EurAnalysis | Page 2507 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

EurAnalysis Kindergarten 24 replies

Attachments: EurAnalysis
Exit Attachments

EurAnalysis

  • #50,121
  • Aug 26, 2012 6:18am Aug 26, 2012 6:18am
Quoting CurrencyMan
I got the following in my email and since my style of trading in part has much in common with Steve Rising of Thinslice Trading I would like some feedback from those that trade that way and perhaps more important feedback from those that trade longer term such as PipTrapper.

High Probability Forex Trading
[font=Verdana,Geneva,Arial,Helvetica,sans-serif][size=2][color=#003366][color=#003366][font=Verdana]...
I don't know how everybody does it but for me I put a sticky note 'This is real Money'. That always keeps me out of trouble from greed then over-leveraged. It's very easy to get carried away when sitting infront of the screens that we put real money at risk.
  • #50,122
  • Aug 26, 2012 6:22am Aug 26, 2012 6:22am
Quoting CurrencyMan
I got the following in my email and since my style of trading in part has much in common with Steve Rising of Thinslice Trading I would like some feedback from those that trade that way and perhaps more important feedback from those that trade longer term such as PipTrapper.

High Probability Forex Trading
[font=Verdana,Geneva,Arial,Helvetica,sans-serif][size=2][color=#003366][color=#003366][font=Verdana]...
Based on the definitions presented in your post, I fall into the scalper category with the exception that my scalps are done on the daily chart and not the 15 minute.
Those who say it cannot be done should not interrupt those who are doing it
  • #50,123
  • Aug 26, 2012 6:22am Aug 26, 2012 6:22am
Quoting CurrencyMan
You have an understanding of reality such that it is a pleasure and well words do not allow me to say exactly what I want. The sad part is that most of the world does not understand what is really happening including the politicians in power.

There are two kinds of people in this world. Leaders and followers and it has always been that way. Truth and integrity are in short supply.

Thanks again for your informing post.
69
  • #50,124
  • Aug 26, 2012 8:21am Aug 26, 2012 8:21am
Quoting CurrencyMan
High Probability Forex Trading


I am trying to be polite after reading 100 lines of bold statements which I strongly disagree and failed to find out any yield out of that. Question arises do we need to put every random trading related links which we get in our inbox?


The novice trader believes he should always be in the market.

And experienced, full time traders don't, right?

The trader who opts to use a trend following technique typically will have more losing trades than winning trades with the idea that the winning trade will cancel out the losing trades and ultimately the trader ends the year with a profit. The problem for most traders is keeping a positive attitude during the losing trades waiting for that positive trade to happen.

It means long term trend followers are day dreamers and according to the article writer they must have greater loosing positions, right? And finally most of them will quit the positions out of losing confidence?!! Then how come in the first place we are categorising them as a long term trader???

With a scalping technique, the trader learns to trade with a high level of accuracy, meaning you do not trade as frequently, but the trades you make end in a profit.

Scalper do not trade frequently? Then who does Long term traders?

Achieving a profit is simple and quick. The key difference is, the scalp trader prefers to wait for an exact condition to develop before trading.

An added benefit for the scalp trader is that he can use a very tight stop, unlike the trend following trader. In a solid scalping technique the trader can use a 10-pip stop, whereas in trend following he will have to risk 100 pips or more with his stop.


The reality is, it defies common sense why one would want to trade with greater risk using a large stop while enduring the pain of frequent losing trades waiting for that big winner to happen.



If this trader has so much of advantage already as he has already got the exact condition then why he negeting the advange with only 10 pips stop? Don't he know about the Forex Market volatility?


Meanwhile the scalp trader may trade less often but the trades he makes are high probability trades that result in consistent profits.

Author means less trade with bigger lot size? In other words get overleveraged quickly?




Another way to look at it is which is easier, finding a profitable 10 pip trade or a profitable 50 pip trade? Obviously a net 10 pip profit is easier.

Which conditions in the Forex Market comes quickly a 10 pips set up or a 50 pips set up?




Here is a simple winning formula: 1 net 10 pip trade with 5 lots equals $500. Do that once a day 4 days a week and that equals $2,000. Spread over 50 weeks and that equals 6 figures.

What about your first trade goes wrong? Then the second?




