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Looking for a full time trader trading a mechanical system

  • #41
  • Feb 8, 2012 1:07pm Feb 8, 2012 1:07pm
Quoting nilofar
Hello,

Do some fundamental analysis,atleast basics.Get one or two indicators,tweak parameters so that it gives right indications in back tests.

Then STICK to your system.Indicators if is showing right signals in the past,have a very high probability to produce the same in future too. Just see if there is any big news release or S/R bands which might come in the way.

You can crack it.. All the best
Thank you for the advise and encouragement.
  • #42
  • Feb 8, 2012 1:08pm Feb 8, 2012 1:08pm
Quoting myfx4u
As long as you do not over trade and do not use higher levarage any system will be profitable. I would love to help you. The problem is not with the systems but with the interpretation.
This statement is not true even I know that much.
  • #43
  • Feb 8, 2012 1:10pm Feb 8, 2012 1:10pm
Quoting frankkn
Johnny,

Pork is dead on, the only option is to pick something that suits you (may I suggest supply and demand- google "Sam Seiden" and watch his webinars- that's what works for me). After choosing something that works for you stick with it at all costs and document your every move. You can only learn from your own success and failure. You have to objectively review your winners and losers and the only way to do this is by documenting them

Katrooo had a great post about sentiment and price action, also worth reading again.

Whatfx- be nice...
Maybe documentation is where the fault lies. I haven't kept a consistent trading journal. Making it impossible to analyze what went wrong/right.
  • #44
  • Feb 8, 2012 1:11pm Feb 8, 2012 1:11pm
Quoting Porkpie
Sounds like you want someone to do all the work for you so I'd suggest you stop right now and save yourself some money.

Or, there are hundreds of potentially profitable methods/systems. Pick one. Figure out a money management -trade management strategy and manually back test the entry/exit criteria using several years of data. Does the method have a good expectancy? Do the rules fit with your understanding of the logic of the markets? Does your logic fit with the reality of how the market moves/behaves. Create a trading plan, create a trade journal,...
Never asked to be spoon fed. The rest of your comment however is vary helpful thanks.
  • #45
  • Feb 8, 2012 1:23pm Feb 8, 2012 1:23pm
Looks for YTC course of Lance Beggs
Read "time compression" book
Read and learn Order Flow Analisys.

Forget all the rest.
If you need some help, PM
  • #46
  • Feb 8, 2012 1:38pm Feb 8, 2012 1:38pm
Quoting Porkpie
Sounds like you want someone to do all the work for you so I'd suggest you stop right now and save yourself some money.

Or, there are hundreds of potentially profitable methods/systems. Pick one. Figure out a money management -trade management strategy and manually back test the entry/exit criteria using several years of data. Does the method have a good expectancy? Do the rules fit with your understanding of the logic of the markets? Does your logic fit with the reality of how the market moves/behaves. [b]Create a trading plan, create a trade...
as always PP!

Quoting johnny2pips
Here's a little background info on my trading thus far.

Late 2010 - I researched about forex while searching ways to make money from home.

First half of 2011 - Bought books on harmonic trading reoccurring price patterns. Joined a paid subscription website for their "harmonic indicators" still not doing well.

Second half of 2011 - Started to think it was best to make my own trading system and keep it simple as possible. Started with CCI and moving averages. Kept increasing the averages form 100 up to 2000. Certain self discouragements had...
You seem to be jumping from one method/system to another. You try one for 6 months and the results are not good, so you look for the next method and you get the same results, ad nauseam. This is a common mistake made by unsuccessful traders and they will continue to be unsuccessful. Like PP said, choose one and STICK TO IT.

Think about it... you play football for 6 months and then expect to be Eli Manning? Do you think it took Eli 6 months to become a multiple Superbowl winner? Don't get me wrong, like Mozart, some people are naturally gifted, but they are few and far between.

Once you have your chosen method or system, it will take about 10,000 hours of sweat, blood and tears to refine it and master it, but most people here expect instant results and apart from the naturally gifted, this is not going to happen.

