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Elite Trading Method

  • #121
  • Jan 2, 2014 12:04pm Jan 2, 2014 12:04pm
Re-entered previous long position for target of 1.4440, sl now 1.3565
The Thief of Wall Street
  • #122
  • Edited 7:22pm Jan 2, 2014 6:36pm | Edited 7:22pm
Quoting Chicky
{quote} No, Elites don't know in advance, but take a chance of 75% fib projection.

Elite trader do know in advance - this is one reason they belong with the 5%.. The pair I trade is one the most volatile pair in the market which is the E/J. I completed my trade for the evening and here it is. And I do not trade Demos.

ENTRY off RESISTANCE:
Attached Image


B/E SET:
Attached Image


PROFIT off SUPPORT:
Attached Image


And by the way - this for the "short" and does not include the 115 pips I got earlier today off the E/J.
The Dove - Forex Trainer
  • #123
  • Jan 3, 2014 12:28am Jan 3, 2014 12:28am
Quoting dove_alliance
{quote} Elite trader do know in advance - this is one reason they belong with the 5%.. The pair I trade is one the most volatile pair in the market which is the E/J. I completed my trade for the evening and here it is. And I do not trade Demos. ENTRY off RESISTANCE: {image} B/E SET: {image} PROFIT off SUPPORT: {image} And by the way - this for the "short" and does not include the 115 pips I got earlier today off the E/J.

way to go champ......way to go....
The Chonchy
  • #124
  • Jan 3, 2014 10:30am Jan 3, 2014 10:30am
There are rules of trading that must be followed. And if you break these rules – you will fail. You must have a right attitude along with a mindset that knowledge and understanding is far greater than your own. The variables in the Forex are beyond your imagination so let no-one kid you that history repeat itself in this market – because it does not. To trade this market you have to learn to trade in the moment. You have to learn patience, beyond patience; and focus, beyond focus. Without these virtues – you will also fail. But most importantly – you must get rid of your baggage. The number 1 criteria of being a failure are hanging onto baggage that has no meaning in this market.

What is the main ingredient for failure in this market?

The answer my friends are motives, intentions, and reasoning for wanting to be a trader in the first place with an illusion of getting rich (GREED). If your mind-set and attitude is on money alone then you will not make it and the reason is because trading is an art; in which can take years of learning.

Most traders get involved with the Forex through advertisement with seminars, webinars, and any other form of mass advertisement. The brokers knows once they get you hooked into this market with illusions of getting rich – you are then like a junky and it becomes a habit and eventually you are constantly in withdraws. Throwing your hard earn money into a live account - and when you are margined out with no leverage – you then throw more hard earned money into that live account like a junky because of the illusion you cannot break away from.

Sure – the brokers have their disclaimer in fine print on their website.

But the traders that are hooked – that disclaimer means nothing to them because they cannot let go of their illusion. And the biggest problem with this disclaimer – there are no broker that can teach the art of trading; or even attempt too. They depend on Forums and other sources that have members like you, with no experience, in teaching the true art of trading. 90% or more of those traders on forums are losers. They can sell “wolf tickets” – and do a very job of it in how great they are. But once they get caught in their lies they are off and running and you never hear from them again. Time and time again I have seen that illusion because I too was once there. But I will say this - you can become very wealthy in this market provided you learn the rules of trading including money management, control of emotions, and other factors in the art of trading.

Of all the traders in the world there are only 5% that makes it in this market and they are called the “Elite”. The reason is because each and every one of the 5 per-centers are technical traders. They trade in the moment. Your analytical and fundamental traders live in the past trying to predict the future calling shots only because they “think” or “predict” what is about to happen and if they get lucky, which they do now and then, is only 20% right. And what is really amazing is that 90% of these analytical traders have not ever traded a live account.

