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14 Year Old Forex Trader's Lessons

  • #1,421
  • Oct 4, 2011 8:00pm Oct 4, 2011 8:00pm
for the fibonacci lovers,

here is your mystical fan and the golden ratio of 61.8%
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Have I got something on my face, SOLDIER?
  • #1,422
  • Oct 4, 2011 8:02pm Oct 4, 2011 8:02pm
is that what you have done or what happened earlier. As a matter of interest just before it plunged there where 2 inside bars i was out then but probably would of been on it but hey ho
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,423
  • Oct 4, 2011 8:04pm Oct 4, 2011 8:04pm
Sorry for your loss Buma.
You've learned a great lesson today. So, that's a good thing.
This is exactly why you should stay on demo for now.
The mistake you made today (leaving a trade unattended on such a volatile instrument) had to be made in order to learn your lesson well. Be glad it was on demo.
The market has no mercy for your trades and Murphy's Law always applies here.
Those who say it cannot be done should not interrupt those who are doing it
  • #1,424
  • Oct 4, 2011 8:20pm Oct 4, 2011 8:20pm
Quoting bumapatria
Ah man..
shoot..
THIS IS WHY I NEED TO BE AT MY COMPUTER FOR MY SILVER/GOLD TRADES!!!!
went to jiujitsu class, shoud've closed trade. with lots of profit.
take a look at this, i came back i saw this funny shit. this is why silver and gold is high-yield, and high-risk too. especially dont go to jiujitsu and leave the trades open lol.

Lol..
ill continue using it. i have no shame in using it
and i named it 'nevergiveup'.
What about stop loss, are you using them?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,425
  • Oct 4, 2011 8:21pm Oct 4, 2011 8:21pm
Quoting PipTrapper
Sorry for your loss Buma.
You've learned a great lesson today. So, that's a good thing.
This is exactly why you should stay on demo for now.
The mistake you made today (leaving a trade unattended on such a volatile instrument) had to be made in order to learn your lesson well. Be glad it was on demo.
The market has no mercy for your trades and Murphy's Law always applies here.
Did you cover your short positions, if not when do you think you goind to do that?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,426
  • Oct 4, 2011 8:27pm Oct 4, 2011 8:27pm
And by the way I took a photo of a friend of mine while I was sitting on the sofa after my last night trading session (she was just getting me a beer)

Buma you not allowed to rest your eyes on her more than 1 minute, focus on the armonic patterns instead.

mla
Attached Image
"The Heart is the hub of all dances; go there and chill out"
  • #1,427
  • Oct 4, 2011 8:30pm Oct 4, 2011 8:30pm
Quoting mla
Did you cover your short positions, if not when do you think you goind to do that?

mla
No my shorts are still open and I just added another one.
I had a limit order at 1.3360 and it got slipped to 1.3641
My broker is investigating and will more than likely credit my account with 19 pips in a few days

The fundamentals do not support a sustained rise in the euro
Any rise from here until the dust settles after a Greek default will be due to no more than short coverings and/or false hopes

I remain very bearish and will keep my shorts open until at least 1.2967
If I get a bit skeptical about the bearish sentiment, I will take some profit but not all of it.
Those who say it cannot be done should not interrupt those who are doing it
  • #1,428
  • Oct 4, 2011 8:38pm Oct 4, 2011 8:38pm
Quoting PipTrapper
No my shorts are still open and I just added another one.
I had a limit order at 1.3360 and it got slipped to 1.3641
My broker is investigating and will more than likely credit my account with 19 pips in a few days

The fundamentals do not support a sustained rise in the euro
Any rise from here until the dust settles after a Greek default will be due to no more than short coverings and/or false hopes

I remain very bearish and will keep my shorts open until at least 1.2967
If I get a bit skeptical about the bearish sentiment, I will take...
Well do you book your profit? trailing your SL, if you do not I would not be very relaxed about it. You can never be sure what is going to happen.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,429
  • Oct 4, 2011 8:43pm Oct 4, 2011 8:43pm
thats my current position billy.
Mla, lol i told you, since gold and silver move so fast, stop loss sometimes doesnt get triggered. my sl on gold didnt get hit, and silver... way too wide.

well, anyways i learnt. Currencies are less stressful lol.
Have I got something on my face, SOLDIER?
  • #1,430
  • Oct 4, 2011 8:44pm Oct 4, 2011 8:44pm
Quoting mla
And by the way I took a photo of a friend of mine while I was sitting on the sofa after my last night trading session (she was just getting me a beer)

Buma you not allowed to rest your eyes on her more than 1 minute, focus on the armonic patterns instead.

mla
man, im looking at the... uh.. .the nice... furniture... yeah the furniture
Have I got something on my face, SOLDIER?
  • #1,431
  • Oct 4, 2011 8:50pm Oct 4, 2011 8:50pm
im 17 cents or 17 pips in profit for the silver short, and hell 17 pips here on 0.02 lot size, is the same as ~120 pips on eur/usd same lot size.

but heres the catch. My sl can only be put 200 cents or 200 pips away from current running price, same with TP.

