The only thing which "Casinos" and "Forex" has in common is the fact that one is wagering in order to gain profit. Yet, in forex the market follows trends, and has formations which can give us an "edge" while wagering. In "Casinos" one has no such edge. So using the comparison between Casino and Forex is a poor excuse to deprive everyone from trading forex.
Someone else who thinks the path to riches is through the good ol' Martingale betting system. I guess they aren't familiar with how this always turns out.
As far as how he/she is choosing to make the trades, I don't really see good choices based on how I use S/R, supply/demand, volume and correlations, but, he/she is getting good results and that is hard to argue with. I do believe that the risk management is probably what keeps the positive results, along with some luck. That last trade looked to go beyond his/her normal max SL, but it came back positive and gave a nice profit.
It would be nice if sunhoyu would briefly explain how he chooses his trades. I enjoy EJ and will be following along.
I am going to assume that english is not your first language and that you misunderstood my post. First, what I was indicating is that the trader is not entering trades by observing price movements as I do. Nothing wrong with that. It just means the trader is likely using a system perhaps based on what enochben posted, which is based on a couple of indicators. Again, nothing wrong with that.
I don't use a "system". I read price and watch everything that often relates to the pairs of interest. There are a lot of correlations to consider,...
Since you seem to have grasped the market with an iron fist. Would you be able to post your trade explorer for all of us to see?
Thank GOD that the topic starter was withdrawing his profit. Although he blew his account, he overall has profited more then he actually deposited. That to me is the most important thing. Today was by far a wild day. I do know that thrusdays are high range trading days, as they set up the daily pivots for fridays. Yet, who would of thought that before the ecb news the price would go up, then after it would rocket up even more. I mean I spoke to the topic starter over pm.
He mentioned to me he took that sell position because he believed the price would drop due to his assumption that the increase before was "frontloading" He turned out to be wrong, but I guess most of us would of thought the same as well. Yet his one bias decisions caused his account to blow up. I mean he was down as much as 85 pips and not even close to margin calling. Anyone would of kept adding to the short hoping for a fall. Yet it never came.
He mentioned to me he took that sell position because he believed the price would drop due to his assumption that the increase before was "frontloading" He turned out to be wrong, but I guess most of us would of thought the same as well. Yet his one bias decisions caused his account to blow up. I mean he was down as much as 85 pips and not even close to margin calling. Anyone would of kept adding to the short hoping for a fall. Yet it never came.
- #59
- Mar 7, 2013 8:24pm Mar 7, 2013 8:24pm
- Joined Nov 2012 | Status: Account Deactivated | 2,737 Posts
Toad congrats on your english. Yet english doesn't have to be my first language for me to understand what it is your saying. As for correlation. It is one of the things which can cause much damage. As in the cause of eur/usd and eur/jpy Those two pairs almost 100% of the time move tick for tick with one another. Yet look what happened today
As for the trade explorer, I wouldn't mind being able to utilize it, but I have no intention of switching to MT and it doesn't look like they have yet added support for other platforms.