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Nanningbob 4h trading system ver. 5.0

  • #2,281
  • Sep 24, 2010 8:34pm Sep 24, 2010 8:34pm
Quoting nanningbob
Hey JT can I charge you 1% for my services here at FF. 1% of 1.3M wouldnt be a bad commission.
I have a stomach ache just thinking about it.
  • #2,282
  • Sep 24, 2010 8:35pm Sep 24, 2010 8:35pm
It is definitely decision time for me about L2 losses. I will see what happens after the gaps Monday and make my decision then. I see panic in some of the newer people in the thread and those that have been around awhile know it is riding out the storm time. I am going to hang in there on the aud/usd because I know it cant go much higher. It will have to retrace at some point because parity with the dollar is not a good thing for the AUD economy.

The Euro is another issue. Several traders I respect really expected short reversal that just did not happen. Surprised me some but then nothing should surprise you in FOREX. I will see what the weekend news and reports say and then decide to close my L2 trade and go with 3,4,5 or just hedge the whole thing until the EURO decides to go back to ranging again. The problem with that decision is my argument with FXSol UK. Their swaps are so high no one is going to want them as a broker for long term trading. My swaps (premium fees) for the month are now almost 100 dollars which is almost 4% of my account and that is trading ten and twenty cent lots. That is outrageous. There will come a time when it maybe better for me to just eat the loss and move on. Bunch of stinking thieves. What I hate about all this is they did this just as we ran into a bunch of long trends. Well, that is FOREX where every right decision gets you a profit but every wrong decsion tries to clean out your account.
  • #2,283
  • Sep 24, 2010 8:42pm Sep 24, 2010 8:42pm
Quoting astral77
Can you please let me have your trend trading system as a matter of urgency. The sooner the better. I will try it from tonight till sunday night to see how it works. You can pm me if you like. I will be most grateful to you. Because the trend trading I have done thus far has a small problem and that is as soon as I follow the trend it does a U turn and hits my SL (Stop Loss).

Kind regards
The problem with trend trading is the stop loss syndrome. You can't get away with the recovery system because you can run into trends that go 1000 of pips against you. So you take a SL instead. I traded my new system on 3 currencies yesterday and got 5 trades. 4 hit the stop loss and the other one made profit. Needless to say the losses were bigger than the gains. I was using it on JPY pairs and of course price spiked right after I entered and well ...................... now you know the rest of the story.
  • #2,284
  • Sep 24, 2010 9:36pm Sep 24, 2010 9:36pm
Quoting nanningbob
I am going to hang in there on the aud/usd because I know it cant go much higher. It will have to retrace at some point because parity with the dollar is not a good thing for the AUD economy.

The Euro is another issue.
A magical addition to NB would be a forecast of market conditions. If only you could know when runners are likely....

The usd/cad has been kind to me, I suspect for similar reasons the aud/usd will become more like the usd/cad now that we're close to parity.

Somewhat of a forecast...
  • #2,285
  • Sep 25, 2010 12:39am Sep 25, 2010 12:39am
Quoting jm8985
A magical addition to NB would be a forecast of market conditions. If only you could know when runners are likely....

The usd/cad has been kind to me, I suspect for similar reasons the aud/usd will become more like the usd/cad now that we're close to parity.

Somewhat of a forecast...
YES YES I can do that .............. lets see ............ Last night I could have told you this. Durable goods orders is on the agenda ........... if the news is bad buy the euro and put your TP at such and such Resistance line ............... if the news is good then buy the dollar and TP at such and such Support line. Remember always trade with your SL on just in case my infallible predictions turn out wrong. For example, if core durable goods being really good news +2.0 instead of last months -2.8 and the less important durable goods order being bad news -1.3 instead of the predictied -.90 you should buy the dollar ...................... errrrrrrrr everyone talked about the lesser one which was bad by a little so ................ buy the euro..............

Now you wonder why people scratch their heads when fundamental traders say just trade the fundamentals. Core orders was good .................... errrrrrrrrrrrrr .............. so sell the dollar????? Doesnt that make sense right.
  • #2,286
  • Sep 25, 2010 3:26am Sep 25, 2010 3:26am
Quoting jtmoore007
I have a stomach ache just thinking about it.
If commercial traders had stomach ache every time they lost 400K in forex then there wouldnt be many of them trading.

Without sounding harsh, 400K loss is nothing at this level.

You want to know how much investment bankers lose on average of Joe publics savings a month ?

Scoobs.
  • #2,287
  • Sep 25, 2010 4:09am Sep 25, 2010 4:09am
Quoting scooby-doo
....
Commercially it has also been a bad month for me, losing around 400K in two weeks but I am still up +1.3M overall.
...
$400k?
wow, is that a 'normal' or regular occurence for u? for people like u?

