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Jay helping out newbies

  • #121
  • Nov 22, 2012 11:07am Nov 22, 2012 11:07am
Quoting ingmarforex
i trade with rum does that count?
Yes. Yes it does
Not all sins are created equal
  • #122
  • Nov 23, 2012 5:17am Nov 23, 2012 5:17am
I'm hoping some other experts chip in on some unanswered or still only partially answered questions.

1. Is there a way to build major fundamental events into the backtesting to exclude those occasions where major events caused prices to move unexpectedly. Perhaps an alternate is to use an indicator that shows (in the historical timeline) sudden surges in volatility?

2. A calculator as discussed here. Various brokers have built in calculators and tools which can be quite useful. Onada, for example, has one calculator that does provide an idea of dollar risk/gain/loss for any given position/TP/SL. An independent tool that provides all these functions would be great.

3. Any other suggestions for good news sites are also welcome. I've found FF's own news quite useful and XE's commentary quite insightful (though I must admit I don't understand all of it and it sounds a bit cryptic in places).

I have one more question. I've been playing around with something for the last few days that I today find mentioned in the old Phantom of the Pits pdf. He suggests testing unconventional TFs or splitting up the day differently to what everybody else is seeing. I'd like to explore this a bit and compare those chart movements with charts from the traditional TFs. However, it doesn't seem that one can do it with MT4 charts. Is there another way to achieve this? I know IGM charts have a cool scrolling out feature which allows you to slide between multiple TFs. So, for example, you can set your chart to a H4 and expand the slider viewing area to zoom that gradually out to D1. However, the candles themselves don't change in this particular charting tool, they just shrink closer together, and you can't set H4 to start your time periods at 1 AM rather than midnight.
  • #123
  • Nov 23, 2012 8:06am Nov 23, 2012 8:06am
Quoting Jay Walker
Seriously, for real? Both accounts are gone to the point that you had to actually go through the steps of declaring bankruptcy? Or are you using the term "bankruptcy" loosely in the sense that you lost your trading account.

The difference is huge.

If it's just a matter of having lost an account, I'd say cut your losses and demo trade instead of putting money in an account. Don't just learn how to trade but study the psychology of trading. Particularly study YOUR psychology of trading. Find out your strength and weaknesses and focus...
Hello Jay,

bankruptcy as i mean is loss my money
now I do not trust myself to start playing again
and i think to buy robot to give me profit
give me your feedback

Thanks
DB#23
  • #124
  • Nov 23, 2012 8:23am Nov 23, 2012 8:23am
Quoting Davidbeckham
Hello Jay,

bankruptcy as i mean is loss my money
now I do not trust myself to start playing again
and i think to buy robot to give me profit
give me your feedback

Thanks
The only robot you should buy is a roomba. It's one of those robot things that vacuums around the house so you don't have to.

Trading robots are completely useless. Think about it. If you created a robot that generated tons of money, would you sell it?

If you don't have a steady source of income (i.e.: a job), get one. Don't even touch a trading platform, demo or otherwise, until you have the food, clothes and shelter covered for yourself and your family.

Once you have that taken care of, study and demo trade...and if I hear you've been using a robot to trade, I'll personally go down and smash your computer
Not all sins are created equal
  • #125
  • Edited 9:25am Nov 24, 2012 7:11am | Edited 9:25am
Hello Jay

i got one more question is there any place where i can check my strategy on old charts like platform allows me to load charts from old time and i cud place some trade and let it go and see if i did the right thing can that be done

Another thing i wud like to be correct on is that i see a graph of m15 m30 and 1H how do i trade is

see m15 Graph and see if the trend is changing from Up trend to Down or vise verse and place trade there i hope same trend would be followed to M30 and 1H and i mostly lose can you or anyone please guide me they right way to trade my target on any one trade is to make 30-40$ not more so can you please tell me from which time frame i start and in which direction should i trade.

The Major Trend OR the Trend Forming in Small time Frame Like m15.
  • #126
  • Nov 24, 2012 7:24am Nov 24, 2012 7:24am
Hi Jay,

I'm a big fan of martingale, repainting indicators and trading without stops.
I also like my charts loaded down with all kinds of indicators.

Do you have any opinions on these things?
  • #127
  • Nov 24, 2012 10:30pm Nov 24, 2012 10:30pm
Quoting billbss
Hi Jay,

I'm a big fan of martingale, repainting indicators and trading without stops.
I also like my charts loaded down with all kinds of indicators.

Do you have any opinions on these things?
Nothing wrong with martingale.

Now repainting indicators, trading without stops and making your chart look like some cross over between a chart and a clown wiping his face means one thing; Welcome to fail.

