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  • #219,701
  • Apr 1, 2010 7:58pm Apr 1, 2010 7:58pm
The position jockeying alone before NFP, near major breakout highs, on an equity holiday will be enough to shake out weak stops. It's garbage trading.. pure garbage. You can spin the wheel and call out red or black and be right, but does that make you a talented roullette player? No, it just makes you lucky. The reason that the big traders are in the Hamptons tomorrow is because they deserve to be in The Hamptons.. The Junior traders are manning the desks because they still need to learn. You could make tens of thousands of dollars trading tomorrow, but your reward will be an undeserved sense of accomplishment that will lead you to a very predictable fate, going back to journalism school or whatever it is you did before you decided you were smarter than everyone else. Trading is about wisdom rather than intelligence. However, the truly intelligent can recognize that in time to become a trader rather than a statistic.
  • #219,702
  • Apr 1, 2010 8:01pm Apr 1, 2010 8:01pm
Quoting uraceulose
One big thing that helps me and that gator has said quite a few times through these ranging weeks is "no trade is sometimes a winning trade"

Everyone gets what it means but it won't sink in until you really let it. I've passed on quite few trades these last few weeks. It is hard with a small account to take a 10 pip profit for 5-10 bucks when it's going against you. You must do it. It's hard to not let a draw down go 75 pips when a pip is worth pennies. You have to treat it as if you're trading for 1000/per pip every trade. If you don't, it's...
IMARICH1, just curious... what time frame do you trade? I have found it prudent to trade the big picture when you are struggling and need a positive trade. Then what you can do is look in closer for good setups on smaller sized hedge trades. This is what successful traders do in very simple terms. ALL trades should be taken when and only when it is a good setup (like long overdue retrace or pullback). And all trades should have good money management (ie risk : reward ratio).

Great point brought up below, make good use of pending trades. And don't be afraid to set your trade (instant or pending) and walk away. Also take advantage of trailing stops to get even more from a trade. And lastly breakevens once price reaches 3/4 the way to tp.

Hope you stick around.
  • #219,703
  • Apr 1, 2010 8:01pm Apr 1, 2010 8:01pm
Thanks uraceulose, gator and Mr hatch!

I appreciate your opinions!

2+2=4x....

I was taught by a good trader who traded for a big bank a few years back. He told me to trade using the Day chart and a 20 ma and look off the 1hr and 15 min to narrow in....i use the 80 ma on 15 min and 1 hr and they work...

Atlast has help me understand the Pitchfork and I use Gator's numbers.....but the moment I take a drawn down and close out for a 30 to 45 pip loss....then it reverses....then when I don't close due to knowing it will reverse...it doesn't......last 3 months I had 80% of the trades right....

I have used that same trading style in the last month and half...and lost 80%!
  • #219,704
  • Apr 1, 2010 8:02pm Apr 1, 2010 8:02pm
This has been one of the better discussions here at FF, lot's of honesty and humility....I like that.

Well....I'm really, really, really going to sign off now because there is a hot air balloon ride ticket in my hot little hand, and it's going to be a magic evening.

So good luck all...stay safe, be kind to the animals, and I'll stop by next week and see where we are......

Hasta luego

RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #219,705
  • Apr 1, 2010 8:07pm Apr 1, 2010 8:07pm
Quoting uraceulose
One big thing that helps me and that gator has said quite a few times through these ranging weeks is "no trade is sometimes a winning trade"

Everyone gets what it means but it won't sink in until you really let it....
i can assure you, i can't do that. i sniped away (.50$/pip) 50-100 pips just scalping in and out of moving markets every day, which is kind of exhausting. as soon as i started to think about the market, learn stuff i'd have run away from a few years earlier, i started loosing. i have no clue why... possibly i'm waiting too long for really good signals, fearing consequences if sth turns against me and so on. tight sls nearly always turned against me in the past, and when it happens i don't have the nerve to re-enter.

i know you shouldn't think about it, but i do anyway. look at current pa since asia opened. if i went short with 5$/pip just for 20 pips... i could easily call it day.
  • #219,706
  • Apr 1, 2010 8:07pm Apr 1, 2010 8:07pm
Quoting realjumper
This has been one of the better discussions here at FF, lot's of honesty and humility....I like that.

