the key to the mint

FM... Listen to the advise you are given! Stop trading... well more like gambling to me.

Let me ask you a question... there is a fire in front of you... you put your finger in and you got burnt... why are you now putting your hand in, if you already got you fingers burnt?

Day trading is tough... get rich quick, won't work! If you can make 3% a month with compounding, then you are doing better than professional traders (as they say).

First make a plan (there are enough threads, info on FF)

1. this is the criteria to enter a trade.
2 .this will be my SL.
3. this will be my TP, trailing stop, etc.

First learn to trade on higher time trades, less frequent trades, more time to think and your trades than rushing into your trades.

Try 4HR or 1DAY

My advice to you... go away from trading for a week or two or longer... go do something you enjoy, look for a job... spend time with friends/family... whatever, refresh your mind... don't think about trading and making money from it, the market will be here when you come back.

I have missed loads out, but sorry... have to go...

Finally...

A doctor did not become a doctor overnight, I can go on... but if you really don't want your money, give it to me.

Good luck in quest.

Vip

I don't expect to win trades from overnight. I put my effort for 7 months, sacrifices a lot and at the end loosing the money. I wonder why Nobody in the world can come forward to trade live with others. Is it because they are not true or they don't want others to benefit.

I hope that others with more experience than me answer you also but, I want to answer:

Seven months? It's not long enough. Replenishing the accounts as they empty out is not the way to go. This and other public forums are meant to help you learn - and introduce you to brokers. LOL. The help offered is supposed to be for free, to help you learn to trade for yourself. Why should anyone give live calls for free? There is very good free advice being given to you here on this thread - if you follow it is up to you.

** Never EVER trade with real money, until you can trade profitably, with a demo account for at least 6 months. Trading is one of the toughest jobs to succeed at. It takes many years to get really good at it. It's like getting a college degree, can you get one in 7 months ?
You have to learn to be like "Spock", totally free of emotion, when you sit down to trade. The markets prey on your emotions, so learn to shut them off, that's half the battle.
While trading a demo account, track and study your losers and try to figure out how to minimize them, or manage them better, don't worry about the winners, they take care of themselves.

Hi Forexmad,
I remember harold and the guys used to meet in a tradingroom-chat last year.
I'm not sure if this is correct, but I think they also did discuss many live trades. Have you ever been in there? I have not. I did not know this system then.

But if I'm right, your idea that noone can or will share their live-trading experiences with others, is not applicable for "Key to the Mint". Maybe s.o. else can enlighten us on this.

hi forexmad i remember you from long ago when you were in tradingroom i answered asll your questions the key to trading is to have a concise plan and then trade the plan with disiplne and patience to follow every rule associated with the plan and dont deviate

In this ecomony recession time, I tried to get the job, but it was not successful. My only hope to earn money for living is currency trading. With 5000$ account, trade 2 standard lot, equals to $20/pip, a 5 winning trade per month, each trade with a take profit of 40 pips, gives 5*40 = 200Pips per month.
200*20 = 4000$. Enough for my living. I don't know why u said, 5000$ account not enough for living.

Forexmad.
I'm sorry to say - that is not realistic. You calculate with 16% risk per trade. & that's w/o spread. No wonder your accounts melt away.
I suggest you read these threads/posts. ALL of them:

http://www.forexfactory.com/showthread.php?t=6948
http://www.forexfactory.com/showthread.php?t=114764
http://www.forexfactory.com/showthread.php?t=39514
http://www.forexfactory.com/showthread.php?t=4308

http://www.james16group.us/Guests/guest.html

http://www.babypips.com/school/money_management.html
http://www.babypips.com/school/why_h...ding_plan.html
http://www.babypips.com/school/capit...ash_money.html
http://www.babypips.com/school/leverage_the_killer.html

http://www.elitetrader.com/tr/index.cfm?s=17

I also suggest you look for the book from Van tharpe -
http://www.amazon.com/Trade-Your-Way...8155824&sr=8-1
It's one of many, but it's good information.


If you already know these articles & threads, you may think about re-reading them.
Please do yourself the favour.

Also, please recall the rules of the system "Key to the Mint" - they contradict some statements from your last post.

Please also consider this: Harold has a theoretical 18% plus in a very good month. Think about you'd have to substract taxes,... It really is a theoretical value. Also it's not an average. If you say have 5000$, that would be 900$/month brutto.
If you don't wanna use the force of compounding, you take the 900 for living and restart next month with again 5000. No growth of your account then. And remember, this is a good month not a bad one. And it's brutto. And it's harold's result not yours.
So what do you say?

Regards, Lowen

btw: no trades today on the 3 pairs.

Hi Lowen
What about the setup on the chart below
would that be to risky

argh is your Forexfactory also as slow as mine?


well.
My Daily signals showed "no trade".
If yours were fine (UP), I still would not have taken:

- last high before moving countertrend (down) was only ~25 pips away (30 pips or more would have been better)
- The distance from your point 2 to 3 was too small, only 3 pips or sth. If you would've used that as SL/TP, you woulnd't have gone far. too risky

but:
- 200/60 EMA gave some nice support
- also daily Pivot just started being support at that time around price of point 3




Lowen

well explained lowen,
looking at the chart its looks a great trade but as lowen said only retraced 25 pips & the distance between point 2 & 3 wasnt much,
but well spotted though.my signal for the day was buy on the e/u as well

Hi Lowen
Thanks for the reply
You explained it very well.
I am still over trading so will try and reduce.
Have you (or this is open to anybody to answer) managed
to find the KTM setup where it is a solid buy/sell so you would
say call it a grade A and maybe other setups which didnt all line up would be a grade B to minimise the amount of loosing trades.
Thanks

http://cgi.cafr.ebay.ca/MT4-Proven-F...d=p4634.c0.m14


proven trading system in ebay, is this scam, suggestions pls.

