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  • #150,041
  • Oct 7, 2009 12:56pm Oct 7, 2009 12:56pm
Sure, its a laughable size, but why risk it while you are refining your trading style. I have blown many personal accounts in the past when I first started learning to trade. Impatience would have me trade a larger lot size to gain back losses from a smaller position trade and trading .01 lots sounded absolutely ridiculous to me since it did not provide enough to buy a happy meal even....but what it does do is allows you to forget about the profits and focus on price action and refining your skills. The money after that comes naturally. And that's when a larger position size can then be used.

Quoting trading801
yeah like 0.01 cent per pip ! i tried that b4 lol
In Charts We Trust!
  • #150,042
  • Oct 7, 2009 1:11pm Oct 7, 2009 1:11pm
Quoting X.Oden
If I taught you a long term style of trading, you may not be able to execute it because of impatience and because of the style of personality you are...you may be impatient and a short term trader. You may be used to taking 10 lot positions on a single trade and scalp for very short term 2-5 pips trades. Thus my style would not fit your personality and would not work because you would break the rules everytime.

On the other hand, if you were a long term trader where you used fractional lots instead with low risk and were more patient to hold on...
Thanks again, X.

I have never really believed that one needs to limit himself to one trading style. Just because one scalps for 5-10 pips in trades that take a few minutes does not mean that one can not simultaneously be stacking up position trades that might run for days and weeks or longer. I came in bassackwards though because I learned to scalp first. Scalping is good for building up equity quickly but on the other hand you can develop some poor habits re: money management from scalping. My solution is to have a separate account for scalping and one for swing trading. I find that if I keep my styles segregated by accounts I don't tend to mix up the risk/reward management styles that are different for each...

For all learners here who are interested in the way X.Oden trades, I invite you to check out the DIBS nethod thread & to read the FF posts by PeterCrowns and TheRealThing and also the Infinite Yield forex blog. X's style may be different in some ways but I suspect it is in the same ballpark especially relative to mm.


http://infiniteyieldforex.blogspot.com/
"If The Fool persists in his Folly he will become wise." - William Blake
  • #150,043
  • Oct 7, 2009 1:24pm Oct 7, 2009 1:24pm
Thanks for the links Fool. I will definitely check them out. One can never stop learning new things.

Yes one of the luxuries I get in trading the way I do is that I do not need to close a hard position in order to make a "profit". My profit comes whenever my margin level increases and thus is a reflection of the balance of my account. At anytime if I close all my trades, I am in profit.

You asked a question earlier....on whether or not I keep my hedge plays and my scalps/swings on the same account?

I hold multiple accounts at different brokerages first of all. The trade style on them are all the same. I do this so that if anything happens to the brokereage firm, it will not hurt me financially.

I also hedge these accounts with each other. I do not place all trades at the same time across each platform.....each one runs independently but is hedged in the overall view of things. A sort of insurance policy or disaster recovery so to speak in risk management.

As far as the hedging and scalping. I use both simultaneously on the same accounts. The hedging builds a steady flow of equity and the scalps provide short term gains that add to the overall growth. My scalp trades are roughly a quarter of my long term positions.

I do not like to gamble with my money, thus all the safety nets are in place.

Quoting The Fool
Thanks again, X.

I have never really believed that one needs to limit himself to one trading style. Just because one scalps for 5-10 pips in trades that take a few minutes does not mean that one can not simultaneously be stacking up position trades that might run for days and weeks or longer. I came in bassackwards though because I learned to scalp first. Scalping is good for building up equity quickly but on the other hand you can develop some poor habits re: money management from scalping. My solution is to have a separate account for scalping...
In Charts We Trust!
  • #150,044
  • Oct 7, 2009 1:33pm Oct 7, 2009 1:33pm
Thanks for sharing your knowledge, you provide me some phrases to search at the web and know more of them.

Thanks,

Edgar


Quoting X.Oden
Scalping is great if it works for you. I have been trained to scalp, swing and positional trade. To be honest, I am a very impatient trader. However, over the years, I have learned to be a little lazy in my trading to earn the most pips. The rewards come when you close the position and are sitting on top of a large range of pips. It is the most satisfying feeling in the world (for me).

Hope that helps some of you out. Trading does not have to be complicated...and when all else fails, walk away and come back when you have a clear head.
  • #150,045
  • Oct 7, 2009 1:36pm Oct 7, 2009 1:36pm
Good stuff X what you have posted !
I want to add that our ideas are crossing mostly, i guess that means i am on a right way with my trading.
  • #150,046
  • Oct 7, 2009 1:40pm Oct 7, 2009 1:40pm
Quoting X.Oden
I hold multiple accounts at different brokerages first of all. The trade style on them are all the same. I do this so that if anything happens to the brokereage firm, it will not hurt me financially.

I also hedge these accounts with each other. I do not place all trades at the same time across each platform.....each one runs independently but is hedged in the overall view of things. A sort of insurance policy or disaster recovery so to speak in risk management.

