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  • #208,301
  • Mar 8, 2010 10:25pm Mar 8, 2010 10:25pm
Thats what is illegal? They should not be able to lie about what they are doing! It is a game and I have to know how to manage myself in it.....

The last 3 weeks I nearly wiped out my account with nothing but losing trades. i would leverage higher on the next one to win back my loss...but after a lot of losses....it nearly wiped out my account.....I had over 100 trades in the right direction this year and managed to double my account but the least 3 weeks has been so much uncertainty for me which killed my account....

I am still uncertain if we are going up or down...there are good traders in the know that make good points both ways...I am short bias...but I can sere this retracing back to 3718.................just don't know......
  • #208,302
  • Mar 8, 2010 10:26pm Mar 8, 2010 10:26pm
Quoting cloggie
Yeah I got 3622 too, followed by 3604
nothing magic about it. its has gravity like any other pivot. but since its a bigger tf we hang around it.. at least untill 3052 takes its turn a much stronger one. ..
those who can, do. those who cant, talk about those who can
  • #208,303
  • Mar 8, 2010 10:32pm Mar 8, 2010 10:32pm
Quoting IMARICH1
Thats what is illegal? They should not be able to lie about what they are doing! It is a game and I have to know how to manage myself in it.....

The last 3 weeks I nearly wiped out my account with nothing but losing trades. i would leverage higher on the next one to win back my loss...but after a lot of losses....it nearly wiped out my account.....I had over 100 trades in the right direction this year and managed to double my account but the least 3 weeks has been so much uncertainty for me which killed my account....

I am still uncertain if...
they can tell your there long eu.. and at the same time long usd/chf with a bigger position.. they were being honest although they omit things.. ..
those who can, do. those who cant, talk about those who can
  • #208,304
  • Mar 8, 2010 10:35pm Mar 8, 2010 10:35pm
Quoting malcolmb14
and stock market is even worse ....I have often seen stocks move up on no volume and just keep going and going and going ... obviously closed door deals are being done. The odds really are stacked against us in this game.
The world almost at the end...and stock market will boom boom boom b4 end...and forex also doom doom doom...

aiseh to much spend time for this movie lol
  • #208,305
  • Mar 8, 2010 10:36pm Mar 8, 2010 10:36pm
Okay....answer this...how can FXCM have the contrarian indicator on us retail traders and post it but we cant have that same info on the banks?
  • #208,306
  • Mar 8, 2010 10:37pm Mar 8, 2010 10:37pm
Quoting gatorinla
they can tell your there long eu.. and at the same time long usd/chf with a bigger position.. they were being honest although they omit things.. ..
  • #208,307
  • Mar 8, 2010 10:41pm Mar 8, 2010 10:41pm
Quoting IMARICH1
Thats what is illegal? They should not be able to lie about what they are doing! It is a game and I have to know how to manage myself in it.....

The last 3 weeks I nearly wiped out my account with nothing but losing trades. i would leverage higher on the next one to win back my loss...but after a lot of losses....it nearly wiped out my account.....I had over 100 trades in the right direction this year and managed to double my account but the least 3 weeks has been so much uncertainty for me which killed my account....

I am still uncertain if...
My advice would be to revisit your money management - sounds as if you are using a martingale approach. As you've learned, the effect during a losing streak is devastating. Also, settle on your approach, know the stats by looking historically, and stick to it. Before you place a trade you should know:

1) Where you will take a profit (target), or what you need to see in order for you to take profit (say, rejection of price off of a bollinger band)
2) How will you take profit? Will you just use targets? Will you use a trailing stop? Will you close half your position, and move the stop on the remainder to break even?
3) What will tell you that you need to close the trade at a loss? A particular point of price? Price action behaving in a particular way? Decide and stick to it.
4) If you close a trade at a loss, does that automatically indicate that you should open in the opposite direction? What constitutes the criteria for doing so?
5) Once you have nailed down all of the above, you need to simulate trading (lots of MT4 EAs that can help you with this around here). Run through pair after pair until you find yourself not thinking about why you should do x, y, and z....it becomes second nature.
6) Here's the most important part....work on psychology.
  • #208,308
  • Mar 8, 2010 10:42pm Mar 8, 2010 10:42pm
  •  MarkH
  • | Joined Oct 2009 | Status: "Show Me The Money" - Jerry McGuire | 222 Posts
Quoting IMARICH1
Okay....answer this...how can FXCM how the contrarian on us retail traders and post it but we cant have that same info on the banks?
You need an ECN broker, your orders go straight to market. No broker trading against you. And no...the markets are not stacked us, I made 70K in the stock market last year. You just have to know what you are doing.

