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  • #1,861
  • Dec 13, 2011 12:16am Dec 13, 2011 12:16am
The fellow trader that wants to move to canada and become a full time trader, You should first sit and think what are my trading times going to be if i move to canada.
If you want to become a full time trader you must be able to stay in a place where you will be able to trade the London and NY session with ease.'
Another thing is that you will have to first make a consistent amount of pips per month. That could be 500 to 1000 pips.
If you can make that consistently then i believe you will have the potential of becoming a trader.

I am 24 i have only 6 months of trading experience before that i didnt know about the forex world and didnt even now what a pip was. I took the leap of becoming a full time trader and make well over a 1000 pips a month with my system.
Some good advice is that dont stop your studies, you can study and trade and when you finish your studies then you decide if you still want to trade or work.

The reason why most traders fail even though they have a lot of trading experience is because most people wants to get every pip in the market which is impossible and people feel that they have to enter a trade no matter how the market is.
The trick is the small amount of pips you make is the key.
You have to be happy with 20 to 30 pips. Be content and then you will see how it will surprise you at the end of the month.
When i started my target was 100 pips a week. If a trader can do that consistently every week then thats a profitable trader.
With my system i think its so so easy to get your pips per week.
X-man the legendary conqueror of markets
  • #1,862
  • Dec 13, 2011 12:36am Dec 13, 2011 12:36am
I want to talk about the 4H blue band strategy.
I did say that you can enter when TDI breaks through the blue bands. But when to enter is the question?

Since everyone here is new i would give you the conservative way to enter.
The conservative way is to wait for the green line to cross the red line then enter.
That would be on the opening of the second blue or red candle.
When trading the conservative way you will reduce your TP to 50 or 100 pips.
X-man the legendary conqueror of markets
  • #1,863
  • Dec 13, 2011 12:42am Dec 13, 2011 12:42am
Quoting alteclansing

A question for the middle age traders, how do you deal with your partner/wife/girl friends complaining you just sitting in front of the computer after work (i trade from 6pm to 12am) and not spending enough time with them during weekdays? Would be good to hear from suggestions.

Cheers

Hilary
Hilary:
I am not a middle age trader yet, but I do have one suggestion. I have a real sharp wife and I include her in my trading. This is perfect for a couple of reasons: She enjoys the idea of being wealthy, loves spending time with me (I don't have to eyeball the computer every second) and to be honest, it allows me to have a cheerleader and team member. In fact, I work at night doing the london session and she works the new york open. I will be present if she needs help,(but am to tired to trade myself at that time). I am so lucky to have her...
"IN CASH WE TRUST"
  • #1,864
  • Dec 13, 2011 12:47am Dec 13, 2011 12:47am
I did a calc on the conservative way and ended up with around 450 pips. Thats only for the this few weeks of december with a limited TP of 100. Theres some trades that gave me over 100 pips with the conservative way.
X-man the legendary conqueror of markets
  • #1,865
  • Dec 13, 2011 12:59am Dec 13, 2011 12:59am
Looks like E/U , A/U , U/CHF , E/J will be retracing today. Be
Careful as you will be going against the 60EMA rule.
X-man the legendary conqueror of markets
  • #1,866
  • Dec 13, 2011 1:03am Dec 13, 2011 1:03am
Since there is EU red level news in 3 hours, would it be best to wait until after the release to trade it? OR if we get a signal before then we can go ahead and take the trade? I am not to sure on what to do on days like these.
  • #1,867
  • Dec 13, 2011 1:10am Dec 13, 2011 1:10am
Quoting hale-mary
Since there is EU red level news in 3 hours, would it be best to wait until after the release to trade it? OR if we get a signal before then we can go ahead and take the trade? I am not to sure on what to do on days like these.
If you are unsure then i recommend you wait until the news comes out , at the time of the news the market can spike like crazy.
X-man the legendary conqueror of markets
  • #1,868
  • Dec 13, 2011 1:11am Dec 13, 2011 1:11am
Quoting X-Man
Looks like E/U , A/U , U/CHF , E/J will be retracing today. Be
Careful as you will be going against the 60EMA rule.
Hi X-Man,
in such situation trading against the EMA60, would it make sense that we see the PA is above or below the EMA4 (+2) ?
tks
  • #1,869
  • Dec 13, 2011 1:19am Dec 13, 2011 1:19am
Quoting vtayha
Hi X-Man,
in such situation trading against the EMA60, would it make sense that we see the PA is above or below the EMA4 (+2) ?
tks
If you feel comfortable for PA to go below or under then you can do that coz there are some traders who trades that way. But always try to enter latest on the open of the second candle of the 4H chart. I dont enter a trade if i miss the first 2 candles.
X-man the legendary conqueror of markets
  • #1,870
  • Dec 13, 2011 1:21am Dec 13, 2011 1:21am
Quoting X-Man
[color=Blue][size=3]The fellow trader that wants to move to canada and become a full time trader, You should first sit and think what are my trading times going to be if i move to canada.
If you want to become a full time trader you must be able to stay in a place where you will be able to trade the London and NY session with ease.'
Another thing is that you will have to first make a consistent amount of pips per month. That could be 500 to 1000 pips.
If you can make that consistently then i believe you will have the potential of becoming a trader.

