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Why did you start trading and what do you expect from it? 19 replies

How soon after you put on a trade do you expect to be "in the money"? 28 replies

How do you see trading - Do you see it as a means to an end? 12 replies

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Trade What You See And Not What You Hope 0 replies

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Trade what you see NOT what you expect

  • #101
  • Dec 18, 2008 1:07pm Dec 18, 2008 1:07pm
Eo, thanks. I have not been using a hard SL at all for awhile, and that has both been beneficial and detrimental. It obviously has helped me avoid losses that I might have taken, when they turn around, but also put me in the situation where I have to make a decision of when to cut. That is one of my key weaknesses and my downfall so far. Perhaps that's tied into my lack of risk/reward strategy as well. Well, I'm still forming my style and strategy, but yes I am missing some very important pieces for sure. I am doing as much as I can to keep learning, including your posts. I'll definitely stay tuned.

Anyone have any good candlestick books or sites they would recommend? I've done Babypips(most excellent beginner's resource ever) and another link posted here a few pages ago, but I need something that will reinforce patterns further.
therealisttruest (FF wouldn't let me put my full ID because of length)
  • #102
  • Dec 18, 2008 1:16pm Dec 18, 2008 1:16pm
Quoting eohater
DETERMINATION!

Now that was a strong statement my brother!

Anything is achievable, your desire has to exceed the fear of failure.
You got that right bro.......


There have been many times after some bad trading days, that I wanted to give up, but knew after working for the military for 20 years, I didn't want to work for no one again! Being away from the family while I was in Qatar in 2002 was the worse.

That was my DETERMINATION factor!! :nerd:

And now I love being around when the kids and wife get home, that's an awesome feeling!!

HOLLA
  • #103
  • Dec 18, 2008 1:20pm Dec 18, 2008 1:20pm
Quoting therealist
Eo, thanks. I have not been using a hard SL at all for awhile, and that has both been beneficial and detrimental. It obviously has helped me avoid losses that I might have taken, when they turn around, but also put me in the situation where I have to make a decision of when to cut. That is one of my key weaknesses and my downfall so far. Perhaps that's tied into my lack of risk/reward strategy as well. Well, I'm still forming my style and strategy, but yes I am missing some very important pieces for sure. I am doing as much as I can to keep learning,...
I don't have a book on patterns that I could recommend. Over 5 years of looking at charts is all I have. Here's something to do, everyday at the turn of the new day. Lay out on your chart the key levels from the day before. Now, look for price action around those levels. You will find, she likes to go back and forth and eventually break one of the levels to determine which direction overall she's going to go. Use the MA's as targets for profit. Enough screen time and you will find that it talks to you.
Just digging in the trenches like everyone else!
  • #104
  • Dec 18, 2008 2:16pm Dec 18, 2008 2:16pm
Eo,

I definitely agree, even in my short four months, experience is HUGE. That is one reason why I trust your methodology as a good one. I know you have made some amazing calls on the GU(amazing to me anyways) and I can tell you know what you are talking about.

I Googled Steve Nison, a name I had heard a lot, and will soon start reading one of his books too. My main weaknesses, from a technical standpoint are entries and proper exits. With your help I've begun to improve my entries. My exits are still not good though. Bad exits are why my account went south(too early on profit, too late on losses). Obviously psychology contributes to that problem, but poor comprehension of price action has been a big problem for me. I have found daily pivots extremely useful in making price targets too and even for exiting. The pivot bounce is what scares me the most when I'm in a trade as it can kill my profits almost instantly, and I usually don't try to play it the other way as that would be a bit too risky for me. But I love to see how the prices jumps around a lot around those key points. It just goes to show me how widely used and important they are. Some Fibonacci points have the same affect. It's much better now that I know why these things happen, just wish I was better now at profiting from it. I'll get it, no doubt, but just wish it was now and not later. Patience is something I was not born with, but Forex is teaching me.
therealisttruest (FF wouldn't let me put my full ID because of length)
  • #105
  • Dec 18, 2008 9:43pm Dec 18, 2008 9:43pm
....
Attached Image (click to enlarge)
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Just digging in the trenches like everyone else!
  • #106
  • Dec 19, 2008 7:57pm Dec 19, 2008 7:57pm
Friday the 19 Dec 2008 was Quadruple Witching Day

