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  • #21
  • Jul 23, 2013 10:55pm Jul 23, 2013 10:55pm
Fair enough, good answer on the indicators. Most newbies try to use the whole cartload and yeah, you can guess the result..
On signals, do you use any signal services? Just asking since theres been so much debate on whether signal services are worth paying for..
  • #22
  • Jul 23, 2013 11:16pm Jul 23, 2013 11:16pm
Quoting livethedream
...........Ask me anything you want related to forex other than for my analysis on currency pairs. ...........
What's a MoFu?
The Thief of Wall Street
  • #23
  • Jul 24, 2013 12:52am Jul 24, 2013 12:52am
Quoting livethedream
Ask me anything you want related to forex
Question:
Why did many traders who seemed to know how to trade, able to show several months of consistent growth, knew how to manage and grow the account, ..... eventually crashed and lost everything (and more)? What went wrong? Did the market change? Did the strategy fail? Did the broker sabotage the trader?

In below example of a live account, why is 4 months of consistent success still not a guarantee of future success? Everything was done correctly in the first 4 months.
Attached Image (click to enlarge)
Click to Enlarge Name: TPOTrader.png Size: 60 KB
No longer trading forex. Looking for full time job.
  • #24
  • Jul 24, 2013 1:11am Jul 24, 2013 1:11am
Dear, There are various reasons behind this volatile trend of success, you already mentioned some of them by asking questions. Yes, changing trend of the market as well as over confidence can be one of the reasons behind interruption in success path. Others can be considered as brokers' illegitimacy or tendency on the part of trader to avoid shifting to pairs because some strategies work with some pairs and that to with limited time, you need to continuously tap the nerves and re-change it. Because change is the only constant thing in this world of getting success.
  • #25
  • Jul 24, 2013 1:41am Jul 24, 2013 1:41am
Quoting mmaker
{quote} Have you been getting success in your trading, knowing what you knew?
Yes of course....
  • #26
  • Jul 24, 2013 7:36am Jul 24, 2013 7:36am
Quoting Forexnuts
Fair enough, good answer on the indicators. Most newbies try to use the whole cartload and yeah, you can guess the result.. On signals, do you use any signal services? Just asking since theres been so much debate on whether signal services are worth paying for..
Answer will be same for the using signals or not
  • #27
  • Jul 24, 2013 8:00am Jul 24, 2013 8:00am
Quoting Forexnuts
Fair enough, good answer on the indicators. Most newbies try to use the whole cartload and yeah, you can guess the result.. On signals, do you use any signal services? Just asking since theres been so much debate on whether signal services are worth paying for..
No I don't use any signal service. Never really had the desire to. I'd like to be able to be consistently profit from my own analysis. I already have some trouble letting the advice of people online sway my decision too much... I feel as if a signal service wouldn't really benefit me to grow into a better trader.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #28
  • Jul 24, 2013 8:12am Jul 24, 2013 8:12am
Quoting Chicky
{quote} What's a MoFu?
mofu " a term used in trading described as a mofu was coined by Gatorinla. it is used to describe an area around the 50% mark of and distance in a trading pattern. this area is prone for turns or reversals"

http://www.forexfactory.com/showthre...89#post4384589
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #29
  • Jul 24, 2013 8:34am Jul 24, 2013 8:34am
Quoting mmaker
{quote} Question: Why did many traders who seemed to know how to trade, able to show several months of consistent growth, knew how to manage and grow the account, ..... eventually crashed and lost everything (and more)? What went wrong? Did the market change? Did the strategy fail? Did the broker sabotage the trader? In below example of a live account, why is 4 months of consistent success still not a guarantee of future success? Everything was done correctly in the first 4 months. {image}
As FX_Anil said, it can be a multitude of different reasons. Maybe they had been profiting on a trending market, and then the markets started ranging. Maybe they branched out into other currency pairs, and they're style of trading didn't suit those currency pairs. Maybe they started to become overly confident, and began taking riskier trades, and started to overtrade as well. I know I've been guilty of this before.

I think when you're a new trader and you're on a 4 month winning streak, you probably get lenient. You probably start to feel more invincible to the markets, and therefore make trades you shouldn't.

I couldn't find any articles online about this.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #30
  • Jul 24, 2013 8:50am Jul 24, 2013 8:50am
Quoting livethedream
I couldn't find any articles online about this.
Probably hidden within the Table of Contents:
http://fxgears.com/trading-psychology-introduction.php
No longer trading forex. Looking for full time job.
  • #31
  • Jul 25, 2013 6:16am Jul 25, 2013 6:16am
Hi live the dream (and supporters, detractors, haters and assorted trolls),

I'm new here but your thread caught my eye. Until I can think of a valid question for you to research I just thought I'd reply in support of your approach. I think that learning something so that you can convey it to others is indeed the best way to teach yourself that thing too.

Kudos for the thread and the ethically unimpeachable way to do something essentially for yourself.