I...
OOT :
24 and 6 months trading exeperience ???
You're on your best time of your life now!
Congratulations!!! I wish I was you when I was 24
  • #1,871
  • Dec 13, 2011 1:22am Dec 13, 2011 1:22am
Quoting LazyLobster
Hilary:
I am not a middle age trader yet, but I do have one suggestion. I have a real sharp wife and I include her in my trading. This is perfect for a couple of reasons: She enjoys the idea of being wealthy, loves spending time with me (I don't have to eyeball the computer every second) and to be honest, it allows me to have a cheerleader and team member. In fact, I work at night doing the london session and she works the new york open. I will be present if she needs help,(but am to tired to trade myself at that time). I am so lucky to have her...
Really lucky guy...
  • #1,872
  • Dec 13, 2011 1:36am Dec 13, 2011 1:36am
Here's a way to trade the H4:
In most circumstances IGNORE the TDI
Ignore it?? Yes - it will get you in at the wrong time, make you close too soon on winning trades and generally mess you up. It does have one good use though.
What make me say this? 4 years sim testing in FT.

So, how to trade the H4 with a variant of this/TMS.
Crucial is the formation of the APBs or Heiken Ashi bars. You need to learn what the good entry bars look like and how big they need to be. The close of the bar will be across the 5. It will also cleanly break out of a range if there has been one or cleanly break any prior trend. Following this, wait for the open of the next bar. 1 it should be the right colour, 2 if it opens as a nice big bar with a gap from the 5 you're good to go. IMO colour IS important due to how the bars work.

A constant size stop was tested of 70 pips, a multiple of ATR - stop size for current markets would need to be calculated. This was an emergency stop only, if a trade looked like it was failing at -20, or -40 etc it was closed (more on this in a bit). The stop was only ever hit if extremely 'unlucky'

Staying in the trade - if you get out every time TDI flattens if you are in profit you will be cutting your profits seriously short. A better method is to again watch the bars. You are long. Bar closes. Did it have a higher high and higher low than the previous bar? If yes, hold. Continue until you have an inside bar (then make a decision what to do) or a bar which has a lower low/lower high (irrespective of colour) - you will also notice it pulling nearer the 5.

Now, the time to watch the TDI is on the first and second bar after entry. If TDI flattens or hooks and you are not in profit GET OUT IMMEDIATELY and wait for the next entry.

The win rate on the tested sample was extremely high but of course in live trading could prove to be a frustrating one to use as a lot of trades would be closed out after 12-16 hours with only 10-25 pips.

Note: this is not an inverse R:R kinda deal (therefore giving high win rate). 70 pips is only ever hit if price shoots down there in one bar and you are very unlucky. Most losing trades lose on average -5 to -30 pips or so.

Win rate greatly outnumbers lose rate and when the market trends is where you make the BIG money with the 200 pip+ moves but if you close every time TDI flattens you will not get those 200 pip moves.

Of course clicking through H4 bars on sim is never the same as trading live - it's obvious when a bar 'pops' on test - you 'feel' the momentum. You don't get that when you've been away from the screen for 4 hours.
  • #1,873
  • Dec 13, 2011 1:42am Dec 13, 2011 1:42am
Quoting Rodcisal
I'm just curious

What do you guys do for a living?

