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Trading for a Living - Cliff Notes

  • #41
  • Jun 29, 2009 7:42am Jun 29, 2009 7:42am
Hi Acumen
Do you trade NY session or not?
senbanda
  • #42
  • Jun 29, 2009 7:51am Jun 29, 2009 7:51am
Quoting TradeWell
May I suggest...

A small live account is a great way to test one's nerves for a while after experimenting with a "system" on demo.
That was lesson number 22 or something.

There's nothing like losing real capital.

Once the system has been tested on a Demo account start trading it live with micro-lots.

m
  • #43
  • Jun 29, 2009 7:53am Jun 29, 2009 7:53am
Quoting senbanda
Hi Acumen
Do you trade NY session or not?
senbanda
That is what I trade the most.

m
  • #44
  • Jun 29, 2009 7:57am Jun 29, 2009 7:57am
Thank you very much.
I am eagery waiting for your next Pearl of Wisdom
Senbanda
  • #45
  • Jun 29, 2009 8:01am Jun 29, 2009 8:01am
Quoting Mary Pippins
Hi Mike thanks for the tips, good stuff to keep learners on track.

Just wondered how do you know that most bank traders have a 15M chart up, if you dont mind telling us?


Thx

MP



Oh and to that crackerjack awarding guy (even forgot his name by now): Well done, good boy..here's a cookie.
Check out the attached chart.

Today's eurusd range.

These are daily pivots and the chart is a basic 15 min chart.

Bounced off the pivot... moved to S1... bounced off S1.

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: pivots.gif Size: 22 KB
  • #46
  • Jun 29, 2009 8:06am Jun 29, 2009 8:06am
Hi Acumen - a great little thread that is already IMO a "must read" for all of us.

I'm happy to have it confirmed that my set up of Cable, Euro and Swissy 15 min charts with 100s and 50s on one monitor, the same but on 5 min with daily NY close pivots on my second monitor and a full screen 1m or 5m of my actual trade on my main monitor is "on the money" http://www.forexfactory.com/images/icons/icon7.gif

I've also found that there is NO substitute for real time screen time, taking real money trades off the "right of the screen"......even using micro lots sorts out your personal physcological issues pretty damm quick....it real does confirm how the "levels" work - time and time again....
Trading Levels with WRBs
  • #47
  • Jun 29, 2009 8:59am Jun 29, 2009 8:59am
Quoting ak4x
Mikey has been one of my favorite traders here for a'rd a year now since I bailed on the UJ and started trading EU.

I sincerely hope this is just a taste of things to come...


Mikey has a dark side
The darkness is clearing.

With the death of MJ, Farrah and that guy that screams during the commercials I need to start being nicer.

I'm not too far away from 50 and apparently that hasn't been a lucky number lately.
  • #48
  • Jun 29, 2009 9:01am Jun 29, 2009 9:01am
Quoting Islander
Hi Acumen - a great little thread that is already IMO a "must read" for all of us.

I'm happy to have it confirmed that my set up of Cable, Euro and Swissy 15 min charts with 100s and 50s on one monitor,...
Demo accounts are for testing the system and gaining system confidence.

It's different when it's your own capital at risk.

m
  • #49
  • Jun 29, 2009 9:11am Jun 29, 2009 9:11am
Great thread. Thanks Acumen.

I hope you don't mind if I link it to the womens' cave as a must read.
Nothing worth having is easy.
  • #50
  • Jun 29, 2009 9:37am Jun 29, 2009 9:37am
Another king-sized reminder from your good self that simple is better if not best. Your charts say it all, mate.
Good thread.
  • #51
  • Jun 29, 2009 9:44am Jun 29, 2009 9:44am
Quoting eyevoltage
Another king-sized reminder from your good self that simple is better if not best. Your charts say it all, mate.
Good thread.
By the way... EV has redefined how to trade pivots and psych levels.

If you get a chance... read through his calls.

Mike
  • #52
  • Jun 29, 2009 9:45am Jun 29, 2009 9:45am
Quoting Patience
Great thread. Thanks Acumen.