U mad billbss?
Not all sins are created equal
  • #128
  • Nov 26, 2012 1:43pm Nov 26, 2012 1:43pm
Quoting usmanp
Hello Jay

i got one more question is there any place where i can check my strategy on old charts like platform allows me to load charts from old time and i cud place some trade and let it go and see if i did the right thing can that be done
MT4 backtesting would be my guess.

Quoting usmanp
Another thing i wud like to be correct on is that i see a graph of m15 m30 and 1H how do i trade is

see m15 Graph and see if the trend is changing from Up trend to Down or vise verse and place trade there i hope same trend would be followed to M30 and 1H and i mostly lose can you or anyone please guide me they right way to trade my target on any one trade is to make 30-40$ not more so can you please tell me from which time frame i start and in which direction should i trade.

The Major Trend OR the Trend Forming in Small time...
If wishes were knishes, we'd all have riches.

The time frame you start with is up to you. There's nothing wrong with trading a 30 seconds time frame if you have the talent to do so profitably.

Go on a demo account and see if doing the opposite, looking at a larger time frame and follow the trend (up or down) on a smaller time frame would work.

DON'T DO IT WITH REAL MONEY UNTIL YOU TRIED IT IN DEMO! I FORBID YOU!
Not all sins are created equal
  • #129
  • Nov 27, 2012 9:26am Nov 27, 2012 9:26am
Yes sure
that was 30Minutes time frame
And i am learning ichimoku and is quite good but can u please guide me of main features of that that indicate a strong signal as in euro for now is under cloud and i think i should sell it as Tenken is below kijun and chiku is also below cloud so i need to ask what should be my Tp in this case and is this a strong signal to sell or not as Chiku and price action(candles) are in the same line

again m new to ichimoku please guide me where i am wrong and point me any place where i can learn more of it.
Quoting Jay Walker
MT4 backtesting would be my guess.



If wishes were knishes, we'd all have riches.

The time frame you start with is up to you. There's nothing wrong with trading a 30 seconds time frame if you have the talent to do so profitably.

Go on a demo account and see if doing the opposite, looking at a larger time frame and follow the trend (up or down) on a smaller time frame would work.

DON'T DO IT WITH REAL MONEY UNTIL YOU TRIED IT IN DEMO! I FORBID YOU!
Attached Image (click to enlarge)
Click to Enlarge Name: euro 30m.jpg Size: 148 KB
  • #130
  • Nov 27, 2012 9:40am Nov 27, 2012 9:40am
Quoting usmanp
Yes sure
that was 30Minutes time frame
And i am learning ichimoku and is quite good but can u please guide me of main features of that that indicate a strong signal as in euro for now is under cloud and i think i should sell it as Tenken is below kijun and chiku is also below cloud so i need to ask what should be my Tp in this case and is this a strong signal to sell or not as Chiku and price action(candles) are in the same line

again m new to ichimoku please guide me where i am wrong and point me any place where i can learn more of it.
Just sent you a PM.
Not all sins are created equal
  • #131
  • Nov 27, 2012 9:50am Nov 27, 2012 9:50am
Checking and thanks for helping out us

Quoting Jay Walker
Just sent you a PM.
  • #132
  • Dec 1, 2012 4:23am Dec 1, 2012 4:23am
Quoting Jay Walker
The only robot you should buy is a roomba. It's one of those robot things that vacuums around the house so you don't have to.

Trading robots are completely useless. Think about it. If you created a robot that generated tons of money, would you sell it?

If you don't have a steady source of income (i.e.: a job), get one. Don't even touch a trading platform, demo or otherwise, until you have the food, clothes and shelter covered for yourself and your family.

Once you have that taken care of, study and demo trade...and if I hear you've...
absolutely right about robots, i had to cancel that
but now, my condition is I've quit from my job cause tempted profit from forex.
I already try forex at demo account for 1 month, and I can get stable profit, but when I go to Real Account, i lost my money
so Jay,back to main topic this thread built to help newbie like me
can I know your indicator u use to get stable profit like you do?

Thanks
DB#23
  • #133
  • Dec 1, 2012 10:25am Dec 1, 2012 10:25am
Quoting Davidbeckham
absolutely right about robots, i had to cancel that
but now, my condition is I've quit from my job cause tempted profit from forex.
I already try forex at demo account for 1 month, and I can get stable profit, but when I go to Real Account, i lost my money
so Jay,back to main topic this thread built to help newbie like me
can I know your indicator u use to get stable profit like you do?

Thanks
I don't know if my profits have been "stable" lately. Sometimes you get kicked in the face and you have many consecutive trades that end in a loss.