Start with a clean sheet, go over what you have learned over the last two years and select what you feel comfortable with and what gives you confidence. If nothing does, follow frankkn's suggestion. Then follow PP's advice.

Finally, look into the mirror and ask some deep questions about yourself, your strengths and weaknesses. Sometimes it is not the system or method... it is YOU!

I wish you success and don't give up. It is possible and can be done.
  • #47
  • Feb 8, 2012 2:01pm Feb 8, 2012 2:01pm
johny,

i will try to dig more into what i said before and will try to explain some things which maybe be useful for you (at least they are for me and if it helps you i will be happy)

1.learn the fundamentals and things i mentioned in my first post to have a bias and reasons for being short/long

2.remember the power of trend, which is your only best friend in trading, dont try to be smartass tryiing to predict turning points, at least not when you are assesing it with technical analysis and u dont have strong fundamental base for trend reversal or some strong view that sth is gonna happen

it was like in eurusd thread last week, everybody had so much words about shorting, that it is too high etc, but WHY i should short it when there was still very good sentiment in equity and bonds markets and price is making higher highs and higher lows? Well you can be right few times and pick the top, but your probabilities are much better with trend...so for me personally fits more to act and change bias after sth happened or price breaked some previous demand level(like last higher low in uptrend) - not try to predict market ->> trade what u see

because for example if we re in uptrend, then price will always find some demand level lower(in there was not some special event), because it costs too much energy for trend to reversal, to consume a lot of waiting orders waiting to be filled to get back into the trend...

3. so try to open whatever chart and WATCH the price movement....if it is doing HH HL u have the uptrend, if LL LH you have the downtrend and if up down up down then u have the range - that is all you need to trade

4. do some basic technical analysis - supply/demand levels, round numbers and trendlines - remember that it depends on your TF u trade what are u looking at - if you are intraday 1m/5m TF trader u re not looking at daily/4h levels/trends that much - they can be breaked by 50 pips and still looks like they were good play after the fact

5. dont play breakouts against trend - they are ussually fakeouts - there is ussually good price action after them and very good opportunities to make pips back into trend direction - for example solid trendline which seems to be broken on smaller TF ---> then solid PA back to the direction back above/below then buying/selling another pullback to her with very good risk/reward

6. when it starts to go up in uptrend after decent pullback start buying - you may recongnize decent pullback in the beginning with pullbacks to trendlines or S/R role reversal, later u will not need it, u will just see by eye what decent pullback mean - do the opposite for downtrend

7.be flexible, patient, use stoploss etc etc and all the stuff u heard thousand times

8. and remember, trading is more art than a science so dont be worried if u cant find mechanical system....try to chceck systems in trading systems forum....in most of them there is always after 5-10 pages sth like : EDIT, new trading rules, new indicator for sth etc, what does it tell u??? that it is experienced trader trading his method for years?? i doubt so

I dont want to look like a smartass who is trying to be wise I am definitely not and I am still learning every day, but Iam only trying to share some of my observations i find to be important in trading.....again Im not claiming you cant make money picking tops/bottoms, i am sure there are many traders doing so...

I hope it helps johny

regards
  • #48
  • Feb 8, 2012 4:53pm Feb 8, 2012 4:53pm
Quote
BLA BLA BLA,

i suppose u started with trading in last few months....

That is what is great about trading, I make one post showing the only thing that matters, PRICE ACTION, and it is ignored.

Trading double/ triple bottoms rejection and trendlines break... such a foolish beginner method right?

Much better to use indicators right?

Read Al Brooks book, the prevously mentionned YTC course and the price action chronicles and realize you are a fool.

Edit : Katroo now mentions
Quote
3. so try to open whatever chart and WATCH the price movement....if it is doing HH HL u have the uptrend, if LL LH you have the downtrend and if up down up down then u have the range - that is all you need to trade

Quote
6. when it starts to go up in uptrend after decent pullback start buying - you may recongnize decent pullback in the beginning with pullbacks to trendlines or S/R role reversal, later u will not need it, u will just see by eye what decent pullback mean - do the opposite for downtrend

How is that different for the example I posted?
  • #49
  • Feb 8, 2012 6:06pm Feb 8, 2012 6:06pm
hi RRRulio

I am really sorry it was misunderstanding I didn want to offend you

i have too high screen resolution so i didnt notice what your charts are showing and i thougt that you re talking about entries when MA turns red and green

once again im sorry

take care
  • #50
  • Edited 6:48pm Feb 8, 2012 6:21pm | Edited 6:48pm
There are no shortcuts in trading period!!

