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Best place to learn and become a consistent trader?

  • #81
  • Apr 5, 2012 12:45pm Apr 5, 2012 12:45pm
Quoting pipmutt
I suppose it depends on what you call short-term and long-term.
well for me short-term trading equals intraday-trading. If you hold trades for a couple of days then I don't consider that short-term anymore.
Quoting pipmutt
Again it depends on what you consider to be extraordinary returns. Strategy and how profits are compounded obviously play a part.
well, I have a strategy that can theoretically give out 600 to 800% annually, when allowing for a 60% - 70% drawdown. I personally don't wanna stomach that kind of drawdown.

Quoting pipmutt
In your experience to date, that's fine, maybe your opinion will change in time.
maybe
  • #82
  • Apr 5, 2012 12:50pm Apr 5, 2012 12:50pm
Quoting Custos

....when allowing for a 60% - 70% drawdown. I personally don't wanna stomach that kind of drawdown.
Can't say I blame you, it doesn't sound good!
  • #83
  • Apr 5, 2012 1:00pm Apr 5, 2012 1:00pm
What is the indicator that show fixed price levels (ex: 1.30, 1.20, 0.9) ?
How these support and resistance levels are called ?
  • #84
  • Apr 5, 2012 2:55pm Apr 5, 2012 2:55pm
Quoting Custos
well for me short-term trading equals intraday-trading. If you hold trades for a couple of days then I don't consider that short-term anymore.

well, I have a strategy that can theoretically give out 600 to 800% annually, when allowing for a 60% - 70% drawdown. I personally don't wanna stomach that kind of drawdown.


maybe
I have said many times that there are plenty of people on this forum trading for instance m5 charts taking trades with minuscule stops (draw-down) and making very good returns regardless of trading costs. The only limiting factor is their discipline to wait for their perfect setups.

You refuse to believe it Custos and you refuse to search those people out.

There is categorically NO NEED to even consider 60 - 70% drawdown, there are far safer ways to trade. Open your eyes and ears.
  • #85
  • Apr 5, 2012 3:12pm Apr 5, 2012 3:12pm
here is a free lesson for you in trend trading and safe stops and targets.

2 charts 2 m15 trend trades back to back, it isn't rocket science, it is about discipline.
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  • #86
  • Apr 5, 2012 3:22pm Apr 5, 2012 3:22pm
Quoting jag1966

There is categorically NO NEED to even consider 60 - 70% drawdown, there are far safer ways to trade.
Totally agree, that kind of unnecessary risk would be unacceptable to any trader.

Personally I think intraday trading can produce far superior returns with less risk compared to longer term trading. Like you say discipline is imperative. For me risk:reward can sometimes be skewed but win:lose compensates.
  • #87
  • Apr 5, 2012 4:40pm Apr 5, 2012 4:40pm
Quoting pipmutt
Totally agree, that kind of unnecessary risk would be unacceptable to any trader.

Personally I think intraday trading can produce far superior returns with less risk compared to longer term trading. Like you say discipline is imperative. For me risk:reward can sometimes be skewed but win:lose compensates.

Totally agree, the crazy idea you must only take trades with a minimum 2 or 3 reward risk ratio was one of the biggest hindrances to me becoming profitable, it is all about win-rate and discipline.

Take what the charts will give you, gaps between levels, NOT pre-defined arbitrary rules drawn up on an envelope.

Having said that you will find trend trades off of old sbr or rbs will give you tiny stops and very good targets anyway, it is win win and they work the same way on EVERY time-frame.
  • #88
  • Apr 5, 2012 9:08pm Apr 5, 2012 9:08pm
Quoting catalicu
What is the indicator that show fixed price levels (ex: 1.30, 1.20, 0.9) ?
How these support and resistance levels are called ?

Hi Catalicu

I have attached the indicator for you that displays the fixed price and spread along with some other feartures, I find this one works better than most.

The support and resistance levels are drawn from previous highs and lows off significant swing points. If you look at the EUR/USD chart attached, you will notice that in the last few days there were some great opportunities that I posted to trade the EUR/USD short. Basically, I let the market define the direction by breaking a significant low, once this has occured, I wait for the market to retrace back up to re test the blue zone then take a sell. The old rule that if support is broken then in most cases that same support will act as a form of resistance.

I have found that this is the best form of entry as at times you get no heat against you when the trade works well, it allows you to implement tight stops and you can aim for new lows in this case, which gives you a favourable risk vs reward of 1:2 and 1:3.

