14 Year Old Forex Trader's Lessons | Page 173 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Journey Of An 18 Year Old FX Trader 16 replies

How old are you, trader? 54 replies

old trader but new learner 4 replies

Attachments: 14 Year Old Forex Trader's Lessons
Exit Attachments

14 Year Old Forex Trader's Lessons

  • #3,441
  • Oct 18, 2011 12:39pm Oct 18, 2011 12:39pm
Horizontal levels are areas of price instability, they are places where almost every trader on the planet will be watching. There will be people who believe the level will hold and people who think it will break. There will also be people who will wait to see what happens. Other will take profits if the have been in a trade some will exit if price break this level.

How price reacts to these levels can give us clues to who is dominant bulls or bears.

speaking of horizontal levels-

look at this nice eur/usd 5min
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 82 KB
  • #3,442
  • Oct 18, 2011 12:50pm Oct 18, 2011 12:50pm
Quoting highlander2
Horizontal levels are areas of price instability, they are places where almost every trader on the planet will be watching. There will be people who believe the level will hold and people who think it will break. There will also be people who will wait to see what happens. Other will take profits if the have been in a trade some will exit if price break this level.

How price reacts to these levels can give us clues to who is dominant bulls or bears.

speaking of horizontal levels-

look at this nice eur/usd 5min
yes of course
great explanation, you helped me, and when someone helps me it helps another.

a great read for the newbis
Have I got something on my face, SOLDIER?
  • #3,443
  • Oct 18, 2011 1:11pm Oct 18, 2011 1:11pm
correlation of gold, euro and cable.
cable and silver seems most correlated.

forget the orders they exist somewhere else.
this post shows how correlation can be used to benefit your trading.

what i have eexperienced is leading movement in metals and larger ones than currencies.

here is formula from investopedia.com (this is not a commercial purpose to commercialize investopedia, this is merely education while not plagiarising)
. Get the pricing data for your two currency pairs; say they are GBP/USD and USD/JPY
2. Make two individual columns, each labeled with one of these pairs. Then fill in the columns with the past daily prices that occurred for each pair over the time period you are analyzing
3. At the bottom of the one of the columns, in an empty slot, type in =CORREL(
4. Highlight all of the data in one of the pricing columns; you should get a range of cells in the formula box.
5. Type in comma
6. Repeat steps 3-5 for the other currency
7. Close the formula so that it looks like =CORREL(A1:A50,B1:B50)
8. The number that is produced represents the correlation between the two currency pairs

http://www.investopedia.com/articles...#ixzz1b9ra2dE6

picture names
correlation go: gold
correlation g: gbp.usd
correlationg s: silver
correlation e: euro.usd
Attached Image(s) (click to enlarge)
Click to Enlarge Name: correlation g.gif Size: 18 KB
Click to Enlarge Name: correlation go.gif Size: 19 KB
Click to Enlarge Name: correlation s.gif Size: 22 KB
Click to Enlarge Name: correlation e.gif Size: 18 KB
Have I got something on my face, SOLDIER?
  • #3,444
  • Oct 18, 2011 1:13pm Oct 18, 2011 1:13pm
Quoting highlander2
Horizontal levels are areas of price instability, they are places where almost every trader on the planet will be watching. There will be people who believe the level will hold and people who think it will break. There will also be people who will wait to see what happens. Other will take profits if the have been in a trade some will exit if price break this level.

How price reacts to these levels can give us clues to who is dominant bulls or bears.

speaking of horizontal levels-

look at this nice eur/usd 5min

actually took it
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 1810 2.jpg Size: 78 KB
  • #3,445
  • Oct 18, 2011 1:18pm Oct 18, 2011 1:18pm
i am bailin silver if it closes above supply. and to make this simpler explanation to beginners or newbies reading this and why i am shorting, is because of rejection to close higher than supply
(a psychological level for bears to short), meaning there is possible change in tides.

I will use indicators to explain situation in another way. Stochastics look to curve down from overbought level into equilibrium and perhaps we see from there. we are at kumo resistance (cloud resistance) in ichimoku.

so basically, you can get all in one package in price action, rather than having a mass of indicators in which would mis-profit aka make u lose due to lack of confidence when buying at oversold or sell at overbought etc.

I am sure the man who made stochastics uses price action first, and looks at his invention next. to those who have indicators, make sure you can trade it without them, calculate levels by hand, know the formulas, and not tradee them solely ever.
Attached Image (click to enlarge)
Click to Enlarge Name: simpleness.gif Size: 29 KB
Have I got something on my face, SOLDIER?
  • #3,446
  • Oct 18, 2011 1:20pm Oct 18, 2011 1:20pm
Quoting huskyboy
actually took it
tell me u are not using a supply and demand indicator...
its better spot by eye and drawn by hand.

and did u buy because res becomes sup?

good, as long as it holds
psychological levels of the market always change, making that a natural change. like psychology, it has nature to it.
Have I got something on my face, SOLDIER?
  • #3,447
  • Oct 18, 2011 1:29pm Oct 18, 2011 1:29pm
Quoting bumapatria
tell me u are not using a supply and demand indicator...
its better spot by eye and drawn by hand.

and did u buy because res becomes sup?

good, as long as it holds
psychological levels of the market always change, making that a natural change. like psychology, it has nature to it.

