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  • #11,261
  • Apr 5, 2010 9:10am Apr 5, 2010 9:10am
Quoting kaunasny
Hi,...
Hey no sweat mate. I was only kidding. Should be interesting to see what happens.
"Don't trade to trade . . . trade to win." - James16
  • #11,262
  • Apr 5, 2010 6:44pm Apr 5, 2010 6:44pm
Quoting simpleman
Hi all,

I just came across this thread couple of days ago and trying to read as much as I could. I had been doing day trading and was unsuccessful so far and have blown out number of live accounts. I really want to get into end of day trading but don't know how becuase of very limited capital. If I re-start with $1,000 and risk 3% that means my first stop loss is going to be just 30 pips away assuming $1/pip. By looking at huge up/down in a day in every pair, I will highly likely be out of trade soon.

I also tried EA and on one ocassion...
Funding another trading account is the absolute LAST thing that should be on your mind right now if in fact you have just finished blowing several live accounts.

You need to stop trading real money and go back into study mode by starting out on the first page of this thread. It will take you a long time to read and understand everything but it can be done.

As your reading the thread you will find that there are many that came here in the same situation as yourself and as you follow the thread you can watch how they have progressed along the path.

Best of luck,

Craig
  • #11,263
  • Apr 5, 2010 6:51pm Apr 5, 2010 6:51pm
Quoting simpleman
Hi all,

I just came across this thread couple of days ago and trying to read as much as I could. I had been doing day trading and was unsuccessful so far and have blown out number of live accounts. I really want to get into end of day trading but don't know how becuase of very limited capital. If I re-start with $1,000 and risk 3% that means my first stop loss is going to be just 30 pips away assuming $1/pip. By looking at huge up/down in a day in every pair, I will highly likely be out of trade soon.

I also tried EA and on one ocassion...
You could open a micro account with $1000, there are some reputable ones like FXCM or Oanda. Then you can trade 10cents a pip and concentrate on building up your capital again.
This is a smart thing to do because using too much risk is very hard emotionally and you want to try and reduce that if you can.
Good Luck
  • #11,264
  • Apr 5, 2010 7:00pm Apr 5, 2010 7:00pm
if he's blown multiple accounts already, then he need to go back to demo trading, not open a micro account, even if its just a $1000 depositing.

Quoting elitejets
You could open a micro account with $1000, there are some reputable ones like FXCM or Oanda. Then you can trade 10cents a pip and concentrate on building up your capital again.
This is a smart thing to do because using too much risk is very hard emotionally and you want to try and reduce that if you can.
Good Luck
  • #11,265
  • Apr 5, 2010 7:04pm Apr 5, 2010 7:04pm
Quoting just_ha
if he's blown multiple accounts already, then he need to go back to demo trading, not open a micro account, even if its just a $1000 depositing.
I agree.
But the problem of position sizing for trading daily charts is a common one so I thought I would mention it.
It might be controversial, but I am not a fan of spending too long on demo, mainly because I struggled with the conversion to real money. I think that trading real money in small (affordable) size can be more beneficial, even if you take some losses, they are good lessons.
  • #11,266
  • Apr 5, 2010 7:46pm Apr 5, 2010 7:46pm
Quoting elitejets
I agree.
But the problem of position sizing for trading daily charts is a common one so I thought I would mention it.
It might be controversial, but I am not a fan of spending too long on demo, mainly because I struggled with the conversion to real money. I think that trading real money in small (affordable) size can be more beneficial, even if you take some losses, they are good lessons.
I definitely agree.

You can trade a demo account, but the gremlins don't come out until there is actually something at risk.
  • #11,267
  • Apr 5, 2010 8:07pm Apr 5, 2010 8:07pm
Quoting simpleman
Hi all,

I just came across this thread couple of days ago and trying to read as much as I could. I had been doing day trading and was unsuccessful so far and have blown out number of live accounts. I really want to get into end of day trading but don't know how becuase of very limited capital. If I re-start with $1,000 and risk 3% that means my first stop loss is going to be just 30 pips away assuming $1/pip. By looking at huge up/down in a day in every pair, I will highly likely be out of trade soon.

