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The System II (Yes with irony)

  • #13,381
  • Edited 3:05am Jan 16, 2010 2:49am | Edited 3:05am
Just thought I'd share this with the family here. I only started trading this style 7 days ago with a live account. I made several mistakes when I wasn't quick enough to react with the appropriate defensive plays. Also on one occassion I moved my stop away in the heat of the battle (which is a bad habit and a No..No..). I am still not fully versed with everything taught here as I haven't finished reading the whole thread yet. But you know what....I achieved a 5% growth in my account over the 7 days ! All this was possible because I had a "runner" mentality, as preached by FXA. The few runners I had smoothed over the losses and as well as the mistakes I made and still returned me a healthy 5% !
  • #13,382
  • Jan 16, 2010 3:11am Jan 16, 2010 3:11am
Quoting Bakuli
I was jumping from thread to thread, searching for that holy grail. I found myself subscribed to over 50 threads in this forum alone because I was really keen to learn. However, what it did was only causing me more confusion. I was just a "jack of all trades but master of none"! .......

Have a good week-end all. I certainly will, with the comforting thought that I have finally found what I was looking for...

B.
Bakuli, exact same story here. I cannot believe my good luck in finding this thread. This is how I always wanted to trade, and I spent 2 years going from trading room to forums back to trading rooms, indicator galore, different money management.....what a waste! I finally found the guidance I was looking for, so THANKS FEB, FX, MONEDA and all the others
  • #13,383
  • Jan 16, 2010 6:02am Jan 16, 2010 6:02am
Bubola and Bakuli!

Just a quick note. It is great that you had a nice trading week. But do not forget to keep humble and not become bilnd by overconfidence. Mr.market has a really bad habit of puting you on a piedestal only to drag you down the next day, or week. I asure you days will come when you will be pulling your hair of, screaming, cursing and god nows what else. But its ok. It had happened to me with my first week, trading system 2, which was not too long ago, that is why I am telling you this. Anyway when it does that, go and read this great post by maestro FXA to help you get back on your feet and continue the boxing match.

http://www.forexfactory.com/showpost...postcount=1499
You wont survive without preserving!!!
  • #13,384
  • Edited Jan 17, 2010 1:28am Jan 16, 2010 6:33am | Edited Jan 17, 2010 1:28am
Quoting coronajazz
Bubola and Bakuli!

Just a quick note. It is great that you had a nice trading week. But do not forget to keep humble and not become bilnd by overconfidence. Mr.market has a really bad habit of puting you on a piedestal only to drag you down the next day, or week. I asure you days will come when you will be pulling your hair of, screaming, cursing and god nows what else. But its ok. It had happened to me with my first week, trading system 2, which was not too long ago, that is why I am telling you this. Anyway when it does that, go and read this...
Hi Jazz,

Thanks for that link to FXA's post. It was most helpful. Also thank you for the kind advice to not be blinded by over-confidence and to stay humble. I can assure you that I am one of the humblest person one can meet (largely due to my upbringing by my great mentor in life, my grandma ). I think sometimes enthusiasm and the want to share what one is experiencing can come across as showing off, over-confidence, etc.. I can assure you that my posts were meant to show the power of this thread, the knowledge that lies within it, which can turn a losing trader around. Another purpose of my posts are to allow my progress to be monitored and for constructive feedback to be received. Although I am a newbie to trading (2+ years), I have been through a lot in my journey. I know well enough how the market can put one up high on a pedestal (when on a winning streak) and the very next minute cut one down mercilessly if we allow ourselves to get carried away by our success. I have already gone through all that early on in my trading career. I have been humbled by the market very early on and it was a very painful lesson well learnt.
I do thank you for bringing it to my attention though (as you did not know my background) and I know you meant well. Thanks again.

regards,
B.
  • #13,385
  • Jan 16, 2010 7:19am Jan 16, 2010 7:19am
Bakuli!

Your post shows to me that you are indeed nice and humble person. My trading experience is even less than yours, 1 year only,but I have tested this character of the market being 40% up in first two months of live trading (not system 2), and giving it back and some more in only two weeks. I really thougth I got it all figured out at that time, but learned my lesson.