Well....I'm really, really, really going to sign off now because there is a hot air balloon ride ticket in my hot little hand, and it's going to be a magic evening.

So good luck all...stay safe, be kind to the animals, and I'll stop by next week and see where we are......

Hasta luego

RJ
bring back some photos!! Good luck.
  • #219,707
  • Apr 1, 2010 8:10pm Apr 1, 2010 8:10pm
Pippy5k- like your trading wisdom, I get the feeling you make money doing this- I'm short eu now. out is money in the bank, sideline good-ditch bad- think i'll shutter down and take a small +
  • #219,708
  • Apr 1, 2010 8:15pm Apr 1, 2010 8:15pm
Quoting gatorinla
not th beat a dead horse but its nfp week. anything can happen.. mcormic put some good stuff out there. i will add below 3566 is a good place to be for the brave who sold todays high.
testing 3566. an old # from 1.6
those who can, do. those who cant, talk about those who can
  • #219,709
  • Apr 1, 2010 8:21pm Apr 1, 2010 8:21pm
Quoting Mr Hatch
blowing an account is out of the question for me... or better, my wife. she checks everyday whether or not i made positive pips... pets my shoulder and leaves me to mr. market. she has no idea how much i sweat sometimes. when i am unsure, i severely reduce price/pip, be it a 200 pip-move or not. i'm learning... so i cannot trade more than 1$/pip, or i shit my pants right on the spot. i tried it, this month... guess what, i lost.
sometimes i think i should let my wife pull the trigger... look at pa right now. i know about all the resistance above...
You have a good money manager then.. for me the less info the better..I just get the nasty looks when the alert sounds at 3am. I can see where FOREX could be hard on a new relationship but it's much, much easier the older you get I think.. ahem.
  • #219,710
  • Apr 1, 2010 8:24pm Apr 1, 2010 8:24pm
Quoting Trendstar
You have a good money manager then.. for me the less info the better..I just get the nasty looks when the alert sounds at 3am. I can see where FOREX could be hard on a new relationship but it's much, much easier the older you get I think.. ahem.
and i honestly think, she would easily out-perform me
  • #219,711
  • Apr 1, 2010 8:26pm Apr 1, 2010 8:26pm
I showed one of my proven manual systems on a yahoo group so I felt it's only fair to share it here also since this is the first pair I started trading with. My EA is set up basically the same way as the rules below. Run a few demos you might just be surprise.



A simple system that works..

Some of you asked for the manual rules of my EA and I told you I would post
them soon. As promised here they are.

Manual trading using my EAs rules

Open a buy and a sell trade with TP 10 lot size according to your MM
When buy or sell is filled the next limit order pops up.
Important for all limit orders the lot size must be multiplied by 1.4 from
previous size. All orders will use a step 20 with TPs on 1- 5 trades below.
1. 23
2. 23
3. 25
4. 27
5 30


All TP's are adjusted on each trade so all are the same to pay off the loosing trades and close out all trades.

A step as step 20 is simply the amount of pips the market needs to go to execute the next limit order.

I trade this way manually and also with my EA. So far I have 90% of the trades closing out at trade 5 or below.

Also I only use this when the market in ranging which for me is 9am-12noon 7 PM-9pm, 3:30 am to 5:30 am (all EST)

I have a 100% rate of completing the cycle in less than 24 hours. Never carried a trade over to the next day except for the gap of course.

These are my basic rules if you go by this you will win much more profit than you will loose. However you need the right pair. I have found the eur/jpy to work the very best at the times I posted above but also works fine with the eur/usd.

Some of you are saying oh yeah it will work fine until it blows your account.

I have used this system since last November
and I have never blow a account. As a matter of fact the very worst trades using this system was a loss of 7% and a few other got out at be.(you can see I do not go by convental MM rules however my floating draw down has never been higher than 13.5%)
Not bad for a system that will pull in a few hundred pips a day..

