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  • #368,261
  • Jan 19, 2011 3:15pm Jan 19, 2011 3:15pm
Quoting gatorinla
4h gmt close still on the bears side. support trumps a candle.. support has to be broken for a bear move. gmt day close may be a support also 3445... 15 m has a bear wedge developing atm... we will c. 3456 still a player.

conformation will be on the 40's

its a crazy n risky PA good for walking the dog
  • #368,262
  • Jan 19, 2011 3:25pm Jan 19, 2011 3:25pm
Quoting FibbinArchie
or knowing what to wait for, but actually waiting for it...

And then actually doing it.
  • #368,263
  • Jan 19, 2011 3:26pm Jan 19, 2011 3:26pm
Volume picked up on buying into the close on U.S. equities
  • #368,264
  • Jan 19, 2011 3:31pm Jan 19, 2011 3:31pm
Quoting cloggie
And then actually doing it.
and than be right, and last but not least, not chicken out before enough profit
  • #368,265
  • Jan 19, 2011 3:33pm Jan 19, 2011 3:33pm
Quoting alexxi
and than be right

That is irrelevant in trading, being right does not make you money. Confidence in your edge, knowing your statistics and being consistent makes you money.

Being right makes you an analyst, not a trader.
  • #368,266
  • Jan 19, 2011 3:36pm Jan 19, 2011 3:36pm
lets see if the ema's 50 and 20 will hold on m15
  • #368,267
  • Jan 19, 2011 3:37pm Jan 19, 2011 3:37pm
Quoting kill56
conformation will be on the 40's

its a crazy n risky PA good for walking the dog
walk the bull and let the bear do his thing.
volume has thinned out, i guess we'll range 10 pip to asia
  • #368,268
  • Jan 19, 2011 3:41pm Jan 19, 2011 3:41pm
Quoting cloggie
knowing your statistics .
i think that is my fastest learning tool, i have seen straight away 2 big problems i had which was holding losing positions too long (or my sl margin too wide), going against the trade and taking profit, sometimes too quick.

in theory i should focus on my winning trades analysing them too, but i am not a good trader yet to figure that out , right now my mistakes is so easy to spot!
  • #368,269
  • Jan 19, 2011 3:43pm Jan 19, 2011 3:43pm
Quoting prezd
walk the bull and let the bear do his thing.
volume has thinned out, i guess we'll range 10 pip to asia

bears is busy and the bull is sick
Attached Images
  • #368,270
  • Jan 19, 2011 3:46pm Jan 19, 2011 3:46pm
going to read a bit! good luck everyone and see you in a bit


http://4.bp.blogspot.com/_1V7wnZxPqo...s+vs+bears.jpghttp://www.fxs.hr/images/stories/bulls%20vs%20bears.jpg
  • #368,271
  • Jan 19, 2011 3:55pm Jan 19, 2011 3:55pm
can anyone explain what happens if china GDP comes worst than expected (forecast is worst than previous one).

how does this effect us dolar and other currencies like aud and nzd?
  • #368,272
  • Jan 19, 2011 3:56pm Jan 19, 2011 3:56pm
Quoting cloggie
That is irrelevant in trading, being right does not make you money. Confidence in your edge, knowing your statistics and being consistent makes you money.

Being right makes you an analyst, not a trader.
Great post...
  • #368,273
  • Jan 19, 2011 3:57pm Jan 19, 2011 3:57pm
Quoting alexxi
i think that is my fastest learning tool, i have seen straight away 2 big problems i had which was holding losing positions too long (or my sl margin too wide), going against the trade and taking profit, sometimes too quick.

in theory i should focus on my winning trades analysing them too, but i am not a good trader yet to figure that out , right now my mistakes is so easy to spot!

I am not going to be able to make you succesful in one post, but here are some hints:

SL vs position size.

Adjust either to never risk more then 1% of your account, the further away your SL is, the smaller your position should be. Never ever touch the SL, it is set in concrete, that was your plan so trade your plan.

Profit taking.

When you plan your trade entry, write it down, with an estimated TP. Then write down the if-then-if scenarios to stay in a trade. Write down what you want to see to stay in your trade, if one of the hurdles does not get met, you take your profit right there and then and find your next trade.

Trade management.

Do not change your mind once the noise starts, stay on your TF that you use for determining your trades, don't go looking at the lower ones and get confused by the noise. Keep an eye on the news, don't enter 10 mins before and don't trade 30 mins after. If you are trading on the higher TF's keep an eye on the news to see if the news reaction correspond to the direction of your trade, use the whipsaws to your benefits.

Scaling in.

IF you are in a trade and it is going well, plan for the scaling in. Find your hurdles that keep you in a trade and use them as an opportunity to add to your trade, always make sure that your scaling in is in incremental smaller sizes to keep to weighting of your trade as close to the original entry as possible.

Moving stops.

