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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

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Trade what you see NOT what you expect

  • #11,581
  • May 8, 2009 2:56pm May 8, 2009 2:56pm
Quoting cisco
It's been over 800 pips since we had a major retracement. That's kind of unusual, isn't it?

Might be a heck of a gap Sunday evening..
Good Trading To All ; Ken Lee
  • #11,582
  • May 8, 2009 2:56pm May 8, 2009 2:56pm
Quoting cisco
It's been over 800 pips since we had a major retracement. That's kind of unusual, isn't it?

They are making up for all that downslide from last year.

HOLLA
  • #11,583
  • May 8, 2009 3:11pm May 8, 2009 3:11pm
Quoting EzRidr62
Analizer.....are you still in that trade???

Ez
I have closed it at 1.5230 because my broker increase spreads at this friday time....
I put an attachment of this trade
Attached Image (click to enlarge)
Click to Enlarge Name: Crazy friday.jpg Size: 216 KB
"Even A Thousand Mile Journey Begins with the First Step"
  • #11,584
  • May 8, 2009 3:16pm May 8, 2009 3:16pm
Quoting analizer
I have closed it at 1.5230 because my broker increase spreads at this friday time....
I put an attachment of this trade
too funny....amazing you have time to trade with that talent

Congrats! a well-deserved trade that I didn't have the experience or nerve for (yet) Great lesson for me today!

Ez
  • #11,585
  • May 8, 2009 3:22pm May 8, 2009 3:22pm
Quoting EzRidr62
too funny....amazing you have time to trade with that talent

Congrats! a well-deserved trade that I didn't have the experience or nerve for (yet) Great lesson for me today!

Ez
Thanks... But congratulations are for Eo, Infinity and all the pro`s in this Thread who share their knowledge... Im only a aprentice

Ok. family time... Enjoy this weekend & see you soon
"Even A Thousand Mile Journey Begins with the First Step"
  • #11,586
  • May 8, 2009 6:37pm May 8, 2009 6:37pm
That 5050 level was good again....only northbound today

I grabbed her there, took profit, locked in +4 and took off for a little stress relief.

Came back to +180 but to late to close it before the weekend!

I sure needed a nice one! It's been way to long!

Broker closed up 180 A gap up Sunday would be nice!

Hope nobody is getting short squeezed!

Have a good weekend everybody and party hardy.
  • #11,587
  • May 8, 2009 11:36pm May 8, 2009 11:36pm
Quoting Shilva
That 5050 level was good again....only northbound today

I grabbed her there, took profit, locked in +4 and took off for a little stress relief.

Came back to +180 but to late to close it before the weekend!

I sure needed a nice one! It's been way to long!

Broker closed up 180 A gap up Sunday would be nice!

Hope nobody is getting short squeezed!

Have a good weekend everybody and party hardy.
Is your s/l still @ +4?????

HOLLA
  • #11,588
  • May 9, 2009 5:04am May 9, 2009 5:04am
Quoting analizer
I have closed it at 1.5230 because my broker increase spreads at this friday time....
I put an attachment of this trade
Wise move.

I just checked XE.COM and they show the pound has fallen to 1.5083 atm. That's a hell of a drop since Friday's close. I think the last price I saw late Friday was around 1.5240


ATM, at least, it looks like the big traders have taken their profit off the table.
Hi, my name is Barry and you can keep your doctor...
  • #11,589
  • May 9, 2009 11:00am May 9, 2009 11:00am
I knew it would be to good to be true!!!! I know better then to leave a trade open over the weekend. Just had to have "one more beer".

Watch me get screwed and have it open Sunday below 5050!



Yeah Turtle, i am still locked in with +4.
  • #11,590
  • May 9, 2009 12:19pm May 9, 2009 12:19pm
Quoting Shilva
I knew it would be to good to be true!!!! I know better then to leave a trade open over the weekend. Just had to have "one more beer".

Watch me get screwed and have it open Sunday below 5050!


I feel for you, bro.

I may be wrong, but it's always been my understanding that SL's and TP's aren't honored over the weekend. That just doesn't seem fair at all. It makes for a totally biased situation favoring the big boys and that just ain't right.

