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CHOROS System

  • #6,741
  • Oct 21, 2011 3:41am Oct 21, 2011 3:41am
Quoting fugly
buddy can you post ur chart for yesterday's trades to see how u took entries and exits? Yesterday was pretty tough for me whipsawing like crazy ....
http://www.forexfactory.com/showthre...39#post5056939
  • #6,742
  • Oct 21, 2011 3:46am Oct 21, 2011 3:46am
Quoting chinmay
Quick question to thread veterans.

1) Is that chat still on?
2) Is the DanceTOC.doc file still getting updated?
3) Can someone explain meaning of following excerpt from manual, with an example?
"Some say you should take a Doji entry at the top without question, but wait for confirmation of the second bar closing at the bottom. This strategy agrees with that statement. Wait on bottom Doji bars for confirmation bars."
4) What type of dance trades are taken with Double Top/Bottom Signals? They can't be touch trades by definition. So that means...
Let me try to share my view:
1, 2: No idea
3. I think he basically said you should wait for the bar close and the Doji solidified before you confirm it is a Doji, rather than enter when the Doji is forming in action.
4. If the Top/Bottom pierce through the MA a bit, it is possible that you enter at the exact MA levels based on the formation of the Top/Bottom.
  • #6,743
  • Oct 21, 2011 3:47am Oct 21, 2011 3:47am
Quoting kostas1
http://www.forexfactory.com/showthre...39#post5056939
M5.E23
  • #6,744
  • Oct 21, 2011 4:39am Oct 21, 2011 4:39am
Quoting kk007
M5.E23
And again today.....
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 137 KB
  • #6,745
  • Oct 21, 2011 5:00am Oct 21, 2011 5:00am
Quoting kk007
Let me try to share my view:

3. I think he basically said you should wait for the bar close and the Doji solidified before you confirm it is a Doji, rather than enter when the Doji is forming in action.
I am not sure I understand it that way, what does waiting for second mean?
does it mean that once the doji is formed then wait for the price to go in reverse direction (in next bar) beyond doji's body?

Quoting kk007
4. If the Top/Bottom pierce through the MA a bit, it is possible that you enter at the exact MA levels based on the formation of the Top/Bottom.
Hmm. So kind of catching missed "Touch Trade" ? I am not sure I understood you correctly.
  • #6,746
  • Oct 21, 2011 5:04am Oct 21, 2011 5:04am
Quoting kostas1
And again today.....
May I ask why 23 and not 10 or 5, or why here, not several bars before or after?
  • #6,747
  • Oct 21, 2011 5:13am Oct 21, 2011 5:13am
Quoting kostas1
And again today.....
Anyway, 24 make a bit more sense to me: 5 x 24 = 120 = 10 x 12 = 15 x 8 = 30 x 4 = 60 x 2 ....
  • #6,748
  • Oct 21, 2011 5:14am Oct 21, 2011 5:14am
Quoting messiahua
May I ask why 23 and not 10 or 5, or why here, not several bars before or after?
Don't have an answer to why 23. In M5 the EMA 12 & 23 seem to be well respected in EU. It is not my discovery, I have found them used by successful traders, so the more traders that use them the better they work. M5 works for me when action is flat (see H1 and M15 EMAs today...)
The answer to why not before: I wanted to try a long due to the strong bounce from MP & WP. The best time to do it is after the price crosses the M5 12 and 23 and enter when it retraces from those. My entry was the first bounce from EMA 23.
  • #6,749
  • Oct 21, 2011 5:15am Oct 21, 2011 5:15am
Quoting chinmay
I am not sure I understand it that way, what does waiting for second mean?
does it mean that once the doji is formed then wait for the price to go in reverse direction (in next bar) beyond doji's body?
Hmm. So kind of catching missed "Touch Trade" ? I am not sure I understood you correctly.
There are a few images below the statement you quoted, the "second" bar is the second bar in each of these images.
  • #6,750
  • Oct 21, 2011 8:12am Oct 21, 2011 8:12am
E/U M15 10EMA

I didn't pull the trigger since price moved really fast and went 3+ pips down the MA, which scared me. If I had I would've made a windfall.
Attached Image (click to enlarge)
Click to Enlarge Name: fiber.jpg Size: 215 KB
  • #6,751
  • Oct 21, 2011 10:32am Oct 21, 2011 10:32am
Quoting Haydel
Take a look at this poll http://www.forexfactory.com/showthread.php?t=260052.