To become one of the Elite you have to be open-minded and teachable and set your mind in becoming a prop trader without illusions. What you have learned in the past has nothing to do with the art of trading. And I will state this very clearly: Price Action has got nothing to do with trading. It is all about Support, Resistance and Trends. Once you have learned this basic rule you then had set your destiny into the right direction of becoming a forex trader.
The Dove - Forex Trainer
  • #125
  • Jan 3, 2014 9:56pm Jan 3, 2014 9:56pm
Quoting dove_alliance
There are rules of trading that must be followed. And if you break these rules – you will fail. You must have a right attitude along with a mindset that knowledge and understanding is far greater than your own. The variables in the Forex are beyond your imagination so let no-one kid you that history repeat itself in this market – because it does not. To trade this market you have to learn to trade in the moment. You have to learn patience, beyond patience; and focus, beyond focus. Without these virtues – you will also fail. But most importantly...
Amen to that.....Happy New Year......
The Chonchy
  • #126
  • Jan 21, 2014 5:23pm Jan 21, 2014 5:23pm
Quoting dove_alliance
There are rules of trading that must be followed. And if you break these rules – you will fail. You must have a right attitude along with a mindset that knowledge and understanding is far greater than your own. The variables in the Forex are beyond your imagination so let no-one kid you that history repeat itself in this market – because it does not. To trade this market you have to learn to trade in the moment. You have to learn patience, beyond patience; and focus, beyond focus. Without these virtues – you will also fail. But most importantly...
Money Makes Money
  • #127
  • Jan 24, 2014 5:22am Jan 24, 2014 5:22am
Hi,
I'm all new on FF but I'm reading it for some time now. Because I'm quite new in forex and I was burned few times bed I'm looking for some help.
I find this thread and It seems like good start for me. So I ask if there is still time (and place) to join this group of traders?
Thanks alot.
  • #128
  • Mar 11, 2014 1:02am Mar 11, 2014 1:02am
The trading season will be in full swing again next week after March break. (With a little unfair tactics) I have recovered all my losses plus withdrew about $3,000 from my account. We are now all set to practice Elite Method until July end. You may like to refresh basics of this method by reading the first page.

Sol Marc
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled11111.jpg Size: 60 KB
The Thief of Wall Street
  • #129
  • Edited 1:23am Mar 11, 2014 1:05am | Edited 1:23am
Quoting Nextstop
Hi, I'm all new on FF but I'm reading it for some time now. Because I'm quite new in forex and I was burned few times bed I'm looking for some help. I find this thread and It seems like good start for me. So I ask if there is still time (and place) to join this group of traders? Thanks alot.
You are most welcome, if still there.

Sol Marc
The Thief of Wall Street
  • #130
  • Edited 2:13am Mar 11, 2014 1:21am | Edited 2:13am
Quoting Chicky
The trading season will be in full swing again next week after March break. (With a little unfair tactics) I have recovered all my losses plus withdrew about $3,000 from my account. We are now all set to practice Elite Method until July end. You may like to refresh basics of this method by reading the first page. Sol Marc {image}
Let me summarize the Elite Method in fewer words:

1. Risk per trade not more than 1/4th of 1 per cent of equity balance just prior to taking a trade.
2. Only one position open at a time
3. Minimum Take Profit (TP) size 45 pips
3. Let Price Action (PA) a make a move and then bounce 50% or more. Enter on this bounce in the direction of the move. TP 100% Fib Extension (point of bounce is 50%).

Example: If euro falls from 1.3900 and gets a 50-pip or bigger bounce from 1.3800, short this bounce anywhere from 1.3850 to 1.3900 with a profit target of 1.3700. Stop Loss (SL) few pips above 1.3900. Typically, for 0.25% risk, the reward would be 0.75% or more.

Sol Marc
The Thief of Wall Street
  • #131
  • Edited 2:37am Mar 11, 2014 2:05am | Edited 2:37am
Quoting dove_alliance
There are rules of trading that must be followed. And if you break these rules – you will fail. You must have a right attitude along with a mindset that knowledge and understanding is far greater than your own. The variables in the Forex are beyond your imagination so let no-one kid you that history repeat itself in this market – because it does not. To trade this market you have to learn to trade in the moment. You have to learn patience, beyond patience; and focus, beyond focus. Without these virtues – you will also fail. But most importantly...
This is a must read post for everyone who visits this thread. I am going to put a link of this post on first page.

Thanks Dove.

Sol Marc
The Thief of Wall Street
  • #132
  • Mar 12, 2014 4:37am Mar 12, 2014 4:37am
Trade 1
Orginal move: 1.3833 to 1.3898
Retrace /Bounced from: 1.3843
Target: 3898 minus 3833 plus 3898 = 1.3963
TP = 1.3960
SL = 1.3830
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled11111.jpg Size: 148 KB
The Thief of Wall Street
  • #133
  • Mar 13, 2014 3:09am Mar 13, 2014 3:09am
Quoting Chicky
Trade 1 Orginal move: 1.3833 to 1.3898 Retrace /Bounced from: 1.3843 Target: 3898 minus 3833 plus 3898 = 1.3963 TP = 1.3960 SL = 1.3830 {image}
It hit the tp.

