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Make Money Everyday - A Guide to Short-Term Trading

  • #1,221
  • Mar 14, 2013 9:30am Mar 14, 2013 9:30am
Quoting brucech
Mongolian,

Hope you visit your thread now and then.
I have several questions.
In trading the EURJPY do you always use the 6 pip sl?
When setting pending orders ... let's say for buy orders..
Price breaks through a level 124.75 let's say it goes to 124.82 then starts to retreat back
Do you always wait for it to go back past 124.75 and then place a buy stop pending at 124.75?
Or do you at times just trail the price from each one level below with a set pending buy limit order?
Just want to be sure what you are doing and still having success.


Thanks.
Bruce...
Sorry Bruce, I know you sent me a message as well - been busy sir. Let's get to business shall we? 6 pip SL - not always. Usually. It usually has to do with MY confidence as well as how PA has been behaving. EJ definitely has more volatility vs. E$ or $Yen. On the occasion I may go with a bigger SL - I will usually scale down the size of my trade. I dont' want to necessarily risk more, so I'll scale it back if I can when I may run with an 8 SL. I won't go much more then that. I will also go with a tighter SL at times. A 4 SL is used @ times as well.

Pending orders. I prefer - from your example - I would have an order @ 124.75 after it's gone through to the upside, looking for it to come back down to get picked up. Is that the right way? For me it is. It doesn't have to be right for you or anyone else. I just like it for me.

Now yeah - I have been trading EJ mostly because there have been so many more trading opportunities. I have a couple criteria I use in deciding which pair to trade.
1. Opportunities. There has to be some volatility otherwise I'm just sitting there. No trading opportunities, no chance I want to sit there.
2. The profitability of the pair. I go from total number of ticks using the E$ as my basis. To keep this short - basically each pair has a point where one becomes more profitable in relation to the others. Factors for that are spread, pip value and potential pips on the trade.

Hope that helps. Thanks for dropping in again.

Mongolian
  • #1,222
  • Mar 16, 2013 11:29am Mar 16, 2013 11:29am
Mongolian,

Thanks for responding.

I understand more clearly your responses.

I guess some of my real questions were that you are still following pretty much using the guidelines that you started with and that you are still making a fair return "Make Money Everyday" from it. That would give me confidence to face the loses that I will meet in gaining the skill to trade this way.

Bruce
  • #1,223
  • Mar 16, 2013 4:47pm Mar 16, 2013 4:47pm
Quoting brucech
Mongolian,

Thanks for responding.

I understand more clearly your responses.

I guess some of my real questions were that you are still following pretty much using the guidelines that you started with and that you are still making a fair return "Make Money Everyday" from it. That would give me confidence to face the loses that I will meet in gaining the skill to trade this way.

Bruce
I am. But let me help you. Don't take my word for it regarding this thread. Really - if anything - this thread was more about Price Action and how do I read it. Do I use indicators? Outside of the gridlines I use, no, not really. Does that make it the right way? It's the right way for me. You may say - dude - I love this indicator, I think it brings great contribution to my trading and I'm using it. Who am I to say no? I like PA to move past a target and come back to me. That isn't for everyone and that's ok.

I've started a basic framework here. Add to it or take from it as you see fit. But the one thing that is absolutely essential is that it has to be YOURS. I once saw a set of statements that went something like this:

I own the problem. I own the solution. THEREFORE I am the problem. I am the solution.

Until you have made how you trade yours - it will never be as good as it can be for you. There are guys who have followed this thread almost since the beginning. Do they trade exactly like I do? They do not. But they get the premise - and have taken what works for them and made it their own. Talk to enochben on here - He's a good example. Check out his site - www.tradingranges.com. He and I are on the same page on many things. We do not trade the same though.

I welcome your comments - we'll pick apart charts, we'll PM or whatever. I'm happy to give you how I would do things. Taking losses is tough, especially if how you are losing is someone elses work. That's really tough. I've done that. I think most of us have. Problem is, there are no shortcuts here. I can bat 1.000 here and post how I do it, and you could come along and not get the same results. 2 things with that - If I'm coming along saying that - or if anyone is - they are full of $hit. Secondly - I take losses. All the time. It's how I as a trader handle and process those losses that make the difference.

Probably just a bunch of rambling here - but hey - I'm off the soapbox for now. Yeah - I trade, EJ. I'll trade E$ as well if it's right. Would love to trade the Y$, just not enough volatility there. Hope all is well. Throw up some charts if you want and we'll pick them apart and hopefully help you get to where you want to be as a trader!

