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The System II (Yes with irony)

  • #3,541
  • Aug 10, 2009 9:02am Aug 10, 2009 9:02am
..after 2 more shorttrades I´m almost breakeven now,
but with hard work.... exhausted now, how are you guys doing?
or everyone taking off today...??
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  • #3,542
  • Aug 10, 2009 9:18am Aug 10, 2009 9:18am
i too took the short. closed it now since the retest is losing steam ... or so it seems 1h45min for 22 pips. i should have taken the day off
  • #3,543
  • Aug 10, 2009 9:43am Aug 10, 2009 9:43am
Quoting mihaig78
i too took the short. closed it now since the retest is losing steam ... or so it seems 1h45min for 22 pips. i should have taken the day off
Mihaig,

I would take 22 pips in that span of time anytime!... A lot of times we gain x pips and we are not sastified ... we want more! and guess what happens a lot of times?.... we loose it!... and then we want revenge! and we hope and pray.. anyway... congratulations!
Unus pro omnibus, omnes pro uno
  • #3,544
  • Aug 10, 2009 9:45am Aug 10, 2009 9:45am
moneda i was not complaining it's just that market is very very slow. usually in more active times, it would not take a trade more than 1 hour.
  • #3,545
  • Aug 10, 2009 9:59am Aug 10, 2009 9:59am
Quoting mihaig78
i too took the short. closed it now since the retest is losing steam ... or so it seems 1h45min for 22 pips. i should have taken the day off
mihaig, very good...be happy, I could not make any fucking single dime
out of this market today
  • #3,546
  • Aug 10, 2009 10:31am Aug 10, 2009 10:31am
..I´m short now with the break of fridays low.
if we get new low now I´d move my sl on the top of the lower
high and enjoy my free ride....
if not I finish the day with break even, ...not my day !!
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  • #3,547
  • Aug 10, 2009 4:25pm Aug 10, 2009 4:25pm
Hey Julias,

Thanks for your reply. I was looking at the 1 minute chart and thinking the same thing. Only thing is... where does one draw the line. If we start mixing up timeframes and the quality/clarity of fractals that we take entries on - it will probably be a bit messy - psychologically speaking.

I am putting that entry down to Dare's strong feel for the currency and timeframe, rather than a sweet ass "system" entry point.

I trade longer a longer term PA style along side, so I was happy to hold a short position all night while this shitty PA played out. looks like there were 3 profitable shorts over the New York session though.

Cheers,
MM
"If it bleeds ... we can kill it"
  • #3,548
  • Aug 10, 2009 9:40pm Aug 10, 2009 9:40pm
Quoting Ari Gold
Hey mate,
Was hoping you could elaborate on your thought process for taking this long where you did. Im pretty good with PA, but in the context of this thread - fractal breakouts included - im having trouble with it.
Not having a dig, just keen to pick your brain. Cheers dude.
MM
PS - Short @ 96.
Hi,
It wasn't any complicated process, ... all you can observe on our 5 min. T/F without even zooming to lower time-frame.
The price was moving south, just breaking a previous lower-low and then reversing (fake break-out);
so, my entry point was set a couple of pips above the fractal level.
First trade turned to be good, second was a loser and third was good as well ... overall balance positive.
In all my trading-scalping, I'm very rarely switching to 1 min. T/F and never to set the entry order.
I've stop trading at this point that day 'cos I simply had enough of it, ... but latter on when I had a look on a market again ...
there was some opportunities to use a standard and more secure 1-2-3 set-up and make some money too.
Hope this helps.
  • #3,549
  • Aug 10, 2009 10:16pm Aug 10, 2009 10:16pm
Hey mate,

Yeah the idea behind the trade was simple enough... i was just having trouble identifying the individual fractal you were basing the entry off... maybe im a little mantally challenged...

Good to see a fellow Aussie smashing it. How long you been trading for mate? Also, was hoping you could share your experience of growing your account... did you start big... or small? Hows did you structure your risk management to get off the ground?

Just the standard questions you've probably been asked before. Im trading bigger amounts (successfully) for my employer, yet seem to have a hard time switching over and consistently making smalls on my own accounts. Result is constantly overleveraging and having the occasional slip up in trade management... which is always going to end in tears...


Cheers
MM
"If it bleeds ... we can kill it"
  • #3,550
  • Aug 10, 2009 10:56pm Aug 10, 2009 10:56pm
Quoting Kiwiian1
Hi Dare and Jplo,

Just a quick question off topic, sorry, re learnforex live, have you guys had any further info or response from hector re the problems with site? I sent several emails with no responses, have you ordered the dvd's? im reluctant as I didn't get the first ones when you signed up. Did you guys get these? Interested in your thoughts.

Again sorry for off topic,

Cheers
Hi,Kiwiian1
I am also a member of learnforex. I've got the 4DVD's today.(actually i have the first one too)
but any information letter is not included in the envelope so far.
so i am getting worried if he ever comes back again. it should't be taking so long to fix the server unless he lives a isolated tiny island in Spain or anywhere else.
anyway i can't not helping to think what's happened to him. don' t you?
Cheers
  • #3,551
  • Aug 10, 2009 11:25pm Aug 10, 2009 11:25pm
Why is this thread becoming so deviated from what Feb started? Just curious, has everyone got bored and lost hope in his teachings?

