B.S. Trading with Kenneth Lee | Page 121 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Day Trading vs. Swing Trading vs. Position Trading 86 replies

Attachments: B.S. Trading with Kenneth Lee
Exit Attachments

B.S. Trading with Kenneth Lee

  • #2,401
  • Feb 5, 2012 10:04am Feb 5, 2012 10:04am
Quoting Supernaut
If you like to pay a lot of spread then sure you could do it. 5 entries x 2 pip spread = 10 pips. Now imagine you take 100 trades per year like this. You will need 1000 pips to get breakeven. Way to much for me and that's with quite a small spread.

But you could do it with two orders. Then it's not a bad idea. I personally set my full order a bit earlier than a level, usually 2-3 pips + spread. I still don't get filled every time, but it works quite nicely. You can't get them all anyway.

Spread would be the same, It just would be spread out over the complete position size , in pieces. Unless your paying a transaction fee, which I don.t any that do . maybe futures. it is the same.
Good Trading To All ; Ken Lee
  • #2,402
  • Feb 5, 2012 10:07am Feb 5, 2012 10:07am
Quoting Supernaut
If you like to pay a lot of spread then sure you could do it. 5 entries x 2 pip spread = 10 pips. Now imagine you take 100 trades per year like this. You will need 1000 pips to get breakeven. Way to much for me and that's with quite a small spread.

But you could do it with two orders. Then it's not a bad idea. I personally set my full order a bit earlier than a level, usually 2-3 pips + spread. I still don't get filled every time, but it works quite nicely. You can't get them all anyway.
Hmmmm lets see
2 pip spread x 1 order = 2 pip cost
2 pip spread x .2 order = .4 pip cost x 5 orders = 2 pip cost
  • #2,403
  • Feb 5, 2012 10:16am Feb 5, 2012 10:16am
Quoting Lou
Hmmmm lets see
2 pip spread x 1 order = 2 pip cost
2 pip spread x .2 order = .4 pip cost x 5 orders = 2 pip cost
You need a broker like the big O to get fractions of orders.
  • #2,404
  • Feb 5, 2012 10:21am Feb 5, 2012 10:21am
Quoting Lou
You need a broker like the big O to get fractions of orders.
I will more than likely stick with mini lots for my entire trading career. That way busting up orders for scaling in or scaling out is no big deal. 1 lot busted up into 10 mini's gives you a lot of options.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #2,405
  • Feb 5, 2012 10:36am Feb 5, 2012 10:36am
That is just strange CC's post wasn't on my screen when i posted that reply a few minutes ago. And the one after his was. Almost like Skype's delays sometimes.. Didn't mean to beat a dead horse.
Good Trading To All ; Ken Lee
  • #2,406
  • Feb 5, 2012 10:37am Feb 5, 2012 10:37am
Quoting Rufus
I will more than likely stick with mini lots for my entire trading career. That way busting up orders for scaling in or scaling out is no big deal. 1 lot busted up into 10 mini's gives you a lot of options.

I agree though when we get to the 100 lot arena might reconsider but no need to change the account unless they make us..
Good Trading To All ; Ken Lee
  • #2,407
  • Feb 5, 2012 11:54am Feb 5, 2012 11:54am
I don't view spreads as an actual cost. I view them as more of a hurdle that must be jumped before getting profit. Once you overcome the spread on your way to your profit target the transaction cost is no longer a factor. Your entry price is inclusive of the spread and if you reach a profit target that is fifty pips higher you make fifty pips. The spread is simply part of the journey.

I know spread represents a cost but I simply view it as a hurdle to jump. This is why I got out of futures and moved to Forex. Profitability has been harder in forex because of the differences in volatility but the trading costs are miniscule in comparison. I prefer spreads to commisions. I know I may be in the minority but that's nothing new. I don't trade like many other people either.
  • #2,408
  • Feb 5, 2012 2:07pm Feb 5, 2012 2:07pm
Quoting Kenneth Lee
That is just strange CC's post wasn't on my screen when i posted that reply a few minutes ago. And the one after his was. Almost like Skype's delays sometimes.. Didn't mean to beat a dead horse.
LOL.
Forex Factory delayed the post in order to see if it was ok by the moderators. They do that for folks with very few posts.
  • #2,409
  • Edited Feb 6, 2012 11:22am Feb 5, 2012 7:49pm | Edited Feb 6, 2012 11:22am
Attached Image (click to enlarge)
Click to Enlarge Name: Forex Trade 2.05 EU Long #1.JPG Size: 105 KB


