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The truth about trading

  • #81
  • Jan 20, 2010 1:38pm Jan 20, 2010 1:38pm
The debate can go on and on, but the bottom line is there are people who understand how to trade extreme volatity..use high leverage like 10-50 standard lots, and can consistently make 10 -20 pips a day..which adds up to several $100,000 a year. And you have tons of guys on forums that try to make 100's of pips a day, trading mini-lots, for years..testing systems.. and quite frankly are never realistically going to make any money at this. Ever. Scalping can work..but you have to be very good at it. It takes hours and hours of screentime, the right software, and an understanding of how price moves during volatile times.
  • #82
  • Jan 20, 2010 1:47pm Jan 20, 2010 1:47pm
Quoting damagedv1
The debate can go on and on, but the bottom line is there are people who understand how to trade extreme volatity..use high leverage like 10-50 standard lots, and can consistently make 10 -20 pips a day..which adds up to several $100,000 a year. And you have tons of guys on forums that try to make 100's of pips a day, trading mini-lots, for years..testing systems.. and quite frankly are never realistically going to make any money at this. Ever. Scalping can work..but you have to be very good at it. It takes hours and hours of screentime,...

Sadly there are times like this week so far, although a few moves have been okay there hard to trust when everything is stuck in a 15-20 pip range most of the time

I only Scalp when I've got good follow through and a high chance of getting 20+ pips out of a move, not this week
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #83
  • Jan 20, 2010 1:52pm Jan 20, 2010 1:52pm
Pinbars are meaningless, unless they are at the end of a trend and in an extreme zone. Price forms patterns for sure, but again unless you have another reason for entering a trade forget it.

Mr D has spent 5 long years looking at charts and I think that does qualify you to talk on the subject. What moves price is an inbalance of sellers and buyers, the rest is meaningless, you can forget RSI, divergence or any indicator. The only things worth having on your charts are how to find extremes and pivots. The other thing to watch is when you seek to use these extremes.

Making money trading is not hard all you have to do is buy low and sell high. Hold your trade, and use money management.

That simple.

Mike
  • #84
  • Jan 20, 2010 1:58pm Jan 20, 2010 1:58pm
Quoting fxsignal
Pinbars are meaningless, unless they are at the end of a trend and in an extreme zone. Price forms patterns for sure, but again unless you have another reason for entering a trade forget it.

Mr D has spent 5 long years looking at charts and I think that does qualify you to talk on the subject. What moves price is an inbalance of sellers and buyers, the rest is meaningless, you can forget RSI, divergence or any indicator. The only things worth having on your charts are how to find extremes and pivots. The other thing to watch is when you seek to...

Closer than the rest so don't take this as a insult like everyone else does

Pivots are worthless to sadly, Sweetspots are okay 00 50 but thats about it.

Making money trading is not hard all you have to do is buy low and sell high. Hold your trade, and use money management.

Should read :-

Making money trading is not hard all you have to do is buy on the way up and sell on the way down.

Picking a Low is generaly against the trend and will result in a lower low most of the time, joining the market at a good price with the direction is where the money is made. Exiting when happy / the direction changes / becomes unclear!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #85
  • Jan 20, 2010 2:00pm Jan 20, 2010 2:00pm
Quoting AstonDan
I swear this forum has gone downhill over recent months but anyway...

The truth about trading is...there is no 'truth' about trading; that's what makes it a 'market'.

Trading of intraday prices is somewhat more difficult due to the necessity to react quicker to the changing dynamics of that particular session, but to simply call it 'noise' is a fallacy and shows ignorance.

'Timeframes' are also a fallacy which the market neither recognises nor respects. To quote Birdt: "There are no 'time frames', just clusters of orders at untested break out...