I've been trading / investing for 15 years...so I've learned a thing or two.
  • #208,309
  • Mar 8, 2010 10:43pm Mar 8, 2010 10:43pm
Thanks Price Volume...I knew I would get some feedback here....Gator gets on me about this as well....

You both are correct....not going to debate...just being honest here
  • #208,310
  • Mar 8, 2010 10:47pm Mar 8, 2010 10:47pm
Quoting IMARICH1
Thanks Price Volume...I knew I would get some feedback here....Gator gets on me about this as well....

You both are correct....not going to debate...just being honest here
Not only that but we are all different and we thrive or die under different conditions. This kind of ranging PA we are having for the past few weeks is something that I don't do very well with....in fact I'm crap at trading this type of PA. Others love it and rake in the pips as if they are going out of fashion!

You have to know where your strengths and weaknesses are. Stay out of the market when the PA doesn't suit your style. Gotta be in sync with the market or it will bite hard......imho
Doing what you like is Freedom. Liking what you do is Happiness.
  • #208,311
  • Mar 8, 2010 10:47pm Mar 8, 2010 10:47pm
But you may have a big capital account to make $70,000.....you can't do that with say $1,000 or $2,000.....

Its discouraging making $20 on proper leverage and spending over 5 to 8 hours on the computer....so thats where overleveraging comes into play......

When I had a bigger account and just went after 5 to 10 pips or so...I could make a decent amount of money in a day.....but when I tried for these longer term moves and was convinced we were headed in a certain direction....I held on to long and hurt my account.......
  • #208,312
  • Mar 8, 2010 10:47pm Mar 8, 2010 10:47pm
Quoting IMARICH1
Okay....answer this...how can FXCM how the contrarian on us retail traders and post it but we cant have that same info on the banks?
commerse is the main thing moving market. as u.s buys less beamers eu will naturaly drop. with a bad economy u.s. buys less. add in china/s korea and eu will continue to drop. its supply and demand. when we buy a beamer usd buys euro to covert it. to pay the bmw plant . if the bank has a big deal like a u.s. goverment governent contract to sell a few billion worth of jets they may use this to their advantage. and vice versa with any large contract like kraft buying cadberry.
those who can, do. those who cant, talk about those who can
  • #208,313
  • Mar 8, 2010 10:53pm Mar 8, 2010 10:53pm
  •  MarkH
  • | Joined Oct 2009 | Status: "Show Me The Money" - Jerry McGuire | 222 Posts
Don't get discouraged, keep moving forward, little bits at a time.

Quoting IMARICH1
But you may have a big capital account to make $70,000.....you can't do that with say $1,000 or $2,000.....

Its discouraging making $20 on proper leverage and spending over 5 to 8 hours on the computer....so thats where overleveraging comes into play......

When I had a bigger account and just went after 5 to 10 pips or so...I could make a decent amount of money in a day.....but when I tried for these longer term moves and was convinced we were headed in a certain direction....I held on to long and hurt my account.......
  • #208,314
  • Mar 8, 2010 11:00pm Mar 8, 2010 11:00pm
Quoting gatorinla
commerse is the main thing moving market. as u.s buys less beamers eu will naturaly drop. with a bad economy u.s. buys less. add in china/s korea and eu will continue to drop. its supply and demand. when we buy a beamer usd buys euro to covert it. to pay the bmw plant . if the bank has a big deal like a u.s. goverment governent contract to sell a few billion worth of jets they may use this to their advantage. and vice versa with any large contract like kraft buying cadberry.
On an intraday basis the vast majority of the trading volume is purely speculative. There is commerce taking place but its not trillions of dollars worth per day. Think about it - could that be the case when the largest players - the USA and the Eurozone - have annual GDP's of only around $15 trillion? Pick up a book on Market Microstructure or Exchange Rate Modeling and you will confirm that the daily market is shaped mostly by speculative trading - not by fundamentals, not by asset transactions.

