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Trading for a Living - Cliff Notes

  • #481
  • Aug 30, 2009 6:26pm Aug 30, 2009 6:26pm
Hi Mike
I just saw the conversation in the E/U thread about scalping.

I thought maybe I leave a comment there but I'm too tired about that.

If Jacko says that scalping (I mean real scalping) doesn't have any value (for him) doesn't mean that there is no way to make money with ultra short term trading, he just don't do it and that is respectable.

Scalping has many advantage if you know how to manage it but it's not for everyone.

You need to know the same as a daytrader and a little more. It's very intensive in matter of work and produce stress but for me till the timestamp of this post is the fastest way to earn pips in FX.

Everyboy has a different style, no one is the right or the wrong one.

Wish you all a successful trading week.


Quoting acumen
I too have incorporated monthly pivots with my dailies.

S/R lines to be sure.

Mike
  • #482
  • Aug 30, 2009 6:34pm Aug 30, 2009 6:34pm
I would like all naysayers to read this article: http://nymag.com/news/businessfinance/53617/

I dont know how is "scalping" defined nor care to know, but I hold trades for as little as 1 min and as long as days. Ends deserve the means (in trading that is). As long as I am in profit staying with a "method" I am not going to pick up a dictionary and look at what the method is called scalping or hubbabubba.


Quoting cobraforex
Hi Mike
I just saw the conversation in the E/U thread about scalping.

I thought maybe I leave a comment there but I'm too tired about that.

If Jacko says that scalping (I mean real scalping) doesn't have any value (for him) doesn't mean that there is no way to make money with short term trading, he just don't do it and that is respectable.

Scalping has many advantage if you know how to manage it but it's not for everyone.

You need to know the same as a daytrader and a little more. It's very intensive in matter of work and produce...
Its all in the mind.
  • #483
  • Aug 30, 2009 7:05pm Aug 30, 2009 7:05pm
Well, if Jacko really wrote that he laughs about scalpers would be a very unprofessional action (I respect him a lot), I for my side don't laugh for his long term trading and especially for his AH method.

Why in the world I would tell a swing trader that he's wrong and I am right?

Even a good scalp trade can get converted in a swing trade, holding it for longer time in a good move.

Why one of the best traders worldwide is a scalper, the german Paul Rotter?

Anyhow for 95% of all traders nothing at all will work, why shouldn't be some good ultra short traders amoung the remaining 5%?


Quoting 5abi
I would like all naysayers to read this article: http://nymag.com/news/businessfinance/53617/

I dont know how is "scalping" defined nor care to know, but I hold trades for as little as 1 min and as long as days. Ends deserve the means (in trading that is). As long as I am in profit staying with a "method" I am not going to pick up a dictionary and look at what the method is called scalping or hubbabubba.
  • #484
  • Aug 30, 2009 7:13pm Aug 30, 2009 7:13pm
It does get lonely at the top

I have learnt a lot from Jacko's thread. And I have also learnt a lot from your thread. How hard is it to understand that there are more than one ways to bell the cat?

Anyways, I have my 30 pips this Sunday evening and will rightfully lay my claim on that beer now


Quoting cobraforex
Well, if Jacko really wrote that he laughs about scalpers would be a very unprofessional action (I respect him a lot), I for my side don't laugh for his long term trading and especially for his AH method.

Why in the world I would tell a swing trader that he's wrong and I am right?

Even a good scalp trade can get converted in a swing trade, holding it for longer time in a good move.

Why one of the best traders worldwide is a scalper, the german Paul Rotter?

Anyhow for 95% of...
Its all in the mind.
  • #485
  • Aug 30, 2009 7:26pm Aug 30, 2009 7:26pm
You're right, it doesn't matter how you archive profit, it only matters that you archive profit.

Quoting 5abi
I How hard is it to understand that there are more than one ways to bell the cat?
  • #486
  • Aug 30, 2009 9:19pm Aug 30, 2009 9:19pm
Quoting cobraforex
Hi Mike
I just saw the conversation in the E/U thread about scalping.

I thought maybe I leave a comment there but I'm too tired about that.

If Jacko says that scalping (I mean real scalping) doesn't have any value (for him) doesn't mean that there is no way to make money with ultra short term trading, he just don't do it and that is respectable.

Scalping has many advantage if you know how to manage it but it's not for everyone.

You need to know the same as a daytrader and a little more. It's very intensive in matter of work and...
Well written post my friend.

