21 ema but broke down for a continued down trend. ..
NEVER Predict a Prediction. Fast way to He||.
  • #35
  • Mar 28, 2008 8:10pm Mar 28, 2008 8:10pm
Quoting soultrader
ok, heres the advice first, take it or leave it.

1. get rid of the gridlines
2. get rid of the bollinger / keltner / envelope whatever that crap is
3. ditch the stoch, all it does is copy price but after the move so it's no use.

4. this is the big one - if you ignore the rest and do just this one it will turn your trading around. Only buy on a CLOSED up candle, only sell on a CLOSED down candle.

you are buying on an MA before it's 'bounced' as you call it - until the candle has closed up it isnt a bounce - you're trying to predict - you can't.

this is referred to as 'buying strength' - never buy on a down candle - because its not going up - only buy when it's going up, only sell when its going down. simple eh? - get this one thing right and you will win more than you lose.

Trust me on this.

finally, your first post talks about how wonderful the MA's are - in another post somewhere today i posted this very same challenge - find me an MA between 0 and 300, simple, exponential, weighted, smoothed - whatever you like - fine me one that DOESN'T bounce like magic.

have fun looking.
Uhhh, Duhhh. ALL of the Above.{working my way through the thread. }
  • #36
  • Mar 28, 2008 8:17pm Mar 28, 2008 8:17pm
I disagree 100% for good reason on most of the above, SMA's work if used correctly, BB's work, Envelopes work, you CAN trade on M1 charts.

USDGBP trades well with these M1 settions.

9EMA
SMA 90
Envelope 90 Dev 0.24%
Envelope 90 Dev 0.32%
BB 90, 3
SMA 360
SMA 720
SMA 1440 ( you'll need M5 chart + 288sma most likely )

System ROCKS, the odds on the 90sma line being the upper/lower trend line is VERY high, and the BB / Envelope Ranges work excellently to.

The issue is, waiting for the right setup to take with high odds then holding long enough. And knowing when the Market is chopping or trending and playing the right system.

Passed above onto someone else recently, there liking it to.


And no you won't win 100% of the time, 70% with SL's 1/2 what TP's are is doing me nicely though Running a SL of 13 aswell!!

Dump the Stoch's though, there is NOTHING in those buggers, just trading myths!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #37
  • Mar 28, 2008 8:21pm Mar 28, 2008 8:21pm
Quoting techtrader10
...There is no holy grail of indicators as well as systems.
Yes there is BUT it requires that "We" be opposite. Yours Initiates a Sell while Mine Initiates A Buy.
Quoting techtrader10
I was told by people who have been in this field for several years that I should have 2 lagging indicators and at least 1 leading indicator. My ema's, stochs and PP serve that purpose. I realize that not every trade is going to be a gain, losses are apart of the game, all I'm looking to do is to limit the losses.
"Let me transfer your call to the Money Mangement Department. Thank you for using Forex." I absolutely 1000% believe "The Toughest Lesson to Learn" is...

It's OK to be Flat The Market.

In other words;
Quit Placing Trades Simply because Currently You Have None.

Well, that's a start...
  • #38
  • Mar 29, 2008 4:05pm Mar 29, 2008 4:05pm
Quoting techtrader10
This is the first trade I did today and I did have a gain of 25 pips. I saw bullish hidden divergence, stochs have crossed, 5ema(tan) crossed the 8 sma(purple), the candle the arrow is on broke above the 21ema(red). I was looking for a retest of the daily r1 at 156.16 as my target. I expected stalling at 156.00(psychological number). This was the first trade I had that was good in 11 trades. With all the losses I was nervous about holding this trade too long.
Could you give a reason for why you chose those EMAs? Try SMA 20, 50 and 200. These are more likely to be used by professionals and are the ones poping up on bank's charts all over the place.
  • #39
  • Mar 29, 2008 7:23pm Mar 29, 2008 7:23pm
Quoting techtrader10
I am having some difficulty trying to figure out what I'm doing or see wrong, or maybe it's just my thinking. I would like some help trying to figure out which it is. Here is the problem, I am losing more trades than I profit from. I'll put up my charts so everyone sees what I see and put in my trade journal so everyone can see what my line of thinking is. If anyone has suggestions they would be greatly appreciated. Now the charts I'll be posting are mt4 charts which are slightly different from mine because I can not save them as pics or graphics they are through GFT but all indicators and stochastics are set up the same. I use Pivot Points to set my targets and will have them on the charts also. I use 15 min. charts with entry and exit points marked. If anyone has questions please feel free to ask. Thanks to everyone for the help.
I can't know what your pip goal or your account growth goal would be. I'm very thankful and happy with the results that I get in trading daily TF only. As a matter of fact, I believe that if I traded lower TF's (which I have) I would have a fraction of the profit that I have trading the daily TF. I did not see any trend lines or S/R on your charts. Forgive me if they are there. But I found that the harder I worked at trading, i.e. lower TF's the worse I did. I trade daily and have not even looked at a 4hr since I can remember. I use all the other time to study Jacko & James 16. Many of the good folks who post there really know their stuff. You'll figure out who I mean. I read their posts every day. Do yourself a favor and trade higher TF and use all that time you have to sit and watch charts to study.
  • #40
  • Mar 30, 2008 2:08am Mar 30, 2008 2:08am
In my personal opinion, stop trading many different pairs. Trade only one, and even then make sure it is E/U... The most powerfull pair, the most independent, the most technically analyzed to hell by all the world which is also why it often follows technical patterns so nicely, the smallest spread and what not... Plus, it's easier to money manage positions on just one pair and trading on smaller time frames (including m1) is more reliable because of the high liquidity.

Just my 2 cents..
On the path to Enrichment.
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