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The System II (Yes with irony)

  • #11,861
  • Nov 29, 2009 8:07pm Nov 29, 2009 8:07pm
Yep, thats the hard fact about this business Feb, fx you guys and the rest of you are fun to follow, it takes time and patience, persistant and discipline to get that litle bankroll up to where its gonna make you a living, working fulltime on the market!. i would like to think i could just take that little 5k account, quit my job and trade everyday allday but i know that i need to keep working my job, trade on a schedule and build my account up and being patient. Anything good in life and worth doing is hard but i know this will pay off. THIS HAS BEEN AMAZING FOLLOWING YOU GUYS. THanks..
  • #11,862
  • Nov 29, 2009 8:17pm Nov 29, 2009 8:17pm
Quoting feb2865

...your risk comfort (look at me, risk comfort , yes repeat many times) is situated @1% of your bankroll PER DAY (yes, repeat many times...PER DAY...NOT PER TRADE LIKE SOME BOZOS ARE SAYING)that been said, then you have to trade under 2 conditions.

1) Until you get your bounty or

2) you have exhausted your DAILY RISK LIMIT.

I am not sure if I understand this post correctly...it says not to risk more 1% of your a/c balance per trade, but rather per day? Would this not not significantly decrease the value of a pip? Then you trade until you've met x pips for the day....or if you've lost 1% (Daily risk limit) of you a/c for the day you call it quits, my question how does one get out of the hole (i.e. multiple losing days) if they stop trading?

Thanks for thread any answers appreciated,

Cheers!!
  • #11,863
  • Nov 30, 2009 12:48am Nov 30, 2009 12:48am
Love this post FX.

FXA - the gift that keeps on giving . Awesome post.

Soon FXA, Soon I shall have the time to join you in trading EUR. AUD will get me there, one day at a time

Quoting fxachilies
My structure for every newbie and midtermer..

Please begin by completely reading of the first 50pgs.. then take a day and think about if this is the style that might suit u before proceeding.. once thats out of the way.. then move to post 4734 and follow the instructions from there (read each one of those posts several times).. then again take some time and see if it still suits you before proceeding.. once thats out of the way.. then read my three posts in page 649 (the plan).. then read post 11758.. then one last time sit back and thinkd...
Survive and Preserve
  • #11,864
  • Nov 30, 2009 12:52am Nov 30, 2009 12:52am
Good morning. wish you good trading today
"Even a million miles journey starts with one single step"
  • #11,865
  • Nov 30, 2009 1:04am Nov 30, 2009 1:04am
Good morning guys, and good starting of another trading week..

Let's see what mr. Market has for us today....
  • #11,866
  • Nov 30, 2009 1:06am Nov 30, 2009 1:06am
Quoting feb2865
Yeah brother that's one point - the chaos theory and I definitely believe in that.

But see, one of the problems I had when I started trading the spot is the pips count.

People, you need to stop counting pips and start counting $$$$

lets say, 20 pips stop - 40 pips target...what's the deal??

The pip value is what matters. I talk about loads, not pips...I could have my stop situated and 40 pips or 10 pips...it really doesn't matter......the thing is how much value this "pip" has?

Let's talk about this 20/40 pips countdown - although is...
oh yes my friend, you thought me all about that.. pips counting with little or no value is worst than j off.. lol

this is what i do feb.. feel free to correct me..

i apply your MM suggestion but not on daily but rather weekly.. and i set a equall trade size for the whole week..
so with all do respect, I stayed away from daily limit bcz i feel like in my style of trading (The Plan) anything can happen in one day or one session and the next in another day or session (london/NY)..
and the reason for equal weekly trade size.. is to not get cheated off.. and it helps me to put aside all extra expectaions/prediction out of each trade and treat it them all the same... i don't want my one 50pips runner gain in dollar value to equal to my 30pips 3-4 fakeouts losses..

i guess u can say this part of my MM is like Mama Forest Gump.. " life is like a box a chocolate, you never know watchaa gonna gettttt ".. so i feel like i can not put a different dollar value on a piece of chocolate that i have no idea whats inside of it.. is it cocunut nut or some chip sirup!!!.. lol.

more than anything i apprciate your time to respond considering your health.. i wish there was something i could do.. your always in my prayers for better health and beating this thing for good.

take it easy brother... i see u around NY..
  • #11,867
  • Nov 30, 2009 1:09am Nov 30, 2009 1:09am
Quoting en0x
Love this post FX.

