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Silent Service Method

  • #3,241
  • Jul 16, 2009 8:48am Jul 16, 2009 8:48am
Hey VB its with FXDD I think they are gmt -2 or +2 I cant remember.

Quoting VitaminBeer
Hi kodflakes, who is your feed with if you don't mind me asking?


VB,
  • #3,242
  • Jul 16, 2009 9:25am Jul 16, 2009 9:25am
Quoting kodflakes
Hey VB its with FXDD I think they are gmt -2 or +2 I cant remember.

Here is what I would do if you like a broker that isn't GMT......use IBFX for charting, place orders through FXDD, Alpari, or whoever.

IBFX's demo feed is the same as it's live one after all.....
  • #3,243
  • Jul 16, 2009 9:27am Jul 16, 2009 9:27am
Hello boys and girls,

I'm just thinking is it a good idea to take some trades at the end of the week?I'm kind of busy at the times and sometimes dont place a trades for a few weeks so when I get the chance to take a look at the charts I feel rush to just throw (demo)money into the market 'cause when I sit at the pc and do take a look what happened while I was away I just get angry at myself oh you know " oh I could make money here,oh and there..." so I guess I'm at battle with myself(psychologically).
Here a some nzd/usd and usd/jpy charts which might be worth looking.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzd.usd.gif Size: 9 KB
Click to Enlarge Name: usd.jpy.gif Size: 10 KB
  • #3,244
  • Jul 16, 2009 9:58am Jul 16, 2009 9:58am
Quoting NikolasII
Hello boys and girls,

I'm just thinking is it a good idea to take some trades at the end of the week?I'm kind of busy at the times and sometimes dont place a trades for a few weeks so when I get the chance to take a look at the charts I feel rush to just throw (demo)money into the market 'cause when I sit at the pc and do take a look what happened while I was away I just get angry at myself oh you know " oh I could make money here,oh and there..." so I guess I'm at battle with myself(psychologically).
Here a some nzd/usd and usd/jpy charts...
If you see a trade and you feel confident, trade your plan. Trust me-I only trade ones that I feel confident about. Don't trade just because you feel the need-not that I think you would. Just saying. I may put a trade on my demo when I feel the urge but my live account is something else.
  • #3,245
  • Jul 16, 2009 10:49am Jul 16, 2009 10:49am
Quoting calderone
If you see a trade and you feel confident, trade your plan. Trust me-I only trade ones that I feel confident about. Don't trade just because you feel the need-not that I think you would. Just saying. I may put a trade on my demo when I feel the urge but my live account is something else.


CW
  • #3,246
  • Jul 16, 2009 11:40am Jul 16, 2009 11:40am
[quote=calderone;2879029]If you see a trade and you feel confident, trade your plan. Trust me-I only trade ones that I feel confident about. Don't trade just because you feel the need...
Thank you for the reply,I shall try to behave myself.
  • #3,247
  • Jul 16, 2009 1:25pm Jul 16, 2009 1:25pm
I have to say usdjpy does look good, that almost tweezers top on the daily is at previous support. Trouble is, where is it going to go? It's not that far from the 92 level. How much would you need to risk to what you could realistically gain? I suppose if you got to BE pretty quickly you could get a hundred or so pips from it. Of course it could always go straight through 92!

Eurjpy looks better, bounce off 133.
  • #3,248
  • Jul 16, 2009 2:19pm Jul 16, 2009 2:19pm
Quoting hel13rock
I have to say usdjpy does look good, that almost tweezers top on the daily is at previous support. Trouble is, where is it going to go? It's not that far from the 92 level. How much would you need to risk to what you could realistically gain? I suppose if you got to BE pretty quickly you could get a hundred or so pips from it. Of course it could always go straight through 92!

Eurjpy looks better, bounce off 133.
Didn't even catch the yen, I'll keep an eye on that myself.
  • #3,249
  • Jul 16, 2009 2:24pm Jul 16, 2009 2:24pm
I'm not a fundamentalist but I was told to be careful on usd/jpy because their central bank will most likely get involved soon. I was told to watch for a reversal. Oh the rumors....

I can only trade what I see. Problem is, I need more eyes.
  • #3,250
  • Jul 16, 2009 2:46pm Jul 16, 2009 2:46pm
Oil found support at $60 and is on the way back up which will weaken the yen in the short term. Worth knowing if BOJ are going to get involved.
  • #3,251
  • Jul 16, 2009 3:56pm Jul 16, 2009 3:56pm
Great looking set up, I missed it you know work just seems to be getting in the way too much lately.

Quoting hel13rock

Eurjpy looks better, bounce off 133.
  • #3,252
  • Jul 16, 2009 7:08pm Jul 16, 2009 7:08pm
I love this part:


Quoting kodflakes
.....you know work just seems to be getting in the way too much lately.
Is it just me, or is there a surprising lack of set-ups at the moment?

I'm just kicking myself for passing on some really nice opportunities on Mon and Tue, and right now my charts just look uninviting. And tomorrow's Friday, I'm gonna need a pretty good reason to enter at the end of the week. Maybe this week will just be a wash.

Anybody got anything besides that E/J on the radar?
  • #3,253
  • Jul 16, 2009 7:18pm Jul 16, 2009 7:18pm
Quoting Low
I love this part:




Is it just me, or is there a surprising lack of set-ups at the moment?

