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Silent Service Method

  • #12,741
  • Jul 22, 2011 6:16pm Jul 22, 2011 6:16pm
I was enjoying some quiet time on Friday evening and did not bother to look at the charts I was too tired, during a time like that I would be prone to making mistakes.
After all it's not too late...

In my view I have seen what I need to see and can now plan my next move
It will involve in looking closer at the areas in the green boxes, will wait and see what Monday afternoon brings

Have a good weekend all,

Cheers,
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  • #12,742
  • Jul 22, 2011 6:19pm Jul 22, 2011 6:19pm
Quoting Rk33333
Chris, I think you mentioned earlier in this thread that you knew that if one could make a certain percentage they could get work trading for someone? I've been reading up on trading for prop houses but they seem to only get you to scalp spread trades and that these days prop traders get it handed to them by HFT computers that do it faster.
If one perfects their technique (be it swing trading, or any other style and instrument) but is short of seed capital, do you by any chance know how likely it is that a firm will be interested in investing in...
I looked into that, and yes Chris is about right, 2 years success rate is what they are looking for, I found some people advertising a position to trade forex and I had a chat with the owner he seemed like a decent kind of guy. They employ traders and their pay is based on their profitability.
http://www.forexatom.com/
  • #12,743
  • Jul 22, 2011 11:06pm Jul 22, 2011 11:06pm
Quoting VitaminBeer
I was enjoying some quiet time on Friday evening and did not bother to look at the charts I was too tired, during a time like that I would be prone to making mistakes.
After all it's not too late...

In my view I have seen what I need to see and can now plan my next move
It will involve in looking closer at the areas in the green boxes, will wait and see what Monday afternoon brings

Have a good weekend all,

Cheers,

I actually just uploaded the new video on the blog. It looks at what I am looking at for next week, and your post addresses it in part. Take a look guys, and let me know if there is anything I could do to improve.....

Chris
  • #12,744
  • Jul 23, 2011 3:28am Jul 23, 2011 3:28am
Quoting clockwork71
I actually just uploaded the new video on the blog. It looks at what I am looking at for next week, and your post addresses it in part. Take a look guys, and let me know if there is anything I could do to improve.....

Chris
Just watched the vid Chris.

Pretty well sums it up really - It took me an awful long time to realise that trading tops and bottoms on 15m or even H1 charts was a mugs game.

The old adage 'the trend is your friend' really is true, combine that with patience, 'wait for the market to come to you' and forex is a lot less painful. It might be boring sometimes but I like boring if it makes me money.
  • #12,745
  • Jul 23, 2011 9:42am Jul 23, 2011 9:42am
Quoting stewrigh
Just watched the vid Chris.

Pretty well sums it up really - It took me an awful long time to realise that trading tops and bottoms on 15m or even H1 charts was a mugs game.

The old adage 'the trend is your friend' really is true, combine that with patience, 'wait for the market to come to you' and forex is a lot less painful. It might be boring sometimes but I like boring if it makes me money.
True, and to be honest.....that is the #1 lesson people need to learn if they are going to trade for any length of time. The majority of traders leave because they are not patient. Either they press the issue, and blow up.....or they get tired of "waiting to get rich".
  • #12,746
  • Jul 24, 2011 5:20am Jul 24, 2011 5:20am
Quoting clockwork71
You will need a track record of about 2 years in order to get people to look at you seriously.....
Quoting VitaminBeer
I looked into that, and yes Chris is about right, 2 years success rate is what they are looking for, I found some people advertising a position to trade forex and I had a chat with the owner he seemed like a decent kind of guy. They employ traders and their pay is based on their profitability.
http://www.forexatom.com/
Thanks for the advice guys. Yeah as it happens I ponced around at Oxford, I was head boy at Eton college, captain of the rugby team, and my daddy plays golf with David Rockerfeller. But just assuming I want to take a shot at life the peasant way, and pretend I don't even have a degree, my best bet when the time comes is to look for work with some managed account services such as the ones listed below, before I can look at trying with a prop firm?

http://www.reviewpips.com/services/managed-accounts

For me I got a few years yet though, this is my first year. I guess as for any dodgy firms/people I'm not risking a lot like a client would be, ha.

- Oh yeah, if I am in UK I guess I need to get a licence with FSA or something?
  • #12,747
  • Jul 24, 2011 10:18am Jul 24, 2011 10:18am
Quoting Rk33333
Thanks for the advice guys. Yeah as it happens I ponced around at Oxford, I was head boy at Eton college, captain of the rugby team, and my daddy plays golf with David Rockerfeller. But just assuming I want to take a shot at life the peasant way, and pretend I don't even have a degree, my best bet when the time comes is to look for work with some managed account services such as the ones listed below, before I can look at trying with a prop firm?

http://www.reviewpips.com/services/managed-accounts

For me I got a few years yet though,...
Can't your daddy pull a few strings with Rockefeller - that's by far the easiest way.
  • #12,748
  • Jul 24, 2011 1:34pm Jul 24, 2011 1:34pm
Quoting Rk33333
Thanks for the advice guys. Yeah as it happens I ponced around at Oxford, I was head boy at Eton college, captain of the rugby team, and my daddy plays golf with David Rockerfeller. But just assuming I want to take a shot at life the peasant way, and pretend I don't even have a degree, my best bet when the time comes is to look for work with some managed account services such as the ones listed below, before I can look at trying with a prop firm?

http://www.reviewpips.com/services/managed-accounts

For me I got a few years yet though,...
I assume that the FSA operates like the NFA, and that would mean yes - you need a license to do certain things. I do not know what those actually are though.

