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Jay helping out newbies

  • #141
  • Dec 3, 2012 8:40am Dec 3, 2012 8:40am
To add to this, be confident.

Most of trading is just plain common sense. Lots of the talking heads on financial news channels have little of that. Listen to the guy who gets laughed at in the talking heads. That'll be a guy like Peter Schiff or Jim Rogers. Basically the guy saying the opposite of everybody else, pay attention to what they say.
Not all sins are created equal
  • #142
  • Dec 3, 2012 10:49am Dec 3, 2012 10:49am
Quoting shr5
Could you tell me the same about ichimoku viaa PM as well when u have the time.

Thanks
Done!
Not all sins are created equal
  • #143
  • Dec 3, 2012 11:11am Dec 3, 2012 11:11am
Quoting Jay Walker
On this thread, I will answer to the best of my abilities...
For those of you who have experience under your belt, your abilities may be better than mine and you're welcome to say your piece.
Not all sins are created equal
  • #144
  • Dec 3, 2012 11:46am Dec 3, 2012 11:46am
Quoting Jay Walker
To add to this, be confident.

Most of trading is just plain common sense. Lots of the talking heads on financial news channels have little of that. Listen to the guy who gets laughed at in the talking heads. That'll be a guy like Peter Schiff or Jim Rogers. Basically the guy saying the opposite of everybody else, pay attention to what they say.
Add to that Schwager's new book "Hedge Fund Market Wizards", it's an excellent read and shows you how those who are consistently (aka NOT the turtle traders!) think. One of the best trading books I've read to date.

Also quite a funny read because all those guys seem to have made the EXACT SAME mistakes a lot of us do (did)...overleverage, chasing losses, no stop loss, pretending to be able to direct the market (instead of the other way around), etc.

Jim Rogers is one of my heroes, and not just because he likes to travel like me...he wears that silly bow tie and 90% of people don't seem to take him seriously, but they SHOULD. His arguments make a lot of sense and can often be summed up as follows:"Learn Chinese and buy into farming..."
  • #145
  • Dec 3, 2012 1:00pm Dec 3, 2012 1:00pm
Quoting Jay Walker
For those of you who have experience under your belt, your abilities may be better than mine and you're welcome to say your piece.

I think this is important for new coming forex traders:

Forex is full of scams. A forum this size will contain 2 or 3 active scams at all times.
Forex is unique in that anyone with $200 can start trading. These people are ripe targets for scammers.

They can set up on a forum and avoid advertising costs with a ready made cast of victims.
Jacko worked this forum and bilked members of hundreds of thousands of dollars.

Watch out for any system without clearly defined rules.
This enables the crooked thread guru to claim outstanding results. If questioned about it, he'll make up a new rule that justifies his claims.

Watch out for a guru who alludes to a secret he has yet to reveal. He'll say that it will come in time. You're just not ready for it yet.

Eventually the scammer will want to start an off-site trading group. It will usually be open only to his chief ass kissers. He wants only the most gullible to follow him.

This is where the money will change hands. He'll either want money to reveal all of his secrets or he'll start a trading fund and offer to trade your money- maybe both.
  • #146
  • Dec 3, 2012 1:21pm Dec 3, 2012 1:21pm
Quoting billbss
I think this is important for new coming forex traders:

Forex is full of scams. A forum this size will contain 2 or 3 active scams at all times.
Forex is unique in that anyone with $200 can start trading. These people are ripe targets for scammers.

They can set up on a forum and avoid advertising costs with a ready made cast of victims.
Jacko worked this forum and bilked members of hundreds of thousands of dollars.

Watch out for any system without clearly defined rules.
This enables the crooked thread guru to claim outstanding results....
Thanks Bill. Your input is welcome here anytime.

I entirely agree with these observations. I myself believed Jacko to be decent. But I never sent him a dime.

My reasoning is simple. I want to be in charge of my own coin. Also, why would someone ask for money if they're already making so much of it?