COMPLETELY CORRECT SIR well done
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #86
  • Jan 20, 2010 2:05pm Jan 20, 2010 2:05pm
Quoting Turveyd
Sadly there are times like this week so far, although a few moves have been okay there hard to trust when everything is stuck in a 15-20 pip range most of the time

I only Scalp when I've got good follow through and a high chance of getting 20+ pips out of a move, not this week
Last night the euro/yen moved about 50 pips in the first 20 minutes of the Asian session. It also moved about 60 pips in less than 10 minutes today around 9:15 am or around there. I nailed both those moves and hit my goal for the week and it's only tuesday. Trade the opening hour of a market.
  • #87
  • Edited 2:08pm Jan 20, 2010 2:07pm | Edited 2:08pm
Quoting damagedv1
Last night the euro/yen moved about 50 pips in the first 20 minutes of the Asian session. It also moved about 60 pips in less than 10 minutes today around 9:15 am or around there. I nailed both those moves and hit my goal for the week and it's only tuesday. Trade the opening hour of a market.
Sorry,meant it's only wednesday.
  • #88
  • Jan 20, 2010 2:13pm Jan 20, 2010 2:13pm
Quoting damagedv1
Last night the euro/yen moved about 50 pips in the first 20 minutes of the Asian session. It also moved about 60 pips in less than 10 minutes today around 9:15 am or around there. I nailed both those moves and hit my goal for the week and it's only tuesday. Trade the opening hour of a market.

Very nice work Yep first hour of every session is a good way to go, sadly thats still 1/2 what you'd get on a good day.

Tomorrow being Thursday hopefully will be a better day, generally more volume so follow through which is important to me but not holding my breath.

45mins to Futures Re open, sometimes got a nice move straight after so fingers crossed!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #89
  • Jan 20, 2010 2:13pm Jan 20, 2010 2:13pm
Quoting Craig
You aren't the only one...I've noticed a few of the better posters are not posting anymore.
Well, somebody started an interesting thread about 'averaging in', but most of the respondents seemed to miss the opportunity to take the discussion forward.
  • #90
  • Jan 20, 2010 2:18pm Jan 20, 2010 2:18pm
Quoting AstonDan
Well, somebody started an interesting thread about 'averaging in', but most of the respondents seemed to miss the opportunity to take the discussion forward.

ahhh I missed that, I used to average in with good results, ie while the price was going against me, when I had a sloppier less accurate entry system, still will sometimes I guess with tighter method.

Most people will give you the standard, NOOOO don't do that, you'll blow the account ofcourse. Cause thats the first thing they'd heard.


But if the trend is still going your way and you get a better price with a tighter exit if it goes wrong/trend turns, then it's rude not to I personally say!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #91
  • Jan 20, 2010 3:35pm Jan 20, 2010 3:35pm
Well to say Pivots and sweetspots are worthless would be very ignorant. There are people that use them and do very well. Its the way that they are used that gets people to say they are worthless or "doesn't work". Just like fibs, I can't seem to find a good way to use em. The secret still is in the exits, thats the way I see it.. if you can find a way to keep your losses small and profits running, thats the key.. but few people in the forum talk about exits and everybody seems to like entrys where theres a dime a dozen ways to do that and if your exit is good, they will usually all do the job.
Trading is simple, not easy, people confuse the two..

Quoting Turveyd
Closer than the rest so don't take this as a insult like everyone else does

Pivots are worthless to sadly,...
  • #92
  • Jan 20, 2010 3:39pm Jan 20, 2010 3:39pm
Our opinion - 100% only for our selfs...same idea or situation for someone else will be positive in same time when it's negative for me...this is why we can not say for 100% this is good or bad...
  • #93
  • Jan 20, 2010 3:42pm Jan 20, 2010 3:42pm
Quoting megamo
Well to say Pivots and sweetspots are worthless would be very ignorant....

Pure Math's, simply add up how many times the price hits and reverses off a pivot point ( +/- 5pips say ). ~20% success rate.

The compare EJ currently to M1 26EMA check out how well the price reacts to this EMA, 50%+ easy!!

Simply isn't enough traders using the same pivot points as they draw there own to make them strong enough to be useable sorry.

Sweetspots work well, the same for everyone!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #94
  • Jan 20, 2010 4:17pm Jan 20, 2010 4:17pm
Verily I will say this to all of you...