Again... really... this was me just getting a little carried away.

I defend scalping too much... who cares if traders believe it can be done or not.

m
  • #487
  • Aug 30, 2009 9:36pm Aug 30, 2009 9:36pm
Quoting cobraforex
Well, if Jacko really wrote that he laughs about scalpers would be a very unprofessional action (I respect him a lot), I for my side don't laugh for his long term trading and especially for his AH method.

Why in the world I would tell a swing trader that he's wrong and I am right?

Even a good scalp trade can get converted in a swing trade, holding it for longer time in a good move.

Why one of the best traders worldwide is a scalper, the german Paul Rotter?

Anyhow for 95% of...
In the scalping world he is it.

What I and many scalpers aspire to.

I was looking for that post... thanks my friend.

Mike
  • #488
  • Aug 30, 2009 11:33pm Aug 30, 2009 11:33pm
Quoting cobraforex
Mike, you said "trade when the banks are trading", I'm with you on that.

My favorite pair is the EURUSD, I trade it only during the complete London session, this is my first trading rule.

Second is the EURJPY which I only trade during the Asian session till 2 hours before the London open. I don't trade this pair always but very frequently.
What are your other trading rules, Cobra?

Great thread, Acumen! Thank you
  • #489
  • Aug 31, 2009 8:39am Aug 31, 2009 8:39am
Quoting babyleaps
What are your other trading rules, Cobra?

Great thread, Acumen! Thank you
Mr. C is the author of the THV System.

It's one of the most popular systems on this site.

Look up the THV System and start reading and learning.

Mike
  • #490
  • Aug 31, 2009 10:52am Aug 31, 2009 10:52am
Hi! I read nearly whole thread and I saw best traders on FF participationg in this discussion, so I decided to share with you my thoughts and doubts. I'm 20, so I have the best before me, I'm also quite smart and I strongly believe that one day I will achieve my goals. Some time ago I started reading about people that made a success, about their world-view. I'll be honest with you, I always wanted to become rich, not only to fulfill my dreams but also to give happiness to the other. I've been studying forex for about 2 months, so I know some basics. I'm wondering if.. is it worth it? How long have you been learning to start taking profits regulary and how much % per month do you make of your account? I'm quite active person and I need new challenges, so I just don't know if is it for me However I learnt a lot about economy, so anyway this was fruitfull 2 months.

Przemek

Excuse any mistakes, I'm not from english speaking country
  • #491
  • Sep 1, 2009 4:20pm Sep 1, 2009 4:20pm
If you want to know how to trade in the forex market, know the banks and how that move the forex market and you will trade well for a living, ask and research the people that know so you will always know what side to be on.

The United States easily is the most dominant player on the forex market. While the United States only has one trader in the top five forex market traders (Citi at the #3 spot with 9 percent of the trading volume), it follows with 4 of the five that round out the bottom 10 (Bank of America at number 6, Goldman Sachs at number 8, JP Morgan at number 9, and Morgan Stanley at number 10). Between the give forex market traders it has atop the top 10, the United States holds over 24% of the daily trading volume.

The United Kingdom, in the top ten, has approximately 22% of the daily trading volume. The United Kingdom has three major players in the forex top ten, including the Royal Bank of Scotland at number 4, Barclays Capital at number 5, and HSBC at number 7.

Germany holds the top spot in the forex traders list, and Switzerland holds the second spot on the forex list. These two companies make up over 36% of the daily total volume of the forex trading market. Deutsch Bank of Germany holds over 21% of the daily trading volume, and UBS AG of Switzerland holds nearly 15% of the daily trading volume.

All of the companies on the forex market are not only trading for their customers, but are trading for themselves, with every part involved attempting to make money on their investments.
  • #492
  • Sep 1, 2009 8:16pm Sep 1, 2009 8:16pm
Here is a question to you Acumen-

With these pivots s/r how important is it to also use weekly/daily S/R? I have not used them in a while now and plus they make my charts look clustered
Its all in the mind.
  • #493
  • Sep 1, 2009 8:44pm Sep 1, 2009 8:44pm
Quoting 5abi
Here is a question to you Acumen-

With these pivots s/r how important is it to also use weekly/daily S/R? I have not used them in a while now and plus they make my charts look clustered


Pivots make your chart look cluttered?

You are either a minimalist or need to take some shit off your screen.

All joking aside...

1) Most important are the daily charts
2) S/R
3) Monthly
4) Fibs
5) psychs

Just my opinion.