Mongolian
  • #1,224
  • Mar 17, 2013 10:12am Mar 17, 2013 10:12am
Thanks for sharing these. Looks interesting. Useful for newbie like me. Keep posting and sharing.
  • #1,225
  • Mar 18, 2013 12:21am Mar 18, 2013 12:21am
Mongolian,

Was going to start trading today, so I could post some charts, but with the large gap that happened I think it is best for me to wait a few days for things to settle down.

Looking forward to posting some charts and receiving your insight about them.... hopefully later this week.

Bruce
  • #1,226
  • Mar 18, 2013 4:19pm Mar 18, 2013 4:19pm
Quoting brucech
Mongolian,

Was going to start trading today, so I could post some charts, but with the large gap that happened I think it is best for me to wait a few days for things to settle down.

Bruce
Smart man! I should have done the same! LOL!
  • #1,227
  • Mar 18, 2013 4:29pm Mar 18, 2013 4:29pm
Thanks for the plug Mongo!

Truth be told - even though I am from another planet (Lovetron - I came with Darryl Dawkins), I have been here so long that I have many human like tendencies. One of those tendencies is the need to personalize everything I do. So for a while I traded almost exactly as Mongolian points out in this thread. The style and concept was very similar to what I did in the futures market so it naturally clicked. But then, I had this uncontrollable urge to tweak it and to try to squeeze out more profits. So instead of grabbing 6-12 pips I started going for 25 pips. Well to get 25 pips you have to be willing to (1) risk a little more and (2) tolerate going from green to red while standing firm. So by going for 25 pips, I was forced to increase the stoploss - which makes each trade all the more riskier. Next, since I am risking more, I needed additional filters. So I added an MA and an oscillator. I hope you get the picture. There is nothing wrong with the "system" the way it is. If you are patient and really focus, you really can MAKE MONEY EVERYDAY. If you are a restless soul like me, you will play with it.
  • #1,228
  • Mar 18, 2013 4:31pm Mar 18, 2013 4:31pm
I think it is only fair to add - when I start to struggle, I strip the charts down and become a bricklayer, pulling 6 pips ala Mongolian style!
  • #1,229
  • Mar 18, 2013 6:08pm Mar 18, 2013 6:08pm
Enochben,

Thanks for your input of your experience so far. I really appreciate it.

My goal is to become a good "brick layer", laying one brick at a time.

Bruce
  • #1,230
  • Mar 19, 2013 10:11pm Mar 19, 2013 10:11pm
Love this thread!

Good to see some action recently
  • #1,231
  • Mar 20, 2013 2:33pm Mar 20, 2013 2:33pm
Quoting nhen
Love this thread!

Good to see some action recently
Thanks! Hope all is well with you my friend!
  • #1,232
  • Mar 21, 2013 4:55pm Mar 21, 2013 4:55pm
mongolian, Are you still trading the same way, if so are you trading everyday?..
  • #1,233
  • Mar 21, 2013 5:33pm Mar 21, 2013 5:33pm
Interesting read, thanks for sharing your ideas.
  • #1,234
  • Mar 21, 2013 9:21pm Mar 21, 2013 9:21pm
Hi Everyone,

I've finally finished reading the previous posts in this thread.

Thanks Mongolian for sharing your trading style.

All of the charts showing everyone's thoughts on Price Action have been a great help.

Attached is a screenshot of EUR/USD 1min chart from yesterday (GMT, London Open through to New York Open).

Hopefully it isn't too confusing.

I have tick charts available, however with Esignal they seem to display alot more ticks than other charts I've seen, so using 1min for this post.

I haven't actually started trading yet, just marked up the chart afterwards.

Red Lines are 0.5 levels, Yellow lines are the mid levels and the greenish lines are the 6 pip levels.

Red Arrows show trades that would have been stopped out.

Haven't used the excel spreadsheet yet, will start on that next week with some paper trading or trading small positions.

Obvious bias towards short (In the moment I could quite possibly have found some long positions and been stopped out).

Would anyone have taken any long positions?

Any comments most welcome.

Attached Image (click to enlarge)
Click to Enlarge Name: Price Action 21-03.png Size: 55 KB
  • #1,235
  • Mar 22, 2013 4:34am Mar 22, 2013 4:34am
Quoting finfx
Hi Everyone,

I've finally finished reading the previous posts in this thread.

Thanks Mongolian for sharing your trading style.

All of the charts showing everyone's thoughts on Price Action have been a great help.

Attached is a screenshot of EUR/USD 1min chart from yesterday (GMT, London Open through to New York Open).

Hopefully it isn't too confusing.

