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  • #46,001
  • Jun 3, 2012 12:12am Jun 3, 2012 12:12am
Maybe most of us should start putting disclaimers everytime we post...

Example:

Please do not listen to whatever we post. If you DO listed / follow, please understand that you are taking a risk that we WILL in no shape or form be responsible for.

But on another note:

Made a mistake during NFP (forgot to take out a pending order before I went out to watch Snow White and the Huntsman - to those planning to watch, my advise is not to)..

So currently a bit under the water, will decide to close the trade based on how the market moves on Monday (it's a short position - something that I would prefer not to hold for more than 1 day if possible).
Buy! Buy! Sell! Sell! Just make sure you have proper MM!
  • #46,002
  • Jun 3, 2012 12:35am Jun 3, 2012 12:35am
Quoting jayjb
Because newbies come here to seek guidance yet we have egoistic fools (like yourself if you do not get sarcasm) boasting their supposed great results, hiding the drawdown taken. Akin to the act of gambling.

Yes this thread has definitely gone to the gutters since the past year with a certain niche of people who are like blind men driving.
I see so now I'm an "egoistic fool" wow you really do have a lovely way of speaking about others, what else will you call me next I wonder?

And I NEVER hid my draw-down it was always there on my trading account for all to see.

Please check all your facts first before you name and accuse others.
  • #46,003
  • Jun 3, 2012 12:49am Jun 3, 2012 12:49am
Quoting Daytrader74
Dear jayjb,

Why do you make a habit of attacking anyone that isn't to your liking?

Just the other day you were attacking my great account results and also calling me a "gambler" , it seems to me that anyone who doesn't share your way of trading or thinking is a gambler in your eyes!

Everyone trades how they see fit, we are all different, we all have different ways of thinking, we all have different ways of having an edge, and so on.

Also the other day you were telling people not to "follow" my trades as I'm a gambler, however what you failed...
I am in agreement with some of your sound viewpoints and would like to share some of my thoughts.

There are different trading methods. If a method makes money consistently then keep it. However, do not believe it is the best.

Don't brand other people "gambler". Some people are more aggressive when trading the FX market. Being aggressive is not gambling.

I came to this forum because I decided to trade AUDUSD only. I expect to share trading information with other members. When someone attacks me to show his/her ignorance, I will fight back.

Have profitable trading next week!
daddybearforex. com
  • #46,004
  • Edited 1:40am Jun 3, 2012 1:27am | Edited 1:40am
Quoting jayjb
Obviously you lack the ability to see beyond face value thus the lack of understanding of the term profit taking. The fine line between gambling and trading is discipline. You are going long in a downtrend, catching a falling knife, standing in front of a speeding train. Even a average scalper knows to scalp in the direction of the general trend. I can't begin to highlight the number of bull trap we have had in the whole month.

You see yourself the christopher columbus of forex, exploring new ideas and new concepts. Maybe you haven't heard of his...
Good morning , ma'am!

I guess you live on the other side of Earth from where I am. I came to this forum to learn and share trading information with other members; therefore, I'd like to make my point clear this time.

People have different mindsets; therefore, we trade market with different approaches. The difference is not discipline, it is the confirmation. People with aggressive mindset take action before confirmation. On the other hand, conservative people act after confirmation. If your way makes money for you, it's great. But, please don't call my way "gambling".

The reason I mentioned 145 pips profit was not meant to insult you. rather, I was intended to let you know that my trading method made money as well even you didn't like it. Be open-minded.

I don't trade micro lots and was not proud of making 145 pips. 145 pips = USD $1,450. I made more money a day when trading spot silver last year. 145 pips is not a lot of money but I was fine with that. I do make consistent winning trades day after day.

We all sail from a harbor every trading day toward uncharted waters to find something. I am always the captain of my ship. If you prefer to be a sailor following someone's rules, it is your choice.

Do you mind let me know where you got that morning star rule? Thanks, ma'am!
daddybearforex. com
  • #46,005
  • Jun 3, 2012 1:42am Jun 3, 2012 1:42am
Quoting DaddyBear
. I made more money a day when trading spot silver last year. 145 pips is not a lot of money but I was fine with that.
Ahh...silver... one of my greatest trades that I made so little on.

I remember shorting....i think it was PRE SYDNEY session... spot silver of course though a forex broker....

Went short at 48.15. Covered around 43. Never held any trade (besides a stock trade) for more than 10% of it's value.

I only had one regret at the time - that I took a smaller than average risk on it...when I should have gone nuts.

Now, my only regret is not holding that position until today.

X
  • #46,006
  • Jun 3, 2012 1:56am Jun 3, 2012 1:56am
Quoting forextraderx
I should have gone nuts.

X
Did you know it's illegal here in North Korea to put kisses at the end of a message.

듣기셔서 감사합니다
  • #46,007
  • Jun 3, 2012 1:57am Jun 3, 2012 1:57am
Quoting fosking
Did you know it's illegal here in North Korea to put kisses at the end of a message.

