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  • #5,681
  • Nov 13, 2008 3:17am Nov 13, 2008 3:17am
Congrats
  • #5,682
  • Nov 13, 2008 3:33am Nov 13, 2008 3:33am
thanks, if i can offer any advice. forget about methods and focus on r/r. In the past I was the type that loved winning and tried to win all the time. It was going really good for a few months. I had a great win percentage. But, ofcourse the boom-bust cycle ran its course and I was barely ahead for all that time invested. This happened multiple times. Thats the problem with trading to win, winning is actually not important. What's important is how much it costs you to be wrong. If the cost of being wrong is high the whole method is flawed. The famous Soros quote excellent. All that matters is how much you make when your right compared to how much you lose when your wrong. I think thats not the exact quote but thats the general idea.
  • #5,683
  • Nov 13, 2008 3:36am Nov 13, 2008 3:36am
Quoting Guerrillawar
I do but with help from my wife. And it took me nearly three years of trading a mini account to get here.
How long have you been trading overall?Also when in those three years did you become profitable?,Thanks.
  • #5,684
  • Nov 13, 2008 3:38am Nov 13, 2008 3:38am
I'll take all the advice I can get from someone who does this for a living and actually walks the walk! I read from your post a few above that you aim for 1:2 risk/reward correct? Do you find the most success trading S&R levels?
  • #5,685
  • Nov 13, 2008 3:38am Nov 13, 2008 3:38am
I was trading full time since 2002. I became profitable mid 2005. I was technically trading since 1996. But it was casual and just stock options.
  • #5,686
  • Nov 13, 2008 3:49am Nov 13, 2008 3:49am
GW. Thanks for the advice. I have always been a scalper, having been taught by one, and have come to realise that it is not my style. A good eye for entry is no good if one also feeds off the adrenalin rush that comes from quick moves. Of course it took many hiccups to learn to know myself well enough to change it. I was searching for that link when I came across this blog. Here I learn the discipline to plan the trade, know the limits, assess the goals. No adrenalin rush. And I have been so wrapped because my entry is even better. Todays trade is still fine by the way. Posting my trade helps to keep that discipline. I had the opportunity to pocket 70 odd pips off this trade, but in fact am refraining from jumping out in order to learn to watch without panic when something moves. At BE anyway, so cannot lose profit. I consider it worth the lesson. There have been many, many 50 pippers today but they will have to wait until I treat my small trades with the same care as the long ones. I probably sound as if I am being really critical of myself, but poorly planned trades, which is reflexive scalping, is inherently dangerous for someone who likes the rush. Maybe others will see a little of themselves in that as well, any may find it good to think about what kind of trader they are.
  • #5,687
  • Nov 13, 2008 3:57am Nov 13, 2008 3:57am
Morning all... what are your thoughts on this level - it has hit a number of times in the last 12 hours - a breakout on its way?

I would appreciate your thoughts
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  • #5,688
  • Nov 13, 2008 4:02am Nov 13, 2008 4:02am
I noticed that level too. Looks good to me but I'm not sure how violent of a break out it will be.
  • #5,689
  • Nov 13, 2008 4:05am Nov 13, 2008 4:05am
I would just like to add something. I could never imagine myself wishing to trade over days on a long trade. My trades lasted minuites to tens of minuits. But by slowing it down and learning BRVs principals for longer trades, I will have added a skill that will then make taking 50 pippers all the easier. I will be able to find a middle ground that will suit my personality. I have a psych background and know something about how we think, and as novices we only learn what we are taught. If a new trader is taught in a style that doesnt suit them, they will always have trouble. personal experience here. BRVs strategy is so good because it works for both long and short term traders, And the discussion is great because it opens peoples minds to the fact that there is a style out there that will suit them. They just need to discover their preference. I know my eventual strategy. I will take the Major, not scalping, S/R lines for entry, exit at intraday S/R if strong taking trades that have 100 pip possibilities, if longer trades come I will have patience to hang on. I will never selectively enter a trade on a scalping line. no more chatter from me.
  • #5,690
  • Nov 13, 2008 4:10am Nov 13, 2008 4:10am
Tori, do you find the major S&R lines by sticking to the hourly charts?
  • #5,691
  • Nov 13, 2008 4:11am Nov 13, 2008 4:11am
Quoting libb
I noticed that level too. Looks good to me but I'm not sure how violent of a break out it will be.