I am also glad you did take my post as well meant, as that`s what it is.

Greetings Coronajazz
You wont survive without preserving!!!
  • #13,386
  • Edited 12:35pm Jan 16, 2010 7:44am | Edited 12:35pm
Quoting coronajazz
Bakuli!

Your post shows to me that you are indeed nice and humble person. My trading experience is even less than yours, 1 year only,but I have tested this character of the market being 40% up in first two months of live trading (not system 2), and giving it back and some more in only two weeks. I really thougth I got it all figured out at that time, but learned my lesson.

I am also glad you did take my post as well meant, as that`s what it is.

Greetings Coronajazz
Jazz my friend,

I think it's a lesson(s) all traders go through. Some learn from it fast, some slower and some never ! When I first started trading forex I had no idea what I was doing (at that time I thought I did after reading some trading manual I got off ebay ! How naive was that!!! LOL!). I never demo-ed at all from the start and I was trading way too big for a newbie. I didn't understand what money management meant. I approached the market with a gambler's mentality and some days I made 100% return on my account ! Call it beginner's luck! Well, this lucky streak didn't last too long and soon afterwards I was taught some very painful lessons by Mr. Market. I feel I have now come a full circle in my journey as a trader. I have been through every emotion there is. I am proud to say though, despite what the market threw at me, I never gave up ! I am now in this new journey with a better mindset with a huge respect for Mr. Market.

Regards,
B
  • #13,387
  • Jan 16, 2010 9:20am Jan 16, 2010 9:20am
Hello fellow traders,

It is not my intent to hijack this thread but to inform everyone of the pending changes to max leverage in the U.S. Retail Forex markets and grow a rallying movement.

Currently the CFTC has plans to lower max leverage to 10:1. We have roughly 57 days to comment on these proposed plans.

All traders even foreign traders that trade outside the U.S. should get involved. If the CFTC gets their way they might get other jurisdictions to follow suit.

This is the chance to voice your opinion of all the past erroneous laws that have been passed just recently as well.

We have a thread going here:
http://www.forexfactory.com/showpost...8&postcount=26

All the information you need including a basic form letter is included in the above link. If you decide to use the form letter besure to make a few changes to it so it stands out as your voice against the proposed non-sense.

Thank you to all in advance for your contribution to this cause.

Please don't comment in this thread about this, use the thread link above.

Ok now we return you to your original program......
  • #13,388
  • Jan 16, 2010 11:17am Jan 16, 2010 11:17am
Quoting coronajazz
Bubola and Bakuli!

Just a quick note. It is great that you had a nice trading week. But do not forget to keep humble and not become bilnd by overconfidence. Mr.market has a really bad habit of puting you on a piedestal only to drag you down the next day, or week. I asure you days will come when you will be pulling your hair of, screaming, cursing and god nows what else. But its ok. It had happened to me with my first week, trading system 2, which was not too long ago, that is why I am telling you this. Anyway when it does that, go and read this...
hi corona, ty for your post. in fact, i have only started here 3 days ago, and i assure you, i took plenty of losses. i'm very enthused by this thread not because i had a winner yesterday, but simply because i know i have found my method. i am light years away from mastering it, but i feel more comfortable trading this way than trying to scratch a few pips here and there with 3,4,5 different indicators. what i said is true, i feel i lost 2 years of my life running towards to holy grail, the better indicator. i find this method simple to follow, BUT CERTAINLY NOT EASY TO IMPLEMENT. it will take a long time, a lot of work, a lot of losses, and a lot of swearing at the market on my part (lol), but you know what? i'm having fun for the first time in 2 years!! the most important thing that this thread is doing for me, is to completely change my trading attitude. i still enter a trade in the full expectation of losing, but now i'm learning how to handle it, and that losing doesn't matter one bit. in the long run, i'll be ahead. you know something? i've been humbled by the market for such a long time, that i don't even feel it anymore!! i'm here to develop the "i'll get you next time, buster!" attitude.

ciao ciao
  • #13,389
  • Edited 5:37pm Jan 16, 2010 5:26pm | Edited 5:37pm
Hi everyone,
I have taken a little getaway trip this weekend as I do often to balance out trading. sitting in my Hotel room and just got done watching the latest movie made about Muhammad Ali Clay, the greatest Boxer ever lived, called “Facing Ali”... one of the guys said something that struck me and I decided at 1 am in the morning before going to bed to share it with you guys..
In this movie there are small pieces about each fighter who fought Ali in their career…
George Forman, who lost the H.W title to Ali in the Zaire fight down in Africa, said:

Ali, really became great, when he found something else to fight for other than just money and championship belts... and when that person finds something like that, you can’t hardly beat them.