That's why I don't ask for money for anything I do. But I also reserve myself the right to be wrong and get my nose out of joint
Not all sins are created equal
  • #147
  • Dec 3, 2012 1:51pm Dec 3, 2012 1:51pm
Thanks allot Jay.

How big was the difference for you from switching form Demo to Live Account. Did your Demo strategies also work on the Live Account? Or did you have to switch them up a little bit.

My goal is not to switch until i can be profitable for at least 3 month straight on a Demo and i can prove that my strategies works, do your think that is realistic?
  • #148
  • Dec 3, 2012 2:03pm Dec 3, 2012 2:03pm
Quoting Kami44
Thanks allot Jay.

How big was the difference for you from switching form Demo to Live Account. Did your Demo strategies also work on the Live Account? Or did you have to switch them up a little bit.

My goal is not to switch until i can be profitable for at least 3 month straight on a Demo and i can prove that my strategies works, do your think that is realistic?
It wasn't much a difference because I took demo seriously. I believe too many people demo trade like they would play Grand Theft Auto. On GTA, you get killed, you wake up outside the hospital. You get arrested, you start again in front of the cop shop.

There are no consequences to video games and if one trades like it's a video game, they will be royally hooped when it comes to real money.

Over time, you might have to switch things up a bit. But at least you got the proof of concept. If it works, it's a go.

3 months of demo trading with consistent results is reasonable. Just don't put all of your money in this and whatever it is you do, never quit your dayjob first.
Not all sins are created equal
  • #149
  • Dec 3, 2012 7:34pm Dec 3, 2012 7:34pm
Yeah I'm in the Military so i cant really quit my day job when i want to lol. the money i have for trading is total risk money so it will not be needed anywhere else. But I'm not using it jet i want to be 100 % sure that what I'm doing is not gambling its got to be calculated risk in a market i understand.

Thanks again Jay
  • #150
  • Dec 3, 2012 8:14pm Dec 3, 2012 8:14pm
Quoting Kami44
Yeah I'm in the Military so i cant really quit my day job when i want to lol.
Few things are worth being court martialed over and that isn't one of them.

Are you stationed overseas or in the good ol' U.S. of A.?
Not all sins are created equal
  • #151
  • Dec 3, 2012 8:23pm Dec 3, 2012 8:23pm
I just got stationed in the US i just got back from Japan. It was a great time. I dont want to get Court Martialed for becoming a Day "Trader" lol
  • #152
  • Dec 5, 2012 1:41am Dec 5, 2012 1:41am
jay,

i get dizzy when i look at candlesticks for a very long time.

please advise.

thank you.

zero/.

Inserted Video
testing 1,2,3...
  • #153
  • Dec 5, 2012 9:54am Dec 5, 2012 9:54am
Quoting silverstar4x
jay,

i get dizzy when i look at candlesticks for a very long time.

please advise.

thank you.

zero/.

http://www.youtube.com/watch?v=XSH9ryRzHQ4
When candles start looking like fat blunts. Smoke them or get some cheezies.
Not all sins are created equal
  • #154
  • Dec 5, 2012 9:59am Dec 5, 2012 9:59am
Quoting perryfx
Hi Jay and others,


Really appreciate your help for newbies like us. Actually I am planning to follow advanced forex trading courses based on price action. Do you followed or know any forex course which related to price action strategies? I know there are lot of threads here in forex factory which related to PA trading. But I rather prefer video/webnair based forex materials. Please help me to find good one. Thanks in advance.
I'm not aware of any course. Maybe because my cynicism blinds me to some really awesome powerful course out there that only costs $999.

I want to see the best in people but really. Why would someone who is doing so darn fine at trading be wasting his time teaching? They charge for the course so it's not to give back to society or whatever BS altruistic excuse so many of them give out.

