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Ramblings of a Forex Junkie

  • #3,081
  • May 7, 2013 9:48am May 7, 2013 9:48am
Quoting Seneca pilot
I just exited. I got out about six or seven pips above the target. I am sure it will go there but I have to give my kids a bath. We are going out to the store. I am pretty happy I took 75 pips today and the total EU range is currently 64 pips. 2.27 % for the day. Back to work later tonight. Nice work Tub. I'll shoot you an e-mail later.
Cool. Have fun with the young ones. They grow up fast!
  • #3,082
  • May 7, 2013 10:02am May 7, 2013 10:02am
Quoting Seneca pilot
Stops gave in, next target is the base of the German news bar. {image}
Nice one mate. Not using daily highs/lows but had a similar trade. I see today was a great day for those of you using SP's levels. Congrats
Attached Image (click to enlarge)
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What is any ocean but a multitude of drops?
  • #3,083
  • May 7, 2013 10:11am May 7, 2013 10:11am
Quoting Xhale
{quote} Nice one mate. Not using daily highs/lows but had a similar trade. I see today was a great day for those of you using SP's levels. Congrats {image}
Shots Chaps ..
Time hides Nothing
  • #3,084
  • May 7, 2013 10:22am May 7, 2013 10:22am
Quoting hollowhead
Can't upload charts as I don't trade in MT4 and my charting software doesn't keep past trades, but todays three trades total 172 pips. {image}
How to read this picture? What time were the trades taken and are these based on daily lines, which ones? Thanks!
No longer trading forex. Looking for full time job.
  • #3,085
  • May 7, 2013 10:24am May 7, 2013 10:24am
Hi SP,

Thank you very much for your inspiration so far. May I ask you?
Do you know any effective trading methods (that you are not currently using) from other?
If I want to discover a new and effective trading method, how can I do?

KK
  • #3,086
  • May 7, 2013 10:24am May 7, 2013 10:24am
Quoting CindyXXXX
{quote} Shots Chaps ..
JPY is always better than that slow ass bitch EU. Was away from my computer though and didn't want the added exposure.
What is any ocean but a multitude of drops?
  • #3,087
  • May 7, 2013 10:26am May 7, 2013 10:26am
Quoting kk007
If I want to discover a new and effective trading method, how can I do? KK
1. Pull up a chart

2. Stare at the chart

3. Make observations based on the chart

4. Develop a strategy

5. Test the strategy

6. Fine tune the strategy

7. If the strategy is no good, post it on FF, become a trading guru, and make a small fortune by starting a teaching service
What is any ocean but a multitude of drops?
  • #3,088
  • Edited 10:47am May 7, 2013 10:30am | Edited 10:47am
Quoting kk007
Hi SP, Thank you very much for your inspiration so far. May I ask you? Do you know any effective trading methods (that you are not currently using) from other? If I want to discover a new and effective trading method, how can I do? KK
You are here learning SP's method, aren't you? Why do you want another new method? What's wrong with following SP's method that prevented you from sticking to it? Was it because of too many pages of posts? Or unclear setups and entries?

I saw that the thread was cleaned from from 205 pages to 155 pages, from all the rubbish that Xhale and CindyXXXX were throwing in here. Should be easier to follow now.

Quoting kk007
SP, May I be back to the rambling discussion? What is your way to discovering a type of trading method? You have already discussed the rationale of fading key S&R level based on supply and demand of orders. How would you comment on other trading methods, based on for example, price action, moving average and patterns? (I understand that you don't basically consider indicator at all.) KK
There is a pattern in what you are asking. Seems like you don't want to follow SP's method, but wanted help to discover a new method for yourself. But don't know how to do it. Question is, why don't you want to learn SP's method? What's wrong with this method that you don't like?
No longer trading forex. Looking for full time job.
  • #3,089
  • May 7, 2013 10:30am May 7, 2013 10:30am
Took my first trade in forex with this yesterday. Short right off test of daily low. This took a while to complete
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  • #3,090
  • May 7, 2013 10:37am May 7, 2013 10:37am
Quoting Xhale
{quote} JPY is always better than that slow ass bitch EU. Was away from my computer though and didn't want the added exposure.
That's it man the sword always had another side... NZD, AUD and EUR were the movers but I missed all that action... Opted for GBP/JPY in the end. Closed too early by the looks (153.20 from 154 added once) but my ass is getting sore. And I just discovered that GFT don't allow you to show your closed trades on a chart.. I don't use their charts anyway but would be nice to be able to brag every now and then jeez.

