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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

  • #161
  • Dec 30, 2008 10:31pm Dec 30, 2008 10:31pm
yep.! your wife still likes you!.
she should have bought you a how to code in mt4 book It will be 6 months or so then you get to that point. maybe your birthday.....you will get tired of looking at the screen! ...then youll move to email alerts...(dns exit is good and cheap) then you will move on to elliot wave and think your a brain. Then you f around with stochastics, rsi, and a bunch of others.. then youl eithor give up or wallA! youll figure it out and make lots of money!.
GOOD LUCK.!
  • #162
  • Dec 31, 2008 2:16am Dec 31, 2008 2:16am
Keep the phone number to your broker by your side and get access to another internet connection as a backup so you aren't flying blind the next time your internet craps out on you.
  • #163
  • Dec 31, 2008 6:00am Dec 31, 2008 6:00am
Quoting therealist
I've been using your setup strategy to the best of my ability over my last few trades. I have been rather pleased, though I am still having some rookie issues with psychology. I am trying to learn not to rush my trades, which happened last night and caused me quite a bit of frustration. I opened a short at what was supposed to be 4500, but got filled at 4490. I was supposed to wait for 4510, so I jumped early. The price then peaked around 4540, which was really close to my default SL of 50 pips, which I manually dropped(oh foolish me).

As the...
Glad it worked out.

If I lose connection, I have my broker's number and Tradestation on my Blackberry.

So this way I'm covered if I lose any connection.

And as far as mentally, I'm constantly working with my mindset to better myself.

Keep plugging away, and soon it will all fall into place.

HOLLA
  • #164
  • Dec 31, 2008 3:35pm Dec 31, 2008 3:35pm
Quoting therealist
I've been using your setup strategy to the best of my ability over my last few trades. .....
I'm glad your finding some success with my setups. I will have more in 2009 and hopefully they will be beneficial for you as well. It's great that your wife is on board and supporting you in this venture. Remember, it's not the destination, it's the journey that matters. Patience is something that I cannot teach nor anyone else. It has to come from within! You have all the ability within yourself. If you ever have any questions, please don't hesitate to pm me or post on the thread.

I wish you the best of luck in 2009! I'm turning up the heat for 2009! I'm looking for this to be my best year ever! I recommend you get your goals in order, print them, and review them daily.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #165
  • Dec 31, 2008 3:43pm Dec 31, 2008 3:43pm
Quoting 4XWeezal
yep.! your wife still likes you!.
she should have bought you a how to code in mt4 book It will be 6 months or so then you get to that point. maybe your birthday.....you will get tired of looking at the screen! ...then youll move to email alerts...(dns exit is good and cheap) then you will move on to elliot wave and think your a brain. Then you f around with stochastics, rsi, and a bunch of others.. then youl eithor give up or wallA! youll figure it out and make lots of money!.
GOOD LUCK.!
I'm going to be honest, I don't like your post in my thread.

There is no holy grail to trading, nor am I trying to convey that this is one. I understand that your saying that everyone trys this and then that and continues to move on to the next better thing. What works for one person, might not work for another. Your right, sitting in front of a computer screen can be boring and tiresome. Trading is a lonely job! But it's just that, it's a job. You wouldn't go to you day job and do nothing and expect to get paid would you? Same goes for trading. Dedicate the time to your job and your job will pay you.

Next time, if you post in my thread, please make it a positive post.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #166
  • Dec 31, 2008 3:45pm Dec 31, 2008 3:45pm
Quoting nwsuccess
Keep the phone number to your broker by your side and get access to another internet connection as a backup so you aren't flying blind the next time your internet craps out on you.
Excellent advice! If you don't have your broker's phone number on speed dial on your cell phone, you better take the time right now to do so. Everyone looses internet from time to time.

Thank you for the contribution!

Trade well!
EO
Just digging in the trenches like everyone else!
  • #167
  • Jan 1, 2009 10:20pm Jan 1, 2009 10:20pm
I agree
  • #168
  • Jan 3, 2009 11:24pm Jan 3, 2009 11:24pm
Quoting eohater
I'm glad your finding some success with my setups. I will have more in 2009 and hopefully they will be beneficial for you as well. It's great that your wife is on board and supporting you in this venture. Remember, it's not the destination, it's the journey that matters. Patience is something that I cannot teach nor anyone else. It has to come from within! You have all the ability within yourself. If you ever have any questions, please don't hesitate to pm me or post on the thread.

I wish you the best of luck in 2009! I'm turning up the...
Number 1 item on my 2009 Goals list!! :nerd:

HOLLA
  • #169
  • Jan 6, 2009 11:02pm Jan 6, 2009 11:02pm
I am trying to set up my 15m chart. This is the way I have it currently:

10ema
21ema
35sma
50sma

Is this correct? If not, could you please tell me the correct set up. Your help would be greatly appreciated. Thanks.
  • #170
  • Jan 7, 2009 7:48am Jan 7, 2009 7:48am
Quoting TheProdigy
I am trying to set up my 15m chart. This is the way I have it currently:

10ema
21ema
35sma
50sma

Is this correct? If not, could you please tell me the correct set up. Your help would be greatly appreciated. Thanks.
Add 50ema to that and you're good to go... Check the first pages of the thread for eo's chart setup.