Gold is 'safer' with lesser minimums of TP and SL of about 200, but you see gold moves that fast in a minute. Gold moves in dollars intraday. Most of the time they get hit, but in volatile conditions, sometimes openign an order doesnt happen! market orders lose the price, and it jsut says "order in process".

gold and silver are for the brave only.
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Have I got something on my face, SOLDIER?
  • #1,432
  • Oct 4, 2011 8:51pm Oct 4, 2011 8:51pm
Quoting mla
Well do you book your profit? trailing your SL, if you do not I would not be very relaxed about it. You can never be sure what is going to happen.

mla
I have SL at average break even. Worst thing that can happen is I make nothing. Therefore Risk:Reward=0:1
It's like scaling in, except on bigger time frames.
Those who say it cannot be done should not interrupt those who are doing it
  • #1,433
  • Oct 4, 2011 9:11pm Oct 4, 2011 9:11pm
hm.. ive heard many people say keep it simple...

i guess im going to dump those indicators again.

Have I got something on my face, SOLDIER?
  • #1,434
  • Oct 4, 2011 9:26pm Oct 4, 2011 9:26pm
the gold dilemma:
Look at this symmetrical madness. both 61.8% ratio retracement for bears and bulls lol. i honestly think the bulls would attack again, i mean look at the bullish momentum vs bearish momentum for the past 10 bars. There is a risk of bears rushing in again, but isaw loss of momentum here.

Btw, i closed silver 18+ pips/cents
Bears know (in my prediction) that their target was taken at the demand. They're happy about it, and once bulls start charging to supply (area of bears) bears would defend that area/zone, and hit again.
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Have I got something on my face, SOLDIER?
  • #1,435
  • Oct 4, 2011 9:40pm Oct 4, 2011 9:40pm
Quoting PipTrapper
I have SL at average break even. Worst thing that can happen is I make nothing. Therefore Risk:Reward=0:1
It's like scaling in, except on bigger time frames.
Sorry, but allow me to disagree with you about this point.

If she goes back to you entry levels, you lost 1000 pip, that is the worst thing. Wouldn't be wise to book your 1000 pips and then when she pulls back (like she did, 250 pips from the yesterday's low to today high) go short again? Like that
you get paid for been right and get in again to make more.

Sorry just a thought.

Cheers
mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,436
  • Oct 4, 2011 9:44pm Oct 4, 2011 9:44pm
Quoting bumapatria
hm.. ive heard many people say keep it simple...

i guess im going to dump those indicators again.

Soon you do, better is.

They are always behind the price, as GoldMan said, they are good to clutter your view. It is all in the candle.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,437
  • Oct 4, 2011 9:55pm Oct 4, 2011 9:55pm
Quoting mla
Soon you do, better is.

They are always behind the price, as GoldMan said, they are good to clutter your view. It is all in the candle.

mla
well candles are just indicators too - redlion.

We just need to gauge price movement on our own.
.. so i did dump the indicators redux.. AGAIn..

lol at least i did. i think i got desperate after the loss hahaha. but hey, dont go to jiujitsu with a silver trade...

well lookie here... gold.

as redlion says always assume u are wrong until u are right.

i say yes, but theres this.

when you are right, you can always go wrong the next second.
And i also heard mla's advice to use a trailing stop.now im using it on gold.

lets see if gold bears want to play..
well its basically usd bulls which are all asleep
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Have I got something on my face, SOLDIER?
  • #1,438
  • Oct 4, 2011 10:03pm Oct 4, 2011 10:03pm
bulls (if they exist in this pair) try to defend their demand zone, and the bears are fast asleep to make any big moves. But never underestimate the power of things going from a good banana to a squished one.

They taste good for a bite, next thing u know, they go all rotten at the end.

silver and gold trade
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Have I got something on my face, SOLDIER?
  • #1,439
  • Oct 4, 2011 10:07pm Oct 4, 2011 10:07pm
Quoting billytt
is that what you have done or what happened earlier. As a matter of interest just before it plunged there where 2 inside bars i was out then but probably would of been on it but hey ho
Bill

Try this one, first on the demo, it is called ID/NR4 (inside day narrow rang 4)

1 Identify an ID/NR4
2 The next day only, place a buy stop 5 pips above and a sell stop 5 pips below the ID/NR4 bar.
3 on entry day only, if you are filled on the buy side, enter an additional sell stop 5 pips below the ID/NR4. This means that if the trade is a loser, not only will you get stopped out with a loss, you will revers and go short. (The rule is reversed if initially filled on the short side)
4 Trail a stop to lost in accrued profit.
5 If the position is not profitable within two days and you have not been stopped out, exit the trade at market close. Our experience has taught us that when the setup works, it is usually profitable immediately.

This is by Linda Bradford, from Street Smart.

In my opinion you will make money on the systems if you are able to stick with it.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,440
  • Oct 4, 2011 10:11pm Oct 4, 2011 10:11pm
Quoting bumapatria
well candles are just indicators too - redlion.

We just need to gauge price movement on our own.
.. so i did dump the indicators redux.. AGAIn..

lol at least i did. i think i got desperate after the loss hahaha. but hey, dont go to jiujitsu with a silver trade...

well lookie here... gold.

as redlion says always assume u are wrong until u are right.

i say yes, but theres this.

when you are right, you can always go wrong the next second.
And i also heard mla's advice to use a trailing stop.now im using...
People say many things. Trading is not a religion is a business.
You either agree with me or disagree, just make things right for you. That is all.

mla
"The Heart is the hub of all dances; go there and chill out"
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