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4% A Day Forever

  • #1,041
  • Feb 6, 2010 4:53am Feb 6, 2010 4:53am
Quoting magnumfreak
10:1 has nothing to do with how the markets are moving. That (if passed) will only impact the RETAIL trader which has no power to move the markets. Big money traders already trade with less than 10:1. This is just another excuse to not trade. The markets are moving very nicely.
I agree with you that this specific issue is not big enough to have any effect on forex market flows. But it is directly related to a perceived trend toward greater regulation of the otc markets and the effect of that perception is arguably very noticeable (see article).

http://www.sirchartsalot.com/article.php?id=123

I am thinking of it as the Volker Effect.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,042
  • Feb 6, 2010 5:07am Feb 6, 2010 5:07am
Quoting magnumfreak
10:1 has nothing to do with how the markets are moving. That (if passed) will only impact the RETAIL trader which has no power to move the markets. Big money traders already trade with less than 10:1. This is just another excuse to not trade. The markets are moving very nicely.

Making money off of the H4 and higher is not a dream, in fact it is much easier than the 1 min or the 10sec charts. I strongly recommend it for people who are busy and cannot be in front of the computer for hours on end or for people who just want a life outside of Forex....
Don't know very coincidental, that news came on on the Friday, Monday to thursday the next week was dead and useless, Then the Presidents speach came out, Friday rocked hoped it was just that then back to dead again.

Trades this year, 10 max, been maxed out with work and other hassles.

D1 wise, my same chart rules almost apply, but I haven't got a account or mentality capable of trading at that speed.

Good to see your doing well MF and around still.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,043
  • Feb 6, 2010 5:08am Feb 6, 2010 5:08am
Quoting The Fool
Hi juannie. Thanks for visiting my thread. As my friends have pointed out, I am pretty much a discretionary trader & so its not likely that you will find some systematic rules to plug into an EA.

That said, I have thought about how I might model the momentum trades that I mostly make & I think it will be possible, but difficult. And that will be a time consuming exercise. And I am short on time these days - but we'll see if I can pursue that someday....

Good luck to you.
Yeah, thank you for replying my post too, The Fool!

What i'm ask you here is how do you do momentum trades?
What indicators you used to determine whether to Open Buy Position or Open Sell Position?
What is your broker?
Maybe i could make that strategies of yours to develop my own EA...at least i need some great ideas to inspire me making my own EA.

I read your thread and i think this is the thread that i looked for.
There must contain a great ideas to inspire me in my journey to build my own EA.
  • #1,044
  • Feb 6, 2010 5:24am Feb 6, 2010 5:24am
What i'm ask you here is how do you do momentum trades?

I look for visible movement on the low tf charts. I identify breakout trading opportunities and try to anticipate then catch breakouts as they occur.

What indicators you used to determine whether to Open Buy Position or Open Sell Position?

I use Bollinger Bands but in a more or less discretionary way. No other indicators, but I also pay attention to candlestick patterns to help identify trendlet reversals or continuations. I look for identifiable and repeating patterns (wavelets especially, also flags, pennants) and try to exploit those.

What is your broker?

Oanda

Good Luck juannie.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,045
  • Feb 6, 2010 5:43am Feb 6, 2010 5:43am




Thank you very much for sharing, The Fool.

What you told me was an inspiration for me to make my EA.

I'm looking forward to know your strategies more...
So that i have a detail and clear vision of your strategy.

Thanks again, The Fool!
  • #1,046
  • Feb 6, 2010 10:26am Feb 6, 2010 10:26am
Quoting The Fool
Hit breakeven last week - nine months of live trading & nothing to show. That has been a sobering thought.
Hey - be thankful Some never make it back. If I had discovered FF in my early trading days and seen that awful calculation of how much more you have to make to get back to breakeven, I might have given up. It's not an easy road and I don't think it ever will be (at least for me).

