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14 Year Old Forex Trader's Lessons

  • #2,641
  • Oct 13, 2011 2:42pm Oct 13, 2011 2:42pm
what made you reconsider?


look at the hourly and daily, price exhaustion is visible, my second scale in is ready in case this decides to go higher but i highly doubt we are going above daily high

trend lines don't trigger my trade, looks like five minute double top is forming.

however price cannot be predicted and i am ready for any eventualities. when i get comfirmation i will be in profit and will press the attack to maximize it
AVT INVENIAM VIAM AVT FACIAM
  • #2,642
  • Oct 13, 2011 2:51pm Oct 13, 2011 2:51pm
Much interesting reading here, need to go to sleep now, will be back tomorrow when London opens. Bye.
  • #2,643
  • Oct 13, 2011 3:25pm Oct 13, 2011 3:25pm
Hi traders hope your pips are coming in. I've had excellent week even though g/u let me down 700 pips up. I'm still in london and having bad time with blackberry but I believe the fault is now ok. Hopefully back home fri
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,644
  • Oct 13, 2011 3:31pm Oct 13, 2011 3:31pm
Good morning

Good reading, welcome Johnnyrei.

Huskyboy, in posts 386 seems you got in at the exact bottom (not easy job)
in my view you should at least run half, at the next swing high/low and run the remaining as much as possible. Sometime is not wise to move your SL to BE, because they run stops,(for short term trades, for scalps is ok) only to get stopped out and see the trade go in the right direction. Best is to move your SL below/ above the latest swing high/low, if you cannot see it, switch to 1m tf, you will see it there.

Also in my view, the trend is our friend, we only take countertrend when an important TL is broken and then a test of the extreme. The test of the extreme does not always happen, she may form a higherlow or a lowerhigh and then reverse. Nothing is black and white, is all grey. But the overall contest of the candle should guide us (or the dance).

I am going for a fast walk, see you in a bit.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,645
  • Oct 13, 2011 3:33pm Oct 13, 2011 3:33pm
Quoting billytt
Hi traders hope your pips are coming in. I've had excellent week even though g/u let me down 700 pips up. I'm still in london and having bad time with blackberry but I believe the fault is now ok. Hopefully back home fri
wow very nice Billy boy,hope u ok,nice to here from u,maybe talk tomoz.Been a mixed wk for me b/e at mo.
  • #2,646
  • Oct 13, 2011 3:51pm Oct 13, 2011 3:51pm
Whatup all , what are you thinking about this ? Will it go down ?
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  • #2,647
  • Oct 13, 2011 3:59pm Oct 13, 2011 3:59pm
Quoting mla
Good morning

Good reading, welcome Johnnyrei.

Huskyboy, in posts 386 seems you got in at the exact bottom (not easy job)
in my view you should at least run half, at the next swing high/low and run the remaining as much as possible. Sometime is not wise to move your SL to BE, because they run stops,(for short term trades, for scalps is ok) only to get stopped out and see the trade go in the right direction. Best is to move your SL below/ above the latest swing high/low, if you cannot see it, switch to 1m tf, you will see it there.

Also in my...

thx mLa. I know i have to work on my sl and tp. On my previous chart i got stopped out as well, but i reentered short at higher price. But where would you have sold, at the break of the first tl or second. Sl now above previous swing high. See you tomorrow.
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  • #2,648
  • Oct 13, 2011 5:43pm Oct 13, 2011 5:43pm
Took profits on both EURJPY and XAUUSD before that breakout down...

I'm off to have some rest, see ya before london open
  • #2,649
  • Oct 13, 2011 5:47pm Oct 13, 2011 5:47pm
S&P CUTS SPAIN TO AA-

I think this confirms a bearish asian session..

See ya before london open
  • #2,650
  • Edited Oct 14, 2011 12:28am Oct 13, 2011 5:51pm | Edited Oct 14, 2011 12:28am
Quoting huskyboy
thx mLa. I know i have to work on my sl and tp. On my previous chart i got stopped out as well, but i reentered short at higher price. But where would you have sold, at the break of the first tl or second. Sl now above previous swing high. See you tomorrow.

There are 2 type of trades that I am interested in: short terms and scalps.
When you short trade you cannot take partial profit very soon because that is not good MM.

I like to get in a trend at the beginning of the trend. Now the break of a TL (let say bullish TL) does no signifies a reversal, but signifies that the bull are taking profits and the bears are getting interested . After that in most cases the bull regain strength because the overall trend is up. When she reaches (if) back to the high extreme, that is where possibility lays in my view.

This is where you need to bring in your creativity combined with the technique. That is why in my view every bar counts. This is a battle field, full of traps, the big pockets have orders to fill and they need to to get in at a better price, to do that often but not always they will give the illusion that prices is going the other way.

Our edge is the candle(5m). Try to look at it from the beginning to the end how it forms, and in the contest, it is all there, what you need, in my view.

Sometimes and often a bull candles is forming, with a top and bottom shaved
meaning strong bull, but in the last 10 second it form a bearish pin bar, that to me is a trap and is good at least for a scalp.

I can get on and on on this, because I have a lot of passion trying to read the subtle movement of the price and also I am very interested in the human psychology behind it.

Now regarding the long trade I would take partial profit at the red line and move my SL for the remaining at the 1st blue flat line and then at the second one and third.

For the short entry I would enter exactly where you did, because she broke the first TL and then formed a lower high and the small reversal after the tall bull bar is a good entry (good risk/reward)

As you can see, she went further down, but when you are there you do not know, that is why you need to be guided by your creativity.

