Trading for a Living - Cliff Notes | Page 12 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Living in China, trading for a living 18 replies

Forex Trading for a living... anyone? 143 replies

Trading for a Living 29 replies

Trading for a living 10 replies

Book Wanted: Trading For A Living 43 replies

Attachments: Trading for a Living - Cliff Notes
Exit Attachments

Trading for a Living - Cliff Notes

  • #221
  • Jul 4, 2009 11:02pm Jul 4, 2009 11:02pm
Quoting acumen
I'm trying to keep this thread geared toward real traders who trade for a living... not gamblers.

I don't know one "Millionaire Trader" that doesn't employ some kind of 'system.'

Want to make a professional trader laugh... ask him/her how is luck is holding out.

Luck isn't part of this game... money management, mechanical systems, stops and profit targets... small wins and even smaller losses... simple probability theory... etc.

At 48%/month you should up there with Johnny in the very near future.

m
My apology for not defining my terms better. I can not control the outcome, so I call it "lucky" when a trade goes my way. If a trade goes against me and I stop out, that's just trading. What do you call it when a trade goes your way taking into consideration you can not control the outcome?

I agree with the part of your reply I colored blue.
  • #222
  • Jul 4, 2009 11:05pm Jul 4, 2009 11:05pm
Quoting knuckledrag
No arguing here either (sorry for the delay, I was out watching fireworks), however I find it much easier to trade if I have an idea of where the big boys are placing there bets. Support and resistance are key to understanding the market's mood. If you can find a nice fib correlation you have found the mood. If you then only trade in the direction of the trend--or play the consolidation, you have a plan.

I really think managing your trade is the most important step, but using small percentages and scaling out of a winner is hard to learn.

Good...
It's all very hard to learn... that's way so few can do it for a living.

Trading isn't about one key ingredient... this ain't Coke we are making.

m
  • #223
  • Jul 4, 2009 11:07pm Jul 4, 2009 11:07pm
Quoting acumen
I never slept with Gisele either but I know for a fact that opportunity doesn't exist.

Again... let me know when you've done and it's been verified.

m
Your statement is not a proper analogy. It is not a logical equivalent. It is not of the same form.

With respect.


P.S. Gisele who?
  • #224
  • Jul 4, 2009 11:09pm Jul 4, 2009 11:09pm
Quoting acumen
It's all very hard to learn... that's way so few can do it for a living.

Trading isn't about one key ingredient... this ain't Coke we are making.

m

Just keep posting, your one of the few.
  • #225
  • Jul 4, 2009 11:13pm Jul 4, 2009 11:13pm
Quoting gbppip
My apology for not defining my terms better. I can not control the outcome, so I call it "lucky" when a trade goes my way. If a trade goes against me and I stop out, that's just trading. What do you call it when a trade goes your way taking into consideration you can not control the outcome?

I agree with the part of your reply I colored blue.
I'm not looking for agreement, an argument or a pat on the azz.

I want to become the best trader I can be and I sincerely want to help others win in this arena.

So... luck is rare... very rare... lottery winners... those killed by lighting strikes... Tom Brady... and that's about the entire list.

I'm going to bed now... if you want to learn how to trade then this thread may help.

m
  • #226
  • Jul 4, 2009 11:16pm Jul 4, 2009 11:16pm
Quoting acumen
It's all very hard to learn... that's way so few can do it for a living.

Trading isn't about one key ingredient... this ain't Coke we are making.

m
None of it is hard to learn.

Money management is a simple formula.

Position size is a simple formula.

Buying and selling is just a click of the mouse.

We can do that.

What makes trading difficult is the failure to realize that we do not control the outcome and the failure to quit while ahead. Damage control is the only thing that we can do. The market does the rest.

With Respect.

P.S. This thread is in the trading discussion area. I assume it is OK to discuss this matter intelligently and civilly. I trust opposing views are encouraged or at least tolerated and not silenced.
  • #227
  • Jul 4, 2009 11:18pm Jul 4, 2009 11:18pm
Quoting acumen
I'm not looking for agreement, an argument or a pat on the azz.

I want to become the best trader I can be and I sincerely want to help others win in this arena.

So... luck is rare... very rare... lottery winners... those killed by lighting strikes... Tom Brady... and that's about the entire list.

I'm going to bed now... if you want to learn how to trade then this thread may help.

m
Perhaps you didn't see my question:

What do you call it when a trade goes your way taking into consideration you can not control the outcome?
  • #228
  • Edited Jul 5, 2009 2:23am Jul 4, 2009 11:19pm | Edited Jul 5, 2009 2:23am
it is still hard... unless you're rationally convinced that the s/l system could bring an overall positive return... otherwise most people is hard to accept a closed loss rather than holding a loss till b/e.

you think it is easy now probably because you are trading with a comfortable size, and have mentally detached money from greedy and fear and view it as a digit only now.

and past experience told you, it works.

another question is if I only want to be able to short, do not want to use a leverage, and I come to market because I want to short it for 10yrs...
why do I have to use a stop/loss of 2% when I am counting on that market will go down for the next 5yrs?

keep doing s/l is sending money to broker I think, one exception is how jacko define the anti hedging meaning if price reverse after hitting s/l, he use limit order to enter back the position at where it stopped/out.


Quoting gbppip
None of it is hard to learn.

Money management is a simple formula.

Position size is a simple formula.

Buying and selling is just a click of the mouse.

We can do that.