It takes time to get a feel of the market fundamentlly and technically untill you dont have that dont spend any money in the markets stay demo.

Also in trading important is keeping your money making it is easy keeping it is more important.
So i mean with that you dont always have to be in the market it is not a casino (gamblers) feel verry atractive to trading.
But whe wanna become a trader now lets say you wanna trade foreign exchange always ask yourself why you think exchanging for example australian dollars is good against usd in the current rate only that thinking might change alone your entries. And pls dont come because the moving averages are up or down or macd or whatever. Think differnt then the most.
Think not only on the technicals they can be used as a entry point support ressistance trnedline macd cross whatever you like for entry system.

But the plan why you want to exchange taht currency benefits negative sides health etc.

Now lets say you have a job or you wanna do it fulltime doesnt matter think out a trade and then look for a entry lets say you found 1 now you enter on that 1 risking for example 1% of your balance now this trade is working out you can add because you where with the outcome give you more confidence. Now lets say you add another 1% you have 2% exposure then this runs and gives you a return of 8% after the trade been closed now 8% can be done in the month just try to plan 1 good trade a month. When you become better you can look for more etc. And scale in even more. But dont expect huge return with low risk most people talk bs with high return nothing showable and if they hit some home runs after 2 months sometimes shorter they blow all. Dont say it is impossible but you need to get more experienced most stories are fairytalles on the net. If someone makes 50% returns a month showing only charts with a macd or whatever lines on his chart with now backup why he thinks it goes up or down i say bs imagine 50% returns every month 1 year with 10k starting ballance what the amount will be after 1 year on compound so pls dont believe fairytalles so have done it but they rare verry rare and on ff it looks sometimes everybody is doing this.

1.Keep leverage low.
2.Learn the market you trade.
3.Spent less time on technical indicators learn your markets.
4. Screen time you have theory and praticall.
5.Dont believe in hitting jackpots in the beggining or maybe never
6. Trade less only on some trades you put money and if not sure risk verry low if the trade works out as planned add.
7. If wrong cut.
8.People posting huge returns dont believe them or demo traders they are.
9.Try to be a individual trader dont look for other there oppinions on trades or learn to ignore them.
10. Markets are always right. Even maybe not always but fighting against it will hurt you only if you got some solid reason to take the other side the trade can work out if the markets realize.
  • #51
  • Feb 8, 2012 6:38pm Feb 8, 2012 6:38pm
Quoting ingmarforex
There are no shortcuts in trading period!!

It takes time to get a feel of the market fundamentlly and technically untill you dont have that dont spend any money in the markets stay demo.

Also in trading important is keeping your money making it is easy keeping it is more important.
So i mean with that you dont always have to be in the market it is not a casino (gamblers) feel verry atractive to trading.
But whe wanna become a trader now lets say you wanna trade foreign exchange always ask yourself why you think exchanging for example australian...
Hey man hope all is still good, shame I don't use skype much anymore my fault
  • #52
  • Feb 9, 2012 12:25am Feb 9, 2012 12:25am
Quoting katrooo
hi RRRulio

I am really sorry it was misunderstanding I didn want to offend you

i have too high screen resolution so i didnt notice what your charts are showing and i thougt that you re talking about entries when MA turns red and green

once again im sorry

take care
It's fine don't worry.

But again it's the solution I mention in my first post : Zoom out! in this case Zoom in!



Take care

PS: The multicolor MA is just for convenience, it makes the previous price movements very clear.
  • #53
  • Feb 9, 2012 6:38am Feb 9, 2012 6:38am
Morning everyone!

