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14 Year Old Forex Trader's Lessons

  • #1,381
  • Oct 4, 2011 5:26am Oct 4, 2011 5:26am
Quoting bumapatria
yeah, GoldMan vouched for me

im sure he has a reason. I Pm'ed him to ask him why he did.
Redlion told me, and its GoldMan's turn
Whatever the reason, if I was able to, I would send you a vouch also. Your knowledge of the markets is quite impressive. If I was a forex trader with your knowledge way back when I was your age, I would be a billionaire by now

Quoting bumapatria
The thing about jumping in to trends already made is that there is a high possibility you have entered at the low, in which the counter-opposite of the trend is in retracement, while you are losing. So it is best to look out for retracements to enter a trend, if you are not in early.

Thats why im keeping my discipline to keep me away from eur/usd for now.
100% in agreement. That is why I am sitting on my hands, even though I have been tempted to jump in on the shallow corrections.
Those who say it cannot be done should not interrupt those who are doing it
  • #1,382
  • Oct 4, 2011 5:28am Oct 4, 2011 5:28am
Will sit back and wait it's next move, it seems to be forming another SD zone.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd H4 sd.png Size: 34 KB
  • #1,383
  • Oct 4, 2011 5:37am Oct 4, 2011 5:37am
Quoting GoldMan.
Will sit back and wait it's next move, it seems to be forming another SD zone.
Hi Goldman,
I see your chart is quite bare except for the brown moving average line you have there. May I ask what kind of ma you are using and how many periods it spans?
Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it
  • #1,384
  • Oct 4, 2011 5:40am Oct 4, 2011 5:40am
Quoting PipTrapper
Hi Goldman,
I see your chart is quite bare except for the brown moving average line you have there. May I ask what kind of ma you are using and how many periods it spans?
Cheers
PT
I use 20 and 200 EMA
  • #1,385
  • Oct 4, 2011 5:41am Oct 4, 2011 5:41am
Quoting GoldMan.
I use 20 and 200 EMA
yo stopped using the gmma?
Have I got something on my face, SOLDIER?
  • #1,386
  • Oct 4, 2011 5:50am Oct 4, 2011 5:50am
Quoting GoldMan.
I use 20 and 200 EMA
aha. I was thinking 21 and 233 but close enough.
I use 10 and 144 most of the time and I sometimes add the 34 and 169 (all ema) but I haven't for a while. I am trying to keep my charts as clean as possible.
Those who say it cannot be done should not interrupt those who are doing it
  • #1,387
  • Oct 4, 2011 5:51am Oct 4, 2011 5:51am
Quoting bumapatria
yo stopped using the gmma?
I don't need it anymore but it was very useful.
Don't really need 20 and 200 EMA's also but they just make things a bit more managable.
  • #1,388
  • Oct 4, 2011 6:18am Oct 4, 2011 6:18am
Quoting GoldMan.
I don't need it anymore but it was very useful.
Don't really need 20 and 200 EMA's also but they just make things a bit more managable.
I find my emas give me a visual reference of where we are in a swing. I certainly do not use them as part of my trading strategy but they do help with getting a visual of how deep a correction is or how strong a trend is. However, you are correct. They are not really needed.
Those who say it cannot be done should not interrupt those who are doing it
  • #1,389
  • Oct 4, 2011 6:40am Oct 4, 2011 6:40am
trying to copy mla style
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Click to Enlarge Name: eurusd 0410.jpg Size: 79 KB
  • #1,390
  • Edited 7:01am Oct 4, 2011 6:42am | Edited 7:01am
All technical indicators say we are oversold so a corrective move to the upside is due.

However, there is no fundamental support for this at this time, so we shall have to wait and see what happens when Wall St. traders hit the consoles.

Also at 9:00am EST, Trichet is due to testify before the European Parliament's Economic and Monetary Affairs Committee, in Brussels. Not sure if anything he says will move the markets.

Then, at 10am EST, Bernanke is also due to testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC. Now what he has to say will be very closely scrutinized for any hint about any further tools the Fed may look to use in the future.

