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Trading for a Living - Cliff Notes

  • #461
  • Aug 14, 2009 7:55am Aug 14, 2009 7:55am
Quoting Beshakey
Hats off to you gbppip,
If you can enter trades with such cold logic and lack of emotion, you are ONE STEELY EYED TRADER.

You'll probably be rich someday. Emotion blows more accounts than systems.

Salute, Mine Captain!

Shakey
Spot on. I am jealous. Wish I didnt get excited & overconfident when I win a few, or introspective & uncertain when Ive lost a few.
  • #462
  • Aug 14, 2009 9:35am Aug 14, 2009 9:35am
Quoting acumen
It's naked except for daily pivots and monthlies(Not visible)

Nothing else.

One pair... e/u.

Mike
Hi Acumen,
I am tyring to get the same pivot values as on your chart. You say that you calculate the pivots on NYclose - are you talking about Stockmarket close or some other time for Forex.

Also what is your chart time , EST or GMT? - Because on your chart the pivot changes at midnight and I would expect it to change at the NY close time you are using.

Thanks,
Ian
  • #463
  • Aug 14, 2009 11:03am Aug 14, 2009 11:03am
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
Golden nuggets, I must say.
  • #464
  • Aug 14, 2009 11:11am Aug 14, 2009 11:11am
Quoting pipgame
Hello acumen, thank you for sharing your knowledge, great thread......

Can you tell which trading platform do you use for live trading.


regards

pipgame
I have too many hooks into now to change.

Oanda.

m
  • #465
  • Aug 14, 2009 11:12am Aug 14, 2009 11:12am
Quoting mackus
Acumen,
Thanks for all of your input. I noticed that my broker is on a different time zone than yours, and as such the FXI Pivots indicator you posted updates later. Here is a chart of mine to compare with your chart above. Not being a programmer is there a way for me to adjust the indicator to match yours, or should this not be an issue to trade off of?
Thanks
Attachment
I'm using Alpari.

Download it and give it a shot.

m
  • #466
  • Aug 14, 2009 11:17am Aug 14, 2009 11:17am
Quoting ianf0ster
Hi Acumen,
I am tyring to get the same pivot values as on your chart. You say that you calculate the pivots on NYclose - are you talking about Stockmarket close or some other time for Forex.

Also what is your chart time , EST or GMT? - Because on your chart the pivot changes at midnight and I would expect it to change at the NY close time you are using.

Thanks,
Ian
Download and use Alpari.

It's free and having multiple installs doesn't hurt anything.

m
  • #467
  • Aug 17, 2009 1:11am Aug 17, 2009 1:11am
Quoting acumen
I have too many hooks into now to change.

Oanda.

m
Thanks for answer....

be good

pipgame
  • #468
  • Aug 17, 2009 4:43pm Aug 17, 2009 4:43pm
Quoting acumen
Only trade the US Session and Asian when something looks good.

I honestly don't have targets... I take what the market gives.

Today she only gave me 37... yesterday she gave me 74... monday the bitch took some of my money.

This year I'm averaging about 200 PIPS/week.

Mike
Keep up the profits, Mate.
  • #469
  • Aug 19, 2009 1:29pm Aug 19, 2009 1:29pm
Quoting TraderZer0
Mackus

Attached is an adjustable pivot calculator - it's not identical to Acumen's but will get you started.
what is the GMT shift if im using FX Pro and i'm in california with pacific time -8 GMT?

also i recalled there is a site which lists the daily pivot points and stuff, but i forgot the url
  • #470
  • Aug 19, 2009 10:48pm Aug 19, 2009 10:48pm
Quoting fc3s
what is the GMT shift if im using FX Pro and i'm in california with pacific time -8 GMT?

also i recalled there is a site which lists the daily pivot points and stuff, but i forgot the url
I think you will need GMT-2 for a US close ie 10.00pm (get someone else to confirm), but be careful with FXPro because their broker I believe is in Cyprus which means their figures are compiled GMT +4 or 5.
  • #471
  • Aug 20, 2009 5:39pm Aug 20, 2009 5:39pm
Quoting fc3s
what is the GMT shift if im using FX Pro and i'm in california with pacific time -8 GMT?

also i recalled there is a site which lists the daily pivot points and stuff, but i forgot the url
http://www.actionforex.com/technical...-200603205733/

The Action Forex website above provides updated pivots based on the NY close. It appears that acumen's pivot indicator does not have an option to shift the window of data from one 24 hour period to another, but as it is only an hour or two off at the most (daylight saving times) and that hour is usually one of the quietest of the day then it is only a couple of pips different from the NYC pivots. But still, it is all about the details.

