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Make Money Everyday - A Guide to Short-Term Trading

  • #781
  • Sep 22, 2011 7:28am Sep 22, 2011 7:28am
Quoting enochben
getting some bad fills today - 0 for 2 - both should have been winners! (Oil actually went 75 pips in 3 minutes - without me!)

Does anybody know how to set a limit order when price is close to your entry? I need to be able to set a limit order when price is only 2 or 3 pips away.

thanks in advance.
I hate that..

Unfortunately I think that is determined by your broker. I have used two Aus brokers with MT4, one I could set limits right next to price, the other I had to be 4 pips away.
I have read a few discussions regarding brokers suggesting the same thing. If I remember correctly people were praising the broker for being able to do this, or scolding them for not.
  • #782
  • Sep 22, 2011 7:36am Sep 22, 2011 7:36am
Quoting nhen
I hate that..

Unfortunately I think that is determined by your broker. I have used two Aus brokers with MT4, one I could set limits right next to price, the other I had to be 4 pips away.
I have read a few discussions regarding brokers suggesting the same thing. If I remember correctly people were praising the broker for being able to do this, or scolding them for not.
on a cursory search I have learned that you can get an EA to get around this minor inconvenience - I was hoping someone had already used one and would point me in the right direction. Market orders BLOW!
  • #783
  • Sep 22, 2011 7:44am Sep 22, 2011 7:44am
Quoting enochben
on a cursory search I have learned that you can get an EA to get around this minor inconvenience - I was hoping someone had already used one and would point me in the right direction. Market orders BLOW!
Well out smarted me didn't ya..
  • #784
  • Sep 22, 2011 7:45am Sep 22, 2011 7:45am
another bad fill! I hate market orders! I think I need a walk!
  • #785
  • Sep 22, 2011 7:53am Sep 22, 2011 7:53am
Quoting enochben
another bad fill! I hate market orders! I think I need a walk!


The levels are doing some serious damage on the EU tonight.. shame I missed 3 textbook moves at London mid morning while making dinner.
Mong you must be a happy man.
  • #786
  • Sep 22, 2011 7:55am Sep 22, 2011 7:55am
Quoting enochben
another bad fill! I hate market orders! I think I need a walk!
Market Orders = Bad News. I have never ever ever used a market order and gotten a decent fill. Never. Sorry about your fills bro - enjoy your walk. PA is trucking today. It's beautiful.

Mongolian
  • #787
  • Sep 22, 2011 8:14am Sep 22, 2011 8:14am
ok - back. after a coffee and a short walk i realized I am only down 16 pips. I can make that up. but the slippage i have been getting threw me off my game and made me miss about 3 perfect entries... I am conteplating going back to futures where you can i click on a price ladder...

on another note - are you all aware of boston technologies virtual dealer plugin? if not, you should know your enemy (your broker): http://www.forexfactory.com/showthread.php?t=70582

I have also attached the elusive sales material provided by Boston Tech.
Attached File(s)
File Type: pdf metatrader virtual dealer plugin guide (1).pdf   208 KB | 465 downloads
  • #788
  • Sep 22, 2011 8:19am Sep 22, 2011 8:19am
Quoting enochben
ok - back. after a coffee and a short walk i realized I am only down 16 pips. I can make that up. but the slippage i have been getting threw me off my game and made me miss about 3 perfect entries... I am conteplating going back to futures where you can i click on a price ladder...

on another note - are you all aware of boston technologies virtual dealer plugin? if not, you should know your enemy (your broker): http://www.forexfactory.com/showthread.php?t=70582

I have also attached the elusive sales material provided by Boston Tech....
Um... without even reading that stuff - I can tell you that we are on the same page. I believe futures are in my 'future' as well.
  • #789
  • Sep 22, 2011 8:23am Sep 22, 2011 8:23am
Quoting enochben
ok - back. after a coffee and a short walk i realized I am only down 16 pips. I can make that up. but the slippage i have been getting threw me off my game and made me miss about 3 perfect entries... I am conteplating going back to futures where you can i click on a price ladder...

on another note - are you all aware of boston technologies virtual dealer plugin? if not, you should know your enemy (your broker): http://www.forexfactory.com/showthread.php?t=70582

I have also attached the elusive sales material provided by Boston Tech....
Sheesh..

What is the deal with forex futures? I saw some talk about this on the tradestation forums but I am clueless..
  • #790
  • Sep 22, 2011 8:36am Sep 22, 2011 8:36am
ok - i am off my rocker today! thanks for letting me rant!

I just shorted 3450 for 12 pips - i thought i had 2 lots for a nice $240 trade - whoops entered .02 lots for a whopping $2.40!!!
  • #791
  • Sep 22, 2011 8:38am Sep 22, 2011 8:38am
Haven't put a chart in a while... This is a 300 Tick Bar Chart - kind of the big picture. PA moving nicely. That last little point on there - the new low @ 1.3400 - was new low at a whole number... was anticipating that once it hit that - there would be a nice bounce of at least 50 pips (I was right). Don't have a hard and fast rule on that - like I say in the chart - it's just something that I've seen a bunch of times. Pretty cool so far today.

Mongolian
Attached Image (click to enlarge)
Click to Enlarge Name: Sept21.JPG Size: 130 KB
  • #792
  • Sep 22, 2011 10:02am Sep 22, 2011 10:02am
Quoting enochben
ok - i am off my rocker today! thanks for letting me rant!

I just shorted 3450 for 12 pips - i thought i had 2 lots for a nice $240 trade - whoops entered .02 lots for a whopping $2.40!!!
Nice work

Better than setting your SL for $240 instead of $24 right..


