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We all need pivots to win..yes or not? 13 replies

The System (Irony included) 1,175 replies

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The System II (Yes with irony)

  • #3,581
  • Edited 5:14pm Aug 11, 2009 11:00am | Edited 5:14pm
this trade is not going as per normal expectancy, but a market is far from a normal too,
I can still see some potential in it anyway, so setting-up a target on 26 pips above the entry and leaving it on auto-pilot.
I'm off for today.
After good night sleep I wake-up with no disappointment, the trade finished in green on target.
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  • #3,582
  • Aug 11, 2009 11:08am Aug 11, 2009 11:08am
Quoting DareXau
this trade is not going as per normal expectancy, but a market is far from a normal too,
I can still see some potential in it anyway, so setting-up a target on 26 pips above the entry and leaving it on auto-pilot.
I'm off for today.
yeah chances are, till we did not get a real lower low so far. I will watch how price reacts to the 1.4150 -level now...if it breaks I let it run...
nice evening/night...
  • #3,583
  • Edited 12:37pm Aug 11, 2009 12:18pm | Edited 12:37pm
Quoting feb2865

People, stop thinking about pips - see things as how much$$$ you will risk today.
..I am really thinking again about what you said Feb, and there is maybe a
very helpfull and absolute truth for me in your approach to not even count any pip.

Tomorrow morning I will set my risk to 100 bucks (well ... eurobucks) , reduce my units with Oanda to 20.000, so I Žll have 70 pips ammo before I have to give up for the day.

and ...IŽll shoot the hell, mercyless, till ammo is done, or prey captured !! There wonŽt be a train that hits the road without me !!!
To be honest, when I rethink it , I wonŽt care so much about loosing 100 EUR , as to loose fucking pips. (I know it sounds strange)

Thanks for your always wonderfull support !

( for some people here,.. what IŽm saying may sound ridiculous, I know,
sorry guys ....but thats just where I am )
  • #3,584
  • Aug 11, 2009 3:32pm Aug 11, 2009 3:32pm
Quoting DareXau
No worries mate,
Trading is not an easy game, but also not that complicated or sophisticated.
This current market conditions are really shitty, but it's only one month in a year, maybe two 'cos December is not the best too.
Give yourself much more time, learning isn't a quick process and sometimes not a chip as well,
re: demoing I truly don't recommend this, ... better go mini or micro but live and real.
Hi Dare,

I understand where you are coming from concerning demo, it is too easy to let trades ride or cut them short into down turns if you are trading demo and likewise too easy to do the reverse - cut them short when you are in profit and hold them when in a loss making situation - when you trade real money, so your idea of micro is good.

I would hopefully add something to all this if I may by explaining a situation I had a few years back. I was working with a maverick style trader who had his own personlized ideas on many aspects of trading, one of which was that all newcomers had to get the greed and fear out of them. This was achived by forcing them to trade demo on a simulator until 100K profit had been traded. Starting bank was 50K. The idea being that this would rid people of the need to be live in the market and feeding their greed fix. When you have doubled the account like that the confidence that flows, helps to avoid second guessing, self doubt, fear and greed when trading real money.

If you read the thread,very often you can see in some of the posts the fear and the greed surfacing in people, the willingness to quickly start second guessing setups and the method, and I think this may be why some people do find it difficut to get consistently profitable - indeed it isn`t an easy aspect to handle for anyone - who hasn`t thought sometimes of bagging a winner a few points before target and of letting a loser run a little past a stop. Or further even done it.

In essence what will also rid people of the fear and greed, self doubt element is ultimate belief in the method and this will only come via actual trading, taking every trade. There are some posts by fx where he quoted feb where this is mentioned, simply take every setup and the results will come.

Anyway, I hope this helps.
Survive and Preserve
  • #3,585
  • Edited 9:07pm Aug 11, 2009 8:00pm | Edited 9:07pm
Quoting PaulLangham
...all newcomers had to get the greed and fear out of them...The idea being that this would rid people of the need to be live in the market and feeding their greed fix. When you have doubled the account like that the confidence that flows, helps to avoid second guessing, self doubt, fear and greed when trading real money...
... - indeed it isn't an easy aspect to handle for anyone...
Hi Paul,
Yes, I do agree with you completely on this subject and would like to add one small thing.
The greed and fear will exist and always will be with a market regardless of the instruments traded,
but this is something which good trader can exploit over and over again, basically forever.
Of course the first step has to be to get-rid/control of yours greed and fear (very hard and for some impossible to achieve)
then, you can start to use it as very reliable trading tool, much more effective then any indicator or oscillator ever invented.
  • #3,586
  • Aug 11, 2009 11:17pm Aug 11, 2009 11:17pm
Hello to all,

