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  • #153,441
  • Oct 18, 2009 6:25pm Oct 18, 2009 6:25pm
Quoting Larseg
Thanks Knuckledrag, as I am looking over my results I think this is actually a good idea......
Decide what suits you. If your going to be a trend trader----counter trend trader--- swing trader--- retrace trend trader --- scalper....... Setting goals will only work in my opinion if you can live with them based on the kind of trader you are. You (well I) can't trade against the nature of who you are(I am). My goals are based on entering where I feel comfortably and not rushing an entry and taking enough profit to cover my butt.

What I do shouldn't change your trading. If you can make consistent profit then just tweak your entry/exit and keep playing. Over trading is BS, if your not gambling (really trading off a plan) then the odds are always the same. Quit trading when your tiered or just not in tune with the market. Support/resistance and hairy candles don't change------ make your own rules because you have to live with them.
  • #153,442
  • Oct 18, 2009 6:27pm Oct 18, 2009 6:27pm
Quoting The Fool
KISS - I went long when I saw crude futures turn up about 30 minutes ago.
not my stile
  • #153,443
  • Oct 18, 2009 6:27pm Oct 18, 2009 6:27pm
good morning koalas !
  • #153,444
  • Oct 18, 2009 6:28pm Oct 18, 2009 6:28pm
Quoting The Fool
Something I read in some of PeterCrowns posts has stayed with me well:

Don't limit what the market can give you.

(I paraphrase)

easier said than done
  • #153,445
  • Oct 18, 2009 6:33pm Oct 18, 2009 6:33pm
a trip down
  • #153,446
  • Oct 18, 2009 6:41pm Oct 18, 2009 6:41pm
Looks like the Goldman guru was preying upon retail traders, huh.
  • #153,447
  • Oct 18, 2009 6:47pm Oct 18, 2009 6:47pm
Quoting GulfCoastPip
Looks like the Goldman guru was preying upon retail traders, huh.
Time will tell, big dog. We get some good earnings and S&P upside this week and it'll be back on the road to 1.5 & above.

Oil a wildcard 4sho tho, seems pretty bubbly.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #153,448
  • Oct 18, 2009 6:51pm Oct 18, 2009 6:51pm
Quoting egypt
a trip down
I don't think so. It is profit taking from bulls. Wait until Bernanke finish talking then we can see the move I hope
  • #153,449
  • Oct 18, 2009 6:55pm Oct 18, 2009 6:55pm
Quoting knuckledrag
Decide what suits you. If your going to be a trend trader----counter trend trader--- swing trader--- retrace trend trader --- scalper....... Setting goals will only work in my opinion if you can live with them based on the kind of trader you are. You (well I) can't trade against the nature of who you are(I am). My goals are based on entering where I feel comfortably and not rushing an entry and taking enough profit to cover my butt.

What I do shouldn't change your trading. If you can make consistent profit then just tweak your entry/exit and keep...

Yes Knuckledrag, I am agreeing that over trading is BS as it won't have anything to say if you have decent game plan. And more importantly stick to it in bad and good weather of course.

My main income is in Stocks (Asia and Euro-zone) which is taking up most of my time. It would be good to "be done" with FX trading early in the week to concentrate on the stocks... Not that I don't enjoy FX because I really do, but in the end it just comes down to money.

Looking at my results I will actually try to trade with a goal instead. The last 44 weeks I would have benefited with doing this + I would have "worked" less.


The Fool, Doesn't "take what the market gives you" applies more too discretionary traders?


Cheers,
Wish me luck
  • #153,450
  • Oct 18, 2009 7:04pm Oct 18, 2009 7:04pm
Quoting Larseg
Yes Knuckledrag, I am agreeing that over trading is BS as it won't have anything to say if you have decent game plan. And more importantly stick to it in bad and good weather of course.

My main income is in Stocks (Asia and Euro-zone) which is taking up most of my time. It would be good to "be done" with FX trading early in the week to concentrate on the stocks... Not that I don't enjoy FX because I really do, but in the end it just comes down to money....
Sounds like a plan. In the end a plan is all you need. Based on what you've posted I can't see any reason not to go that way. Good luck (unless your counter to my position----then screw you)
  • #153,451
  • Oct 18, 2009 7:07pm Oct 18, 2009 7:07pm
Quoting knuckledrag
Sounds like a plan. In the end a plan is all you need. Based on what you've posted I can't see any reason not to go that way. Good luck (unless your counter to my position----then screw you)

you're the man with an attitude !! lol
  • #153,452
  • Oct 18, 2009 7:08pm Oct 18, 2009 7:08pm
Quoting Larseg

The Fool, Doesn't "take what the market gives you" applies more too discretionary traders?
Possibly. And as PeterCrowns et al use it it does not really apply very well to a scalper like me. But...

I carry that adage as a general rule of thumb. It isn't necessary or wise to exit a trade (early) because you have reached a certain target, nor is it necessary or prudent to stop trading for the day or week because you have reached a certain goal. The market will take from you often enough and it won't stop at an arbitrary level. You should play the same way.
Attached File(s)
File Type: pdf Trading for Infinite Yield.pdf   383 KB | 650 downloads
"If The Fool persists in his Folly he will become wise." - William Blake
  • #153,453
  • Oct 18, 2009 7:13pm Oct 18, 2009 7:13pm
Quoting essenza
I don't think so. It is profit taking from bulls. Wait until Bernanke finish talking then we can see the move I hope
Never trust your competitors. (ie. Goldman gurus).
  • #153,454
  • Oct 18, 2009 7:17pm Oct 18, 2009 7:17pm
Quoting GulfCoastPip
Never trust your competitors. (ie. Goldman gurus).
Haha...i never trusted anyone or whatever in forex. I trusted God and my business, that's where the real money comes.
  • #153,455
  • Oct 18, 2009 7:18pm Oct 18, 2009 7:18pm
Quoting trading801
you're the man with an attitude !! lol
The kind attitude.

Screw y'all!
Not all sins are created equal
  • #153,456
  • Oct 18, 2009 7:25pm Oct 18, 2009 7:25pm
EUR/USD falling
GBP/USD falling
USD/JPY falling
AUD/USD falling
GPB/JPY falling

What on earth is going on here??
Doing what you like is Freedom. Liking what you do is Happiness.
  • #153,457
  • Oct 18, 2009 7:27pm Oct 18, 2009 7:27pm
Quoting realjumper
EUR/USD falling
GBP/USD falling
USD/JPY falling
AUD/USD falling
GPB/JPY falling

What on earth is going on here??
News on 8 o clock my time.
  • #153,458
  • Oct 18, 2009 7:31pm Oct 18, 2009 7:31pm
Quoting realjumper
EUR/USD falling
GBP/USD falling
USD/JPY falling
AUD/USD falling
GPB/JPY falling

What on earth is going on here??

I told u many time last week to short everything once dow hits 10,000
  • #153,459
  • Oct 18, 2009 7:33pm Oct 18, 2009 7:33pm
Quoting realjumper
EUR/USD falling
GBP/USD falling
USD/JPY falling
AUD/USD falling
GPB/JPY falling

What on earth is going on here??

Bernanke speaking in 30 mins, lots of profit taking from last week bulls. Look for a good entry, will be going back up shortly. Still a strong support at 4848, if that holds at the next 30 minutes, 4946 is looking good.
  • #153,460
  • Oct 18, 2009 7:34pm Oct 18, 2009 7:34pm
Quoting essenza
I don't think so. It is profit taking from bulls. Wait until Bernanke finish talking then we can see the move I hope

its down now i say that last week and no one believe me
i go just with candle i make 60 pip with 10$ size
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