Keep it green
Nothing worth having is easy.
  • #1,047
  • Feb 6, 2010 2:24pm Feb 6, 2010 2:24pm
Magnumfreak,
The markets may be moving along nicely but Wed., Thu., and Fri. they roared. Best 3 days I've had in months. Of course if you've been waiting for the bottom to fall out weeks it would be hell to miss it.
Time frames I believe are a personal bias, most people trade the one they like even if the signals are much better on another TF. I have to force myself to admit that the 1D and 4H look good and ask myself why I am trying to do a marginal 5M or 1m scalp. Just what I think but I think it strongly, at least when it comes to me.
  • #1,048
  • Feb 6, 2010 2:42pm Feb 6, 2010 2:42pm
Quoting Patience
Keep it green
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,049
  • Feb 6, 2010 2:46pm Feb 6, 2010 2:46pm
Quoting Bankshot
Magnumfreak,
The markets may be moving along nicely but Wed., Thu., and Fri. they roared. Best 3 days I've had in months. Of course if you've been waiting for the bottom to fall out weeks it would be hell to miss it.
Time frames I believe are a personal bias, most people trade the one they like even if the signals are much better on another TF. I have to force myself to admit that the 1D and 4H look good and ask myself why I am trying to do a marginal 5M or 1m scalp. Just what I think but I think it strongly, at least when it comes to me.
Yeah I had to look at the screens twice after Thursday.

I agree with what you said. It is very easy to get into a bias regarding a particular TF. I will always have a love for the 1 min charts. They are the reason I can trade the daily's now. My brokers probably don't like me as much as they used to. LOL! I demo'd my daily strategy for 6 months before gaining enough confidence in it to go live. Gave me time to refine it and get really comfortable before committing to it. My stops are based on a percentage of the height of a candle over the last x number of days and my entries on based on a percentage of the size of the body of the candle over the last x number of days. This allows the system to adjust to market conditions as needed. This also allows me to get into trades every day instead of having to wait for weeks or months for a trade to set up.
  • #1,050
  • Feb 6, 2010 3:35pm Feb 6, 2010 3:35pm
Interesting...have to check that out


[quote=magnumfreak;3438471 My stops are based on a percentage of the height of a candle over the last x number of days and my entries on based on a percentage of the size of the body of the candle over the last x number of days. This allows the system to adjust to market conditions as needed. This also allows me to get into trades every day instead of having to wait for weeks or months for a trade to set up.[/quote]
Annoying Precision
  • #1,051
  • Feb 6, 2010 3:56pm Feb 6, 2010 3:56pm
Quoting erikte279
Interesting...have to check that out
The trick is in knowing how many days and what percentages.
  • #1,052
  • Feb 6, 2010 4:07pm Feb 6, 2010 4:07pm
WELL, if I had my EA it wouldnt be that hard..dang
Annoying Precision
  • #1,053
  • Feb 6, 2010 4:09pm Feb 6, 2010 4:09pm
Quoting erikte279
WELL, if I had my EA it wouldnt be that hard..dang
Why would you need an EA for a daily system?? Are people really that lazy?
  • #1,054
  • Feb 6, 2010 4:10pm Feb 6, 2010 4:10pm
over your head and under your feet......wssshhhh
Annoying Precision
  • #1,055
  • Feb 6, 2010 4:12pm Feb 6, 2010 4:12pm
I made around 600 pips last week using my daily system

Quoting magnumfreak
Why would you need an EA for a daily system?? Are people really that lazy?
Annoying Precision
  • #1,056
  • Feb 6, 2010 4:15pm Feb 6, 2010 4:15pm
Quoting erikte279
I made around 600 pips last week using my daily system
Slow week huh?
  • #1,057
  • Feb 6, 2010 4:21pm Feb 6, 2010 4:21pm
are you padding your ego ? I prefer the term "hopefully not lucky week stay disciplined, long term s/r smaller term s/r confirmation"

Quoting magnumfreak
Slow week huh?
Annoying Precision
  • #1,058
  • Feb 6, 2010 4:25pm Feb 6, 2010 4:25pm
Quoting erikte279
are you padding your ego ? I prefer the term "hopefully not lucky week stay disciplined, long term s/r smaller term s/r confirmation"
live or demo?
  • #1,059
  • Feb 6, 2010 4:27pm Feb 6, 2010 4:27pm
live
Annoying Precision
  • #1,060
  • Feb 6, 2010 4:28pm Feb 6, 2010 4:28pm
Quoting erikte279
live
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