What makes trading difficult is the failure to realize that we do not control the outcome and the failure to quit while ahead. Damage control is the only thing that we can do. The market does the rest.

With Respect.

P.S. This thread is in the trading discussion area. I assume it is OK to discuss this matter intelligently and civilly. I trust opposing views are encouraged...
  • #229
  • Jul 4, 2009 11:22pm Jul 4, 2009 11:22pm
Quoting gbppip
None of it is hard to learn....

Dude...

Post all you want... this isn't my thread... belongs to everyone... by the way... I like everyone... maybe not Tom Brady.

I just think you are in for some rough posts and your 'reality' of what a trader is seems to be a little skewed by inexperience or over cogitation.

m
  • #230
  • Jul 4, 2009 11:26pm Jul 4, 2009 11:26pm
Quoting gbppip
Perhaps you didn't see my question:

What do you call it when a trade goes your way taking into consideration you can not control the outcome?
When a trade goes my way... I say... damn... the market sure was smart today... it agreed with me.

If the market goes against me... I tell myself... how could the market be so wrong.

  • #231
  • Jul 4, 2009 11:30pm Jul 4, 2009 11:30pm
Quoting acumen
I never slept with Gisele either but I know for a fact that opportunity doesn't exist.
Bundchen?
  • #232
  • Jul 4, 2009 11:33pm Jul 4, 2009 11:33pm
Quoting acumen
When a trade goes my way... I say... damn... the market sure was smart today... it agreed with me.

If the market goes against me... I tell myself... how could the market be so wrong.

good nite
  • #233
  • Edited Jul 5, 2009 5:55am Jul 4, 2009 11:36pm | Edited Jul 5, 2009 5:55am
Quoting doblece
Bundchen?

???? maybe slow tonight. Goodnight

Edit: Gisele's last name, Doh!
  • #234
  • Jul 5, 2009 9:09am Jul 5, 2009 9:09am
Quoting doblece
Bundchen?
  • #235
  • Jul 5, 2009 9:20am Jul 5, 2009 9:20am
Quoting knuckledrag
Edit: Gisele's last name, Doh!
He gave a hint... Google did the rest!
  • #236
  • Jul 6, 2009 12:10pm Jul 6, 2009 12:10pm
Lesson 11: Understand the basics of FIBS

Fibs work.

I don’t care why.

You don’t have to be a fib guru to apply them to your analysis.

There are entire systems devoted to trading fibs.

If you aren’t trading a fib based system use them to add additional
levels of confluence to your system.

The link below will get you started if you are unfamiliar.

http://www.babypips.com/school/fibon...FQ6jagod9U8dAQ

I apply to them to all my intraday analysis.

I really like the 50 level… especially when it’s combined with any other indicator.




Example:

Check out the chart below.

15 Min chart of the e/u today.

The market makes it's move south.

It retraces and hits S1 AND the 50.0 FIB level.

Add to that it was overbought on the 15 min chart (based on my stoch settings) and it screamed SELL.

It hits that level and fell like a rock.
Attached Image (click to enlarge)
Click to Enlarge Name: basic fibs.gif Size: 16 KB
  • #237
  • Jul 6, 2009 12:17pm Jul 6, 2009 12:17pm
the rock becomes a rocket

hope that's not the case...

Quoting acumen
It hits that level and fell like a rock.
  • #238
  • Jul 6, 2009 12:25pm Jul 6, 2009 12:25pm
Quoting billye
the rock becomes a rocket

hope that's not the case...
Forgot to the add this little bit...

I only trade Fibs on the very first retrace move.

Anything else could be support.

m
  • #239
  • Jul 6, 2009 12:25pm Jul 6, 2009 12:25pm
Still S1 and 61.8% fib with divergence in 15M to observe.

Add: Yep, it's a rocket, only 72% fib left.

Quoting billye
the rock becomes a rocket

hope that's not the case...
Attached Image (click to enlarge)
Click to Enlarge Name: thv128.gif Size: 34 KB
  • #240
  • Jul 7, 2009 5:55pm Jul 7, 2009 5:55pm
Quoting gbppip
Hi ho Silver:
[..]
1000$ start, 2% risk, 50 pip stop loss means 0.4 mini lot position size. How much better are you at making 10 pips than 50 pips? Maybe you are privy to information that I am not. Each trader needs to do what allows them to reach their goal.
The price before reaching 50 pips hits 10 pip indeed, but if there is a price reversal before that, a 50 pip stoploss is a totally different thing over a 10 pip stoploss...

I am a novice trader, and got some question to acu

1. got 4k in my acc... and am starting my first of the 6 months in which i hope to achieve consistency... are enough? i don't plan on withdrawing anything, i just want to build up. Obviously the target monthly might be 2k... but i am not in a hurry, it's more of a goal reward, to the effort put into it.

2. in regard of them being enough, i don't know why leverage is considered so badly... for me leverage is just a chance to set smaller stoplosses (just in case)... but my risk % remains always the same... ok there is always the margin thing, but i suppose that it really depends on the system... scalpers might get hit faster due to high volume trades.

3. I already got in the phase in which you read all strategies, got in the phase in which you program your ea/automated system, already passed the phase of greed in which i lost 700$ in one day. Now i want to start over with demo, but i really don't want to change strat again, i have come to understand pty well my strat (4hours MACD system by Phil N.) that is really about price action, support, pattern recognition & whatever technical analysis y can have, and a trigger signal which is the macd patterns.
Do you think there is something worthy giving a try out there?


Thanks

jj
0 traders viewing now