The most relevant opinions are from people that have seriously studied the system; to date 23 persons voted that they have.

From those 23 persons, 22 (Including myself) think that it’s completely possible.

That means that 95% of the people that seriously studied the system stood focused and didn’t give up, and now we are not only 'thinking' that is possible but 'confirming by ourselves' that it is absolutely possible.
I did not know about this poll until this post. I just voted so now the tally to 23 persons who have studied the system and think it's possible. It makes me have to tell my personal experience so far with forex.

I have been watching forex trading for about two years, but not really tried setting it up and trading demo, just reading about it. I found the Choros thread in March of this year. Kostas's first post in Choros thread was the first time I decided it is really possible to learn trading, so I set up my charts the Dance way. I tried it for a while on demo, then wandered around through several other systems.

Many would say that I am of the typical 95% of traders, bouncing around from system to system and never successful. But the truth is that this is an important part of my trading education.

I see Dance differently now. In March I only saw Dance instructions - do this, don't do that. But now I see more and more WHY Dance works! That is extrememly important.

One thing I have learned for certain - "it takes time to learn to trade profitably," -James16. Many say it takes at least two years before you stop losing money trading! And during this time it takes dedication and constant effort, fighting emotions through a LOT of frustration, even anger at myself for making stupid decisions, and telling myself every day to never give up. I am still not profitable today, but close to break even, and I have made a lot of progress.

I always remember this: Look at Kostas's first post. He did not start trading Dance on his first day in forex. He was frustated and losing for TWO YEARS before he found Dance! Just like me, and maybe just like you!

I am now 7 months into my education period. It may be two more years, or three more years, or two more months! We have the benefit of Kostas's teaching and the Dance method, but even this advantage will not allow you to skip your forex education period. (But I do hope it shortens it considerably!)

I hope someone finds this helpful.

Kostas: Congrats on the move to full time trading! And thank you again for keeping this thread and teaching alive!

Mega pips to all!
Luck occurs when preparation meets with opportunity.
  • #6,752
  • Oct 21, 2011 10:49am Oct 21, 2011 10:49am


Quoting AlienFrog
I did not know about this poll until this post. I just voted so now the tally to 23 persons who have studied the system and think it's possible. It makes me have to tell my personal experience so far with forex.

I have been watching forex trading for about two years, but not really tried setting it up and trading demo, just reading about it. I found the Choros thread in March of this year. Kostas's first post in Choros thread was the first time I decided it is really possible to learn trading, so I set up my charts the Dance way. I tried it for...
  • #6,753
  • Oct 21, 2011 3:28pm Oct 21, 2011 3:28pm
Quoting AlienFrog
I did not know about this poll until this post. I just voted so now the tally to 23 persons who have studied the system and think it's possible. It makes me have to tell my personal experience so far with forex.
The level of the discussion in the thread has really gone up. All I am doing again is underscoring:

"We have the benefit of Kostas's teaching and the Dance method, but even this advantage will not allow you to skip your forex education period. (But I do hope it shortens it considerably!)"
  • #6,754
  • Oct 21, 2011 3:39pm Oct 21, 2011 3:39pm
Quoting kostas1
Since you brought that up, time to reveal the next step in my career: Starting January 2012 I will be full time trading. I have already started the process of training somebody for taking my position. It doesn't make sense anymore to try both work and trading (not easy at all), since I can make my current monthly salary in 1-2 days of trading......
Just saw it
That is great!

So really glad for you
  • #6,755
  • Oct 22, 2011 2:00am Oct 22, 2011 2:00am
Quoting kostas1
The level of the discussion in the thread has really gone up. All I am doing again is underscoring:

"We have the benefit of Kostas's teaching and the Dance method, but even this advantage will not allow you to skip your forex education period. (But I do hope it shortens it considerably!)"

