i dont consider myself to be yet at the level of the senior guys in here, but if i can post some good things and help a little, im glad
Matias
I'm pretty much done with all this ...
james16 Chart Thread
- #34,183
- Jun 22, 2009 6:54am Jun 22, 2009 6:54am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
Yup, i agree about "Reminiscences of a stock operator" in some aspects and about his personality, the greed and demons issue, but i found some of his advices about trading really good gems.
Anyway, no matter what u take out of it, i think its a classic and it worths the reading
Matty
http://www.nytimes.com/2006/01/10/science/10mirr.html
We are/become who we associate with.
I'm pretty much done with all this ...
- #34,184
- Jun 22, 2009 6:55am Jun 22, 2009 6:55am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
hope it's ok. i just want to say this...
I'm glad that StoragePro & Matiasfx are online & posting more often.
Hopefully other pro's/old lurkers find themselves posting more actively too.
Now, there is more & more reasons for newer traders (after those two) to post more & participate.
Appreciate it a lot StoragePro & Matiasfx .
....
Positive snowball effect. the two good guys i've mentioned are attracting more good people.
- #34,186
- Jun 22, 2009 7:07am Jun 22, 2009 7:07am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Jim shamed me into it.
I'm all jacked up for a good week - and FLOOM! My parents come to town on there way up North. The annual trek to visit other friends and family. Guess I won't be doing as much as I had hoped.
It was more about encouragement/suggestion rather than shame.
i dont consider myself to be yet at the level of the senior guys in here, but if i can post some good things and help a little, im glad
Thanks for your post SChaos...
.....
We are/become who we associate with.
yes hopefully, we always associate with good/positive things.
- #34,187
- Jun 22, 2009 7:10am Jun 22, 2009 7:10am
well, imo ...the location for eurgbp is poor, hav resistance just above...
ive closed half for 11 pips or so.....moved other half to -20pips....shld be @ BE but im sure ill get taken out, want to give it some room....lets see how she plays....
gbpchf has room to move but also playing it tight....
dnt forget they are both not A trades......imo
trade mgt is the key....
on both especially gbpchf, now at be on both trades....closed half on both for some profits, eventhough a bit early but its all good...
Simplicity is the key to success
- #34,188
- Jun 22, 2009 7:13am Jun 22, 2009 7:13am
True - some good in there - but here is why I am really careful about whom I listen to or read about.
http://www.nytimes.com/2006/01/10/science/10mirr.html
We are/become who we associate with.
Thats why i quit watching the news long ago
BS and nonsense. Dude is WITCH!
Matty
PS: btw, a good book i recently read that relates to the article its "Evolve your brain" by Joe Dispensa. Really interesting.
- #34,189
- Jun 22, 2009 7:13am Jun 22, 2009 7:13am
LOL. this post seem to have "back-fired" in a good way. As i now see Rainmaker online.
Positive snowball effect. the two good guys i've mentioned are attracting more good people.
Ok, why not share my favourite books on trading. I have approximately 25 of them, most are a waste of time & money. I personally recommend:
1. J16 chart thread (and J16 PF)
2. Trading Chaos by Bill Williams (70% contents on psychology, just skip the rest)
3. Moon in a Dewdrop by Dogen (13th century Zen Buddhist)
Tharp I like, too, but he writes endless pages about some simple mathematical/statistical stuff that could be sketched in a 20 page booklet (but I acknowledge that not all people get the hang of the maths behind it very quickly, or do feel so comfortable with math in general).Bookerīs Adventures of a Currency Trader is a very nice and easy read, more a novel, but it has its lessons in it.
RM
- #34,190
- Jun 22, 2009 7:24am Jun 22, 2009 7:24am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
- #34,191
- Jun 22, 2009 7:25am Jun 22, 2009 7:25am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
hope it's ok. i just want to say this...
I'm glad that StoragePro & Matiasfx are online & posting more often.
Hopefully other pro's/old lurkers find themselves posting more actively too.
Now, there is more & more reasons for newer traders (after those two) to post more & participate.
Appreciate it a lotStoragePro & Matiasfx .
PS. I seem to be having problems loading FF pages, pictures, etc. is it FF or just my lousy internet?Thanks.
Some problem with FF servers maybe,
But like always I know Twee won't keep us like this for long.
I believe . . .
- #34,192
- Jun 22, 2009 7:27am Jun 22, 2009 7:27am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
sweet hard break(jarroo style)
closed half on both for some profits, eventhough a bit early but its all good...
Love the way the nose pokes out of the resistance zone.
I believe . . .
- #34,196
- Jun 22, 2009 7:36am Jun 22, 2009 7:36am
then your SL must be huge on a daily.
am I right?
The bar you mention is the reason Jim recommends starting on the daily and weekly timeframes. All timeframes work with this stuff but we have to be much much much pickier when we drop below daily.
Can you see that big dive a few bars before your pinbar? That was a big bullish daily pinbar which retested the key 1.75 level. That's what your tiny 4H bar was trading against. At the moment that big daily pinbar is locked in a battle against the recent highs. If it breaks them we could go a long way.
Also, the style you are picking is super aggressive and will kill your account if you are not very experienced in this method. Retrace entries are playable but they are extremely difficult on lower timeframes and they will result in a much lower winrate.
James' suggestion is to start on daily and weekly timeframes only and play the pinbars and outside bars placing your stop on the other end of the bar, and your entry on the breach. Then you'll learn to see the good setups from the bad. If, after a few months, demo and a a few months live, you are profitable doing this, then you can look at lower timeframes with all the experience you have gained.
People always think that they need more opportunities to trade which is why they go lower TF too soon. I know, it's what I tried to do, starting with a system that was on the 15M. But more opportunities to trade can be more opportunities to lose as well. And for every loser you need a winner to cancel it out. Your losers are making your winners go for nothing. (As someone once said to me "A ten mile walk in the woods is a ten mile walk back"...
). So standing aside, and picking rifle shots on the daily, can give you a higher percentage return a month than trading all timeframes.It requires more patience, but almost every successful trader on this thread started that way. And many of them, after a long time, now play more aggressive entries. Some of them were so profitable on the dailies and weeklies, with non aggressive entries, that they don't bother doing anything else.
Those are just a few thoughts sparked off by your last few posts. Thank you for giving me the opportunity to get them out. There's been a lot of focus on aggressive entries recently so I just wanted to pitch in with this. Welcome to the thread and I hope you find it helpful and useful.
- #34,197
- Jun 22, 2009 7:38am Jun 22, 2009 7:38am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
haha, good eye supreme! .....I personally recommend:
1. J16 chart thread (and J16 PF)
2. Trading Chaos by Bill Williams (70% contents on psychology, just skip the rest)
3. Moon in a Dewdrop by Dogen (13th century Zen Buddhist).....
.... i have a good, eagle eye on the good people on FF, specially those found on this thread.Thanks for your 3rd reco. book, 1st time i've heard of it.
Problems on my end too...
Some problem with FF servers maybe,
But like always I know Twee won't keep us like this for long.
The above 3 guys i've mentioned must've caused the traffic. their attendance today (all three present AT THE SAME TIME/post at the same day) is i believe unprecedented.
Yesterday/the other day , baddison & Antra were online too.
The attendance sheet is getting better & more interesting if u ask me. Hopefully this 'phenomenon' continues on...
- #34,199
- Jun 22, 2009 7:49am Jun 22, 2009 7:49am
I was looking at your chart along with these:
Attachment
Attachment
Keeping my eye on these also:
Attachment
Attachment
Indeed,
I see a possible retrace so I will move my stop to BE
Ikki do you trade the liteforex indices? I only use them as guidance.
