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14 Year Old Forex Trader's Lessons

  • #3,421
  • Oct 18, 2011 7:23am Oct 18, 2011 7:23am
Hmm.. peak made where is valley?
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ahh here it is, making a low one, with also lower than previous peak.
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now i should hold.
Have I got something on my face, SOLDIER?
  • #3,422
  • Oct 18, 2011 7:25am Oct 18, 2011 7:25am
if it closes above that significant true peak with enough pressure, i shall close the trade.

till then guys, 3 hours from now.
im going to jiujitsu class.
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Have I got something on my face, SOLDIER?
  • #3,423
  • Oct 18, 2011 7:27am Oct 18, 2011 7:27am
one last post then

the line on chart is where the peak is on the tick.
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Have I got something on my face, SOLDIER?
  • #3,424
  • Oct 18, 2011 7:33am Oct 18, 2011 7:33am
well i cant help but post

you can see price went to peak (which is actually a supply level)
and opened now and sold aggresively.
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maybe a last run, because now peak is countered. i closed bullish momentum on last valley means that was the demand level.
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so i close my sell

+465

back in 2 and a half hours
Have I got something on my face, SOLDIER?
  • #3,425
  • Oct 18, 2011 8:09am Oct 18, 2011 8:09am
buma, you're a great kid, I'm sure you're gonna be a great trader, but right now it's time for you to take a break. Guys say "Take a day off". I say: no, take 10 days off! I mean it.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #3,426
  • Edited 10:33am Oct 18, 2011 10:09am | Edited 10:33am
maybe i need to.
i am just going to swing trade then.
trade 1 stop loss tp, check in and go on and off.

I am not going to go as intense.
thankss favorite

10 days?
im thinking just to not kill myself. ive made this hobby and passion into an addiction, which is honestly bad. I need to just chill off you know?

that offer was i think the cause of me stressing out, making all the other negativity around.

i am sorry for the atmosphere.
i hope it gets better soon
Have I got something on my face, SOLDIER?
  • #3,427
  • Oct 18, 2011 10:41am Oct 18, 2011 10:41am
Quoting highlander2
good to see you are re focused again buma
everyone here is on your side.

I just want to show you one more thing. I found this on youtube a year ago, and discovered that it is in fact real and not faked in anyway (99.9% sure anyway)

The guy in the video as far as i am aware was a pro trader and I believe he still trades, but it shows what can happen if you let your guard down for just 1 sec!

This contains strong language and i know you are only 14, but it is a very powerful video indeed.

Don't ever be this guy.

Anyway this...
Very powerful Highlander. Very powerful indeed.
For giving such great advice and delivering a very powerful message to our young trader, I'm vouching you.
Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it
  • #3,428
  • Edited 11:35am Oct 18, 2011 10:56am | Edited 11:35am
Quoting highlander2
good to see you are re focused again buma
everyone here is on your side.

I just want to show you one more thing. I found this on youtube a year ago, and discovered that it is in fact real and not faked in anyway (99.9% sure anyway)

The guy in the video as far as i am aware was a pro trader and I believe he still trades, but it shows what can happen if you let your guard down for just 1 sec!

This contains strong language and i know you are only 14, but it is a very powerful video indeed.

Don't ever be this guy.

Anyway this is my last...

I would never want to be him. wanting is not enough. I will not be him. i will be much better.

How? proper money management is key. I am sure that he traded many times his 'should-be' lot size. I am sure that the one on the other side, banks instituions also only risk 1-4% max. its just that their equity can take a hit of whatever predicted substantial risk of loss.

thanks for the share.

lets start over new tommorow.
every failure is one step closer to success.
Have I got something on my face, SOLDIER?
  • #3,429
  • Oct 18, 2011 11:10am Oct 18, 2011 11:10am
well here is that same vertical line ever since i left:
Would've been a good sell there:

looks like a market cycle technique
put vertical lines on major events on your chart, see price action and trade it.

sounds like a cool new tool to add to my toolbox.
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Have I got something on my face, SOLDIER?
  • #3,430
  • Oct 18, 2011 11:35am Oct 18, 2011 11:35am
Quoting bumapatria
I would never want to be him. wanting is not enough. I will not be him. i will be much .

thanks for the share.

lets start over new tommorow.
every failure is one step closer to success.


Thats ok buma,

This is one of the toughest arena's on the planet, so one can expect some challenging times.

This is character just building. You will become a better trader and person because of it.
  • #3,431
  • Oct 18, 2011 11:37am Oct 18, 2011 11:37am
Quoting PipTrapper
Very powerful Highlander. Very powerful indeed.
For giving such great advice and delivering a very powerful message to our young trader, I'm vouching you.
Cheers
PT
I appreciate that greatly.

Yeah they dont put that on the front page of broker websites
  • #3,432
  • Oct 18, 2011 11:42am Oct 18, 2011 11:42am
hey guys remember all the complexity in my trading charts? i have found my eternal peace now, with a naked chart, with trendlines, and horizontal lines..


is there something else i am missing?
perhaps a little more touch?

any ideas or opnions?

a moving average perhaps? bollinger bands?

or should i just keep it with the way i like it?

because i feel something is missing.
not the holy grail, coz i am the holy grail

just something else... or not...
Have I got something on my face, SOLDIER?
  • #3,433
  • Oct 18, 2011 11:47am Oct 18, 2011 11:47am
Quoting highlander2
I appreciate that greatly.