Hey forexmad,

I hope you take your time reading the threads I linked. Precious material!

For the ebay scam: don't go for that scam.
If you some day want to trade for a living, start using your brain.

I can't say anymore.

hi blackdog,
sorry I've no trading experience with KTM, so maybe another follower can say from his/her experience which would go under "A Trade" and "B Trade"..
Lowen

Hi Lowen,

Thanks for your suggesstions. Actually I have gone through all your links six months before. But the problem with me is that I can not execute the rules. Now I am planning to start with 0.5/pip trade, based on success ratio for 1 month, i will move to 1/pip. But What I still wonder is there is a say in Christianity, Islam that there will be heaven and hell after this life. but nobody witnessed it. Similarly, people say that I know one trader, he is making $5000/month, $10000/month, etc. But again nobody witnessed it.
I only need 1 solid proof in the world that he is making money consistently in his life. Then I bevieve and justify myself that I am atleast working for something that realy exist. Please don't take the case someone he worked for 25 years, 30 years to acheive his success. Success within 3 years is good enough.

Hi forexmad,
I think we should try not to broaden this thread to much with other topics than KTM. Maybe you create a new thread to discuss ur thinkings about what u just mentioned.

But let me reply to what you just said:

I also often have or had the feeling that something did or could not work the way some people say it works for them, and I could not really prove it. Also, some trhreads ended in being scam, maybe because the threadstarter intended that, but often just because of greed or laziness, because the method worked, was tweaked a lot and then didnt work anymore as intended, and the threadstarter maybe thought he could come to money another way.

You can find threads where the threadstarter or followers offer a good overview what they make, maybe not in $, but that's not relevant as it is related to someones MM (and that is another topic you should master anyway). Also, when reading through a whole thread, like you and me did with harolds, one should be able to recognize what the intention of the threadstarter might have been, and also how trustworthy he is. I do not know, but feel harolds devotion to what he does, that helps me thinking this is true.
Sometimes your trust gets belied, but the longer a fine thread lives and the longer it is steadily working in a way, the more trust you can build. I would not call it believe, because I know I cannot be sure that I don't get disappointed following a fine thread, but I have to build trust in a time. Thats what I see building up in me when I read through Harolds thread.
I sure would be a believer when I sat next to harold in his trading room and watch all his trades over the last years, but that cannot be given to me.

I have a friend who trades tick data discretionary and has lots of succcess in finding the right trades, but he has to work on his MM. But so I , but only I, know there exists sth. like making good money in this market.

TRy to read between the lines of this thread, and believe or don't believe that several guys DO make consistent money with this system.
You cannot know for sure, but estimate.


For your heaven after live witnessing:
Well not so many people came back to us to witness that there is a heaven or sth else after death, and you have to estimate for yourself if sth. that has been transfered over thousands of years is trustworthy enough for you to make you a believer or make it a proof.
Especialy hard to get someone to show you there really is sth. like that because the ones who might realize it might also be dead, and so have no possibility or neccessarity to come back to you and proof it.

But you cannot compare this to witnessing a neat forex system (or any other system on earth) to work out. Instead, that info you can get from others, from the living, for sure. Be it through forums, talking, watching s.o who does it or whatever. Well we can say that lies more in your hands to get a proof than the heaven thing, which is more of a believing thing.
Hope you understand what I'm intending to say.


Ok, now lets come back to topic, as I want to see others discuss the KTM, I'm just starting to use it..

Lowen

ps: I celebrate this post being my 333rd on FF

Ok, now lets come back to topic, as I want to see others discuss the KTM, I'm just starting to use it..

Lowen
ps: I celebrate this post being my 333rd on FF [/quote]

Hi well done on the posts lowen
I stick with harold4x rules to the letter
But I also put the high/low of last weekly bar
and the high/low of the last daily bar on the chart
I also look at fibs on the hourly for confluences
for added S/R. Anybody else out there with thoughts on how to
mark the setup as a grade A or grade B to weed out the fade outs.

yes one sure thing is trading to the rules and watch out for confluences - the more the better. That would sure be one way to grade your trade: The more confluences you have, the higher the grade. the same for almost any system. Easy.

But it's sth different to trade according to this: If you define you want to have 3+ confluencing things, you will also get fewer trades. And this again depends on your MM and attitude - can you trade that way? patience enough? and think about that you still wanna have enough trades so you don't have to pull up your risk/trade too much..

Hi
I am looking for a pot of $15000 with a 2% risk.
there seems to be 1 or 2 trades a day between the 3 pairs (euro/london times)and i would look for a net 2% profit a week 8% a month.
But these are still early days for me and I will stick to the demo for a
few months and if that works then go live.
What do you think