I see another set-up on USDJPY but that one is for more than 200 pips. Not sure if I want to take that one.
Attached Image
The Thief of Wall Street
  • #134
  • Mar 13, 2014 3:41am Mar 13, 2014 3:41am
Quoting Chicky
{quote} It hit the tp. I see another set-up on USDJPY but that one is for more than 200 pips. Not sure if I want to take that one. {image}
Trade 2
Long USDJPY
TP 103.09
SL 102.38

Same set-up as pitctured in above post, but with tight sl and tp to reduce number of pips
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled11111.jpg Size: 155 KB
The Thief of Wall Street
  • #135
  • Mar 13, 2014 7:29pm Mar 13, 2014 7:29pm
Quoting Chicky
{quote} Trade 2 Long USDJPY TP 103.09 SL 102.38 Same set-up as pitctured in above post, but with tight sl and tp to reduce number of pips {image}
Trade 2 stopped out, re-entered few pips below Trade 3 also stopped out at around 101.55, Trade 4 yet another long in play based on the trade 2 setup above

The move indicates 105.50 but going upto only 103.00. Logical stoploss should be just below 101.20, but current stoploss is at 101.55 for risk management purposes. If this trade also stops out, will enter another long with sl just below 101.20
Attached Image
The Thief of Wall Street
  • #136
  • Mar 14, 2014 3:45pm Mar 14, 2014 3:45pm
Quoting Chicky
{quote} Trade 2 stopped out, re-entered few pips below Trade 3 also stopped out at around 101.55, Trade 4 yet another long in play based on the trade 2 setup above The move indicates 105.50 but going upto only 103.00. Logical stoploss should be just below 101.20, but current stoploss is at 101.55 for risk management purposes. If this trade also stops out, will enter another long with sl just below 101.20 {image}
Wow. Talk about trying to catch a falling knife.
  • #137
  • Edited 9:19pm Mar 14, 2014 8:55pm | Edited 9:19pm
Quoting Brassboy
{quote} Wow. Talk about trying to catch a falling knife.
I respect your opinion. Me too fear this. In this business we have to live and play with fears, one reason I suggest risking only 1/4th of 1 % on each trade. This is all about risk and reward. The move I am playing allows a stoploss upto just below 101.20, therefore, I have set a SL at 101.15. It is very much possible that it spikes down to just below 101.00 on the next week opening, but this is a risk worth taking.

I am trading JPY after a very long time. Personally, I don't like this pair eversince I have stopped counter-trend trading. USD/JPY is a good pair for counter-trend tradng because, many times, it comes back to from where it starts a high-pip move. This pair is also famous for good retraces. I traded this pair for years with results not too bad, but got burnt in 2007/08 financial crisis as it did not show a good retrace then. Yet again, on many occasions, I missed good entries fearing catching a falling knife. I now believe in money management more than anything else and take my chances. This is just another chance. I cannot be right every time, but one thing I know is that I don't follow trading myths. If those myths were right, most of forex traders would have been very rich by now.

Sol Marc
The Thief of Wall Street
  • #138
  • Mar 15, 2014 1:18am Mar 15, 2014 1:18am
Quoting Chicky
{quote} Trade 2 stopped out, re-entered few pips below Trade 3 also stopped out at around 101.55, Trade 4 yet another long in play based on the trade 2 setup above The move indicates 105.50 but going upto only 103.00. Logical stoploss should be just below 101.20, but current stoploss is at 101.55 for risk management purposes. If this trade also stops out, will enter another long with sl just below 101.20 {image}
Wow!, you are just telling my story...!
JacekPreserve Precious Capital
  • #139
  • Mar 17, 2014 8:46pm Mar 17, 2014 8:46pm
Quoting Chicky
{quote} I respect your opinion. Me too fear this. In this business we have to live and play with fears, one reason I suggest risking only 1/4th of 1 % on each trade. This is all about risk and reward. The move I am playing allows a stoploss upto just below 101.20, therefore, I have set a SL at 101.15. It is very much possible that it spikes down to just below 101.00 on the next week opening, but this is a risk worth taking. I am trading JPY after a very long time. Personally, I don't like this pair eversince I have stopped counter-trend trading....
Got an Elite set-up, conflicting with the cnurrent trade. Don't know what to do. Should I contiue pursuing 103.00 or go for this quick setup on a smaller time-frame? Scratching my head.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled11111.jpg Size: 144 KB
The Thief of Wall Street
  • #140
  • Mar 17, 2014 9:03pm Mar 17, 2014 9:03pm
Quoting Chicky
{quote} Got an Elite set-up, conflicting with the cnurrent trade. Don't know what to do. Should I contiue pursuing 103.00 or go for this quick setup on a smaller time-frame? Scratching my head. {image}
Took the short trade with tight sl. Risk approximately 1/4th of 1%.
The Thief of Wall Street
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