I also tried EA and on one ocassion my account...
Hi simpleman,

Sorry to hear that you lost your funds daytrading. That's not unusual, especially in the FX markets. For nearly three years I tried everything I could find and everything I could create and never became consistently profitable trading that way. Amazingly, even though you are beaten time and again, and shown over and over that you cannot make money that way there is still this temptation that always tries to lure you back in. Somehow you think if you get the right combination of indicators, the right strategy, or the "magic" EA you will finally be able to start milking this forex cash cow.

Wrong. It's greed that's controlling you when you think that way.

You are the one that will get "milked" dry if you continue day trading the forex market. There is too much volatility and it's too easy for the bucket shops, funds, and banks to shake out the weak hands like us. Especially if you have a very minute sized account like $1000.

Have you ever stopped to seriously consider that you may be expecting way too much from all this? I know I did. I heard about the ones that took a few thousand dollars and turned it into a million in a year or two and all that crap. And it may be true -- just like there is a lottery winner every so often. But is that going to be you or me? Not likely.

Personally, I think you should set up a demo account (or micro) and start from the beginning of this thread and start learning the right way to trade. And get over the "get-rich-quick" mentality. It will take some time. It will be difficult. Sometimes you will get impatient and frustrated. But if you keep doing what you need to do you CAN start to become a profitable trader.

The question you have to ask yourself is; Am I willing to do whatever it takes to become a consistently profitable trader?

If not, then quit wasting your time and money now. If you are willing, then you know where to start.

Think about it.

Good luck,
Dave
  • #11,268
  • Apr 6, 2010 4:04am Apr 6, 2010 4:04am
Ah, I am amazed to see so many helping hands advising me. I will definetly follow the simple rules Strat and you guys/gals have created and followed.

I have demo account with Alapri UK & US which was idle since last few months and I am going to re-start demo trading long term with small position sizes with SL and no TP initially as I want to see how profit runs.

I have read first 40 pages of the thread and I am sure I am not expected to read all the pages as the thread has got more then 11000 post or may be I will just click Strat's names and read atleast all his post followed by some of you. I have also been through J16 and have downloaded Fib.pdf and PPZ.pdf but not gone through yet.

Looking forward to become a better trader with all your support.

Thank you all
  • #11,269
  • Apr 6, 2010 5:03am Apr 6, 2010 5:03am
Hello Strat and everyone,

after skim reading the first 100 pages of this thread i felt the need to start again and read thoroughly and understand and digest the contents. So my cycle is started again.

Now my question is regarding the CYCLE ....... in many posts you mentioned things like:

- 3 out of 4 cycles are toping up
- all 4 cycles are toping up

and when i saw the related charts i wonder many times you were right about your observations. But i have not yet got any idea of this CYCLE. Price action/S & R/ momentum are now becoming more and more clear but not a hint against CYCLE.

could anyone tell me some thing about it. just a little bit to get me on track and than i ll try to dig out the detials myself.

thanks

Khurram
  • #11,270
  • Apr 6, 2010 5:21am Apr 6, 2010 5:21am
Quoting simpleman
Hi all,

I just came across this thread couple of days ago and trying to read as much as I could. I had been doing day trading and was unsuccessful so far and have blown out number of live accounts. I really want to get into end of day trading but don't know how becuase of very limited capital. If I re-start with $1,000 and risk 3% that means my first stop loss is going to be just 30 pips away assuming $1/pip. By looking at huge up/down in a day in every pair, I will highly likely be out of trade soon.

I also tried EA and on one ocassion my account...
Hello Simpleman,

Stop trading immediately.

Don't waste any more of your business capital. Save it for when you are able to use it more wisely.

Read this thread until you KNOW, with utmost certainty, that you can trade with a modicom of safety; It will take you some time, but all the answers are in here somewhere. Concentrate on learning from this thread.

If you need to test out your trading ideas, open a "free" demo account and treat it as you would your real account;

Don't fund another account with real money until you can look at yourself in the mirror and tell yourself that you feel good about your ability to trade.

