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EurAnalysis Kindergarten 24 replies

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  • #19,481
  • Jan 13, 2012 2:59pm Jan 13, 2012 2:59pm
Quoting PipTrapper
Isn't every day a weekend for you?
OOPS!!!

I got called out for taking 7 day weekends. Be happy I even knew what day it was

I'm on a 24/7/365 permanent vacation
I don't care which way the market is going as long as it's going my way
  • #19,482
  • Jan 13, 2012 2:59pm Jan 13, 2012 2:59pm
Quoting PipTrapper
"Who wants to short Greece?"

"Yabadabadoo!!"
  • #19,483
  • Jan 13, 2012 3:01pm Jan 13, 2012 3:01pm
Quoting Tyoon
..
There's a vote of confidence
I don't care which way the market is going as long as it's going my way
  • #19,484
  • Jan 13, 2012 3:05pm Jan 13, 2012 3:05pm
Quoting Tyoon
"Who wants to short Greece?"

"Yabadabadoo!!"
They go back to the drachma and I will lever up everything I have and put it on red.

I'll be rich enough to buy what's left of Greece in about a day.
I don't care which way the market is going as long as it's going my way
  • #19,485
  • Jan 13, 2012 3:08pm Jan 13, 2012 3:08pm
Quoting PipKiller
They go back to the drachma and I will lever up everything I have and put it on red.

I'll be rich enough to buy what's left of Greece in about a day.
You would have to buy Greece to cover your shorts
  • #19,486
  • Jan 13, 2012 3:11pm Jan 13, 2012 3:11pm
Thanks for the advice you guys. I think it's time to get a broker that will let me trade .01 lot size to build some confidence + more scrutiny. Any broker recommendations? Go Broncos.
  • #19,487
  • Edited 3:41pm Jan 13, 2012 3:17pm | Edited 3:41pm
Quoting GrizzNasty
Thanks for the advice you guys. I think it's time to get a broker that will let me trade .01 lot size to build some confidence + more scrutiny. Any broker recommendations? Go Broncos.
I know IBFX offers micro accounts and so do FXCM and FXDD
Larger brokers such as MB Trading and CitiFX only offer minilots.

For a complete list of brokers, their ratings by traders and any warnings or complaints about them, visit http://www.forexpeacearmy.com/public...broker_reviews

ADD: Oanda also offers micro-lots. I just found out.
Those who say it cannot be done should not interrupt those who are doing it
  • #19,488
  • Jan 13, 2012 3:31pm Jan 13, 2012 3:31pm
I have a question for anyone. What is the benefit of trading big pips over small pips? In the end it is all about probability isn't it?

You can make the same amount of money from big 500 pips moves as you can with small 50 pip move, it's all to do with lots sizing. If there is a very probable setup on a 50 pip move you can leverage up to make the same amount as if you would on a smaller lot on a bigger pip movement. The bigger pip movement might be less probable because there is more time involved and lots of things can happen to change the movement in that time.

I know the main limitation with leveraging up on small moves is the risk capital cap (5% max) but I suppose that is why you would need to be very accurate so you can keep a tight stop.
  • #19,489
  • Jan 13, 2012 3:40pm Jan 13, 2012 3:40pm
Quoting Tyoon

I know the main limitation with leveraging up on small moves is the risk capital cap (5% max) but I suppose that is why you would need to be very accurate so you can keep a tight stop.
Easier said than done and you know it
Those who say it cannot be done should not interrupt those who are doing it
  • #19,490
  • Jan 13, 2012 3:56pm Jan 13, 2012 3:56pm
Quoting PipTrapper
Easier said than done and you know it
The some of the guys on the PIE thread are insane with accuracy. They obviously get stopped out on their small losses due to volatility around S/D areas but they capture their moves when it happens with their entry right near the beginning of the reversal.

I have been thinking about flags. Not real flags. When we have seen a confirmed reversal from a level and there is a big run down/up you can try to get in heavy on the top/bottom of the small corrections of the big move. Here are the flags/corrections that happened during the drop of the other day.

