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EurCad Analysis and Trading Ideas

  • #461
  • May 21, 2012 3:20pm May 21, 2012 3:20pm
Quoting samirs
Hi

Firstly kudos for your selfless act of helping others. Although I am a novice but got motivated due to your posts.

I have not read all your posts. In fact read only recent posts. I have obtained and read the Four Agreements book. What's the way you would suggest for someone like me who is a novice -less than a year of trading (I wont call it experience).

Thanks for your consideration.

Best Regards
@samirs:

Learning the skill is the easy easy part. The Psychology is what you will struggle with tremendously. I encourge you to first embrace the truth about the psychology of the forex, believe it, its real and learn to appreciate its existence and adroitly apply yourself through the reading and practicing of self development to see your way through.

You dont want to be successful for a month or a year, you want to be consistently successful.

So here are your challenges that you are going to have to face

1. Over trading your account
2. Over confidience
3. Greed
4. Patience
5. Knowing you are wrong and accepting the loss
6. Trading without a Plan of entry or exit

The list goes on and on and on

If you can have some measure of control over the psychology of trading on the forex, you are 80% there.

Do Not Be Fooled - It Is Not Easy

Im Not Trying To Scarce You, But It is Not For Everyone

So educate yourself as much as you can on the psychology of trading, amass that hurdle and you will get there.

If you can MASTER, I mean truly MASTER the FOUR AGREEMENTS

You are on your way and would have a distinct advantage over many traders who go at this.

Respectfully,
HDA
  • #462
  • May 21, 2012 3:42pm May 21, 2012 3:42pm
Quoting HDA
5. Knowing you are wrong and accepting the loss
that's the hardest part..usually the moment u accept the painfull loss and close the position the market turns
  • #463
  • May 21, 2012 3:42pm May 21, 2012 3:42pm
Traders,

I'm off

Please trade responsibly,

Respectfully,
HDA

OUT
  • #464
  • May 21, 2012 3:52pm May 21, 2012 3:52pm
Quoting torkay77
that's the hardest part..usually the moment u accept the painfull loss and close the position the market turns
@torkay77:

It's a process, learning how to read a chart and trading the chart regardless of what you see going on in the market. Many traders are entering trades and placing stops right smack in the middle of the battle zone.

Identifying the major support and resistance levels off of the 1D and the 4H helps you to understand where to enter once you get confirmation to do so, where to place your Stop Loss (SL) if it agrees with your equity management/risk tolerance and learn how to exit your trade, when and where as the market makes money available to you.

Respectfully,
HDA
  • #465
  • May 21, 2012 4:13pm May 21, 2012 4:13pm
Quoting HDA
@samirs:

Learning the skill is the easy easy part. The Psychology is what you will struggle with tremendously. I encourge you to first embrace the truth about the psychology of the forex, believe it, its real and learn to appreciate its existence and adroitly apply yourself through the reading and practicing of self development to see your way through.

You dont want to be successful for a month or a year, you want to be consistently successful.

So here are your challenges that you are going to have to face

1. Over...
Thanks. I have personally experienced and seen how my intervention has actually caused loss / loss of profit so many times. If only I had been patient and stuck to my plan that would be a great progress to fulfill potential at least partially.

Not allowing it to preoccupy and ensuring you switch off is also critical. I find it the most difficult.

For the skill part where do I start though while I keep working hard on psychology.

Kind regards
  • #466
  • May 21, 2012 4:34pm May 21, 2012 4:34pm
Quoting HDA
@torkay77:

It's a process, learning how to read a chart and trading the chart regardless of what you see going on in the market. Many traders are entering trades and placing stops right smack in the middle of the battle zone.

