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Why did you start trading and what do you expect from it? 19 replies

How soon after you put on a trade do you expect to be "in the money"? 28 replies

How do you see trading - Do you see it as a means to an end? 12 replies

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Trade What You See And Not What You Hope 0 replies

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Trade what you see NOT what you expect

  • #25,501
  • Sep 7, 2009 12:28am Sep 7, 2009 12:28am
Quoting cisco
Here's an idea for you. It's been talked about many times, but I still think it's the best path to getting confidence. Make your trades so small that it doesn't matter if you lose the trade. Even if it's only a penny a pip, it's real money and over time you can start increasing your value per pip.

It can seem painfully slow but you can get there with patience. This is a marathon event, not a sprint.
I like this!!!.....marathon is EXACTLY CORRECT!!! and stamina is replaced by patience.....
  • #25,502
  • Sep 7, 2009 12:42am Sep 7, 2009 12:42am
A really good trade setup is now on the EUR.....a sell at market price with a SL @ 4350.......open take profit........
  • #25,503
  • Sep 7, 2009 2:26am Sep 7, 2009 2:26am
Quoting AmeriTrini
A really good trade setup is now on the EUR.....a sell at market price with a SL @ 4350.......open take profit........

SL hit......regroup and come again.
  • #25,504
  • Sep 7, 2009 6:29am Sep 7, 2009 6:29am
Happy labor day all.

EO I would love to see you teach your setups more specifically. As of right now I trade the 5 oclock somewhere and price action reversals and that is it.

I am in a crazy situation now. I was just put into a situation where now I will be forced to make my money trading forex. I don't know of any other way. It is fall time and I just lost a huge job for the winter and am forced to basically shut my doors. It really sucks coz my guys are screwed too. Usually I would have them clean the shop or whatever but my company is out of money and I can't afford to have them do "busy work"

With no work and a family to feed I am now forced to trade for a living way to early. So EO any extra help will be much appreciated coz with this kind of pressure I will really need to check my emotions at the door and focus on the setups.

Thanks, John
  • #25,505
  • Sep 7, 2009 6:50am Sep 7, 2009 6:50am
Quoting johnnykanoo
Happy labor day all.

EO I would love to see you teach your setups more specifically. As of right now I trade the 5 oclock somewhere and price action reversals and that is it.

I am in a crazy situation now. I was just put into a situation where now I will be forced to make my money trading forex. I don't know of any other way. It is fall time and I just lost a huge job for the winter and am forced to basically shut my doors. It really sucks coz my guys are screwed too. Usually I would have them clean the shop or whatever but my company is...
Hey John,

I'm sorry to read about your situation.

I'm fairly new to forex and really new to this system so I cant give you any help but I do wish you all the luck in the world.
  • #25,506
  • Sep 7, 2009 6:59am Sep 7, 2009 6:59am
Thats awful John, I'm sure though you will get plenty of support here, and I too wish you the very best of luck.
  • #25,507
  • Sep 7, 2009 7:06am Sep 7, 2009 7:06am
Quoting johnnykanoo
Happy labor day all.

EO I would love to see you teach your setups more specifically. As of right now I trade the 5 oclock somewhere and price action reversals and that is it.

I am in a crazy situation now. I was just put into a situation where now I will be forced to make my money trading forex. I don't know of any other way. It is fall time and I just lost a huge job for the winter and am forced to basically shut my doors. It really sucks coz my guys are screwed too. Usually I would have them clean the shop or whatever but my company is out...
Johnny, I know you addressed this to EO, but after reading it I was troubled by your situation. You're in a tough financial situation right now and trying to step into the market can be fatal if you haven't been consistently successful. Your self imposed feeling of having to succeed can put tremendous pressure on yourself. Half of this trading game is mental so I would urge you to take a step back and ask yourself if you're ready to put it all on the line with your milk and egg money. You could end up in a much worse situation than you already find yourself in if you're not ready.

Be realistic with yourself and if you must trade under these circumstances then trade only what looks right without forcing trades. Let the trades come to you. Don't chase a trade and force it if it isn't there.

Good luck
Hi, my name is Barry and you can keep your doctor...
  • #25,508
  • Sep 7, 2009 7:07am Sep 7, 2009 7:07am
Quoting johnnykanoo
With no work and a family to feed I am now forced to trade for a living way to early.
I'm not as experienced as some other traders in this thread but I would offer the advice that you should concentrate on the stronger, more reliable candles (hammers and shooting stars), and perhaps what I think's the easiest of the MA plays (bounces off the MAs in a trend). Don't chase questionable candle signals and higher risk areas, it'll just compound the pressure already on you. Instead it would be better to put more weight (money) behind the higher reward-lower risk reliable signals. You don't need to play every single tactic remember. Good luck
'The past will always show us the future'
  • #25,509
  • Sep 7, 2009 7:12am Sep 7, 2009 7:12am
Quoting johnnykanoo
Happy labor day all.

EO I would love to see you teach your setups more specifically. As of right now I trade the 5 oclock somewhere and price action reversals and that is it.

I am in a crazy situation now. I was just put into a situation where now I will be forced to make my money trading forex. I don't know of any other way. It is fall time and I just lost a huge job for the winter and am forced to basically shut my doors. It really sucks coz my guys are screwed too. Usually I would have them clean the shop or whatever but my company is out...
John,

I am sorry to hear that but I can certainly relate. Having built and owned my own construction company since the age of 16, I went disabled 30 years later in October of 07. That's the reason I'm learning Forex. With no other income source since then, this is a one shot deal for me. Been living off my savings since then and the very last of it started my very small live account.

