No Free Lunch but all the Free Coffee you can drink

I see FXP has already given you the link that I would have also.

Please don't be intimidated by the length of the thread, it only goes to show how many Members have an interest in it.

Besides, sometimes Investing Time in Study is more Profitable than Investing Hard Earned Cash. I would suggest you read the entire Thread 'cause it's going places and willing to carry many riders.

Jarroo is doing a Terrific Job of directing it and has displayed nothing but good heart in his responses to any questions asked there. That being said, there a few others on that thread that are pitching in {relevant}input.

GL & HTH.

The vertical line for the 01:00 EST open and a horizontal line indicating where price is at the open.

Thanks for the response bill. I attach the image again. To me, the vertical lines looks like on 10pm EST; I thought it should be on 1 AM EST bar.

Thanks again,

TS

You are correct. Good eye!

The vertical line should be at 01:00 EST. I posted that early on as a desktop idea, not a suggestion for where to put the timeline--sorry for the confusion. I'll try to edit that post.

Nope--It's been up too long to edit.

Thanks much, bill for clarifying. Have a nice weekend.

TS

Great thread! I have learned a lot more from reading here then I did with lots of money spent for tutorial!
Thank you Bemac, Mr PeterCrown , Jaroo in the other thread, and all the contributors that have asked valuable questions!


Now to my questions, I hope I didn't miss those in previous posts....

1) 6am GMT, or 1am EST. Do we take count of DST time or not? considering that banks, trader etc etc will go to work an hour earlier.. or later.

2) Sundays. If we trade on a Monday am, should we consider the weekly close?

I hope I'm not repeating questions already asked!

Bemac


It would be great to see more posts from you if you have the time. Unfortunately I can't get my head round this one but would love to hear more in order to better understand.

cheers

FXP

Sorry Bemac, I haven't read your latest few posts, i will redirect my question to the appropriate thread.

Bemac, fxprocessor, thanks very much, I think I have it down now.

One final question, and if it should be in the other forum, feel free to move the post - do you wait until there is a CLOSE above/below the inside bar to initiate a new position, or do you just wait until any component of the next bar crosses the line to initiate a new position (i.e. do you trade it as it crosses in real time)? Thanks.

Trade as it "crosses in real time"

Thank you NowAndLater, and thank you so much PeterCrowns.

The thing that first got my attention on this thread was when Peter said in post #23 "when you are ready to actually make money..., and stop the bleeding..." As a new trader, I've tried several different methods, and I even tried my own that I made up by taking bits and pieces from other individual systems. I'm an engineer, so I assumed the more technical a method was, the better it had to be. I tried complex indicators, Fibonacci numbers, you name it, but in the end all I did, even when executing the systems perfectly, was lose money. Given how knowledgeable Peter sounded and how helpful he was in explaining how his method works, I thought I should read the thread and give it a try. I am honestly utterly amazed. The Cable is up almost 150 pips as of me writing this. The method is so simple, and so correct, I actually had to work hard to understand it and remind myself that I'm actually participating in a market, not an engineering problem. I thank God for having me read this, it is truly a blessing in disguise. It should be required reading for any new trader. One more junk system for me, and I was going to need a second job. Fortunately, I think I can put the resume away

Cheers, and many thanks PeterCrowns, wherever you are

-Mets-

I have sympathy for the learning curve. Technical people, especially engineers-- tend to have some difficulty in the work of trading until they finally allow the market to do the creating.

Today has been a great day so far in the Eur/Usd, Gbp/Usd, Usd/Chf. Due to the speed of the moves I went 3:1 on all of them before trailing.

You would have had to hate the market to have lost money this morning. Unfortunately, many do. So, they lose.

-Mets- I appreciate your comments, and the comments of all the others commenting here who are proving to themselves that simple (if it is statistically based) beats complex every time.

The markets are very simple interfaces. Expecting something complex from them just betrays the mind doing the expecting. It rarely results in profits.

-PeterCrowns-

Riding high just on the Gbp/Usd. I found that when Price is running fast, I wait a litttle longer to take my trade risk off the table and take some to the bank.

