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Trading for a Living - Cliff Notes

  • #361
  • Edited 10:44am Jul 28, 2009 10:42am | Edited 10:44am
finished reading the thread and may i say it is an EXCELLENT read. acumen, started testing your strategy in a small cash account. I nailed one yesterday and got this one from today. Looking forward to many more. I've never traded the pivots and now combining them with TL, fibs, and psych levels my eyes have opened BIG time. Thanks acumen

One question, would you have taken the trade right after that one when it retraced to 1.4150 psych level? I was going to but didn't because i felt unsure.
Attached Image (click to enlarge)
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  • #362
  • Jul 28, 2009 7:45pm Jul 28, 2009 7:45pm
Quoting Phonetic
finished reading the thread and may i say it is an EXCELLENT read. acumen, started testing your strategy in a small cash account. I nailed one yesterday and got this one from today. Looking forward to many more. I've never traded the pivots and now combining them with TL, fibs, and psych levels my eyes have opened BIG time. Thanks acumen

One question, would you have taken the trade right after that one when it retraced to 1.4150 psych level? I was going to but didn't because i felt unsure.
Not sure about the set up.

I really like trading psychs when there's some confluence.

I'd much rather trade off a pivot level.

Mike
  • #363
  • Jul 28, 2009 8:36pm Jul 28, 2009 8:36pm
Quoting acumen
Not sure about the set up.

I really like trading psychs when there's some confluence.

I'd much rather trade off a pivot level.

Mike
Do you use daily pivots only, or do you also use H4, H1...pivots? At some point (in decreasing tf) the usefulness is probably lost no...?

Would you say that the significance of the PP derives from the fact that the "big players" are using them? (so they are in effect, another "psych" level..) - and in that case, what does Big Dog see/use...?

Thank You.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #364
  • Jul 29, 2009 3:00am Jul 29, 2009 3:00am
Quoting acumen
Not sure about the set up.

I really like trading psychs when there's some confluence.

I'd much rather trade off a pivot level.

Mike

explain confluence!!!

when it happens and what traces one can follow to identify it?

thanks,

jj.
  • #365
  • Edited 4:12am Jul 29, 2009 4:09am | Edited 4:12am
I'd like to post two of my 4 trades today, the ones that includes in the analysis either the psych level and a pivot breakout...

i've done two other scalps, one gone well, the other lost 4 pips.


all demotrade.

[edit] wasn't clear the direction of the trades...

the usdjpy one is a buy, placed an order at the violet vertical line, got engaged when price went up the pivot. we are close to the daily pivot, aimed for a strong cross after the long ranging price.
the eurusd is a sell, market order placed as the price went down the psych level and the previous low. we are also below the daily pivot.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: trade4 29-07-2009 buy (through pivot) yes.gif Size: 26 KB
Click to Enlarge Name: trade 29-07-2009 sell ok.gif Size: 28 KB
  • #366
  • Jul 29, 2009 6:05pm Jul 29, 2009 6:05pm
Quoting The Fool
Do you use daily pivots only, or do you also use H4, H1...pivots? At some point (in decreasing tf) the usefulness is probably lost no...?

Would you say that the significance of the PP derives from the fact that the "big players" are using them? (so they are in effect, another "psych" level..) - and in that case, what does Big Dog see/use...?

Thank You.
Yes... daily pivots only but I really should have the weekly pivots up on another screen.

Not sure about time frames but I am sure most bank traders have a 15 min chart up somewhere with the dailies applied.

Yes... the liquidity of this market makes pivots highly effective. The big dogs use them because the bigger dogs do.

m
  • #367
  • Jul 29, 2009 6:12pm Jul 29, 2009 6:12pm
Quoting jennajameson
explain confluence!!!

when it happens and what traces one can follow to identify it?

thanks,

jj.
Confluence is when one or more 'trade triggers' come into play.

Let's say... like today on the e/u a psych level was near a pivot level.

Today... I had S1 at .4100. (Confluence)

Two things were aligned.

S1 and the psych level.

That made an easy buy for me.

I scalped that level.