I have tick charts available, however with Esignal they seem to display alot more ticks than other charts I've seen, so using 1min for this post.

I haven't actually started trading...
Thanks for the comments and the chart. Appreciate you stopping by. I've attached a chart. I drew a vertical line indicating where about where your chart ends. I didn't realize my chart included more time until I had already started marking things up. Since I'm lazy - I didn't want to go save another file, etc., I just drew the line.

ANYWAY - I find it quite interesting how two people can look at essentially the same information and come up with different conclusions. Pretty cool actually. In the chart I attached, I indicated where with green arrows the trades I saw, red arrows are places of being stopped out. As you can see - yeah - there were plenty of buying opportunities yesterday.

One word of caution. I don't know your experience or background, etc., so I'm going to treat this like I'm talking to my teenage son (insert rolling of eyes here). The word bias jumps out at me. Maybe it was nothing, BUT, it's the word you used. Be careful and check those at the door. Anyone who knows me, knows that I LOVE a good short market. I wish we could short it all to the ground. Stomp out all the government intervention, run it down to where it probably should be and go from there. But, hey, that's me. Now when I get stuck on my 'bias' of things should be short - it costs me money. Which is contrary to the theme here of MAKING Money! When I am stuck with 'a short bias' or 'a long bias' - I miss seeing the other side completely. A great trader will go either way, long or short depending on how they are reading PA. It's okay to be married - to your spouse. In trading - when you are married to your opinion (or a position) - have fun - it's gonna get expensive.

OK, I've rambled a bit. Anyone else care to jump in here with what they see from yesterday's PA?

Thanks again for throwing up a chart! Keep them coming.

Mongolian
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd321.gif Size: 43 KB
  • #1,236
  • Mar 22, 2013 4:37am Mar 22, 2013 4:37am
Quoting focusonmoney
mongolian, Are you still trading the same way, if so are you trading everyday?..
Thanks for the question. Yeah, I still trade the same way. Some days more aggressively then others, but essentially - yes, this is how I work. Everyday possible, yes, I trade!

Mongolian
  • #1,237
  • Mar 22, 2013 4:38am Mar 22, 2013 4:38am
Quoting FX Alex
Interesting read, thanks for sharing your ideas.
Thanks for the comments!

M
  • #1,238
  • Mar 22, 2013 4:39am Mar 22, 2013 4:39am
Quoting Red Herring
Thanks for sharing these. Looks interesting. Useful for newbie like me. Keep posting and sharing.
Thanks for dropping in!

M
  • #1,239
  • Mar 22, 2013 5:20am Mar 22, 2013 5:20am
Evening sir,

I am well indeed. Hope you are too!

I've been wanting to post but flat out organising a move, and my laptop has decided it doesn't want to load my tick chart platform.
When the new laptop arrives I'll be back.

For your chart, PA before the line.. Agree with all of those, bar the last long; where price is trying to push higher but failing, as well as compressing making LHs. I would take that as a sign that we are going to fail at that previous high. So would be shorting as it broke lower.

Thoughts?

Bed for me! Enjoy NY and your weekend my friend.

Quoting mongolian
Thanks for the comments and the chart. Appreciate you stopping by. I've attached a chart. I drew a vertical line indicating where about where your chart ends. I didn't realize my chart included more time until I had already started marking things up. Since I'm lazy - I didn't want to go save another file, etc., I just drew the line.

ANYWAY - I find it quite interesting how two people can look at essentially the same information and come up with different conclusions. Pretty cool actually. In the chart I attached, I indicated where with...
  • #1,240
  • Mar 22, 2013 7:37am Mar 22, 2013 7:37am
Quoting nhen
Evening sir,

I am well indeed. Hope you are too!

I've been wanting to post but flat out organising a move, and my laptop has decided it doesn't want to load my tick chart platform.
When the new laptop arrives I'll be back.

For your chart, PA before the line.. Agree with all of those, bar the last long; where price is trying to push higher but failing, as well as compressing making LHs. I would take that as a sign that we are going to fail at that previous high. So would be shorting as it broke lower.

Thoughts?

Bed for me! Enjoy NY...
Thanks for the input. I see your point. What I don't try to do when I'm trading is assume what when price is changing directions. So that is why I would have put on an order there. What I will do, if I'm doubtful maybe or if I have uncertainty, is I'll scale back on the size of my trade. I didn't trade the E$ yesterday so of course this is all hindsight. Either way, if a trader stuck to his guns and didn't play around with moving stops, etc. - there were plenty of opportunities even with the times being stopped out to make $$!

When are you moving?
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