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uncommon? 51 trades I never lost

  • #21
  • Oct 20, 2005 8:36am Oct 20, 2005 8:36am
Quoting fijitrader
My first experience with forex after trading for a few days was to pull 89 trades in a row without a loss on a demo account. I traded without stops and most trades were gbp. I set targets of 5 pips and rarely went beyond that target but got a few trades with 10 or 15 pips.

FT
I am doing the same thing, have had about 90-95 positive trades without any loss, with wins from $2.84 to $680, generally 10-20. Unfortunatly its a demo account. In my opinion, low leverage and using 20-30% of you account strength will save u from almostly any trading disaster. Really, what chances are that euro will go to 90 cents or $1.7 without giving me my 5 pips?
  • #22
  • Oct 20, 2005 9:14am Oct 20, 2005 9:14am
Quoting Vlad
I am doing the same thing, have had about 90-95 positive trades without any loss, with wins from $2.84 to $680, generally 10-20. Unfortunatly its a demo account. In my opinion, low leverage and using 20-30% of you account strength will save u from almostly any trading disaster. Really, what chances are that euro will go to 90 cents or $1.7 without giving me my 5 pips?
My opinion, very low chances, but with excessive and huge one time impact. Having low chances does not mean that it won't happen, it just means that it is having a low probability of happening, yet the unpredictable can happen. The market keeps shocking everyone all the time. With such a strategy, you only need just 1 unpredictable event to happen to get you out of the game, or at least ruin months or years of continous success and profits.

Please have a look at the October 19, 1987 stock market crash, and you might know how years of good profits can be wiped in just a few hours, because the unpredictable has finally happened.

I don't intend to be destructive, but that's just what I believe.

Thanks,

Nader
  • #23
  • Oct 20, 2005 9:53am Oct 20, 2005 9:53am
Quoting narafa
Having low chances does not mean that it won't happen, it just means that it is having a low probability of happening, yet the unpredictable can happen.
Nader
Salam!
That is a very true, but don't forget that you carry risk being killed in a car accident every time u go to buy groceries. If you will board the plane, you carry a chance not making it back in one piece. Its all about risk. Finally the life itself will not be as interesting without it.
  • #24
  • Oct 20, 2005 11:26am Oct 20, 2005 11:26am
Quoting Vlad
Salam!
That is a very true, but don't forget that you carry risk being killed in a car accident every time u go to buy groceries. If you will board the plane, you carry a chance not making it back in one piece. Its all about risk. Finally the life itself will not be as interesting without it.
Salam

I totally agree, we can't predict the future, but you are talking about a totally different case in here.

In trading, why should I position myself to just bear or withstand just 1 unpredictable (Low Chance) event??? I assume that we all need to stand in the face of as unpredictable events as we can, so that we can survive in our trading....It's a survivall game, not a one shot death game!!!

Thanks,

Nader
  • #25
  • Oct 20, 2005 12:25pm Oct 20, 2005 12:25pm
Does your little town have a public library? USE IT for interlibrary loans which are FREE. You might even be able to order books on the internet. Not sure about delivery though as far as the library goes.

When you read a " must have" then buy it.

The Forex Made Easy book was pretty good. One of the best as far as making a transition for the learner from Theory to Practice. But then, as was said above.. ... leave Forex Made Easy alone. Sell it back the next time you are in Boise.

Lou
  • #26
  • Oct 20, 2005 1:07pm Oct 20, 2005 1:07pm
Quoting diallist
You have a system, whether you realize it or not. I'm sure there is at least a rough procedure you are following, or should be. Sounds like you are trading fundamentals rather than technicals. I'd like to hear more about how you do your research if you are willing to share.

Thanks

Dial
No problem, I am willing to share as I also like to learn from others.

First, I am a part-time trader, who has a normal 9-5 job. In my office, I have no access to my trading platform (my boss employs a smart system administrator !!). So, I can only access my platform and assess my trading situation in the morning and evening hours. As I have a family to attend to too, I am a little bit restricted in the number of hours I can spend behind my computer. So, the key-word here is time, part-time. I must take trading decisions in about 30 minutes. Therefore, each time I log in, I need to get a quick though complete overview of the market situation.

Just like more participants in this thread, I stumbled upon Forex coincidentally, surfing over the Internet. I too read the book of James Dick - Forex made Easy, which I liked quite well. At this moment, I am reading Steve Nison's Japanese Candlesticks Charting Techniques, which I find very enlightening.
At first, I tried some demos, got bankrupt more than once, untill I had the impression that I might succeed in this.

Then I made the big leap to trading with real money, in May this year. I started with Euro 10.000.

