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Trading for a Living - Cliff Notes

  • #501
  • Sep 2, 2009 9:27pm Sep 2, 2009 9:27pm
Quoting MasterElf1
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...
I used to have a 100 PIP rule.

Up 100 and I'm done.

Down 100 and I'm done.

I just trade now... I will become more conservative if I'm down or up big. (Like 70 PIPS either way)

m
  • #502
  • Sep 3, 2009 5:47am Sep 3, 2009 5:47am
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%,...
Hi Cobra,
I think there are diffenet ways of compiling the figures. The way wikipedia does it - which is by location , or the way the other guy quoted it, which is by company.

It is misleading to use the by company figures in a forum such as this, because those figures includeall trading by a company which will almost always be from several locations.
For example the reason the London/Europe volume is so large is that several big US and Japanese banks (as well as european ones) actually do substantial trading from their offices in London.

I hope this helps to clarify the situation,
Ian
  • #503
  • Sep 3, 2009 5:58am Sep 3, 2009 5:58am
Quoting ianf0ster
Hi Cobra,...
Yes,

AFAIK every major bank in the world has an office or presence in London - or at least that is how it used to be.
  • #504
  • Sep 3, 2009 6:10am Sep 3, 2009 6:10am
I recall (although not the source) that 32% of forex volume goes through London trading desks, more than any other location. The UK has traditionally been the centre of the foreign exchange industry and I suspect this is still the case now. However, this was a couple of years ago, and there's a possibility that this has changed since the excrement impacted with the rotating air displacement contraption. More to the point, what's the relevance?

PS. acumen, still enjoying these pivots immensely. I had a limit order on EU at 1.4251 3 pips above the PP. It got down there, never hit my ask, but did manage to scalp a few from R1 which is holding up well since London open.
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  • #505
  • Sep 3, 2009 6:49am Sep 3, 2009 6:49am
Quoting birdt
I recall (although not the source) that 32% of forex volume goes through London trading desks, more than any other location. .....

More to the point, what's the relevance?
The relevance is that IMHO there is little point in trading anything but the London session ....

Have a good day
  • #506
  • Sep 3, 2009 7:22am Sep 3, 2009 7:22am
Quoting macman
The relevance is that IMHO there is little point in trading anything but the London session ....

Have a good day
I guess that depends if you only have one strategy and that particular strategy's success is reliant upon volatility/trendiness. I have learned to love the Asian range. Frequently enough I am left a pleasant gift by the market when I awake. It should also be noted that the European session will often pick up the baton from where the Asian session left off. Take a butchers at these two set-ups from their respective pivots. Opportunity abounds, only the limitations you set in your own mind will hold you back.

Have a good day yourself.
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  • #507
  • Sep 3, 2009 9:10am Sep 3, 2009 9:10am
Quoting birdt
I guess that depends if you only have one strategy and that particular strategy's success is reliant upon volatility/trendiness. I have learned to love the Asian range. Frequently enough I am left a pleasant gift by the market when I awake. It should also be noted that the European session will often pick up the baton from where the Asian session left off. Take a butchers at these two set-ups from their respective pivots. Opportunity abounds, only the limitations you set in your own mind will hold you back.

Have a good day yourself.
Thanks for posting the very interesting charts.

You are dead right, my only strategy is volatility/trend based, intraday with no over-night positions. At least I get to sleep well at night.

Also as I live in Europe/UK and worked in the City for a while, I just naturally start the day with Frankfurt open and end at London close - I guess just what you are used to.

I will certainly have a closer look at my charts during the Asian session though ...

Best regards,
  • #508
  • Sep 4, 2009 8:43am Sep 4, 2009 8:43am
Your old 00 - 20 method is still working flawless.
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  • #509
  • Sep 6, 2009 12:28am Sep 6, 2009 12:28am
Hi Cobra, could you tell me where I can find the 00-20 method?