I'm sure you read through some of the thread I started. I hope we're heading in the right diection.

Thanks again,

Jim

yes the dollarweakness was defintive the best bet today, after the euro inflation below expectation markets running crazy, first of all eur against pound show strength in pound and then the euro reverses quickly to upside... nice trades today nice reward and nice setup...

the head shoulder in USDJPY also worked out very well...

PeterCrowns, I believe--Simple is good. Thanks much. Bob

Nice to see you again Peter; Hope all is well wi' you 'n yours.

Hi Peter,

Thanks for all you have shared here and for your comments on trading in general. I am learning a lot but currently trading on demo account until I feel more comfortable. So far my results have been very encouraging however the recent past has not seen too many moves that fail so I am wary of getting too carried away with things.

My question relates to your trades on June 16th specifically in regards to the eur/usd. At the start of the daily session there was an IB on the bar prior to the session start (actually it was a double IB). I traded this and ended up with a stop out long and then a break-even short before the euro took off later for a nice trade.

Did you take the entries at the start of the daily session? If not, can you elaborate on what reasons kept you out of taking these trades?

Thank you
OP

Multi-part rant-

-outapips-

I genuinely thank you for being brave enough to ask this question the way you did, and taking the trades you did. If anyone has asked this question before in the FF forum, I didn't see it -- (much like the sound I hear when a tree falls in the woods when I am not there).

In answer to your question, I didn't take the offending trades, but easily could have. You'll figure out the rest of my answer from the dialogue below.

-outapips-
Any negativity expressed here is NOT directed at you in any way, and I thank you for bringing up some material that needed to be said. In reality much of what I will say has been said, by various people, various times; but maybe not in application to something that works so well....

There will, no doubt, be those who will recognize themselves when this is read. (Also, thanks in advance to Dr. Phil for some coming "get it" remarks.)

Wikipedia, which is becoming the virtual source of most information that is close to trustworthy for us in cyberworld states this under the definition of TRADER:

In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives. Traders are either professionals working in a financial institution or a corporation, .... or speculators. They buy and sell financial instruments traded in the stock markets, derivatives markets and commodity markets.

Forex is a derivative market.

Nowhere is there a definition of trader where traders are those people who buy and sell without losses.

Losses are an integral part of trading, and those who spend most of their thought processes trying to figure out how to trade with the fewest losses, don't "get it".

I know that some reading this will think I am over-reacting about the question of losses and loss taking, when in reality no one seems to take the concept of losing regularly as customary.

Until you learn how to lose, you cannot win, long term, as a trader.

Take your losses for God's (and yours and your family's) sake, and then forget them. Get past them, recognize that they will happen a lot and learn to handle the one thing you are in complete control of.

How much risk you take and the size of losses you take. Then the only thing you will be left with will be profits.

What a problem!!!

When I started trading in futures you had a fairly good idea (but not perfect by any means) of how much risk you were taking on trades until you came to a day when you put on a trade and there was an air pocket where there was no trade for dozens or 50 or 100 ticks when some big news hit the market and funds gobbled up all the offered contracts. If you were a slow pit guy you "died" that day if you had too much size on.

We all have it so good today trading forex.

I'm so tempted not to even finish this post after getting this far. Why bother? Maybe most of you all need to "die" financially a few times to give you what it really takes to trade right. (I decided to finish. Lucky you!)

If you can't see the advantages you all have and the opportunities to cut your risk to virtually nothing (pennies a pip if you wish), and the right to hold on to your winners almost forever if you want...!

What is everybody's problem? Don't you know that only losers get so freaked about having losses???? Losses are just losses. Make sure they are smaller than your winners, in aggregate, and you're home free. I suppress more frustration at this stupidity than you can imagine. Your mental state of trading is KEY.

So, unknowingly risking long-term trading relationships, I bothered to help some deserving,--- at least I thought so in the state of mind I was then---struggling traders by showing people a way through the curtain, by showing them DIBS.

Officially, it was a mistake. The deserving who "get it", will get the benefit, and for that small group, I am happy.

