Dan Gilbert's random trade report. (realtime) | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Is random really random? 231 replies

Realtime Forex TraderTip 164 replies

Need a brokerage with demo and web based realtime charts 8 replies

Can we record realtime chart movement? 4 replies

Attachments: Dan Gilbert's random trade report. (realtime)
Exit Attachments

Dan Gilbert's random trade report. (realtime)

  • #21
  • Oct 25, 2009 4:24pm Oct 25, 2009 4:24pm
Quoting PeterFM
So here's some from me.

Never, ever take a trade for the sake of the thread. You're trading for yourself and you should only take and post trades to suit your method.

You wont learn anything and neither will any newb following your method.

Discipline is what makes you profitable in the long run, whatever the method. You have a plan so stick with that and forget posting for the sake of posting.
this thread is a learning experience for me! I'm only trading demo. I want to take trades and note when I'm unsure of the trade, when I say that I am unsure of a trade, I will ALWAYS note that! Trades that I am very sure of (such as the sellstop on EU that I just posted) are ones that I would be taking if I was trading real money.

Also, these "unsure" trades which I took on UC for the sake of my thread, was one that worked out, so next time when I take a similar trade as this, I can have more confidence in doing so.

I hope you understand the purpose of my thread is NOT to place extremely strict setups, but to help myself LEARN when a setup works, and when it doesn't. These trades are all demo!
Many choose unhappiness over uncertainty.
  • #22
  • Oct 25, 2009 4:37pm Oct 25, 2009 4:37pm
Quoting Dan Gilbert
this thread is a learning experience for me! I'm only trading demo. I want to take trades and note when I'm unsure of the trade, when I say that I am unsure of a trade, I will ALWAYS note that! Trades that I am very sure of (such as the sellstop on EU that I just posted) are ones that I would be taking if I was trading real money.
While I understand that is part of the learning process, I should point out that I have learned never to take a demo trade just because it's not real money. You must approach demo trading with the same concern for account survival that you expect to have for a live account. If you're not sure of the quality of a signal then you should watch it but not trade it. Store the results in your diary (or keep a screendump with notes) for future reference.
Quote
Also, these "unsure" trades which I took on UC for the sake of my thread, was one that worked out, so next time when I take a similar trade as this, I can have more confidence in doing so.
Here's the rub! Those less than perfect trades that do work out can lead you into taking "unsure" trades that fail. They're worse for new traders than "unsure" trades that end in a loss. You get a false sense of security from them and can weaken your resolve to stick to the plan.
Quote
I hope you understand the purpose of my thread is NOT to place extremely strict setups, but to help myself LEARN when a setup works, and when it doesn't. These trades are all demo!
OK, it was just the wording of your post rang a warning bell in my head as I have fallen into the trap of posting simply because I felt I had to get something up on screen.

If you prefer me to butt out of your thread I am more than happy to. I have no wish to cause you any grief.
  • #23
  • Oct 25, 2009 4:43pm Oct 25, 2009 4:43pm
Quoting PeterFM
While I understand that is part of the learning process, I should point out that I have learned never to take a demo trade just because it's not real money. You must approach demo trading with the same concern for account survival that you expect to have for a live account. If you're not sure of the quality of a signal then you should watch it but not trade it. Store the results in your diary (or keep a screendump with notes) for future reference.Here's the rub! Those less than perfect trades that do work out can lead you into taking "unsure"...
PLEASE STAY! I was very happy to see someone with 10+ vouchers post some advice for me in my thread! I'm very new to trading, and I really want a lot of critical input from those with more experience than myself. You laid it out very clearly, and I hope you can understand my demo as a learning experience to profitable trading. I'm extremely unsure of price action, and I have next to no knowledge of trading in general (or at least that's how I feel).

I'm going to learn through a recorded history of demo-trades so I know what to not do, and what TO do when I finally go live (not for a while).

thank you so much for your advice, and please, stay!
Many choose unhappiness over uncertainty.
  • #24
  • Oct 26, 2009 8:31am Oct 26, 2009 8:31am
If you guys look at USDCAD right now, it appears there is a pin with divergence forming on the 4hr chart.