Quoting mongolian
Haven't put a chart in a while...
Mongolian
Was going to post earlier about a chart mate.. cheers I dig that. Seems there was a good bloody reason to hold onto my short at 1.3550. Still much to learn over here!
  • #793
  • Sep 22, 2011 10:41am Sep 22, 2011 10:41am
After second trade at 1.3475 I took a break for dinner and first trade back was short at 1.3400. Blue arrows in between are just trades I would have taken.

Bit of sloppiness there on my part, but came out alright tonight. Could've been much tastier seeing how nice price was playing.

Ended up about 63 pips at first look, 6 pip stops makes that quite rewarding.
Gonna go over PA from last night and try to work out where I would've been caught out and write up a plan for each scenario.

Hope you boys are trading well!

EDIT - Clear short at 1.3450 where I had 3 stops.. Need to watch for those reversal patterns
Attached Image (click to enlarge)
Click to Enlarge Name: eu 22-09-11 ny open tick 1.png Size: 57 KB
  • #794
  • Sep 22, 2011 11:08am Sep 22, 2011 11:08am
Quoting nhen
After second trade at 1.3475 I took a break for dinner and first trade back was short at 1.3400. Blue arrows in between are just trades I would have taken.

Bit of sloppiness there on my part, but came out alright tonight. Could've been much tastier seeing how nice price was playing.

Ended up about 63 pips at first look, 6 pip stops makes that quite rewarding.
Gonna go over PA from last night and try to work out where I would've been caught out and write up a plan for each scenario.

Hope you boys are trading well!

EDIT - Clear short...
Hindsight is always 20/20. Platform crashes suck. Take a good look at that chart and really, have an honest dialogue if you will with yourself. All those blue arrows - quality setups. I know that LIFE happens day in and day out - we aren't handcuffed to our monitors (insert joke here)... so we are not going to get every single setup.... BUT - the thing that was most freeing for me was when I finally came to the point where I embraced HOW I traded fully - and I took the setups that I saw when I was sitting there. Do they all end up profitable? Of course not. HOWEVER...my results improved dramatically, as did my confidence. There is nothing worse than going back over the charts and seeing all the setups that I didn't take because I was committed to 'watching'.

We are rewarded for our discipline. When we can trade our setups religiously, consistently and completely - I'm telling you - the results will be far better than we could even imagine. Be disciplined in our trades, in taking our losses and taking our profits. If someone has followed this thread long enough, and if they have spent enough screen time with their data - they know that there are TONS of quality setups happening day in and day out.

It really seems like your progress has grown tremendously in the past couple weeks....Awesome. I'm calling it now - you haven't even begun to scratch the surface my friend, as good as it's going now - It's only going to get better.

Mongolian
  • #795
  • Sep 22, 2011 11:21am Sep 22, 2011 11:21am
Nice work Nhen! Kudos to you!

(I am licking my wounds today )
  • #796
  • Sep 22, 2011 11:54am Sep 22, 2011 11:54am
Quoting mongolian
When we can trade our setups religiously, consistently and completely - I'm telling you - the results will be far better than we could even imagine.

I'm calling it now - you haven't even begun to scratch the surface my friend, as good as it's going now - It's only going to get better.
A great post as usual mate

Thank you. I feel like every time I have a shocker of a night (like a few weeks ago) I come out the other side a better trader. Acts almost like fertilizer at this stage of my trading.

I will go over that chart tomorrow and break down my thought processes to illuminate areas that need growth.
Same goes for last nights, didn't trade it and mentioned this before. But looking at that PA I really think if I had been home I would have struggled. So I'm going to go over it and really lay the ground work for when I encounter those situations again.

First bold/underlined quote of yours is what I hold in my minds eye everyday. For me I HAVE to review my charts over and over again. Only when it sinks past the surface of my consciousness do I start to get moving with an idea.

That last line of yours blows my mind mate.. Seriously.



Quoting enochben
Nice work Nhen! Kudos to you!

(I am licking my wounds today )
Thanks mate! Long way to go for me, but I can see the light I can't help but feel that PA has been nice to me this week though. When she's being a devilish mistress that's when I need to really step up

Oil's being a jerk? You got some unlucky fills today though yes?
  • #797
  • Sep 22, 2011 12:46pm Sep 22, 2011 12:46pm
Quoting nhen
Oil's being a jerk? You got some unlucky fills today though yes?
Oil is being oil - I am just not focused - at least I wasn't focused until I was down 80+ pips. Got focused in a hurry and am now down just under 30 pips. I revenged traded as I saw a nice setup in oil - 1:10 ratio! The son-of-bitch took me out 1 pip above my stop AND at the high of the session before dropping 250 (and counting) pips.

Just one of those days... but since I've had them before, I'll be refocused and ready to rock tomorrow!
  • #798
  • Sep 22, 2011 1:32pm Sep 22, 2011 1:32pm
Only down 5 pips now - i should quit. especially since it is clear there is some sort of intervention occurring. The surge that we just experience was across the board - Oil, Gold, Currencies, S&P, were all getting killed and then wham!!! Wipe out all those short sellers in once nice, swift surge! LOL! Gotta love it!
  • #799
  • Sep 22, 2011 1:37pm Sep 22, 2011 1:37pm
http://www.zerohedge.com/news/euro-s...european-banks
  • #800
  • Sep 22, 2011 9:06pm Sep 22, 2011 9:06pm
Quoting enochben
Only down 5 pips now - i should quit. especially since it is clear there is some sort of intervention occurring. The surge that we just experience was across the board - Oil, Gold, Currencies, S&P, were all getting killed and then wham!!! Wipe out all those short sellers in once nice, swift surge! LOL! Gotta love it!
Shite have to check this out, happened while I was sleeping.
Nice work on the recovery! Not sure I could pull it back like that at this stage, nice.
Almost 30 degrees (Celsius) here, summers gonna be a hot one eek..
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