14 Year Old Forex Trader's Lessons

It's lunch time in NY and the Europeans have gone home. Volume is very low. Don't open another can of worms unless you're only looking to scalp a few pips.

at this rate, goldman's going to retire next week. Ranging goldman, its ranging market as i said



stop loss at breakeven for me, in case price action moves against me.

this ones looking good, with the ranging behavior of the market.

Good Show

I'm off soon.
Take care all.

and buma... Good job today.

yeah man thanks, its 11 pm on my side, and when im bored i study. Im learning biology its really cool. Enzymes, sustrates, proteins, and stuff.

I wouldve been close to nowhere if it werent for u and the other experts here.

thanks to u dudes.

I've been subbed from the beginning more or less, one thing i suggest you looking into (if i may make a suggestion) is market psychology. More specifically how the masses handle certain situations, where and why people place their stoplosses. Here's a terrible example.

http://i54.tinypic.com/154c903.jpg

This happens day in and day out on any timeframe and is universal throughout any freely traded market (options, stocks, futures, etc...)

Have fun

yeh sorry dude, been busy in my live trading room all day, been a monstrous day for pips still not had a loser yet since Thursday, it will be a moment in history the first loser in the room, im going to mark it down date and time lol

Many thanks mate, it all goes back to my sorta science of motion. Momentum, impulse. You made it even more clearer for me, and i thank you,

Everyone welcome TBryant,

i think hes going to stay

You're not looking deep enough into this my friend

haha good man! glad to hear the good stuff, hey also good teaching huh on the room? Im sure you made a lot of happy faces

huh?



elaborate please im not understanding.

am i not seeing something?

its being recorded too, some marketer emailed me asking if he could use this webinar and give me 80% of the profits from selling it at around $499 a pop

haha, what'd u say?

u getting rich friend.

Do some chart scouting, look for similar "setups" to what i just showed you and everyone in the thread.

Im just trying to plant seeds

We Came As Romans - To Plant a Seed

Okay, will do, sir.

40 pips into profit, moving sl to a profit level of 10+.

its always the 'simple' that works, and the complicated usually doesn't.

KIS.

keep it simple stupid

you are coming along great, i like you analyzing, planning, observing, knowing when you dookied on yourself, its all about practice now buma.

remember i told you the secret to the markets is that there is no secret.
well now just practice, trade, keep a journal of what works when you mess up.
but study the market more in dept so you dont believe the myths they say.

REMEMBER, RIGIDITY KILLS.

you need to adapt, change with your environment, as bruce lee said, be water my friend.

DO not think that the only way to trade safely is SL and TP, that is too rigid, sometimes you need to break the rules, putting chains on yourself and your trading will enslave you.

taking a loss is not WISE, i dont care how many traders argue with me -$1 is not the same as +$1. lossing 50% of your account means you need to make 100% back. However do not be mistaken that you will never lose or must never lose, BUT NEVER LOSE MORE THAN YOUR PRE DETERMINED THRESHOLD. Yes you were asking about AVERAGING DOWN, and AVERAGING IN.

to tell you the truth, YOU ARE NOT READY YET, but USE EVERY TOOL AT YOUR DISPOSAL TO TRADE. AVERAGING DOWN is done by institutional traders, but for now buma, keep learning to walk, and observe, once you get really good at knowing, getting the feel for when you are early, missed time, or WRONG.

you can HOLD, AVERAGE DOWN, or liquidate, trailing stops, Limit stops, Take profit within realm of probabilities, No stop losses at all, AVERAGE IN, AVERAGE OUT, PYRAMIDING into a swing trade.

SWING TRADING IS NOT EASIER THAN DAY TRADING. if you are wrong your loss is bigger.

PONDER THIS. if you want to swing trade into a position wouldnt you might as well trade into that same direction? can you see the market turning in the next minute? yet you mean to tell me you can see where is going in the next week? trade in the natural order of biology, from the atom to the organ.

trade from your five minute chart, positioning yourself for the daily movements.

i am glad to see you improving buma, i feel proud of you, you are a very bright young men.

edit; dont get me wrong buma stops have a place, TP have a place but is just like your indicators, you be the master on why and how, when and where to use them. trading is like war, preservation of your army is the order of business, be flexible in your analysis, be flexible in your money management. be flexible in your mentality and as other traders have said DO NOT MARRY YOUR TRADE NOR YOUR BIAS.
and i repeat ASSUME YOU ARE WRONG UNTIL PROVEN RIGHT at all times, CHECK the probabilities, the unexpected, and have a plan for each.

@Redlion,

Okay, i'll play one position for each direction for now. I will learn more about market psychology, market direction, and i am also reading a book on human psychology. Learn more about ourselves might be the key to understanding the market. All that praise is great to hear from one of my big mentors here, i only wish we can be this way outside a computer screen with all the other guys and girls here
I wouldn't be this way, if it weren't for your incessant advice and confidence in investing your time in me.

I will keep in mind rigidity, and can you elaborate more? rigidity im getting rough, and rigid means roughness or how hard something is right? keep on the incessant ranting, and i'll always become better

Trading primitively, but effectively

here's my current surgery:

patient's very happy

my good friend/trader in real-life has just been ...unbelievable.

i thought he was better than this:

this is cheating himself. hunting for indis hoping it would work.

this is crazy.

ANY MEMBER OF THIS THREAD, DO NOT DO THIS, DONT HUNT FOR SHIT LIKE THIS, ITS A WASTE OF TIME, any of you do, im dissapointed.