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  • #168,401
  • Dec 3, 2009 11:39pm Dec 3, 2009 11:39pm
Quoting Chicky

2. Your success ratio is great (hope it remains constantly like this or improves even further)

3. You being a scalper have the advantage of high trade turnover rate that reduces risks (longer term traders may try to achieve this advantage through diversification)
Thank you Chicky - I wish you astounding success as well.

Lest I seem to paint myself as an outright prodigy, I will always admit that I regularly fail to follow my own rules and my accounts have the dents to prove it. Discipline is learned over time and through painful experience.

The really difficult thing about trading is: you just can't afford to make mistakes. Any single mistake can end your enterprise. What other job has this kind of pressure?

If I make a mistake in an engineering design, there are multiple other sets of eyes that will see the plans in review - normally I will be re-doing sets of plans 2-3 times as a matter of course. Then I will be on a jobsite and have a chance to catch mistakes before it is too late and any design mistake gets implemented. This plays out over months and years. You put on an over-levereged trade without a sl on a news spike and get a margin call & your account is gone the whole thing can take place in a few minutes.

Anyway, that's one of many reasons I wouldn't want to depend on trading, solely, to live....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #168,402
  • Edited 11:57pm Dec 3, 2009 11:47pm | Edited 11:57pm
Quoting The Fool
Thank you Chicky - I wish you astounding success as well.

Lest I seem to paint myself as an outright prodigy, I will always admit that I regularly fail to follow my own rules and my accounts have the dents to prove it. Discipline is learned over time and through painful experience.

The really difficult thing about trading is: you just can't afford to make mistakes. Any single mistake can end your enterprise. What other job has this kind of pressure?

If I make a mistake in an engineering design, there are multiple other sets of eyes that...
TF, it is a very little known fact that I started as a scalper and for all the above reasons moved to swing trading, still looking beyond to position trading.

Discipline was the greatest lesson learned in this process. At a stage where I don't have to force it on myself, it is now automatic.

Many scalpers or short-term traders someday find themselves in position trading without a deliberate effort.
The Thief of Wall Street
  • #168,403
  • Dec 3, 2009 11:50pm Dec 3, 2009 11:50pm
Quoting Chicky
When it moves in about 7 or 8 hours, you would be complaining : WTF happened?. Check FF calendar for Non-Farm-Employment
I can't wait...
  • #168,404
  • Dec 3, 2009 11:51pm Dec 3, 2009 11:51pm
Quoting Evilgoat
1. Overcome fear
2. Remain flexible
3. Take reasoned risks
4. Prepare to be wrong
5. Actively seek reality
6. Respond quickly to change
7. Focus on decisions, not outcomes
8. figure out how to spend the $$$ you make!!!
  • #168,405
  • Dec 3, 2009 11:57pm Dec 3, 2009 11:57pm
Quoting Chicky

Many scalpers or short-term traders someday find themselves in position trading without a deliberate effort.
Interesting. I will probably always do some scalping, because I can. And there are alot of advantages to that m.o. but I won't belabor them again. I will say this, though: scalping is a job. It is pretty easy to get burnt out on it, for me anyway, and I have only been trading for 6 months. Ergo, I am still learning and not neglecting methods on longer tf's. I'd suggest that anybody who wants to really get a feel for trading and how their personality may be fit for trading one method or tf over another, obviously, should spend some time trying lots of different methods & tf's - and that might take some years to really do....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #168,406
  • Dec 3, 2009 11:57pm Dec 3, 2009 11:57pm
Quoting 2+2=4ex
8. figure out how to spend the $$$ you make!!!

9. if you have a wife nevermind # 8
  • #168,407
  • Dec 3, 2009 11:59pm Dec 3, 2009 11:59pm
Quoting Evilgoat
9. if you have a wife nevermind # 8
lol
  • #168,408
  • Dec 3, 2009 11:59pm Dec 3, 2009 11:59pm
I think they have put 5009 in the crosshairs

PS: Eyes open when and if we touch 10048 of USDCHF
The best thing that can happen to you is to find out where you're wrong.
  • #168,409
  • Dec 4, 2009 12:01am Dec 4, 2009 12:01am
Quoting 2+2=4ex
I can't wait...
Call Geithner and get the figure.
The Thief of Wall Street
  • #168,410
  • Dec 4, 2009 12:01am Dec 4, 2009 12:01am
Quoting The Fool
Interesting. I will probably always do some scalping, because I can. And there are alot of advantages to that m.o. but I won't belabor them again. I will say this, though: scalping is a job. It is pretty easy to get burnt out on it, for me anyway, and I have only been trading for 6 months. Ergo, I am still learning and not neglecting methods on longer tf's. I'd suggest that anybody who wants to really get a feel for trading and how their personality may be fit for trading one method or tf over another, obviously, should spend some time trying lots...
How wright you are.
Good Trading. (keep it simple).
  • #168,411
  • Dec 4, 2009 12:01am Dec 4, 2009 12:01am
Quoting Evilgoat
1. Overcome fear
2. Remain flexible
3. Take reasoned risks
4. Prepare to be wrong
5. Actively seek reality
6. Respond quickly to change
7. Focus on decisions, not outcomes
Morning all . each of them is very important for sure but when many of us doing without proper training obviously very hard for most if not all . but a money management fool & others doing here be most important one can do easily first hand & before so professional.Though I personally not follow good money management but use the lowest lot and do only oneway trade at a time may help some.

fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #168,412
  • Dec 4, 2009 12:04am Dec 4, 2009 12:04am
Quoting Chicky
Call Geithner and get the figure.
I have him and 911 on speed dial.
  • #168,413
  • Dec 4, 2009 12:05am Dec 4, 2009 12:05am
Does anyone know what TF chart that is most used for the largest volume trades by the 6 large market makers in the fx market? I would have to think that it would be daily or 4H?
  • #168,414
  • Dec 4, 2009 12:07am Dec 4, 2009 12:07am
Quoting mfoste1
Does anyone know what TF chart that is most used for the largest volume trades by the 6 large market makers in the fx market? I would have to think that it would be daily or 4H?
Daily...but...banks employ "teams" of personnel (individuals like us) whose job it is to study everything, including other timeframes.
  • #168,415
  • Dec 4, 2009 12:09am Dec 4, 2009 12:09am
Quoting The Fool
Interesting. I will probably always do some scalping, because I can. And there are alot of advantages to that m.o. but I won't belabor them again. I will say this, though: scalping is a job. It is pretty easy to get burnt out on it, for me anyway, and I have only been trading for 6 months. Ergo, I am still learning and not neglecting methods on longer tf's. I'd suggest that anybody who wants to really get a feel for trading and how their personality may be fit for trading one method or tf over another, obviously, should spend some time trying lots...
TF, it says "many" not "all". There are dedicated and expert scalpers. The primary requirement is not to get carried away. I busted several accounts scalping, it is just not in my nature and same maybe true for few scalpers for position trading.

Trading is a tailor made suit, that is why it takes time and long learning process. Unfortunately, ready-made suits do not fit almost in every case. You will be makinng your own road and that would be best for you.
The Thief of Wall Street
  • #168,416
  • Dec 4, 2009 12:15am Dec 4, 2009 12:15am
Quoting Driver55
I think they have put 5009 in the crosshairs

PS: Eyes open when and if we touch 10048 of USDCHF
I was looking at that area (.5110+/-). I'm waiting on it to cross yesterdays low before I make decision.
Attached Image (click to enlarge)
Click to Enlarge Name: 1h main chart - 12-04-2009.gif Size: 22 KB
  • #168,417
  • Dec 4, 2009 12:15am Dec 4, 2009 12:15am
Quoting fontu
Morning all . each of them is very important for sure but when many of us doing without proper training obviously very hard for most if not all . but a money management fool & others doing here be most important one can do easily first hand & before so professional.Though I personally not follow good money management but use the lowest lot and do only oneway trade at a time may help some.

fontu
Those 7 rules are only about mentally "taking" a risk. Money Management is a given truth of investing and separate and above these rules. Very often people focus to much on aversion to risk, fear will cause you to get in to late and out to quick etc etc etc.
  • #168,418
  • Dec 4, 2009 12:21am Dec 4, 2009 12:21am
... at 1.5056, off the 5 min chart, I will close it out should I get a 5 min bar close below 1.5041.
Good Trading. (keep it simple).
  • #168,419
  • Dec 4, 2009 12:24am Dec 4, 2009 12:24am
In futures which I've spent more time with, the 15 minute timeframe seems to be the most popular.

Not so much anymore but for a few months there basically everything was following the moves of the 1 minute timeframe of SPY with bol bands (40,2), vwap and pivot points.

I'm not so sure about forex just yet.
I'm liking stuff I've seen on the 15 minute and hour charts but we still have massive spikes that just seem to come out of nowhere.
Maybe that's just the nature of the beast.
  • #168,420
  • Dec 4, 2009 12:26am Dec 4, 2009 12:26am
Quoting Evilgoat
Those 7 rules are only about mentally "taking" a risk. Money Management is a given truth of investing and separate and above these rules. Very often people focus to much on aversion to risk, fear will cause you to get in to late and out to quick etc etc etc.
Very well said.

For each $ one wants to earn, should be willing to risk a $ (and actually lose it when time comes), is the rule I follow.

Solution to late entry and early exit I found is: Not to trade short term and take the required risk - easier said than done.
The Thief of Wall Street
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