There is a way and a very successful one as well if one can understand the below:-

1. Do I have a good pairs of EAR ?

2. My eyes can see but is it haughty and discernible ?

3. Do you take delight in understandings OR you only take delight in making your own opinion known ?

4. Do you only trust your own "power" ?

5. Is my heart at peace ?

If any of you can understand all the above, the way to success shall be laid for you at no costs at all.................yes in Forex of course !!

Cheers.........
  • #95
  • Jan 20, 2010 5:16pm Jan 20, 2010 5:16pm
Well, that does not mean my point of view is not the truth either.

As i said in my post, this thread were for the greenhorns who just started out. It took me some time to figure out how the market works and this was just a shortcut for you.

(after tons of forex literature, video lessons and $5,000 DVDs. Not to mention building tons of systems and dozens of Expert Advisor applets)

Remember, forex "GURUS" will create flashy websites to lure your money and BUY their system.

Ask yourself if this really works, would you have to sell this stuff on the net?
Why not sell it to the hedge funds?

Again, for those of you who are not seeing the big picture, let me create a thumbnail for you and this is as simple as i can get it. If you don't believe me and rather class it as my point of view...well, its your point of view that its my point of view http://cdn.forexfactory.com/images/s...m/big_grin.gif.
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I like the ideal and your post especially coming from a trader who also had to figure out which way is up. I been trying to figure this thing out for a year and $20k up in smoke I'm still here and still learning even though it may take me another year or 5yr but with help like yourself and other who have not allow over confidence or arrogants to get in the way of show other what they have had to overcome in trading will only give continuing inspiration to those like myself and other who are serious about trading on a higher level and not as a whim. Leader create trails and develope maps that other map follow. I look forward to participating in the group.

Jerome
  • #96
  • Jan 20, 2010 5:42pm Jan 20, 2010 5:42pm
The approach that makes money for me is way different than the methods I see on forex forums. Most methods have you look at charts and decide on trend. Those methods fail most traders. They say the market moves in waves and my approach is to be a "float". When the tide rises, I exit with a profit and wait for it to recede before I enter again. The risk management that I use is proprietary and makes all the difference in the world. The way most traders manage risk is only "step 1".
  • #97
  • Jan 20, 2010 6:52pm Jan 20, 2010 6:52pm
Quoting kennyjohnson
The approach that makes money for me is way different than the methods I see on forex forums. Most methods have you look at charts and decide on trend. Those methods fail most traders. They say the market moves in waves and my approach is to be a "float". When the tide rises, I exit with a profit and wait for it to recede before I enter again. The risk management that I use is proprietary and makes all the difference in the world. The way most traders manage risk is only "step 1".

1)so you're better than everybody else on this forum.

2) who cares anyway about your proprietary crap?

3) is this a "hook" to sell your proprietary stuff?
  • #98
  • Jan 20, 2010 7:47pm Jan 20, 2010 7:47pm
Quoting wiztrader
1)so you're better than everybody else on this forum.

2) who cares anyway about your proprietary crap?

3) is this a "hook" to sell your proprietary stuff?
4)
  • #99
  • Edited 8:20pm Jan 20, 2010 8:00pm | Edited 8:20pm
Quoting wiztrader
1)so you're better than everybody else on this forum.

2) who cares anyway about your proprietary crap?

3) is this a "hook" to sell your proprietary stuff?
1) No claim to that effect was made

2) It is the reason the details were not posted.

3) No. It's not mine.
  • #100
  • Jan 20, 2010 9:10pm Jan 20, 2010 9:10pm
Quoting jerome
I like the ideal and your post especially coming from a trader who also had to figure out which way is up. I been trying to figure this thing out for a year and $20k up in smoke I'm still here and still learning even though it may take me another year or 5yr but with help like yourself and other who have not allow over confidence or arrogants to get in the way of show other what they have had to overcome in trading will only give continuing inspiration to those like myself and other who are serious about trading on a higher level and not as a whim....
Thanks, and whatever you learn...be sure to share it.
100% of traders are losers. Just that some win more than they lose!
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