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Why did you start trading and what do you expect from it? 19 replies

How soon after you put on a trade do you expect to be "in the money"? 28 replies

How do you see trading - Do you see it as a means to an end? 12 replies

how long do you expect to trade? 10 replies

Trade What You See And Not What You Hope 0 replies

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Trade what you see NOT what you expect

  • #35,681
  • May 18, 2012 7:49am May 18, 2012 7:49am
Hourly chart top of channel
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There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,682
  • May 18, 2012 7:50am May 18, 2012 7:50am
Quoting Trader131
And I can respect that. So please don't be so fast to dish someone else's style of trading, just because it isn't to your taste or might not have worked for you. I expect percentage wise that my 20 pip or so gains are like your 100 pip gains. That one trade on euro which I've just closed the last part of here has gained me 2.5% for a 1% risk in just a morning. With a decent win rate and a few trades a day it leaves your 10% a month standing.
Amen to that.

But then, maybe your account is a few hundred or a few k and his is probably in the hundreds of ks.

I'm sure as and when I have an account that is in the multiples of hundreds of thousands, i'll be trading daily charts FT too and quite happy taking 5% a month if that's 20k in my back pocket whilst I spend most of the rest of the day by my pool. Horses for courses, more traders should appreciate that, we've all been on the same journey.
  • #35,683
  • May 18, 2012 8:07am May 18, 2012 8:07am
Quoting Trotty
Amen to that.

But then, maybe your account is a few hundred or a few k and his is probably in the hundreds of ks.

I'm sure as and when I have an account that is in the multiples of hundreds of thousands, i'll be trading daily charts FT too and quite happy taking 5% a month if that's 20k in my back pocket whilst I spend most of the rest of the day by my pool. Horses for courses, more traders should appreciate that, we've all been on the same journey.
It's an interesting point, Trotty about how you would trade if you had an account in the 100's of thousands. I don't know if I'd switch to the higher time frames or not. It might be preferable to trade the same, only less frequently and less % risk, but I'd agree about the pool
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,684
  • May 18, 2012 8:22am May 18, 2012 8:22am
Quoting Trader131
It's an interesting point, Trotty about how you would trade if you had an account in the 100's of thousands. I don't know if I'd switch to the higher time frames or not. It might be preferable to trade the same, only less frequently and less % risk, but I'd agree about the pool
I guess it's a question of your motivation to trade.

My motivation to trade is absolute freedom. In a peculiar about turn against the norm, I find trading to be a stress reliever rather than a stress creator. As my ability grows and I increasingly "prove the concept" to myself that good and consistent money can be made by trading, the more my concerns about the future ebb away. I kind of know i'll always be financially ok now and that's a great weight off the mind. I believe what I possibly would find stressful is trading 100 lot trades intraday. Knowing how much actual money is riding on each entry could really fuck with my chi! I'd have no problem trading those types of amounts but i'd be trading them on much more sedate timeframes to lower the stress. I hope that doesn't seem too contradictory?

If trading gave me the freedom to have a pretty reliable and secure income with only an hour a day spent on it, I would be very happy about that. I could then pursue what ever additional business interests I had as well as the freedom to slob around if the mood took me. I certainly know i'd play a great deal of golf!

That's why I have spent so much of the last few years studying, practicing and learning this game. I will never give up, I will be one of the lucky few % who do this successfully for a long term living and I will have a life of freedom that most people will never be lucky enough to have. I don't see freedom being sat in front of 6 monitors for many hours a day, that's all

Sorry man, I tend to prattle on way too much. I'm a salesman, I just can't shut my motor mouth up sometimes!
  • #35,685
  • May 18, 2012 8:29am May 18, 2012 8:29am
Quoting Trotty
I guess it's a question of your motivation to trade.

