Islander and Medici trade the European open | Page 130 | Forex Factory

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Islander and Medici trade the European open

  • #2,581
  • Aug 27, 2010 9:11am Aug 27, 2010 9:11am
Bernanke: Additional stimulus if necessary

 

  1. Especially if outlook weakens significantly
  2. Deflation not a big risk but Fed will “resist” downward pressures on price stability
  3. Fed has not yet agreed specific criteria or triggers for further action
  4. Fed still has tools at its disposal

The dollar is strengthening against the EUR and equities are falling as Bernanke stopped well-short of signaling any panic move toward additional quantitative ease.

Trading Levels with WRBs
  • #2,582
  • Edited 9:46am Aug 27, 2010 9:16am | Edited 9:46am
Quoting ph54
PAGE 140-Technical analysis -Constance Brown. Also Cardwell agrees.
I have checked the source. You are actually not telling it as it is. Brown cites some computer crunch that gave the 'optimal' 14, then she quotes Cardwell disagreeing with that, to which Brown gives credit. You are a time waster of magnificent proportions. I have other things to do here than talking to people who display ignorance-based arrogance!

Quote


I have been trading using the CI and stoller bands for some time.Therefore i have a practical knowledge of my own which i have refined.

I don't doubt that SBs can be a valuable trading tool, but the claim was that BBs are useless.

Quote


Placing stoller bands and BBs on a 5 min t/f is a real eye opener.Look what happens when they cross-that bit of info. i give for free.

Do you think I am stupid enough to have entertained this conversation without having done exactly that, and that I would need to be told to do so?

Fact remains, you come to a thread I put a lot of work into maintaining, sacrificing trading opportunities and valuable time, and you tell me that a trading method that works very well for me is of "limited value"!!! And you don't have any arguments of your own to back it up with!!! And the purported 'facts' you quote are untrue!!!

Would you be kind enough not to post here again, please?
  • #2,583
  • Aug 27, 2010 9:35am Aug 27, 2010 9:35am
Quoting medici
Another of my arguments for trading the morning only, which I may return too soon.
Yep I don't know what I'm doing trying to trade NY if you and Islander sometimes find it harder!
I'm felling good about trading now. Everyonce in a while I forget I only need to make a consistent 20-30 a day and look for ways to make pips all day long.
The maths is amazing if you started with £20,000 and risked 1.5% per trade with a 15pip stop and made 30pips everyday you add 60% to your account a month. If at the end of every month you went up to risking 1.5% of the new amount in a year you would make £5,629,499!

Is this right or have done something wrong?
  • #2,584
  • Aug 27, 2010 9:39am Aug 27, 2010 9:39am
Quoting reflex
Yep I don't know what I'm doing trying to trade NY if you and Islander sometimes find it harder!
I'm felling good about trading now. Everyonce in a while I forget I only need to make a consistent 20-30 a day and look for ways to make pips all day long.
The maths is amazing if you started with £20,000 and risked 1.5% per trade with a 15pip stop and made 30pips everyday you add 60% to your account a month. If at the end of every month you went up to risking 1.5% of the new amount in a year you would make £5,629,499!

Is this right or have done...
You got it right, but once you are successful and start trading bigger size there will be other psychological challenges to handle...but let's worry about that when you get there.
  • #2,585
  • Aug 27, 2010 9:45am Aug 27, 2010 9:45am
Quoting medici
If you still feel like taking some risk, a couple of pairs that are less choppy than cable and Euro at the moment are AUDUSD and USDJPY - reason being that they are more correlated with the equity markets than with the dealers wish to make a handsome profit before calling it a week.
Nice M5 CI div in Aussie a few minutes ago, for example.
  • #2,586
  • Aug 27, 2010 9:46am Aug 27, 2010 9:46am
Quoting medici
You got it right, but once you are successful and start trading bigger size there will be other psychological challenges to handle...but let's worry about that when you get there.
I can imagine. hopefully by then I will have no emotions lol!
  • #2,587
  • Aug 27, 2010 9:47am Aug 27, 2010 9:47am
Quoting reflex
I can imagine. hopefully by then I will have no emotions lol!
Oh, you will always have them, and they are the ones making the decisions in the end. One just needs to educate and manage them.
  • #2,588
  • Aug 27, 2010 9:51am Aug 27, 2010 9:51am
Quoting reflex
Yep I don't know what I'm doing trying to trade NY if you and Islander sometimes find it harder!
I'm felling good about trading now. Everyonce in a while I forget I only need to make a consistent 20-30 a day and look for ways to make pips all day long.
The maths is amazing if you started with £20,000 and risked 1.5% per trade with a 15pip stop and made 30pips everyday you add 60% to your account a month. If at the end of every month you went up to risking 1.5% of the new amount in a year you would make £5,629,499!

Is this...
Whilst your maths may be correct, you will always have loosing days, especially when your discipline fails or you start the day with a couple of loosers and that messes up with your concentration. So in my opinion limiting yout profits is not always the best way to go, especially when - unlike now - the markets start trending.
Trading Levels with WRBs
  • #2,589
  • Aug 27, 2010 9:57am Aug 27, 2010 9:57am
Quoting medici
Oh, you will always have them, and they are the ones making the decisions in the end. One just needs to educate and manage them.
I have been trying I read "the disciplined trader" by Mark Douglas I didn't really understand most of it.
But I am reading "Trading in the zone" by Mark Douglas at the mo this one seems a bit less deep and I'm liking it.
Do you have any tips on how you control your emotions?