Do it if you really believe it's the right thing to do. To me, its like putting money on black. I might get something out of it. But then again, I might not.
Not all sins are created equal
  • #155
  • Dec 5, 2012 10:11am Dec 5, 2012 10:11am
Quoting Jay Walker
I'm not aware of any course. Maybe because my cynicism blinds me to some really awesome powerful course out there that only costs $999.

I want to see the best in people but really. Why would someone who is doing so darn fine at trading be wasting his time teaching? They charge for the course so it's not to give back to society or whatever BS altruistic excuse so many of them give out.

Do it if you really believe it's the right thing to do. To me, its like putting money on black. I might get something out of it. But then again, I might...
I agree. There's more than enough free material online and in the library to get anyone started with trading with the right foundation. It just takes a little bit of work to piece it all together to create a slight edge that is tradeable by 'you'.
NocturnalFX is no longer offering commercial services
  • #156
  • Dec 5, 2012 12:44pm Dec 5, 2012 12:44pm
Quoting perryfx
I know there are lot of threads here in forex factory which related to PA trading. But I rather prefer video/webnair based forex materials. Please help me to find good one. Thanks in advance.
You want someone to make it nice and easy for you? Reading threads is too much hard work, but learning from videos is also hard work. Why don't you just signup for one of those black box bots? Set it up and it will make money for you without you having to learn anything at all. That saves messing around with learning things!

  • #157
  • Dec 5, 2012 1:23pm Dec 5, 2012 1:23pm
Quoting WideEyed
You want someone to make it nice and easy for you? Reading threads is too much hard work, but learning from videos is also hard work. Why don't you just signup for one of those black box bots? Set it up and it will make money for you without you having to learn anything at all. That saves messing around with learning things!



Good one!

But seriously. If you want to be like the big guys, you have to do what the big guys do.

Do you see any institutional traders use a robot?

Do you see any institutional traders go to one of those seminars at some hotel by the airport?

Do you see them peddling any crap, anywhere, ever?

You know the answer.

Forex trading is DRY, it's BORING!

I get bored reading. But I read a TON of stuff. Books, babypips and threads here. After reading some books that are boring and dry, get on babypips. You will see some BS on there, you will see even more BS here. But you will slowly be able to differentiate between what makes sense and what doesn't.
Not all sins are created equal
  • #158
  • Dec 5, 2012 3:19pm Dec 5, 2012 3:19pm
Jay,You know how you can move back in time on a MT4 by sliding the cursor to the right? I tried to do this over the weekend assuming that it wouldn't jump back. I wanted to do this to because I wanted to check on the highest and lowest prices for that pair. But even over the weekend it jumped back all the time.Is there a way to see what the prices were for a certain time period in a different way? My other question is if you have experience in binary options and can you tell me how you did (IF you did)
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #159
  • Dec 5, 2012 5:30pm Dec 5, 2012 5:30pm
Quoting pipsel
Jay,You know how you can move back in time on a MT4 by sliding the cursor to the right? I tried to do this over the weekend assuming that it wouldn't jump back. I wanted to do this to because I wanted to check on the highest and lowest prices for that pair. But even over the weekend it jumped back all the time.Is there a way to see what the prices were for a certain time period in a different way? My other question is if you have experience in binary options and can you tell me how you did (IF you did)
The whole point of MT4 is to be able to move back in time. I'm not sure what you mean by "jump back".

I don't have experience in binary options.
Not all sins are created equal
  • #160
  • Dec 5, 2012 5:51pm Dec 5, 2012 5:51pm
Quoting Jay Walker
The whole point of MT4 is to be able to move back in time. I'm not sure what you mean by "jump back".

I don't have experience in binary options.
My MT4 automatically reverts back to the moment of trading. So let's assume I move back 24 hours, as soon as there is a change in the pair that I'm looking at it jumps back to the current trading. And I want it to stay at an earlier timeframe. Is there a setting that I'm overlooking?
Argue for your limitations, and sure enough, they're yours. Richard Bach
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