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  • #581,121
  • Jan 6, 2012 8:11pm Jan 6, 2012 8:11pm
Quoting bittervenge
I don't think you are being a noob. You are right in thinking like that.

If I am missing something, then please let me know...

That's what I used to think.

Check the last 4 months Report. When the report was bad, Eur/usd used to go down and Aud/Usd go down.

Only this month we have this senario.

So dont know how to take this report..Best not to trade for atleast 15 min after the news.

KC.
  • #581,122
  • Jan 6, 2012 8:25pm Jan 6, 2012 8:25pm
Originally Posted by MaynoothBlue http://www.forexfactory.com/images/buttons/viewpost.gif
Australia is a country that relies heavily on commodities, i.e. mining of iron ore, etc. Positive USD results potentially mean less unemployment, more likely people will increase purchases of goods, houses, construction etc. hence the need for more commodities (ie iron ore required for making steel as just one example) will be required and hence an improvement for commodity based currencies like CAD and AUD. Thats it broadly speaking, other may contribute in more detail or forward you a link.


I cut the above message from Aud/Usd Thread.

This is what i am talking about.


Quoting KCV
That's what I used to think.

Check the last 4 months Report. When the report was bad, Eur/usd used to go down and Aud/Usd go down.

Only this month we have this senario.

So dont know how to take this report..Best not to trade for atleast 15 min after the news.

KC.
  • #581,123
  • Jan 6, 2012 10:26pm Jan 6, 2012 10:26pm
Any sole alive here?

ps - I wonder if sole ever dies.
The Thief of Wall Street
  • #581,124
  • Jan 6, 2012 11:42pm Jan 6, 2012 11:42pm
Quoting Chicky
Any sole alive here?

ps - I wonder if sole ever dies.
yes. me. I don't trade every first Friday of any month!
  • #581,125
  • Jan 7, 2012 1:33am Jan 7, 2012 1:33am
Quoting trader4all
yes. me. I don't trade every first Friday of any month!
I like people who follow prudent policies. I do trade on every friday but mainly London session. They always cover their positions before the week-end. But they did not buy this week and therefore there wasn't much for them to cover plus NY was hammering it like hell.
The Thief of Wall Street
  • #581,126
  • Jan 7, 2012 1:34am Jan 7, 2012 1:34am
Quoting Chicky
Any sole alive here?

ps - I wonder if sole ever dies.
Chicky

Do you have a goal of what % return you like to reach per week?
Or do you find easy to not have a goal and just take what the market will give to you? I will understand if you wish not to reply to this.
Myself I am happy if 1/2 % a day is reached on average and I do not set goals.
Beauty awakens the soul to act. Dante Alighieri
  • #581,127
  • Edited 2:03am Jan 7, 2012 1:37am | Edited 2:03am
Quoting Chicky
I like people who follow prudent policies. I do trade on every friday but mainly London session. They always cover their positions before the week-end. But they did not buy this week and therefore there wasn't much for them to cover plus NY was hammering it like hell.
looks last 3weeks they did not cover their positions

did you see any profit taking in last 3 weeks?
Mohan
  • #581,128
  • Jan 7, 2012 2:04am Jan 7, 2012 2:04am
Quoting LaMaschera
Chicky

Do you have a goal of what % return you like to reach per week?
Or do you find easy to not have a goal and just take what the market will give to you? I will understand if you wish not to reply to this.
Myself I am happy if 1/2 % a day is reached on average and I do not set goals.
If you don't set goals you will never become a successful trader. Setting goals is one of the most important conditions to become successful.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #581,129
  • Jan 7, 2012 2:16am Jan 7, 2012 2:16am
Quoting KillerWhale
If you don't set goals you will never become a successful trader. Setting goals is one of the most important conditions to become successful.
what is goal ?
target that make you to run after it. or target that tell you to take rest
Mohan
  • #581,130
  • Jan 7, 2012 2:22am Jan 7, 2012 2:22am
Quoting KillerWhale
If you don't set goals you will never become a successful trader. Setting goals is one of the most important conditions to become successful.
Thanks for your advice Killer, makes sense.

But we also have to be cautious when that goal is not reached in not pushing to get there, specially when the market is not in that generous mood, because will tend to make more mistakes. How do you deal with that?
Beauty awakens the soul to act. Dante Alighieri
  • #581,131
  • Edited 2:46am Jan 7, 2012 2:25am | Edited 2:46am
Quoting LaMaschera
Chicky

Do you have a goal of what % return you like to reach per week?
Or do you find easy to not have a goal and just take what the market will give to you? I will understand if you wish not to reply to this.
Myself I am happy if 1/2 % a day is reached on average and I do not set goals.
I follow a goal of 1% plus or 1% minus a day entering only one trade per day. However, sometimes I go for more than one trade if market is volatile. Like today, I entered two trades. One 10 pip winner and other for 80 pips running. Both longs.

