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Strat's Long Term Stress Free Trading

  • #7,641
  • Nov 14, 2009 4:42pm Nov 14, 2009 4:42pm
Quoting strat
Speaking of patience, have you found the Holy Grail yet or are you still searching all the other threads looking for it like Oblo?
yes i have found it. The first thing i do every morning when I go to work.. open forexfactory and then come straight to this thread...no wandering around looking for other threads.....no more looking for the get rich quick deals.

like i did for my masters, I need to put the effort and time if I want to be successful in trading and thats what i am doing now.
  • #7,642
  • Nov 14, 2009 8:32pm Nov 14, 2009 8:32pm
Quoting TheFutureAce
yes i have found it. The first thing i do every morning when I go to work.. open forexfactory and then come straight to this thread...no wandering around looking for other threads.....no more looking for the get rich quick deals.

like i did for my masters, I need to put the effort and time if I want to be successful in trading and thats what i am doing now.
Good for you. That is ONE BIG step for you!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,643
  • Nov 15, 2009 12:38am Nov 15, 2009 12:38am
Quoting strat
Good for you. That is ONE BIG step for you!
thanks Strat
  • #7,644
  • Nov 15, 2009 3:34am Nov 15, 2009 3:34am
Quoting TheFutureAce
yes i have found it. The first thing i do every morning when I go to work.. open forexfactory and then come straight to this thread...no wandering around looking for other threads.....no more looking for the get rich quick deals.

like i did for my masters, I need to put the effort and time if I want to be successful in trading and thats what i am doing now.

Same with me FutureAce...

The Forex suckers industry has lost another internet get rich quick browser.
  • #7,645
  • Nov 15, 2009 8:14am Nov 15, 2009 8:14am
Quoting TheFutureAce
....................I am learning the most important thing in trading is being organized, patience and let the game come to you. Most important dont be greedy...

Oh yes indeed! It is so easy to look for trades and then, of course find them. It has taken some time but now I am much less concerned if I go through the selected pairs that Strat recommended for beginners and find nothing that leaps out at me. I can miss an evening after NY close at 22.00 GMT because I am out enjoying London without thinking that I may be missing the trade of a lifetime. There will be another evening when a trade may 'leap out' at me. No rush.

One or two 'obvious trades' are worth much much more than a handful of 'possibles'. I suppose the difference between an inexperienced trader and an expert is that the expert sees these 'obvious trades' earlier, or as Strat says see things 'behind the candles'.

This reluctance to trade unless I feel the set up is clear has moved my account to just under 5% profit since the last week of July, the bulk of it in October and November. This also coincides with keeping detailed records of each trade, thanks partly to Astondan's journal template [thanks Dan], with tweeks from other places along with a screen shot of the chart when I made the decision. Not all the trades were filled of course, and these were later cancelled, but I think there must be a corelation there. Focus on the chart, careful decision making and 'When in doubt, stay out!' Not forgetting to keep risk low!

Small profits add up - so do small losses! I know which I prefer!!!!!!!!

Keep up the advice Strat, and thanks to you and the other posters who have pursuaded me that successful trading is possible for ordinary mortals.
  • #7,646
  • Nov 15, 2009 9:16am Nov 15, 2009 9:16am
Quote
Astondan's journal template [thanks Dan]

can you pls give me a link i'm only @ page 29
  • #7,647
  • Nov 15, 2009 1:38pm Nov 15, 2009 1:38pm
Quoting Lotuselanman
Oh yes indeed! It is so easy to look for trades and then, of course find them. It has taken some time but now I am much less concerned if I go through the selected pairs that Strat recommended for beginners and find nothing that leaps out at me. I can miss an evening after NY close at 22.00 GMT because I am out enjoying London without thinking that I may be missing the trade of a lifetime. There will be another evening when a trade may 'leap out' at me. No rush.
this is what i was doing too...glued to the computer all night....thinking that if i sleep the trade will go against me...had no idea of SL and trade management. buying at resistance and doing all kind of stupid stuff...increasing the $/lot size and risking all my money...can u beleive it? not 2%-5% but risking aroun 50% of the equity....I look at it and see how stupid i was.....