I really appreciate all these post about the mental aspect of trading. If Yogi Berra had been a Forex trader he probably would have said that "90% of trading is half mental"
Unus pro omnibus, omnes pro uno
  • #3,587
  • Aug 12, 2009 2:17am Aug 12, 2009 2:17am
Rinse and repeat.
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Survive and Preserve
  • #3,588
  • Aug 12, 2009 2:18am Aug 12, 2009 2:18am
just picked up 21pips , first trade for the night, lets hope it continues
andrew
Survive & Preserve
  • #3,589
  • Aug 12, 2009 2:19am Aug 12, 2009 2:19am
Lets do hope the chopmonster that we saw in the first half of this week is dead... big news tonight though
Survive and Preserve
  • #3,590
  • Aug 12, 2009 2:59am Aug 12, 2009 2:59am
Hi to all,
As you all might know i am vacationing in Germany.. sorry for not being around.. (wheather sucks here.)
I put out a question and I want to see what everyone's replies were for next coming up days.. and I apperciate everyone's inputs and participation.
very simple question but very important one.. you all know last weeks post and comments.. and the reasoning behind my question is exactly that.. we got charts and comments that show higher timeframe and more stuff in it (not pointing at anyone.. its all for the sake of the thread and its original direction).. we got almost everyone who is invlove in this thread replying NO to the question with solid explanations.. and from knowing me my answer is not any different than yours.
The purpose of this question was to prove (by you, yourselve's with your replies) that.. when it comes to this thread, the system II style of trading that there is no need for.. other timeframes indications.. indicators of any kind and predictions and expectations.. so.. I apperciate greatly as to respect for this thread and its simplicity.. when you display a post, none of our charts should show anything other than price candels/bars and horizontal lines and none our comments should refer to any sort of prediction what so ever.

we are outside the box traders in our own world that simply follows the footsteps of the 5m chart price and when trouble arrives we rely on our well trained expectancy skill and there for, we go for the kill fearlessly.. if you follow it relgiously, I personally garantee your success..

Based on your replies to my question, I think everyone are on the same page now even more than before, and would follow the above simple statments for your own good.

I hope you guys are trading well and making the bucks..
Keep it simple.. practise your expectancy skill.. in.. one currency.. one timeframe.. one step out of time.. and make losing part of your agenda with spreading the load wisley..(as our great mentor gave you guys another one of his million dollar posts a few pages back.)

Expectancy.. correct use of it.. will bail you out of bigger mess than you ever think and it will lead you to bigger profit than you ever think, consistently.

I be back full-time Monday.. Good luck all.
  • #3,591
  • Aug 12, 2009 3:52am Aug 12, 2009 3:52am
Quoting santorini
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
Hi Santorini,

Missed your message, hope I get my dvd's also worried if he comes back.
cheers
  • #3,592
  • Aug 12, 2009 4:09am Aug 12, 2009 4:09am
Entered long 1.4127 , SL 1.4115 TP +21 pips from entry
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Survive and Preserve
  • #3,593
  • Aug 12, 2009 4:10am Aug 12, 2009 4:10am
Hi Kiwiian,
What is this all about?

Quoting Kiwiian1
Hi Santorini,

Missed your message, hope I get my dvd's also worried if he comes back.
cheers
Survive and Preserve
  • #3,594
  • Aug 12, 2009 4:39am Aug 12, 2009 4:39am
Quoting en0x
Entered long 1.4127 , SL 1.4115 TP +21 pips from entry

Hi enOx,

why SL at 1.4115 and not around the retracement low at ~ 1.4108 ?
  • #3,595
  • Aug 12, 2009 4:44am Aug 12, 2009 4:44am
Fat fingers , SL was at point 3 with the dotted line. Actually its 4105, well was.

Quoting molotov
Hi enOx,

why SL at 1.4115 and not around the retracement low at ~ 1.4108 ?
Survive and Preserve
  • #3,596
  • Aug 12, 2009 4:51am Aug 12, 2009 4:51am
Quoting en0x
Fat fingers , .....
  • #3,597
  • Aug 12, 2009 5:06am Aug 12, 2009 5:06am
Hit target +25 pips , good trade, entered another long setup
SL 1.4118 tp 1.4165 , long @ 1.4140
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Survive and Preserve
  • #3,598
  • Aug 12, 2009 5:15am Aug 12, 2009 5:15am
9/11/20094:00:00EU1.4121 +20
9/11/20095:13:00EU1.4111 +21
9/11/20097:07:00EU1.4127 +21
9/11/20098:00:00EU1.4141 +20

Four trades today, 4 profits, looks like EU people are back trading.
The end is the result in pips. A guy I chat to once told me very good advise, have plan trade your plan and stick to it. I know hard setting Target profits might not be good and there is a whole stream of thought of trading for infinite yield but hey lets see how trading to a plan works out first. Time to rinse and repeat and see what the rest of the day/evening gives us.
Survive and Preserve
  • #3,599
  • Aug 12, 2009 5:33am Aug 12, 2009 5:33am
.
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Survive and Preserve
  • #3,600
  • Aug 12, 2009 5:35am Aug 12, 2009 5:35am
My trades for today:
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