. In fact, I reckon there are better ways to determine trends than the actual trendline.
up through last resistance, maybe an "EVEN".
I
EVENS. Anyone else?
Now we're cookin' with fire!
FXS
- #101
- Apr 11, 2007 12:42pm Apr 11, 2007 12:42pm
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
up through last resistance, maybe an "EVEN".
I
EVENS. Anyone else?
Now we're cookin' with fire!
FXS
- #102
- Edited 1:03pm Apr 11, 2007 12:52pm | Edited 1:03pm
- | Commercial User | Joined Sep 2005 | 1,118 Posts
- #104
- Apr 11, 2007 1:42pm Apr 11, 2007 1:42pm
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
I believe that the "retrace bus" you mention is actually a stoploss run played by "the bad boys". Some people trigger entries as new highs are made and stops are moved to breakeven quickly; well, the bad boys push price down to trigger those stoplosses, shaking the small fishes out of the pond and re-buying in at a better price off them.
: How do you keep from becoming ROADKILL under the wheels of the bus, WTB?
Anyone else?
An important question for a newbie like me if I
want to be around for awhile!
FXS
- #105
- Apr 11, 2007 2:29pm Apr 11, 2007 2:29pm
- | Joined Feb 2007 | Status: Silly broker, pips are for kids | 455 Posts
well buddy, no offense taken.
but please allow me to clarify what I am trying to do:
I completely understand there is no method of trading that will never fail, there never was and there never will be. What I am trying to do is just lay down a set of rules to trade by. But these rules will be tested so that when we push that button and pull the trigger there is no doubt in our mind that even if this one is a loser, and the trade after that is a loser the rules that I trade by will produce plenty of profits soon enough to counter those losses.. That is the beginners trap, as they call it. A new trader will find a system trade is once and it doesnt work for them so they go onto the next system and the process repeats itself day in and day out until all their money is gone... Now, I do not believe in demo trading for there is no emoition in it.. You can make a million dollars trading in a demo account and lose all your money when it comes to be showtime. For example, I would not define myself as a successful trader, but I am trading in the "cnbc millionaire portfolio challenge" which is a trading competition using an account with fake money. I am in the top 17% out of a good 500,000 traders competing, but when it comes down to trading forex my losses and wins play tug-o-war I think the best thing to do is just go back on the charts, follow your rules and see if, from that designated period up until the present.. would it.. or would it not provide you with profits... I hope this makes sense.. I am at work and typing this so im a little distracted
Good luck and good trading
Dave
but please allow me to clarify what I am trying to do:
I completely understand there is no method of trading that will never fail, there never was and there never will be. What I am trying to do is just lay down a set of rules to trade by. But these rules will be tested so that when we push that button and pull the trigger there is no doubt in our mind that even if this one is a loser, and the trade after that is a loser the rules that I trade by will produce plenty of profits soon enough to counter those losses.. That is the beginners trap, as they call it. A new trader will find a system trade is once and it doesnt work for them so they go onto the next system and the process repeats itself day in and day out until all their money is gone... Now, I do not believe in demo trading for there is no emoition in it.. You can make a million dollars trading in a demo account and lose all your money when it comes to be showtime. For example, I would not define myself as a successful trader, but I am trading in the "cnbc millionaire portfolio challenge" which is a trading competition using an account with fake money. I am in the top 17% out of a good 500,000 traders competing, but when it comes down to trading forex my losses and wins play tug-o-war I think the best thing to do is just go back on the charts, follow your rules and see if, from that designated period up until the present.. would it.. or would it not provide you with profits... I hope this makes sense.. I am at work and typing this so im a little distracted
Good luck and good trading
Dave
Please don't take this the wrong way, but I know these questions all too well. These are gigantic signs of a) being afraid to lose (more money) and b) not trusting anything until somone hands you a signed written form saying "this will never fail".
Truth is - you're not trying to outguess and perfect every trade. A truckload of trades WILL FAIL. If you trade some entries like retraces or trendline touches aggressively, you WILL have to "just throw money on" at those points if that's your style. If you use PA and candlesticks, you WILL have to simply trust that people didn't invent these for nothing and lastly, but most importantly, you have to actually start trading them day in day out AS THEY OCCUR instead of wondering at each setup "will this one work? is this the perfect setup? is this sure to go or not? am i getting in too early? am i getting in too late?"
-> This is what demo is for - you learn to press the button in real time BUT you are allowed to make mistakes and actually review them. It is most important however to a) be honest to yourself about it and b) actually trade like it were REAL money and not just "meh, just demo anyway".
The answers to ALL these questions come from one thing - experience of actual live trading. People can TELL you everything, and you will still not trust any of it until you have actually done it dozens of times yourself first.
Failed trades and losses are part of the game. The whole "trick" is learning to accept that and move on. Over-thinking the theoretical part and trying to perfect everything into "no loss"-dom will never ever work and is just mentally crippling. I've gone through that phase, I am not just slinging words here...
Like I said, no offense intended. (also attaching an example of a low timeframe, temporary trendline which obeyed the "enter on the 'first' = third touch" rule to illustrate what I meant by that)
Take care,
SeekingLight
- #107
- Apr 12, 2007 3:53pm Apr 12, 2007 3:53pm
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
please help by posting here or sending me a PM, I can't seem to find this post mentioned above or the other references by Jacko
tx
)But to find Jacko's posts go to his post on this thread
and click on his name. From there you can go to all
of his posts. A great way to follow the expertise of many
of the traders on this wonderful forum.
Try Orange Roshan, too! Just search his name then view all posts.
Try it with anyone who's posts really makes great sense to YOU.
FXS
- #109
- Apr 12, 2007 11:53pm Apr 12, 2007 11:53pm
After losing big on a few trades today, I've decided that while I will still do occasional trades on a 4-hr chart, I'm converting to a daily kind of guy. First of all, while I'm not that well capitalized (I've got a few K), I've got enough to set my stops large enough that I won't get stopped out by spikes. I'm going to use an indicator for confirmation, but I am going to try to use trending as much as possible. I'd rather live my life than sit at my computer looking at it every hour (or less time) during the day (or even every 4 hours 
. Has anyone else had this type of "I'm tired of it" switch...?
. Has anyone else had this type of "I'm tired of it" switch...?
After losing big on a few trades today, I've decided that while I will still do occasional trades on a 4-hr chart, I'm converting to a daily kind of guy. First of all, while I'm not that well capitalized (I've got a few K), I've got enough to set my stops large enough that I won't get stopped out by spikes. I'm going to use an indicator for confirmation, but I am going to try to use trending as much as possible. I'd rather live my life than sit at my computer looking at it every hour (or less time) during the day (or even every 4 hours
- #115
- Apr 13, 2007 11:09am Apr 13, 2007 11:09am
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
in the direction of the overall trend
in case of an downtrend....
you need a strong trend to make it wortwhile
Hello Sir!
How do you Qualify and Quantify this trend?
Have you followed the 5 Minute Intraday thread at all?
How do you "draw the line" on the pullback going too far?
Just questions for conversation and friendly exchange!
Great Trading To You!
FXS
- #120
- Apr 22, 2007 9:10pm Apr 22, 2007 9:10pm
- | Joined Feb 2007 | Status: Small is beautifull | 1,368 Posts