My motivation to trade is absolute freedom. In a peculiar about turn against the norm, I find trading to be a stress reliever rather than a stress creator. As my ability grows and I increasingly "prove the concept" to myself that good and consistent money can be made by trading, the more my concerns about the future ebb away. I kind of know i'll always be financially ok now and that's a great weight off the mind. I believe what I possibly would find stressful is trading 100 lot trades intraday....
Haha, no it's interesting to think about what motivates us, and for me as well, it's about securing the future in these dark and frightening times. Like as you say- not having to worry about pensions, providing college for the children when they're older. It all helps to provide a focus for your efforts. I'm sure you'll be one of the lucky few
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,686
  • May 18, 2012 8:52am May 18, 2012 8:52am
Quoting Trader131
Haha, no it's interesting to think about what motivates us, and for me as well, it's about securing the future in these dark and frightening times. Like as you say- not having to worry about pensions, providing college for the children when they're older. It all helps to provide a focus for your efforts. I'm sure you'll be one of the lucky few
So for you it seems more about financial security and a comfortable retirment than it does having your life freed up?

You probably would just stick to what you know then, I reckon. If you can feather the nest nicely that way, why ever change?
  • #35,687
  • May 18, 2012 9:09am May 18, 2012 9:09am
Ok, I've taken a with trend (well higher TF's) entry although it's against the 15min trend here, after that 15 min pinbar printed what looks to turn into a lower high through the 1hr 62 ema (orange dashed). My entry is up the wick of the pin at 20. 1st TP around 10-15pips, above the daily pivot SL at 32 (12 pips)
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There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,688
  • May 18, 2012 9:16am May 18, 2012 9:16am
Quoting Trotty
So for you it seems more about financial security and a comfortable retirment than it does having your life freed up?

You probably would just stick to what you know then, I reckon. If you can feather the nest nicely that way, why ever change?
Of course it would be nice to free up time as well, but I think that would happen anyway as you would only need a few trades a week. But yes, you're right- it's more about financial stability
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,689
  • May 18, 2012 9:19am May 18, 2012 9:19am
That was quick- 1/2 off here for +16 pips, SL to BE
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There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,690
  • May 18, 2012 9:27am May 18, 2012 9:27am
Moved my stop quickly (perhaps too soon) because I don't want to give back any gains today, and despite what our trend followers out there think, we are due a retrace, and at a prime level on the daily for it. Daily chart below
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There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,691
  • May 18, 2012 10:14am May 18, 2012 10:14am
I've been stopped at BE- this trend trading's not all it's cracked up to be...
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,692
  • May 18, 2012 10:18am May 18, 2012 10:18am
chart- should have held onto my original countertrend trade
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Click to Enlarge Name: euro15min.gif Size: 21 KB
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,693
  • May 18, 2012 3:11pm May 18, 2012 3:11pm
Great chat going on in here guys, really interesting about motivations and aims. I should think supporting leeds unt is enough stress for anyone Trotty

It's a delicate balance for us all between various factors imvho...the ror available through time and energy intensive daytrading vs our personal concentration levels and emotional management on various timeframes combined with the capital at risk.

Everyone is different we all have our niche or sweet spot. Just like we all have a favourite club in the golf bag ( mines an 8 iron) part of the issue with forums is that many don't realise it's not a definite game, its horses for courses different strokes for different folks. There's no right or wrong I
Mainly trading h1 and enjoying it. Getting the right balance between screen time / returns / risk so far.

Have a great w/e lads.
  • #35,694
  • May 18, 2012 3:36pm May 18, 2012 3:36pm
Quoting lazyboy
Great chat going on in here guys, really interesting about motivations and aims. I should think supporting leeds unt is enough stress for anyone Trotty

It's a delicate balance for us all between various factors imvho...the ror available through time and energy intensive daytrading vs our personal concentration levels and emotional management on various timeframes combined with the capital at risk.

Everyone is different we all have our niche or sweet spot. Just like we all have a favourite club in the golf bag ( mines an 8 iron) part of the...
Glad to hear h1 is working well for you, Lazyboy. You've got to live up to your name.. No, seriously, I think H1 is great too, post some charts if you get a chance. But you're right everybody's different- with trading there is no right way and sometimes it's difficult to come to terms with that.