Now people are talking about going to some site and buying DVDs in a thread with a topic.

Not complaining just asking...
Survive and Preserve
  • #3,552
  • Edited 4:20am Aug 11, 2009 12:24am | Edited 4:20am
Quoting Ari Gold
Hey mate,

Yeah the idea behind the trade was simple enough... i was just having trouble identifying the individual fractal you were basing the entry off... maybe im a little mantally challenged...
Good to see a fellow Aussie smashing it. How long you been trading for mate? Also, was hoping you could share your experience of growing your account... did you start big... or small? Hows did you structure your risk management to get off the ground?
Just the standard questions you've probably been asked before. Im trading bigger amounts (successfully)...
Yes, I was telling already about my experience in trading ... but just quickly again ...
I've started a bit over ten years ago, initially with equities and options than moved on to CFD's also trading stocks,
but gradually more and more of the futures contracts in indices and sectors (Aussie200, FTSE100, WallStreet30 and Banks, Energy, etc.) also the commodities.
Started relatively small with 5K (AUD) which managed to loose very quickly, then re-loaded and become more careful (learning about risk management)
It was a slow process to double the account first time, but steadily over a time I did double again and again.
I didn't have to use any of this money 'cos been having other source of income from regular work as a "sparky" contractor mainly with the mining or power industry.
So, about a year/year and a half ago from 5K that grow to 50K and because of the general market conditions I looked into the forex ...
where I discovered Feb's "system I & II", from that point my trading approach and attitude has changed ...
... become a serious trader and don't have to contracting any longer.
This resulted in much better profitability and mostly in much clearer state of mind allowing even quicker grow of my account.
It took only six-seven months to reach 100K and now I'm very close to the point of doubling this again.
So, if someone is asking, if that's possible, ... well ... I'm smiling and can say ... Yes.
Regarding the risk/money management I'm flowing easy and simple rules:
single trade never above 2%, all combine active trades (scalping pus long time-frames) up to max. 5% of the current account;
so, lets say EUR/USD of 5 min. T/F = 10 lots and a few trades of daily = 2 lots each ... That's it ... nice and simple.
  • #3,553
  • Aug 11, 2009 12:41am Aug 11, 2009 12:41am
What I really like about this post basically saying this is a race, not a sprint and gives us something to strive to. If it doesnt take you 3 years to get there then so what? It takes someone 3 years full time to get an undergrad degree, then another 2 years if he/she is lucky enough to get into a graduate program in a bank, only then they might be trading...

Think about that for a second, I know I will. My goal is to keep my money management tight, also my new goal is write down each and every trade ina spreadsheet, kinda like cross checking my trade so I dont do any stupid things (which I am very prone to do) thanks for the post DareXau.



Quoting DareXau
Yes, I was telling already about my experience in trading ... but just quickly again ...
I've started a bit over ten years ago, initially with equities and options than moved on to CFD's also trading stocks,
but gradually more and more to futures contracts in indices and sectors (Aussie200, FTSE100, WallStreet30 and Banks, Energy, etc.) also the commodities.
Started relatively small with 5K (AUD) which managed to loss very quickly, then re-loaded and become more careful (learning about risk management)
It was a slow process to double the account...
Survive and Preserve
  • #3,554
  • Edited 3:00am Aug 11, 2009 2:13am | Edited 3:00am
... shit, just missed a nice entry on London open ...
but, now ready for a next shot ... up or down ...
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  • #3,555
  • Aug 11, 2009 2:22am Aug 11, 2009 2:22am
yeah i got it but there is another 1 setting up now
andrew
Survive & Preserve
  • #3,556
  • Aug 11, 2009 3:07am Aug 11, 2009 3:07am
Hmm, had 3 winners turn to losers today, need to work on this exit strat.

Long since 1.4158, went up to 1:1 RR moved SL to be+1 , almost stopped out.
My hit rate for 1:1 is quite high, trying for 1.5:1 seems to happen so rarely its not worth it.
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Survive and Preserve
  • #3,557
  • Aug 11, 2009 4:33am Aug 11, 2009 4:33am
Hi All is anyone short at about 4158 or so?
  • #3,558
  • Aug 11, 2009 4:50am Aug 11, 2009 4:50am
Hello,

I'm short - 1.4156
Every moment in the market is unique.
  • #3,559
  • Aug 11, 2009 5:12am Aug 11, 2009 5:12am
... after two hours the short trade is eventually active ...
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  • #3,560
  • Aug 11, 2009 5:37am Aug 11, 2009 5:37am
Quoting en0x
Hmm, had 3 winners turn to losers today, need to work on this exit strat.
Long since 1.4158, went up to 1:1 RR moved SL to be+1 , almost stopped out.
My hit rate for 1:1 is quite high, trying for 1.5:1 seems to happen so rarely its not worth it.
... well, early exit but not a premature one are the essence and art of good trading,
also take a time to learn about the timing and different sessions market behavior,
regarding a risk/reward ratio, my advice is keep it simple and don't experiment with a few things at once ...
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