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  • #588,261
  • Jan 25, 2012 6:20pm Jan 25, 2012 6:20pm
Quoting pkimnyc
I'm sorry to say this to you, but you won't make it in this business that way in long run.
i was doing that exactly like you a few months ago... betting for 10 pips with 500 pips as sl. finally, i was awaken after my hard earned money got reduced to 10%....

risk reward ratio is very very important.
  • #588,262
  • Jan 25, 2012 6:22pm Jan 25, 2012 6:22pm
I tried everything over the years to be consistent until recently.
The following points may sound radical but if you implement those you may see a turn around.

1. Remove all indicators from chart
2. Do not rely on EW, Fibo, Gann, Trendlines, MAs whatever..they are not reliable. To show this ...AUDGBP and GBPAUD are same. but applying indicators will give different results.
3. Dont ever try to make sense of economy, rumours or news. This market moves bcos of many reasons...most we will never know. Economists have been wrong and are not traders.
4. Dont forcast prie movements. It will make ur thoughts shallow and opinionated.
5. Trading is a business of immense skill set. Not everyone is gifted. Just as any other endeavour. One cannot suddenly become Messi in Football.
6. One can develop the skills with hard work and learning from others that are skilled.
7. Market moves by sentiment in one direction and then the other. This means that if the sentiment is positive..there is no reason why aud/usd will be going higher and nzd/jpy go lower. This is true no matter what indicators u are using. And also snp500 or DAX all will move in same direction.
8. It is almost impossible chasing intraday volatility in the name of levels or the other. You will ever get disappointed.
9. If risk is ON buy the dip. If Risk is off sell rallies.
10. Risks ON/OFF doesnt start and end in 1 day. Each lasts for several days.
11. Session open, Data release times offers great opportunities to enter good and profitable positions.
12. Market movement is not mechanical..it is probability. So we try to setup high odds entries.

I am still leaning though consistent now for months. Hope it lasts LOL. I appreciate learning from others.
  • #588,263
  • Jan 25, 2012 6:23pm Jan 25, 2012 6:23pm
Got ruined today on the long..... Spike ate my s/l and price went flying up. Sharks got me on the daily charts

Roc = -10%
  • #588,264
  • Jan 25, 2012 6:27pm Jan 25, 2012 6:27pm
Quoting gametheory
I tried everything over the years to be consistent until recently.
The following points may sound radical but if you implement those you may see a turn around.

1. Remove all indicators from chart
2. Do not rely on EW, Fibo, Gann, Trendlines, MAs whatever..they are not reliable. To show this ...AUDGBP and GBPAUD are same. but applying indicators will give different results.
3. Dont ever try to make sense of economy, rumours or news. This market moves bcos of many reasons...most we will never know. Economists have been wrong and are not traders.
4....
I agree with everything except ma, and indicators.
  • #588,265
  • Jan 25, 2012 6:32pm Jan 25, 2012 6:32pm
Quoting gametheory
I tried everything over the years to be consistent until recently.
The following points may sound radical but if you implement those you may see a turn around.

1. Remove all indicators from chart
2. Do not rely on EW, Fibo, Gann, Trendlines, MAs whatever..they are not reliable. To show this ...AUDGBP and GBPAUD are same. but applying indicators will give different results.
3. Dont ever try to make sense of economy, rumours or news. This market moves bcos of many reasons...most we will never know. Economists have been wrong and are not traders.
4....
Almost right, and it happen to me too.
Rome was not built in a day, but I will do in a day if it was me.
  • #588,266
  • Jan 25, 2012 6:34pm Jan 25, 2012 6:34pm
Quoting pkimnyc
I agree with everything except ma, and indicators.
i agree aswell, i also agree with not using indicators, i think its best to just trade off price action, keeps things simple, works best for me
when i first started i was using lots of indicators and getting nowhere, now i just trade off price action, mainly on the daily charts, nice and simple and things are going alot better
- The Dude
  • #588,267
  • Jan 25, 2012 6:37pm Jan 25, 2012 6:37pm
Well im just glad I havent traded much this week!! Discipline has been high for me and I havent been around my computer much. I missed out on these massive moves; which I am glad for because I know there will be more, lots more.
All posts are my personal opinion
  • #588,268
  • Jan 25, 2012 6:43pm Jan 25, 2012 6:43pm
Quoting Dagobert
Should i post my pic again?

http://www.spanishvida.com/wp-conten...9/bull-run.jpg

You know who will win for today.... Better cover if you're short
Closed long for 220. Opened short, target at about ~1.29.
  • #588,269
  • Jan 25, 2012 6:44pm Jan 25, 2012 6:44pm
Quoting pkimnyc
I agree with everything except ma, and indicators.
Yea..thats why i said some may be radical. But in honestly..that is the truth. Have u asked yourself, if those work mechanically, why 95% still lose?
Basically market is the place that pays the highest jackpot in this life. It frees u from 9-5 and let u live this life in a first class fashion. The best of everything ! Everyone wants to live such life..but only a few? Why is it??
If one acquires this skill..it is easier to to turn 10K to millions. Without this skill can turn millions to zero...a must!
For example, since 15th Dec, been doing some trades buying dips without indicators telling me..till today..and almost all are profitable!
I do not look at MAs or whatever to tell me that. There is almost a sure dip to buy everyday LOL
  • #588,270
  • Jan 25, 2012 6:45pm Jan 25, 2012 6:45pm
Quoting Dagobert
Closed long for 220. Opened short, target at about ~1.29.
Will it go that low?(1.29)
IMO, 1.3050 is a support line.
RM
  • #588,271
  • Jan 25, 2012 6:49pm Jan 25, 2012 6:49pm
I know there are some people freaking out right now, and please correct me if I'm wrong, but: "You don't lose anything until you sell"


