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Ramblings of a Forex Junkie

  • #801
  • Feb 18, 2013 12:39pm Feb 18, 2013 12:39pm
Quoting cat
I've only just found this thread, so have only read this first page. I wanted to say however, before i post anything else, that I couldn't agree more with this first truth, and you are absolutely right to place it at the head of the thread. For me, it has also been my biggest bogey, the one area I have constantly struggled with, and one that still sees me missing many good trading opportunities, though I have improved of late. I have been trading for four years, and now trade full time, but this was the one area that has held me back the most. My...
I rank losing well third in importance. First and absolutely mandatory is a method with a positive expectancy. Second is discipline, you must enter only at strategic points where your edge is most reliable. Third is losing well, you must eliminate all fear of losing trades. Every trade must be treated the same as all others. If you enter a trade and put yourself in a position where you must have a winner inevitably you take a huge loss. A stop out is just part of doing business.

Welcome to the thread.

I will try to find a copy of the book in your profile. As a pilot I am, of course, a fan of aviation books.
  • #802
  • Feb 18, 2013 1:13pm Feb 18, 2013 1:13pm
Quoting Seneca pilot
Thanks, mate. But your 3% gain was way better. Still learning to trade the levels...

Seneca, I really have to thank you for introducing this very clean, logical, profitable method.
I like it so much that I will trade it solely in my live account.
Some more profitable weeks to come to grow my account to 6 figures and say bye-bye to my boss.
Until then I trade via Remote Desktop on my VPS whenever there is a little free time beside my boring office job...
  • #803
  • Feb 18, 2013 1:21pm Feb 18, 2013 1:21pm
Quoting Olarion1975
Thanks, mate. But your 3% gain was way better. Still learning to trade the levels...

Seneca, I really have to thank you for introducing this very clean, logical, profitable method.
I like it so much that I will trade it solely in my live account.
Some more profitable weeks to come to grow my account to 6 figures and say bye-bye to my boss.
Until then I trade via Remote Desktop on my VPS whenever there is a little free time beside my boring office job...
Great!

You are fortunate to live in a very good time zone. When you begin full time trading you will be able to live a normal life. I have to be up all night here to trade. My daily open is 06:00 there in Germany, that is a decent time to start. I am considering Hawaii. Love the climate and my trading day would begin at 7:00PM and end about 2:00AM, still early enough to get a decent sleep before waking in the morning.
  • #804
  • Feb 18, 2013 6:47pm Feb 18, 2013 6:47pm
Seneca

Thank you so much for giving back to others with this sensational thread. You have covered it all. Bravo.
  • #805
  • Feb 18, 2013 8:02pm Feb 18, 2013 8:02pm
Quoting California
Seneca

Thank you so much for giving back to others with this sensational thread. You have covered it all. Bravo.
Thank you!
  • #806
  • Feb 18, 2013 9:57pm Feb 18, 2013 9:57pm
Quoting Seneca pilot
Great!

You are fortunate to live in a very good time zone. When you begin full time trading you will be able to live a normal life. I have to be up all night here to trade. My daily open is 06:00 there in Germany, that is a decent time to start. I am considering Hawaii. Love the climate and my trading day would begin at 7:00PM and end about 2:00AM, still early enough to get a decent sleep before waking in the morning.
I hear ya man. It's brutal. I'm turning into a bat. Living in the states is tough.

Have you considered Europe/Asia? I picture myself where I am for a few more years, but then possibly heading out to the UK or Italy.
What is any ocean but a multitude of drops?
  • #807
  • Feb 18, 2013 10:10pm Feb 18, 2013 10:10pm
Quoting Xhale12
I hear ya man. It's brutal. I'm turning into a bat. Living in the states is tough.

Have you considered Europe/Asia? I picture myself where I am for a few more years, but then possibly heading out to the UK or Italy.
I think it would help me a lot just to move out to your part of the country. At least there I would be able to start at 9PM. I am a bit of a night owl but I don't like staying up ALL NIGHT LONG especially now that I have the twins and have a little more responsibility during the day. There was a time when I could sleep during the day for a few hours but that rarely happens any more. Maybe I'll just move out there. Wife likes Pasadena for some reason. Come to think of it I like playing poker at the Commerce. Hmmm.
  • #808
  • Feb 19, 2013 2:46am Feb 19, 2013 2:46am
Anyone else get in on GU today? It was a beauty.
What is any ocean but a multitude of drops?
  • #809
  • Feb 19, 2013 2:52am Feb 19, 2013 2:52am
Quoting Xhale12
Anyone else get in on GU today? It was a beauty.
Yes, mate. It was a texbook entry bouncing off from the daily open.
  • #810
  • Feb 19, 2013 2:59am Feb 19, 2013 2:59am
Seneca

How often do you scale into a position? I ask because I see that GU earlier pulled back to the WO but missed it by 7 pipettes.