It is the attitude of most forum members that offends me most. Probably because it is a "loser" attitude. Trading is about proving concepts and practical application. The scientific method is the most valuable tool we need.

Did no one go to any form of school before they came to the FF forum?

I feel extremely comfortable in stating that most of you don't anywhere deserve DIBS. Because most of you believe that perfection needs to be changed. Try taking 100 trades (at a penny a pip even) before you pass judgement on how it should be improved.... Ego has no place in trading methodologies.

I didn't invent DIBS. Do I care? No.

It's like being given a Porche 911 and before you even drive it a block, you say, "I think the engine would be faster if I drained the oil and replaced it with water. That heavy oil is too sticky." Good luck on that. (Second thanks to Dr. Phil.)

I don't even care if you want to modify any method so it fits your schedule or situation. But the vast majority of you reading this don't anywhere know what you don't know yet. And you can't be bothered to ....

I would be very remiss if I didn't include something about the responses I've received because of DIBS---

Beside all the people who write me wanting me to explain how to eliminate more losses with the DIBS method and ....

They "want this" and "want that" and "could you explain it in detail in a way I can understand, and English is my second language...." And, "I'm a good and deserving person so you should want to help me." "God will bless you if you help me...." Literally hundreds of pleas for me to spend my precious time to make it possible for THEM to be successful traders.

BTW: I have a great relationship with God and he never mentioned you.

Did they include a name or phone number? Less than 2% as of today.

Have any idea how much time writing an email to someone takes? It is the most inefficient form of personal communication used today (outside of text messaging from your phone, which is ridiculous!). Check around with time mangement people. The ones you pay for. It is great for spreading notes to 10,000 different people simultaneously, but sucks for personal communication.

Email is great for people whose time isn't that valuable yet. For people who are busy doing something, it is a waste of our time.

Every message or email I replied to, except for the longer responses; cost me the equivalent of $100 in time based on what I earn a day. I thought, maybe it'll be appreciated, and I will be able to help someone as frustrated as I was when I got going.

Then, it finally came back to me.

When I began, I struggled and spent tons of money, didn't complain to anyone (no one believed in me but me anyway) and didn't beg either. I offered real value for the value I needed to acquire.

I borrowed money to trade, borrowed money to pay for training. I did everything I had to do to succeed.

Now you can do it!

Anyone who doesn't realize that time really is money, when you are dealing in a business based on money; doesn't "get it".

Hundreds have written me-- seriously expecting me to just give them the product of more than a decade of concerted effort, 18 hours a day-- because they think they deserve and I have so much. My answer:

Read Atlas Shrugged. Again, if you didn't get it the first time.

I needed information about foreign markets early in my career and I hired an interpreter for 2 weeks so I could get the information I needed from a foreign concern. I profited handsomely because of MY WORK, MY EFFORT, MY MONEY and I didn't beg them to help me or expect something for nothing.

I understand people wanting and needing assistance. I've helped many in the past. And will in the future, maybe. When I feel it won't be such a waste of time.

To be fair, a small number of emails offered to attempt to compensate me in some way. I did appreciate that, and have the belief that they will probably succeed in this business eventually.

For those who don't "get it", I will make clear that trading forex is a business about MONEY.

When you make money from trading, you will use it to improve your lot and your family's lot in life. That is as it should be.

If you want to give it to a charity in my name (as was one suggestion--thanks a bunch!!!) as compensation for my personal training, check with Gates!

Simple Recommendation: Respect your own capital and that of others and those who have talents you may require.

This entire response was initiated due to the concept of preventing losses.

I found out early in trading successfully that, "Your first loss is your best loss." If you don't know what that means, respectfully, look it up!

I'm cutting my losses.

Best wishes to those who "get it". I'm glad for the few great people who responded with true appreciation for the help rendered. And thanks to the genuine posters and those who wrote me who really are willing to do what it takes to become a trader. It gives me encouragement that there is some future potential out there. I will meet you on the field of battle.

Goodbye.

-PeterCrowns-

Vey well articulated...and much respect.

Dan

Goodbye Peter. Thank you for coming into my trading life, I'm sorry it came at such a cost.

Good trading and god bless.