Having dismissed pivot points some years ago, my interest was aroused once again when reading John F Carter's Mastering The Trade. The grey area of when pivots should be set (with the FX market being open 24 hours), and all the different varieties available, along with perhaps the high expectations I had of any indicator (in The Search for the Holy Grail period) I chucked them out and thought nothing of them. When I recently looked to diversify into trading equities, which do have a definitive open and close time, I was surprised by just how much price respected them in those markets. So I checked them out in FX again (standard, set to NY close), and what do you know? I must have had shit in my eyes all those years ago. A 15m chart with the pivots on is now a must next to my usual set-up.

But I digress, a quick note to acumen to thank him for his work in the advancement of FF knowledge.
  • #472
  • Aug 21, 2009 6:31pm Aug 21, 2009 6:31pm
Quoting birdt
http://www.actionforex.com/technical-analysis/pivot-points/eurusd-(pivot-points)-200603205733/

The Action Forex website above provides updated pivots based on the NY close....
You got it right the first time, Mate. You don't need to come to the same conclusion twice.
  • #473
  • Aug 29, 2009 1:15pm Aug 29, 2009 1:15pm
Thank you for the thread acumen, I've been trading for awhile now and just started trading for a living last December, threads like this are what every trader should read and reread when starting out.
  • #474
  • Aug 29, 2009 2:34pm Aug 29, 2009 2:34pm
Quoting birdt
http://www.actionforex.com/technical-analysis/pivot-points/eurusd-(pivot-points)-200603205733/

The Action Forex website above provides updated pivots based on the NY close....
I read several books on Pivots and thought... that is shit.

Then I found an indicator based on the NY close and watched it for three months... taking notes and looking for nuances.

I was amazed how the majors respected them. e/u in particular. Now... it's mostly what I use to trade.
  • #475
  • Aug 29, 2009 6:12pm Aug 29, 2009 6:12pm
You know what I always liked that about you Acumen; you call it the way you see it.
  • #476
  • Aug 29, 2009 6:45pm Aug 29, 2009 6:45pm
Quoting roro53
You know what I always liked that about you Acumen; you call it the way you see it.
A little abrasive for some.

m
  • #477
  • Edited 9:00pm Aug 29, 2009 8:10pm | Edited 9:00pm
Abrasive?..........Not for me.........I like your style and prefer it.

Now that I know you're here I'll look forward to reading your posts.
  • #478
  • Edited 1:17pm Aug 30, 2009 8:53am | Edited 1:17pm
Quoting roro53
You know what I always liked that about you Acumen; you call it the way you see it.


I second that....Mike, you call it like you see it, and it's very refreshing

...it's good to see some levity in this serious world of trading....Keep 'em comin' and keep posting those helpful posts ....

Have an awesome wknd, bro!
  • #479
  • Aug 30, 2009 11:05am Aug 30, 2009 11:05am
This is one of the best FF threads, subscribed. Thanks Acumen!!



There is only one thing I can add to it-- I also draw weekly pivot and s/r lines in addition to the daily Pivots on my chart (see my EU chart for this past week). (This can be v useful for traders who do H4 and H1 TF)

To all who have not yet tried pivots, do give it a shot and see how accurately it can be used esp for pairs like EU and GU. Seriously an awareness of general trend and these pivots where they lie is all you need.

PS- Acumen, I cannot agree more with your statement re: homeruns; most days I make 20-25 pips, but I do that consistently 3-4 days a week, and that really adds up.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 35 KB
Its all in the mind.
  • #480
  • Aug 30, 2009 4:07pm Aug 30, 2009 4:07pm
Quoting 5abi
This is one of the best FF threads, subscribed. Thanks Acumen!!



There is only one thing I can add to it-- I also draw weekly pivot and s/r lines in addition to the daily Pivots on my chart (see my EU chart for this past week). (This can be v useful for traders who do H4 and H1 TF)

To all who have not yet tried pivots, do give it a shot and see how accurately it can be used esp for pairs like EU and GU. Seriously an awareness of general trend and these pivots where they lie is all you need.

PS- Acumen, I cannot agree more with your...
I too have incorporated monthly pivots with my dailies.

S/R lines to be sure.

Mike
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