Identifying the major support and resistance levels off of the 1D and the 4H helps you to understand where to enter once you get confirmation to do so, where to place your Stop Loss (SL) if it agrees with your equity management/risk tolerance and learn how to exit your trade, when and where...
yeah i know buddy, just joking..trading is serious business so every opportunity to relax with a joke is needed too
  • #467
  • May 21, 2012 5:31pm May 21, 2012 5:31pm
Quoting HDA
@wendel17:

Please read Agreement #2 in the book THE FOUR AGREEMENTS

Respectfully,
HDA
@HDA

will do, THE FOUR AGREEMENTS by DON MIGUEL Ruiz?
  • #468
  • May 21, 2012 6:59pm May 21, 2012 6:59pm
Quoting wendel17
@HDA

will do, THE FOUR AGREEMENTS by DON MIGUEL Ruiz?
I have no clue
New voice message: Why are you calling me? If I need you, I'll call you!
  • #469
  • Edited 8:24pm May 21, 2012 7:40pm | Edited 8:24pm
Quoting maximus2005
Ok enter long and get 15 pips for the first 50% and the other 50% stop out at BE...I am waiting now to see what will happen...
Attached Thumbnails
http://www.forexfactory.com/attachme...1&d=1337599185

@maximus2005:

Congratulations on your trades today you bagged 30pips on the EUR/CAD

Here's how you can maximise on your gains without any stress while controlling your greed.

Set up Two accounts -

One for scalping the EUR/CAD
One for position trading the EUR/CAD

Now based on the trades you showed this morning you entered with TWO trades, one for 15pips and the other to hold which you set at B/E.

So here is a recommendation.

Place two trades in your scalp account for 15 pips each and place one trade in your position account to hold. Remember the trend direction comes from the 1D.

Once your 15 pips trade close at TP.

Immediately set a limit order in your scalp account to take you in again at the exact price your first two trades entered at with a TP for the same 15pips.

While holding the trade in the position account just the same.

You will eventually bag another 30pips out of your scalp account in the same day.

So thats a total of 60pips for the one day.

Ideally you should only have placed one trade and not two trades at a time. But that depends on your money management.

But AGAIN - once your first 15pip trades close, immediately set the Limit order to take you back in the market in the same direction you placed your 1st set of trades at the exact same price you entered in at on your first trades.

Ideally your two entry prices should both be the same, seeing that based on your money management you are placing TWO trades at once.

Your limit order must have your TPs set for the same 15pips.

You would have easily bag 60pips or 30pips depending on how many trades you placed at once for each interval and most importantly, TWO things:

1. You would have been trading in the direction of the trend
2. If you followed the times I stated to enter your trades 8pm, 4am, 8am, 12pm providing there is a set up to trade at those times, the recommendation I just shared with you would work quite easily.

Let us not forget that you are also holding a trade in your position account which is also being traded in the direction of the trend which you will hold for 100pips maximum and if you are greed, then you can trail after 100 pips

Respectfully,
HDA
  • #470
  • May 21, 2012 7:41pm May 21, 2012 7:41pm
Quoting wendel17
@HDA

will do, THE FOUR AGREEMENTS by DON MIGUEL Ruiz?
@wendel17:

Yes

Respectfully,
HDA
  • #471
  • Edited 8:06pm May 21, 2012 7:47pm | Edited 8:06pm
Quoting samirs
Thanks. I have personally experienced and seen how my intervention has actually caused loss / loss of profit so many times. If only I had been patient and stuck to my plan that would be a great progress to fulfill potential at least partially.

Not allowing it to preoccupy and ensuring you switch off is also critical. I find it the most difficult.

For the skill part where do I start though while I keep working hard on psychology.

Kind regards

@samirs:



I wish I could point you in a specific direction, but I'm not here to sell anyone's product for them. But personally, I was formally trained at an institition and I spent in total about US$7000 over the entire time for the entire education. This included hotel, car rental etc etc as well.


This was many years ago, I physically sat in a class room and was walked through trades, set ups, formations etc etc PSYCHOLOGY and the list goes on. The class size was 12 persons so I was afforded one on one mentoring.


The point I'm making is that I was formally trained and I invested in my education.

All of what I'm freely sharing with all of you - Is what people out there are CHARGING for.

Respectfully,
HDA
  • #472
  • May 21, 2012 7:55pm May 21, 2012 7:55pm
Quoting torkay77
yeah i know buddy, just joking..trading is serious business so every opportunity to relax with a joke is needed too
@torkay77:


Understood agreed.