Yo EO.....clear you pm box bro....
Patience + Discipline - Greed = Success
  • #171
  • Jan 7, 2009 9:59am Jan 7, 2009 9:59am
Quoting Infinity
Add 50ema to that and you're good to go... Check the first pages of the thread for eo's chart setup.

Yo EO.....clear you pm box bro....
Thank you for responding to that post Infinity. Adding the 50ema is key!

I've cleared my pm box!!
Just digging in the trenches like everyone else!
  • #172
  • Jan 7, 2009 5:03pm Jan 7, 2009 5:03pm
Hi EO. Great thread youve got going.
Could you tell me what chart system you use pls. I cannot get diffrent value sma's on the one I'm using. and yours looks so much cleaner/easier to read. I picked up a TESS software package that has got me into forex trading, never heard of it before October. The trade signals it gives have been few and far between with the recent crazy activities and being able to read the movements and understand whats going on instead of just following the signals given by the software makes it much more interesting and profitable,...(when you get it right that is.).

You have mentioned price action on several occasions and again I took your advice and have been studying up on it. got some of the basics from 'The harmonic trader.' by (Scott M Carney). Basicly what you are saying is if the right candle formation appears giving you the price action indicator in conjunction with the set ema/sma's then you will look to enter or would you just follow the price action candle alone? and use the ema/sma's to determine your tp point.

It may be a little basic theory but I want to make sure I'm on the same page as it were. Ive been getting quite a few calls right but whenever ive put my ass on the line and enter a trade I have been making basic errors and not t/p or just ballsing it all up. the emotional side I guess.

sorry for my life story, any tips welcome tho, even if its give up..lol

thanks..
  • #173
  • Jan 7, 2009 7:40pm Jan 7, 2009 7:40pm
Quoting Si Tr4d3r
Hi EO. Great thread youve got going.
Could you tell me what chart system you use pls. I cannot get diffrent value sma's on the one I'm using. and yours looks so much cleaner/easier to read. I picked up a TESS software package that has got me into forex trading, never heard of it before October. The trade signals it gives have been few and far between with the recent crazy activities and being able to read the movements and understand whats going on instead of just following the signals given by the software makes it much more interesting and profitable,...(when...
Thank you for the compliment on my thread! Let me start by saying, DON'T GIVE UP. Have patience, trade your setups, be willing to take a loss, and realize that you don't always have to be in a trade to make money. Cash is a good position to hold sometimes.

As to my charting software, I'm not going to disclose that information. The story behind my software and why/how I came about to using it is very deep and complicated (not to mention I'm not going to give them a plug). If you having problems with getting the multiple ma's on your chart, take a look at a Meta4 platform on a demo account. My charts and pricing are not the same as the broker that I trade on primarily. It's within about 3-5 pips though. Your broker might have a trading platform that will provide all the necessary ma's. If not, call them and ask them why.

Price action! Oh yes! I use it two ways. If I see the price action setup, I take the trade and target my ma's for TP. Sometimes, the price action coincides with the ma's. For example, if I get good price action at the 1h 62ema (this price action is usually found on the 15m chart with the 1h working together, tieing the two charts together), I'm throwing the kitchen sink into the trade. When they both line up, it's a beautiful thing. They don't always line up, thus, go back to your 15m ma's for targets for TP. Furthermore, if I'm short and moving my SL down on a trade and blew past my targeted ma, I'm going to start looking for PA to tell me to get out of the trade. Use it to tell you when to get in and when to get out.

Please feel free anytime to ask questions.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #174
  • Jan 8, 2009 12:09pm Jan 8, 2009 12:09pm
hey guys,

as promised video clip on ta from barclays capital talking about the falling wedge....

he babbles on about CRB index first then moves to cable
http://www.cnbc.com/id/15840232?video=989570650&play=1

happy trading,
Trading is 80% Emotional, 20% Technical
  • #175
  • Jan 8, 2009 12:36pm Jan 8, 2009 12:36pm
Thanks EO,
It was tongue in cheek about giving up. I know I can make this work, I'm short in my account so I'm only going with min s/l and after trialing a few trades have entered and either not taken the 30pips on offer or had it break the resistance level and mowed me down like a steam train on steroids. losses is all part of the game I know. I just need to be in it more. difficult when all the major moves happen when I'm at work tho, sat there till 2am Tues morning looking for a good entry.. very frustrating..

I have taken all your advice on board and will get to work on it asap.

many thanks..