I was student at university here in Chile but I dropped out cause I didn't like what I was taking so now I'm dedicated to learn the most I can about forex. I've been trading for 4 months , I went live but I blew up my account due to several reasons I take that loss as a payment for all what've learned since that happened. It wasn't a lot of money just 500 dollars but as a student from this country that's a lot of money. I'm 23 years old and I'm a native spanish speaker (sorry if i'm not writing...
I think to quit daily job and relying fully on income generated by forex is a really hard decision. I have read a very thoughtawakening article about this topic.http://www.traderplanet.com/newslett...distribution:8
  • #1,874
  • Dec 13, 2011 1:56am Dec 13, 2011 1:56am
Hi nunrgguy, Thanks for sharing your experience. What do you want to say by "The close of the bar will be across the 5." ? What is "5" ? Sorry but I don't get it ! Thanks.

Quoting nunrgguy
Here's a way to trade the H4:
In most circumstances IGNORE the TDI
Ignore it?? Yes - it will get you in at the wrong time, make you close too soon on winning trades and generally mess you up. It does have one good use though.
What make me say this? 4 years sim testing in FT.

So, how to trade the H4 with a variant of this/TMS.
Crucial is the formation of the APBs or Heiken Ashi bars. You need to learn what the good entry bars look like and how big they need to be. The close of the bar will be across the 5. It will also cleanly break...
"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #1,875
  • Dec 13, 2011 2:04am Dec 13, 2011 2:04am
watching the PA now with London open. The last GMT0700 H1 bar is tricky...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,876
  • Dec 13, 2011 2:05am Dec 13, 2011 2:05am
Its from the original TMS which uses 5 moving average, not 4
  • #1,877
  • Dec 13, 2011 2:10am Dec 13, 2011 2:10am
Quoting thrax
I think to quit daily job and relying fully on income generated by forex is a really hard decision. I have read a very thoughtawakening article about this topic.http://www.traderplanet.com/newslett...distribution:8
Thats a nice article.
Only 5% of traders make it in this forex game.
Who are the 5%? They are the traders that has their own edge and stick to 1 trading system.
A trader that keeps changing his/own system after a few losses wont make it in the forex game.
If you know your system produces more wins than losses then you have to stick to it.
I stuck to my system since i started trading, the only thing i did was fine tune it in order to choose the trades i would take and at certain times.
This keeps me from taking bad trades.
X-man the legendary conqueror of markets
  • #1,878
  • Dec 13, 2011 2:13am Dec 13, 2011 2:13am
My feeling is that EU will rise. 4 Hr bar changing from red to blue and back again sowing that a change of direction may be imminent. Green and red TDI touching ( may cross ) and green looks as if it might be coming back above blue band.
On 30 min chart nice pin bar. I am long @ 1.3194

gregben
  • #1,879
  • Dec 13, 2011 2:17am Dec 13, 2011 2:17am
Quoting thrax
I think to quit daily job and relying fully on income generated by forex is a really hard decision. I have read a very thoughtawakening article about this topic.http://www.traderplanet.com/newslett...distribution:8
Thats a nice article.
Only 5% of traders make it in this forex game.
Who are the 5%? They are the traders that has their own edge and stick to 1 trading system.
A trader that keeps changing his/own system after a few losses wont make it in the forex game.
If you know your system produces more wins than losses then you have to stick to it.
I stuck to my system since i started trading, the only thing i did was fine tune my system in order to choose the trades i would take and at certain times. This keeps me from taking bad trades. I will never add necessary indicators. Some indicators work for some traders , now you as a trader can just pile your platform with indis from this trader and that trader. Soon your charts will be full of indis and this will cause you to make a lot of bad decisions.
If you stick to the least indis you will be profitable coz no indi in the world will predict PA , they only can tell you what PA has done or what PA is doing right now.
If there was an indi that predicts what PA will do then no one will ever make losses. There wont be a need for SLs.
When we enter a trade we always take the risk coz we dont know whether it will be a loser or a winner but the thing we know is that our system will give us more wins than losses.
So if we take the signals according to our trade plan then we will end up with some money in our pocket.
X-man the legendary conqueror of markets
  • #1,880
  • Dec 13, 2011 2:20am Dec 13, 2011 2:20am
Quoting X-Man
If you are unsure then i recommend you wait until the news comes out , at the time of the news the market can spike like crazy.

This is generic advice...lol.What I am asking is for is this. Today I entered long on the break of the high...similar to what phx62 did with his short today, but there was no red level news.

This is why I was asking is it best to wait, in your opinion until after to trade. because I got whipped today
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