Good Trading
  • #11,271
  • Apr 6, 2010 5:31am Apr 6, 2010 5:31am
Hi all,


I just wanted to drop in and let you know im on the path, currently on page 120. Having followed the thread for the past 6 months (both lurking and posting) i had a fair idea of the method. It is only in this last week that i have started to read the thread to try and make a committed, full attempt of taking my trading to the next level.
I look forward to catching u guys up in the future.
Good trading and thanks to Strat and team for your contributions.
Lee
PASR student.
  • #11,272
  • Apr 6, 2010 6:28am Apr 6, 2010 6:28am
Quoting simpleman
I have read first 40 pages of the thread and I am sure I am not expected to read all the pages as the thread has got more then 11000 post l
simpleman there is no quick get rich, you cannot be lazy and not read the thread, a lazy trader is not a bust trader. Educate yourself by reading the whole thread and as strat stresses understand it., I am still going through it and others here have been through it twice. yes there is some rubbish in it, but this thread is priceless for the information contained in it.

get on the path
  • #11,273
  • Apr 6, 2010 6:49am Apr 6, 2010 6:49am
Quoting Forex Baby
Hello Strat and everyone,

after skim reading the first 100 pages of this thread i felt the need to start again and read thoroughly and understand and digest the contents. So my cycle is started again.
Hi and welcome,

I can try answering this. Please correct me if I'm wrong.

I've been on this thread for quite a while now and also don't know what are those cycles Strat is talking about, but I'm not worrying too much about it because Strat said to focus first on Price Action and S/R zones and trade them. After we can do this profitably then we can explore other areas to try to improve our trading and that's what those cyles are for strat. Also strat has mentioned that even he doesn't know if they are beneficial to his trading results. So I try to put my attention to somewhere that is more important, I think you should do the same. And all those extras that improve our trading will join our method themselves when we're really ready to accept them.
  • #11,274
  • Apr 6, 2010 7:43am Apr 6, 2010 7:43am
Quoting Forex Baby
Hello Strat and everyone,

after skim reading the first 100 pages of this thread i felt the need to start again and read thoroughly and understand and digest the contents. So my cycle is started again.

Now my question is regarding the CYCLE ....... in many posts you mentioned things like:

- 3 out of 4 cycles are toping up
- all 4 cycles are toping up

and when i saw the related charts i wonder many times you were right about your observations. But i have not yet got any idea of this CYCLE. Price action/S & R/ momentum are now becoming more...
Now my question is regarding the CYCLE ....... in many posts you mentioned things like:

- 3 out of 4 cycles are toping up
- all 4 cycles are toping up

and when i saw the related charts i wonder many times you were right about your observations. But i have not yet got any idea of this CYCLE. Price action/S & R/ momentum are now becoming more and more clear but not a hint against CYCLE.

could anyone tell me some thing about it. just a little bit to get me on track and than i ll try to dig out the detials myself.

“”and when i saw the related charts i wonder many times you were right about your observations.””

Making money trading has nothing to do with being “right” about observations. We can be right and still be wrong in our trading. We don’t want to be “right” – we just want to be “in tune” with the market.

Being “right” is all about ego. Ego has no place in trading. You either make money or you lose money. Being right or wrong has nothing to do with it.

“”But i have not yet got any idea of this CYCLE.””

Neither have I!. Cycles live in a perfect world. Unfortunately, trading is not a perfect world.

Cycles get badly distorted beyond the point of recognition when PRICE is driven by extreme surges in supply and demand.

PRICE is the driver of cycles, trends and all things related to trading. Learn and study PRICE and everything else will fall into place.
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,275
  • Apr 6, 2010 8:56am Apr 6, 2010 8:56am
You know, I think you should cool down a bit and keep your offensive remarks for yourself, nobody is calling other people, for instant, lazy bastard apart from you.

Quoting james_t
u lazy bas#### and a big thank you to strat in one post lol
I'm sick of people like you, all-knowing guys, who tell people how hopeless they are- check the tone of your replies before you click "submit" so that you don't have to apologise later and edit your posts.

Quoting james_t
i apologise if i offended anyone with some of my strong words in earlier posts, it was not my intention
Take it easy James and be kind to other people.