As far as the hedging and scalping. I use both simultaneously on the same accounts....
Do you trade futures, as well? Definitely worth it, as I'm sure you are aware, the security of your funds with a regulated futures broker is much better than with the spot brokers. Spot is better for flexibility in position sizing, though. Futures exchanges (the CME) are trying to allow for smaller position sizing with the "micro" fx contracts but the volume there is squat so far. I watch the futures volumes and extrapolate that to spot...(see the VSA threads here if you are not already up on that.)

I just found, for me, its easier to swing and scalp in separate accounts. When I first started out I would let scalps become swing trades and often that worked out, but I now see that I can and do take a swing trade in different ways and for different reasons and most importantly with different size than I might scalp.

Happy Trades.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #150,047
  • Oct 7, 2009 1:41pm Oct 7, 2009 1:41pm
Joe Ross, inventor of the Ross Hook once said that capital preservation is the most important thing in Trading. He said that if you are breaking even and not losing trades, then profits naturally follow.
In Charts We Trust!
  • #150,048
  • Oct 7, 2009 1:42pm Oct 7, 2009 1:42pm
Quoting The Fool

http://infiniteyieldforex.blogspot.com/
Thanks to you too Fool, I will read this blog.
  • #150,049
  • Oct 7, 2009 1:44pm Oct 7, 2009 1:44pm
Quoting X.Oden
Forex4,

The first thing you will want to work on first is to understand price action....
This is hard for new traders... trading 1 pair.

Trade the majors and stay away from the exotics until you're well schooled.

The most liquid pair is the e/u.

Mike
  • #150,050
  • Oct 7, 2009 1:48pm Oct 7, 2009 1:48pm
i hope come in 1h hammer now it will be cool
  • #150,051
  • Oct 7, 2009 1:49pm Oct 7, 2009 1:49pm
Quoting acumen
This is hard for new traders... trading 1 pair.

Trade the majors and stay away from the exotics until you're well schooled.

The most liquid pair is the e/u.

Mike
Agreed. There is more than enough with just that one to keep a newbie busy for a long time. Every ime I am tempted to branch out (cable, spot gold, emini S&P are at the top of the list) & I get started on those, though, I feel like I am in over my head pretty quick, come home to E/U....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #150,052
  • Oct 7, 2009 1:50pm Oct 7, 2009 1:50pm
are here is view about eur/usd
  • #150,053
  • Oct 7, 2009 1:50pm Oct 7, 2009 1:50pm
News in 10 minutes. Halfway back up to the Daily Pivot ???
  • #150,054
  • Oct 7, 2009 1:51pm Oct 7, 2009 1:51pm
Quoting X.Oden
Sure, its a laughable size, but why risk it while you are refining your trading style....
at first you were a little bit of a dipshit.

however... you're advice is solid and your contributions about position sizing are the core of any trader with longevity.

nice post... i trade very small lots relative to the size of my account.

Mike
  • #150,055
  • Oct 7, 2009 1:52pm Oct 7, 2009 1:52pm
Quoting The Fool
Agreed. There is more than enough with just that one to keep a newbie busy for a long time. Every ime I am tempted to branch out (cable, spot gold, emini S&P are at the top of the list) & I get started on those, though, I feel like I am in over my head pretty quick, come home to E/U....
i do the same thing.

trade the Yen... win or lose... i come back home because I've watched this pair for 5 years.

m
  • #150,056
  • Oct 7, 2009 1:55pm Oct 7, 2009 1:55pm
Quoting acumen
at first you were a little bit of a dipshit.
lol hey now X you don't want to be too nice - people will drive you crazy asking for advice. Remember what happened to notch...?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #150,057
  • Oct 7, 2009 1:56pm Oct 7, 2009 1:56pm
I did consider futures several years back. I had attended a Turtle Trading Seminar given by Russell Sands - Major asshole I might add - even more so than me - but shyed away from it from the limitations it provided over the spot markets.



Quoting The Fool
Do you trade futures, as well? Definitely worth it, as I'm sure you are aware, the security of your funds with a regulated futures broker is much better than with the spot brokers. Spot is better for flexibility in position sizing, though. Futures exchanges (the CME) are trying to allow for smaller position sizing with the "micro" fx contracts but the volume there is squat so far. I watch the futures volumes and extrapolate that to spot...(see the VSA threads here if you are not already up on that.)

I just found, for me, its easier to swing...
In Charts We Trust!
  • #150,058
  • Oct 7, 2009 1:56pm Oct 7, 2009 1:56pm
Quoting egypt
are here is view about eur/usd
yes my friend.
  • #150,059
  • Oct 7, 2009 1:57pm Oct 7, 2009 1:57pm
LOL! I still am! But thanks for the um....yeah....

Quoting acumen
at first you were a little bit of a dipshit.

however... you're advice is solid and your contributions about position sizing are the core of any trader with longevity.

nice post... i trade very small lots relative to the size of my account.

Mike
In Charts We Trust!
  • #150,060
  • Oct 7, 2009 1:58pm Oct 7, 2009 1:58pm
iam new man and i want know if the come news about usd if good it will go down
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