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Silent Service Method

  • #1,961
  • Jun 12, 2009 9:12pm Jun 12, 2009 9:12pm
Quoting whitegoodman
what open trades you got open atm chris?

you just sidelining it waiting for an A+ atm?
Nothing in forex at the moment. I have a few stock trades.....

Long UNG, Sold some puts there as well ($12 Oct.) - and sold some puts on CVX today, it's already working out.

Watching AAPL at the moment. Thinking of selling puts there as well.

CW
  • #1,962
  • Jun 13, 2009 8:20am Jun 13, 2009 8:20am
I got this message from someone today. I thought I would share my thoughts, as this could be a serious issue for this, and some other people.

Here is the message, with my responses in purple:



"Hey Chris just curious...

Ive recently been given the opportunity to trade my folks account...

quesion... what markets are you trading?"
I trade forex, stocks, options, and rarely futures. (very rarely.) I would seriously think about what you are saying though. If you are going to trade someone else's money, (especially your parents) YOU NEED TO BE 150% POSITIVE THAT YOU ARE PROFITABLE.

There are few things that can f**k up a relationship more than money. If you screw this up, your parents will still love you of course, and probably even forgive you - but will you forgive yourself? This could also do a lot of damage to your psyche as far as future trading too.

Please think this over. If you KNOW you can do it, then fine. Just think about the risks as well. (I cannot emphasize this enough.)

"im looking at stocks, and hopefully commodities aswell as forex..."

As far as that's concerned, it doesn't matter to me - it's all chart patterns, etc.

"Do you trade stocks/ETF's via CFD's? or do you do it through someone like Interactive Brokers? are you looking into commodities, index's and futures aswell?"

CFD's = Bucketshop. I would never trade them. For 2 reasons mainly: #1, I am American, and those aren't legal here. #2, If you are going to trade Walmart stocks, then why not trade the real thing?

I use Interactive Brokers, yes. I don't recommend them for Forex though, for too many reasons to list.

"What im finding is theres a lot of really good setups in other instruments and that by restricting to just forex theres a lot of missed opportunites as the A+ setups dont occur in forex too frequently..."

This is true, but it also depends on how many pairs you are able to trade. GFT Forex has a ton of pairs, so there are more A+ set ups than at IBFX, for example.

I shared this letter because I here about people trading other people's money quite a bit. In fact, I get offers sometimes. (However, they never work out it seems.....internet b.s.)

What am I going to do about it? I am getting my Series 3, 34, and 7 over the next few months, as well as a few others. I would recommend doing the same in your country. I would not trade family money, I would keep money and family apart.....it will work out better in the end. Unless you are POSITIVE YOU CAN DO THIS.


CW
  • #1,963
  • Jun 13, 2009 8:21am Jun 13, 2009 8:21am
WOO HOO! Just broke the 300,000 mark!
  • #1,964
  • Jun 13, 2009 11:00am Jun 13, 2009 11:00am
This is one of the best threads. Good job Chris.! Congrats!
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #1,965
  • Jun 13, 2009 12:57pm Jun 13, 2009 12:57pm
Quoting drebin
AnimalHungry: I got in the same trade. I am still in it and have not moved my stop at all. I am risking about .7% of my account, so if I lose, I lose. Waiting for break of 1.1 level. Targeting the 1.08 level. Obviously if it breaks that, look out world. I am looking for profit of about 1.3%. We shall see. Price is having a tough time with the 1.1 level and a minor support on the dailies too. But it is with the overall trend and a mini bearish descending triangle has formed.

Not that I would even trust me on this, but once it breaks 1.1 I was thinking...
Thanks Drebin. So did you moveyour stop to the high of the previous bars and were taken out by Friday's move?

Simon
  • #1,966
  • Jun 13, 2009 12:58pm Jun 13, 2009 12:58pm
Quoting clockwork71
Once it broke through, I would move to b/e, it doesn't necessarily have to close over it. (Just how I do it.)

CW
Cheers Chris. So I guess you'd be out of the trade at BE after yesterday's big move up.

Simon
  • #1,967
  • Jun 13, 2009 2:02pm Jun 13, 2009 2:02pm
Quoting AnimalHungry
Cheers Chris. So I guess you'd be out of the trade at BE after yesterday's big move up.

Simon

Yeah probably. It happens, no harm....no foul.
  • #1,968
  • Jun 13, 2009 2:43pm Jun 13, 2009 2:43pm
CW, what is Series 3, 34, etc? Also what is the difference between CFD's and trading stocks with IB?
  • #1,969
  • Jun 13, 2009 2:57pm Jun 13, 2009 2:57pm
Quoting Four Kids
CW, what is Series 3, 34, etc? Also what is the difference between CFD's and trading stocks with IB?
Series 3 - License to trade Commods in the US
34 is Forex
7 is stocks.