Price came down to my PO. Initial target was 15 pips on 2. 5 pip SL




Attached Image (click to enlarge)
Click to Enlarge Name: Forex Trade 2.05 EU Long #2.JPG Size: 108 KB


Entered a second for 2 on a MO.. 10 pip TP .. 5 pip SL



Attached Image (click to enlarge)
Click to Enlarge Name: Forex trade 2.05 EU Long #3.JPG Size: 108 KB


Progress to the first target. Added upper supply zone as this was first target. Notice Friday's close has been a sticky spot to closing the gap.



Attached Image (click to enlarge)
Click to Enlarge Name: Forex Trade 2.05 EU Long #4.JPG Size: 100 KB


First target hit..Move remaining stop up slightly. Not wanting to give back all if price decides to head back down. As of this writing the white line has been the stall area for the second leg.
  • #2,410
  • Feb 5, 2012 7:56pm Feb 5, 2012 7:56pm
Attached Image (click to enlarge)
Click to Enlarge Name: Forex Trade 2.05 EU long #5.JPG Size: 93 KB


Decided to exited second leg w/ a MO.. took -3 pips on the second leg.

Looking a 5M chart there is a demand area were I decided to exit.. but there is also a supply area at the white line. This could ?? be a swap area as well for the 5M.
  • #2,411
  • Feb 5, 2012 10:42pm Feb 5, 2012 10:42pm
Attached Image (click to enlarge)
Click to Enlarge Name: Forex Trade 2.05 EU Long #1a.JPG Size: 107 KB


Opened this long on the EU 15M..

Attached Image (click to enlarge)
Click to Enlarge Name: Forex Trade 2.05 EU Long #2a.JPG Size: 98 KB


Update.. Still a bit of a struggle.. Hopefully we should see some better PA once we get the change of day ( per the broker I use ) @ 9PM PST
  • #2,412
  • Feb 6, 2012 12:56am Feb 6, 2012 12:56am
i can't find anything.

how about you guys?
  • #2,413
  • Feb 6, 2012 1:09am Feb 6, 2012 1:09am
Will be looking to buy long in the eurusd


Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 33 KB
  • #2,414
  • Feb 6, 2012 2:16am Feb 6, 2012 2:16am
Currently short in this pair ..took price action at the supply level due to the fact we have hit this supply are many times

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf short feb 6.gif Size: 27 KB
  • #2,415
  • Edited 5:39am Feb 6, 2012 3:57am | Edited 5:39am
A free trade now. First lot got profit RR 1:1. Second lot still in RR 1:10
Attached Image (click to enlarge)
Click to Enlarge Name: eu06022012.gif Size: 36 KB
  • #2,416
  • Feb 6, 2012 6:45am Feb 6, 2012 6:45am
nzd/usd
Attached Image (click to enlarge)
Click to Enlarge Name: nu06022012.png Size: 191 KB
  • #2,417
  • Feb 6, 2012 6:56am Feb 6, 2012 6:56am
Use the live chat feature on O and ask THEM why..
  • #2,418
  • Feb 6, 2012 7:12am Feb 6, 2012 7:12am
Quoting Lou
Use the live chat feature on O and ask THEM why..
yea I think we better to use live charts, to show recent entries and why took them. it is eazy to draw the better good setups without any entries... I can find it a lot even in a news trade...
Simplicity Is The Ultimate Sophistication ~LDV~
  • #2,419
  • Feb 6, 2012 8:40am Feb 6, 2012 8:40am
I did it. She could not answer. She asked me to write to [email protected]
Will see...
Quoting Lou
Use the live chat feature on O and ask THEM why..
  • #2,420
  • Feb 6, 2012 9:06am Feb 6, 2012 9:06am
Quoting oblo
nzd/usd
Might not have gone your spread below your order . can't really tell, if or when you get a answer let us know if you would .. Thanks ken

My sister has had this issue as well. her went well below her PO and wasn't filled. I know they have a price box structure but should have to enable that to be en affect. if price moves out of the range of the box it cancels orders.
Good Trading To All ; Ken Lee
5 traders viewing now