First I will show you the daily chart, so you can see where I'm getting my fibo confluence from (23.6% on the big swing, 50% on the small swing)...

http://i380.photobucket.com/albums/o...rade6setup.gif


Second, I will show you the pin that I think might form (the jury is still out on this, bar won't finish formation for 2.5 hrs...), and divergence.

ok, here is the 4 hr chart (notice the double fib lines...)

http://i380.photobucket.com/albums/o...ade6setup2.gif
Many choose unhappiness over uncertainty.
  • #25
  • Oct 26, 2009 8:45am Oct 26, 2009 8:45am
Maybe some of you Sunday night gamblers caught this one . I didn't. I was not looking at the correct time frame...

USDJPY, 30 min chart. pin+strong divergence, TP at the 38% line would have been optimal.

http://i380.photobucket.com/albums/o...issedtrade.gif
Many choose unhappiness over uncertainty.
  • #26
  • Oct 26, 2009 8:47am Oct 26, 2009 8:47am
also, my EURUSD sell stop (1.4978 sell stop order) did not engage (thanfully) and a bullish outside bar formed... I have cancelled that order completely... waiting on sidelines for a better signal on EU
Many choose unhappiness over uncertainty.
  • #27
  • Oct 26, 2009 9:10am Oct 26, 2009 9:10am
Since I posted that UC setup, it has already pushed down roughly 25 pips, it looks like this won't be a pin bar after all, although there has been a lot of selling pressure here, as is expected in very short term order...
Many choose unhappiness over uncertainty.
  • #28
  • Oct 26, 2009 9:17am Oct 26, 2009 9:17am
If anybody knows how to draw the daily pivot lines to trade on Monday, please please let me know (link, something!)

gracias....
Many choose unhappiness over uncertainty.
  • #29
  • Oct 26, 2009 10:15am Oct 26, 2009 10:15am
if you take a glance at the EURJPY right now, the price is at a very strong resistance area. Are we going to see a sharp downward move here? This will be the third time this level has held, IF it does in fact decide to go down...

This area that we are currently in is also the monthly R2 resistance line.

http://i380.photobucket.com/albums/o...ongsupport.gif
Many choose unhappiness over uncertainty.
  • #30
  • Oct 26, 2009 10:33am Oct 26, 2009 10:33am
Quoting Dan Gilbert
if you take a glance at the EURJPY right now, the price is at a very strong resistance area. Are we going to see a sharp downward move here? This will be the third time this level has held, IF it does in fact decide to go down...

This area that we are currently in is also the monthly R2 resistance line.

http://i380.photobucket.com/albums/o...ongsupport.gif


alert: 4hr pin is forming, 1 hr pin that formed just before has been successful, lots of divergence on EURJPY... the bearish EUR stance/bullish USD that I had looks like it might come true!
Many choose unhappiness over uncertainty.
  • #31
  • Oct 26, 2009 11:11am Oct 26, 2009 11:11am
USDCAD has just snapped the double fibo lines and is headed to 10654 resistance. It may just smack right through that too! very strong bullish activity on USD....
Many choose unhappiness over uncertainty.
  • #32
  • Oct 27, 2009 9:00pm Oct 27, 2009 9:00pm
if you look at the EURJPY right now on the 1hr, you will see a nice pin+divergence, my buy stop is placed about 5 pips above, I'm going for about a 1:1 R:R on this, with stop loss set at the bottom of pin+3 pips for spread (I got burned on this earler today when I didn't factor in the spread on USDJPY GAHHHH!) lol.
Many choose unhappiness over uncertainty.
  • #33
  • Last Post: Oct 27, 2009 9:17pm Oct 27, 2009 9:17pm
I also have set a trailing stop of 100 pips, on a buy stop order of EURUSD @1.4832. This is also the 50% retrace line, and pivot area. Looks like the bears may have already lost steam.... maybe not? Regardless, I'm going to be in this for a long run (hence the 100 pip trailing)


NOTE: Anyone who uses MT4 might notice that the software does not include a trailing stop that is active from the moment a trade is placed. Unfortunately, trails are only engaged after your trade has moved INTO PROFIT the same number of pips you plan to trail.

so if you want a 100 pip trailing stop on your order, the trailing stop will not be activated until your trade goes 100 pips into profit, only then will the trail become active. So if you have a trade that goes 50 pips in your favor, then reverses, you will never be stopped out, UNLESS you have placed a hard stop someplace else. I think this is a poor configuration...


I have attached an EA that I found that solves this problem, and your trailing stop is placed the minute that your order is placed.


(note: I do not know who designed this EA, but I did find it on a different thread on FF)
Attached File(s)
File Type: mq4 TrailingStop.mq4   9 KB | 332 downloads
Many choose unhappiness over uncertainty.
0 traders viewing now