Also, you mentioned the two M15 bars of separation on a reversal, but does this also apply to a breakout through a level which then pulls back to the level? Attached shows EJ breaking down through last week's close but then pulling back for just one bar (marked by the arrow and question mark). Was that enough separation for you to consider entering a short, or would you have wanted to see two bars on the pullback?
Attached Image (click to enlarge)
Click to Enlarge Name: EJ M15 021913.jpg Size: 77 KB
  • #811
  • Feb 19, 2013 3:12am Feb 19, 2013 3:12am
Seneca, thank you for a great thread and for sharing.

What you have said about taking losses is something that tends to be ignored. I would say the hardest skill for most to develop as a trader is the ability to watch paper profits turn into losses without deviating or letting it impact your trading or your life. It is essential for success.

I have looked at the levels you use for EU over some historical data and one thing that stands out is how on some days when several of the levels bunch together they really point the way to the line of least resistance.

Thanks for giving me some ideas to test.
  • #812
  • Feb 19, 2013 3:36am Feb 19, 2013 3:36am
Sorry to be off topic but;
Where can i get a torrent of Atlas Shrugged part 2-- with audio sound.
  • #813
  • Feb 19, 2013 3:43am Feb 19, 2013 3:43am
Quoting square1
Sorry to be off topic but;
Where can i get a torrent of Atlas Shrugged part 2-- with audio sound.
you'll find it in your dvd player after you purchase the dvd and have it shipped to you in the next week or whenever it is that they start posting it out.
Congratulations ScalaFX for coming out of the closet!
  • #814
  • Feb 19, 2013 4:15am Feb 19, 2013 4:15am
Anyone jump into the http://www.surefiretradingchallenge.com/

Trading challenge last week? Coming up on the 5th day of 60 days, ranging has slowed me , but this is what I have so far......
Attached Image (click to enlarge)
Click to Enlarge Name: 2_19 contest.JPG Size: 73 KB
The More You Learn, The More You Earn.....
  • #815
  • Feb 19, 2013 4:32am Feb 19, 2013 4:32am
Quoting forexalien
Anyone jump into the http://www.surefiretradingchallenge.com/

Trading challenge last week? Coming up on the 5th day of 60 days, ranging has slowed me , but this is what I have so far......
Quoting square1
Sorry to be off topic but;
Where can i get a torrent of Atlas Shrugged part 2-- with audio sound.

Have we dedicated the 55th page to spam?
What is any ocean but a multitude of drops?
  • #816
  • Feb 19, 2013 4:41am Feb 19, 2013 4:41am
Quoting Xhale12
Have we dedicated the 55th page to spam?
i saw that, decided i must of been looking at the charts too long and went for a break
tradewith60
  • #817
  • Feb 19, 2013 5:04am Feb 19, 2013 5:04am
Quoting nubcake
you'll find it in your dvd player after you purchase the dvd and have it shipped to you in the next week or whenever it is that they start posting it out.


Quoting Xhale12
Have we dedicated the 55th page to spam?
When i was a dev, i used to cut a piece of cake whenever i fixed a big bad bug.
SP, gave us something to celebrate for. Nothing is as relaxing as a nice movie. I hope its as good as the 1st part.
  • #818
  • Feb 19, 2013 7:29am Feb 19, 2013 7:29am
A lot of range behaviour on EU for past 2 1/2 days. So who would be brave enough to play this 'retrace' to DO for a short? Too late in the day? It's looking good on 5m right now. Not an attempt at a live call just noticed it and was wondering who would go for it considering recent pa.

EDIT 3350 has clearly been an interesting level over past few days with price tending to feel a bit heavy this morning. Can you call that an 'indecision level'??
Attached Image (click to enlarge)
Click to Enlarge Name: eu 1.jpg Size: 116 KB
  • #819
  • Feb 19, 2013 7:47am Feb 19, 2013 7:47am
Quoting stevexyg
A lot of range behaviour on EU for past 2 1/2 days. So who would be brave enough to play this 'retrace' to DO for a short? Too late in the day? It's looking good on 5m right now. Not an attempt at a live call just noticed it and was wondering who would go for it considering recent pa.

EDIT 3350 has clearly been an interesting level over past few days with price tending to feel a bit heavy this morning. Can you call that an 'indecision level'??
here's H4... non trending... so safe entries are timeframe up, daily s/r... i.e dont enter inside that h4 box or get chewed up
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-02-19 at 13.45.52.png Size: 11 KB
tradewith60
  • #820
  • Feb 19, 2013 7:56am Feb 19, 2013 7:56am
Hey 60,

yes I see that completely, a very valuable safety net for certain trades but remember what we are playing here - intraday position on DO. Past two days (fri/mon) you have according to SP's rules two good trades on EU. Drawn down fri 5pips, max profit 40pips. Drawn down mon 10pips, max profit 47pips.
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