I'm just kicking myself for passing on some really nice opportunities on Mon and Tue, and right now my charts just look uninviting. And tomorrow's Friday, I'm gonna need a pretty good reason to enter at the end of the week. Maybe this week will just be a wash.

Anybody got anything besides that E/J on the radar?

Don't sweat it. There are pointless weeks from time to time. Save your cash if it isn't worth getting involved in. This is a major difference between winners and losers.

Remember, it's not the amount of trades that will reward you, it's the quality.

CW
  • #3,254
  • Jul 16, 2009 7:40pm Jul 16, 2009 7:40pm
Quoting Low
I love this part:




Is it just me, or is there a surprising lack of set-ups at the moment?

I'm just kicking myself for passing on some really nice opportunities on Mon and Tue, and right now my charts just look uninviting. And tomorrow's Friday, I'm gonna need a pretty good reason to enter at the end of the week. Maybe this week will just be a wash.

Anybody got anything besides that E/J on the radar?
You and me both. It was my wife's birthday on Monday and then Tuesday/Wed I was working like a dog and didn't get to check the charts until last night and now all I have on my charts is sideways turd and price flopping around in no-man's land.

Simon
  • #3,255
  • Jul 16, 2009 8:02pm Jul 16, 2009 8:02pm
call it not having patience then I havent taken many trades thanks to CW's insights. This is one of those weeks where I saw quite a few of setups but they came when I was at work/sleeping Im venting. Hope everyone had a good week of trading and have a great weekend all.
  • #3,256
  • Jul 16, 2009 8:07pm Jul 16, 2009 8:07pm
Quoting hel13rock
I have to say usdjpy does look good, that almost tweezers top on the daily is at previous support. Trouble is, where is it going to go? It's not that far from the 92 level. How much would you need to risk to what you could realistically gain? I suppose if you got to BE pretty quickly you could get a hundred or so pips from it. Of course it could always go straight through 92!

Eurjpy looks better, bounce off 133.
My 2 pips worth-
Looks like some old support at 131 if you are talking a short if I see the S/R on the weekly correctly.
  • #3,257
  • Jul 16, 2009 8:58pm Jul 16, 2009 8:58pm
regarding patience with trades...

When I first saw this I took it on board and tried to do it, however as I'm still getting used to this I was still over trading.

What helped me was to go into an excel spreadsheet, start off with $20k in the acccount. Now compound monthly for 10 years at 6-8%.
Look at the power of compounding... and thats without adding anything to it, which you most likely will.

now if you equate that to really 1 good trade a month with 2% risk, you only need a RR of 3 or 4:1 or if you take 2 trades a month at 2% each you only need a RR of like 2:1.

When I looked at it like that it astonished me, now I know people might say 6-8% a month is not realistic and admittedly might be hard to do consistently, but still its what helped me stay a little more patient, as I dont need to break the bank for a huge win every week/month to get to my financial goals.

hope this helps
Grabbing the bull by the horns!
  • #3,258
  • Jul 16, 2009 9:21pm Jul 16, 2009 9:21pm
Quoting whitegoodman
regarding patience with trades...

When I first saw this I took it on board and tried to do it, however as I'm still getting used to this I was still over trading.

What helped me was to go into an excel spreadsheet, start off with $20k in the acccount. Now compound monthly for 10 years at 6-8%.
Look at the power of compounding... and thats without adding anything to it, which you most likely will.

now if you equate that to really 1 good trade a month with 2% risk, you only need a RR of 3 or 4:1 or if you take 2 trades a month at 2% each...
Funny you should mention this, I am working on something relating to compounding tonight....and I should say, it's not only powerful - it's your most powerful weapon.

CW
  • #3,259
  • Jul 16, 2009 11:38pm Jul 16, 2009 11:38pm
Quoting clockwork71
Funny you should mention this, I am working on something relating to compounding tonight....and I should say, it's not only powerful - it's your most powerful weapon.

CW

Clockwork,

i've been making compounding spreadsheets recently and have a goal of 4-5% a month which is around 200-250 pips per month.(for me)

I know you've made lots of spreadsheets before and can you explain a little how accurate is this information and can it be followed consistently on a month to month basis and what is (if any) the main problem in planning lets say the next 5-8 years this way? Is it realistic, have you personally followed a plan similar to this and what have you concluded?


Also, this is all considering you have a method that is tested and proven to work for you.

thanks

tormo
  • #3,260
  • Jul 17, 2009 1:38am Jul 17, 2009 1:38am
Quoting whitegoodman
What helped me was to go into an excel spreadsheet, start off with $20k in the acccount. Now compound monthly for 10 years at 6-8%. Look at the power of compounding... and thats without adding anything to it, which you most likely will.
Seconded.

Even if you start with 5000 and making 3% a month the account would be grown as shown in the table at the end of each year.

7129
10164
14491
20661
29458
42000
59882
85378
121728

The growing after this 10 years is already way more than I have with my day job. In 10 years I don't think about trading anymore I just will do it, at least I hope so, and this means 5 hours work required a week at a maximum.

10 years sounds like a long time but compared to retire from my day job its a short period.

Those who are trying a return of 2% a day or 15% a week get an equity curve with lower highs and lower lows, i.e. a downtrend. At least on my demo accounts it has been like this. Its from the inacceptable return percentage and the period I measured this. I had times when I believed I can have a daily income percentage and this value was a direct feedback on my trade analysis building a closed loop.

The larger the period you check for your goals the faster you will reach them.

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
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