As strat and Baba G says.....trade management is 90% of the work...and to let ur profits run and cut back ur losses....

still getting there..honestly all weekend i am on this thread...and STRAT, BABA G and all the charts are coming even in my dreams.....lol....
  • #7,648
  • Nov 15, 2009 5:48pm Nov 15, 2009 5:48pm
Hi Guys and Girls

I have attached the eur jpn daily chart and would be interested on your thoughts on the last daily bar. Although this is not an ss, if the price can retrace back over the 134 s/r (red line), this may be a possible trade if triggered at 134.50.(yellow line).
The next major resistance is at 138.50 but realise there is some traffic along the way.
The pair is currently trapped in an ascending triangle.

All input will be appreciated.
I am looking to learn not necessarily to trade.

Being relatively new to this, i am looking at this as trading from support to resistance.

regards
Lee
Attached Image (click to enlarge)
Click to Enlarge Name: eur jpn daily.gif Size: 30 KB
PASR student.
  • #7,649
  • Nov 15, 2009 6:02pm Nov 15, 2009 6:02pm
Quoting kiwipom
Hi Guys and Girls

I have attached the eur jpn daily chart and would be interested on your thoughts on the last daily bar. Although this is not an ss, if the price can retrace back over the 134 s/r (red line), this may be a possible trade if triggered at 134.50.(yellow line).
The next major resistance is at 138.50 but realise there is some traffic along the way.
The pair is currently trapped in an ascending triangle.

All input will be appreciated.
I am looking to learn not necessarily to trade.

[i]Being relatively...
Lee, I did a post on EURJPY last week for Lotuselanman - take a shufty at that and see if it helps
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,650
  • Nov 15, 2009 6:31pm Nov 15, 2009 6:31pm
Sorry, I can't recall who youall are. Would just like to chat a bit.

Thanks.
  • #7,651
  • Nov 15, 2009 7:07pm Nov 15, 2009 7:07pm
Quoting strat
Lee, I did a post on EURJPY last week for Lotuselanman - take a shufty at that and see if it helps
Oh Yes
I must have forgotten about this with all the bones that were being thrown around last week.

Yes very useful as always Strat.
Much appreciated
Lee
PASR student.
  • #7,652
  • Nov 15, 2009 8:08pm Nov 15, 2009 8:08pm
The past bruhaha over candlestick patterns reminded me that, from an educator's point of view, The Candlestick Course by Steve Nison could be the best book for the understanding of candlesticks written. Why you say?

It is all in the format of the book. Very interactive compared with reading a 'regular' book.
First of all the reader is told what will be taught in each section (chapter).
Next, key terms that will be used/defined are listed.
Then there is the text with very specific examples. Key points are highlighted.
The amount of text for each section is a few pages. So the reader learns in short segments. Ideal for retention of concepts.
Then there is a check of your understanding.. very specific questions where examples must be analyzed and choices must be made. Use is made of concepts learned in prior chapters so there is constant review. This check of understanding is like a test in that you must make decisions about what you have just read (learned). BUT... the answers are fully explained in detail, creating an additional learning experience.

For our Strat trading methods there are several key chapters in the book. So more than some of it does not apply directly to our methods. (Some of if, especially gaps, applies more to stock trading.)

Oh yes, always check you local public library... especially in the USA.... depending upon the library's affiliation with universities and business schools you may be able to get all kinds of trading books, for instance Martin Pring's writings, on loan rather than buying them.

I hear and forget, I see and remember, I do and understand.
  • #7,653
  • Nov 15, 2009 8:13pm Nov 15, 2009 8:13pm
Quoting rogueforex
PS: I have a thing I read every morning and part of it says, "I will be thankful I saw the path at 35 instead of discouraged I didn't see it at 25." If you stick with this you will never have to say that.
Still lurking, not being caught up with all of the thread I am working through it a piece at a time, trying to balance getting caught up with reading and understanding every post.