The benefits of trading only high probability conditions with a scalping technique far outweigh trading more frequently with a trend following technique hoping that you end the year with more money in your trading account than you started with.



Sentence repeated.


CurrencyMan:




I use most of what is suggested here with the exception that my average profit per trade is much closer to longer term traders than scalpers because of a unique risk management strategy that I have developed.



Is that also involved a chart or not?


I have shared that with a few here. It involves scaling in my positions while at the same time never risking more than 5% on any one Trade Plan.



Sure




Feedback is appreciated.



Before that some unclear questions as above.


Peace.
  • #50,125
  • Aug 26, 2012 10:30am Aug 26, 2012 10:30am
Quoting rekon67
[/color][/size]

I am trying to be polite after reading 100 lines of bold statements which I strongly disagree and failed to find out any yield out of that. Question arises do we need to put every random trading related links which we get in our inbox?


[font=Verdana,Geneva,Arial,Helvetica,sans-serif][color=#003366]The novice trader believes he should always be in the market.

[font=Verdana,Geneva,Arial,Helvetica,sans-serif][color=#003366][color=black]And...
I only posted that information in the way that I did not because I agree with all the comments and content however to open up a good discussion on the points made.

Because it comes from a commercial site and much material is free to review I did not post the link however I did give credit to whose material it is.

With the CLEAR COMMENT that I do not endorse or suggest anyone use this service other than to get another point of view from one of the many commercial teaching sites out there I will now post the link to the website because in fairness to your reply your issue is not with me since that is not my material.

http://www.theforextradinginstitute.com/

I will be glad FREE OF CHARGE here on this thread share with all my friends, pretend friends and enemies if that is the right word what I have shared with some here in order to share my model of Risk Management that works for me.

If anyone asks I will post the three pages here.

There is much free good material for those that are interested. I like to read and review everything that I can find on forex that is out there.

Again I am not recommending anything on that website. I only share the link in case anyone wants information at no cost other than the time to read it.


Recommended Forex Training Articles & Tips

 

  1. Selecting the Correct Time Frame to Trade the Forex With http://www.theforextradinginstitute....s/icon-new.gif

    Prior to electronic trading, before there was free real-time online access to charting, selecting a time frame to trade with was a non-issue. Standard operating procedure was to simply look at a daily chart and end of day activity. Today this is no longer the case. With easy access to real-time charting, selecting the correct time frame is an important element to a trader’s success.

  1. Always Look For Reasons Not to Place a Trade http://www.theforextradinginstitute....s/icon-new.gif

    The first priority of all forex traders should be to preserve their trading capital. The second priority should be to then grow that capital. These are two very simple ideas that are overlooked by most.

  1. How to Fit Trading Into Your Current Schedule http://www.theforextradinginstitute....s/icon-new.gif

    A common concern for many individuals who are working is that they feel they do not have the necessary time to learn how to trade and then to actually trade. Here are the three biggest myths about the amount of time it takes to learn and then trade the forex:

  1. Four Things to Consider Before Purchasing a Cheap Trading Program

    When you are selecting a forex trading program here are four important things to consider: Learning to trade consistently is a process that is learned over time; more information is not better information; you cannot price shop trading programs; and there is no such thing as a "one size fits all" trading process!

  1. High Probability Forex Trading

    Priority number one for the forex trader is to preserve his capital. Priority number two is then to grow that capital. These two priorities are often overlooked. Most traders believe their first priority is to just fire off trades hoping the end result is a profit. These two priorities are often overlooked. Most traders believe their first priority is to just fire off trades hoping the end result is a profit.

  1. In Search of Sasquatch, The Loch Ness Monster, Forex Robots and other Myths

    Former NASA engineer develops forex trading software that yields a consistent 7% return by automatically trading for you. Sounds too good to be true? Unfortunately it was. If you were involved in online trading in the beginning back in 2000 you probably saw a lot of infomercials promoting various trading software products. The average cost back then was $5,000. None of those companies even exist today. What was the reason? None of those software products worked.

  1. Key Elements Today’s Forex Trader Needs To Be Versed In

    The internet has changed countless areas in our day to day lives. It has not only changed the way we access information but the information we have access to as well. However in the trading world I see folks stuck in the past typically using techniques and processes developed decades ago.