듣기셔서 감사합니다
  • #46,008
  • Edited 2:50am Jun 3, 2012 2:01am | Edited 2:50am
Quoting DaddyBear
I don't trade micro lots and was not proud of making 145 pips. 145 pips = USD $1,450. I made more money a day when trading spot silver last year. 145 pips is not a lot of money but I was fine with that.
I added up my pips from Friday and discovered I exagerated, it was 590 pips to make up for my bad trade that I eventually closed for -139 pips, so net +451 pips, HOWEVER... I am trading micro account so its only +$145 approximatly.

Why have we got into a stoopid childish argument over a pinbar anyway?

A "pinbar"... whatt is it?

It's a morning star, pinbar, reversal bar, pinochio bar... all are the same thing, a bar that opens high, has a long low and closes high.

It is a reflection that price moved down then up in a given time period... nothing more.

I love trading certain pinbars if the confirm a trend continuation...





... if the low hits or pierces a dynamic support

  1. 8ema
  2. fibo

... if the low hits static support

  1. previous high/low

... and if in conjuction with certain other bar setups.

The only time I would wait for the following bar to form would be if none of the above conditions was met, and if none of the above conditions are met I would regard the pinbar as a very low level signal.

The Pinbar in question...

Has NOT pierced or hit any dynamic support or resistance levels, it HAS rejected a previous support level. Given that the primary cause of this bar forming was NFP announcement, I'm not attaching much weight to it... it's short term rally candle only in my opinion.

If anything it looks like an opportunity to go short on a rally.

In the days of old when sailors were bold, and seldom if ever contented.
  • #46,009
  • Jun 3, 2012 2:20am Jun 3, 2012 2:20am
Quoting pt49
It's obviously the weekend because nobody is happy... bring on Monday!!
Spoken like a Trader :nerd:
FF journal: Peaks and Troffs
  • #46,010
  • Jun 3, 2012 2:22am Jun 3, 2012 2:22am
Quoting Silencer
like a bunch of teenage girls arguing on facebook lol
FF journal: Peaks and Troffs
  • #46,011
  • Jun 3, 2012 4:17am Jun 3, 2012 4:17am
I don't post much on the forum, but I am definitely in love with trading the aussy so I figure I'd start following this thread and offering my own person inputs. I'm primarily a breakout trader, and my strategy seems very simple in comparison to some of the analysis I've browsed through in the recent pages. My charts itself is fairly clean and should be relatively easy to follow.

http://i50.tinypic.com/2l9myj6.jpg

Just an example of what my charts looked like on NFP friday. Generally when I make a post I'll try my best to accompany it with a picture. Nice to meet you all
  • #46,012
  • Jun 3, 2012 4:34am Jun 3, 2012 4:34am
Nice picture, but could you please explain what your trade?

Seems to just be a 15m chart... part of a 15 m chart actually,

Please post the whole chart... top left corner to bottom right corner.
In the days of old when sailors were bold, and seldom if ever contented.
  • #46,013
  • Jun 3, 2012 4:41am Jun 3, 2012 4:41am
Quoting pt49
Nice picture, but could you please explain what your trade?

Seems to just be a 15m chart... part of a 15 m chart actually,

Please post the whole chart... top left corner to bottom right corner.
That was just an example of what my chart looks like and what kinds of stuff I slap onto it. Its the timeframe of during NFP, which is why its on the 15 min chart. Usually I zoom out to the 30/1hour, as i hold trades on average for 4 hours at a time.

In the current picture there was 5 trades(if i remember correctly), which is cliffnoted to be shorts before nfp, and longs during nfp. I don't hold trades over weekends, so I closed out everything before I headed off to work. Did I answer your question?
  • #46,014
  • Jun 3, 2012 4:47am Jun 3, 2012 4:47am
jwlee7ucla, if it helps you can take save a chart in Marketscope by clicking 'File' then 'Save As Image'.
You may want to 'Copy To Clipboard' and resize it to 1500pixels in Photoshop, sometimes if your screen is bigger than what you can upload and it comes out rubbish and pixelated.
  • #46,015
  • Jun 3, 2012 4:53am Jun 3, 2012 4:53am
Quoting fosking
jwlee7ucla, if it helps you can take save a chart in Marketscope by clicking 'File' then 'Save As Image'.
You may want to 'Copy To Clipboard' and resize it to 1500pixels in Photoshop, sometimes if your screen is bigger than what you can upload and it comes out rubbish and pixelated.
thanks for the suggestion.. but I don't have photoshop. What I usually do is just take a screenshot and crop out the part of the chart with my trade in it in 'paint', save, then upload via tinypic. I had a feeling I was doing everything the longer and tedious way though..

edit: actually the 'copy to clipboard' function seems very useful, thanks for the heads up
  • #46,016
  • Edited 5:14am Jun 3, 2012 4:54am | Edited 5:14am
For jayjb

If you've ever traded in the foreign exchange markets, the chances are most of you have had an account wipe out. You've gone into the Forex market with high hopes, with a high expectation of making a lot of money and with low expectations of losing that money, however, most new traders have their low expectations come true and wipe out their entire Forex trading capital within weeks.

