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Trading for a Living - Cliff Notes

  • #301
  • Jul 13, 2009 12:09pm Jul 13, 2009 12:09pm
Quoting cobraforex
The word scalping is often missused and is hated and loved, something like the forbidden apple in paradise....
You style is damn near identical to the way I trade.

m
  • #302
  • Jul 13, 2009 12:14pm Jul 13, 2009 12:14pm
Acumen talked about this method several times in the E/U thread, there is no specific link but I'm sure that there will be one day a lesson about it.

Quoting watube
Whats the link to the 00-20 and 00-80 strategy. Curious
  • #303
  • Jul 13, 2009 12:16pm Jul 13, 2009 12:16pm
cb:
this is a good idea, a fixed acc is like a gun if playing with same one every day, then we get familar with it.

but is it against the way the compounding guys playing who wanna get 100x of their initial mini acc in a few years?

is both way correct? or they are wrong? or fixed acc is conservative?

how about a relatively fixed but gradually increased acc and pos size?

Quoting cobraforex

BTW: My trading capital is every month the same, in a good month I withdraw, in a bad I deposit, you didn't gain anything untill you cash it.
I don't have all my capital in the brokers account as I risk only 2% max a trade and quit the session in case of 4 bad trades in row, so I can always fund it in case of a bad strike.
  • #304
  • Jul 13, 2009 12:20pm Jul 13, 2009 12:20pm
It's a great way to trade as long as you don't get in the news trap.

First I do is having a look on the news release before starting the trading session.

I may add that sometimes I hold a very good scalp for a complete session after TP 2/3 of the original position and setting the remaining lot to BE, that way it gets converted in a daytrade position.

But I need to use another account to keep going on riding the 1M waves because in the Day Trend you have countless 1M trends.


Quoting acumen
You style is damn near identical to the way I trade.

m
  • #305
  • Jul 13, 2009 12:25pm Jul 13, 2009 12:25pm
Hi Bill

The difference is that I'm not with the idea to "grow" my account, like in another business I have my working capital I want to risk and need the gains to pay my daily spendings.

Both are correct I think, but I avoid to change my trading style, having fear of different lot size etc. I'm always doing the same thing and it sounds and is boring but it's my job (one of them).

Quoting billye
cb:
this is a good idea, a fixed acc is like a gun if playing with same one every day, they we get familar with it.

but is it against the way the compounding guys playing who wanna get 100x of their initial mini acc in a few years?

is both way correct? or they are wrong? or fixed acc is conservative?

how about a relatively fixed but graduly increased acc and pos size?
  • #306
  • Jul 13, 2009 9:10pm Jul 13, 2009 9:10pm
Typical Monday.

So... I put my pivot point on the chart.

I look for any news of substance... not much on Mondays.

I put the most important psych level... the 00 on the chart. (I'll discuss psych levels later)

You'll also notice the Options barrier.

You never know how large the player is that is guarding that level but this market was thin... and it is a Monday so I was guessing they didn't have to be that big.

The overall trend is down so I decided to play shorts.

I took scalps any time price neared the psych level.

It worked.

When I start the day I'll only take one of two in order to test the waters.

Then... as the PA starts to wane I'll add more.


Mike
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  • #307
  • Jul 13, 2009 9:32pm Jul 13, 2009 9:32pm
A pair trending south.

The trend will move with the prior weeks trend about 70% of the time.

The chart explains the rest.

Mike
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  • #308
  • Jul 13, 2009 11:31pm Jul 13, 2009 11:31pm
Quoting cobraforex
Acumen talked about this method several times in the E/U thread, there is no specific link but I'm sure that there will be one day a lesson about it.
Thanks.
  • #309
  • Jul 14, 2009 8:28pm Jul 14, 2009 8:28pm
Am I the only one who hates the new way charts display? It is easier to have a full size chart and posted text on the monitor at the same time. Going back and forth is a waste of time. My old eyes are not what they used to be.
  • #310
  • Jul 14, 2009 8:52pm Jul 14, 2009 8:52pm
When you click on a chart to see it magnified you see a black square right?

Click on that again and a new window will open with the chart as it did before.

Quoting gbppip
Am I the only one who hates the new way charts display? It is easier to have a full size chart and posted text on the monitor at the same time. Going back and forth is a waste of time. My old eyes are not what they used to be.
  • #311
  • Jul 14, 2009 8:55pm Jul 14, 2009 8:55pm
Quoting cobraforex
When you click on a chart to see it magnified you see a black square right?

Click on that again and a new window will open with the chart as it did before.
Thanks. I know. I would rather see it inline so I don't have to flip between windows.
  • #312
  • Jul 15, 2009 12:50am Jul 15, 2009 12:50am
Hi, Acumen:

How could you locate the option barrier? From oanda's IFR news feed?

Thanks,
z
  • #313
  • Jul 15, 2009 3:26am Jul 15, 2009 3:26am
Hi Acumen,

When scalping, how do you go on about placing Sls and position sizing? May be you could go by the pics you posted above?

Thanks
Be like a post stamp! Stick to it until you get there!
  • #314
  • Jul 16, 2009 4:01am Jul 16, 2009 4:01am
Quoting Zkf
Hi, Acumen:

How could you locate the option barrier? From oanda's IFR news feed?

Thanks,
z
i think option barrier happens when price never goes past a level, ruled by the majors... it happens and you name it, not the other way around.
  • #315
  • Jul 16, 2009 9:29pm Jul 16, 2009 9:29pm
Quoting Zkf
Hi, Acumen:

How could you locate the option barrier? From oanda's IFR news feed?

Thanks,
z
That's who I use and often they are spot on.
  • #316
  • Jul 16, 2009 9:40pm Jul 16, 2009 9:40pm
Quoting Mary Pippins
Hi Acumen,

When scalping, how do you go on about placing Sls and position sizing? May be you could go by the pics you posted above?

Thanks
The key is the size of the position.

Ten open scalps is around 1% and rarely if ever do I have that many open.

When I get near 1% loss I scale out or take the loss.

I've had two losing days this month. (-3 PIPS, -32)

No home runs either... I think I've had only a handful of 100 PIP days in my career.

m
  • #317
  • Jul 17, 2009 5:11am Jul 17, 2009 5:11am
Thank you,mike.

At beginning, I thought pivot points is not widely used as other technicals like moving average, s/r. I am wrong, it covers every asset class, esp for day traders.

Have a nice weekend.
z
  • #318
  • Jul 17, 2009 6:10am Jul 17, 2009 6:10am
Quoting acumen
No home runs either... I think I've had only a handful of 100 PIP days in my career.

m
That's interesting to hear. One of my problems is trying to go for those big scores everyday.
  • #319
  • Jul 17, 2009 8:05am Jul 17, 2009 8:05am
Quoting Zkf
Thank you,mike.

At beginning, I thought pivot points is not widely used as other technicals like moving average, s/r. I am wrong, it covers every asset class, esp for day traders.

Have a nice weekend.
z
Download my pivot point indicator and watch how price reacts near them for 2 weeks.

You will be amazed.

Pivots work even better on the majors and particularly the eurusd because of the liquidity.

m
  • #320
  • Jul 17, 2009 8:16am Jul 17, 2009 8:16am
Quoting Jimmy Jones
That's interesting to hear. One of my problems is trying to go for those big scores everyday.
A close friend of mine runs a very large hedge fund and he said one day...
watch my trade for a day and see if anyone jumps out.

So I did... He trades stocks only and I noticed his trades were absurdly small compared to the size of his account.

I asked... you aren't making much with those little trades.

He laughed out loud... and said... I didn't think you'd figure that out so soon.

m
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