I bought against the trend because of the confluence of the two items above.

m
  • #368
  • Jul 29, 2009 6:14pm Jul 29, 2009 6:14pm
Quoting jennajameson
I'd like to post two of my 4 trades today, the ones that includes in the analysis either the psych level and a pivot breakout...

i've done two other scalps, one gone well, the other lost 4 pips.


all demotrade.

[edit] wasn't clear the direction of the trades...

the usdjpy one is a buy, placed an order at the violet vertical line, got engaged when price went up the pivot. we are close to the daily pivot, aimed for a strong cross after the long ranging price.
the eurusd is a sell, market order placed as the price went down the psych level and...

Where did you take profit and how many PIPS did you pull out?

m
  • #369
  • Jul 29, 2009 6:29pm Jul 29, 2009 6:29pm
Here is today's action on the G/U.

Notice anything?

m
Attached Image (click to enlarge)
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  • #370
  • Jul 30, 2009 3:14am Jul 30, 2009 3:14am
Quoting acumen
Lesson 1: Money Management

Simple: Risk no more than 2% on each trade.

Example:

I have an account with $1000.00

2% of $1000.00 is $20.

The stop loss on my system is 75.

The amont of risk/pip is 28 cents.

So – can you trade for a living if your initial capital is $1000?

Hint: NO
i always consider this thought is a variable it can changed
depends on lifestyles and which country you are livin in.
in my country...

this year and for next year
200us$ per month can have good livin
500us$ per month can have decent livin
1000us$ per month can have alots
and 10000us$ permonth livin almost like little king
100 000 us$ per month yeah u are king in that town no kidding! however government and bad ppl wont let ur livin quietly they'll bug u ALOT
LoL

back in reality mode:ON
  • #371
  • Jul 30, 2009 5:12am Jul 30, 2009 5:12am
Quoting acumen
Where did you take profit and how many PIPS did you pull out?

m
i always assess the stoploss before entering. if i see a potential on the trade i go live.

so before i set my stoploss (never more than 15-16 pips) then i put in the takeprofit (still can't let it live, i take out when 5 to 13-14 pips, too much stress still)

i count profits in % over account gains. it's better than counting pips IMHO...

if you say 50 pips, and a guy scalping thinks about 5% gain, a buddy that do homeruns and big stoploss positions might understand 1 to 2% gain.
50 pips gain with 8 pips stoploss is a wonderful trade. 50 pips with a 80 stoploss is not so good

and is better 5 pips over 8 stoploss than 50 over 80... because if you get 70% hitrate with the first, you can potentially do more trades per day. if you get 70% with the latter, you probably could do 1 trade a day, before the market comes to your system rules.

yesterday managed a 2.5% average, today started good (1.2%) now it's close to breakeven.
so in 2 days trying is 1.2% average per day.
  • #372
  • Jul 30, 2009 5:16pm Jul 30, 2009 5:16pm
Quoting Phonetic
finished reading the thread and may i say it is an EXCELLENT read. acumen, started testing your strategy in a small cash account. I nailed one yesterday and got this one from today. Looking forward to many more. I've never traded the pivots and now combining them with TL, fibs, and psych levels my eyes have opened BIG time. Thanks acumen

One question, would you have taken the trade right after that one when it retraced to 1.4150 psych level? I was going to but didn't because i felt unsure.
You sound like my kind of trader, mate! How's about popping round to acumen's thread and posting some of your excellent charts over there? Folks pop in and out as the fancy takes them, but I'm there pretty well permanently, doing a spot of caretaking for acumen.
Pop in anytime, mate....you'll be very welcome.
Cheers.

http://www.forexfactory.com/showthread.php?t=98028
  • #373
  • Jul 31, 2009 4:04am Jul 31, 2009 4:04am
Quoting Phonetic
finished reading the thread and may i say it is an EXCELLENT read. acumen, started testing your strategy in a small cash account. I nailed one yesterday and got this one from today. Looking forward to many more. I've never traded the pivots and now combining them with TL, fibs, and psych levels my eyes have opened BIG time. Thanks acumen

One question, would you have taken the trade right after that one when it retraced to 1.4150 psych level? I was going to but didn't because i felt unsure.


