PearsonFX Trades

Quoting pearsonfx

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Active Orders:

GBP/JPY
SHORT 207.50 - T/P - 202.09(3 lots)
SHORT 205.00 - T/P - 201.27
SHORT 204.50 - T/P - 201.27
SHORT 204.10 - T/P - 201.27
SHORT 202.75 - T/P - 201.27
SHORT 202.35 - T/P - 201.27
SHORT 201.85 - T/P - 201.27

GBP/USDSHORT 1.9975 - T/P - 1.9925 - CLOSED 1.9950

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Quoting miketodd

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Pearson, I demo'd your trade on g/j. I still would like to hear your thoughts on what, when, why things happen the way they happen. I am more impressed with your directional thinking. Although your up-front calls take a hit sometimes, the over-all picture you set forth is very sound in my book..

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Quoting booktimes

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Zack has called many more right calls then wrong ones, he was spot on with the call on dollar strength, me personally I dont trade the g/y, personal choice I find it too volatile and my MM wont allow me to trade it, consider Zacks call on other less volatile pairs and I think you would find them about spot on, I know its down to personal choice what you trade and if you wanna trade the more volatile pairs then expect a bad hit once in a while, good luck everyone and Zack keep up the good work, some people here do appreciate all your hard work.
Footnote
I have been scanning some of the other forums and alot of people have been badly burnt by the g/y, it was unexpected
Tom

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Quoting howard

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As you mentioned in your previous post, market moved up so fast that you could not post your hedge entry, therefore in my opinipn it would be helpful if from the outset, you post the level at which you would hedge your position.

At this level of hedging, some traders will apply hedge and some will apply stop loss according to their style

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Quoting booktimes

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Hi Guys
I would like to make a point on stoplosses if I may.
When I started trading a couple of years ago, I followed the legendary trading methods of Jesse Livermore and his top priority was to always use stoplosses, I found that at the outset I was being stopped out quite often by my broker. In my opinion and after reading quite comprehensively on the subject that Jesse Livermore was a very successful trader but 80 years ago, technology has now advanced so much that his methods though sound then would be outdated today.
My second point I have a friend who works for a large brokerage firm and was the original catalyst who got me into trading but after some sound advice he advised me not to use stops on my trading platform but be disciplined enough to use them mentally, his advice being that brokers will and do and always hunt them. Now I have never come across a platform/brokerage that does not every now and then have a blip, the platform goes a little crazy for a few minutes, orders not filled, original buying or selling prices mysteriously go up or down, the original buy/sell price not the price you buy/sell at, now I am not saying that is done to take money off us poor striving traders but I dont take everything granted and if you could get away with it, would you?
The best thing he told me was that all brokers are mostly nice people got houses, cars and 2.4 kids and a dog but its business, its war they want your money and will do anything they can to get it and so you have to be just as ruthless, cunning, devious to take the money off them.
Now back to original point, I dont use stops only mental stops, I think I am now at a competent enough level to know when a trade is going or gone against me and so I dont find it much of a hardship to press that out buttom, re-group and start again.
to me trading is 90% mental and 10% skill
respect to you all
Tom(UK)

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Quoting RickyRudy

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Zack, thanks for answering my question (Post #915). Since a couple days ago I've been trying to follow your trades and more importantly, understand your way of thinking. Your concept of hedges intrigue me. You also seem very knowledgeable and selfless. I was hoping that I could follow each of your trades in a demo account in an attempt to better understand your system and make contributions/improvements as I became better. However, after following a couple trades and continued reading this thread I came to the realization that your trading schedule is not right for me. I live in the Florida, have a full time job and can not initiate trades, analyse the market or monitor my trades all day like you're able. I wish I could because in my mind that's the best way to trade. I'm also not able to stay up past 11pm to trade the London session. Why does work have to get in the way? I think for me I need to trade on the daily timeframe. Hopefully I can learn enough from what you are doing so I can apply it to inter-day trading.

Although I am unable to follow all your trades, your journal is still helpful to me and others in that I find I am learning a lot. I wish you were able to spend more time posting charts or explaining the reasons you make specific trades or why you think a pair with move in a certain way. Some may find the spoon feeding of entries and exits helpful by themselves but your explanations are way more valuable to the learning process and to encouraging contribution from others. But I understand it often takes time to explain or post charts especially considering the frequency of your trades.

I am thoroughly impressed with the way you are able to predict market movement. That's where I want to be not long from now. It might be helpful to noobs like myself if you were able to give a brief history of your learning path. For instance, what books did you start out with and which you found most helpful, etc. How do you analyze the markets on a daily. I've already figured out some of your analysis methods from reading your posts but I'm only 1/3 of the way through reading this thread. To give you an idea of where I am in my learning process, I did the Babypips school a couple months ago. I then bought Nisson's Candlestick books, which I see you you've read. Upon starting to read Nisson's book, I realized I could benefit from a bigger picture perspective of patterns. I then turned my focus to Murphy's Technical Analysis of the Financial Markets. It has been extremely helpful. My plan is to go back to Nisson's book once I read Murphy's a couple times. I explain this because I am hoping you can provide a similar description of your learning process.

Once again, thanks for the good work you are doing here.

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