Trading this way takes the pressure off you needing to be right 70-80% of the time if you are going for a 1:1 ratio. Because you are gaining more than what you are risking, you are going 3 steps forward when you are right and going one step back when you get it wrong, hence you keep growing your equity.

This is easier said then done as it takes time to implement effectively, however if you train your eye with these support and resistance levels and execute them with a good risk management ratio, you will be pleasantly surprise. Trading involves a process in order to gain this consistency...

Hope this helps
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File Type: ex4 tradingit.ex4   8 KB | 264 downloads
  • #89
  • Apr 6, 2012 1:15am Apr 6, 2012 1:15am
Quoting jag1966

Totally agree, the crazy idea you must only take trades with a minimum 2 or 3 reward risk ratio was one of the biggest hindrances to me becoming profitable
For me too, I wasted a lot of time and missed far too many trades simply because of some arbitrary rule I'd imposed on myself and the market.


Quoting jag1966

Having said that you will find trend trades off of old sbr or rbs will give you tiny stops and very good targets anyway, it is win win and they work the same way on EVERY time-frame.
Exactly!





http://www.mytinyphone.com/uploads/u.../sm/258075.jpg
  • #90
  • Apr 6, 2012 2:42am Apr 6, 2012 2:42am
Hi, there, for the Ikon corporation which always give me lots of help, I hope it will help you as well.
  • #91
  • Apr 6, 2012 3:32am Apr 6, 2012 3:32am
Babypis. They helped me a lot
  • #92
  • Apr 6, 2012 9:38am Apr 6, 2012 9:38am
As the swissy approach the daily trendline there cause for resistance via the lows aswell in the blue zone, short executed...lets watch this one
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  • #93
  • Apr 10, 2012 4:19am Apr 10, 2012 4:19am
GBP/JPY current short after break of lows and re-test back into consolidated area, waranted a short, 1:4 risk vs reward
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  • #94
  • Apr 10, 2012 10:26am Apr 10, 2012 10:26am
The beast delivered nicely off the consolidation with a nice 1:4 ratio
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  • #95
  • Apr 11, 2012 4:12am Apr 11, 2012 4:12am
Quoting pipmutt
Seriously?

Like Custos said, most of the systems here are garbage!

Occasionally you'll find the odd nugget among the dross of posts but in the majority it's entertainment value only, and even that's limited.




With a system, money management, and discipline you shouldn't really have any emotions to manage.
really?? imho its a good think if we learn from the other, take a good and leave the bad.
its a very very great if i could trade like a robot. even if have a system i still feel so sad if i cant analyse well...
do u have recommended place to learn?
  • #96
  • Apr 11, 2012 6:36am Apr 11, 2012 6:36am
I would say Babypips.com Read the School Section.

Once you get a handle on trading language I would pick a trading system type from the Elementary Section from their School of Pipsology. Try moving averages first with no indicators.

Try other methods listed there also. Only trade demo till you can turn a profit doing that.

Then I think Forex Factory is a better info site once you get your act together. Avoid all impressive profit statements and paid for Systems along with Robot and EA trading.
  • #97
  • Apr 11, 2012 7:20am Apr 11, 2012 7:20am
AUD/JPY LONG off 3 significant highs which formed Support
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  • #98
  • Apr 16, 2012 12:39am Apr 16, 2012 12:39am
After we had the rally in both the AUD/USD and the AUD/JPY we found resistance off the daily on the AUD/USD which warranted a short entry in the red zone and an exit at the blue zone off the H4 highs acting as support
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  • #99
  • Apr 16, 2012 1:51pm Apr 16, 2012 1:51pm
Quoting pipmutt
Let me know when you find a method because that would be a neat trick! Quite often different departments of the same institution don't know where their colleagues orders are, what chance have we got of knowing where all the institutional orders are!
Didn't see this post until now, sorry.

The whole basis for our trading on PIE is knowing where the institutional orders are.

You may be right about one department not knowing where the other department's orders are. That would be idiotic of them, sure, but as you know well, many peoples' pensions have been decimated for this very reason.

We DO know where the institutional orders are! Any of my colleagues would tell you the same.

Best

If
  • #100
  • Apr 17, 2012 12:39am Apr 17, 2012 12:39am
Quoting Ifmyante
You may be right about one department not knowing where the other department's orders are. That would be idiotic of them, sure, but as you know well, many peoples' pensions have been decimated for this very reason.
Didn't know that, care to explain a bit more about that? Or refer me to an article?
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