As CNNMoney stated: "Quadruple witching, which occurs four times a year, is the simultaneous expiration of market index futures, market index options, stock options, and stock futures. As investors rush to unwind positions, stocks have the potential to whipsaw sharply."

I'm not a fundamental trader, we all know this, but when we know this day is coming, remember the movement we had leading into this day. The day prior, the pound moved over 730 pips. Don't be scared of days like this, embrace them. I had 3 good trades this day and one bad trade, but my good trades washed out the loss. Losses happen and their nothing personal. Once I took the loss, I continued to look for a new setup and low and behold, she showed it, I took it and no more loss. Emotions can sometimes block us from getting into a trade. We have to accept the loss, remove the emotional attachment to our money and regroup. Realizing that there is a risk in order to get the reward is a major step. We cannot expect all our trades to be positive. We can expect to have proper money management, know when to take the loss, be a professional and move on to the next trade. If your entering a trade not knowing what your willing to risk, then maybe you shouldn't enter the trade.
Just digging in the trenches like everyone else!
  • #107
  • Dec 19, 2008 9:15pm Dec 19, 2008 9:15pm
Quoting Infinity
Having targets is often underestimated in this game..
Now that I've had the opportunity to enjoy your spreadsheet, I have to say OUTSTANDING!! Thank you for sharing.
Just digging in the trenches like everyone else!
  • #108
  • Dec 19, 2008 9:59pm Dec 19, 2008 9:59pm
Quoting eohater
Friday the 19 Dec 2008 was Quadruple Witching Day

As CNNMoney stated: "Quadruple witching, which occurs four times a year, is the simultaneous expiration of market index futures, market index options, stock options, and stock futures. As investors rush to unwind positions, stocks have the potential to whipsaw sharply."

I'm not a fundamental trader, we all know this, but when we know this day is coming, remember the movement we had leading into this day. The day prior, the pound moved over 730 pips. Don't be scared of days like this, embrace...
Well said..........

HOLLA
  • #109
  • Dec 20, 2008 9:39pm Dec 20, 2008 9:39pm
Yo EO.........

As far Pending Orders go, when do you place them????

And do you place them near MA's??

What is your thought process towards this?? :nerd:

HOLLA
  • #110
  • Dec 23, 2008 10:34am Dec 23, 2008 10:34am
Quoting eohater
Now that I've had the opportunity to enjoy your spreadsheet, I have to say OUTSTANDING!! Thank you for sharing.
You're welcome bro!!! Glad you like it...

I just noticed an error in the "gain/(loss) m/m" column in the spreadsheet.... it is corrected in the attached file....
Attached File(s)
File Type: xls Forex Targets.xls   39 KB | 1,068 downloads
Patience + Discipline - Greed = Success
  • #111
  • Dec 23, 2008 2:42pm Dec 23, 2008 2:42pm
Quoting Turtle
Yo EO.........

As far Pending Orders go, when do you place them????

And do you place them near MA's??

What is your thought process towards this?? :nerd:

HOLLA
I like pending orders. Nothing like getting into a trade without being at your computer. I do set them near the higher respected MA's For example: If the 4h chart is showing resistance at/near the same price as the 1/ 62ema. I'll set my Pending Order Short at the 1h 62ema price, maybe a little lower because of spread, and set my SL according to my 4h chart. Since, we cannot be there to watch/manage the trade, we don't want to enter a position and just get wiped out in 15m. Trades need to breath and develop. I don't recommend PO's for trades that your only looking for 25 pips on. I'm looking for good pippage when I set a PO's.