If you're practicing proper money management you should be able to sit tight and ride it out. If anything this is a good opportunity to add to your shorts, provided you have the capital to possibly ride it higher and wait for a good downturn.

Comments welcome.
  • #588,272
  • Jan 25, 2012 6:50pm Jan 25, 2012 6:50pm
Quoting Dagobert
Closed long for 220. Opened short, target at about ~1.29.
Im with ya, still keen on cable, but eu at nice resist too now, definitely worth watching
If you are new to Forex? Say Goodbye to your account!!
  • #588,273
  • Jan 25, 2012 6:51pm Jan 25, 2012 6:51pm
Quoting muhdhafiz
Will it go that low?(1.29)
IMO, 1.3050 is a support line.
haha....no......no..n.noo...im bullish above 1.3
Bismillah
  • #588,274
  • Jan 25, 2012 6:53pm Jan 25, 2012 6:53pm
Quoting krunfx
haha....no......no..n.noo...im bullish above 1.3
Thats why im asking him.
1.29xx too low.
Since a strong break out yesterday.
RM
  • #588,275
  • Jan 25, 2012 6:54pm Jan 25, 2012 6:54pm
Quoting Nordic
I know there are some people freaking out right now, and please correct me if I'm wrong, but: "You don't lose anything until you sell"


If you're practicing proper money management you should be able to sit tight and ride it out. If anything this is a good opportunity to add to your shorts, provided you have the capital to possibly ride it higher and wait for a good downturn.

Comments welcome.
I agree, the bigger tfs still say lower to me, we are just in a correction from such a down move. I still think we can see 1.25 come March.
All posts are my personal opinion
  • #588,276
  • Jan 25, 2012 7:01pm Jan 25, 2012 7:01pm
Quoting gametheory
Yea..thats why i said some may be radical. But in honestly..that is the truth. Have u asked yourself, if those work mechanically, why 95% still lose?
Basically market is the place that pays the highest jackpot in this life. It frees u from 9-5 and let u live this life in a first class fashion. The best of everything ! Everyone wants to live such life..but only a few? Why is it??
If one acquires this skill..it is easier to to turn 10K to millions. Without this skill can turn millions to zero...a must!
For example, since 15th Dec, been doing some...
95% people trade when they should lay low. In addition, when they see red in their positions, they add more rather than cut the losses and move on. Adding Indies tell you something price alone does not tell you. Hence, it increases higher probability when setups occur.
  • #588,277
  • Jan 25, 2012 7:02pm Jan 25, 2012 7:02pm
I think you are wrong - if euro is about to fall, it better be fast because in 5 days /2 of which with no trade/ it will post a huge hammer on the monthly chart. Unless we see 2920 by then.
  • #588,278
  • Jan 25, 2012 7:02pm Jan 25, 2012 7:02pm
Quoting muhdhafiz
Will it go that low?(1.29)
IMO, 1.3050 is a support line.
I am not god, but that's my view for now. Ofcourse, 1.3050 comes first. Tomorrow will bring a clearer view. May also go up a bit, however, i'm confident it will visit <1.30 again the next days. Don't just copy the trade if you don't have your own thoughts I'm ready to risk some of my earlier profit, 100+pip SL
  • #588,279
  • Jan 25, 2012 7:12pm Jan 25, 2012 7:12pm
Im short from 1.3095 to about 1.3035.
EUR/USD is making higher highs and higher lows, but there is a higher low missing at the moment, which could be reached during the next hours with a small correction. Former higher lows have been at Fib-Levels, but there is a supportlevel in between, so that will be my profit target.
What do you think?

http://s14.directupload.net/images/120126/p94rfh7c.gif
  • #588,280
  • Jan 25, 2012 7:29pm Jan 25, 2012 7:29pm
Yes you have already lost the minute a purchase goes against you.

Cut your losses quick and let your profits ride.

The minute you lose more than a predetermined amount, get out and wait for a better entry or look for another market where a profit is to be had.

Many people make the mistake of holding losers. Like in retail, you must mark the losers down and move them out the door before no one wants them!



Quoting Nordic
I know there are some people freaking out right now, and please correct me if I'm wrong, but: "You don't lose anything until you sell"


If you're practicing proper money management you should be able to sit tight and ride it out. If anything this is a good opportunity to add to your shorts, provided you have the capital to possibly ride it higher and wait for a good downturn.

Comments welcome.
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