Si..
  • #176
  • Jan 8, 2009 2:41pm Jan 8, 2009 2:41pm
Quoting fx local
hey guys,

as promised video clip on ta from barclays capital talking about the falling wedge....

he babbles on about CRB index first then moves to cable
http://www.cnbc.com/id/15840232?video=989570650&play=1

happy trading,
Thanks for that clip......

HOLLA
  • #177
  • Jan 8, 2009 10:03pm Jan 8, 2009 10:03pm
Something for our 1h trades. Nice channel she's formed here. Not looking for massive pips here. Enter on good PA, TP when she tells you to get out.

Here's the color scheme of the ma's: orange is 10, red is 50, blue is 62

Trade well!
EO
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Just digging in the trenches like everyone else!
  • #178
  • Jan 8, 2009 10:11pm Jan 8, 2009 10:11pm
Quoting fx local
hey guys,

as promised video clip on ta from barclays capital talking about the falling wedge....

he babbles on about CRB index first then moves to cable
http://www.cnbc.com/id/15840232?video=989570650&play=1

happy trading,
Thank you for the video! Good stuff!

As well, here's Infinity's post that I liked the chart on: #110196

Thank you to both for the good finds!

I had shorts from the top today as well from 5350. I waited for the PA on the 15m chart to give me confirmation of my entry and then targeted my ma's on the 15m chart. Infinity used the ma's well today for his TP levels. I keep mine on a little fuller than he did, I had the advantage of not being at my computer most of the time and just maintained my SL green willing to accept being taken out or my final destination of 5150. I didn't hold on to the bottom. Could have, but TP at 5167 and glad I did. Greed!!! It kills!!

Good trading today guys!
EO
Just digging in the trenches like everyone else!
  • #179
  • Jan 10, 2009 9:47pm Jan 10, 2009 9:47pm
A new battle begins.

Here's my daily outlook

The black is my 100sma
The red ma is my 50ema
The blue is my 10sma
The orange ma is my 5sma

Notice how the daily has respected the 50ema? She's been up here before, then goes back down. This is the 3rd time she's been up here since she crossed it in Aug 08. This time, she's spent more time here. I believe the hold up here this time has been emotions in the market. More traders are back to their desks, and an idea that they bought the bottom around 1.44 is making them drool. I think the reality is going to set in and at very least, give us a couple hundred pips from the 1.53 area. I'll be watching closely from 1.5250 area for a nice opportunity to take a short. Friday her high was 1.5354, Thursday her high was 1.5376, so she didn't make a higher high Friday, and our candle closed down. Another item that I look at this point is the 5/10sma. Notice how wide they are. Kind of looks like an alligator mouth coming out of the water. These like to come back together, but the also like to open up and say AHHHHH!!! So, my SL would be above 1.5380 but tight. Depending upon how we open, if she should open with a gap up, I'll be watching how price is reacting and taking the short when she shows the door. Patience here, you don't want to go short automatically at 1.5250 and miss the opportunity to get in at 5275 or even 5325. The closer I can get in around the 535 area, with a tighter SL, the better. I'll be targeting the 1h 50/62 for TP levels and reactions. I'll cover more on my 1h review in another post. As a postion trade opportunity, the daily is still showing a lower high since making a lower low. Could be an opportunity to hold a trade until the end of the week and move your SL securing profits. This could be the final push to complete retracement to 1.37xx. The buyers down there are waiting to take a hard swing. Be ready for that day should it ever present itself.

Trade well!
EO
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Just digging in the trenches like everyone else!
  • #180
  • Jan 10, 2009 10:33pm Jan 10, 2009 10:33pm
Here's my 4h outlook

The red is my 5sma
The orange is my 10sma
The black is my 150ema
The blue is my 50ema

Notice how the last 4h candle closed below both the 5 and 10? The 5 and 10 have not crossed or bounced in a while. It's time for something to happen, if they cross, she's moving down to the 50/150 area. Now, this area will be interesting, she could slide through this area and continue on. If I'm not in a position and I find our price at the 1.4930 area, I'm going to start looking for my candle setups for a long. SL set according to the candle that I enter off of. I will keep my SL lower than the wick of the candle that is closed before my entery. I will not be looking for a quick bounce, although at PO Long at 4910 and SL tight, it could be a bounce that pays out nice, where I wouldn't get the entry til around 4925-30 with a wider SL. Patience, I'm willing to give up the 15-25 pips in my SL for the confirmation. Greed, no need to be greedy either, there's enough pips to go around. Other side of the candles, she could hold at the 1.513x area and go back up to 1.53 area or even higher. Again, I'll be watching her around the high 1.535x -1.537x area for the option of a short. If 1.547x area breaks, then 1.555x will be the next stop going towards 1.57. This dip below the 5/10 could be a breather and a push to the upside flushing the dollar even more is on the way. Either way, I don't care, I just want to be on the right side of the trade.

Trade well!
EO
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