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  • #19,491
  • Jan 13, 2012 4:01pm Jan 13, 2012 4:01pm
Quoting Tyoon
I have been thinking about flags. Not real flags. When we have seen a confirmed reversal from a level and there is a big run down/up you can try to get in heavy on the top/bottom of the small corrections of the big move.
This thinking has come from reading Clogg's posts.

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  • #19,492
  • Jan 13, 2012 4:10pm Jan 13, 2012 4:10pm
I don't know if I can say there is no better business than trading, for me that statement would be true but not everyone is built for trading and I do want to help people, so I do this and share what knowledge I have with others and I do a side business thing where people can market various products or services to the right targeted audiences without opening a store or knocking on anyone's door lol. Ah the days of the traveling salesmen lmao, but back to my point, some people can trade others can actually be a business owner of sorts, depending on who the person is, I'll try to teach them one or the other or both. (I think in terms of Kiyosaki's quadrant where to make it u have to be I believe on the right side of the quadrant - business owner or investor/trader - not the left side of it where the workers and self employed reside.) ... Self-employed and business owner are two different things ...

Anyone in the miami area? I'll be there early Feb. So looking forward to getting out this cold a little.

Quoting acetrader
GoldMan,

Outstanding & I am still laughing my ass off. Seriously you have only stated what many more are thinking at times, but they just don't say it.
I to at times find myself drifting to those same thoughts after over twenty yrs of trading that began with stocks in the eighties & now with forex. I remember one day in the beginning of my stock trading days trading nasdaq level II which was in & out scalping in a matter seconds at times & I lost 5K in less than a minute on one trade & I sat there & thought what in the hell am I doing here......money,...
  • #19,493
  • Jan 13, 2012 4:21pm Jan 13, 2012 4:21pm
Quoting nyfx718
(I think in terms of Kiyosaki's quadrant where to make it u have to be I believe on the right side of the quadrant - business owner or investor/trader - not the left side of it where the workers and self employed reside.) ... Self-employed and business owner are two different things ...
Thank Goodness for the quadrant. Kiyosaki really put things in perspective for me. The quadrant gave me a choice.

Work for someone else or work for yourself?

Start a business or invest in one?

Invest or trade?

When you work a job that you do not love I believe you are wasting life time. I see almost everyone I know going through this cycle. They get up to go to work feeling crap. Do work that they don't particularly enjoy, come back after rush hour and relax, watching tv, sleep and do it all over again.

Trading, when you have got your trading model complete and working successfully produces money growth without limit. When you work a job for someone else your income is fixed. The more you put in, the same average thing you get out. With trading, the more you put in, the more you get out. Trading is all about growth. Working a job is all about obligation and paying the bills.

If, however, you love your job then you are spending your life time well.
  • #19,494
  • Jan 13, 2012 5:06pm Jan 13, 2012 5:06pm
For you late night readers (GMT timers) I have some posts I regard of great value for insight back to the basics. Always focus on the fundamentals in which you and your trading is built.


Quoting cloggie
Here is an old post of mine:


What is trading?

Trading is participating in a global opportunities game. To be successful to any degree one needs to identify an edge, a slight skewing of the opportunities in one’s favour. Supposed one would toss a coin 1,000 times and record the amounts of heads and tails, one could reasonable deduct that each occurrence would happen 50% of the time, now suppose one would add a small weight to one side of the coin, one could reasonably deduct that the weighted side would land bottoms down more then...


Quoting Geppy
No. Are you people retarded?

Here is just one of an infinite number of potential examples I could give:

out of 10 trades:

average target profit (reward): 50 pips
average stop loss (risk): 10 pips
win percentage: 20%, or 2 out of 10 trades

With these risk/reward parameters and assuming the win percentage remains at 20%, you would have:

2 winning trades, netting 100 pips
8 losing trades, losing 80 pips
a net win of 20 pips... or PROFITABLE trading.

How is this not just common sense that you can lose a lot more often than...
  • #19,495
  • Jan 13, 2012 5:11pm Jan 13, 2012 5:11pm
Quoting Tyoon
I have a question for anyone. What is the benefit of trading big pips over small pips? In the end it is all about probability isn't it?