Notice that Forman at the time was much younger and stronger than Ali and who went through some adversity due to refusing to go to Vietnam war and being banned for 3yrs from boxing.

I think in many ways this relates to us as traders and the culture of our thread here… I have had the privilege to get to know most of you in a more personal level, families and forex experience stories and I sure do know my own story… and I can tell you that if I had not faced the kind of adversity that I had faced with this market and finding different purposes for trading other than just money, I would not have ever become the trader that I am today, and the kinda person as a whole.

Some of you got incredible stories, most have touched my heart… and I know that by reading this post you may already know or be reminded of what you’re fighting for as well.

Feb said it best sometime ago when he said: there is more than just trading happening here!!.

folks, This is the kind a culture that our thread possess and no other thread around matches it in the history of forums.

anyways, just a thought share among family.

I be in the arena sharp on Monday hour before London bell… who is joining me…

cya till then..
  • #13,390
  • Jan 16, 2010 6:19pm Jan 16, 2010 6:19pm
Thanks for that post FXA. Have a nice weekend break. See you before London opens.

Take care,
B
  • #13,391
  • Edited 10:39pm Jan 16, 2010 7:29pm | Edited 10:39pm
Quoting fxachilies
Hi everyone,

I be in the arena sharp on Monday hour before London bell… who is joining me…

cya till then..
Thank you Fx, thank you for staying with us, thank you for giving so selflessly, even when you're on a gettaway.
I'll be there hoping to copy your success, however long it takes.
d
  • #13,392
  • Jan 16, 2010 9:46pm Jan 16, 2010 9:46pm
Quoting fxachilies
Hi everyone,

I be in the arena sharp on Monday hour before London bell… who is joining me…

cya till then..


See ya in the ring FXA, float like a butterfly and sting like a bee
Don't stop believing
  • #13,393
  • Jan 17, 2010 8:33am Jan 17, 2010 8:33am
A FXA post from the past- The idea that gave birth to FCR ?

Post 1514

Hi traders,
Possible reversal in the making, fractal 1 is broken, pullback is also in the making. But what I want to show you guys now is this,
you all know that on reversals sometimes the market runs for 100+ pips without giving us any PB even a shallow one, so how do you get on the bus?
I place order right above the break of fractal 2 and test the market right there to not miss out.

Any questions let me know.
I hope it helps.
http://www.forexfactory.com/images/attach/gif.gif
Attached Thumbnails http://cdn.forexfactory.com/attachme...1&d=1240904489

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  • #13,394
  • Edited 1:00pm Jan 17, 2010 12:24pm | Edited 1:00pm
Extract from one FXA's old post about losers (which is in line with Feb's teachings). I think this is so important for all readers of this thread to know that it forms the backbone of what we are trying to do here.

There is no way to avoid those losses, unless you want to miss the bus consistently, which will lead to frustration and all kinds of other problems... complete disaster. What you will end up with are very few winners and eventually bigger losses. Believe me when I tell you. I’ve been there... losing thousands.
The Market is unpredictable. The sooner that’s engraved in one’s brain, the closer to success one gets. Losses are part of the game... you will lose!
Entries are a way to test the market to see if that swing will develop, have no other expectation. Each one of those losses could have been a runner. The point is we don’t know. What we should know is to be the first one in line, to ride the bus.
Every time you see a 1-2-3 punch... test the water... If it goes against you... cut the sucker short (expectancy), set a limit for losses. When it’s reached... wash and rinse... live to fight another day
  • #13,395
  • Jan 17, 2010 12:58pm Jan 17, 2010 12:58pm
Just to bring to the forefront an old post from our mentor FEB........................