Quoting scooby-doo
If commercial traders had stomach ache every time they lost 400K in forex then there wouldnt be many of them trading.
Without sounding harsh, 400K loss is nothing at this level.
You want to know how much investment bankers lose on average of Joe publics savings a month ?
...
definitely Sir, im curious.
probably millions.


Thanks!
  • #2,288
  • Sep 25, 2010 4:34am Sep 25, 2010 4:34am
Quoting supremeChaos
$400k?
wow, is that a 'normal' or regular occurence for u? for people like u?


definitely Sir, im curious.
probably millions.


Thanks!
You have to understand that at this level the number of decimal points with losses and profits is stupid. Especially if your trades are on the wrong side of NFP news statements.

So, I lost 400K in 2 weeks but am still up over 1.3M NET overall, so that is considered a good position.

There is a big difference trading a $500 retail account opposed to trading a true 100K contract account whereby each order can value 000000s$.

When the BOJ recently intervened I was down 380K in 2 hours. Did I panic, no, those positions are now -42K.

Investment bankers take massive risks, its not unusal for the top ones to make or lose $10M in a single day. And that is no joke. They maybe hatted by joe public but on the whole 90% of them make huge amounts of profits for their banks/share holders etc.

If you take the example of UK or USA then although recently they may have helped break these economies, in the past, they have been the fundamental reason why most people enjoyed prosperity for many years. Its very harsh at that level because you make one mistake and the ripple affect can be fcuking huge and not just for the bank you are working for.

People should remember this when they call for the investment bankers to be hung, drawn and quartered publicly.

I am not defending them or their actions but without them then many of you and me would be in a very worse place than we maybe now.

To give you a real example, on Monday I was at a meeting where 2 of our investment bankers asked to leave the meeting early as they had -42M exposure across various markets. They were told that they could leave when the meeting was finsihed and not before!!!!

Scoobs.
  • #2,289
  • Sep 25, 2010 4:36am Sep 25, 2010 4:36am
Quoting thelws
Allow me to contribute some of my experience.
Excellent post and very useful for all new traders. For me it is clear that the initial mistake was not sticking with the plan. Had I opened L3 at the right time then the retracement we had a couple of days ago would have made a big difference.

Now with L1 where it is I see that closing it is the right thing to do and pulling the trigger would be a very valuable lesson in self discipline. I have been fortunate having five good weeks since starting this method and all at stake here is some profits which I know will come back. So: STICKING WITH THE PLAN.

Thank you.
  • #2,290
  • Sep 25, 2010 4:39am Sep 25, 2010 4:39am
Quoting vijidas
Hello,

anyone got MA Angle.ex4 indicator? I loaded one of bob's templates and my experts tab indicates I'm missing that indicator.

can someone assist?
anyone? MA Angle.ex4 indicator? nobody got it?
  • #2,291
  • Sep 25, 2010 4:45am Sep 25, 2010 4:45am
Quoting scooby-doo
...
When the BOJ recently intervened I was down 380K in 2 hours. Did I panic, no, those positions are now -42K.
Investment bankers take massive risks, its not unusual for the top ones to make or lose $10M in a single day. ...
interesting experiences.
amazing info. many thanks for sharing Sir.

(maybe u can open a thread sharing more stories, infos.. hahah)
  • #2,292
  • Sep 25, 2010 4:50am Sep 25, 2010 4:50am
Quoting vijidas
anyone? MA Angle.ex4 indicator? nobody got it?
if nobody has it, then just look for it yourself use the search tool.
Self-reliance is paramount in life.
  • #2,293
  • Sep 25, 2010 4:52am Sep 25, 2010 4:52am
Quoting scooby-doo
Investment bankers take massive risks, its not unusal for the top ones to make or lose $10M in a single day. And that is no joke. They maybe hatted by joe public but on the whole 90% of them make huge amounts of profits for their banks/share holders etc.

.
I mean no disrespect to you and this is not directed to you all but it annoys me when i see these sort of comments, and i see them alot on FF.

If 90% of investment bankers make money who loses money? If investment bankers are so good why the GFC, why did Lehmans dissappear etc etc?

If all investment bankers or professionals as people like to call them make all the money then why are we wasting our time trading ourselves and not just invest with these so called gurus.

These guys need to make the same decisions we do, they have the same doubts, same greed and guilt emotions we do.

Only a minority of professionals outperform. They are the stars and get paid a fortune.

Its the same for us retail players. Alot underperform, alot are in the middle of the road, a minority outperforms.