Hope it helps.

mla
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"The Heart is the hub of all dances; go there and chill out"
  • #2,651
  • Oct 13, 2011 6:03pm Oct 13, 2011 6:03pm
Quoting mla
There are 2 type of trades that I am interested in: short terms and scalps.
When you short trade you cannot take partial profit very soon because that is not good MM.
however, it can buy you risk free positions that don't require you to bring a stop to breakeven and therefore closer to market movements where it will likely knock your position entirely out of the market. if you hit a trend breakout you can still pyramid back in or let an open position go for a ride, despite it not being the entire initial position.

it really depends on how you view market movements, s/r, and how far you expect or perceive a breakout to go etc.

this is in a similar vein to scaling out of losing positions. it depends on how you view s/r etc etc. scaling out gives the opportunity to buy back a breakeven or better result, or inversely take a full position win over a smaller distance.
Congratulations ScalaFX for coming out of the closet!
  • #2,652
  • Oct 13, 2011 7:10pm Oct 13, 2011 7:10pm
Quoting nubcake
however, it can buy you risk free positions that don't require you to bring a stop to breakeven and therefore closer to market movements where it will likely knock your position entirely out of the market. if you hit a trend breakout you can still pyramid back in or let an open position go for a ride, despite it not being the entire initial position.

it really depends on how you view market movements, s/r, and how far you expect or perceive a breakout to go etc.

this is in a similar vein to scaling out of losing positions. it depends on...
Nubcake

Thank you for your constructive input.

I do not agree with your first point, that is way I specified the difference in short term and scalp.

I agree with your second point that also reenforces my disagreement of your first point.

All the Best
mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,653
  • Oct 13, 2011 7:47pm Oct 13, 2011 7:47pm
i am pretty excited today,

i was contacted by a big hedge fund, they will be evaluating my performance for the next couple of months,

friends please pray for me, and wish me luck, i hope to be trading institutionally soon.

AVT INVENIAM VIAM AVT FACIAM
  • #2,654
  • Oct 13, 2011 8:02pm Oct 13, 2011 8:02pm
Quoting the redlion
i am pretty excited today,

i was contacted by a big hedge fund, they will be evaluating my performance for the next couple of months,

friends please pray for me, and wish me luck, i hope to be trading institutionally soon.

I am so happy for you mate, you deserve it, your heart is solid.

I will be a bit unhappy because we will loose you.

Your mate
mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,655
  • Oct 13, 2011 8:19pm Oct 13, 2011 8:19pm
Quoting the redlion
i am pretty excited today,

i was contacted by a big hedge fund, they will be evaluating my performance for the next couple of months,

friends please pray for me, and wish me luck, i hope to be trading institutionally soon.

Wish you the best read lion, go on and roaar them.

Pbh
  • #2,656
  • Edited 8:34pm Oct 13, 2011 8:22pm | Edited 8:34pm
I an going out now, I going to have a Thai massage.

I know a Thai girl that she is fantastic at it. When she does it I let myself go and I travel, deep, in, out, right, left, everywhere I am in complete orbit.

Once I found myself with a genuine(no expected) "hard one" as a consequence. She looked like she did not mind it, actually she had a little smile on her gracious face, she said something in her broken english that I did not understand but that is not the point...

See you in an hour or so for a new battle.

Cheers
mla
"The Heart is the hub of all dances; go there and chill out"
  • #2,657
  • Edited 8:41pm Oct 13, 2011 8:22pm | Edited 8:41pm
Quoting the redlion
i am pretty excited today,

i was contacted by a big hedge fund, they will be evaluating my performance for the next couple of months,

friends please pray for me, and wish me luck, i hope to be trading institutionally soon.

Go.Hunt.The.Markets.

Its your time to shine, i believe in you, your mane's ever bigger than before, your a lion, now ROAR red.I believe in you, you will make it.

I hope you still post or at least go on skype or ima take back what i said
Have I got something on my face, SOLDIER?
  • #2,658
  • Oct 13, 2011 8:25pm Oct 13, 2011 8:25pm
thanks i will do my best, mla dont think i will be gone soon, i need to get licensed first as they have to comply with NFA, and i am being evaluated on my trading and risk taking for at least the next 6 months.

they cant just hand some guy 10,000,000 USD with out proper screening lol

i will be around and will try to be sharper than ever.

took to trades just now .07% percent of account growth on two quick scalps,

price seems to be stalling at 3721 Asian equities in the red.

going in to a big G 20 meeting this weekend maybe some profit taking is due.

according to daily chart yesterday we moved in a 140 pip range with 3825 being the high, forming a double top, low at 3684, lets be nimble out there.

im squared so far i gotta be very careful with my entries
AVT INVENIAM VIAM AVT FACIAM
  • #2,659
  • Oct 13, 2011 8:28pm Oct 13, 2011 8:28pm
Quoting the redlion
thanks i will do my best, mla dont think i will be gone soon, i need to get licensed first as they have to comply with NFA, and i am being evaluated on my trading and risk taking for at least the next 6 months.

they cant just hand some guy 10,000,000 USD with out proper screening lol

i will be around and will try to be sharper than ever.

took to trades just now .07% percent of account growth on two quick scalps,

price seems to be stalling at 3721 Asian equities in the red.

going in to a big G 20 meeting this weekend maybe some profit taking...
Course they can red.
So what are the credentials they look for in you? THe requirements i mean
Have I got something on my face, SOLDIER?
  • #2,660
  • Oct 13, 2011 8:34pm Oct 13, 2011 8:34pm
requirements.

consistent account growth with positive returns.
knowledge of Markets and Market structure, econ, technical analysis, fundamental analysis.

they require you open an account with a broker of their choosing and will scrutinize your trading style, draw down, risk taking and will run all kinds of statistical analysis, on such account.

if they like you they will give you

100,000 to start and scrutinize you on that then 500k
1 mio, 5 mio 10 mio
AVT INVENIAM VIAM AVT FACIAM
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