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Jay helping out newbies

  • #61
  • Nov 14, 2012 6:14am Nov 14, 2012 6:14am
Quoting Jay Walker
You have to make a decision on which chart you want to trade. You can choose one but not both. Then plan your trade according to one chart.
thanks! well a personal question, which city are you from?
  • #62
  • Nov 14, 2012 7:54am Nov 14, 2012 7:54am
JAY HELPING OUT THE NEWBIES http://www.easyfreesmileys.com/smileys/dancing-baby.jpg
  • #63
  • Nov 14, 2012 9:10am Nov 14, 2012 9:10am
Quoting SmallPaul
JAY HELPING OUT THE NEWBIES http://www.easyfreesmileys.com/smileys/dancing-baby.jpg
need your help and advice too! r u an experienced player? i guss so!
  • #64
  • Nov 14, 2012 11:00am Nov 14, 2012 11:00am
Quoting george5
hello jay
I would like to know your opinion on the use of forex robot, to earn more money
Useless. Don't touch them.

Why would the maker of a robot sell it and not trade himself to the point of being ridiculously wealthy instead?
Not all sins are created equal
  • #65
  • Nov 14, 2012 11:01am Nov 14, 2012 11:01am
Quoting surajkincity
thanks! well a personal question, which city are you from?
Pyongyang, North Korea.
Not all sins are created equal
  • #66
  • Nov 14, 2012 11:01am Nov 14, 2012 11:01am
Quoting surajkincity
need your help and advice too! r u an experienced player? i guss so!
Not at all. I work as the full time shoe shiner for the government of my country.
Not all sins are created equal
  • #67
  • Nov 14, 2012 12:42pm Nov 14, 2012 12:42pm
Hey there,

As you told me you only trade daily charts....

So i assume you would be trading multiple assets at a time .
My question is on ( Portfolio Diversification ).

According to me in today's economic times everything is connected ...and its very hard to find uncorrelated assets.

How do you find uncorrelated assets or whats your criteria to achieve portfolio diversification to reduce risk ( or to achieve smooth equity curve ).?
  • #68
  • Nov 14, 2012 1:00pm Nov 14, 2012 1:00pm
Quoting ronaleo10
Hey there,

As you told me you only trade daily charts....

So i assume you would be trading multiple assets at a time .
My question is on ( Portfolio Diversification ).

According to me in today's economic times everything is connected ...and its very hard to find uncorrelated assets.

How do you find uncorrelated assets or whats your criteria to achieve portfolio diversification to reduce risk ( or to achieve smooth equity curve ).?
I didn't just tell you but everybody. Not a secret that I trade the daily tf.

I do trade multiple assets at a time, some of the time.

As I said before, I'm not smart enough to find the correlation of one pair with the other or how the Senkaku islands dispute will affect the Yen and trade with China and how that will result in a domino effect impacting the Dollar and how that will impact the Euro and so on.

Maybe it does have an impact, it probably does have an impact. But as far as correctly predicting how that will impact things and by how much, I just don't have that kind of talent. I'd drive myself crazy trying to interpret that and I'd have it wrong most of the time.

I'm a trader, not an economist.
Not all sins are created equal
  • #69
  • Nov 14, 2012 3:38pm Nov 14, 2012 3:38pm
Quoting Jay Walker
This article does a great job of explaining my philosophy about trading.

http://www.learntotradethemarket.com...-forex-trading

It's good to be lazy.
Thanks for the useful link. It sounds like a great policy. I'm going to save it and read it again tomorrow. I've bookmarked a whole collection of such useful / educational links. They've provided great context to the thousands of posts from here that I've read so far. There's a lot to learn, but I'm making progress.
  • #70
  • Nov 14, 2012 7:09pm Nov 14, 2012 7:09pm
Thanks - A real nice read Jay.
Will slow up a bit on my trading.
I have thought for some time that when I read a chart, make a call and leave it set, things have a higher success rate.

I like H1 charts zoomed out to see almost a week and a sessions indy overlaid, so I s'pose its basicly close to daily trading.




Right: EJ pending buy & sell stops set. EU pending sell stop set. Time for a wonder in the sun.
Subscribed and will check back later.

cheers scalpz
Target 2 : Stoploss in the green
  • #71
  • Nov 14, 2012 7:30pm Nov 14, 2012 7:30pm
Quoting scalpz
Thanks - A real nice read Jay.
Will slow up a bit on my trading.
I have thought for some time that when I read a chart, make a call and leave it set, things have a higher success rate.

I like H1 charts zoomed out to see almost a week and a sessions indy overlaid, so I s'pose its basicly close to daily trading.
There's nothing wrong with liking a H1 chart. But I disagree that zooming out is close to daily trading. That would be like saying that looking at a tree when zoomed out looks like a forest because of all the foliage. But it's still just one tree.
Not all sins are created equal
  • #72
  • Nov 14, 2012 11:40pm Nov 14, 2012 11:40pm
Hi,

Could you please tell me the abbrevations of BE and R:R means?
TP means taking profit right?