If you want to reliably and safely make money trading fx, learn to scalp. Do you think it is an accident that the banks are trading with large volumes one-two pips at a time? Be like them. Or not...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #208,315
  • Mar 8, 2010 11:06pm Mar 8, 2010 11:06pm
Quoting IMARICH1
But you may have a big capital account to make $70,000.....you can't do that with say $1,000 or $2,000.....

Its discouraging making $20 on proper leverage and spending over 5 to 8 hours on the computer....so thats where overleveraging comes into play......

When I had a bigger account and just went after 5 to 10 pips or so...I could make a decent amount of money in a day.....but when I tried for these longer term moves and was convinced we were headed in a certain direction....I held on to long and hurt my account.......
I can completely understand that frustration. But think of it this way....if you're using a fixed percent of risk, say 2%.....day 1 you make $20....day 2 $21....day 220 $358.....day 440 $9,158......trading is about patience and consistency. These numbers by the way are based on a win rate of 80%....such is possible if you are look for and stick to the high probability setups. The secret isn't necessarily catching all of the big pip moves. The secret is being able to compound returns frequently while also guarding your capital.
  • #208,316
  • Mar 8, 2010 11:09pm Mar 8, 2010 11:09pm
Quoting The Fool
On an intraday basis the vast majority of the trading volume is purely speculative. There is commerce taking place but its not trillions of dollars worth per day. Think about it - could that be the case when the largest players - the USA and the Eurozone - have annual GDP's of only around $15 trillion? Pick up a book on Market Microstructure or Exchange Rate Modeling and you will confirm that the daily market is shaped mostly by speculative trading - not by fundamentals, not by asset transactions.

If you want to reliably and safely...
Hey Fool - do you use a generic target when scalping (such as, 2X spread), or do you just let PA dictate exit?
  • #208,317
  • Mar 8, 2010 11:09pm Mar 8, 2010 11:09pm
  •  MarkH
  • | Joined Oct 2009 | Status: "Show Me The Money" - Jerry McGuire | 222 Posts
Quoting PriceVolume
I can completely understand that frustration. But think of it this way....if you're using a fixed percent of risk, say 2%.....day 1 you make $20....day 2 $21....day 220 $358.....day 440 $9,158......trading is about patience and consistency. These numbers by the way are based on a win rate of 80%....such is possible if you are look for and stick to the high probability setups. The secret isn't necessarily catching all of the big pip moves. The secret is being able to compound returns frequently while also guarding your capital.
Amen PriceVolume! Good words to work by....
  • #208,318
  • Mar 8, 2010 11:12pm Mar 8, 2010 11:12pm
Quoting The Fool
On an intraday basis the vast majority of the trading volume is purely speculative. There is commerce taking place but its not trillions of dollars worth per day. Think about it - could that be the case when the largest players - the USA and the Eurozone - have annual GDP's of only around $15 trillion? Pick up a book on Market Microstructure or Exchange Rate Modeling and you will confirm that the daily market is shaped mostly by speculative trading - not by fundamentals, not by asset transactions.

If you want to reliably and safely...
.. its money moving.. gdp is not all of it.. its just moving money. in things such as credit cards. money in money out like a slot machine. the same dollar may make the trip thousands of times in a day. little is speculation
those who can, do. those who cant, talk about those who can
  • #208,319
  • Mar 8, 2010 11:20pm Mar 8, 2010 11:20pm
Quoting PriceVolume
Hey Fool - do you use a generic target when scalping (such as, 2X spread), or do you just let PA dictate exit?
pa dictates. I am happy with positive pips. i try to scalp into momentum of course. after i have scalped beyond a daily target i am looking for an opportunity to let trades run as far as they can from a safe (sl @be) position. and trade size always growing linearly as a function of account size, each trade at uniform risk. very very boring.

i like thinking about which way price may move and how far. but ultimately it will move where the largest traders move it and their purposes are impossible to divine. all i really need to know how to do is recognize pa movement & safely jump on it. All the rest is just extra effort.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #208,320
  • Mar 8, 2010 11:21pm Mar 8, 2010 11:21pm
1.361 seems to hold quite sufficiently, possible to take a long. i had a long 1.361 yesterday b4 bedtime, but not much changes. no chance to push up stop yet.

if 1.36 is penetrated, might open way to much lower prices. But im still expecting a higher retrace
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