Anyway, have a good weekend guys!
There is no top. There are always further heights to reach. Jascha Heifetz
  • #35,695
  • May 18, 2012 3:50pm May 18, 2012 3:50pm
Quoting pt49

If you want to ignore all the "noise" get rid all those silly looking squiggly lines on your charts, and stop watching short term 15 min charts.
I'm not sure why I'm even replying to somebody as ignorant as you - But here is a 1minute chart of EU today with the 200 SMA and 200 EMA.

Are these the "silly looking squiggly lines" you are talking about? And since the 15 minute is no good, what about the 1 minute? Surely it's just that "noise" you speak of no?

I think I will give up and trade the daily charts, because all profitable traders place trades from the daily chart, and the other 23 hours and 59 seconds of the day is just price being completely random.

I'm amazed that the daily/weekly chart traders manage to make price bounce so perfectly off these stupid squiggly lines on the no good short term charts.. What a coincidence!

Please do not post in this thread anymore.
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Cap
  • #35,696
  • May 18, 2012 8:47pm May 18, 2012 8:47pm
Quoting The Captain
I'm not sure why I'm even replying to somebody as ignorant as you - But here is a 1minute chart of EU today with the 200 SMA and 200 EMA.

Are these the "silly looking squiggly lines" you are talking about? And since the 15 minute is no good, what about the 1 minute? Surely it's just that "noise" you speak of no?

I think I will give up and trade the daily charts, because all profitable traders place trades from the daily chart, and the other 23 hours and 59 seconds of the day is just price being completely random.

I'm amazed that the daily/weekly...
Nice clean chart man!
In the days of old when sailors were bold, and seldom if ever contented.
  • #35,697
  • Edited 11:09am May 19, 2012 10:53am | Edited 11:09am
[quote=The Captain;5682029]I'm not sure why I'm even replying to somebody as ignorant as you - But here is a 1minute chart of EU today with the 200 SMA and 200 EMA.



Hi The Captain,

I'm with you completely. I use a lot of "squiggly lines" (tunnels) as well as BRN's and pivot point levels. I really couldn't trade without them as they not only provide a needed psychological crutch but also help to determine the constantly moving dynamic support/resistance level from where as intraday traders, we can enter HIGH PROBABILITY trades on "bounces".

I have attached 2 of my charts - one a 15 min EURUSD chart and a 1 hour CADJPY chart which very nicely shows nice "bounce" areas off their respective dynamic support/resistance areas.
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  • #35,698
  • May 19, 2012 11:06am May 19, 2012 11:06am
The strength of the trend determines which time frame DASR (dynamic area of support/resistance) I use.

I really like it when price action is bouncing off the 5 min DASR which of course shows a nice strong trend!

Last Thursday cable was in a strong downtrend as price action stayed in the 5 min "zone" and I picked up 60 pips on that bounce around 5850 (1.00pm GMT).


Sorry, don't want to take over your thread, just wanted to show how I use "squiggly lines" to very good effect!
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  • #35,699
  • May 19, 2012 11:17am May 19, 2012 11:17am
Sorry, lastly wanted to mention how nice this strategy is for placement of Stop Loss. One simply places one's SL just above the blue DASR line (say 5 - 15 pips depending on the time frame). Taking the GBPUSD example above, I entered at 1.5848 and placed my SL at 1.5858. That's 10 pips for a 60 pip return. Not bad win ration of 6:1
  • #35,700
  • May 21, 2012 10:15am May 21, 2012 10:15am
50 fib and 1hr 50 sma bounce. Here's an example of a trade that Ken lee used to talk about earlier on in the thread. I can't remember if it was the 50 ema or sma, but if you get confluence it doesn't really matter. We had a bounce off the 1hr 50 sma and 50 fib, a pin bar formed on the 15 min through a trendline as well- what more confirmation do we need?

Edit: 50 sma is light blue dashed line on 1hr chart and brown line (200sma) on 15min chart
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There is no top. There are always further heights to reach. Jascha Heifetz
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