I restrict myself to EUR/USD, I have to concentrate on one pair.
I always start with assessing the graphs in my trading platform Virtual Trader. I look at pivot points, Bollinger bands, RSI and other technical analysis instruments. I also like the Alligator Indicators of Williams, to get a quick impression of the trends (in several time-frames).
Then, I always visit sites like FXstreet, where one can find links to many sites, where one can read the (not always so) expert opinions of (more or less) professional traders. I am not looking for "only-$300-per-month-guaranteed-money-back" advice from self-established experts for future trades. I just seek the independent, non-commercial, reasoned explanations of past movements. I especially like the daily reports of banks (I can recommend the commentaries of Saxo Bank, very good), who simply give both bullish and bearish views. Reading about 5 to 10 commentaries has always given me a rather good basis to form my own opinion on the market.
All the information I get forms the basis for my trading decisions.

I place EntrySell or EntryBuy just below support or above resistance, or I plunge into the middle of moves with a so-called hedge: my trading platform allows me to simultaneously open Buy and Sell trades, without one affecting the other. I then can profit from swing movements of the market.

My profit targets are always at least 75 pips. As I do not sit behind my computer all day, I do not want to be thrown out of the game before the serious moves start. So no small profit margins for me. Sometimes, at the end of the day, that is hard if you see what you could have won, but patience is a good thing. The market always will move in my direction one day. At least, that is what it has done till now...

My stop losses are always very far away. This might be risky - I know what others think of this - but this enabled me to restrict my number of losses. OK, if there are losses, they are usually several thousands of Euros. But the profit can be huge too: only last June, I made almost Euro 10.000, just in one month.

So, I would describe my "system" as a mix of both technicals and fundamentals. It is not automated, and yes, it does involve emotion and fear. I have had my set-backs, I have had moments I wished I had refrained from trading, but most of the time, it works for me.

Forex made Easy -- yes, certainly!

P.S. I like this forum, people are so polite around here!
  • #27
  • Last Post: Oct 20, 2005 7:35pm Oct 20, 2005 7:35pm
Quoting Aroon
No problem, I am willing to share as I also like to learn from others.

First, I am a part-time trader, who has a normal 9-5 job. In my office, I have no access to my trading platform (my boss employs a smart system administrator !!). So, I can only access my platform and assess my trading situation in the morning and evening hours. As I have a family to attend to too, I am a little bit restricted in the number of hours I can spend behind my computer. So, the key-word here is time, part-time. I must take trading decisions in about 30 minutes. Therefore, each time I log in, I need to get a quick though complete overview of the market situation.

Just like more participants in this thread, I stumbled upon Forex coincidentally, surfing over the Internet. I too read the book of James Dick - Forex made Easy, which I liked quite well. At this moment, I am reading Steve Nison's Japanese Candlesticks Charting Techniques, which I find very enlightening.
At first, I tried some demos, got bankrupt more than once, untill I had the impression that I might succeed in this.

Then I made the big leap to trading with real money, in May this year. I started with Euro 10.000.

I restrict myself to EUR/USD, I have to concentrate on one pair.
I always start with assessing the graphs in my trading platform Virtual Trader. I look at pivot points, Bollinger bands, RSI and other technical analysis instruments. I also like the Alligator Indicators of Williams, to get a quick impression of the trends (in several time-frames).
Then, I always visit sites like FXstreet, where one can find links to many sites, where one can read the (not always so) expert opinions of (more or less) professional traders. I am not looking for "only-$300-per-month-guaranteed-money-back" advice from self-established experts for future trades. I just seek the independent, non-commercial, reasoned explanations of past movements. I especially like the daily reports of banks (I can recommend the commentaries of Saxo Bank, very good), who simply give both bullish and bearish views. Reading about 5 to 10 commentaries has always given me a rather good basis to form my own opinion on the market.
All the information I get forms the basis for my trading decisions.

I place EntrySell or EntryBuy just below support or above resistance, or I plunge into the middle of moves with a so-called hedge: my trading platform allows me to simultaneously open Buy and Sell trades, without one affecting the other. I then can profit from swing movements of the market.

My profit targets are always at least 75 pips. As I do not sit behind my computer all day, I do not want to be thrown out of the game before the serious moves start. So no small profit margins for me. Sometimes, at the end of the day, that is hard if you see what you could have won, but patience is a good thing. The market always will move in my direction one day. At least, that is what it has done till now...

My stop losses are always very far away. This might be risky - I know what others think of this - but this enabled me to restrict my number of losses. OK, if there are losses, they are usually several thousands of Euros. But the profit can be huge too: only last June, I made almost Euro 10.000, just in one month.

So, I would describe my "system" as a mix of both technicals and fundamentals. It is not automated, and yes, it does involve emotion and fear. I have had my set-backs, I have had moments I wished I had refrained from trading, but most of the time, it works for me.

Forex made Easy -- yes, certainly!

P.S. I like this forum, people are so polite around here!
Thank you Aroon for sharing all that. There's nothing wrong with large stops as long as you are using good money management and appropriate position sizing for your trades. It's the best way to protect yourself from catastrophic moves in the market.

Again, thank you very much for sharing.

Dial
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