Respectfully,
HDA
  • #473
  • May 21, 2012 8:12pm May 21, 2012 8:12pm
Quoting HDA
@samirs:



I wish I could point you in a specific direction, but I'm not here to sell anyone's product for them. But personally, I was formally trained at an institition and I spent in total about US$7000 over the entire time for the entire education. This included hotel, car rental etc etc as well.


This was many years ago, I physically sat in a class room and was walked through trades, set ups, formations etc etc PSYCHOLOGY and the list goes on. The class size was 12 persons so I was afforded one on one mentoring....
Thank you for your kind response.

I am prepared for any direction - be it classroom training that one could recommend (as long as it is trustworthy and can be done with my job - I am willing to take some reasonable time off if needed) OR self learning if a learned and experienced person like yourself can guide.

I am willing to make all investment necessary - mental, emotional, capital and physical.

Kind regards
  • #474
  • May 21, 2012 8:46pm May 21, 2012 8:46pm
Guys here is why I went long on Eurcad last week.

The picture outlines clearly.

Keep in mind it was at an ultimate low support at the time of my entry, this movement i am pointing out confirmed that support will pull in buyers.

I did not just buy because it hit support, you need to see the big money coming in. Follow the big boys and you can win win win. Study the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad_m15.jpg Size: 249 KB
Know when to hold em, Know when to fold em!
  • #475
  • May 21, 2012 8:50pm May 21, 2012 8:50pm
Quoting samirs
Thank you for your kind response.

I am prepared for any direction - be it classroom training that one could recommend (as long as it is trustworthy and can be done with my job - I am willing to take some reasonable time off if needed) OR self learning if a learned and experienced person like yourself can guide.

I am willing to make all investment necessary - mental, emotional, capital and physical.

Kind regards

I am self tought trader, my education cost me about $2k in losses before understanding the big picture and the order flow of the market. You learn after a streak like that, however you see some pay Thousands to learn to trade from others.
Know when to hold em, Know when to fold em!
  • #476
  • May 21, 2012 8:57pm May 21, 2012 8:57pm
Quoting samirs
Thank you for your kind response.

I am prepared for any direction - be it classroom training that one could recommend (as long as it is trustworthy and can be done with my job - I am willing to take some reasonable time off if needed) OR self learning if a learned and experienced person like yourself can guide.

I am willing to make all investment necessary - mental, emotional, capital and physical.

Kind regards
@samirs:

My help is limited to the forum and the minimal time I can share what I know. I do not have the time to mentor anyone.

Respectfully,
HDA
  • #477
  • May 21, 2012 9:03pm May 21, 2012 9:03pm
Quoting goods
Guys here is why I went long on Eurcad last week.

The picture outlines clearly.

Keep in mind it was at an ultimate low support at the time of my entry, this movement i am pointing out confirmed that support will pull in buyers.

I did not just buy because it hit support, you need to see the big money coming in. Follow the big boys and you can win win win. Study the chart.
@shawn3245:

Here is a classic example of hind sight trading. You are now being shared information of what the market already did. This is why I say I only giving trading advice as it relates to now and what is to happen and what you should look for.

Good Night Traders

Respectfully,
HDA

OUT
  • #478
  • May 21, 2012 9:03pm May 21, 2012 9:03pm
Hello guys, nice to see that my EurCad is 21 pips in profit
New voice message: Why are you calling me? If I need you, I'll call you!
  • #479
  • May 21, 2012 9:03pm May 21, 2012 9:03pm
Quoting HDA
@samirs:

My help is limited to the forum and the minimal time I can share what I know. I do not have the time to mentor anyone.

Respectfully,
HDA
Fair enough. This message is clear.

kind regards
  • #480
  • May 21, 2012 9:05pm May 21, 2012 9:05pm
Quoting goods
Guys here is why I went long on Eurcad last week.

The picture outlines clearly.

Keep in mind it was at an ultimate low support at the time of my entry, this movement i am pointing out confirmed that support will pull in buyers.

I did not just buy because it hit support, you need to see the big money coming in. Follow the big boys and you can win win win. Study the chart.
Where are you getting the feed from?
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