If you are near Oxford, pop over to the County Grounds and see how my shares in Swindon Town FC are doing......

Chris
  • #12,749
  • Jul 24, 2011 10:08pm Jul 24, 2011 10:08pm
Ironically, my father-in-law gave me some coins today. One of them was based in Dracmas. I might be able to use that soon!
  • #12,750
  • Jul 25, 2011 8:51am Jul 25, 2011 8:51am
Hope you all got a look at my video over the weekend at the blog. If you did, you are doing quite well right now. I am currently very happy with some positions that I am in now.
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  • #12,751
  • Jul 25, 2011 11:55am Jul 25, 2011 11:55am
Quoting clockwork71
Hope you all got a look at my video over the weekend at the blog. If you did, you are doing quite well right now. I am currently very happy with some positions that I am in now.
Me too. Another great video. I think the trades you highlighted are a case in point that simplicity prevails. Why would anyone give themselves a headache drawing patterns for a few pips here and there when they can just go with the tide?

I guess sometimes you must feel as if you're stating the obvious in your videos but I know that personally,when I'm looking at my charts and trying to block out all the background noise where I'm living, i really appreciate being able to put my head phones in and listen to some clear, objective commentary. Keep them up
  • #12,752
  • Jul 25, 2011 6:01pm Jul 25, 2011 6:01pm
Quoting ludwell
Me too. Another great video. I think the trades you highlighted are a case in point that simplicity prevails. Why would anyone give themselves a headache drawing patterns for a few pips here and there when they can just go with the tide?

I guess sometimes you must feel as if you're stating the obvious in your videos but I know that personally,when I'm looking at my charts and trying to block out all the background noise where I'm living, i really appreciate being able to put my head phones in and listen to some clear, objective commentary. Keep...
Thanks ludwell, I have to admit, when you are teaching people, you sometimes can feel that you have to be coming up with something astounding and new. This is probably because of the nature of the business, as it is a constant "churn and burn" situation. This is why I decided to stop charging for anything - it puts too much pressure on a person to come up with new stuff, even if the most basic stuff is what actually works. The truth is: trading is very simple.

I cannot tell you how common it is for people to over analyze things in this market. (Or any other for that matter) The truth is that patience is what makes for a successful trader more than anything else. The rest is simple trading philosophies, and sticking to it. Anything beyond that is bullshit quite frankly, and more than likely a sale pitch.

Once I started to pay attention to the obvious, trading was never difficult again. It's easy, stay away from pairs that are choppy - like maybe the EUR/GBP pair lately. That pair looks like a huge pain in the ass to me, and I didn't start trading for more stress. So why bother? Another thing you should do is enjoy the process. If you don't, then why would you bother with it? Also, take the simplest trades possible. Obvious set ups at massive areas that hopefully coincide with the overall trend.

That's about it really. Although I know what you mean.....I have had points where I needed someone to keep me simple at times. Glad you enjoyed the video.

For those of you who are curious - I actually took three trades based upon this video, and closed out partial profits on all of them. I am going to let the rest run, if they can. The truth is that the markets have been very erratic lately, and I don't feel like losing any. If the XXX/CHF pairs bounce hard, I will only be waiting to see another obvious set up again.

It will happen.

Chris
  • #12,753
  • Jul 25, 2011 7:45pm Jul 25, 2011 7:45pm
Quoting clockwork71
Hope you all got a look at my video over the weekend at the blog. If you did, you are doing quite well right now. I am currently very happy with some positions that I am in now.
I did not trade, but you were spot on Chris. I liked how you compared USDCHF to other CHF crosses. EURCHF and BGPCHF I think did move more than USDCHF.
Can you please help me understand this risk aversion thing :-)

When everything is great and people want to take risk -
They buy risky currencies like?? or commodities like??

When people are scared ( by things like Greece debt) -
They go for safe heavens like USD & CHF?
They go for commodities like Gold and Silver?
What about Oil?

sorry I still get confused :-)

cheers
  • #12,754
  • Jul 25, 2011 11:45pm Jul 25, 2011 11:45pm
Quoting Imphilomath
I did not trade, but you were spot on Chris. I liked how you compared USDCHF to other CHF crosses. EURCHF and BGPCHF I think did move more than USDCHF.
Can you please help me understand this risk aversion thing :-)

When everything is great and people want to take risk -
They buy risky currencies like?? or commodities like??