If one group can trade over the weekend, then everyone should be able to do the same.
Hi, my name is Barry and you can keep your doctor...
  • #11,591
  • May 9, 2009 2:10pm May 9, 2009 2:10pm
As we move forward with our trading strategy. We all can see it's value as a profitable strategy , From either our own trades or the ones we see others take. We should see a graduated improvement in our own trading as we learn more and continue to engage the market within the guidelines of the structured rules. So why do some find it easier to extract pips than others. I am sure the answers are as varied as the individuals we are.

I find myself in the group that finds it hard to excel at this. But also have the need to remove a livable income while I come to grips with the nuances of the strategy. Over time I have come to understand there are others in the thread with this same dilemma. I have thought about this issue for awhile and the following could work for some of us to move forward with less stress. The need to succeed at this is also equal to the ability to do so with as little stress as needed.

I think most of us are at the level of competency to extract at the very least a living income. Let us assume you would have to get a JOB in the real world if this does not exceed. I assume most of us will not start out in the 6 figure range. More than likely around $10.00 a hour to start maybe double if your lucky.

But for ease of this demonstration let's use a base pay of $500.00 a week. That is $100.00 a day.As with any JOB we might not start of there we will have to be trained to correctly do the job, Which we are in the process of doing here. So we may make a bit less. You will have to decide what works for you.. $100.00 a day is only $1.00 a pip x 100 or $5 a pip x 20 . and so forth. What ever your trading level is. Might be less but you have to start somewhere.

The idea is once you make a amount that is 1. either the total amount or 2. A amount that would be a start to you. Quit using that account and switch to anther one to continue your trading week. It takes 2 days for trades to be booked up in your account after that time take your $500.00 out and pay your bills. Anything else made in your other account is bonus I would leave it in your other account until it is a substantial amount. Then transfer a percentage to your primary account and take some more to use as your lively hood.

I DO NOT advocate using a Demo account to do this. Because even if you don't intend to your risk with demo is not the same as a real account. You can harm your progress with the subconscious thoughts that it isn't real money so you take riskier trades.

The final step is when your secondary account grows faster than your primary account. Then you could combine them. But it is always good to have 2 accounts as we have seen at time we might have a longer term trade running and would want the option to trade against it. There are many ways to have multi accounts. Oanda offers sub accounts. But if you already have one account should be easy to open second and transfer some funds with the same broker.

The whole idea is to not risk the money you make that you NEED to live on. I tend to trade pretty consistently then make a major error. So pulling funds away is a first step in using Forex to live by..

As usual any comments or better ideas welcome.. Ken Lee
Good Trading To All ; Ken Lee
  • #11,592
  • May 9, 2009 2:12pm May 9, 2009 2:12pm
Quoting Shilva
I knew it would be to good to be true!!!! I know better then to leave a trade open over the weekend. Just had to have "one more beer".

Watch me get screwed and have it open Sunday below 5050!



Yeah Turtle, i am still locked in with +4.
Don't worry about it might be down some but not all the way... Might even be up. I kept waiting for it to drop friday did not much...

Have a great weekend. ken
Good Trading To All ; Ken Lee
  • #11,593
  • May 9, 2009 2:52pm May 9, 2009 2:52pm
Quoting Shilva
I knew it would be to good to be true!!!! I know better then to leave a trade open over the weekend. Just had to have "one more beer".

Watch me get screwed and have it open Sunday below 5050!



Yeah Turtle, i am still locked in with +4.
I hope it works out for you bro.......

That's the one thing I like about my mobile trading and I use it for that purpose only. To either tighten stops or close trades.

I will rarely open a trade without looking at charts, but there are times when I wil do it.

HOLLA
  • #11,594
  • May 9, 2009 3:02pm May 9, 2009 3:02pm
Quoting KENNETH lEE
As we move forward with our trading strategy. We all can see it's value as a profitable strategy , From either our own trades or the ones we see others take. We should see a graduated improvement in our own trading as we learn more and continue to engage the market within the guidelines of the structured rules. So why do some find it easier to extract pips than others. I am sure the answers are as varied as the individuals we are.

I find myself in the group that finds it hard to excel at this. But also have the need to remove a livable income...
Good job Ken Lee......

I'm looking at opening another account myself, especially since my broker reminded me about the Hedging laws that take effect 5/15/09.

And they specifically state that you can not have a short and long opened on the same currency pair, so that means another account.

Also, in reference to pips, with me taken profit at the 10-20 pip range and then letting a soldier run, I have seen that once I close that solider, I'm making the same amount from my initial trade, which means I just double my $ amount.