Sorry Junkie I just realised this has nothing to do with your method.
Time hides Nothing
  • #3,091
  • Edited 11:48am May 7, 2013 10:41am | Edited 11:48am
Quoting Xhale
{quote} 1. Pull up a chart 2. Stare at the chart 3. Make observations based on the chart 4. Develop a strategy 5. Test the strategy 6. Fine tune the strategy 7. If the strategy is no good, post it on FF, become a trading guru, and make a small fortune by starting a teaching service
Dam aside from step 7 you just summed up the last 5 years of my life,,, Fail proof method though!

Get to step 6 and repeat about 1000 times... And then some

Haven't seen 60MM around lately.. Hope he's killin' em

Inserted Video
Time hides Nothing
  • #3,092
  • May 7, 2013 10:53am May 7, 2013 10:53am
Quoting mmaker
{quote} You are here learning SP's method, aren't you? Why do you want another new method? What's wrong with following SP's method that prevented you from sticking to it? Was it because of too many pages of posts? Or unclear setups and entries? I saw that the thread was cleaned from from 205 pages to 155 pages, from all the rubbish that Xhale and CindyXXXX were throwing in here. Should be easier to follow now. {quote} There is a pattern in what you are asking. Seems like you don't want to follow SP's method, but wanted help to discover a new method...
It isn't that I don't like with SP methods at all.

What I have asked is a "rambling" type question, I am curious how SP identify an effective method to trade.
How he see people using a successful method different from what he is using, etc...
Want to know how he see the reason a method works (apart from supply and demand, order flow, etc)

By the way, if you want to filter out someone's posts, so that the thread is cleaner to you, you can put the person in your ignore list...
(What is "from 205 pages to 155 pages"?)
  • #3,093
  • May 7, 2013 11:14am May 7, 2013 11:14am
Quoting kk007
{quote} It isn't that I don't like with SP methods at all. What I have asked is a "rambling" type question, I am curious how SP identify an effective method to trade. How he see people using a successful method different from what he is using, etc... Want to know how he see the reason a method works (apart from supply and demand, order flow, etc) By the way, if you want to filter out someone's posts, so that the thread is cleaner to you, you can put the person in your ignore list... (What is "from 205 pages to 155 pages"?)

I think the main thing is using the risk vs. reward like SP does. if you can get like a 1.5 to 2 reward to 1 risk , cutting your losers while letting your winners run ( sometimes you have to take a 1:1 or a break even, but cut those losses quick) I think just about any method, as long as you don't over trade would work, but some methods would produce more % return than others. jmo
  • #3,094
  • May 7, 2013 11:24am May 7, 2013 11:24am
Quoting kk007
(What is "from 205 pages to 155 pages"?)
I was studying Seneca Pilot's posts and I wrote down the post# and page# for reference. Just yesterday there were 205 pages, but today there is only 155 pages. I use the same forum default setting of 20 posts per page, so obviously 50 pages of posts were deleted/extracted. I meant to say that the thread will be easier to read now without all the junk. I don't really know what or who's posts were deleted, but it's strange to find 50 pages missing.
No longer trading forex. Looking for full time job.
  • #3,095
  • May 7, 2013 11:27am May 7, 2013 11:27am
Quoting kk007
Hi SP, Thank you very much for your inspiration so far. May I ask you? Do you know any effective trading methods (that you are not currently using) from other? If I want to discover a new and effective trading method, how can I do? KK
Let me get this straight: I showed 37% gain in my account last month, verified by myfxbook. I made 2.25% today in two trades earning more pips than the total range of the instrument traded. And now you want to know if I know of any methods that actually work?

You are afflicted with the misconception that there is something out there that is mistake proof. You think that if you keep looking that you can find the magic method that will be all wins and no losses. I bought last night when the total consensus on the EU thread was sell. I sold this morning at the Monday high when EU had risen out of the consolidation on good German news. It is not easy to take trades. If you think that it will be easy, ever in the future, you are mistaken and need to stop trying to trade and look elsewhere for your fortunes. This is hard by design. If it was easy everyone would be doing it and there would be no money to be made. I have said it a thousand times and I will repeat it again; Trading is many times about jumping out in front of a fast moving train. It cannot be easy.