Lets not put these so called gurus on a pedestal.

OTM
  • #2,294
  • Sep 25, 2010 5:04am Sep 25, 2010 5:04am
Quoting otm
I mean no disrespect to you and this is not directed to you all but it annoys me when i see these sort of comments, and i see them alot on FF.

If 90% of investment bankers make money who loses money?...
Your missing the big point

You already invest with these people without knowing it when you put your money in a bank account paying you a very low rate of interest. They use this money to invest with.

Lehmans went under basically because a small amount of their investment bankers were totally over exposed to property risk in the USA. They were given a free hand without any restrictions. So, who's fault was it ?, the investment banker or his/her boss ? or both ?

If you take the UK then around 40% of its income comes directly/indirectly from the actions of investment bankers. What would you do if 40% of YOUR income suddenly disappeared ?

Scoobs.
  • #2,295
  • Sep 25, 2010 5:16am Sep 25, 2010 5:16am
Yes but still doesnt change the fact its a zero sum game out there for everyone including investment bankers/prefoessional traders.

Anyway I dont want to create a deviation from discussing the thread here, i just wanted to make a point that professional traders arent all super human.

OTM
  • #2,296
  • Sep 25, 2010 5:22am Sep 25, 2010 5:22am
Quoting otm
Yes but still doesnt change the fact its a zero sum game out there for everyone including investment bankers/prefoessional traders.

Anyway I dont want to create a deviation from discussing the thread here, i just wanted to make a point that professional traders arent all super human.

OTM
They are not super human, i never said they were. They take risks every day, like crossing the road, most of the time they will be fine but on odd occasions they will get hit by a BUS with catastrophic results.

Scoobs.
  • #2,297
  • Sep 25, 2010 9:07am Sep 25, 2010 9:07am
Quoting otm
... i just wanted to make a point that professional traders arent all super human.
OTM
Scoobs never implied that they are. What he always says that us guys as retail traders are trading blind and do not have all the relevant information at our disposal. The difference between us and professionals is that they are better trained, have much more experience and most importantly have more and better information.

kind regards
  • #2,298
  • Sep 25, 2010 11:36am Sep 25, 2010 11:36am
Quoting scooby-doo
You have to understand that at this level the number of decimal points with losses and profits is stupid. Especially if your trades are on the wrong side of NFP news statements.

So, I lost 400K in 2 weeks but am still up over 1.3M NET overall, so that is considered a good position.

There is a big difference trading a $500 retail account opposed to trading a true 100K contract account whereby each order can value 000000s$.

When the BOJ recently intervened I was down 380K in 2 hours. Did I panic, no, those positions are now -42K.

Investment bankers...
Scoobs I'd like to ask are you guys (those who are bank traders) on a fixed salary or like is it a share of the profits.

Also i've heard a trader is better of privately managing money ie running his own hedge fund rather than trading for an institution as an employee assuming the same AUM whether for the bank or his own hedge fund

Any truth in this?
  • #2,299
  • Sep 25, 2010 12:06pm Sep 25, 2010 12:06pm
Here's how I plan to trade Bob's system with the 50:1 leverage. I'm going back to IBFX by the way. Take only #2 trades with RWB at 15/85 and price at 6ths line. I'm going to use a 100 pip SL with no multi level trading. I haven't decided on TP yet. Will go with a straight 100 TP or use the manager set at 30/10 or 40/20 or 40/30 not sure yet. Using the manager messes up the Risk/Reward ratio so might not use it. I'm pretty sure this strategy will win more times than it looses so 100TP/100SL might be ok. Not taking multi-level trades will let me trade bigger lots even with 50:1 leverage.
  • #2,300
  • Sep 25, 2010 12:08pm Sep 25, 2010 12:08pm
Quoting fugly
Scoobs I'd like to ask are you guys (those who are bank traders) on a fixed salary or like is it a share of the profits.

Also i've heard a trader is better of privately managing money ie running his own hedge fund rather than trading for an institution as an employee assuming the same AUM whether for the bank or his own hedge fund

Any truth in this?
It depends on the financial institution and your experience.

My contract is fixed salary plus monthly and quarterly bonuses on my own individual trading profits.

Some get all this plus their living expenses i.e. an apartment paid for by the bank and alike.

A good trader will normally earn around £75,000 plus bonus structure etc.

However, senior currency traders working for banks/hedge funds can be paid £125,000 or more.

I do have a friend who works for a Swiss Hedge Fund and is paid in excess of £600,000 per annum.

Some do manage client funds seperately. But this can actually be a legal nightmare if you lose your clients funds.

Scoobs.
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