When people are scared ( by things like Greece debt) -
They go for safe heavens like USD & CHF?
They go for commodities like Gold and Silver?
What about Oil?

sorry I still get confused :-)

cheers
To be honest, this is a massive subject. But the basic thinking is this:

When there is concern over the financial systems and other issues - the USD will get bought mainly because funds will go into Treasuries as they are one of the safest investments you can make. So if there is serious concern, you want to own a "sure thing", even if the return is very low. In order to buy Treasuries, you need Dollars. Also, American firms will pull money out of foreign markets, and convert that money into USD as well. It pushes the dollar up in general.

The CHF gets bid because until recently, it was backed by physical gold. It still is backed by something like 40% of face value.....at least, that is what SNB has on the books. Because of this, it is a safe haven play because it is more or less backed by something of value, unless most other currencies.

On the other side of the coin, you want to buy "risk" assets if things are good, because you can get a better return than a JGB (Japanese Bond), US Treasury Note, or Bund. (German Bond) These don't offer much in the way of returns - because they are so safe. So when you buy the NZD, you are getting a better interest payment than the bonds I mentioned, and also - there are a lot of firms that will buy New Zealand bonds because they offer higher interest rates.

When it comes to commodities, just think of it as the good economy will use more of them. (It's more complicated, but that is enough as far as how to think your way through it.)

All of this comes down to the flow of currencies from one border to another. And to be honest - it's 90% about the USD and which direction it is flowing.

Sorry if I wasn't clear enough, but this is a massive section of trading that quite frankly could fill books in all of the information that I have in my head - and I am not even a fundamental trader! Crazy.
  • #12,755
  • Jul 25, 2011 11:49pm Jul 25, 2011 11:49pm
I need a new broker for Forex I think. Anyone here use Oanda? How do you feel about them? I ask because I like the idea of being able to trade a few exotics when the time is right.......

Chris
  • #12,756
  • Jul 26, 2011 12:06am Jul 26, 2011 12:06am
Hi Chris im a Kiwi and use GO Markets in Australia. Find them good with low spreads.

Cheers Tony
  • #12,757
  • Jul 26, 2011 1:33am Jul 26, 2011 1:33am
Quoting clockwork71
To be honest, this is a massive subject. But the basic thinking is this:

When there is concern over the financial systems and other issues - the USD will get bought mainly because funds will go into Treasuries as they are one of the safest investments you can make. So if there is serious concern, you want to own a "sure thing", even if the return is very low. In order to buy Treasuries, you need Dollars. Also, American firms will pull money out of foreign markets, and convert that money into USD as well. It pushes the dollar up in general.

The...
Thanks Chris, Simple and easy to understand for someone like me. Appreciate it.

cheers
  • #12,758
  • Jul 26, 2011 2:14am Jul 26, 2011 2:14am
Quoting clockwork71
I need a new broker for Forex I think. Anyone here use Oanda? How do you feel about them? I ask because I like the idea of being able to trade a few exotics when the time is right.......

Chris

Go Markets Aussie...

They are great, if I ever need anything I just chat to them online live or send them an email, deposits take roughly 2-3 days and my withdraws about the same. Deposits can be made via Bpay too which I happen to like very much.
They have 500:1 leverage (as high as it goes as far as I'm aware)

Their feed and execution is good, but I sometimes try another demo broker if I want more tick history.

As for exotic pairs well I dunno, I tend to stick to most of the majors but I've attached a list of them all.

It does what its ment to do and it does it well, that's all I care about

Oh and they offer Learner accounts, mini accounts and standard accounts
I think Learner and mini's are the same I'm not too sure

Cheers,
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  • #12,759
  • Jul 26, 2011 6:31am Jul 26, 2011 6:31am
Quoting clockwork71
I need a new broker for Forex I think. Anyone here use Oanda? How do you feel about them? I ask because I like the idea of being able to trade a few exotics when the time is right.......

Chris
I trade with Oanda and have done so since 2009 and I'm very happy with them. Imho they're the best retail broker out there. I won't switch until it's time for me to move over to a broker that offers futures.
  • #12,760
  • Jul 26, 2011 6:40am Jul 26, 2011 6:40am
Quoting o990l6mh
I trade with Oanda and have done so since 2009 and I'm very happy with them. Imho they're the best retail broker out there. I won't switch until it's time for me to move over to a broker that offers futures.
I back these sentiments. I trade VERY small as I learn over time, so I don't know how well Oanda handles a $2,000 order. But my $5 orders are always perfect.

I have traded with Oanda since 2007 and can only report great things.

People complained about no trailing stop, so Oanda added a trailing stop.

People complained about Meta Trader 4, so Oanda added Meta Trader 4.

I have had some trades stopped out that I wasn't sure why, and within minutes I had someone respond as to why my trade was stopped out (Bid/Ask grew during news, and it was my mistake to trade on NFP before I knew what NFP was).

I so far have been very satisfied.
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