You can make the same amount of money from big 500 pips moves as you can with small 50 pip move, it's all to do with lots sizing. If there is a very probable setup on a 50 pip move you can leverage up to make the same amount as if you would on a smaller lot on a bigger pip movement. The bigger pip movement might be less probable because there is more time involved and lots of things can happen to change the movement...
Better yet, pyramid into a 500 pip move every 50 pips with a 20 pip stoploss risking 5% of your account. Too lazy to do the math but at the end of this little adventure your account should be up by about 2000% (yes 20X). And if you base your lot size on account equity instead of balance you will probably double it yet again.

It might be hard to pull off, but if you can do this 3 times a year, you will turn a 5k account into a 4 Million account.
Kill the ego, or it will kill the mission.
  • #19,496
  • Jan 13, 2012 5:25pm Jan 13, 2012 5:25pm
Quoting PipTrapper
I know IBFX offers micro accounts and so do FXCM and FXDD
Larger brokers such as MB Trading and CitiFX only offer minilots.

For a complete list of brokers, their ratings by traders and any warnings or complaints about them, visit http://www.forexpeacearmy.com/public...broker_reviews

ADD: Oanda also offers micro-lots. I just found out.
MB Trading has micro lots too for both the Metatrader no commission and the commission accounts with their other platforms. Also an ECN STP broker with tight spread around 1 - 1.5 pips on E$ and I've seen it less than zero too. Can open an account with as little as $400
I don't care which way the market is going as long as it's going my way
  • #19,497
  • Jan 13, 2012 5:29pm Jan 13, 2012 5:29pm
Quoting PipKiller
MB Trading has micro lots too for both the Metatrader no commission and the commission accounts with their other platforms. Also an ECN STP broker with tight spread around 1 - 1.5 pips on E$ and I've seen it less than zero too. Can open an account with as little as $400
My spread on EU with Alpari UK is 1.5.
  • #19,498
  • Jan 13, 2012 5:45pm Jan 13, 2012 5:45pm
Quoting Tyoon
My spread on EU with Alpari UK is 1.5.
Oanda US is typically 1.2 ... pretty decent
Any prices quoted are futures
  • #19,499
  • Jan 13, 2012 5:46pm Jan 13, 2012 5:46pm
Quoting Tyoon
I have a question for anyone. What is the benefit of trading big pips over small pips? In the end it is all about probability isn't it?

You can make the same amount of money from big 500 pips moves as you can with small 50 pip move, it's all to do with lots sizing. If there is a very probable setup on a 50 pip move you can leverage up to make the same amount as if you would on a smaller lot on a bigger pip movement. The bigger pip movement might be less probable because there is more time involved and lots of things can happen to change the movement...
Being able to sit back, relax and enjoy the show. I don't like being tied to the computer so I use a small lot size and give it plenty of room for days like today. If I need to take off into town I don't have to worry about every kneejerk reaction the markets do.

 

  1. Scalping and intraday trading (1m - 1 hr charts) is generally done for income to live on.
  2. Swing trading (4hr and daily) generally used for for income or to build wealth
  3. Position trading (weekly and monthly) is generally used to build wealth

Here's how my days go trading daily charts



Get up and catch up on what happened overnight, look over my positions to see what happened with them. Poke my head into the forums here a bit throughout the day and spend the rest of the day goofing off..........

  1. Playing video games on the Xbox
  2. Doing some home improvements
  3. Work on one of my toys out in the shop
  4. Work a bit on my N scale model railroad
  5. Take a nap
  6. Watch a movie
  7. Play with my dogs
  8. Do some yard work
  9. occasionally pop in the forums and check the news to stay caught up
  10. Chase the wife around the house while the kids in school

Then after the candle close I check and adjust positions during the quiet time between NY and Asia and kick back in my recliner to watch some more TV after dinner.

It's a rough day trading the daily charts. I'm so busy I don't have time to sit and trade 1 or 5 minute charts.

I don't care which way the market is going as long as it's going my way
  • #19,500
  • Jan 13, 2012 5:51pm Jan 13, 2012 5:51pm
Quoting Tyoon
My spread on EU with Alpari UK is 1.5.
That's respectable. IBFX is generally 2+ E$ I couldn't recommend them for scalping.
I don't care which way the market is going as long as it's going my way
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