Hope this helps!
EO
Just digging in the trenches like everyone else!
  • #112
  • Dec 23, 2008 4:04pm Dec 23, 2008 4:04pm
Quoting eohater
I like pending orders. Nothing like getting into a trade without being at your computer. I do set them near the higher respected MA's For example: If the 4h chart is showing resistance at/near the same price as the 1/ 62ema. I'll set my Pending Order Short at the 1h 62ema price, maybe a little lower because of spread, and set my SL according to my 4h chart. Since, we cannot be there to watch/manage the trade, we don't want to enter a position and just get wiped out in 15m. Trades need to breath and develop. I don't recommend PO's for trades that...

Thanks...that helps a ton!!!

Was thinking about PO's over the weekend, when I was reviewing my charts and looking at the setups.

On those type of good pippage trades, do you decrease your lot size? Or do you use the same lot size as if you were watching your charts? :nerd:

Looking to add this to my goals for next year!

HOLLA
  • #113
  • Dec 23, 2008 4:15pm Dec 23, 2008 4:15pm
How's that? I guess you're talking about a price action analysis. Because when you trade fundamental and technical you're trading according to what has previously happened on the market. Am I right?
  • #114
  • Dec 23, 2008 6:04pm Dec 23, 2008 6:04pm
Quoting Turtle
Thanks...that helps a ton!!!

Was thinking about PO's over the weekend, when I was reviewing my charts and looking at the setups.

On those type of good pippage trades, do you decrease your lot size? Or do you use the same lot size as if you were watching your charts? :nerd:

Looking to add this to my goals for next year!

HOLLA
I usually set my PO's with about 1/4 or 1/3 or my normal fire power. I want to be able to build on these types of positions if need be.
Just digging in the trenches like everyone else!
  • #115
  • Dec 23, 2008 7:45pm Dec 23, 2008 7:45pm
Quoting eohater
I usually set my PO's with about 1/4 or 1/3 or my normal fire power. I want to be able to build on these types of positions if need be.
I understand much better now...thanks for the insight!

HOLLA
  • #116
  • Dec 26, 2008 10:12pm Dec 26, 2008 10:12pm
something to think about....
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 152 KB
Just digging in the trenches like everyone else!
  • #117
  • Dec 27, 2008 9:35am Dec 27, 2008 9:35am
Quoting eohater
something to think about....
She is riding along that trend line right to around 4475, which would be the low of around 12/4/08.

Long positions getting built around 4500.

Going into the end of year.......I could see either way.

Will look at this chart and my others over the weekend. :nerd:

HOLLA
  • #118
  • Dec 27, 2008 10:06am Dec 27, 2008 10:06am
Quoting Turtle
She is riding along that trend line right to around 4475, which would be the low of around 12/4/08.

Long positions getting built around 4500.

Going into the end of year.......I could see either way.

Will look at this chart and my others over the weekend. :nerd:

HOLLA
The other thing is that if it's gliding along that gently, once it hits that area of significance, there should be a good sudden snap to one direction or another I would reckon.
  • #119
  • Dec 27, 2008 10:16am Dec 27, 2008 10:16am
Quoting Skyhook
The other thing is that if it's gliding along that gently, once it hits that area of significance, there should be a good sudden snap to one direction or another I would reckon.
That's why I'm ready either way......:nerd:

I would like for it to snap higher first, but if she falls then I would look for confirmation and wait for the retest of that trendline.

HOLLA
  • #120
  • Dec 27, 2008 10:21am Dec 27, 2008 10:21am
Quoting eohater
something to think about....
Hi eo,

just dropping by to see what's new.

That looks like a H&S forming on the daily but there isn't much room after the break of the neckline to the trendline. Heck we could even be stuck in that ~1000 pip trading range around 1.46 to 1.56 which would be awesome as well.

Let's see what 2009 brings huh.
Attached Image (click to enlarge)
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I need to put up stop losses.
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