It's a horrible feeling being caught in a bad trade, over leveraged with no pre-determined stop loss. For those of you who haven't experienced this, the following is an example of what so many have experienced in the Forex; we will use imaginary Joe as an example.

Joe has been conscientious and disciplined in his Forex trading, building up his account slowly. He has just had a win on a huge breakout that has made him a lot of money. He closes his positions and takes profit. He feels great and his adrenaline is flowing through his body. He tells himself that he isn't going to trade for the rest of the day. About 10 minutes after his take profit, he notices price breaks through the next support level; he watches the price drop 50 pips in 2 minutes. He thinks, 'I don't want to get into this trade now, it could reverse'. The price drops a further 50 pips and touches a round number and continues to hover around that round number for a few minutes. Joe thinks to himself, 'Get in on the action, you could make a lot of money on this trade'. So Joe jumps into the trade, selling 5 times as many lots than he usually would. The price bounces back up from the exact place he put his sell order at. Price continues to climb 30 pips, so he adds another short position, price rises a further 20 pips, so he adds another over leveraged position. Price continues to rise a further 50 pips and he adds another short. Joe is now in a position where price can only go against him a further 70 pips before he has a margin call.

He can't short any more as his free margin is tight, there is nothing else he can do apart from close the positions or wait it out and hope the price reverses. He is sitting at his computer, nervously biting his nails, bouncing his leg up and down in anxiety. He feels like a cornered animal with nowhere to go, a man standing on the execution line with no way out.

He thinks, 'Should I close the trade now and get out with a 30% loss?... But you can't take a 30% loss, how can you tell your family about that; and besides, it's going to reverse any moment.'

The price keeps moving up and his account equity is decreasing. He watches his position in somewhat a daze, a little angered that he let himself get into this position. Joe says to himself, 'If I get out of this situation I'm never gonna be so silly again and risk so much'. With his hope of recovery hanging on a tiny thread, his free margin is decreasing until it becomes zero. His broker automatically stops out all of his positions and Joe is now left with 25% of his balance. He hits his desk in anger and feels deflated. 'I hate the Forex'.

For those who have wiped out their account, that may sound familiar. It may not have happened to you in that exact way, but the same principles apply. We are humans and we all make mistakes. The question is, what do you do when you make those mistakes? Do you throw in the towel and determine Forex trading isn't for you, or do you grind on, look at what you've done wrong and refine your trading skill set?

For some, trading the Forex really isn't the best business for them to be in; it just doesn't suit who they are, but for others, they have the potential but just need to practice and learn more.
  • #46,017
  • Jun 3, 2012 5:06am Jun 3, 2012 5:06am
Quoting jwlee7ucla
thanks for the suggestion.. but I don't have photoshop. What I usually do is just take a screenshot and crop out the part of the chart with my trade in it in 'paint', save, then upload via tinypic. I had a feeling I was doing everything the longer and tedious way though..

edit: actually the 'copy to clipboard' function seems very useful, thanks for the heads up
You're welcome. I'm a fan of the session indicator aswell. Good luck.
  • #46,018
  • Jun 3, 2012 5:12am Jun 3, 2012 5:12am
Quoting DaddyBear
Good morning , ma'am!

I guess you live on the other side of Earth from where I am. I came to this forum to learn and share trading information with other members; therefore, I'd like to make my point clear this time.

People have different mindsets; therefore, we trade market with different approaches. The difference is not discipline, it is the confirmation. People with aggressive mindset take action before confirmation. On the other hand, conservative people act after confirmation. If your way makes...
If you require knowledge of that, you probably have not even learnt the basics of price action and how it affects and moves the market as a whole. Not your random 1 + 3 + my age / my father's age = X EMA.

You sail to uncharted waters each days, not knowing what lies ahead, you either see your certain death or find a bountiful treasure upon a paradise island. You are much like a gambler in a casino, nothing to lose, placing all your money on a single bet that you either make it or break it.
  • #46,019
  • Jun 3, 2012 5:16am Jun 3, 2012 5:16am
Quoting Daytrader74
If you've ever traded in the foreign exchange markets, the chances are most of you have had an account wipe out. You've gone into the Forex market with high hopes, with a high expectation of making a lot of money and with low expectations of losing that money, however, most new traders have their low expectations come true and wipe out their entire Forex trading capital within weeks.

It's a horrible feeling being caught in a bad trade, over leveraged with no pre-determined stop loss. For those of you who haven't experienced this, the following...
''Insanity is doing the same thing over and over again and expecting different results'' - old Chinese proverb
  • #46,020
  • Jun 3, 2012 5:18am Jun 3, 2012 5:18am
Quoting Paulenok
''Insanity is doing the same thing over and over again and expecting different results'' - old Chinese proverb
Yes that story was for jayjb
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