I figured I'm gonna live up to my name and roll like a Turtle...slow and steady ba-by.

Also I'm trying something new this week to simplify things, I'm just using the 35/50 MA's on my 15M chart while using S&R from the higher timeframes. I started doing research and see that trade setup anywhere from 1-4 times a day. I'll give you feedback as I go through the process. :nerd:

HOLLA
  • #11,595
  • May 9, 2009 8:39pm May 9, 2009 8:39pm
Quoting cisco
I feel for you, bro.

I may be wrong, but it's always been my understanding that SL's and TP's aren't honored over the weekend. That just doesn't seem fair at all. It makes for a totally biased situation favoring the big boys and that just ain't right.

If one group can trade over the weekend, then everyone should be able to do the same.
U right about that cisco....I margined called a demo one time on just this setup. If price opens below my s/l at 5050 my entire account is exposed without a stop........so if it does I will not do what i did last time i got caught like this and say well, if i just hold on a "little longer" I may be able to get out at BE!

600 pips later I was still saying the same damn thing! This time i am going to close it immediately and reverse asap. They cannot hide from us!! Crooks, doing what the hell they want to cause they the market movers.

I have never seen a 200 pip gap down so hopefully and most likely that will not happen and may even go back up and fill the gap!

When u loose total control of your account anything can happen.....I know traders do it all the time and they say I am a nut but this is my money. I just don't like to do it! I don't even like 20 pip stops.

Hope u doing well Cisco...Saturday night is fun ain't it. I love Nascar
  • #11,596
  • May 10, 2009 12:21am May 10, 2009 12:21am
A book called "The Disciplined Trader - Developing Winning Attitudes" By Mark Douglas.

Page 4 - When asked for their secrets of success, they categorically state that they didn't achieve any measure of consistency in accumulating wealth from trading until they learned self-discipline, emotional control, and the ability to change their minds to flow with the markets.

Well let's get started..........

HOLLA
  • #11,597
  • May 10, 2009 2:47am May 10, 2009 2:47am
Quoting Turtle
A book called "The Disciplined Trader - Developing Winning Attitudes" By Mark Douglas.

Page 4 - When asked for their secrets of success, they categorically state that they didn't achieve any measure of consistency in accumulating wealth from trading until they learned self-discipline, emotional control, and the ability to change their minds to flow with the markets.

Well let's get started..........

HOLLA
I have just finished reading that book, have you read his other book "Trading in the Zone"? I am 3/4 the way through. I might finish reading it this evening. Highly recommend it
  • #11,598
  • May 10, 2009 2:48am May 10, 2009 2:48am
Quoting damo9893
I have just finished reading that book, have you read his other book "Trading in the Zone"? I am 3/4 the way through. I might finish reading it this evening. Highly recommend it
If ya haven't read it and want to read it let me know and i can email you a copy
  • #11,599
  • May 10, 2009 6:31am May 10, 2009 6:31am
Quoting Turtle
A book called "The Disciplined Trader - Developing Winning Attitudes" By Mark Douglas.

Page 4 - When asked for their secrets of success, they categorically state that they didn't achieve any measure of consistency in accumulating wealth from trading until they learned self-discipline, emotional control, and the ability to change their minds to flow with the markets.

Well let's get started..........

Just my $.02,

I've read "Trading in the Zone", and find the psychological approach very interesting, and if if you seek more info on that level, I have just begun reading another book, "Trading for a Living: Psychology, Trading Tactics, Money Management"
Dr. Alexander Elder, which takes the approach from a different perspective... Douglas does it from what I would call a "sports minded (disciplined) approach, while Elder seems to take a more passive approach, but disciplined nevertheless, by using the 12 step discipline learned from Alcoholics Anonymous, to also instill a psychology that may work for the "less athletic" newbies or traders like me. He also goes into some history of the market, as well as some tidbits about how to make more from your trades by trading less (ie: scalping) and keeping more of your profits rather than giving it to the brokers...overall, a great companion to Douglas' book. I've only cracked the cover so far, and find it very interesting...got good reviews from Amazon, as well as having been in print since 1993.

Ez
  • #11,600
  • May 10, 2009 6:45am May 10, 2009 6:45am
Quoting Shilva

Hope u doing well Cisco...Saturday night is fun ain't it. I love Nascar
Nascar...who the hell has time for Nascar? I'm too busy hosting my father's imaginary friends.
Hi, my name is Barry and you can keep your doctor...
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