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14 Year Old Forex Trader's Lessons

  • #1,641
  • Oct 7, 2011 1:37am Oct 7, 2011 1:37am
Quoting Schoey
Lots looking for new highs on euro today wouldnt surprise me at all to go all the way back down
helling world! bullish marubozu on cable.

followed by a spinning top on m5.

thats why eu went up a bit.

correlation is a beautiful thing
Have I got something on my face, SOLDIER?
  • #1,642
  • Oct 7, 2011 1:37am Oct 7, 2011 1:37am
at this point shortened sl and capable of taking the loss. too much time. daily 10 ema is hitting resistance but the time frame doesnt alot for a tight stop. maybe ill hedge as bollinger bands are constricting.
  • #1,643
  • Oct 7, 2011 1:50am Oct 7, 2011 1:50am
Quoting sdcasper
at this point shortened sl and capable of taking the loss. too much time. daily 10 ema is hitting resistance but the time frame doesnt alot for a tight stop. maybe ill hedge as bollinger bands are constricting.
profitable hedging is extremely hard to accomplish. I used to do so, and made profits big on live. When i made a slight mistake it was loss loss loss.

It requires understanding of volatility, possible range, spikes, fakes, and a mathmetical basic knowledge of where the two orders are placed in a psycho-level for both sides.

and a good stop loss for both.

its what i would call smart gambling.

but i stopped. way to risky.
Have I got something on my face, SOLDIER?
  • #1,644
  • Oct 7, 2011 2:02am Oct 7, 2011 2:02am
Quoting mla
I am feeling a bit better today and I am in long.

Covered 1/4 at +6 pips, I did not moved my SL to BE because they run stops, lets see.

mla
I am out with the rest 3/4 at +1
"The Heart is the hub of all dances; go there and chill out"
  • #1,645
  • Oct 7, 2011 2:04am Oct 7, 2011 2:04am
Quoting mla
I am out with the rest 3/4 at +1


Scaling out is smart on current market.
Have I got something on my face, SOLDIER?
  • #1,646
  • Oct 7, 2011 2:06am Oct 7, 2011 2:06am
Quoting bumapatria


Scaling out is smart on current market.
I am a trader


mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,647
  • Oct 7, 2011 2:10am Oct 7, 2011 2:10am
Quoting mla
I am a trader


mla
no shit. so am i.


good job mate.

im going long-term (one day lol)
on shorting gold.

SL set.

1 thing funny, most of the time my sl of gold gets hit, but tp usually doesnt. Price keeps going lower on a short once, and im like hm... my tp was like far up...

i closed it lolz..

anywasy.GOLD SHORT. for me.
Have I got something on my face, SOLDIER?
  • #1,648
  • Oct 7, 2011 2:15am Oct 7, 2011 2:15am
looking to take profit a little above 61.8% fibo expansion which happens to be demand as well

ima take a small break of 2 hours. wanna study and as well play badminton, my bro's nagging me...



good luck guys.

mla, phone me if my trade goes wrong and becomes more than -100000 pips. Anything below i dont care. im still on winning side.

btw tick chart of gold selling-off again.
Have I got something on my face, SOLDIER?
  • #1,649
  • Oct 7, 2011 2:18am Oct 7, 2011 2:18am
Quoting bumapatria
no shit. so am i.


good job mate.

im going long-term (one day lol)
on shorting gold.

SL set.

1 thing funny, most of the time my sl of gold gets hit, but tp usually doesnt. Price keeps going lower on a short once, and im like hm... my tp was like far up...

i closed it lolz..

anywasy.GOLD SHORT. for me.
My advise, do not have a bias, try to learn when either get trapped and quickly take the opposite direction. Is unlikely at that point she will turn because nobody is interested at least until some profits are taken.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,650
  • Oct 7, 2011 2:22am Oct 7, 2011 2:22am
Quoting mla
My advise, do not have a bias, try to learn when either get trapped and quickly take the opposite direction. Is unlikely at that point she will turn because nobody is interested at least until some profits are taken.

mla
mla, its fine.
im never biased.
i see opportunites as long, and short.

not as DONT long only short.
and vice versa.

Redlion also talked about it, i explained to him that i dont have bias in trading.

its fine man. dont worry.

thanks for the advice.

Have I got something on my face, SOLDIER?
  • #1,651
  • Oct 7, 2011 3:00am Oct 7, 2011 3:00am
Hey PipTrapper

How you doing, I have not heard from you for a while. Are your shorts still in?

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,652
  • Oct 7, 2011 3:10am Oct 7, 2011 3:10am
Moody's downgraded 12 uk banks.

Merkel: "Europe should capitalize banks if needed."
no shit..


