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14 Year Old Forex Trader's Lessons

  • #2,241
  • Oct 12, 2011 4:47am Oct 12, 2011 4:47am
Quoting PipTrapper


So why is this important to know?
Because we always have to be aware of where fair value is. If we were not aware, and just blindly traded price action, once the poop hit the fan, we would suffer repeated black swan events with no hope of recovery.
Monday and today are perfect examples of black swan events but these events take price "away" from fair value rather than "towards". Therefore any setbacks from these are in fact recoverable. Therein is the importance of fundamentals.

Absolutely but as you may know one time frames that i always look is M1 so it is very hard to stab me from the back. It all depends on strategy. I just don't want to pay much attention to other things, I but almost all my energy and attention on charts.
  • #2,242
  • Oct 12, 2011 4:47am Oct 12, 2011 4:47am
Quoting GoldMan.
I don't exactly understand what you mean by that question.
I just think that this news crap is actually preventig people to make more money, they but too much attention into wrong things.
That to me is an answer.

Cheese.
mLa
"The Heart is the hub of all dances; go there and chill out"
  • #2,243
  • Oct 12, 2011 4:54am Oct 12, 2011 4:54am
This is the first time she is slowing down a bit.

mLa
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"The Heart is the hub of all dances; go there and chill out"
  • #2,244
  • Oct 12, 2011 4:57am Oct 12, 2011 4:57am
Quoting mla
This is the first time she is slowing down a bit.

mLa
we need to stop looking at candlesticks and bar charts. we need to look at line charts. forget this for now. this is human psychology at the moment, people would probs panic buy at us session im sure they would know of the situation.

there is no impulse.

i stopped looking at m5, im looking at m30. im still using candles but zoomed out as far back to see the actual momentum.

there is no rest. forget everything.
look at charts, this is human psychology at work.

get ready for us session.
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Have I got something on my face, SOLDIER?
  • #2,245
  • Oct 12, 2011 5:03am Oct 12, 2011 5:03am
Quoting bumapatria
we need to stop looking at candlesticks and bar charts. we need to look at line charts. forget this for now. this is human psychology at the moment, people would probs panic buy at us session im sure they would know of the situation.

there is no impulse.

i stopped looking at m5, im looking at m30. im still using candles but zoomed out as far back to see the actual momentum.

there is no rest. forget everything.
look at charts, this is human psychology at work.

get ready for us session.
nothing is certain in this business, that is why we need to quick on our feet.

mLa
"The Heart is the hub of all dances; go there and chill out"
  • #2,246
  • Oct 12, 2011 5:05am Oct 12, 2011 5:05am
Quoting bumapatria
we need to stop looking at candlesticks and bar charts. we need to look at line charts. forget this for now. this is human psychology at the moment, people would probs panic buy at us session im sure they would know of the situation.

there is no impulse.

i stopped looking at m5, im looking at m30. im still using candles but zoomed out as far back to see the actual momentum.

there is no rest. forget everything.
look at charts, this is human psychology at work.

get ready for us session.
Well yeah human psychology is one of the important things in trading but I think candlesticks reflect it better. Line charts are one of the less information giving charts at all.
  • #2,247
  • Oct 12, 2011 5:08am Oct 12, 2011 5:08am
15m TF

mLa
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"The Heart is the hub of all dances; go there and chill out"
  • #2,248
  • Oct 12, 2011 5:12am Oct 12, 2011 5:12am
Quoting bumapatria
we need to stop looking at candlesticks and bar charts. we need to look at line charts.
the trouble is line charts don't show the whole picture, they only show the closing price for the period at which they are set. They fail to show where price was in each period.

however i suppose if you set it to 1min and zoom right out you will see most of what went on, but its not something i will do.
  • #2,249
  • Oct 12, 2011 5:16am Oct 12, 2011 5:16am
she is pausing.

mLa
"The Heart is the hub of all dances; go there and chill out"
  • #2,250
  • Oct 12, 2011 5:17am Oct 12, 2011 5:17am
Hmmm
I guess I was asleep at the wheel on this one as I failed to add it to my calendar of upcoming significant events despite being told last week by The Fool.

"The first of three ECB three-month dollar-loan offers starts Oct. 12."

Source: Euro Crisis Makes Fed Lender of Only Resort as Funding Ebbs

Had I actually marked it down, I would have been long since Monday.

Anyway I only suffered a very small loss. Had stop at BE but got slipped 2 pips.

Lesson learned. Keep calendar updated.
Those who say it cannot be done should not interrupt those who are doing it
  • #2,251
  • Oct 12, 2011 5:20am Oct 12, 2011 5:20am
of course nothing is certain, everything is percieved.

im just saying this is human psychology at work.

this exceeds all ta, and fa, because psychology comes 1st. im not talking market psycho levels because they were already hit and price shot up. they are useless atm, forget bias.

this is cavemen stuff now, basic instinct, when does us session open?

havoc would rampage.

there is no impulse wave, aka people are holding profits sellign USD, and this would continue givven current situation.

lets see if 3826 holds.
Have I got something on my face, SOLDIER?
  • #2,252
  • Oct 12, 2011 5:24am Oct 12, 2011 5:24am
in 3793
mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,253
  • Oct 12, 2011 5:25am Oct 12, 2011 5:25am
New video from Fresco, i have great respect for this guy.

Inserted Video
  • #2,254
  • Oct 12, 2011 5:25am Oct 12, 2011 5:25am
Quoting mla
in 3793
mla
short im guessing.
Have I got something on my face, SOLDIER?
  • #2,255
  • Oct 12, 2011 5:25am Oct 12, 2011 5:25am
Quoting bumapatria
short im guessing.
yep.

mla

gained 8 pips SL to BE

mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,256
  • Oct 12, 2011 5:28am Oct 12, 2011 5:28am
nice mla, caught my stop.

Have I got something on my face, SOLDIER?
  • #2,257
  • Oct 12, 2011 5:31am Oct 12, 2011 5:31am
Quoting bumapatria
nice mla, caught my stop.

she had a strong move up, she may came back for another test, no risk.

nimble.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,258
  • Oct 12, 2011 5:38am Oct 12, 2011 5:38am
Quoting mla
she had a strong move up, she may came back for another test, no risk.

nimble.

mla
I payed myself covered 1/4.

mla
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"The Heart is the hub of all dances; go there and chill out"
  • #2,259
  • Oct 12, 2011 5:39am Oct 12, 2011 5:39am
gold short at 683.75.
Have I got something on my face, SOLDIER?
  • #2,260
  • Oct 12, 2011 5:42am Oct 12, 2011 5:42am
Quoting mla
I payed myself covered 1/4.

mla
Covered another 1/4 @ +14

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