If you take everything from me I can beat the market with just daily charts on a 15 min time frame.

Mike
  • #494
  • Sep 1, 2009 8:56pm Sep 1, 2009 8:56pm
Quoting przemski
Hi! I read nearly whole thread and I saw best traders on FF participationg in this discussion, so I decided to share with you my thoughts and doubts. I'm 20, so I have the best before me, I'm also quite smart and I strongly believe that one day I will achieve my goals. Some time ago I started reading about people that made a success, about their world-view. I'll be honest with you, I always wanted to become rich, not only to fulfill my dreams but also to give happiness to the other. I've been studying forex for about 2 months, so I know some basics....
Intelligence won't help much in this arena.

True egg heads over think and over rationalize.

Traders don't have to know shit about economics... and the less they know often the better they are. Economist pontificate traders watch and react to charts.

Economist are great at predicting past results.

I took me about 3 years in the market to beat it.

I wanted to be right more often than I wanted to be in the black.

The ego will really fuk you in this arena.

I average about 10% and I trade very light. Low leverage.

I only trade the US session hard and sometimes the Asian.

I love this... it's like a very large chess game.

There are some many benefits to this I really can't list them all.

Keep in mind... very few traders can beat any market over a prolonged period of time.

m
  • #495
  • Sep 1, 2009 10:51pm Sep 1, 2009 10:51pm
Acumen,
I am nearly completing my 3rd yr trading fx. One of the tricks that helped me become more consistently profitable was setting session goals. And walking away after reaching the session goal!! I started at a 10 pip goal. Of course doing this for 2 weeks made it seem easy. Then I pushed it to 15, 20, 30 and so on. I was careful to keep each goal long enough to know my results were not just luck. Sure there were sessions that were near 0 or small +, but it was far better than my previous long list of minuses of all sizes.

Do you set some point to walk away or just keep at it til you are tuckered?
  • #496
  • Sep 2, 2009 8:12am Sep 2, 2009 8:12am
Acumen as part of the trading for a living script you have here, do you have ideas/outlines of a trading plan ?
  • #497
  • Sep 2, 2009 8:50am Sep 2, 2009 8:50am
Quoting xvmvp
If you want to know how to trade in the forex market, know the banks and how that move the forex market and you will trade well for a living, ask and research the people that know so you will always know what side to be on.

The United States easily is the most dominant player on the forex market. While the United States only has one trader in the top five forex market traders (Citi at the #3 spot with 9 percent of the trading volume), it follows with 4 of the five that round out the bottom 10 (Bank of America at number 6, Goldman Sachs at number...
Huum .. interesting post.

Where do the numbers come from?
  • #498
  • Edited 1:29pm Sep 2, 2009 1:13pm | Edited 1:29pm
I'm afraid that you're wrong on that, you can read everywhere that it's Europe, GB included.

Would apreciate a link to where you have that info from.

From: http://en.wikipedia.org/wiki/Foreign_exchange_market

Of the $3.98 trillion daily global turnover, trading in London accounted for around $1.36 trillion, or 34.1% of the total, making London by far the global center for foreign exchange. In second and third places respectively, trading in New York accounted for 16.6%, and Tokyo accounted for 6.0%.[4] In addition to "traditional" turnover, $2.1 trillion was traded in derivatives.

Quoting xvmvp

The United States easily is the most dominant player on the forex market.
  • #499
  • Sep 2, 2009 9:23pm Sep 2, 2009 9:23pm
Quoting pipmyride
Acumen as part of the trading for a living script you have here, do you have ideas/outlines of a trading plan ?
I do have a routine.

Look at the long term R/R and Fibs.

Then watch the pivots closely.

I'll sit and watch price for hours without trading.

Then... like today when price hits the monthly pivot I was selling as fast I could.

Taking profit on the way down.

m
  • #500
  • Sep 2, 2009 9:24pm Sep 2, 2009 9:24pm
Quoting cobraforex
I'm afraid that you're wrong on that, you can read everywhere that it's Europe, GB included.

Would apreciate a link to where you have that info from.

From: http://en.wikipedia.org/wiki/Foreign_exchange_market

Of the $3.98 trillion daily global turnover, trading in London accounted for around $1.36 trillion, or 34.1% of the total, making London by far the global center for foreign exchange. In second and third places respectively, trading in New York accounted for 16.6%,...
The biggest is the big D in Germany.

m
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