For what it is worth, if I was looking at this I would wait till it retested 1.5271, or went down to 1.4549, I look at this in the middle and have no idea which way it looks like going so would look at something else. just my opinion.
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  • #5,692
  • Nov 13, 2008 4:14am Nov 13, 2008 4:14am
I had shorted swissie. 1.1925. I'm still leaning on that monthly resis.
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  • #5,693
  • Nov 13, 2008 4:15am Nov 13, 2008 4:15am
Quoting libb
Tori, do you find the major S&R lines by sticking to the hourly charts?
I look at weekly, daily 4 hr, and put in my big lines in a irridescent green because they stay there. the look at 1 hr 15min, and put in intraday ones in a light color. If it looks like hitting intraday line I decide if it is fairly strong to get out, or will I just let it bounce and see if it goes through. I see that intraday lines get crunched on announcements, or sudden rumors ect. that is why I wont take an entry on them anymore. great for scalping if market stable, but as we know it isnt lately, and scalping is not my plan now.
  • #5,694
  • Nov 13, 2008 4:18am Nov 13, 2008 4:18am
Quoting Tori
GW. Thanks for the advice. I have always been a scalper, having been taught by one, and have come to realise that it is not my style. A good eye for entry is no good if one also feeds off the adrenalin rush that comes from quick moves. Of course it took many hiccups to learn to know myself well enough to change it. I was searching for that link when I came across this blog. Here I learn the discipline to plan the trade, know the limits, assess the goals. No adrenalin rush. And I have been so wrapped because my entry is even better. Todays trade...
Great post by the way. Thats the most important thing to find what fits you. Scalping is ok its just not a good idea for retail fx. If one wants to scalp they should trade fixed income
  • #5,695
  • Nov 13, 2008 4:21am Nov 13, 2008 4:21am
GW Can I ask a question. I stress I am no expert and only think that by asking we learn. If taking swissie at 925, I see you only have possible 34 pips down to a huge amount of support. Is that cutting it fine because if it hits line it could jump up some pips quickly and cut it even finer. you no doubt will have other variables you have taken into account
  • #5,696
  • Nov 13, 2008 4:25am Nov 13, 2008 4:25am
Also I notice that for swissie to come down a way, eurusd will need to break my line at 1.2513 which has a lot of resistance above. I know this isnt always so, but they usually move one up one down and both have obstacles to clear
  • #5,697
  • Nov 13, 2008 4:46am Nov 13, 2008 4:46am
This is what I am looking for bearing in mind that these are my opinions from observaqtion. eurusd under my resistance at 1.2513. lots above it, usdchf over support at 1.1891 and lots under it. If euro goes over, and chf under, those lines I reckon there will be pips. until then I reckon they will both go sideways. GW would understand better than me why that is so because he was explaining about trending in other currencies a few days back, and how it plays out in these two. All I know is that they both seem to affect each other, and between the two there is good reason to look for breach of lines on both.[ATTACH]
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  • #5,698
  • Nov 13, 2008 5:00am Nov 13, 2008 5:00am
Heads up on Ausie @ .6340/50.. nice intraday floor ..ripe for testing..
Off couple of lows in October and bounces yesterday..
No Aussie news to end week..
  • #5,699
  • Nov 13, 2008 5:03am Nov 13, 2008 5:03am
Quoting cliffedwards
Heads up on Ausie @ .6340/50.. nice intraday floor ..ripe for testing..
Off couple of lows in October and bounces yesterday..
No Aussie news to end week..
You thinking a breakout or fade?
  • #5,700
  • Nov 13, 2008 5:12am Nov 13, 2008 5:12am
Quoting Tori
GW Can I ask a question. I stress I am no expert and only think that by asking we learn. If taking swissie at 925, I see you only have possible 34 pips down to a huge amount of support. Is that cutting it fine because if it hits line it could jump up some pips quickly and cut it even finer. you no doubt will have other variables you have taken into account
Were on the same page. That's exact thing I was looking at. I squared up at 1.1890 plus spread. It was a short term trade. A 20 pip stop based on the candle pattern. 20 stop for almost 35 pips target. Thats about 1.75 R/R. For my plan thats acceptable. And I don't view that level 1.1890 as real support I wouldn't buy there. My take is that a bull trap took place and traders are trying to wiggle out of their longs if they believed in the breakout at the time. I expect 1.1830 to be tested today.
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