Run a search on this site for the "Ichimoku Forever" thread. That'll talk about a method I use.

My concern is not about the loss you got or the gain you got or the indicator. It's that you left a job to begin trading full time when you're not ready. Possibly being disgustingly underfunded as well. It could be the right decision to leave your job in the future but it isn't at the moment.
Not all sins are created equal
  • #134
  • Dec 1, 2012 12:27pm Dec 1, 2012 12:27pm
Hello Jay,

When you first started Trading did you have a Mentor who helped you threw the first couple of month, someone experienced that showed you the way he looked at the market and some ways he was profitable, Maybe even helped you develop a system that worked for you.

Right now im trading a Demo Account on MT4 that's not going so good, i do this next to being in the military and i spend hours over hours each night trying to develop a system but i just can't find a system that seems to work.

Do you have any advice for a newbie how wants to get his feet wet and become profitable, on how to find a mentor that wants to help instead of making a quick buck for usless information.

Thanks in advance Jay
  • #135
  • Dec 2, 2012 11:19pm Dec 2, 2012 11:19pm
Quoting Jay Walker
I don't know if my profits have been "stable" lately. Sometimes you get kicked in the face and you have many consecutive trades that end in a loss.

Run a search on this site for the "Ichimoku Forever" thread. That'll talk about a method I use.

My concern is not about the loss you got or the gain you got or the indicator. It's that you left a job to begin trading full time when you're not ready. Possibly being disgustingly underfunded as well. It could be the right decision to leave your job in the future but it isn't at the moment....
you right Jay, i did a big mistake in my life
btw, Thanks for the answer.
I try to learn ichimoku style like you do
DB#23
  • #136
  • Dec 2, 2012 11:59pm Dec 2, 2012 11:59pm
Could you tell me the same about ichimoku viaa PM as well when u have the time.

Thanks

Quoting Jay Walker
Just sent you a PM.
Raza
  • #137
  • Dec 3, 2012 1:16am Dec 3, 2012 1:16am
Davidbeckham

brother i also have been in same place as you and as jay said learn ichimoku and believe me i did the very basics and i am able to cut profits if not huge but i am its the best indicator i tried of and for more u can add some classic things like RSI or MACD but wht i do is use ICHIMOKU and RSI and the last thing ADX thats all.


Quoting Davidbeckham
you right Jay, i did a big mistake in my life
btw, Thanks for the answer.
I try to learn ichimoku style like you do
  • #138
  • Dec 3, 2012 1:20am Dec 3, 2012 1:20am
well i see Davidbeckham and shr5 u are interested to know abt ichimoku if u don`t mind add me on skype as i am learning to we could share our learnings with each other to have a better understanding and make a good system if you guys like to or any other person want to join in as that would be much faster way to communicate and learn from different people at same time.


Please PM me your skype who want to do this
  • #139
  • Dec 3, 2012 5:41am Dec 3, 2012 5:41am
PM + Buddy List
Thank's A lot

Quoting usmanp
well i see Davidbeckham and shr5 u are interested to know abt ichimoku if u don`t mind add me on skype as i am learning to we could share our learnings with each other to have a better understanding and make a good system if you guys like to or any other person want to join in as that would be much faster way to communicate and learn from different people at same time.


Please PM me your skype who want to do this
DB#23
  • #140
  • Dec 3, 2012 6:36am Dec 3, 2012 6:36am
Quoting Kami44
Hello Jay,

When you first started Trading did you have a Mentor who helped you threw the first couple of month, someone experienced that showed you the way he looked at the market and some ways he was profitable, Maybe even helped you develop a system that worked for you.

Right now im trading a Demo Account on MT4 that's not going so good, i do this next to being in the military and i spend hours over hours each night trying to develop a system but i just can't find a system that seems to work.

Do you have any advice for a newbie how...
I'm too cynical to find a "mentor". I once was invited to one of those mentorship things to do with forex and it was nothing but a huge MLM scam. They made money on finding a new sucker to get in the MLM program and not on trading their horrible platform.

I just figured mentors want money. If they want money, that means they're not making the money they want trading. If they don't make the money they want from trading, why should I trust them?

So the long and short of it is no, I didn't. What I did is took a demo account and traded. Things were going great, I would be a billionaire in a few months if I traded real money. Then things went really bad...good thing I was trading a demo account.

I figured I had to study this. So I did. Hit the babypips site and tried about a gazillion different ways to trade. Came here, found another gazillion different ways to trade.

Eventually, you find what works for you and what doesn't.

My recommendation is check out babypips and get currency trading for dummies to start. After that, check out the Trading in the Zone book.

Apart from that, save your money.
Not all sins are created equal
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