DislikedWhatever the case - go read the first few page of this thread now. If you're serious about going this route with your trading, it will be hard to find more valuable information. Thanks for directing us to it, Alan!Ignored
- #167
- Edited 7:08pm Jan 27, 2011 6:58pm | Edited 7:08pm
- Joined Mar 2009 | Status: Trader | 6,418 Posts
- #170
- Edited 8:05pm Jan 27, 2011 7:53pm | Edited 8:05pm
- Joined Mar 2009 | Status: Trader | 6,418 Posts
Thanks for your reply,
The one book I have read (several times, and still refer to) that is specifically about trading is Mark Douglas' "Trading in the zone".
I've read that and "The Disciplined Trader" by Mark Douglas and they are both great, the last section of "Trading in the Zone" really made 'having an edge' come alive for me.
A good book to start (though very basic) is "The Complete Idiot's Guide to Global Economics" by Craig Hovey. This book will teach you absolutely nothing about trading, but will help you start to understand how the "big picture" works, and how economies in countries around the world impact each other.
You should read some of the books mentioned in Razorjacks thread. The book be Ashraf Laidl (proper spelling
) is very good at explaining how most of the different markets interact.
Websites... My day hasn't begun until I've had a look at marketwatch (http://www.marketwatch.com/), and I generally read both the front page and "markets" page.
I also try and keep up with Bloomberg, Reuters, WSJ, FT etc. for news, but particularly for signs of sentiment extremes.
I have also learned a tremendous amount right here a Forex Factory.
There are some great threads here. J16, No Brainer, Trading with deadly accuracy, DIBS, Trading with limit orders ............
But, lately it is harder and harder to find threads that are helpful. The "trading systems" section is probably NOT where you want to be, but rather "rookie discussion" and "trading discussion" are you best bet to find good information. "Trading systems" will lead you to one thread after another filled with charts loaded with indicators that you will learn absolutely nothing from (other than how to tell for sure if something is really red or green). The people starting the threads will often be "rookies" themselves, convinced that they've found the "holy grail" system, and want the world to know that they were the one who discovered the best thing ever. But you won't learn much more from them other than how great they think they are. Not in all cases, of course, but far more often than not. You'll quickly learn to spot those you can learn from and those that are just blowing their own horns by presenting their "system".
Yes I agree completely, which is one of the reasons I have never posted before.
Opinions will differ on this topic, but in my opinion at least, learning how to react when RSI moved up over 50 isn't something that will have a lot of value for you.
Maybe I wasn't clear in my first post. I have been trading for maybe 3 years, and have lost some money (not a lot) using indicators and all that crap. I am a big fan of Sam Seiden from FXStreet.
Always have a higher reward than risk. Preferably a minimum of 1:2. I generally shoot for at least 1:4 in my trading, and I will absolutely NEVER enter a trade with less than a 1:2 potential. Also, always have a target, and stop when you reach it
Sam Seiden, or you can also leave 10 to 20% to run (TV or Kathy Lien's book Millionaire Traders)
"Capital Preservation". Money management in my opinion, is not about "how much can I win". It is about how do I not lose, and if I have to lose, how do I minimize those losses.
Trader Vic separates it into 3 parts
1/ Capital preservation
2/ Consistent returns
3/ The opportunity to make superior returns
I work most days, but can maybe check the computer first thing in the morning and at lunchtime, while i can spend more time in the evening doing analysis.
Because of this I usually only trade daily or higher timeframes, so waiting for A+ trades to come along needs patience.
This is why I was browsing this thread, as you say, for a distraction. I'm always on the look out for simple mechanical systems. I liked the look of the 'Big Dog' opening breakout syatems, but the R:R wasn't there, and while the idea made sense, the system didn't.
I had also noticed this (or these) candles on GBPUSD, and I reckon price is retracing to the previous day's supply / demand level, so speculators can buy / sell at wholesale prices if they've missed the move in their own time zone.
I was looking at the problem from a different angle and then I stumbled across this thread, and what you want to makes sense to me.
As for my trading I'm at the point of not losing much and having runs of consistency. A while to go yet, but I'm in no rush. I want to take my time and do it properly.
Before I go, another reason I posted here on this thread for the first time, was because I thought you might be Razorjack because of what you were saying about the big picture.
All the best with the testing I'll be following the thread and your journal with interest.
I live and work in China, while the inernet connection is usually good, it can be intermitent sometimes so I don't know if I can use the EA myself.