Thanks in advance.
  • #73
  • Nov 15, 2012 1:02pm Nov 15, 2012 1:02pm
Jay i finally created a stratergy for trading and backtested past 30 months! i am geting on an average of 120+pips every months. Risk iz 5% each trade. while 25% of months were loosing and 75% profitable still average profit easily bypassed average loss per month.

what should i do?

should i jump with my cash or try it in "cent account and practice for some more time?

and is 125+ pips enuff in forex?
  • #74
  • Nov 15, 2012 1:12pm Nov 15, 2012 1:12pm
Quoting mrcool4
Hi,

Could you please tell me the abbrevations of BE and R:R means?
TP means taking profit right?

Thanks in advance.
BE = Break Even

R:R = Risk Reward (ratio)

TP = Take Profit

SL = Stop Loss
Not all sins are created equal
  • #75
  • Nov 15, 2012 1:15pm Nov 15, 2012 1:15pm
Quoting surajkincity
Jay i finally created a stratergy for trading and backtested past 30 months! i am geting on an average of 120+pips every months. Risk iz 5% each trade. while 25% of months were loosing and 75% profitable still average profit easily bypassed average loss per month.

what should i do?

should i jump with my cash or try it in "cent account and practice for some more time?

and is 125+ pips enuff in forex?
1 pip can be enough if you take a large enough risk. So yes, 125 pips may be enough if you take a large enough position. If you take too small a position, 100,000 pips won't be enough.

You should do what you are comfortable with. Are you comfortable forward testing it in real time with real money? I wouldn't be but that's me and you're you.

The prudent thing to do is forward test it on a demo account. So plug it into a demo account, sit back and wait for 3 months and see what happens. If it makes you money on demo at that point, then plug it into a real money account.
Not all sins are created equal
  • #76
  • Nov 15, 2012 1:33pm Nov 15, 2012 1:33pm
for an EA to be any good it needs to be able to beat 2008, 2009 and 2010 quarter by quarter compounded (or resetting balance after each quarter)

there was some crazy 2000-3000 pip moves there

you have to treat it as if tomorrow you started the EA and 2008/2009 happened right away, could the account get through that period?

of course if its not a grid EA then that may be a diff story

just my opinion
Be hopeful in a winning position, and fearful in a losing position.
  • #77
  • Nov 15, 2012 2:36pm Nov 15, 2012 2:36pm
Quoting Rag2RichesFX
for an EA to be any good it needs to be able to beat 2008, 2009 and 2010 quarter by quarter compounded (or resetting balance after each quarter)

there was some crazy 2000-3000 pip moves there

you have to treat it as if tomorrow you started the EA and 2008/2009 happened right away, could the account get through that period?

of course if its not a grid EA then that may be a diff story

just my opinion
"Just your opinion" but a very valid one my friend.

In the majority, if not all the cases, the answer is a resounding "NO" to whether an EA would survive 2008, 2009 and 2010.

I will personally pay $1000 to anyone who can show me an EA that does that and can back it through statements verified by an impartial third party chartered accountant.
Not all sins are created equal
  • #78
  • Nov 15, 2012 3:18pm Nov 15, 2012 3:18pm
Quoting Jay Walker
BE = Break Even

R:R = Risk Reward (ratio)

TP = Take Profit

SL = Stop Loss
Thank You so much for your reply Jay...
  • #79
  • Nov 16, 2012 2:20am Nov 16, 2012 2:20am
Quoting Jay Walker
1 pip can be enough if you take a large enough risk. So yes, 125 pips may be enough if you take a large enough position. If you take too small a position, 100,000 pips won't be enough.

You should do what you are comfortable with. Are you comfortable forward testing it in real time with real money? I wouldn't be but that's me and you're you.

The prudent thing to do is forward test it on a demo account. So plug it into a demo account, sit back and wait for 3 months and see what happens. If it makes you money on demo at that point, then...
i think i should follow your advice and wait untill it is successfull for next three months in my 'Cent" account.
If it is still giving return i will start with real money.
and can you suggest me which currency pair is most likely trending! bcoz most of my indicators works well in trending market.
  • #80
  • Nov 16, 2012 5:18am Nov 16, 2012 5:18am
Jay, I've got a question or two for you seeing as you are being so kind.

The first was going to be "How much can I make?" But, I won't ask that. In an area completely unrelated to trading I'm a well known expert and I constantly get questions like that which can be very frustrating. How long is a piece of string?

A variation on that question is "How much do YOU make?" Again, very frustrating as I don't wish to disclose my personal finances and my company accounts are private. My own earnings are based on the knowledge I've accumulated over a quarter of a century, a gut instinct born of experience and, to be fair, my own shortcomings. They are not indicative of how much anybody else can make.

So I won't ask how much you make.

But I sympathise with the need to get an idea of the likelihood of success before devoting considerable time and effort to acquiring a skill. Sometimes the question takes the form of "How much does the average xxx make?" Without detailed stats it's difficult to answer this one as well.

So, let me put it this way: Many traders fail. It has very little to do with luck. They have not acquired the required knowledge / discipline / skill. But among those who've succeeded let's say we pick out a hypothetical trader who falls at or near the median.

How much of capital is he using?
What's the maximum percentage he risks per trade?
What percent of that capital does he clear in profit per year?
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