If neither Trichet or Bernanke manage to move the markets, it's pretty well a slow day, and with the ECB rate statement due on Thursday and the NFP due on Friday, I say we range a bit from here with a bias to the downside.

I am currently sitting on my hands until such time as we get a decent correction so I can short again.
Attached Image (click to enlarge)
Click to Enlarge Name: liveeurochart-h4.gif Size: 38 KB
Those who say it cannot be done should not interrupt those who are doing it
  • #1,391
  • Oct 4, 2011 6:55am Oct 4, 2011 6:55am
afternoon traders, i not long since had a couple of nice trades on silver and gold. i used hourly inside bars from a few hours ago if you need to know
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,392
  • Oct 4, 2011 10:30am Oct 4, 2011 10:30am
im holding on to my longs on gold and silver despite the lowered profits...

This is just an accumulation phase if you look at the bigger picture on the daily.

This is why trading gold and silver needs patience, or ull get killed if you aint. OR even worse, you were wrong the whole damn time, and you lose.

hahahaha
Have I got something on my face, SOLDIER?
  • #1,393
  • Oct 4, 2011 10:38am Oct 4, 2011 10:38am
until today i havent traded gold or silver but i came off rather well. i phoned a couple of friends up who do trade these and they have put me in the picture. perhaps this is the other trading way i'm looking for happy trading
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,394
  • Oct 4, 2011 10:45am Oct 4, 2011 10:45am
Quoting billytt
until today i havent traded gold or silver but i came off rather well. i phoned a couple of friends up who do trade these and they have put me in the picture. perhaps this is the other trading way i'm looking for happy trading
well im happy with the longs even though decreased temporarily for now. Are you shorting this? I missed it was in Jiujitsu class

but it was fun..
Have I got something on my face, SOLDIER?
  • #1,395
  • Oct 4, 2011 10:53am Oct 4, 2011 10:53am
a few hours ago i noticed some hourly inside bars about 11-00 onwards, so i shorted then i foned a friend up and he gave me a bit of help lol so he prompted me when to go long and then not long ago i got an ib and went short for about 50 pips then went long again for 20 phew. i normally trade forex like this when i do decide to do it
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,396
  • Oct 4, 2011 10:59am Oct 4, 2011 10:59am
Quoting billytt
a few hours ago i noticed some hourly inside bars about 11-00 onwards, so i shorted then i foned a friend up and he gave me a bit of help lol so he prompted me when to go long and then not long ago i got an ib and went short for about 50 pips then went long again for 20 phew. i normally trade forex like this when i do decide to do it
fast-paced huh?
endure, its the best strategy.
Find a possible intraday move, use small lots, once u see price action is on your side, scale in with larger lots.
Have I got something on my face, SOLDIER?
  • #1,397
  • Oct 4, 2011 11:01am Oct 4, 2011 11:01am
a trick i like to do regarding inside bars. all candles start and end on the hour. i actually make my own- starting and ending at different times ie 11-15 to 12-15 or 12-30 to 13-30. i talk to other traders on different sites and sometimes i get questioned about ibs which are not there lol but they are on different time set ups
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,398
  • Oct 4, 2011 11:05am Oct 4, 2011 11:05am
its how i trade Buma obviously not silver gold i do it for a living i like to see the pounds after 5 to 10 days. i dont make money every day i have been known to wait lol. but any advice is always welcome
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,399
  • Oct 4, 2011 11:47am Oct 4, 2011 11:47am
Quoting billytt
a trick i like to do regarding inside bars. all candles start and end on the hour. i actually make my own- starting and ending at different times ie 11-15 to 12-15 or 12-30 to 13-30. i talk to other traders on different sites and sometimes i get questioned about ibs which are not there lol but they are on different time set ups
can u please show me an inside bar?

i get mixed images
Have I got something on my face, SOLDIER?
  • #1,400
  • Oct 4, 2011 11:58am Oct 4, 2011 11:58am
Quoting bumapatria
can u please show me an inside bar?

i get mixed images
Here's an inside bar and below it is an outside bar

.
Attached Images
Those who say it cannot be done should not interrupt those who are doing it
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