There are a lot of wisdoms on this thread, many relating to psychology; Strat has done an amazing job of creating a true thread about forex trading and I am truly thankful to find a place that teaches the true art of trading. After about page 10 I went into my bookmarks and deleted all those other threads that had been wasting my time.

I grew up poor; passed high school, somehow I made it through the cloud of smoke and perfume, I went to uni with the idea of turning the tide on my family and families friends lack of money; we had happiness and health, how hard could it be to draw one more line in a triangle I thought?

After a few years I realised I didn't want to be the kid coming home with fish, but instead the kid who came home with a new-fangled fishing rod. Its easy to make money for yourself but selfish I thought, so I gave up and went back to girls and partying; not until I was in Japan years later did I come back to the original goal. I went through everything, made a lot with Blackjack Bots (a decreasing-circle), but TA forex trading always appealed to me.

This I wanna learn so I have a skill I can help others with, much like Strat is doing here. My thinking has changed a lot in the years, but I finally found the right path here. I still like partying, but just one girl these days, my wife :-)

1 1/2 years down the trading road. Went from no indicators and fibs to mega-indicators to...well you know it, SR lines and a few MAs. I also got swept up in the ads and BS and greed and short TFs...but made it out of the tunnel unscathed and actually in profit. Now I know...time is on my side. Who sang that one?

It took a while for a kid who grew up barefoot with stoner parents listening to Bob Dylan and Bob Marley who never had or wanted a dime, but a huge part of this for me has been mastering ego and self and the whole psychology of this, controlling the man in the mirror as Strat would say.

Thank you everyone who is contributing here. I know I will become a successful trader, but I also know in doing so I will become a better and stronger person mentally, and for me that is the most important.

One day I will be up-to-date and contribute as well.

Yours lurking,

FE
  • #7,654
  • Nov 15, 2009 8:23pm Nov 15, 2009 8:23pm
Quoting forexample

One day I will be up-to-date and contribute as well.

Yours lurking,

FE
You just made a great contribution
  • #7,655
  • Nov 16, 2009 6:27am Nov 16, 2009 6:27am
I was thinking about how we should approach forex trading as a business rather than a game as some would think. Then it occurred to me that this business has costs (losing trades) and revenue (winning trades) and the profit results from revenue exceeding costs. It is therefor unrealistic to expect not to have losing trades, and like in any business, the higher the margin ( diff between revenue and cost ) the more successful/profitable the business. The success will be a direct result of the effort put into finding profitable business and keeping costs down.
I thought this might help other new traders to look at their losses in a more positive light ( even though we still hate them anyway.
I'm still making steady progress through the thread, on the Path.
  • #7,656
  • Nov 16, 2009 8:22am Nov 16, 2009 8:22am
Quoting LarryK
I was thinking about how we should approach forex trading as a business rather than a game as some would think. Then it occurred to me that this business has costs (losing trades) and revenue (winning trades) and the profit results from revenue exceeding costs. It is therefor unrealistic to expect not to have losing trades
Good advice
Like everything in life trading needs balance we must control our emotions when making trades and still enjoy what we do.
The key for me is being able to step aside and look at the bigger picture like you said I think of trading as a business. I want my cost down and income up just like any other business and to do this risk management is key.
RISK MANAGEMENT !!!!!!
(I'm not a teacher if you don't know about Risk management look it up and figure out what % of your account to risk per trade)

The biggest mistake I made starting out was I made way too many trades I'd make a good couple trade than eat away my profit with 10 more crap ones, so for me setting a "goal" was key along with tighter risk management ( I was kind of a gambler.) Find the amount of pips per day/week/month that you think you can hit than keep that goal and raise the lot sizes according to your risk management as you account grows. This goal depends on you and your trading style.