Find a statistical BE point that works with your strategy and always lock in profit right there, use the earlier hurdles as places to lock in some money. Again, do no fiddle with your stops, profit is profit no matter how small.

Overtrading/revenge trading.

This is probably the biggest gremlin for the newer trader and something you need to address immediately. You only need to find 3-4 decent trades during a 12 hour session to be succesful in this, keep that in mind (unless you are scalping)

Environment.

Know your sessions, the opens, the fakes, the closes and how to spot them and use them to your advantage.

Statistics

Get 500-1000 trades to analyse and know what works for you, what SL, what TP, what time of day, what day of the week, what week of the month, what month of the year and adjust your trading accordingly, take advantage of what works for you and know when you are at your best and increase your lotsizes, know what doesn't work and just don't trade that.

Treatment

Treat this as a business, it takes hard work, dedication and personal sacrifice to make it.

Good luck.
  • #368,274
  • Jan 19, 2011 4:05pm Jan 19, 2011 4:05pm
Oh and watch the news, Hu today announced he would increase US imports by 60%, that is a biggie.

Oh well, enough of me, I'll get of the soapbox

See y'all.
  • #368,275
  • Jan 19, 2011 4:05pm Jan 19, 2011 4:05pm
http://www.tradingmetro.com/mind-of-a-trader/

I've downloaded all of these and listen to them randomly, while I'm trading...
  • #368,276
  • Jan 19, 2011 4:06pm Jan 19, 2011 4:06pm
Quoting cloggie
Oh and watch the news, Hu today announced he would increase US imports by 60%, that is a biggie.

Oh well, enough of me, I'll get of the soapbox

See y'all.
Carry on, you're dishing out some good wisdom tonight...
  • #368,277
  • Jan 19, 2011 4:17pm Jan 19, 2011 4:17pm
Quoting cloggie
I am not going to be able to make you succesful in one post, but here are some hints:

SL vs position size.

Adjust either to never risk more then 1% of your account, the further away your SL is, the smaller your position should be. Never ever touch the SL, it is set in concrete, that was your plan so trade your plan.

Profit taking.

When you plan your trade entry, write it down, with an estimated TP. Then write down the if-then-if scenarios to stay in a trade. Write down what you want to see to stay in your trade, if one of the hurdles does...
great post will actually have to save it to read from time to time, thank you very much! and also i didnt see the news on china yet that you mentioned
  • #368,278
  • Jan 19, 2011 4:21pm Jan 19, 2011 4:21pm
Quoting alexxi
great post will actually have to save it to read from time to time, thank you very much! and also i didnt see the news on china yet that you mentioned

Orders for Boeing (200 a/c) GE (engines), Honeywell and Cat. Creating 235,000 new jobs in the US, adding 50Bn to exports (now at 81Bn a year vs 350 Bn imports a year, masssive imbalance). That will keep congress silent for a few years about human rights at least. Tough choice, a few million jobs or a handful of guys in prison halfway across the world.

Not only is China US's banker, they are now becoming their employer, more jobs created in 30 mins then Obama managed with a few trillion of tarp money.

Oh and of course only one bank present during the deal, you guessed it, God's bank. I love those boys.

Part of trading is finding yourself a good news source, not one of those freebies being touted here, they are all rubbish.
  • #368,279
  • Edited 4:44pm Jan 19, 2011 4:31pm | Edited 4:44pm
Quoting cloggie
Orders for Boeing (200 a/c) GE (engines), Honeywell and Cat. Creating 235,000 new jobs in the US, adding 50Bn to exports (now at 81Bn a year vs 350 Bn imports a year, masssive imbalance). That will keep congress silent for a few years about human rights at least. Tough choice, a few million jobs or a handful of guys in prison halfway across the world.

Not only is China US's banker, they are now becoming their employer, more jobs created in 30 mins then Obama managed with a few trillion of tarp money.

Oh and of course only one bank present during...
for the moment i have got bloomberg tv online, ft.com (the free part, thinking of subscribing but not sure if the right site), wsj and the feeds on the mt4 platform from dj .

i look through the forexlive and other sites like that as well as i look on forexcrunch for learning purposes just to see what is going on.

which ones do you suggest? still trying to find the right ones!
  • #368,280
  • Jan 19, 2011 4:33pm Jan 19, 2011 4:33pm
Sometimes just the wrong start in the day can mess u up at least me..
I had one break out in north which fail and got rejected then another one south but into support( really figuring out how i didnt see it despite i posted the level)..

That kept me from the break to north out which was larger size... Well at the end of the day i said to my self fk it that is what i trade, so i bought the break in late session and closed cause it reversed so it was a fake and sold got some cash but then the spike up came which i didn't expect and closed all of my position which i was willing to hold for couple of hours...

At the end im still up... Its small but its constant which is my plan to achieve average of 15-30 pip per day at the end of month..


P.S. and scalped at the top at support
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