CNBC predicts 50,000-100,000.
lol cnbc...
prediction is arond 50 k so
Im trading the forecast with the short on gold. anyays, i need to respect TP, and SL, it is set, now leave it.
Have I got something on my face, SOLDIER?
  • #1,653
  • Oct 7, 2011 3:12am Oct 7, 2011 3:12am
lol

yeah, you think. the banks need some capital because they are insolvent.

but this is good news for the euro right lol

the market doesnt care


that is why i think this rally has no legs, NFP should be priced in as sluggish job, but HELI will determine what is next.
AVT INVENIAM VIAM AVT FACIAM
  • #1,654
  • Oct 7, 2011 3:14am Oct 7, 2011 3:14am
Quoting the redlion
lol

yeah, you think. the banks need some capital because they are insolvent.

but this is good news for the euro right lol

the market doesnt care


that is why i think this rally has no legs, NFP should be priced in as sluggish job, but HELI will determine what is next.

Red, go pro on citifx, and go get all ur capital and short the market at resistance/supply. Make it an excuse to sell.

Have I got something on my face, SOLDIER?
  • #1,655
  • Oct 7, 2011 3:15am Oct 7, 2011 3:15am
Quoting mla
Hey PipTrapper

How you doing, I have not heard from you for a while. Are your shorts still in?

mla
Hey mla. Yes I am still in my shorts. If I wasn't, I would be naked
Seriously though, I am still holding. I am still very confident based on my analysis and the underlying fundamentals that euro still has a way to go on the downside. I am patient.

Those who say it cannot be done should not interrupt those who are doing it
  • #1,656
  • Oct 7, 2011 3:18am Oct 7, 2011 3:18am
Quoting PipTrapper
Hey mla. Yes I am still in my shorts. If I wasn't, I would be naked
Seriously though, I am still holding. I am still very confident based on my analysis and the underlying fundamentals that euro still has a way to go on the downside. I am patient.

Balls of steal under the shorts, mate. Just make sure you do not loose them.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #1,657
  • Oct 7, 2011 3:19am Oct 7, 2011 3:19am
EU 15+ on daily opne
GBP 95+ daily open.

Lol take a look at this dudes::

ECB's Trichet: "Banks need to boost capital, Governments need to act"




is that what he gets paid to say?

as red says to me, ecb is different from Fed.
so is ben, and jean-claude.

Only thing similar is that they have white hair
Have I got something on my face, SOLDIER?
  • #1,658
  • Oct 7, 2011 3:20am Oct 7, 2011 3:20am
Quoting bumapatria
Red, go pro on citifx, and go get all ur capital and short the market at resistance/supply. Make it an excuse to sell.

lol

did i mention i been trading long lol

anyway i mean overall im looking to start shorting this, 1.3550 if we get there, i dont see this as a euro reversal everything is ok now type scenario
AVT INVENIAM VIAM AVT FACIAM
  • #1,659
  • Oct 7, 2011 3:27am Oct 7, 2011 3:27am
Quoting the redlion
i dont see this as a euro reversal everything is ok now type scenario
That's encouraging, because the opposite would be an illusion (or delusion)

RedLion, have you seen my thread yet? Read page 1 first.
Those who say it cannot be done should not interrupt those who are doing it
  • #1,660
  • Oct 7, 2011 3:28am Oct 7, 2011 3:28am
http://pragcap.com/resources/underst...onetary-system

check it out nice read

in fiat currency with floating exchange rates and elastic money supply macro economics are different than keynesian, or austrian school.

but to the ECB which is not a CENTRAL BANK as the FED is due to its fragmentation, and it has to answer to Bundesbank and other national banks, it creates the money but it is not he monopoly manipulator and creator of the fiat currency so the Euro acts like gold.

trade imbalances among the EZ nations, allocate resources and drain the trade deficit nation from revenue, bonds are purchased to borrow money.

the Dollar is not that way. the US can NEVER default on its obligations and taxation does NOT give revenue to the US and BONDS ARE NOT purchased to borrow money, the US is NEVER revenue constrained it can and does simply print money out of thin air.

now the way it works is by debits and credits, taxation is a debit to the system, soaks up liquidity and BOND purchases soak up liquidity from target reserves. the problem with the US deficit is INFLATION as more credits enter the system with less debits.SO A BALANCE does need to exist.

but the FED and treasury department in effect act as one, dictating monetary policy and money expansion interest rate targets.

the ECB is not like the fed EFSF and ECB answer to the national banks of the EZ. price stability is their number one mandate. and cannot manipulate the currency as they see fit because fiscal policy cannot be dictated to sovereign countries.
AVT INVENIAM VIAM AVT FACIAM
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