Guys

Don’t matter how you put it, your main goal as a trader is to build equity over time. Doesn’t matter how you trade, that’s the end of the road. Wining or losing should be just like another day/another dollar. That’s it. Trading is not “exciting” or “glamorous” is just a way you make a living.

Some of you are still struggling with losing. That’s understandable, no problem. In trading, you need to practice, with real money , over and over until you just wake up every morning and do it like a drunken zombie. If you trade NY on EST.

Take it slow. Don’t quit. Just practice long enough until you develop a “sense” of the market. Learning this craft takes time, patience, energy and is time consuming. But your effort will be compensated. The real losers are the one’s who quit.

You don’t “avoid” losing…You deal with it in a very natural way. Emotionless? No baby, you’ll fell the pain from time to time. That’s why you need to keep pushing the buy/sell button constantly, every day…every week…every month..

The concept of trading feels somehow awkward when you’re starting. Let me give you some “samples” (I enjoy screwing up the Shakespeare language sometimes).

You crank up the car in the morning, Pull off the driveway. But in the middle of the freeway, you hear this BAM!...o shit, you get a flat…So here’s the thing…you probably feel like the whole world is crumbling down….have you ever experience that?

You sit down on your brand new lazy boy recliner…oh yeah what a comfort level you have brother!!! What is the next thing you look…ah yeah baby the remote…this magical wand with omni power is so efficient you just crowned the new artificial king of the house. Ah! it feels like the remote is an extension of your arm, ain’t right? Then. you push your beloved clicker and…NOTHING HAPPENS!!

So you do all kind of crazy stuff from throwing you “king” on the floor or, you send some “blessings” to the mother of whomever invented this damm thing. After all it’s been like 5 years since you replace the batteries……oh boy so you thing they last forever?..again the whole world crumbles on you.

That’s the mentality we bring up to trading. We believe we must win all the trades to look for consistency. Nobody likes to be labeled a loser…right?

You lose. Sometimes once, and the “tendency” is for you to “improve” the “system”…oh well I have news for you, that’s an easy way to deplete your account probably sooner than you think.

It’s very important for you as a trader to gain experience thru practice. Will be nice if with all certainty I could tell you “buy when x cross y” unfortunately won’t work here.

The system I and II are threads based on irony.. After all there’s no system….the market won’t care about any “system”

This is just a blueprint for you guys to follow. You’re taking a chance on the ebbs and flows of the market – fractals etc. They won’t work all the time, but they delivers a high chance of catching the wave just in time.

Screw how many pips you make here and there…that’s bullshit. Use REAL figures…dollars and cents. You’re not getting paid on pips. Use money management based on risk and reward and throw REAL MONEY on the table.

What do you know? You can trade on cents if you want.

Going back to the beginning of this post, any way you trade, any time frame, any method, the road ends on equity. Don’t dwell on the day-by-day battle. Look this on long perspective. I get paid every month, when I am trading. That’s a good mark.

Good karma to all of you.
 __________________
Peace
  • #13,396
  • Jan 17, 2010 4:43pm Jan 17, 2010 4:43pm
Hi all,

I studied a lot of posts this week end again and, at some point, I remembered the short trade we took on friday morning London time (see below) and matched it with advices by feb and fx.

Attached Image (click to enlarge)
Click to Enlarge Name: image1.gif Size: 34 KB


Though, I don't understand finally why we didn't exit sooner. It looks to me like we didn't follow what fx said about expectancy (time, speed, rhythm), neither we applied what Feb said about turning a winner into a loser or not to exit once a trade gets down to 6, 5, 4 pips after being 15 or more in profit (30 in this case)...

What do you think?
  • #13,397
  • Jan 17, 2010 5:03pm Jan 17, 2010 5:03pm
I have my mind figuring out this dilema this whole weekend. Something I have started with in the G+ or #2 discussion few days ago with some of my trading days in december examples I ve put on with charts if you remember.

Ok! Either way we save our ass from a fakeout trade. G+ or #2. We always should have a reentry option in place. But everytime this happens we go in later and later into a reversal trade. How late is too late. Whar do you think? Do we, at some point declare it a continuation signal and just let the reentry pass, and set our eyes only on the other side, at the risk of course of missing on a runner.