Remember 50 pips a week can be $50, $500, or $5000 a week etc etc (yes I know a pips value depends on what pair and your base currency blah blah blah just making an example)
  • #7,657
  • Nov 16, 2009 8:59am Nov 16, 2009 8:59am
Not the smoothest of Channels but definitely an UP TRENDING Channel
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 35 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,658
  • Nov 16, 2009 9:42am Nov 16, 2009 9:42am
Quoting strat
Not the smoothest of Channels but definitely an UP TRENDING Channel

This one is on my watch list at the moment, it will be interesting to see the the imminent reaction to the 15000 figure as the last two attempts to cross have met with resistance.

A break of 15000 should give a clear run up by 400+ pips to my next resistance. However, another failed re-test will give pause for thought.
  • #7,659
  • Nov 16, 2009 9:58am Nov 16, 2009 9:58am
Quoting TheFutureAce
price went up? like you and others say in the thread, the hanging man is not very reliable PA.

Also I remember reading ur example on gbpjpy where the Big guys purposely drew the prices down, taking off all the small guys around 95 and then taking the price back to 100.

sorry for taking so long to reply, I was reading the thread. still at page 125. the amount of information there is in this thread is incredible. I just dont want to scroll through it..i want to understand everything.

I am learning the most important thing in trading is being...
Here is the continuation of the hanging man “what happened next” post.

We have two of these hanging man candles highlighted in yellow. As anyone, even my blind, deaf and dumb old man with asthma and one leg can SEE, these are NOT price reversal candles. These are also NOT isolated examples. They FAIL more often than they work and for our STRESS FREE TRADING, are way TOO RISKY for initiating trades from.

Sure, they work sometimes, as in the recent GBPUSD, but for those who are on top of their PASR skills and especially those who can “SEE” beyond the candles, any doji type candle would have worked at that level.

There is so much more to PASR than just “recognizing” candles AND classical candle shapes, proportions and positions. BUT, in the beginning, you MUST learn and recognize these basic candles and then progress to “seeing beyond the candles”.

So, here is how the Strat method and strategy works on this pair.

Aggressive traders would have been long with small positions from the “hammer“ on July 30. We would continue to add positions as we saw the trend evolve through HHs and HLs. The doji and “hanging man” on August 27 & 28 were recognized for what they were – pauses or profit taking. Similarly with those on September 10 & 11.

While we didn’t know for sure, (there are NO certainties in trading), we had a good idea that the POWER and STRENGTH of the UP TREND would dominate any “weak” candles or patterns.

Our first warning that the up trend may be weakening came with the BEEB on September 15 BUT it was only a warning. It was not a signal to go short. It was a warning to “think about protecting positions and maybe taking some profit”.

The two hammers on September 16 & 17 showed us the buyers were still in control.

The two “Bond” shooting stars on September 25 & 27 at resistance, were another warning to protect positions and take profit”.

The swing from September 27 to October 01 showed us the sellers were back in control. More than that, we recognized it as an Impulse Wave rather than a corrective wave and alerted us to look for a short entry.

We were “gifted” the short entry with the Bond shooting star (doji) on October 02.

In addition to understanding that a hanging man candle is NOT a price reversal candle, we need to understand the POWER and STRENGTH of trends and how these can render “weak” candles useless.

Conversely, we need to understand what happens when the POWER and STRENGTH of the dominant party is lost.
Attached Image (click to enlarge)
Click to Enlarge Name: the hanging of hanging man.gif Size: 40 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,660
  • Nov 16, 2009 10:07am Nov 16, 2009 10:07am
Quoting Lou
Sorry, I can't recall who you all are. Would just like to chat a bit.

Thanks.
Lou, most of the people on here are "learning the ropes" and as such are trading the Worker.

I trade the BOSS and longer term strategies.
15 YEARS OF PASR ON FOREX FACTORY!
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