How people should really trade! | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Do you find it really hard to trade the USDJPY? 9 replies

Should you really blame market makers? 1 reply

The Really Really Boring Forex System 97 replies

Why do we trade?... no really, why? 51 replies

Really? what leverage and what risk per trade? 6 replies

Attachments: How people should really trade!
Exit Attachments

How people should really trade!

  • #101
  • Dec 11, 2008 11:39pm Dec 11, 2008 11:39pm
Do you use software or an excel spreadsheet to figure out the equity curve?


Quoting SeekingLight
Hi.
Thank god, for a while there I thought I was the only one who saw stuff like that and was a bit loony. Account balance levels can actually behave like s/r I noticed, as well as the general trending / charting you described. Very cool to actually read this from someone else as well.
Also shows that you plot your curves, too
Not a lot of people tend to visualize that I believe.

I just wanted to say it's nice to see someone with a simple s/r oriented price approach and just about the only thing "wrong" here is that there aren't more chart...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #102
  • Dec 11, 2008 11:51pm Dec 11, 2008 11:51pm
Quoting Leonlorenzo
Takisd,

I was wondering what your stance is on time and charting, would you consider a trader who uses (eg) say a 100tick chart to be missing out on valuable information?

Secondly, are most traders you come in to contact with self-taught? What would your recomedations to someone only just starting to trade be regarding study material and such?

Cheers Mate,

Leon
You want to see every tick possible. The higher quality the data the better.

Most GOOD traders I've met are self taught, most of the grads I've met are absolute morons, and I try to avoid them unless they are nice guys. They are in the job for the money, and generally end up elsewhere unless they have a passion for the markets, then they become a trading floor manager or branch manager. And don't end up trading much.

The math grads are decent traders but they trade differently. And have no social ability what so ever, at least thats my experience.

I dont have a degree, and probably never will have one, I don't see it as worth it (I did have a math scholarship but turned it down). I can make enough to live now without a job, so the job is just to show my skill and prove myself successful (which is a better reward than any $ figure).

Study the market.. Watch it, eventually you will become so fluent in the market that you can predict what it will do. Its like driving really, once you get used to the clutch, it gets easy.
  • #103
  • Dec 12, 2008 12:22am Dec 12, 2008 12:22am
Quoting LasVahGoose
Do you use software or an excel spreadsheet to figure out the equity curve?
If you use metatrader, you can see your equitiy curve if you save your trading history in detail.
  • #104
  • Dec 12, 2008 12:27am Dec 12, 2008 12:27am
Hi Takisd,

How do you read the euro right now.
After a long move up....do you think about shorting a break of support. Or Buying a bounce off support...

Another question .... do you wait for price action (like PIN BARS or OUTSIDE BARS) to confirm a trade? Or do you just get in when you think price is about to move?


By the way - I trade full time too and live up here at the gold coast.
Good to hear that you are doing well.
Attached Image (click to enlarge)
Click to Enlarge Name: takisd.jpg Size: 124 KB
  • #105
  • Dec 12, 2008 12:29am Dec 12, 2008 12:29am
Takisd,

I should say that I am taking this short. Due to the length of the previous run up. I was stopped into the trade about 2 minutes ago at 1.3294.

I should have mentioned that in my prior post...but I am interested to see how you read it.


Edit - out at + 27 pips. Its a weakness of mine. I take the profits too soon.....always.! :-)
  • #106
  • Dec 12, 2008 1:05am Dec 12, 2008 1:05am
Hi Takisd,
If it is inappropriate to post this type of question here (and chart), please let me know. I want to make sure your thread is "your" thread.

But forgiveness is easier to get than permission so here goes.

Yesterday I took a LONG trade in the GBPUSD at Point "2" on the chart. Why did I take it? Because I thought price was going up!.

Question: How do you tell the difference between point 1 (where a break out of the previous high would have been a loser) and point 2 where the break out worked?

I did not take a trade at point 1. But I did at point 2. Either plain luck....or perhaps I've been watching the screen for 8 hours a day for a year now and I'm making my own luck?

Either way, I dont know how to put into words the difference between point 1 and point 2.

Any thoughts?

BTW - when you were having your christmas party in the 'office' I was surfing at Palm Beach/Currumbin. :-) It's pretty cool not having a "job."
Attached Image (click to enlarge)
Click to Enlarge Name: takisd gu.jpg Size: 71 KB
  • #107
  • Dec 12, 2008 1:16am Dec 12, 2008 1:16am
Dno if this worked as i am really bad with pictures.

The res was set up prior to that number 1 on the spike up.

The next time (1) the price action supported the resistance theory.

The number 2 the market actually BROKE the resistance clearly.

If you notice the candles all closed lower than the res around 1, you will see that it just failed (good time to short actually for a few pips).. Your long was good.. I like it.
Attached Image
  • #108
  • Dec 12, 2008 1:35am Dec 12, 2008 1:35am
Thanks Takisd,

actually, your comments made me look at the breakouts that I like....and they all have inside bars or low volatility bars just before the breakout.

I seem to get these setups a lot.


I cant tell you how many of these I missed in the days when my screen was full of indicators, messing with my head. No indicators.....clear mind.....ahhhhh that feels better.
Attached Image (click to enlarge)
Click to Enlarge Name: takisd gu2.jpg Size: 73 KB
  • #109
  • Dec 12, 2008 2:41am Dec 12, 2008 2:41am
good to hear, I am a little bit on the tipsy side at the moment, so noooooooo trading lol.

