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Should I throw in the towel after being in the negative for 10 years?

  • #81
  • Oct 6, 2010 3:11am Oct 6, 2010 3:11am
Play with pennies till reasonably consistent then scale up.
Thats my plan.
Staying in the theme limit losses and maximise profits.

my reaction to price action determines my success.

I'am currently trying to find out why if i dont touch a trade thats going negative it gets very large. But if i leave a winner it stays small or reverses.

Once i can figure out what it is I'am doing to make this the case I will be fine.

Fear and greed are what i am focusing on I get the feeling emotions are key to success of loss.

As far as i am concerned the market goes up and down simple.
The fact i can gain money from this or lose money seems to be a stumbling block.
making green pips large and red pips small this is my goal.
  • #82
  • Oct 6, 2010 7:03am Oct 6, 2010 7:03am
I have to make a correction...the hourly Forex Binaries are for 2 hour intervals and not one hour. sorry about that, I never traded them, so I made a mistake.
Binary Options Trader
  • #83
  • Oct 7, 2010 1:31am Oct 7, 2010 1:31am
Quoting candletrader
To leave my dayjob, and trade for living. Guess, that's everyone's dream

I really think I could do it...but was never serious about trading not until couple years ago. By serious I mean really thinking about leaving your dayjob...but that's not an easy task...Well for now will stick to my dayjob, and wouldn't throw my towel!

ps.

I manage a very complex telecom system...almost a 7x24 job...it is very difficult to daytrade while keeping my dayjob. This is the reason, I am a bit excited with binary forex - it forces you to limit your risk....
Candletrader,

I think this may help you...
What you described to me with your job trading from a position trader point of view would be best suited for you.

Of the systems you learned over the years are they day trading stratigies or longer term?

-Mike
  • #84
  • Oct 13, 2010 3:48am Oct 13, 2010 3:48am
Quoting WaveTop
Hmmmm....
Hi Wavetop - be interested in your approach - but may be easier via PM - thanks
  • #85
  • Oct 18, 2010 3:55pm Oct 18, 2010 3:55pm
wow, I never thought I'd find people talking about Nadex. I've used these trades for a very short time when it was Hedgestreet and recently refunded my account.

The way it works is incredible and I'm interested in these bull spreads they offer now.
But it's also complicated. Like someone said the price goes down(or is it up?) the closer it gets to the closing time. And then there are the odds for the Binaries.
You'd think there's a suretrade where you risk 90 dollars to make 10 dollars profit. BUT, you risked that 90 dollars! So is trading this way the right direction(70, 80 or 90 dollar contracts). Or what about the long shots. You risk 10 dollars but you can make 90. But as it's a longshot, you lose 10 bucks. Then there's the 50/50 or 60/40 odd trades. But I want to be confident to do these.
I really want to trade here more, but I need charts and knowledge of all the markets. This fascinates me so much I would love to spend so much more time on the platform. It's great how a successful trade with just one contract pays more than McDonalds. I need to learn this better though. Yes I have the forex charts from my regular broker(for now, see CMS fiasco threads), but they have corn, oil, Korea India, etc.

I think they do a lot of binary options in England, but as I'm not English I never been on their systems. So far it seems that the one broker is enough, as long as they stay around and work!
  • #86
  • Oct 18, 2010 5:58pm Oct 18, 2010 5:58pm
Quoting techno79
wow, I never thought I'd find people talking about Nadex. I've used these trades for a very short time when it was Hedgestreet and recently refunded my account.

The way it works is incredible and I'm interested in these bull spreads they offer now.
But it's also complicated. Like someone said the price goes down(or is it up?) the closer it gets to the closing time. And then there are the odds for the Binaries.
You'd think there's a suretrade where you risk 90 dollars to make 10 dollars profit. BUT, you risked that 90 dollars! So is trading this...
Technoman...these binary stuff are really a godsend!

So far I feel like a smart gambler on a demo account...balance is now around 65K...amazing +26% since ~month ago.

Waiting for my approval on Nadex to go live....but no rush...demo so far is good.

I only trade daily binary on eurusd...wait for openning prices around 6-7pm EST...after looking at my technicals, I'll take the bet between 85-90...at the moment, my open position is: EURUSD > 1.3780 (3pm) on 10/19.
  • #87
  • Oct 18, 2010 6:29pm Oct 18, 2010 6:29pm
Quoting candletrader
Technoman...these binary stuff are really a godsend!

So far I feel like a smart gambler on a demo account...balance is now around 65K...amazing +26% since ~month ago.

Waiting for my approval on Nadex to go live....but no rush...demo so far is good.

I only trade daily binary on eurusd...wait for openning prices around 6-7pm EST...after looking at my technicals, I'll take the bet between 85-90...at the moment, my open position is: EURUSD > 1.3780 (3pm) on 10/19.

Not had time to look into this yet.

I presume you can buy options at 20 say and if the market moves the right way you could get to 100 right ?? so 5x's your money ??

So with good market timing you could buy 1 call and 1 put at 20, lose the 1 and get 100 from the other, ie before big volatile 200pip creating news.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #88
  • Oct 18, 2010 6:30pm Oct 18, 2010 6:30pm
if the bet is to make $10 when eurusd prices close above 1.3780 by tomorrow at 3pm EST, and lose $90, if otherwise.

My technicals show no sign of major bearish reversals on eurusd currently at 1.3950.

Would you take that bet?
  • #89
  • Oct 18, 2010 6:54pm Oct 18, 2010 6:54pm
Quoting Turveyd
Not had time to look into this yet.