When it comes to my chart, if you don't like then just move on. Why are you making such a fuss around it, saying that what I'm dong is reckless.

Quoting james_t
(or heaven forbid some other newbie that read your post which is more what i was worried about when i read your stuff - yes what you are doing is in a way RECKLESS baniu)
What is reckless, observing charts, spotting pin bars, I don't know what are you talking about. Tell me James, who told that I took long position on EG on friday. It happend only in your mind I guess. Neither I took this nor I told anyone to do it. I didn't even think for one second to take that postion on friday . Plus I said that I would consider playing long only above that hammer...
When it comes to newbies, your are on some mission here or something that
you want to prevent other people from seeing bad charts? I assume that all people here are adult and responsible for their actions. If someone will interpret my chart as a ready signal to take long position it is his problem...by the way, making mistakes is the best teacher.

I wrote at the beginnig of my post that this is only a quick observation not a top-down analysis and as such should treated. If don't like it just skip it, as simple as that.

This is nice one:

Quoting james_t
please don't reply to this post i am trying to do you a favour here. good luck on the journey and next time just STOP then THINK for 5 minutes before posting, maybe even tell yourself, 'baniu, please don't talk about the market unless you have at least 2-300 words to give these people here on this thread.'
Who do you think you are to tell what to do or not to do. I know after studying James16 and Strat's threads for two years, you think that you are so smart, that these kind of remarks are fully justified.

As for being humble, you are not the best example James

Quoting james_t
i actually manage some fairly decent sized accounts these days which keeps me at times fairly busy as you can imagine
Practice what you preach and, tell me, who cares about your fairly decent sized accounts?

Summing all of this up, you made fuss out of nothing using rude and aloof tone.

Take care,
Baniu

P.S. Sorry Strat for putting here that kind of content but I just had to...
Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #11,276
  • Apr 6, 2010 9:53am Apr 6, 2010 9:53am
I placed a trade on the EU yesterday but I wanted to post my reasons for doing so as to see if my analysis to do so was on track. Right now I am focusing on my reasons for entering on the worker. My decision was based on Friday and Monday's candle. Friday BEEB. Monday doji but rejections off the 20ma real body closed basically at Friday's close. Upper tail larger than bottom tail, slope of MA's still showing bear bias. I placed stop a little too low in retrospect should have been above the 20ma. I am sure there is more I am missing but as I posted before give me a swift kick if I need one.

Happy trading
Steve
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  • #11,277
  • Apr 6, 2010 10:27am Apr 6, 2010 10:27am
Quoting sblank
I placed a trade on the EU yesterday but I wanted to post my reasons for doing so as to see if my analysis to do so was on track. Right now I am focusing on my reasons for entering on the worker. My decision was based on Friday and Monday's candle. Friday BEEB. Monday doji but rejections off the 20ma real body closed basically at Friday's close. Upper tail larger than bottom tail, slope of MA's still showing bear bias. I placed stop a little too low in retrospect should have been above the 20ma. I am sure there is more I am missing but as I posted...
Reasons for trade:

Confluence of:

TL
Resistance
61.8% retrace
BEEB
20
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #11,278
  • Apr 6, 2010 10:29am Apr 6, 2010 10:29am
Quoting strat
Reasons for trade:

Confluence of:

TL
Resistance
61.8% retrace
BEEB
20
Curse of the student.....made to complicated.
  • #11,279
  • Apr 6, 2010 12:34pm Apr 6, 2010 12:34pm
USDCHF
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15 YEARS OF PASR ON FOREX FACTORY!
  • #11,280
  • Apr 6, 2010 12:34pm Apr 6, 2010 12:34pm
good evening! One of the pair that I find interesting to watch is E/J. Last month bueb,weekly inside of triangle,last week closed above 20 and almost to the upper part of triangle.I put on daily a yellow zone of sideways market.The price broked 125 R level and gone to upper part of triangle.The last 2 days turned the price to the last RS(125).It is interesting to see if R becomes S(20+38.2fibb) and monthly bueb will push again the price up,or turns back in sideways market zone continuig to the down part of triangle.It is all to watch in the next days!
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My humble opinion.
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