I hope you don't mind if I link it to the womens' cave as a must read.
Link away.

Appreciate it.

m
  • #53
  • Jun 29, 2009 9:52am Jun 29, 2009 9:52am
Quoting acumen
Most banks traders have a 15 minute chart up for each pair they trade.
We should also.
Even if you aren't a pivot trader every one of us should have the dailies up a 15 minute chart.
Mike
Hello Mike,

How do you know that banks are using 15 min charts, by your observation or someone from the bank told you that ?

and the pivot part.... are you saying the banks are using pivots also or it is your advise just for us .

I didnt understand your post, so I thought it's better to ask and make it clear.

thanks for your time.
  • #54
  • Jun 29, 2009 10:01am Jun 29, 2009 10:01am
Quoting ForexSV
Hello Mike,

How do you know that banks are using 15 min charts, by your observation or someone from the bank told you that ?

and the pivot part.... are you saying the banks are using pivots also or it is your advise just for us .

I didnt understand your post, so I thought it's better to ask and make it clear.

thanks for your time.
I'm acquainted with several bank traders but I don't fly to NY very often to hang out with them.

Yes... I am saying they use daily pivots and S/R.

Additionally... it's easy to deduce someone very big is using them because of how price reacts around them.

They work well in this market because of the volume.

Just watch them for 1 week - you'll be surprised.

Mike
  • #55
  • Jun 29, 2009 10:02am Jun 29, 2009 10:02am
Quoting Kanedol
This post is for crackerjacks!!! do the math your 75 stop loss with $.28 per pip and you maximum loss of $20


You deserve a crackerjack aware, for your actual stop loss is $1 more than your declared amount (75*0.28=$21)!!! If you can't do math, you should NOT trade, and more importantly, you should NOTadvise.....king crackerjack awarded!!!
This was either a joke, or someone on the brink of insanity. I'll give him the benifit of the doubt and say it was the former!
  • #56
  • Jun 29, 2009 10:05am Jun 29, 2009 10:05am
Quoting FX-Petra
This was either a joke, or someone on the brink of insanity. I'll give him the benifit of the doubt and say it was the former!
I like a little contention... but prefer it be an informed trader who does the combating.

m
  • #57
  • Jun 29, 2009 10:30am Jun 29, 2009 10:30am
Quoting acumen
Lesson 6: Trade when the banks do.

The banks move this market.

They have certain prime hours they trade… learn them and trade only during those hours and your hit rate will be much higher.

We are retail traders… gnats on an elephants ass… you need to be on the right side of the market when they move or… you lose.
Mike Hi again,

when you say banks have certain hours when they trade, can you explain more? ..... or at least give some ideas ...
  • #58
  • Jun 29, 2009 10:42am Jun 29, 2009 10:42am
Quoting ForexSV
Mike Hi again,

when you say banks have certain hours when they trade, can you explain more? ..... or at least give some ideas ...
The European traders start around 2:00am EST.

The NY desks start around 8:00am EST.

Many people consider the overlap the best time to trade but I like 3:00am EST to 2:00pm EST.

The Euro fix takes place around 11:30 EST.

I'd ask someone else about the Asian session... I simply don't trade it enough to know it.

Mike
  • #59
  • Jun 29, 2009 10:44am Jun 29, 2009 10:44am
Quoting acumen
I like a little contention... but prefer it be an informed trader who does the combating.

m
Not condoning at all the poster's disgusting trolling attitude, but you'll agree that a 1,3333333 cents/pip negative difference x 75 per losing trade can make quite a difference over thousands of them...
  • #60
  • Jun 29, 2009 10:53am Jun 29, 2009 10:53am
Quoting doblece
Not condoning at all the poster's disgusting trolling attitude, but you'll agree that a 1,3333333 cents/pip negative difference x 75 per losing trade can make quite a difference over thousands of them...
That's why it's important to have a system with a hit rate over 65.

m
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