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  • #4,061
  • Jul 7, 2009 10:17pm Jul 7, 2009 10:17pm
Quoting yf6288
Hi, strat

Do you mind tell how long you need to double your account with this method?

Thanks
How long will it take you to learn the profitable way to trade?
  • #4,062
  • Jul 8, 2009 1:48am Jul 8, 2009 1:48am
Quoting PistolDave
How long will it take you to learn the profitable way to trade?
Different people have different learning curve. Someone take longer to find out the way suitable for themselves. Learning from other peoples's success is good, isn't it?

Obivously, Strat is a good trader. It helps to make realistic aim if we know how good the best trader can achieve.
  • #4,063
  • Jul 8, 2009 7:52am Jul 8, 2009 7:52am
Looks like 94.00 support is being tested.

3rd times a charm or are we busting to the downside?
  • #4,064
  • Jul 8, 2009 9:53am Jul 8, 2009 9:53am
Quoting yf6288
Hi, strat

Do you mind tell how long you need to double your account with this method?

Thanks
The time is different for everyone. If your question is just posted so that you can formulate in your mind whether you can be bothered reading and understanding a particular method, then my suggestion would be to go and ask your bank manager how long it will take with compound interest for your deposit to double. Trust me if your trying to double an account is record breaking time the odds are against you and your better off leaving it in the bank.

If you serious about trading then the time to double is a moot point. Trading is a business, not a casino!

Razor
  • #4,065
  • Jul 8, 2009 10:00am Jul 8, 2009 10:00am
Quoting yf6288
Different people have different learning curve. Someone take longer to find out the way suitable for themselves. Learning from other peoples's success is good, isn't it?

Obivously, Strat is a good trader. It helps to make realistic aim if we know how good the best trader can achieve.
To add to the previous> Great traders have dedicated a great deal of time to become successful. Great traders are not great because they have doubled an account before someone else, it is in there longevity. Longevity is time and time to a trader is knowledge, insight and understanding.

Im not meaning to sound too harsh, but then again Forex isnt kind to those who want $ without devotion. Read through this great thread, gain an insight and formulate a plan that you as an individual are comfortable with. It is only once you have a plan that you can trade in your sleep, and sleep well with that you will be on your way to increasing your account. In time if your plan is successful then your account will grow.

Take care, best wishes

Razor
  • #4,066
  • Jul 8, 2009 11:21am Jul 8, 2009 11:21am
Quoting yf6288
Hi, strat

Do you mind tell how long you need to double your account with this method?

Thanks
I'm still having a hard time trying to understand why this question was asked. In addition to the excellent responses from Razor (thank you), all I can think is that you are trying to find the fastest "Get Rich Quick" scheme you can find.

If this is your genuine motive, then this thread, or any type of trading is not for you. Usually, people with a "Get Rich Quick" mentality do not have, and never will have, the patience, discipline and dedication to spend the thousands of hours it takes to learn and practice this craft.

Anyone who has done any type of trading knows that even just breaking even for the first year or so is a major accomplishment. Going on to make % increases is the next step but as to how long to double your account is like asking how long is a piece of string

I hope you find whatever it is you are looking for
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,067
  • Jul 8, 2009 11:57am Jul 8, 2009 11:57am
Quoting strat
I'm still having a hard time trying to understand why this question was asked. In addition to the excellent responses from Razor (thank you), all I can think is that you are trying to find the fastest "Get Rich Quick" scheme you can find.

If this is your genuine motive, then this thread, or any type of trading is not for you. Usually, people with a "Get Rich Quick" mentality do not have, and never will have, the patience, discipline and dedication to spend the thousands of hours it takes to learn and practice this craft.

Anyone who has...
Touching upon the get rich quick arena. Most also cannot fathom that unless you are prepare to coff up some real $$$, that $1000 starting account aint going to make you a millionaire. The shear increase in volume to take $1000 to a million would require a great deal of leverage and risk and some trades to really work in your favour. Take into account the Larry Williams took $10000 to a million in 12 months. This is an accomplishment that rarely (if ever) been surpassed and he is a gentleman who has spent many many years trading many forums of markets.

There is usually a common % of traders who try for this "get rich quick" ideology that is sold by soooo many brokers and market makers, and that is 95%. Unfortunatly it is a percentage that represents the failed, broke and accountless traders who have played in 1 form of markets and found failure while trying to bypass the endless hours, days, weeks, months and ultimately years of studing and executing. IF you find trading boring, then your probably on the right track to success. If you get a great thrill out of (we all love profit but one must TRY to contain themselves lol) executing trades which is usually followed by the emotion swings then chances are your heading for complete account destruction.

Thanks strat for the support, glad im proving more useful than nuisance (I can change if you like )

Take care

Razor
  • #4,068
  • Jul 8, 2009 1:02pm Jul 8, 2009 1:02pm
Hi all,

Well course finished and passed - so back to daily charts and nightly checks

I have managed to keep my demo account very healthy this month and its up a good amount. I have switched to a new 'less' intensive style of trend trading that seems to keep me in / out of moves; I thought it may be of use to some of you here.

Firstly I have plotted all my usual trend lines, SR and MAs. Then I have switched to a line chart. Then I plot the significant high/lows and look for the trend change (ie in an up trend I look for the last major low to be taken out). Once the line chart penetrates that line I then flick to the candle chart and wait for the PA to show the way. I look for the penetration then retest and wait for PA to signpost the trade (should it develop).

