CC my broker closes at 4:00PM EST. Did my .2765 ever get tested?
Important to know for analysis, and my chart closed at 3:58 time.
Thanks ahead of time!
- #3,841
- Jan 30, 2009 7:41pm Jan 30, 2009 7:41pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
- #3,842
- Jan 30, 2009 7:49pm Jan 30, 2009 7:49pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
Money Management is the single most important aspect to staying in this game long term.
Every system... every one ever created will have a draw down. If you are applying simple MM rules to mediocre system you are going to win in the end.
I like 1% per trade. There are times when I load up and risk 2% but usually only a quick scalps.
I have several managed accounts and when we talk shop there is no such thing as a PIP. It's based on percentages.
Last month I was up 14%... not 530 PIPS.
CC my broker closes at 4:00PM EST. Did my .2765 ever get tested?
Important to know for analysis, and my chart closed at 3:58 time.
Thanks ahead of time!
Hope that helps..
- #3,847
- Jan 30, 2009 8:25pm Jan 30, 2009 8:25pm
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
To CC, TW, and Karun
No.
Both settings are to calculate the daily pivots according to the session (all-day session) you want to use as start/end of day.
The first setting is to tell the indicator how many hours of difference there are at the server's 00:00 with GMT 00:00 (that would be -5 in your case).
The second setting is to tell the indicator how many hours of difference there are at the session's start (if NY, 5pm EST = GMT 22:00) with GMT 00:00.
The chart shows that you are starting your daily session at EST 00:00.
The correct settings for starting at NY...
Doblece, as always, very detailed explanation
Thanks
Thank you guys for the thoughts; I had no intentions of misdirecting the thread or speaking of pipe dreams. I understand the trials and hurdle's involved in this profession, I have been involved with trading for some time and respect anyone who doesn't lose their shirt within a week. I was bringing it up because 1) we are in the weekend and 2) I was curious about the different styles of MM you guys imploy. I have come to respect the professionalism of this thead and I have recently really focused on the MM side of the trade. I try to learn from the good and the bad. Gofer, I hope I didn't give the wrong impression.
Back to point...
Man that Trix is a good lookin indicator...
Back to point...
Man that Trix is a good lookin indicator...
- #3,852
- Jan 30, 2009 10:07pm Jan 30, 2009 10:07pm
Hi guys
i am gonna take the next week off cause am having an amazing trip, that i have been waiting for, to luxor ...
i 'll make sure to take tons of pics and put them on my flickr for you to see.
wish you all a happy weekend
- #3,854
- Jan 31, 2009 5:41am Jan 31, 2009 5:41am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
Thank you guys for the thoughts; I had no intentions of misdirecting the thread or speaking of pipe dreams. I understand the trials and hurdle's involved in this profession, I have been involved with trading for some time and respect anyone who doesn't lose their shirt within a week. I was bringing it up because 1) we are in the weekend and 2) I was curious about the different styles of MM you guys imploy. I have come to respect the professionalism of this thead and I have recently really focused on the MM side of the trade. I try to learn from...
When traders speak of not risking more than 1-2% of your account, equity is what they are speaking about for every trade you open that moves against you, equity is diminished.
You will read, in the threads, of traders trading 2-3, or even more currency pairs at one time, about during an existing trade adding on to your position.
If you do not understand the "whole picture" and follow these "calls", you find in some threads, you may win for awhile, but without the education and discipline,rest assured, eventually, Mr. Margin Call will come a callin!If new to managing and trading currency, I would suggest you manage one trade on one currency pair at a time. Once trade is closed, then find another entry.
We all talk about money management.There are those who say, out loud and/or to themselves " Well ,of course , I manage my money!"
I like to think differently now,through my experiences," I manage my risk!"
With that thought, I look at a 1% loss of money as minimizing my risk.
That has helped me to emotionally separate myself from a trade, that has gone against me, and the fear of loss when entering a trade. No matter how good the system, there will be breakdowns.
Trading currency is not for the weak of heart.
It is good this topic was brought up before THV2.1 release.
What Cobra and team are wanting to be clear about is people need to understand it is not a Holy Grail.
Experienced traders know this already.
It's the newbies that thumb through the post, see the succesful trade posts we share with one another, as we are learning and teaching, and see
that give cause for that concern.So Thank you for breaching the subject Rogue!
And yes, that Trixie, ain't she a lovely lady!
- #3,855
- Edited 5:56am Jan 31, 2009 5:54am | Edited 5:56am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
I want to have the same pivot calculation that Cobra is using. If I am using IBFX is my settings, 0,0 or -5,0 or -5, 2. My time zone is EST.
If you will try the settings at 0 and 0 you will find your numbers will be the same as Cobra's. ( within a few pips, as different brokers may have a slight difference in the OHLC on their daily candle)
Your time zone is not what the destination time zone is for. It is for determining what zone( London, Sydney, New York) you want your pivots to be calculated from.
The pivots are calculated using Open, High, Low, and Close of a DAILY candle--Hence the term Daily pivots.
Weekly pivots are based on weekly candle data, monthly on monthly candle data.
I hope this helps!
- #3,856
- Jan 31, 2009 6:03am Jan 31, 2009 6:03am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
Thank you guys for the thoughts; I had no intentions of misdirecting the thread or speaking of pipe dreams. I understand the trials and hurdle's involved in this profession, I have been involved with trading for some time and respect anyone who doesn't lose their shirt within a week. I was bringing it up because 1) we are in the weekend and 2) I was curious about the different styles of MM you guys imploy. I have come to respect the professionalism of this thead and I have recently really focused on the MM side of the trade. I try...
- #3,857
- Jan 31, 2009 6:07am Jan 31, 2009 6:07am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
Hi guys
i am gonna take the next week off cause am having an amazing trip, that i have been waiting for, to luxor ...
i 'll make sure to take tons of pics and put them on my flickr for you to see.
wish you all a happy weekend
I would love to visit Egypt one day. I have always been fascinated with the many great contributions that society has made through history!
- #3,858
- Jan 31, 2009 6:11am Jan 31, 2009 6:11am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
It's pretty cool being the only one in here posting on an early Saturday morning.
It's like having the house to yourself, and your parents are out of town!
I just hope I don't break anything as Cobra will be
Or better yet, walking around the house in your underwear when the kids are out!
It's like having the house to yourself, and your parents are out of town!
I just hope I don't break anything as Cobra will be
Or better yet, walking around the house in your underwear when the kids are out!
- #3,860
- Jan 31, 2009 6:34am Jan 31, 2009 6:34am
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts