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  • #553,081
  • Oct 22, 2011 2:17am Oct 22, 2011 2:17am
Quoting mla
I am working on it.

your mate
mla
Its possible with a MM,But am believe the loss will be also big in order to achieve that kind of result
whatever,how many % your risk per trade
If there was easy money lying around,no one would be forcing it into your
  • #553,082
  • Edited 2:56am Oct 22, 2011 2:32am | Edited 2:56am
Quoting FXMindset
Its possible with a MM,But am believe the loss will be also big in order to achieve that kind of result
whatever,how many % your risk per trade
My account is not huge, and for that reason I risk 3% of my capital for trade.
This week made 21% return. (and lately is happening often).

Of course with big money, that is too much and 1% in my opinion is reasonable. But even with 1% risk that return is possible.
On one of my trades this week my risk was 8 pips and I made 58. That is a R/R of 1;7.25 if I am not wrong. Another one was 1;3. But those are only numbers.

The reason about my post on speculation:
I feel that traders spend so much time on where she is going to go, what about Greece, Italy? All sort of thing that I think are not necessary to know to make money.(short term). Our job is not to predict, but to catch the fastest train that will take us there. Our do we do that? Just leave the bullshit to people who does not know how to trade.

I remember having a discussion 13 days ago with a speculator guru that was telling me that she was going to reach 1.20 and there were numerous traders with that view, since then she went 400 pips up. I made money the days she went up, down and also when she went nowhere. I did not have a view, I did not care having one, I was only interested in making money. It is expensive to have an opinion.

Is all in the candle, just learn how she behaves, look at her and she will tell you what to do. That is our edge. It is a bit of hard work but all worth it.

Your mate
mla
"The Heart is the hub of all dances; go there and chill out"
  • #553,083
  • Oct 22, 2011 3:29am Oct 22, 2011 3:29am
When I look at a good trader...typically he uses some sort of technical system that relies far more on a chart than anything else. But when I look at a really good trader, one that has been at it for 10 year, more often than not they also use fundamentals. By this, I do not mean they are trading the news.

They look at the big picture that plays out in the daily or even weekly charts.
Even if they generally piss on fundamentals, you will find they do this if you really push.
Kill the ego, or it will kill the mission.
  • #553,084
  • Oct 22, 2011 3:31am Oct 22, 2011 3:31am
Quoting mla
My account is not huge, and for that reason I risk 3% of my capital for trade.
This week made 21% return. (and lately is happening often).

Of course with big money, that is too much and 1% in my opinion is reasonable. But even with 1% risk that return is possible.
On one of my trades this week my risk was 8 pips and I made 58. That is a R/R of 1;7.25 if I am not wrong. Another one was 1;3. But those are only numbers.

The reason about my post on speculation:
I feel that traders spend so much time on where she is going to go, what about Greece,...
No one can know the price heading even the top forex analysis and personaly i have seen a lot of forex master/guru was wrong with their analysis many times,afterall am only believe we only need a system that can give you 60%-70% of winning ratio and With a sound MM then am believe slowly the success would be in your hand,I've seen a lot trader come and go for many years..they may have a good analysis skill,but as their winning surpass ther loss,they starting forget themselves and bet more bigger which cause they lost in the end

how can we achieve 1 Million if we even cant even achieve $100.With practice sound MM and right mindset everything is possible to achieve In trading

Building a home needs a foundation,Building a long term relationship needs a commitment..its the same with trading,you dont need have a perfect skill to obtain a big profits,with sound MM strategy you can beat those expert/skillfull traders in longterm

Never ever underestimate the market and always respect the market but the problem is until now am always forget myself and the rules as when am gaining more than loses and again another big loss occurs because of forget the rules

Need try hard to remind myself
If there was easy money lying around,no one would be forcing it into your
  • #553,085
  • Oct 22, 2011 3:47am Oct 22, 2011 3:47am
Quoting AaronWard
When I look at a good trader...typically he uses some sort of technical system that relies far more on a chart than anything else. But when I look at a really good trader, one that has been at it for 10 year, more often than not they also use fundamentals. By this, I do not mean they are trading the news.

They look at the big picture that plays out in the daily or even weekly charts.
Even if they generally piss on fundamentals, you will find they do this if you really push.
looking at the big picture that plays out in the daily or even weekly charts... is not called fundamentals, it is still called technical so yeah piss on the news and fundamentals when you can see everything priced in your chart
When life gives you lemons, make lemonade
  • #553,086
  • Edited 4:54am Oct 22, 2011 3:55am | Edited 4:54am
Quoting FXMindset
No one can know the price heading even the top forex analysis and personaly i have seen a lot of forex master/guru was wrong with their analysis many times,afterall am only believe we only need a system that can give you 60%-70% of winning ratio and With a sound MM then am believe slowly the success would be in your hand,I've seen a lot trader come and go for many years..they may have a good analysis skill,but as their winning surpass ther loss,they starting forget themselves and bet more bigger which cause they lost in the end

how can we achieve...
I agree 100% with you mate.

In my experience when I post during the trading hours my sharpness drops.

In the 5m tf, you need to focus, nothing is black and white, is all grey.

Switch every thing off, specially the bullshit and focus on the charts, it is all there.

Focus like 4 or 5 hours intensively a day on every each candle, watch her, select a few high probability set up and only trade them when they occur.

It is all about a strangle between bear and bulls, you will be entering a battlefield zone, when the balance swift, get on it, look for traps, get in at the opposite direction, because they need to cover pushing the trade in your direction. Spend time learning about this and leave the bullshit to the one that do not know how to trade and I can guarantee that you will start to shine.

This is what I think.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #553,087
  • Oct 22, 2011 5:15am Oct 22, 2011 5:15am
lines
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A chart helps those who can read it.
  • #553,088
  • Oct 22, 2011 5:38am Oct 22, 2011 5:38am
Quoting mla
I agree 100% with you mate.

In my experience when I post during the trading hours my sharpness drops.

In the 5m tf, you need to focus, nothing is black and white, is all grey.

Switch every thing off, specially the bullshit and focus on the charts, it is all there.

Focus like 4 or 5 hours intensively a day on every each candle, watch her, select a few high probability set up and only trade them when they occur.

It is all about a strangle between bear and bulls, you will be entering a battlefield zone, when the balance swift, get on it, look...
And I agree 100% on this one. Especially that it is better to trade 4 to 5/6 hours a day(possibly more but need a long term break)(at least for starters) and make them some quality trading hours. More often then not I see people around that started 2 years ago and are claiming to have been trading at least 12 hours a day every day. They are implying one should trade this amount of hours in order to "learn".

I completely disagree on this. In my opinion the only way to learn is to stick to quality trading which comes to having patience and only trading the high prob setups like you also mentioned.

Keyword in forex is confidence, and personally I would build this confidence faster with a few hours of quality trading which in its turn might lead to small but continuous profits, rather then staring at a screen for 10 to 12 hours.

Personally when I trade more then 6 hours straight in a row I tend to pick more positions somewhere in the middle. While my system itself is kinda based on trading the extremes. Trade safe bro
  • #553,089
  • Oct 22, 2011 5:48am Oct 22, 2011 5:48am
I'll be watching the volume/price action around these lines.

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  • #553,090
  • Oct 22, 2011 5:54am Oct 22, 2011 5:54am
Quoting Robertk
And I agree 100% on this one. Especially that it is better to trade 4 to 5/6 hours a day(possibly more but need a long term break)(at least for starters) and make them some quality trading hours. More often then not I see people around that started 2 years ago and are claiming to have been trading at least 12 hours a day every day. They are implying one should trade this amount of hours in order to "learn".

I completely disagree on this. In my opinion the only way to learn is to stick to quality trading which comes to having patience and...


Also once you get in the trade and goes in your favour you just have to manage it: and you do not have to focus that much: cover 1/3 at the previous swing high/low, another 1/3 at the end of a tall bar in your direction, and the last 1/3 at the break of the trendline and so on, or any way you like, if that does not occur and you want go to rest, close half of that and let the remaining run, in the morning if it has turn against you is not such a big deal, your SL is already at least at BE, and some time you get a nice surprise.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #553,091
  • Oct 22, 2011 6:10am Oct 22, 2011 6:10am
Hi Everyone, while it's week-ends, I would like to share my experience with FX, it's been just over the year now, since addiction starts. To boost learning curve I've spend no time trading demo account went straight into trading live, well, lost around 18k so far, which is not really big deal, I know how to make and increase money quicker and safer else where than FX, but what bugging me the most is that addiction, somewhere deep I keep on dreaming that FX could someday completely replace my daily business, but realistically it's a long way to go and would require years of experience. Thinking numbers 50k account with 10% consistent monthly profit would just be sufficient to survive, but what it takes to get to such figures... Hereby for every newcomer, unless you are passionate for FX, trust me you be more successful else where by just following two simple rules "No pains, no gains" and "Little strokes fell great oaks", but only with "passion" for occupation you choose.
  • #553,092
  • Oct 22, 2011 6:13am Oct 22, 2011 6:13am
gold is not going down, be careful for all the short on gold... it might be forming a V shape reversal on the daily. down trend on the daily is over and done
When life gives you lemons, make lemonade
  • #553,093
  • Oct 22, 2011 7:28am Oct 22, 2011 7:28am
EUR/USD – Bias (W1): Slightly Bullish; Bullish (D1): Slightly Bullish; Bias (Overall): Slightly Bullish

http://lcchong.files.wordpress.com/2...ng?w=837&h=381

http://lcchong.files.wordpress.com/2...ng?w=837&h=381
  • #553,094
  • Oct 22, 2011 7:45am Oct 22, 2011 7:45am
nice weekend
i know we eventually will be together
  • #553,095
  • Edited 11:24am Oct 22, 2011 9:05am | Edited 11:24am
Quoting geniusztc
lines
So you think there a rejection chance , possible , checking my old weekly chart also. Both ways now in the scene & bear still ok till bull not taken over or initiate ( not knew how some lines removed while editing last time !! ) . Market price even in a smaller move & tf H4,H1 trying reverse but not yet any step positive . For reversal to success , initiate 3913 & 36 both break & then 2nd confirmation 4048 breaks to go up to breaks 4731 & 3rd confirmation 4938 & final confirmation 6039 for next movement towards 6519 by next year july or some more on later dates, seems not that possible for eurozone right now to intiate today to hold for 9 months next .
if any failure now or inbetween it should back to pavilion & low & new low possible 1293 by the same time .levels break to confirm down 3144 ,2872 & final 1875.very intial symtoms/levels of failure top can be breaks 3807,3651 but still not tha reliable.

lets see what happen next very important week or so & market intention perhaps for next 9 months, do or not able if failure somewhere inbetween & time pass more than that, levels remain the same or around. saved this post link to find as reference next months .

checking corresponding usdx also now , though it falling strikingly with breaks all limit levels so far still not seem so helpless yet from higher tf, monthly, sr around 76.04 & limits 75.45 & 74.44 ready hold . lets see .
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #553,096
  • Oct 22, 2011 9:33am Oct 22, 2011 9:33am
Quoting fontu
So you expect the rejection here , not unlikely & posing both ways though now. still bear even smaller move & tf but trying reverse but not yet any step positive . For reversal to success , initiate 3913 & 36 both break & then 2nd confirmation 4048 breaks to go up to breaks 4731 & 3rd confirmation 4938 & final confirmation 6039 for next movement towards 6519 by next year july or some more on later dates, seems not that possible for eurozone right now to intiate today to hold for 9 months next .
if any failure now or inbetween it should back to...
hmmmmm,lets hope we get the pips as much as we can even the market go up or down
  • #553,097
  • Oct 22, 2011 10:00am Oct 22, 2011 10:00am
On monday i'll be looking for short opportunities...for a small first target of 1,378X....then 1,351x if the first one is broken

But we have to watch out for a move towards 1,397x-1,4000.

PA will tell us what to do on monday!

Enjoy your week end guys
COT: The precious data ignored
  • #553,098
  • Oct 22, 2011 11:02am Oct 22, 2011 11:02am
Hey Everyone

Fellow trader from Australia, just joined but have been following forum for a while and its nice to finally join you guys and share some output.

For next weeks outlook I definitely see a bullish sign.

As I've just become a member I don't seem to be able to post any of my charts (please let me know if I could).

Basically to me it seems that from 4H charts a triangle has been broken upwards. This is further seen when we go to 1H charts where triangular resistance was broken at 1.3830 and then it became a support when it was touched again but could not break through as such continuing its uptrend to current position. Furthermore you can use 3/4 October as symmetry to continue its upwards trend.

When looking at daily charts the previous 5-6 days can be identified as the 4th retraction wave in Elliot's Theory, with second wave occurring on the 7th October. This 4th wave has just been broken highlighted by the triangular pattern previously stated and first resistance is seen on weekly chart at around, 1.4280-1.4300. This resistance area is also assisted by a medium moving average 20. I see this area as the 1-2 week target with many heavy resistance factors stated and also the end of the 5th wave, thus ending the entire upward trend.

If this resistance is broken then we're looking at 1.4500 range in a month or so with heavy resistance from 2 upper trendlines.

Furthermore you use Using the 3/4 October as symmetry

So in conclusion depending on your trading outlook, long or short term opportunities to buy may be easy or hard to find depending on your trading style as in your risk to return level (how much SL your willing to set). With the structure I have going looking at 5:1 in the short run I'm definitely looking to buy long when a short term opportunity presents itself on Monday.

Also really sorry if this post seems really vague and unclear, I really don't know/have the option yet to post graphs to make this explanation a lot clearer. Looking forward to posting with you guys more.

Thanks and good luck for the week!
  • #553,099
  • Oct 22, 2011 11:16am Oct 22, 2011 11:16am
BOA this week predicted that a further US debt rating cut is possible early next year..
  • #553,100
  • Oct 22, 2011 11:28am Oct 22, 2011 11:28am
Quoting Malayantiger
hmmmmm,lets hope we get the pips as much as we can even the market go up or down
Sure , we small fishes will try take as much as possible with whatever market takes the decision , perhaps no conspiracy & price must show up what doing , just level to level take & stay away at key levels & wait for pushback or pullback to take again .
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
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