I did get one of the books (time compression trading) you guys mentioned another one but it was abbreviated in 3 different posts and I haven't got a clue what the actual title is. So far so good most of the stuff in the first few chapters is just a review (which is a good thing).

I've decided to get rid of indicators all together to start doing all analysis on my own with trend lines, support, resistance and using piviot points to enter. Not the indicator lol when a market makes a sequence of HH, HL, HH, HL entry is on the HL. A quick backtest last night showed it had good potential. I'll do a more in depth test over the weekend.

I really want to thank each and every one of you for uplifting my spirits. Yesterday was a breaking point. Sometimes those are hard to get past. You guys helped me through it and for that I'm grateful.
  • #54
  • Feb 9, 2012 6:41am Feb 9, 2012 6:41am
You can do it man, dont give up. Just do it
All posts are my personal opinion
  • #55
  • Feb 9, 2012 6:53am Feb 9, 2012 6:53am
Quoting johnny2pips
Morning everyone!

I did get one of the books (time compression trading) you guys mentioned another one but it was abbreviated in 3 different posts and I haven't got a clue what the actual title is. So far so good most of the stuff in the first few chapters is just a review (which is a good thing).

I've decided to get rid of indicators all together to start doing all analysis on my own with trend lines, support, resistance and using piviot points to enter. Not the indicator lol when a market makes a sequence of HH, HL, HH, HL entry is on the...
perfect, let us know about your progress

but remember, backtesting higher lows / lower highs is impossible at all, unless you re not backtesting breaks of previous high/low or you dont have some exact description what HL/LH is.
  • #56
  • Feb 9, 2012 7:16am Feb 9, 2012 7:16am
Maybe this is beginners luck. Here's a trade I just took. Price shot up 30 pips within one minute of my entry. Green and red lines are where price has short term pivoted multiple times. Green being the upper half and red the lower. I did not use those lines for entry just consideration of where price might stall.

Tried to see a correlation between stoc's and pivots. This isn't as clear as it might seem to be, probably wont use it.

http://i1083.photobucket.com/albums/...TRADE_WINS.png

Edit:
Price went up 50 pips I exited to soon but hey profit is profit.
  • #57
  • Feb 9, 2012 7:24am Feb 9, 2012 7:24am
Quoting johnny2pips
Maybe this is beginners luck. Here's a trade I just took. Price shot up 30 pips within one minute of my entry. Green and red lines are where price has short term pivoted multiple times. Green being the upper half and red the lower. I did not use those lines for entry just consideration of where price might stall.

Tried to see a correlation between stoc's and pivots. This isn't as clear as it might seem to be, probably wont use it.
you traded ecb rate decision and upcoming press conference - and u were lucky that Greeks agreed about austerity package....

in these time u must sit and do nothing,

you are not a casino player
  • #58
  • Feb 9, 2012 7:41am Feb 9, 2012 7:41am
Quoting katrooo
you traded ecb rate decision and upcoming press conference - and u were lucky that Greeks agreed about austerity package....

in these time u must sit and do nothing,

you are not a casino player
Maybe it would be a good idea to learn what news is important and what isn't. Is there a site/thread/ect I could find a list of news not to trade? I know some news doesn't effect the market much while others have big impact.
  • #59
  • Feb 9, 2012 7:49am Feb 9, 2012 7:49am
Quoting johnny2pips
Are there any full time traders here trading 100% mechanical systems. By mechanical I mean you see something happen via indicators and take a trade. Where discretion is not part of the equation.

I've always been told if you want to learn learn form those who are already successful in the business.

I'm really struggling with trading this year and last. It seems like I can only go wrong or when trades go good all the small losses overtake the larger wins. You'd think if someone can be consistently wrong with a little work and perseverance...
the problem with traders is greed, i get about 100 to 150 pips per week, and i done by wensdays 90% of the time.
  • #60
  • Feb 9, 2012 8:01am Feb 9, 2012 8:01am
Quoting PoundTrader
the problem with traders is greed, i get about 100 to 150 pips per week, and i done by wensdays 90% of the time.
Sounds like a good goal. Hell 20 pips a day compounded will make you rich in a few years depending on starting capital.
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