  1. Scalping the Forex Market with Thinslice Trading


    Many sports analogies can be applied to business situations. Here is a great one: Alex Honnold, the record-breaking free solo climber, said "There is no adrenaline rush…if I get a rush, it means that something has gone horribly wrong…the whole thing should be pretty slow and controlled".

  1. Forex Trading Success Series #15: Why Scalping The Forex Makes Sense

    A short recording and analysis of why scalping the Forex makes sense.

  1. In Search of the Forex Trader’s Holy Grail

    Technology has revolutionized Forex trading. There are robots, systems, programs, applications, add-ons, plug-ins, indicators, bells, buzzers and alerts! The reality is that most of these technology-based trading processes do not work.

  1. Trading Price Action versus Technical Indicators

    Most traders are under the misconception that using technical indicators makes trading easier, the belief being that indicators represent some type of technological advancement that allows anyone to solve the mystery of which direction the market is going to move with zero market experience.

  1. Warning: Not Everyone Is Capable Of Becoming A Consistent Forex Trader.

    Not everyone is capable of becoming a consistent trader. Learning to become a trader is no different than learning any other discipline. It takes time, training, commitment and discipline.Not everyone is capable of becoming a consistent trader. It is a myth that there is some trading product that allows for quick and easy profits. Eight out of 10 people fail because they believe this myth.



CurrencyMan: My goal here is to help those who are interested to improve their trading results. I invest here everyday willingly my time and effort because I have been encouraged by other posters here to do so.


I do not need to post charts made by myself since I am not making trading calls. My method of fundamentals, technicals, risk management and money flow works for me.

If you have a method that works for you great. As PipTrapper has stated we all should share without needing to convince anyone that our method is best.

I take your post in the most positive way in the spirit of goodwill and cooperation.

I just wanted it to be clear where the information came from and my reason for posting it was to open up a forex dialogue.

I wish everyone here good results and a good Sunday.

  • #50,126
  • Aug 26, 2012 10:30am Aug 26, 2012 10:30am
The cockroaches are starting to crawl out from the cracks in the wall.

Ireland Noonan Says Trichet Letter Should Be Released: Press

By Market News International || August 26, 2012 at 14:10 GMT

PARIS (MNI) – Ireland’s Finance Minister Michael Noonan believes
that a 2010 letter from former European Central Bank president
Jean-Claude Trichet to the Irish government threatening to pull the
liquidity support for Irish banks if the government did not seek a
bailout should be released publicly now, according to a press report.
Speaking to the Sunday Independent newspaper, Noonan said he had
seen the “very direct” letter from Trichet to Ireland’s then-finance
minister Brian Lenihan, which left him “little or no option” but to seek
the E85 billion bailout.
Noonan told the newspaper that the Trichet letter implied ECB
liquidity support would also be pulled if Ireland sought to force losses
on senior unsecured bondholders of troubled banks.
Ireland has pumped E64 billion into its banking system since 2009,
much of it because of the ECB’s reported insistence that senior bond
holders be paid off because of Trichet’s worries that contagion from
Ireland’s banks could spread to the rest of the Eurozone.
Noonan said that the letter should be released to a banking inquiry
examining the events leading up to Ireland’s bailout.
“The banking inquiry that has been signalled to me seems like an
appropriate place to release this letter, which I’m sure would be very
helpful to it,” Noonan told the newspaper.
The ECB’s reported efforts to pressure Ireland into a bailout in
2010 have become increasing controversial. One well-known economist,
Colm McCarthy, has called for Ireland to sue the ECB in the European
Court of Justice for exceeding its mandate by forcing Irish taxpayers to
bail out unsecured bondholders.
Those who say it cannot be done should not interrupt those who are doing it
  • #50,127
  • Aug 26, 2012 10:42am Aug 26, 2012 10:42am
Quoting PipTrapper
The cockroaches are starting to crawl out from the cracks in the wall.

[b]Ireland Noonan Says Trichet Letter Should Be Released: Press

By Market News International || August 26, 2012 at 14:10 GMT

[i][color=DarkSlateBlue]PARIS (MNI) – Ireland’s Finance Minister Michael Noonan believes
that a 2010 letter from former European Central Bank president
Jean-Claude Trichet to the Irish government threatening to pull the
liquidity...
Slaves to debt!