Kostas looking back now what in your opinion was the turning point which made you from losing to winning ....... what was the main thing you were doing wrong before that you have now rectified. Was it the strategy or the mm of 3% a day or was it something else? This info could be very useful to all dancers
  • #6,756
  • Oct 22, 2011 2:12am Oct 22, 2011 2:12am
Quoting fugly
Kostas looking back now what in your opinion was the turning point which made you from losing to winning ....... what was the main thing you were doing wrong before that you have now rectified. Was it the strategy or the mm of 3% a day or was it something else? This info could be very useful to all dancers
In my case, I found the following to be really crucial:
1. Stopped moving from system to system and decided to give a last chance to trading by focusing on a method that seemed to fit my style
2. Created a MM plan in Excel and decided to follow it religiously. If I achieved my daily target I stopped trading. If I hit my daily loss, I stopped trading.
3. Started believing that success is possible in Forex
4. Focused on the best trades and trying not to overtrade
  • #6,757
  • Oct 22, 2011 8:12am Oct 22, 2011 8:12am
Quoting kostas1
In my case, I found the following to be really crucial:
1. Stopped moving from system to system and decided to give a last chance to trading by focusing on a method that seemed to fit my style
2. Created a MM plan in Excel and decided to follow it religiously. If I achieved my daily target I stopped trading. If I hit my daily loss, I stopped trading.
3. Started believing that success is possible in Forex
4. Focused on the best trades and trying not to overtrade
Kostas what about entries and exits .... most ppl spend most of their time determining entries ...... did you concentrate a lot on this? In ur experience do you believe it to be as important as many traders make it out to be?
  • #6,758
  • Oct 22, 2011 8:53am Oct 22, 2011 8:53am
Quoting kostas1
In my case, I found the following to be really crucial:
1. Stopped moving from system to system and decided to give a last chance to trading by focusing on a method that seemed to fit my style
2. Created a MM plan in Excel and decided to follow it religiously. If I achieved my daily target I stopped trading. If I hit my daily loss, I stopped trading.
3. Started believing that success is possible in Forex
4. Focused on the best trades and trying not to overtrade
It's like you are reading my mind before I actually had these thoughts!

I feel I am about to arrive at similar decisions. The next step, maybe harder, is to actually do it, especially #4 to not overtrade.
Luck occurs when preparation meets with opportunity.
  • #6,759
  • Oct 22, 2011 1:14pm Oct 22, 2011 1:14pm
Quoting AlienFrog
It's like you are reading my mind before I actually had these thoughts!

I feel I am about to arrive at similar decisions. The next step, maybe harder, is to actually do it, especially #4 to not overtrade.
Before this I was trading mechanical strategies and have been doing it well for a while, so trying to learn discretion trading was tough because you can twist what you see to justify entering any trades unlike trading systems that have black and white rules. What helped me was downing a shot of vinegar(sometimes 2) when I make trades I never planned for or risk more than I should(happens after some winning) or talk myself out of a trade I should have taken. It works like a charm. I rarely break my rules now.

Haha some of my colleagues thinks its weird to have a bottle of vinegar in the office especially when they found out I had a liquor shot glass in the drawer. They don't know what I am up to in between work (shhhhh).
Riding the order flow
  • #6,760
  • Oct 22, 2011 2:12pm Oct 22, 2011 2:12pm
Quoting kostas1
In my case, I found the following to be really crucial:
1. Stopped moving from system to system and decided to give a last chance to trading by focusing on a method that seemed to fit my style
2. Created a MM plan in Excel and decided to follow it religiously. If I achieved my daily target I stopped trading. If I hit my daily loss, I stopped trading.
3. Started believing that success is possible in Forex
4. Focused on the best trades and trying not to overtrade

if you also dont mind sharing with us, how many figures is your account in? 4? 5? and where was it when you started it and how long did it take to go from 3 figures to 4 or 4 to 5 or wherever you are now? (just for the sake of motivation).
'To get something you never had, you have to do something you never did.'
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