You need these to trade other people's money.

CFDs are speculating on the difference in pricing of stocks, etc.......like Forex - unless you are dealing with the actual interbank market - you aren't actually trading anything.

CW
  • #1,970
  • Jun 13, 2009 3:04pm Jun 13, 2009 3:04pm
CW, Thank you, for both the quick reply and this whole thread.
  • #1,971
  • Jun 13, 2009 7:30pm Jun 13, 2009 7:30pm
Quoting AnimalHungry
Thanks Drebin. So did you moveyour stop to the high of the previous bars and were taken out by Friday's move?

Simon
Actually I didn't, I was waiting for break of 1.1 level before moving my stop. It might come back to bite me. I am down right now. I am sticking it out. Obviously, I need some money management coaching. I know CW says if it is with the trend let it ride. So I was waiting to let it beat the 1.1 level before moving my stop to a few pips higher than 1.1.

CW, any money management tips on this trade (USD/CAD daily pin 6/8)? I was, and am still waiting on a move below the 1.1 level. Maybe I should of moved to break even after price tested the area below 1.1. It seems that is what you mentioned before (or was it 1.08?). Thanks.
  • #1,972
  • Jun 13, 2009 7:35pm Jun 13, 2009 7:35pm
CW, apologies, if you have already mentioned this but I had a question:

What, in your opinion, is an absolute A+ setup? I am guessing it would be with the trend, serious price action (i.e. pinbar or engulfing pattern or brick wall) at a major support/resistance level and confluence with fibs and maybe divergence with MACD. Does this pretty much cover it?? Thanks.
  • #1,973
  • Jun 13, 2009 11:04pm Jun 13, 2009 11:04pm
Quoting drebin
Actually I didn't, I was waiting for break of 1.1 level before moving my stop. It might come back to bite me. I am down right now. I am sticking it out. Obviously, I need some money management coaching. I know CW says if it is with the trend let it ride. So I was waiting to let it beat the 1.1 level before moving my stop to a few pips higher than 1.1.

CW, any money management tips on this trade (USD/CAD daily pin 6/8)? I was, and am still waiting on a move below the 1.1 level. Maybe I should of moved to break even after price tested the area below...
The first step would be 1.1, which is where I would be B/E, then move after 1.08 to just above 1.1....
  • #1,974
  • Jun 13, 2009 11:05pm Jun 13, 2009 11:05pm
Quoting drebin
CW, apologies, if you have already mentioned this but I had a question:

What, in your opinion, is an absolute A+ setup? I am guessing it would be with the trend, serious price action (i.e. pinbar or engulfing pattern or brick wall) at a major support/resistance level and confluence with fibs and maybe divergence with MACD. Does this pretty much cover it?? Thanks.
Yep, that about sums it up.
  • #1,975
  • Jun 14, 2009 8:33am Jun 14, 2009 8:33am
Quoting clockwork71
The first step would be 1.1, which is where I would be B/E, then move after 1.08 to just above 1.1....
Aha, so CW, as soon as price tested any area below 1.1, regardless of whether or not it closed under it, you'd move your stop to be?? thanks.
  • #1,976
  • Jun 14, 2009 8:50am Jun 14, 2009 8:50am
Quoting drebin
Aha, so CW, as soon as price tested any area below 1.1, regardless of whether or not it closed under it, you'd move your stop to be?? thanks.
In this case yes.....because we are late in the overall move on this pair.....
  • #1,977
  • Jun 14, 2009 11:08am Jun 14, 2009 11:08am
Quoting clockwork71
In this case yes.....because we are late in the overall move on this pair.....
I'm assuming getting late in the overall move = getting in after a significant move in the direction of your trade? Or is it more defined than that (i.e. after a breakout and pullback has already occurred in the grand scheme of things)? Sorry if this seems like a stupid question.
  • #1,978
  • Jun 14, 2009 6:04pm Jun 14, 2009 6:04pm
Hey all what was that program that u all use for the chart pics? Paint is just not cutting it for me
  • #1,979
  • Jun 14, 2009 6:08pm Jun 14, 2009 6:08pm
Quoting kodflakes
Hey all what was that program that u all use for the chart pics? Paint is just not cutting it for me
in metatrader:
File / save as picture
  • #1,980
  • Jun 14, 2009 7:11pm Jun 14, 2009 7:11pm
No there is an outside program that CW and a few other use and I am too lazy to go back thru the thread and look for it.
It makes it so you can put it in clean looking explanations
Quoting ttradr
in metatrader:
File / save as picture
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