Inserted Video
  • #50,128
  • Aug 26, 2012 10:42am Aug 26, 2012 10:42am
Quoting CurrencyMan
...I just wanted it to be clear where the information came from and my reeason for posting it was to open up a forex dialogue....
I fully understand your intention. No worries.

So, let's start. First of all, I don't agree with the author of the post you pasted here.

More specifically, I don't agree that a trend trader takes more positions than a scalper. You see, a scalper is in and out of the market (or at least has that opportunity) several times per trading session, whereas a trend trader, enters once with a set SL and TP and walks away.

At least that's my view anyway. I am a trend trader on large timeframes (H4 and higher). Brokers don't love me too much because I only pay the spread once for hundreds of pips in gains. Furthermore, I feel comfortable holding positions for much longer when I get positive swap (They pay me). Obviously if I were trading a pair in a specific direction that resulted in negative swap (I pay them), then I would tend to exit and enter more often, but certainly nowhere as many times as a scalper would.

...and the above reasoning regarding spread, is precisely why commercial websites sponsored by brokers endorse and promote scalping. The more you scalp, the quicker the broker can buy his new Lambo.
Those who say it cannot be done should not interrupt those who are doing it
  • #50,129
  • Aug 26, 2012 11:12am Aug 26, 2012 11:12am
Quoting rekon67
[/color][/size]

I am trying to be polite after reading 100 lines of bold statements which I strongly disagree and failed to find out any yield out of that. Question arises do we need to put every random trading related links which we get in our inbox?
[font=Verdana,Geneva,Arial,Helvetica,sans-serif][color=#003366][color=#003366][font=Verdana]

The novice trader believes he should always be in the market.

And experienced, full time traders don't, right?

[size=2][b]The trader...
Hey reckon do you trade in local nifty market also ? have you ever tried to excel in that .
finding A M S
  • #50,130
  • Aug 26, 2012 11:22am Aug 26, 2012 11:22am
Quoting CurrencyMan
I got the following in my email and since my style of trading in part has much in common with Steve Rising of Thinslice Trading I would like some feedback from those that trade that way and perhaps more important feedback from those that trade longer term such as PipTrapper.




This quote from the website you posted
"
Here is a simple winning formula: 1 net 10 pip trade with 5 lots equals $500. Do that once a day 4 days a week and that equals $2,000. Spread over 50 weeks and that equals 6 figures."
Is enough to discredit the entire site as useless.Nice bait for rookies to sign up "training"
ticket to poor house.
In trading, you have to be defensive and aggressive at the same time
  • #50,131
  • Aug 26, 2012 11:27am Aug 26, 2012 11:27am
Quoting CurrencyMan
I got the following in my email and since my style of trading in part has much in common with Steve Rising of Thinslice Trading I would like some feedback from those that trade that way and perhaps more important feedback from those that trade longer term such as PipTrapper.

High Probability Forex Trading
[font=Verdana,Geneva,Arial,Helvetica,sans-serif][size=2][color=#003366][color=#003366][font=Verdana]...
When i first started i had mostly developed the same attitude with most winning trades . but the only difference was i had no risk management in place , So i went in with almost full margin available for almost each and every trade and thought i will surely be a winner. one final day i came to know this will not going to work but it was too late for me and i had to pay huge time and even huge funds to say what + yes to Learn FX . but as of now i have seen different phases of me and trained my mind that there is no holy grail in outer space but we have to find it in the inner soul by our self . So now i realize that being in FX is more important than making consistent profits . Again trading tomorrow is much more important than making very good profits today .
finding A M S
  • #50,132
  • Aug 26, 2012 11:34am Aug 26, 2012 11:34am
Quoting Davit
This quote from the website you posted
"
Here is a simple winning formula: 1 net 10 pip trade with 5 lots equals $500. Do that once a day 4 days a week and that equals $2,000. Spread over 50 weeks and that equals 6 figures."
Is enough to discredit the entire site as useless.Nice bait for rookies to sign up "training"
ticket to poor house.

The sad part is that there is some very good information there. It is unfair and not realistic to use such marketing material.