What I have found using this method so far is that it really helps me stick with the trends and when price is consolodating it keeps me out of the meaningless whipsaws. I read a book a few years back where a guy just traded the line charts in this way and I remember thinking, "It can't be this simple" so I didn't read it any further.

Now I see the simplicity of it and combined with PASR it stops me 'looking' for trades that are not there!

So, all my charts are line charts and I only flick to candles when I see the PA lines crossing the SR lines. Stops the 'inter-SR-level' trades.

(Gold chart below)

Happy to hear people's thoughts of course!!
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 25 KB
Trade less and become more profitable!
  • #4,069
  • Jul 8, 2009 2:48pm Jul 8, 2009 2:48pm
what happened to jpy today, I dont see any relevant news
  • #4,070
  • Jul 8, 2009 3:20pm Jul 8, 2009 3:20pm
Quoting Naws
what happened to jpy today, I dont see any relevant news
Only thing I can think of is they read my post:

Yen Beats Dollar, Franc as Haven of Choice, Bank of Tokyo-Mitsubishi Says The yen has become the favored safe haven currency on speculation reserve diversification and central bank selling may weaken the dollar and the Swiss franc, Bank of Tokyo-Mitsubishi UFJ Ltd. said.

Seriously, I don't know, maybe Nicola and Alexandra can shed some light on this for us.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,071
  • Jul 8, 2009 3:27pm Jul 8, 2009 3:27pm
Quoting Grimweasel
Hi all,

Well course finished and passed - so back to daily charts and nightly checks

I have managed to keep my demo account very healthy this month and its up a good amount....
I use the line chart quite a bit and have used it for some of my other systems. I find it very useful in conjunction with the old tried and tested 1-2-3 system for trend continuation trades.

It is also very useful for drawing trend lines as the line chart only uses closing prices.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,072
  • Edited 4:00pm Jul 8, 2009 3:48pm | Edited 4:00pm
Quoting Naws
what happened to jpy today, I dont see any relevant news
The indices are falling, CNBC keeps talking about the "head and shoulders" pattern in the indices and its earnings season so the market is nervous. Increased risk aversion always drives money to the Yen. The commodities particularly were falling very hard.

I think the trigger was the story of China cancelling a big coal order from Australia. The world is relying on China to pull us out of recession and whatever the reason cancelling this order was very negative. Very bad news for commodities and commodity currencies too, look at Aussie.

The fall off stopped when the US 10 year treasury auction went well but things still look quite bearish.

I told Amin late last night to buy yens or dollars if he got price action, I hope he caught some
  • #4,073
  • Jul 8, 2009 4:04pm Jul 8, 2009 4:04pm
The Bank of England Monetary Policy Committee rate decision / statement is tomorrow and sterling could see some moves. Analysts believe that they will leave it unchanged so focus will be on the statement if there is one (mostly if there is no change there is no statement).
There is a possibility they could announce more quantitative easing (money printing) which could be negative for sterling, although I think some of this possibility is already priced in.
  • #4,074
  • Jul 8, 2009 4:13pm Jul 8, 2009 4:13pm
Quoting strat
I use the line chart quite a bit and have used it for some of my other systems. I find it very useful in conjunction with the old tried and tested 1-2-3 system for trend continuation trades.

It is also very useful for drawing trend lines as the line chart only uses closing prices.
Thanks Strat for the vote of confidence as it were - a very useful chart, often overlooked!
Grim
Trade less and become more profitable!
  • #4,075
  • Jul 8, 2009 4:36pm Jul 8, 2009 4:36pm
Quoting elitejets
The indices are falling, CNBC keeps talking about the "head and shoulders" pattern in the indices and its earnings season so the market is nervous. Increased risk aversion always drives money to the Yen. The commodities particularly were falling very hard.

I think the trigger was the story of China cancelling a big coal order from Australia. The world is relying on China to pull us out of recession and whatever the reason cancelling this order was very negative. Very bad news for commodities and commodity currencies too, look at Aussie.

The...
Price action WAS already there!

If everyone was on top of their game, they should all have got some as it was predicted in the charts by yesterday's bar:

AUDJPY - BEOB
AUDUSD - BEOB
CHFJPY - BEOB
EURJPY - BEOB
GBPJPY - BEEB
GBPUSD - BEEB
NZDJPY - BEOB
USDJPY - BEEB
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,076
  • Jul 8, 2009 5:36pm Jul 8, 2009 5:36pm
Quoting strat
Price action WAS already there!
Can you please post a chart example of what you see, I don`t recognize any PA from yesterdays bar
  • #4,077
  • Jul 8, 2009 6:05pm Jul 8, 2009 6:05pm
Quoting Naws
Can you please post a chart example of what you see, I don`t recognize any PA from yesterdays bar
Most probably the difference in data feeds then. Here's the BEOB on AUDJPY which is outside both yesterday's and the day before's bar.
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy beob.gif Size: 21 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,078
  • Jul 8, 2009 6:16pm Jul 8, 2009 6:16pm
T2 target would have made you fat and happy!
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy t2 target.gif Size: 22 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,079
  • Jul 8, 2009 7:41pm Jul 8, 2009 7:41pm
that would have been one hell of a stop loss, Im not sure if I would have taken the trade even if I had PA, it turned out great though
  • #4,080
  • Jul 8, 2009 10:06pm Jul 8, 2009 10:06pm
Very true Naws, those stop losses would have been large. They would have been tough to justify, though I would have taken a retrace on the h4 with PA. Never got one too be sure.
Bang.
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