Cheers.
  • #32
  • Jul 25, 2013 3:20pm Jul 25, 2013 3:20pm
Quoting Pipsqueamish
Hi live the dream (and supporters, detractors, haters and assorted trolls), I'm new here but your thread caught my eye. Until I can think of a valid question for you to research I just thought I'd reply in support of your approach. I think that learning something so that you can convey it to others is indeed the best way to teach yourself that thing too. Kudos for the thread and the ethically unimpeachable way to do something essentially for yourself. Cheers.
Thanks pisqueamish! Appreciate the support and that you understand what I'm trying to do here.



Quote
Another way to look at it, why are people lazy to even do a Google search? Or use the forum search function? What's useful are insights that can only be expressed through experience. If it can be accomplished by simple internet search, it shouldn't be asked at all. Many of the duplicate threads we see on this forum are the result of lazy questions.

Anyway I'm done here, had fun and found that the answers came straight from Google and no "research" involved. Good luck guys.

Haha glad you "appreciate" the information you received. I'll be here if you need me to do any "research" for you.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #33
  • Jul 29, 2013 4:06pm Jul 29, 2013 4:06pm
1. How do you determine appropriate Support and Resistance points?
1a. Are there particular technical methods that work better (e.g. "just eyball it" is NOT a good answer)?
2. When a S/R line is determined, is it better to consider it a "zone" (i.e. an area with a small range)?
2a. If it is a "zone" then how do you determine the "fatness" of the zone?

Thanks!
  • #34
  • Jul 29, 2013 5:14pm Jul 29, 2013 5:14pm
Quoting Man_Drone
1. How do you determine appropriate Support and Resistance points?
The more an area touches a certain level and retraces, the easier it is to determine a support or resistance level. You can see from todays chart of the Eur/Usd, that resistance has hit price at around 1.295. There are 5 different instances in which price has touched that level and retraced in the past 3-4 days.

You can also see the line at the bottom which shows both support and resistance. You can see the resistance shown to the left where price had a hard time breaking, and then buyers flooded the market when it finally did break. Then this area of resistance became support for this breakout. More recently price has broken down back below this area of support, and you can see that support has now become resistance again.

Attached Image (click to enlarge)
Click to Enlarge Name: t68.PNG Size: 38 KB



Quote
1a. Are there particular technical methods that work better (e.g. "just eyball it" is NOT a good answer)?

I don't like to say that certain technicals work "better" than others, but I do believe that simple technicals (such as support/resistance lines) will help better than complex ones, such as certain pattern formations. The more traders that see a certain technical signal on a chart, the more that technical signal will be followed and become true.


Quote
2. When a S/R line is determined, is it better to consider it a "zone" (i.e. an area with a small range)?

S/R lines can lead to consolidation zones, where price is trying to figure out where to move next. This is shown in the image above in which price bounces between support and resistance.


Quote
2a. If it is a "zone" then how do you determine the "fatness" of the zone?

As for the "fatness" of the zone, this is relative to where the closest support/resistance lines are. With the chart above you can see the consolidation zone getting smaller and smaller as price bounces back and forth between support and resistance, and eventually price will break out of the zone one way or the other. In this case it was to the downside.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #35
  • Jul 30, 2013 9:19am Jul 30, 2013 9:19am
Quoting Man_Drone
1. How do you determine appropriate Support and Resistance points? 1a. Are there particular technical methods that work better (e.g. "just eyball it" is NOT a good answer)? 2. When a S/R line is determined, is it better to consider it a "zone" (i.e. an area with a small range)? 2a. If it is a "zone" then how do you determine the "fatness" of the zone? Thanks!

Hello Mate,

Hope below article will help you to clarify any doubts.

Read article below to get a better understanding on Support & resistance points.

I cleared many doubts there.

Trading Support & Resistance Key Levels
  • #36
  • Jul 30, 2013 11:16pm Jul 30, 2013 11:16pm
Hi Everyone,

I'm new to the forum but I'm definitely bookmarking this thread. I'm sure it's going to come in handy.

Thanks livethedream!
  • #37
  • Jul 31, 2013 6:40am Jul 31, 2013 6:40am
Quoting Alanamc
{quote} Hello Mate, Hope below article will help you to clarify any doubts. Read article below to get a better understanding on Support & resistance points. I cleared many doubts there. Trading Support & Resistance Key Levels

Good article mate. Thanks for sharing. Very good explanation there.
  • #38
  • Aug 3, 2013 2:23pm Aug 3, 2013 2:23pm
Hi, do you know if there are Stop Close Only Orders in Metatrader4 for specific time frames, like 1 hour? I've looked around on the net but did not find anything.

Thanks, John
  • #39
  • Aug 3, 2013 8:34pm Aug 3, 2013 8:34pm
Quoting johneo9
Hi, do you know if there are Stop Close Only Orders in Metatrader4 for specific time frames, like 1 hour? I've looked around on the net but did not find anything. Thanks, John
I may be mistaken, but I don't believe this is possible. I found 4 or so threads online asking this same question, but no one was given an answer. Maybe if you started a thread in the Trading Discussion forum on this site someone might be able to confirm this, but I can't find anything, which makes me assume that it can't be done.

It's possible that an EA could be coded to make this happen, but I know nothing about coding EA's.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #40
  • Aug 4, 2013 1:46pm Aug 4, 2013 1:46pm
I can't start new threads yet...
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