They are not the only ones out there that have success in taking money from noobies yet they are able to do it. I had the same feeling when I read what you read. Thanks for the feedback.
  • #50,133
  • Aug 26, 2012 11:38am Aug 26, 2012 11:38am
Quoting prashant7
When i first started i had mostly developed the same attitude with most winning trades . but the only difference was i had no risk management in place , So i went in with almost full margin available for almost each and every trade and thought i will surely be a winner. one final day i came to know this will not going to work but it was too late for me and i had to pay huge time and even huge funds to say what + yes to Learn FX . but as of now i have seen different phases of me and trained my mind that there is no holy grail in...
It is really about Risk Management. You are on the right track. In order to have Risk Management you need discipline as well. A strong mind makes a strong trader. Good Trading and thanks for the feedback.
  • #50,134
  • Aug 26, 2012 12:08pm Aug 26, 2012 12:08pm
Quoting CurrencyMan
It is really about Risk Management. You are on the right track. In order to have Risk Management you need discipline as well. A strong mind makes a strong trader. Good Trading and thanks for the feedback.
finding A M S
  • #50,135
  • Aug 26, 2012 12:15pm Aug 26, 2012 12:15pm
Quoting CurrencyMan
I will be glad FREE OF CHARGE here on this thread share with all my friends, pretend friends and enemies if that is the right word what I have shared with some here in order to share my model of Risk Management that works for me.

If anyone asks I will post the three pages here.
Hey CurrencyMan. I appreciate all the articles you and everyone else post. I still consider myself very much new to trading and like to soak up as much information as I can. Till now I have only really paid much attention to technical analysis as there just seems to be so much fundamental news that contradicts each other I would never trade if I tried to follow it all. I would be interested in what you have to offer. Can put it here (if PT is ok with it) or message it to me. I have read your other posts about the correlation between the different markets and bond prices and money flow. Quite interesting!
  • #50,136
  • Aug 26, 2012 12:30pm Aug 26, 2012 12:30pm
Quoting CarsonS9
Hey CurrencyMan. I appreciate all the articles you and everyone else post. I still consider myself very much new to trading and like to soak up as much information as I can. Till now I have only really paid much attention to technical analysis as there just seems to be so much fundamental news that contradicts each other I would never trade if I tried to follow it all. I would be interested in what you have to offer. Can put it here (if PT is ok with it) or message it to me. I have read your other posts about the correlation between the different...
I'm ok with it
Those who say it cannot be done should not interrupt those who are doing it
  • #50,137
  • Aug 26, 2012 12:32pm Aug 26, 2012 12:32pm
Quoting prashant7
Hey reckon do you trade in local nifty market also ? have you ever tried to excel in that .
No Dear. I am Excelling in EUR/USD only. No other market, no other pairs for me. Am quite single minded
  • #50,138
  • Aug 26, 2012 12:35pm Aug 26, 2012 12:35pm
Quoting rekon67
No Dear. I am Excelling in EUR/USD only. No other market, no other pairs for me. Am quite single minded
Good to hear that
finding A M S
  • #50,139
  • Aug 26, 2012 12:37pm Aug 26, 2012 12:37pm
Quoting CurrencyMan
A strong mind makes a strong trader.
To me that has been the "Holy Grail". It took many years and really had nothing to do with systems, the market, profit or loss BUT my own internal psychology.

Only after accepting 100% responsibility for any and everything I slowly started to move in the right direction and even from that point it took years (and hundreds of psychology and trading books) to arrive at a sustainable profit level.

Like others I employ low leverage, scaling in and out with many positions in both directions at the same time.

Most beneficial was developing a multiple time frame mindset so multiple positions can be in play at the same time but with different time frame objectives. You see when you start to play all time frames at the same time you realize that while it can be perfect shorting one time frame it can be equally perfect to long another. You can win on both while you are hedged into a no loss overall position.

Best of luck to all and thanks for the many extremely interesting viewpoints.
  • #50,140
  • Aug 26, 2012 12:44pm Aug 26, 2012 12:44pm
Quoting tinypip
To me that has been the "Holy Grail". It took many years and really had nothing to do with systems, the market, profit or loss BUT my own internal psychology.

Only after accepting 100% responsibility for any and everything I slowly started to move in the right direction and even from that point it took years (and hundreds of psychology and trading books) to arrive at a sustainable profit level.

Like others I employ low leverage, scaling in and out with many positions in both directions at the same time.

Most beneficial was developing...
That is not tiny pip ... big pips perhaps
25 traders viewing now