I read some people lay down for 30mins before they start trading and imagine themeselves trading and all the different scenarios they will have to go through ect I think thats called psycho cybernetics.
  • #2,590
  • Aug 27, 2010 10:01am Aug 27, 2010 10:01am
Quoting Islander
Whilst your maths may be correct, you will always have loosing days, especially when your discipline fails or you start the day with a couple of loosers and that messes up with your concentration. So in my opinion limiting yout profits is not always the best way to go, especially when - unlike now - the markets start trending.
I agree, in the sense that it's not about limiting profits as much as limiting how much you give back of what you've made. I never stopped because I reached a limit, but I usually stop if I start losing back my winnings.
  • #2,591
  • Aug 27, 2010 10:05am Aug 27, 2010 10:05am
Quoting reflex
I have been trying I read "the disciplined trader" by Mark Douglas I didn't really understand most of it.
But I am reading "Trading in the zone" by Mark Douglas at the mo this one seems a bit less deep and I'm liking it.
Do you have any tips on how you control your emotions?

I read some people lay down for 30mins before they start trading and imagine themeselves trading and all the different scenarios they will have to go through ect I think thats called psycho cybernetics.
Douglas is over-rated, I think. After all, the guy is honest enough to share the fact that he can't trade, and I think his advice should be digested in accordance with that.

Check out Brett Steenbarger, a trading coach who can and does trade.
  • #2,592
  • Aug 27, 2010 10:06am Aug 27, 2010 10:06am
Quoting Islander
Whilst your maths may be correct, you will always have loosing days, especially when your discipline fails or you start the day with a couple of loosers and that messes up with your concentration. So in my opinion limiting yout profits is not always the best way to go, especially when - unlike now - the markets start trending.
If I took my emotions into account you could take £5,629,000 off the total at the end of the year haha.
I'm not sure what I will do really may be I just trade to a certain time 10.30 uk time and still have a target of 30? And if the market is offering alot more than 30 then I should really go for some more. what do you two think?
  • #2,593
  • Aug 27, 2010 10:10am Aug 27, 2010 10:10am
Quoting medici
Douglas is over-rated, I think. After all, the guy is honest enough to share the fact that he can't trade, and I think his advice should be digested in accordance with that.

Check out Brett Steenbarger, a trading coach who can and does trade.
Cheers I'll have a look tonight.
  • #2,594
  • Aug 27, 2010 10:24am Aug 27, 2010 10:24am
Just thought I'd post a thank you to you Medici and Islander on this thread I've paid cash to other websites and have learnt more here in one week than I ever did there, plus the odd Music Video and strong debate adds a little spice to what can be a lonely trade.
Cheers !!!
  • #2,595
  • Aug 27, 2010 10:35am Aug 27, 2010 10:35am
Quoting Eamonn
Just thought I'd post a thank you to you Medici and Islander on this thread I've paid cash to other websites and have learnt more here in one week than I ever did there, plus the odd Music Video and strong debate adds a little spice to what can be a lonely trade.
Cheers !!!
Strong debate??

You wait till I diss Torture Garden.. all hell will break loose!!
  • #2,596
  • Aug 27, 2010 10:38am Aug 27, 2010 10:38am
Reflex if the markets do trend somedays you'll find you will just make more pips, because of that I personally go with this

Quoting medici
I never stopped because I reached a limit, but I usually stop if I start losing back my winnings.
but each persons psychology is different so you gotta find what works for you
  • #2,597
  • Aug 27, 2010 10:47am Aug 27, 2010 10:47am
Quoting furble
Reflex if the markets do trend somedays you'll find you will just make more pips, because of that I personally go with this



but each persons psychology is different so you gotta find what works for you
Cheers Furble that is what I was thinking if i have got 30pips and it hasn't been easy to get them I will switch to demo for the rest of the day.
But if we are trending I will keep going until I start giving profits back.

I spend alot of time looking at the 1hr chart so most days after I have made 30pips and London open has done its thing I'll leave half a position or so to run to a bigger 1hr target so that I can still catch the big runs.

Have you thought anymore about the charting software you are going to use now as you said you will be doing more day trading?
Think I'll just get a demo account with a broker who have MT4.
  • #2,598
  • Aug 27, 2010 10:56am Aug 27, 2010 10:56am
Quoting Eamonn
Just thought I'd post a thank you to you Medici and Islander on this thread I've paid cash to other websites and have learnt more here in one week than I ever did there, plus the odd Music Video and strong debate adds a little spice to what can be a lonely trade.
Cheers !!!
That's really good to hear! Thank you!

My conclusion is that we should move to our own web-site and start charging for access if we are that much better than what's out there
  • #2,599
  • Aug 27, 2010 11:04am Aug 27, 2010 11:04am
I just went to order the new kindle but looks like I'd have to wait till september 17th there all gone!

Cheers for the help again today Medici,Islander and all.

And Medici look forward to hearing what you think of my plan it will be written by sunday.

Cheers

Reflex
  • #2,600
  • Aug 27, 2010 11:07am Aug 27, 2010 11:07am
Quoting reflex
Have you thought anymore about the charting software you are going to use now as you said you will be doing more day trading?
Think I'll just get a demo account with a broker who have MT4.
Yeah I've decided to try MT4, the CII indicator Meldici posted a while back I think is a .mq4 file which I'm assuming is for metatrader. I checked on my chart indicators and there is no CII just CCI which TC East kindly pointed out today is not the same thing.

All these indicators are new to me, it's funny how we fall into the habits our teachers teach us, so I'll be trying to learn a new platform, learn what the indicators are then learn how to use them!

MT4 works with my broker so I won't have to open a demo.
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