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  • #96,901
  • May 16, 2009 8:29am May 16, 2009 8:29am
Quoting FXexpress
No to the Ex question, but I have traded stocks in much the same way, however, at Fidelity I didnt get to keep all the money........


MK

Genuinely sorry about your son.


Please can you explain "My advice, if your stop is under 100 pips, your beating a dead horse and your going to give your money to me eventually...LOL, your gonna lose eventually, so trade an account that will let you do that safely. I will be glad to help when I can, however, my son has recently been diagnosed with Cancer so I will be here when I can.
" in more detail?
  • #96,902
  • May 16, 2009 8:30am May 16, 2009 8:30am
Quoting IcoHristovBG
i started a micro account with 100 $ in october 2008 , at the moment i have 9000 $ in my account , and have withdrawed 5 000 $ in the end of Februar. The Secret is to operate with biggest amount u can afford. It took me 3 months to get to 1000 $ and 2 months to make these 1000 to a 10 000 , and only this friday i made 4 000 dollars.At the moment whenever i feel great my actual summary profit/loses is about +2000 $ so i can't really call my self a good trader but a good student , the time will show
Yep...well done.
  • #96,903
  • May 16, 2009 8:40am May 16, 2009 8:40am
I found out long ago to keep my stop way the heck out of the way. Some people look at the stoploss as a failsafe for a particular trade........WRONG! I treat my stoploss as a failsafe for a complete margine call. Do you know most heavy traders do not use a stoploss. But they do have a stop for catastropic circumstances. Trust me, I know a few of them.

Don't get me wrong, I use a stop, but it is always beyond the 100 SMA. If you can not keep your stop back, you are trading the wrong size account. There are ways around this, if you want me to show you, please let me know. Keep all your ducks in a row, If your trading a mini account with less than $5000, that is a recipe for disaster, you better be very lucky.

MK

Quoting notch
Genuinely sorry about your son.


Please can you explain "My advice, if your stop is under 100 pips, your beating a dead horse and your going to give your money to me eventually...LOL, your gonna lose eventually, so trade an account that will let you do that safely. I will be glad to help when I can, however, my son has recently been diagnosed with Cancer so I will be here when I can.
" in more detail?
  • #96,904
  • May 16, 2009 8:42am May 16, 2009 8:42am
You are on the right track. Good luck to you and keep up the good work.

MK

Quoting IcoHristovBG
i started a micro account with 100 $ in october 2008 , at the moment i have 9000 $ in my account , and have withdrawed 5 000 $ in the end of Februar. The Secret is to operate with biggest amount u can afford. It took me 3 months to get to 1000 $ and 2 months to make these 1000 to a 10 000 , and only this friday i made 4 000 dollars.At the moment whenever i feel great my actual summary profit/loses is about +2000 $ so i can't really call my self a good trader but a good student , the time will show
  • #96,905
  • May 16, 2009 8:54am May 16, 2009 8:54am
Let me share something with you all. If you use it, fine, if you don't then fine also. I have a way to tell if a bounce will occour or a break will occour. Now, it is not 100% but it's at least 95%. Nothing is 100% in trading. On the chart below, I am showing a 4 hr triangle that is tradable. I know, I have been trading it and gotten over 400 pips and there are more left as long as you keep this neat little trick in mind. As you are approaching Support or Resistance take care to measure the wicks leading up to the touch. "IF" the wick on the candle prior to the candle that touches the line of S & R is smaller than the wick that touches the S & R, "THEN" chances are you will get the bounce. 3 instances here on this chart show the candles leading up to the touch of S & R do follow this pattern to the letter. If the opposite happens, stay out. If it goes and bounces, let it go and wait for the next opportunity.

MK
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  • #96,906
  • May 16, 2009 8:59am May 16, 2009 8:59am
Excellent--the first new idea I've seen in a while. I will study it. Thanks.
  • #96,907
  • May 16, 2009 9:44am May 16, 2009 9:44am
Quoting oookie
Hi all! I am reading through the thread, and I see many terms that I don't understand since I am a novice.

What is B/E, TP...etc?
Start with the sections that were created to help you get started ... then ask any remaining questions.