1/2% is a good target but it depends how many trades you can get. With your style of 10 to 20 pip trades, you should be able to manage 3 to 4 trades a day. The only issue is 15% to 20% spread (1.5 to 2 pip) per trade irrespective of the outcome of the trade, that is, you win or lose. You need a solid edge for a 10 to 20 pip trade (Maybe 70:30 win/loss ratio). For example:

1. You take three trades per day of 15 pips each, one is loser and two are winners. (67:33 win/loss ratio)
2. You get 30 pips and lose 15 pips = Gross 15 pips (your 1/2 %)
3. Gross 15 pips Minus let's say 6 pip spread on all three trades = Net 9 pips (Note: Sudden widening of of spread to 10 pips may instantly hit your sl)
4. 9/15 = 60% actual yield, that means: [0.5% (your gross profit) x 60% (actual yield)] = 0.3%
5. Your profit after spread will be 0.3% and not 0.5%

You see, if we try to increase the frequency of the trades, we have to reduce the pip size of the trade. When we reduce the pip size of the trade, the spread takes away a portion of our winning. But if we increase the pip size, we do not get frequent trades. That's why one needs screen time to take only quality trades at right time.

August to October 2010, I had plenty of screen time and therefore averaged three trades a day. Account grew by 98% but then I had again little screen time and therefore went for 20% risk per trade also trying to play longer-term. Lost all the winnings plus more. Switched back to my original method and strategy but recovery will be very slow because I do not get frequent trades with limited screen-time.
The Thief of Wall Street
  • #581,132
  • Jan 7, 2012 2:44am Jan 7, 2012 2:44am
Quoting Chicky
I follow a goal of 1% plus or 1% minus a day entering only one trade per day. However, sometimes I go for more than one trade if market is volatile. Like today, I entered two trades. One 10 pip winner and other for 80 pips running. Both longs.

1/2% is a good target but it depends how many trades you can get. With your style of 10 to 20 pip trades, you should be able to manage 3 to 4 trades a day. The only issue is 15% to 20% spread (1.5 to 2 pip) per trade irrespective of the outcome of the trade, that is, you win or lose. You need a solid edge...
Nice, thank you.

In the last 2 days I had 8 trades, min/max risk in pips 31 to 80, min/max gain in pips 2 to 96.
Beauty awakens the soul to act. Dante Alighieri
  • #581,133
  • Jan 7, 2012 2:55am Jan 7, 2012 2:55am
Quoting LaMaschera
Nice, thank you.

In the last 2 days I had 8 trades, min/max risk in pips 31 to 80, min/max gain in pips 2 to 96.
Sounds fair.

I have not yet reached to a level where I could vary my tps and sls. With limited resources and information I cannot go for sls narrower or wider than tps. Therefore it is wise to keep them at same distance and let probability plus technicals play their roles for me. Slow and less but safer.
The Thief of Wall Street
  • #581,134
  • Jan 7, 2012 3:07am Jan 7, 2012 3:07am
2703 is out of the way

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The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #581,135
  • Jan 7, 2012 3:13am Jan 7, 2012 3:13am
Quoting Chicky
Sounds fair.

I have not yet reached to a level where I could vary my tps and sls. With limited resources and information I cannot go for sls narrower or wider than tps. Therefore it is wise to keep them at same distance and let probability plus technicals play their roles for me. Slow and less but safer.
I see, makes sense.

You know, lately I found a way to reduce the screen time, just making decisions based on the daily candles only. Set ups are taken not for position trading but for short terms. When my trade do not work I am out at the next daily candle, when they do work I am out between 2 and 7 candles. I do not have to spend much time on the screen but a couple hours only at the beginning of a new candle.
Keep in mind that I trade about 20 pairs (all less then 3 pips spread) and I look for about 4 set ups that I specialised in.
Beauty awakens the soul to act. Dante Alighieri
  • #581,136
  • Jan 7, 2012 3:47am Jan 7, 2012 3:47am
Quoting samdani786
2703 is out of the way

Next Please
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The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #581,137
  • Jan 7, 2012 3:51am Jan 7, 2012 3:51am
Quoting samdani786
Next Please
Should be to test ur intersection line soon,(base on technical)..
Bismillah
  • #581,138
  • Jan 7, 2012 4:04am Jan 7, 2012 4:04am
Quoting LaMaschera
Thanks for your advice Killer, makes sense.

But we also have to be cautious when that goal is not reached in not pushing to get there, specially when the market is not in that generous mood, because will tend to make more mistakes. How do you deal with that?
Nice !
Human
  • #581,139
  • Jan 7, 2012 4:12am Jan 7, 2012 4:12am
Quoting Chicky
I follow a goal of 1% plus or 1% minus a day entering only one trade per day. However, sometimes I go for more than one trade if market is volatile. Like today, I entered two trades. One 10 pip winner and other for 80 pips running. Both longs.

1/2% is a good target but it depends how many trades you can get. With your style of 10 to 20 pip trades, you should be able to manage 3 to 4 trades a day. The only issue is 15% to 20% spread (1.5 to 2 pip) per trade irrespective of the outcome of the trade, that is, you win or lose. You need a solid edge...

I see How you Trade !!! But majority of people cant do that ! Because by your trading plan , I see that you have a big account ... So can afford to just have 1 trade per day of 2 or three with few pips only and still have alot of money in the winning Bag ...

But people with small accounts , Like ranging from 1 K to 5 K , must win more pips , or trade more with less pips or use Alot of leverage .... Last is not sensible but first two are !!!
Human
  • #581,140
  • Jan 7, 2012 4:12am Jan 7, 2012 4:12am
nice charts samdani
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