I presume you can buy options at 20 say and if the market moves the right way you could get to 100 right ?? so 5x's your money ??

So with good market timing you could buy 1 call and 1 put at 20, lose the 1 and get 100 from the other, ie before big volatile 200pip creating news.

I haven't been trading options since '90...I missed them so much, but with binary forex, I can bet and win if prices go either direction, as long as they don't close below certain levels...that is my only bet.
  • #90
  • Oct 18, 2010 7:03pm Oct 18, 2010 7:03pm
Quoting candletrader
I haven't been trading options since '90...I missed them so much, but with binary forex, I can bet and win if prices go either direction, as long as they don't close below certain levels...that is my only bet.

I traded US Stock related Options 8 years ago, made a killing then got killed, loved them also.

Sadly, if you look at opening an account, it's only available for US citizens

Shame I liked it as a long term trading tool, removed the Stop issue, weekly contracts a lot can happen in a week then you just trust the markets randomness and look for a sensible exit price and profits made, easy peasy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #91
  • Oct 18, 2010 7:08pm Oct 18, 2010 7:08pm
I am a US citizen, living as an expat in South America...so doubt openning an account with nadex should be an issue!
  • #92
  • Oct 18, 2010 7:13pm Oct 18, 2010 7:13pm
Quoting candletrader
I am a US citizen, living as an expat in South America...so doubt openning an account with nadex should be an issue!

As long as you've got a US Bank account it says, I'm a Brit in the UK so no chance for me!!

Good job I spotted that before I spent more than 10mins working on the problem hey !!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #93
  • Oct 18, 2010 8:52pm Oct 18, 2010 8:52pm
Thanks FF for moving this thread to here.

Well, what the heck...here is my demo account so far:
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  • #94
  • Edited 11:26pm Oct 18, 2010 11:01pm | Edited 11:26pm
So you go with the safer trades?
I just had a nice one hour short in euro/dollar, and again forgot about the nadex account to use it.
I guess the two things that intimidate me is predicting the market at a certain actual time, and not just market direction for one trade. And then taking a safe bet, of say 80 dollars for a 20 dollar gain, and losing the 80.

I don't know if Binary Options are for people who trade more frequently or not. But I absolutely love the concept and how the system operates.

Example, I have a rising trendline on the 1H for Gold. looks like it comes in about 1360 at present, but keep in mind it rises so it should keep going higher.
I can get a contract to make 23 bucks for 3pm tomorrow, but if it breaks down before then, I'd lose 77. Of course the price fluctuates and you can close early. But then I can buy a higher value contract that's almost 50/50.

There is a LOT of strategy to this. It seems like a tough one.
** I actually went with one contract in Gold. I'm not experienced in it, but this thing swings wildly and think my contract should increase enough to cover a sale before expiry. Edit: i should've said because of the rising trendline, direction, and that we have until 13 hours and 5 minutes until strike time. But I'm only in it for a 14 dollar profit with how I'm trying this thing out. Only got a cheap live account, no demo.
  • #95
  • Oct 19, 2010 5:35am Oct 19, 2010 5:35am
The pain is, I'm up on my demo trades over night to, i have 2 orders which are worthless, 1 is 3pm today so thats dead but the other has till Friday I guess to get GU >1.6075, I'd say 30% shot at getting above there in time which then puts me up hugely.


This was randomly picked, no attention to when to place the orders or any idea really of what to expect and still profits, okay could be been lucky, but if the market would of moved either way I'd of profited, it's only when it stays range bound your screwed.


Shame
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #96
  • Oct 19, 2010 5:55am Oct 19, 2010 5:55am
Turvey, really, despite all appearances, we're so alike. You and I. Like brothers. You see, if you look at it as a game, put your orders randomly, and admit you need luck, then you're in the green.

Quoting Turveyd
The pain is,...
forget about tomorrow, just steal away into the night
  • #97
  • Oct 19, 2010 5:57am Oct 19, 2010 5:57am
My bet is in the safe area...with the current range of ~119pips, and avg. monthly range of 129pips, I think my safe bet will survive until 3pm today.
Attached Image (click to enlarge)
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  • #98
  • Oct 19, 2010 6:10am Oct 19, 2010 6:10am
Quoting spekitox
Turvey, really, despite all appearances, we're so alike. You and I. Like brothers. You see, if you look at it as a game, put your orders randomly, and admit you need luck, then you're in the green.

Anyone who takes the term 'Luck' as anything more than a random coincidental outcome is nothing like me.

No luck involved, I went up and down same time as long as the market moved, 1 would fail and 1 would do okay.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #99
  • Oct 19, 2010 7:16am Oct 19, 2010 7:16am
I am not a profitable trader. I also lost my job (which was a high salary job. HK$ 50k a month) a couple of years ago (been laid off). By then i spent most of my time trading.

Now I am helping in my girl friend's little shop. That's kinda lucky that I have time to look at the charts, do my analysis and read important financial news when necessary.

I have tried many trading system / method which I believe most ppl here have tried. Now I only focus on trading with the weekly trend with confirmed swing high / low (as described in Strag's thread) and confirmation using 1-2-3 pattern in 8Hr chart. And now i am in the win-loss equilibrium state.

What I want to point out is that, after almost 3 years of trading, I become break even from losing. Then why shouldn't I believe that trading could be trained and practiced and that I could be profitable some time soon?
  • #100
  • Oct 19, 2010 7:32am Oct 19, 2010 7:32am
Read the book "How I trade for a living" by trader extraordinaire Gary B smith.

He was a losing trader for 18 long years an was down to his last $2500

He's since paralayed that into several million.
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