Keep up the good work and I wish all the best in your trading. You said you were made redundant, sometimes I think that would give me the push that I need. Not for now though.
Check out some of these books. They will help your study, and also be another distraction.
Sorry for the long reply
Later
Alan
The one book I have read (several times, and still refer to) that is specifically about trading is Mark Douglas' "Trading in the zone".
I've read that and "The Disciplined Trader" by Mark Douglas and they are both great, the last section of "Trading in the Zone" really made 'having an edge' come alive for me.
A good book to start (though very basic) is "The Complete Idiot's Guide to Global Economics" by Craig Hovey. This book will teach you absolutely nothing about trading, but will help you start to understand how the "big picture" works, and how economies in countries around the world impact each other.
You should read some of the books mentioned in Razorjacks thread. The book be Ashraf Laidl (proper spelling
) is very good at explaining how most of the different markets interact.Websites... My day hasn't begun until I've had a look at marketwatch (http://www.marketwatch.com/), and I generally read both the front page and "markets" page.
I also try and keep up with Bloomberg, Reuters, WSJ, FT etc. for news, but particularly for signs of sentiment extremes.
I have also learned a tremendous amount right here a Forex Factory.
There are some great threads here. J16, No Brainer, Trading with deadly accuracy, DIBS, Trading with limit orders ............
But, lately it is harder and harder to find threads that are helpful. The "trading systems" section is probably NOT where you want to be, but rather "rookie discussion" and "trading discussion" are you best bet to find good information. "Trading systems" will lead you to one thread after another filled with charts loaded with indicators that you will learn absolutely nothing from (other than how to tell for sure if something is really red or green). The people starting the threads will often be "rookies" themselves, convinced that they've found the "holy grail" system, and want the world to know that they were the one who discovered the best thing ever. But you won't learn much more from them other than how great they think they are. Not in all cases, of course, but far more often than not. You'll quickly learn to spot those you can learn from and those that are just blowing their own horns by presenting their "system".
Yes I agree completely, which is one of the reasons I have never posted before.
Opinions will differ on this topic, but in my opinion at least, learning how to react when RSI moved up over 50 isn't something that will have a lot of value for you.
Maybe I wasn't clear in my first post. I have been trading for maybe 3 years, and have lost some money (not a lot) using indicators and all that crap. I am a big fan of Sam Seiden from FXStreet.
Always have a higher reward than risk. Preferably a minimum of 1:2. I generally shoot for at least 1:4 in my trading, and I will absolutely NEVER enter a trade with less than a 1:2 potential. Also, always have a target, and stop when you reach it
Sam Seiden, or you can also leave 10 to 20% to run (TV or Kathy Lien's book Millionaire Traders)
"Capital Preservation". Money management in my opinion, is not about "how much can I win". It is about how do I not lose, and if I have to lose, how do I minimize those losses.
Trader Vic separates it into 3 parts
1/ Capital preservation
2/ Consistent returns
3/ The opportunity to make superior returns
I work most days, but can maybe check the computer first thing in the morning and at lunchtime, while i can spend more time in the evening doing analysis.
Because of this I usually only trade daily or higher timeframes, so waiting for A+ trades to come along needs patience.
This is why I was browsing this thread, as you say, for a distraction. I'm always on the look out for simple mechanical systems. I liked the look of the 'Big Dog' opening breakout syatems, but the R:R wasn't there, and while the idea made sense, the system didn't.
I had also noticed this (or these) candles on GBPUSD, and I reckon price is retracing to the previous day's supply / demand level, so speculators can buy / sell at wholesale prices if they've missed the move in their own time zone.
I was looking at the problem from a different angle and then I stumbled across this thread, and what you want to makes sense to me.
As for my trading I'm at the point of not losing much and having runs of consistency. A while to go yet, but I'm in no rush. I want to take my time and do it properly.
Before I go, another reason I posted here on this thread for the first time, was because I thought you might be Razorjack
because of what you were saying about the big picture.All the best with the testing I'll be following the thread and your journal with interest.
I live and work in China, while the inernet connection is usually good, it can be intermitent sometimes so I don't know if I can use the EA myself.
Keep up the good work and I wish all the best in your trading. You said you were made redundant, sometimes I think that would give me the push that I need. Not for now though.
Check out some of these books. They will help your study, and also be another distraction.
Sorry for the long reply
Later
Alan
- #179
- Jan 28, 2011 5:06am Jan 28, 2011 5:06am
- Joined Jan 2008 | Status: Worst trader in the world | 1,531 Posts
+9 pips for me..