Personally when trading retrace to s/r lines, i always wait till price goes over previous Low/high...

so here i would have entered right after the candle closes just at/below 4165... looking how it pierced through s1, i would aim for half that distance below 4150... and take out as soon as instinct does...

sl of 10 to 15 pips.

pratically 4165 -> 4145
  • #374
  • Jul 31, 2009 6:51am Jul 31, 2009 6:51am
Quoting eyevoltage
You sound like my kind of trader, mate! How's about popping round to acumen's thread and posting some of your excellent charts over there? Folks pop in and out as the fancy takes them, but I'm there pretty well permanently, doing a spot of caretaking for acumen.
Pop in anytime, mate....you'll be very welcome.
Cheers.

http://www.forexfactory.com/showthread.php?t=98028

Thanks eyevoltage, I'm still a small fish in these waters, been trying forex for 4 years now...hoping this is the year i turn profitable! I would be glad to post some charts over there. Looks like I've got my work cut out for me, thats a big read over there.
  • #375
  • Jul 31, 2009 6:53am Jul 31, 2009 6:53am
Quoting acumen
Not sure about the set up.

I really like trading psychs when there's some confluence.

I'd much rather trade off a pivot level.

Mike
Thanks for the replies acumen and JJ, it is appreciated.
  • #376
  • Jul 31, 2009 8:02am Jul 31, 2009 8:02am
Quoting Phonetic
Thanks for the replies acumen and JJ, it is appreciated.
Stop by anytime.

I'll always have an opinion... even if it's wrong.

m
  • #377
  • Jul 31, 2009 9:28am Jul 31, 2009 9:28am
Acumen..

Could you post the thread which explains your system and the indicators.

Many thanks.
"I know how hard it is for you to put food on your family." George W. Bush
  • #378
  • Jul 31, 2009 10:12am Jul 31, 2009 10:12am
Quoting Phonetic
Thanks eyevoltage, I'm still a small fish in these waters, been trying forex for 4 years now...hoping this is the year i turn profitable! I would be glad to post some charts over there. Looks like I've got my work cut out for me, thats a big read over there.

So you're a bigger fish than me err... no, i'm still a bait hehe

btw nice day but missed this trade and i feel so bad about it... when you see a good setup but you don't trust it...
inside a channel in the lower side, price already broke DP.
we are over DP (purple horiz line) over previous high, price retested pivot and went up...
opened a 0.1 lot position then closed as two small Bearish incremental candles showd up... need to work out stoplosses and tp and let them live...
This was a full lot trade btw.. but already got nice rewards for the day, didn't want to waste them.



btw i tried using actionforex pivots as got some trouble with broker feeds in my demo mt4 yesterday... and it worked pretty good... need to try even more days... need to draw them anyway because if you BLINDLY TRUST your broker feed then it's of no use... but hearing another bell it's always good...
Attached Image (click to enlarge)
Click to Enlarge Name: 31-07-2009 eurusd buy (support on pivot and over previous high) missed potential closed small lo.gif Size: 30 KB
  • #379
  • Aug 4, 2009 6:48am Aug 4, 2009 6:48am
overtraded today... placed almost none system trades and collected plenty losses...
It's demotrade though...

But since i am collecting statistic data of my trading, i cannot exclude any trade from it, otherwise the entire dataset would be a fake one.

So, in order to punish myself, i decided to delete my current history of trades, that's 4 days long (12 hours a day)... 4 days wasted in order to better understand the value of the rules, and system trading...

I really hope it's enough. was a very tough training session...
  • #380
  • Aug 4, 2009 7:36am Aug 4, 2009 7:36am
Quoting MarcoW
Acumen..

Could you post the thread which explains your system and the indicators.

Many thanks.
I can show you a day trading pivot system.

I can show you my retrace system. (Don't use it as much)

I can show you how to scalp BUT....

1) It's emotionally intensive
2) Requires you watch every tic
3) Uses low leverage... meaning it takes a lot of capital to make money.

Which one do you want?

Mike
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