FXA - the gift that keeps on giving . Awesome post.

Soon FXA, Soon I shall have the time to join you in trading EUR. AUD will get me there, one day at a time

look forward to that day my friend...

keep on plugging brother..
  • #11,868
  • Nov 30, 2009 1:14am Nov 30, 2009 1:14am
Mrng,

I hope you are all well my dear friends ... I will attempt to join this family as of this week and test this method live.

Happy week ahead.

BB formation ... have my orders 1.5087 and 1.5026.
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  • #11,869
  • Nov 30, 2009 1:23am Nov 30, 2009 1:23am
morning guys. hope you all have a good week. had a go at the 123 earlier for -12. now accepted that it is a bracket! doh!
  • #11,870
  • Nov 30, 2009 1:39am Nov 30, 2009 1:39am
Quoting fxachilies
My structure for every newbie and midtermer..

elizo.. buttttt.. currently each are up about +300% on their accounts and off to bigger profit for Dec and even bigger plans for the up coming year.
Morning all... and this has been making big mistakes related with.... yep, exactly, not sticking to the plan.

Do your efforts, guys. This is easy: study and work. That's all. It's a job, but the best of all.
  • #11,871
  • Nov 30, 2009 2:36am Nov 30, 2009 2:36am
i am in short from 5041 lets see
"Even a million miles journey starts with one single step"
  • #11,872
  • Nov 30, 2009 2:38am Nov 30, 2009 2:38am
someone in this trade? looks like semi, but will see
"Even a million miles journey starts with one single step"
  • #11,873
  • Nov 30, 2009 2:41am Nov 30, 2009 2:41am
Quoting janqie
someone in this trade? looks like semi, but will see
In at 5040, might have to be very patient with this one.
  • #11,874
  • Nov 30, 2009 2:42am Nov 30, 2009 2:42am
Quoting janqie
i am in short from 5041 lets see
My friend where did you get the 41 from? To me this seems more like a BB with top level 83 and lower level 28
  • #11,875
  • Nov 30, 2009 2:48am Nov 30, 2009 2:48am
Quoting DesertFX
Mrng,

I hope you are all well my dear friends ... I will attempt to join this family as of this week and test this method live.

Happy week ahead.

BB formation ... have my orders 1.5087 and 1.5026.
Lower level fakeout .... out with -12pips
  • #11,876
  • Nov 30, 2009 2:48am Nov 30, 2009 2:48am
I got 2 HH at 5070 and 2 LL at 5043 so i am in from this ones
"Even a million miles journey starts with one single step"
  • #11,877
  • Nov 30, 2009 2:54am Nov 30, 2009 2:54am
Quoting janqie
someone in this trade? looks like semi, but will see

I am in this one. decided the bracket had got smaller
  • #11,878
  • Nov 30, 2009 2:56am Nov 30, 2009 2:56am
Quoting janqie
I got 2 HH at 5070 and 2 LL at 5043 so i am in from this ones

Understood ..... howver if look at the price action prior to that you will realise price has been in a range for the better part of 6 hours .... so what you did is a natural error by looking at an FCR within a BB .... again this is my humble opinion ....

I went short with the lower BB break .... that proved to be a fakeout .... I played 2g# and got out with -12 pips .... I am loooking to re-enter at 1.5018 on the downside .... with my upside level remaining 1.5087.
  • #11,879
  • Nov 30, 2009 3:23am Nov 30, 2009 3:23am
Is this the calm before the storm? )))

Any holiday plans legends of forex ?
  • #11,880
  • Nov 30, 2009 3:24am Nov 30, 2009 3:24am
out -6 looking for another one
"Even a million miles journey starts with one single step"
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