Thanks for a great forum
  • #510
  • Sep 6, 2009 3:08am Sep 6, 2009 3:08am
Quoting cobraforex
Your old 00 - 20 method is still working flawless.
Hi cobraforex,
is already available the version 4 of your thv system?
Thanks in advance.
I'll send a bottle of wine to my first voucherer ;-)
  • #511
  • Sep 6, 2009 6:17am Sep 6, 2009 6:17am
Dear Pros,

Appreciate your efforts, your thoughts, your generosity. Signing up.

My best,

Lenoxer
  • #512
  • Sep 6, 2009 6:36am Sep 6, 2009 6:36am
Acumen mentioned this in the E/U thread a year ago and it works pretty good.

Price touch 00 psych level, bounce back to 20 and hit or break 00 again.

Same thing happens often with 80 - 00.

Don't try that direct during news, wait 10 to 15M untill dust settles.


Quoting latrader
Hi Cobra, could you tell me where I can find the 00-20 method?

Thanks for a great forum
  • #513
  • Sep 6, 2009 6:40am Sep 6, 2009 6:40am
Nope, I'm learning to code and it's in developement.

It's only a cosmetic change (the dashboard) with a huge ammount of options, technicly it's the same as V2 or V3.

Quoting richboy1972
Hi cobraforex,
is already available the version 4 of your thv system?
Thanks in advance.
  • #514
  • Sep 6, 2009 6:51am Sep 6, 2009 6:51am
The only misleading point which I can see is that the poster was wrong with this: The United States easily is the most dominant player on the forex market.

If you take the time and read wicky well you will find out that Europe as location moves the biggest part of the FX cake.

Also, Deutsche Bank as a company moves much more than all US companies together listed under the Top Ten.

So, can you explain what should make USA the most dominant player?

Why it's relevant? If you work a trend system like THV you want strong moves which can be found during the London and London-NY overlapping session.

The Asian session is pretty good to scalp smaller TFs.

Only in currencies to trade the USD wins the race.

Quoting ianf0ster
Hi Cobra,...
  • #515
  • Sep 6, 2009 8:15am Sep 6, 2009 8:15am
Also notice that for pairs like EUR/JPY and GBP/JPY this bounce could be as high as 25-35 pips all in a matter of a couple of hours. See the ping pong in attached chart, incidentally red line was the weekly pivotal support

Quoting cobraforex
Your old 00 - 20 method is still working flawless.
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Its all in the mind.
  • #516
  • Sep 6, 2009 8:16am Sep 6, 2009 8:16am
there is a reason why they still call London the financial capital of the world

Quoting cobraforex
The only misleading point which I can see is that the poster was wrong with this: The United States easily is the most dominant player on the forex market.



Only in currencies to trade the USD wins the race.
Its all in the mind.
  • #517
  • Sep 6, 2009 10:18am Sep 6, 2009 10:18am
Sorry, should have added that the 00 - 20 works for E/U.

Quoting 5abi
Also notice that for pairs like EUR/JPY and GBP/JPY this bounce could be as high as 25-35 pips all in a matter of a couple of hours. See the ping pong in attached chart, incidentally red line was the weekly pivotal support
  • #518
  • Sep 6, 2009 4:21pm Sep 6, 2009 4:21pm
Very interesting thread to read.

Just another reassurence that simple things work the best.
  • #519
  • Apr 15, 2010 2:46pm Apr 15, 2010 2:46pm
Hi! I discovered this thread only today. Unfortunately I see it died in September last year.

Sometimes a reality check is needed.

Last period was like no other and it started to test my belief in the systems that I trade and in my knowledge of trading. Thanks god for the money management rules that I enforced last year after a series of losses.

Maybe this thread will revive since the chopping machine in the last two months is still running. And sooner or later will break the hopes to become millionaires of a lot of traders with USD 500 accounts. Registering to FF should direct them here for a quick freezing shower of dire reality.
If you're not part of the solution then you're part of the problem.
  • #520
  • May 5, 2010 11:47pm May 5, 2010 11:47pm
you can find mike at thefxpivotpoint.com in the commercial section. he can't post here in the general discussion section anymore.
FUBAR...
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