I know the pain of "the guys" as well. They were never without work until this. Even when things were slow, I paid them out of pocket. It sucks but things happen we just can't control sometimes. I'm sure they'll understand.

I wish you the very best and you'll be in my prayers every night....

Stay focused and keep it mechanical. I'm dealing with the emotional side too. I know it can be tough. All my best to you and your family...
Ghost Rider - WWTBMD?
  • #25,510
  • Sep 7, 2009 7:17am Sep 7, 2009 7:17am
I'm trying a long here at 15m 50 and trendline support from the Friday low
'The past will always show us the future'
  • #25,511
  • Sep 7, 2009 7:23am Sep 7, 2009 7:23am
Quoting terje
I'm trying a long here at 15m 50 and trendline support from the Friday low
Be sure and lock in your profits along the way. The daily is showing resistance around here and the current H4 is showing a possible reversal in the works. Besides that, it's a holiday in the U.S.
Hi, my name is Barry and you can keep your doctor...
  • #25,512
  • Sep 7, 2009 7:27am Sep 7, 2009 7:27am
Thanks Cisco I've taken profit. I'll post a 4h chart of the down channel I've been looking at
'The past will always show us the future'
  • #25,513
  • Sep 7, 2009 7:29am Sep 7, 2009 7:29am
sorry for the mess. My 4h closed within this channel, and like Cisco said we're at that daily resistance point.
Attached Image (click to enlarge)
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'The past will always show us the future'
  • #25,514
  • Sep 7, 2009 7:32am Sep 7, 2009 7:32am
Quoting terje
Thanks Cisco I've taken profit.
Good job!
Hi, my name is Barry and you can keep your doctor...
  • #25,515
  • Sep 7, 2009 7:36am Sep 7, 2009 7:36am
Did anyone short the last m15 candle at 6419 after it went through the ma's?
Attached Image (click to enlarge)
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Hi, my name is Barry and you can keep your doctor...
  • #25,516
  • Sep 7, 2009 7:42am Sep 7, 2009 7:42am
Good luck everyone. I'm off to enjoy Labor Day. I might even participate in the submarine races later on.
Hi, my name is Barry and you can keep your doctor...
  • #25,517
  • Sep 7, 2009 7:52am Sep 7, 2009 7:52am
Quoting cisco
Did anyone short the last m15 candle at 6419 after it went through the ma's?
that would have been a good one but I find it really hard to take a short off the MAs in such a position--even though it's my favourite EO strategy--when I see a supportive trendline just 10 pips below. We see who has won that battle though. Have a good day cisco
'The past will always show us the future'
  • #25,518
  • Sep 7, 2009 8:10am Sep 7, 2009 8:10am
My H4 closed a few minutes ago. As we've discussed many, many times in here, we finished with a DBHLC.
Attached Image (click to enlarge)
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Hi, my name is Barry and you can keep your doctor...
  • #25,519
  • Edited 8:23am Sep 7, 2009 8:13am | Edited 8:23am
Quoting johnnykanoo
Happy labor day all.

EO I would love to see you teach your setups more specifically. As of right now I trade the 5 oclock somewhere and price action reversals and that is it.

I am in a crazy situation now. I was just put into a situation where now I will be forced to make my money trading forex. I don't know of any other way. It is fall time and I just lost a huge job for the winter and am forced to basically shut my doors. It really sucks coz my guys are screwed too. Usually I would have them clean the shop or whatever but my company is out...
John, I feel for you but this can be the start of the best time of your life. Imagine making more money than you ever have and not having to put up with all the stuff that dealing with clients and having employees , bidding on jobs.. Plus you can do this anywhere in the world. My favorite is the freedom.

You have been around a good while in forex. I think you have some good trading ideas you already have been successfull with , Just adding the covering and scaling to your trades might be all you need. But also most of what EO shows here can be additional clarification of stuff you might have used in the past, but not successfull at. I really find that to be true because if you look closelly at it there isn't a entry spot that one of EO's entries wouldn't cover.

Once your winning streak starts don't get over confident keep your risk under 3% or less. You do not have to trade big $$ to make big $$. If your doing this full time and you get your entries down and learn to cover and let them run. No reason 100 pips a day. Some target 200 per session and by tue or wed have their weekly goal almost every week . So 500 should be reasonable just don't rush it.

Let it come to you and it will. Remain calm while trading clear mind , Listen to some music, relax. We should flow with the market . Not be stressed and fighting it. If you find yourself in that kind of mood get away for a while. I have found you to be a level headed person and you have enough time behind this that maybe this is just what your suppose to do..

I see $$ in your future ... Ken
Good Trading To All ; Ken Lee
  • #25,520
  • Sep 7, 2009 8:25am Sep 7, 2009 8:25am
Quoting KENNETH lEE
No reason 200 to 400 pips a day. Some target 200 per session and by tue or wed have their weekly goal almost every week . So 800 to 1000 should be reasonable just don't rush it.
I have to say that that really is an amazing number (200 to 400 a day). Yes I know several in this thread do it. Still it seems incredible many times. I suppose it comes down to one's strategy as well. I take a higher leveraged position so anything between 20 to 50pips per day is a very good day. I think some people like myself simply can't handle some of the high-speed changes of direction so such a number (200-400) might never be attainable. I would guess that it can also intimidate the hell out of some beginners. Anyway I just felt like pointing out that 20-40pips can be the same as 200-400 for some people and there's no need to think of astronomical figures when you already have so much pressure to begin with
'The past will always show us the future'
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