yep, using one and yes bought because of RBS, tested twice, sl at be now, late now so go to rest, tp at 1.3770
  • #3,448
  • Oct 18, 2011 1:38pm Oct 18, 2011 1:38pm
Quoting huskyboy
yep, using one and yes bought because of RBS, tested twice, sl at be now, late now so go to rest, tp at 1.3770
if it works, then i say go ahead

i have a free version lol..
rbs? really? gros...
Have I got something on my face, SOLDIER?
  • #3,449
  • Oct 18, 2011 2:06pm Oct 18, 2011 2:06pm
Added more shorts here.
  • #3,450
  • Oct 18, 2011 2:08pm Oct 18, 2011 2:08pm
bailed out on rescue and initial trade..

imagine i lost -100 pips on cable, and -35 points on silver,

yet its only -2% of equity.

i suggest all beggineers and sound traders alike to be fluid like water and have flexibility to handle such a loss

JEREMY SHOW ME!!! im excited to see u in profit
Have I got something on my face, SOLDIER?
  • #3,451
  • Oct 18, 2011 2:21pm Oct 18, 2011 2:21pm
Quoting bumapatria
bailed out on rescue and initial trade..

imagine i lost -100 pips on cable, and -35 points on silver,

yet its only -2% of equity.

i suggest all beggineers and sound traders alike to be fluid like water and have flexibility to handle such a loss

JEREMY SHOW ME!!! im excited to see u in profit
Haha, Well i still have some shorts from 1.0350 and 1.0260, my av price is about 1.0280 through my pyramid shorts but im not sweating at all. We are gonna fall after they realize that 2Trillion isn't gonna work.

We bounced off the trendline just now, and should continue down otherwise ima have to close.

Things like that just slow down the enevitable.

Just an Fyi, imagine if we close under 1.0250 on hourly on A/U, we could see some serious downside (and would look like one helluva cool candle.) not saying its gonna happen but would be cool.

Jeremy.
  • #3,452
  • Oct 18, 2011 2:27pm Oct 18, 2011 2:27pm
Quoting JeremyWS
Haha, Well i still have some shorts from 1.0350 and 1.0260, my av price is about 1.0280 through my pyramid shorts but im not sweating at all. We are gonna fall after they realize that 2Trillion isn't gonna work.

We bounced off the trendline just now, and should continue down otherwise ima have to close.

Things like that just slow down the enevitable.

Just an Fyi, imagine if we close under 1.0250 on hourly on A/U, we could see some serious downside (and would look like one helluva cool candle.) not saying its gonna happen but would be cool.

Jeremy....
oh yeah same in euro. im sniping this for now this mofu to extinction if it goes my way if it aint, i still wont be extinct
Attached Image (click to enlarge)
Click to Enlarge Name: sniping thsi mofu.gif Size: 18 KB
Have I got something on my face, SOLDIER?
  • #3,453
  • Oct 18, 2011 2:30pm Oct 18, 2011 2:30pm
mofu is dead. sniper shot taken.
Attached Image (click to enlarge)
Click to Enlarge Name: selling the mofu.gif Size: 17 KB
Have I got something on my face, SOLDIER?
  • #3,454
  • Oct 18, 2011 2:40pm Oct 18, 2011 2:40pm
sell it higher.

classic.

lets bring in big guns.

sell silver 0.01.

if i lose 100 pips on this its -1%
if i lose 30 on silver
its 3%.
Have I got something on my face, SOLDIER?
  • #3,455
  • Oct 18, 2011 2:54pm Oct 18, 2011 2:54pm
Quoting bumapatria
mla, i am sorry for my actions today, can we have a fresh start tommorow?
Buma, I am reading your posts, you are allover the place. You are not listening. You need to get off. This is a very addictive game. Get off for at least 10 days from everything (Favorite). Do not trade, do not post, go to talk to Julia. If you do that we talk again, because that shows me that you are listening.

Your mate
mla
"The Heart is the hub of all dances; go there and chill out"
  • #3,456
  • Oct 18, 2011 2:57pm Oct 18, 2011 2:57pm
i cant do 10 days man..
till next week i wont post...

Have I got something on my face, SOLDIER?
  • #3,457
  • Oct 18, 2011 3:11pm Oct 18, 2011 3:11pm
Quoting bumapatria
i cant do 10 days man..
till next week i wont post...

If you do not listen, I cannot guide you. You are only 14. This is a dangerous game, If you do not listen, I cannot help you.

The fact that you tell me that you cannot stay away for only 10 days shows me that you are already hooked.

Get off now, do not even answer this post.
If you do that, you show us and yourself that you are strong enough to trade.

Otherwise you are not ready yet, you are too young. Also I suggest that you talk to your parents about this.

Your mate
mla
"The Heart is the hub of all dances; go there and chill out"
  • #3,458
  • Oct 18, 2011 3:16pm Oct 18, 2011 3:16pm
Quoting mla
If you do not listen, I cannot guide you. You are only 14. This is a dangerous game, If you do not listen, I cannot help you.

The fact that you tell me that you cannot stay away for only 10 days shows me that you are already hooked.

Get off now, do not even answer this post.
If you do that, you show us and yourself that you are strong enough to trade.

Otherwise you are not ready yet, you are too young. Also I suggest that you talk to your parents about this.

Your mate
mla
Buma,

Completely agree, you can't get obsessive over this. Take a break, enjoy life.

Jeremy.
  • #3,459
  • Oct 18, 2011 3:26pm Oct 18, 2011 3:26pm
Quoting mla
The fact that you tell me that you cannot stay away for only 10 days shows me that you are already hooked.
All youve done is made him go invisible. Thats why when you go to his profile you dont see a "last logon" date.
Attached Image
  • #3,460
  • Oct 18, 2011 3:31pm Oct 18, 2011 3:31pm
Quoting traderjai_inhi
All youve done is made him go invisible. Thats why when you go to his profile you dont see a "last logon" date.
Well, he need to start to be honest with himself.

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