So enjoy try it out manually.
As I said it works well for me.

Dean
  • #219,712
  • Apr 1, 2010 8:27pm Apr 1, 2010 8:27pm
Quoting uraceulose
I'm 2 pips behind you. edit: so if u get stopped out, u won't be alone. Or we make profit together
I closed that one @ 3566 for +4.9 pips. not too much but i'm gonna wait a minute and see how this pans out. we are still above daily pp and tokyo comes back online in a few.
  • #219,713
  • Apr 1, 2010 8:27pm Apr 1, 2010 8:27pm
I am just curious- what time frame you use? I ask because I have the same work situation as you and what I found helpful was to trade H1/H4/D1.

If you develop a method that triggers your trades on any of these TF you CAN put on a trade and go to sleep. S/L ofcourse needs to have some leg room. 50-80 points for the way I trade.

Quoting IMARICH1
I am with you on the account size and trading hours.....I have affected my relationship with my financee on trying to trade the late Asian session and Early London and then go to work at 8am in the US......get 3 hrs of sleep....
Its all in the mind.
  • #219,714
  • Apr 1, 2010 8:30pm Apr 1, 2010 8:30pm
could not have said it any other way...I know what you are talking about---it is all about discipline, patience and MM--- Wait it out, sit and wait for days until that set-up occurs- there is $$$ at stake guys.

Quoting uraceulose
"no trade is sometimes a winning trade"
Its all in the mind.
  • #219,715
  • Apr 1, 2010 8:35pm Apr 1, 2010 8:35pm
Destin,

Actually, I make slightly less than I did as a computer scientist

But I hated that and I love this.. I just want these young early 20 something guys to understand that it isn't about fancy charts or reading an endless stream of official sounding, yet ultimately pointless books.. it's about ruining your eyes staring at a screen, trial and error, and getting back on the god damn horse when you fail (and you better believe you will).

You'll learn everything you ever needed to know intellectually about FX within 6 months.. then it becomes an issue of whether you repeat the same mistakes, or have the balls to get back on the MFing horse regardless of your time zone..

Remember that there's no such thing as a bullshit market The market is the market.
  • #219,716
  • Edited 9:01pm Apr 1, 2010 8:37pm | Edited 9:01pm
i went back a few pages and didn't see anything, but what is the significance of 3566? Its bumping up against there now. so i assume its support based on what? what is 1.6? thanks
  • #219,717
  • Apr 1, 2010 8:43pm Apr 1, 2010 8:43pm
5abi,

The problem is that since this new nfa regulation took place....it wiped out out my account where i had some hedges and i can't place stop loss or stop limits at the same time....i have to take my account overseas...I may do this soon....

But I can;t have a stop and limit set up on the same account in US...like I used too
  • #219,718
  • Apr 1, 2010 8:47pm Apr 1, 2010 8:47pm
There are borkers in US that allow placing limit orders and stop orders at the same time. First couple of months were BS after NFA but now I can even do a trail stop. May be changing borker is what you need.

I know how insane it was those few weeks without limit and s/l orders

Quoting IMARICH1
5abi,

The problem is that since this new nfa regulation took place....it wiped out out my account where i had some hedges and i can't place stop loss or stop limits at the same time....i have to take my account overseas...I may do this soon....

But I can;t have a stop and limit set up on the same account in US...like I used too
Its all in the mind.
  • #219,719
  • Apr 1, 2010 8:48pm Apr 1, 2010 8:48pm
Put $25 in your micro account and when you have $1,000 you'll be ready to trade $1 per pip.. If you never create $1,000 off of your $25 then....


If you can't complete the preceding sentence then I'll have a double whopper with cheese.. and thanks for your money.
  • #219,720
  • Apr 1, 2010 8:49pm Apr 1, 2010 8:49pm
I use Fx sol and Interbank fx and you cant use trailing stops or place limit and stops on the same trade...
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