To specifically answer your question. Everything I do in trading is related to the price points I have taught here. I take other types of trades but all those trades are centered around these prices. I have found nothing else that works consistently over a long period of trades and believe me over the past eleven years I have tried it all.
  • #3,096
  • May 7, 2013 11:30am May 7, 2013 11:30am
Quoting mmaker
{quote} I was studying Seneca Pilot's posts and I wrote down the post# and page# for reference. Just yesterday there were 205 pages, but today there is only 155 pages. I use the same forum default setting of 20 posts per page, so obviously 50 pages of posts were deleted/extracted. I meant to say that the thread will be easier to read now without all the junk. I don't really know what or who's posts were deleted, but it's strange to find 50 pages missing.
I am trying to figure out what happened. I didn't delete or clean anything up. I will check the bin and try to figure out what got deleted. Lately the mods have been weeding out any non trading related chat in threads so it may be that all the music and chit chat got removed. Sad if that is the case, you can only beat a dead horse so many times before you begin to post light hearted things to pass the time while waiting for trades to mature.
  • #3,097
  • May 7, 2013 11:38am May 7, 2013 11:38am
Quoting muneeflo
I think the main thing is using the risk vs. reward like SP does. if you can get like a 1.5 to 2 reward to 1 risk ,
As SP has explained eariler, the first important thing is to have a method with odd in our favor and some predictive power. Without that, you will lose even if you use 1:10 risk:reward.

Quoting muneeflo
cutting your losers while letting your winners run ( sometimes you have to take a 1:1 or a break even, but cut those losses quick)
This is easy to do in hindsight: If you take 10 pip profit and then the setup actually offer you 20 pip max, you can say you did not let your profit run to full. If you don't take a 10 pip profit to expect more and then the price move back to BE, you can say you was too greedy. If you cut your loss quick at -5 pip and price move then toward +50 pip profit. You may not see cutting loss quick is a good decision.

Quoting muneeflo
I think just about any method, as long as you don't over trade would work, but some methods would produce more % return than others. jmo
Not mean to offend you, but sound to me you are having some "hearsay" ideas in trading.
Have you actually got consistent result with a number of methods?
  • #3,098
  • May 7, 2013 11:41am May 7, 2013 11:41am
Quoting Seneca pilot
{quote} Let me get this straight: I showed 37% gain in my account last month, verified by myfxbook. I made 2.25% today in two trades earning more pips than the total range of the instrument traded. And now you want to know if I know of any methods that actually work? You are afflicted with the misconception that there is something out there that is mistake proof. You think that if you keep looking that you can find the magic method that will be all wins and no losses. I bought last night when the total consensus on the EU thread was sell. I...
Absolutely superb Chris! Keep it up and try and ignore the noisy bastards
Regarding the number of pages, I believe the latest website redesign means more posts per PAGE so actually nothing has been deleted
Good trading soldiers!
  • #3,099
  • May 7, 2013 11:46am May 7, 2013 11:46am
Quoting Seneca pilot
{quote} Let me get this straight: I showed 37% gain in my account last month, verified by myfxbook. I made 2.25% today in two trades earning more pips than the total range of the instrument traded. And now you want to know if I know of any methods that actually work? You are afflicted with the misconception that there is something out there that is mistake proof. You think that if you keep looking that you can find the magic method that will be all wins and no losses. I bought last night when the total consensus on the EU thread was sell. I...
Well I did warn you Chris......
What is any ocean but a multitude of drops?
  • #3,100
  • May 7, 2013 11:47am May 7, 2013 11:47am
Hi Olarian,

Still no runners with the ORB. I keep entering and EU keeps retracing.

I have noticed something that I am going to test when I have time. When there is a breakout of the ORB on a given day but no retest to enter I have noticed that keeping that entry order open for a few days can sometimes result in some spectacular trades. I am not sure why I never noticed this but I will be taking a look to see if this is just a thing I am seeing lately or if it has some merit.
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