Apparently im going out tonight, so i probably wont be replying much. I'll see you guys next week
  • #110
  • Dec 12, 2008 4:29am Dec 12, 2008 4:29am
Takisd & Everyone,

Fellows I just have this one request.......Would you please post the charts with a white background! I like to print for future refrence it possible & black background just GOBBLES up the ink. Just a request & NO big deal, but it would be nice.

stewartr....Nice avitar, that charater has stood the test of time. On my MetaTrade 4 on the 15M tf it is showing an OUTSIDE BAR @ THE 0:500 & 0:600 CANDLES, THEN A PIN BAR ON THE 0:630 CANDLE. NOTE WHAT HAPPENS. This is on the 15M tf. Some merit there I would say. Just thought I'd mention my observation. I read some traders using these along with others on the 1H, 4H & on up to the Weekly tf with good succes. I do follow these, but just another tool in the box as they say.

There are some really nice questions being ask & Takisd is firing back with some outstanding answers making this an outstanding thread with to the point answers.

I noticed overnight the E/$ made another go @ the 3406 level, but was promply rejected, just wondering did anyone short this? A fellow trader is saying he expects another run, or a least another attempted run higher before year end, but I really just try & trade what I see. Any views on this would be welcomed.

Takisd........I hope your Christmas Party didn't set your health back.....but a good party is hard to resist. Tks for sharing your valued knowledge.

Best Trades & A Great Weekend To All.
  • #111
  • Dec 12, 2008 5:30am Dec 12, 2008 5:30am
Quoting acetrader
Would you please post the charts with a white background!

Simply use the "invert" feature in MS Paint.
I'm not a Turk, nor am I angry.
  • #112
  • Dec 12, 2008 3:55pm Dec 12, 2008 3:55pm
Takisd, something irrelevant if I may... Your name could be greek... Are you greek living in Aus?
  • #113
  • Dec 12, 2008 6:21pm Dec 12, 2008 6:21pm
angry turk,

Post #111.......Brilliant & tks for that. I was not aware of that feature. I really appreciate your help. Have a good weekend.
  • #114
  • Dec 12, 2008 9:21pm Dec 12, 2008 9:21pm
Ayone have a view on what is next starting early next week & leading up to Yrs end?

Will it be 3500+, or sub 3200? A fellow trader is looking for another high even as high as 3550 to be seen before yrs end.

I just don't have the answer & have stopped trying to predict what will happen next & just trade what is in front of me.

Any views on this anyone?
  • #115
  • Dec 12, 2008 9:46pm Dec 12, 2008 9:46pm
Quoting acetrader
Ayone have a view on what is next starting early next week & leading up to Yrs end?

Will it be 3500+, or sub 3200? A fellow trader is looking for another high even as high as 3550 to be seen before yrs end.

I just don't have the answer & have stopped trying to predict what will happen next & just trade what is in front of me.

Any views on this anyone?

keep trading what's in front of you mate!!
  • #116
  • Dec 12, 2008 11:46pm Dec 12, 2008 11:46pm
Takisd, or anyone ,
just wondering where to get news that affects the Aussie , with out paying heaps for it
thanks and all the best to everyone for christmas and beyond
Allan
  • #117
  • Dec 13, 2008 12:03am Dec 13, 2008 12:03am
Quoting JayalFX
Takisd, or anyone ,
just wondering where to get news that affects the Aussie , with out paying heaps for it
thanks and all the best to everyone for christmas and beyond
Allan

News is a VERY MINOR part of this system.:nerd:

Hang in there......
Same Whore .... Different Dress
  • #118
  • Dec 13, 2008 12:44am Dec 13, 2008 12:44am
I'm not sure where you get news reports from cheaply but if you are relating it to this method then i wouldn't mind betting that the answer will come back that he doesn't really care about the news in relation to his trade entries unless it confirms PA off s/r.

i believe it's just noticing where your s/r levels are on the 1 hr in relation to the overall trend and then trading price action off them which means that you would be reactive to news after the event rather than trying to make pips off the news itself. there again i'm sure that if you were already in a position then you would be watching the news to see if it continues your way or whether you maybe need to get out.

I stand to be corrected but thats how i envisage this method would be applied in relation to the news.
  • #119
  • Dec 13, 2008 1:28am Dec 13, 2008 1:28am
Quoting stewartr

Either way, I dont know how to put into words the difference between point 1 and point 2.

Any thoughts?
the main difference I see between the two points is that point one is the first touch of resistence and point 2 is the second attempt. There is a significant reduction in the probability of the resistence holding with each attempt. That makes for a pretty big difference between the two. I would have shorted the line at point 1 but not point 2, the second attempt. Your 8 hours a day price watching has served you well and provided you with instinctive ability to read the price action. I would try to define your reasoning though. It helps to know what it is your doing exactly, and why, so u can repeat it, even when you are not so in tune with the market. It also enables you to teach it, share with other traders like takisd is doing
BTC Return This Year: na
  • #120
  • Dec 13, 2008 5:22am Dec 13, 2008 5:22am
Quoting Takisd

If you are trading for the money, you might as well give up. You should trade because you love it, want it, need it.. Its not about money, its about success
This is the point where I stopped reading this thread.

I also trade semi-naked but Takis you are missing the point completely, IT IS about the money.
0 traders viewing now