This goes even more important when we are in a semifakeout trade. So, for the example, the trade goes +15 after our first FCR entry, so we trail our stop around the level line. Price sharply goes against us and we get out with BE or -5 (dont let a winner turn into a loser), and then it heads up towards the peak again. Is the reentry an option here? Or we are letting it go, again at the risk of missing a runner?
You wont survive without preserving!!!
  • #13,398
  • Jan 17, 2010 5:13pm Jan 17, 2010 5:13pm
Quoting fmarcia
Hi all,

I studied a lot of posts this week end again and, at some point, I...
Hi F,

I have attached FXA's post with regards that particular trade (he was trading that live as well then). It should clear up your uncertainty as to why you shouldn't exit sooner.

......................
FXA's post nos 13263, Page 885

ok... i am pretty sure that some of you took some profit as u saw that 1st big solid bull candel.. so u made what? about 10pips top maybe.. thats nice.. but you practised to create a bad habit.. and the worst thing that can happen to you is that it will make you look like a winner.. this is the power of market decive (if you look at it in the long run). that is the difference between me and some of you.. and thats why I bank on more runners on a daily and weekly bases more than anyone in the planet.. lol.
i explain..
what if the price would have resumed back to bear ride right after your exit? you out and the runner mentality guy is still in.. price breaks the LL and drops some more.. the runner mentality guy is still in for a good 35pips from ORIGINAL entery in the driverseat.. and you.. just got triggered for a higher risk countinuation signal further down on the ride and strated a new fight, plus you have cheated yourself out of some pips between your exit and new entery.. uffffffffffff.. not a good position at all.
ok.. I think is clear picture..

this is what i do.. i pick one big fight (orginal entery) and stay tough and rejects markets pitty 20-25 pips and ask for more.. he tries to decieve me with all shapes and forms.. but i stay tough.. until either takes me out for some loss or really stalls and forms a consolidation, so i will get out with atleast tha minimal profit that you earlier got out, or it gets me to the promise land and rewards me for my toughness and patience.. hence that i did all this with no more than a 10pips risk.. thats it..

now compare yourself to me and be the judge..

I wanted to paint a live real time picture for you.. as i have done manytimes for myself when i was putting my game plan toghether..

this should help you alot.. I hope.

I am still in by the way.. watch the discipline as how price got closed to my sl and i held my ground and DID NOT MOVE IT.. its a automatic practise in my head now.. I know my plan and go by it till the day i die..

http://cdn.forexfactory.com/images/attach/gif.gif
Attached Thumbnails http://cdn.forexfactory.com/attachme...1&d=1263546555

__________________
Survive & Preserve.. to Prosper
Cheers..

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  • #13,399
  • Edited 7:48pm Jan 17, 2010 5:43pm | Edited 7:48pm
Quoting coronajazz
I have my mind figuring out this dilema this whole weekend. Something I have started with in the G+ or #2 discussion few days ago with some of my trading days in december examples I ve put on with charts if you remember.

Ok! Either way we save our ass from a...
Hi Jazz,

I have been thinking hard about your questions above. I would be inclined, if I were in a reversal trade (an fcr), to give it a little more room so as to give it a "good fight" (quote from FXA). I have attached below what FXA wrote about it. I agree very much with it as it is in line with my own thinking. Giving ourselves that chance to win the first fight will put us into the driver's seat with the benefit of not having to hop on the bus later (more risk)after it has taken off.

Extract from FXA's post :
.....For immediate fakeouts as to play G+ and re-entry, the only thing I can say is that read the last part of my post about picking one 1st good fight. You might want to give the G+ some more room, like 10pips above the LV and watch the speed and momentum of the PA. It should help and it may get you out of the Battle of LV and once you win that fight you will be in the better position

Hope that helps. It would be nice to hear what others say.

Cheers,
B
  • #13,400
  • Jan 17, 2010 5:49pm Jan 17, 2010 5:49pm
Entered a long at 4368. Playing #2G with a little room (have given it 10 pips breathing space below LV). Going to see how it pans out.
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