Yeah they dont put that on the front page of broker websites
You've earned it.

If brokers put that on their web site, I would vouch them too
Those who say it cannot be done should not interrupt those who are doing it
  • #3,434
  • Oct 18, 2011 11:55am Oct 18, 2011 11:55am
they should.
thats how great the trading experience is

Have I got something on my face, SOLDIER?
  • #3,435
  • Oct 18, 2011 12:15pm Oct 18, 2011 12:15pm
Hey all,

Just to say still holding shorts on AUD and NZD, Just added some more (1 lot on each) and this H&S is forming nicely. Break below 1.01 on AUD should exose parity quite nicely, therefore my TP's are there. But crucially I am still bearish medium term, so 0.90 could be a target for 2-4 weeks if Europe doesn't sort its self out. Have also Shorted SP500 futures at 1208.75. Tp 1150.00

Jeremy.
  • #3,436
  • Oct 18, 2011 12:15pm Oct 18, 2011 12:15pm
attempting step-by-step rescue from gbp short by lowest possible risk on rescue. same lot size, and on gold.

i have learnt that max-leveraging maximizes risk-exposure even more with already 2 trades opened.

its in black and white for some reason..

well gbp drawdown is initially -$7 from 70 pip floating loss. it couldve been more but i am minimizing risk by using a lot allocatted to my account size.

now its $5 so i dont know.. its -$2?

i dont have to rescue it all now. just keep it step by step i guess
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Have I got something on my face, SOLDIER?
  • #3,437
  • Oct 18, 2011 12:21pm Oct 18, 2011 12:21pm
1st part of rescue complete: $3 bucks from that. many valleys made in tick chart. floor for the moment.

What Rescues Really Are to those Unfamiliar with Them:
Rescues minimize loss by making profit from a loss, or by simply averaging it down.

Rescue by hedging with a larger lot on the opposite direction, (i dont do this) or by making profit from going in the same direction with a larger lot when a move (retracement of opposite direction) looks to move with you.

Rescue by looking at other instruments as opportunities. (frequently used by me, i look at gold mostly, silver occassionaly.)

Rescue trades increase your substantial risk of loss by increasing risk exposure by having more open trades.

You can lose more than your initial loss.

Execution i think for fast-rescues must be done fast, before price continues original momentum against initial momentum.

Thanks to redlion for the introduction and examples of rescuing, here are the basics to it

Have I got something on my face, SOLDIER?
  • #3,438
  • Oct 18, 2011 12:22pm Oct 18, 2011 12:22pm
Quoting bumapatria
hey guys remember all the complexity in my trading charts? i have found my eternal peace now, with a naked chart, with trendlines, and horizontal lines..


is there something else i am missing?
perhaps a little more touch?

any ideas or opnions?

a moving average perhaps? bollinger bands?

or should i just keep it with the way i like it?

because i feel something is missing.
not the holy grail, coz i am the holy grail

just something else... or not...
You just use what you understand an enjoy, you were using a lot of gann, and if you an make that work then theres no reason to throw that away.

Regarding stoplosses, I know that you have been scaling into losers to rescue your trades, and you seemed to be doing well with it.

I personally wont comment on that method as i have no experience of it, but redlion seems very knowledgeable on this, so you need to discus with him what you need to do to move forward regarding this matter.

Otherwise horizontal KEY levels (supply and demand zones) are king in technical analysis. Recently as you know I have been trading the 5 min, using S/D zones and price action, it is a little different than the daily chart so it is taking time to get to grips with and I know I will need a lot of screen time to become any good.

At the end of the day no one was really questioning your analysis, most including myself were impressed with the way you read charts.
  • #3,439
  • Oct 18, 2011 12:26pm Oct 18, 2011 12:26pm
Quoting highlander2
You just use what you understand an enjoy, you were using a lot of gann, and if you an make that work then theres no reason to throw that away.

Regarding stoplosses, I know that you have been scaling into losers to rescue your trades, and you seemed to be doing well with it.

I personally wont comment on that method as i have no experience of it, but redlion seems very knowledgeable on this, so you need to discus with him what you need to do to move forward regarding this matter.

Otherwise horizontal KEY levels (supply and demand zones)...
yabadabadooo!
http://1.bp.blogspot.com/_9UxHwUfG2q...-Doo-tv-07.jpg
i think horizontals have effect with level of price, while trendlines have that slope up or down in which uh whats it called.. time affected? coz if its a trend, retracements of impulse of original momentum shouldnt be larger than initial momentum. that to me defines a trend

go go go with 5 minute charts! i think im holding better in 15 and 30. i think i can get the feel of 5 minutes in them better with combination of tick charts
Have I got something on my face, SOLDIER?
  • #3,440
  • Oct 18, 2011 12:35pm Oct 18, 2011 12:35pm
triple rejections into half of supply. probably last run before this naturally wears off.

well my close order window is at the ready, trying to rescue the trade to a 2nd step.

maximum deviation set for no requotes slowing me down.
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Have I got something on my face, SOLDIER?
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