Glossaries & Common Acronym List

Help for Newbies. What can you learn on Forex Factory?
FUBAR...
  • #96,908
  • May 16, 2009 9:50am May 16, 2009 9:50am
finally i was satisfied with the market move,it prooves forex isnt a casino and no body holds a controll on it
  • #96,909
  • Edited 10:29am May 16, 2009 10:26am | Edited 10:29am
Quoting IcoHristovBG
i started a micro account with 100 $ in october 2008 , at the moment i have 9000 $ in my account , and have withdrawed 5 000 $ in the end of Februar. The Secret is to operate with biggest amount u can afford. It took me 3 months to get to 1000 $ and 2 months to make these 1000 to a 10 000 , and only this friday i made 4 000 dollars.At the moment whenever i feel great my actual summary profit/loses is about +2000 $ so i can't really call my self a good trader but a good student , the time will show
Hi Ico,

Just one quick question: When you say operate with "biggest amount" you can afford, do you mean "capital invested" or the "position size"?

If it refers to position size, how do you determine affordability?
The Thief of Wall Street
  • #96,910
  • May 16, 2009 10:36am May 16, 2009 10:36am
Quoting Alihuzaifa
finally i was satisfied with the market move,it prooves forex isnt a casino and no body holds a controll on it
Correct! Trading is not a casino if you have a plan! Those who piss-in-the-wind when choosing an entry/exit are usually the ones treating the market as if it were a craps-shoot.

The great thing about trading is, all you need to do to profit is follow the trend. Easier said than done, is what most traders say, but the market is not as random as most would like to think. The Elliot Wave concept proves that. The market goes up, the market goes down. As a trader, all we need to do is to get in early on the retracement; but not too early.

If you can read candlestick reversal patterns and get in on those reversals at the right time, follow basic money management rules, your trading will have improved as well as your equity. The great thing about price action trading is you don't need any of those laggy indicators that have give traders a free, one-way ticket to Non Profit-ville Land.
  • #96,911
  • May 16, 2009 10:41am May 16, 2009 10:41am
Quoting FXexpress
I found out long ago to keep my stop way the heck out of the way. Some people look at the stoploss as a failsafe for a particular trade........WRONG! I treat my stoploss as a failsafe for a complete margine call. Do you know most heavy traders do not use a stoploss. But they do have a stop for catastropic circumstances. Trust me, I know a few of them.

Don't get me wrong, I use a stop, but it is always beyond the 100 SMA. If you can not keep your stop back, you are trading the wrong size account. There are ways around this, if you want me to show...
It just seems a bit one size fits all'ish.

@ Market profile: example: if Price breaks above the value area then go long with the break out and place a stop between within the value area, ideally below the point of control.

@ Trend & Trough: if long then place stop below the last valley.

@ Fibo trading: similar to Trend & Trough in that a breach of a given waves peak or trough can invalidate the entry reason.

@ Price Formations: H&S for example: go short with the break of the neckline and place stop above right shoulder.

The list goes on. Surely the stop method is a function of the overall trading System.

The only time I don't use a stop is when I'm using a SAR system.

I am interested in the alternative to using a 100MA you mentioned in your point.
  • #96,912
  • Edited 10:49am May 16, 2009 10:48am | Edited 10:49am
Quoting Alihuzaifa
finally i was satisfied with the market move,it prooves forex isnt a casino and no body holds a controll on it
Gambling Rule # 3: It takes a big magnet to attract small objects

How to apply in forex: Keep your position sizes smaller
The Thief of Wall Street
  • #96,913
  • May 16, 2009 10:49am May 16, 2009 10:49am
Quoting FXexpress
Let me share something with you all. If you use it, fine, if you don't then fine also. I have a way to tell if a bounce will occour or a break will occour. Now, it is not 100% but it's at least 95%. Nothing is 100% in trading. On the chart below, I am showing a 4 hr triangle that is tradable. I know, I have been trading it and gotten over 400 pips and there are more left as long as you keep this neat little trick in mind. As you are approaching Support or Resistance take care to measure the wicks leading up to the touch. "IF" the wick on...
This should be quite easy to back-test. Does it only work with triangles or with any solid S&R?

Does it work with other TF?
  • #96,914
  • May 16, 2009 12:09pm May 16, 2009 12:09pm
Ya know, a lot of people make this thing harder than it really is. It really isn't that tough. And it's those people who make it hard on the newbys. Sure you say it's fit's allish, but have you tried it???

Try it and come back to me down the road.

MK


Quoting notch
It just seems a bit one size fits all'ish.

@ Market profile: example: if Price breaks above the value area then go long with the break out and place a stop between within the value area, ideally below the point of control.

@ Trend & Trough: if long then place stop below the last valley.

@ Fibo trading: similar to Trend & Trough in that a breach of a given waves peak or trough can invalidate the entry reason.

@ Price Formations: H&S for example: go short with the break of the neckline and place stop above right shoulder.

The list goes on....
  • #96,915
  • May 16, 2009 12:10pm May 16, 2009 12:10pm
Yes, the triangle is just an example. Any strong resistance or proven resistance will work. Just make sure you have a reliable resistance area.

MK

Quoting notch
This should be quite easy to back-test. Does it only work with triangles or with any solid S&R?

Does it work with other TF?
  • #96,916
  • May 16, 2009 12:22pm May 16, 2009 12:22pm
Quoting FXexpress
I found out long ago to keep my stop way the heck out of the way. Some people look at the stoploss as a failsafe for a particular trade........WRONG! I treat my stoploss as a failsafe for a complete margine call. Do you know most heavy traders do not use a stoploss. But they do have a stop for catastropic circumstances. Trust me, I know a few of them.

Don't get me wrong, I use a stop, but it is always beyond the 100 SMA. If you can not keep your stop back, you are trading the wrong size account. There are ways around this, if you want me to show...
This is the biggest load of nonsense I have read on this site so far.

So if the 100 MA is 500 pips away - you just sit there till it gets hit do you???

No if you've got any sense you admit the trade or timing is wrong and you take the hit and maybe re-enter at a better price.

If price moves against you by more than 100 pips(most) you were wrong and you should get out of the trade.
  • #96,917
  • May 16, 2009 12:32pm May 16, 2009 12:32pm
Did you understand anything I have been saying. I said..... if the stop is to much for you , then you stay out and look for other possibilities. I have dealt with people like you before. Its people like you that get people hurt in here. Of course, sometimes you can not do this, but in general you can trade it very consistantly. Besides, I haven't seen a whole lot of successes in this thread lately and I have been watching for a few weeks.

You don't like it, don't trade it.

MK

Quoting stewrigh
This is the biggest load of nonsense I have read on this site so far.

So if the 100 MA is 500 pips away - you just sit there till it gets hit do you???

No if you've got any sense you admit the trade or timing is wrong and you take the hit and maybe re-enter at a better price.

If price moves against you by more than 100 pips(most) you were wrong and you should get out of the trade.
  • #96,918
  • May 16, 2009 12:53pm May 16, 2009 12:53pm
Quoting FXexpress
Ya know, a lot of people make this thing harder than it really is. It really isn't that tough. And it's those people who make it hard on the newbys. Sure you say it's fit's allish, but have you tried it???

Try it and come back to me down the road.

MK
Sir, I'll try not to overreact to a response that I found a little arrogant and really not addressing the valid and mature points I made in my post.

IMHO it really doesn't matter for how long you've traded, we all have something more to learn and ALL have something to contribute. Therefore, when a poster takes the time to make a contribution I'll read it, think about it and - if it challenges one of my beliefs - I'll ask additional questions in order to ascertain whether I have miss a trick or not; sometimes I'll stick in the boot in keeping with the spirit of the military banter that was part of my life for so many years.

So, sir, please be so kind as to address the points in my reply to your post.
  • #96,919
  • May 16, 2009 12:58pm May 16, 2009 12:58pm
Quoting stewrigh
This is the biggest load of nonsense I have read on this site so far.

So if the 100 MA is 500 pips away - you just sit there till it gets hit do you???

No if you've got any sense you admit the trade or timing is wrong and you take the hit and maybe re-enter at a better price.

If price moves against you by more than 100 pips(most) you were wrong and you should get out of the trade.
Well, err, your perspective is my perspective (except for the biggest load of nonsense line) but FXExpress may have seen something from a completely different angle than I have upto this point. I just hope that we can have a mature debate about this and move away from the slugfest that can result from differing opinions.

To state that StewartWright is the type of trader that gets people hurt just isn't right; all he did was challenge a idea.
  • #96,920
  • May 16, 2009 1:06pm May 16, 2009 1:06pm
Yes, good advice, and I will take it to heart. I don't like to get at odds with anyone. Everyone has their own way and shouldn't shoot down others. Thanks for reminding me.

MK


Quoting notch
Sir, I'll try not to overreact to a response that I found a little arrogant and really not addressing the valid and mature points I made in my post.

IMHO it really doesn't matter for how long you've traded, we all have something more to learn and ALL have something to contribute. Therefore, when a poster takes the time to make a contribution I'll read it, think about it and - if it challenges one of my beliefs - I'll ask additional questions in order to ascertain whether I have miss a trick or not; sometimes I'll stick in the boot in keeping...
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