Professional Trading Strategy - student selection | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Pair selection when using Trendmagic System 0 replies

Broker Selection 1 reply

user selection of Object color 2 replies

Trade Selection, by Joe Ross 0 replies

Brokers selection criteria 10 replies

Attachments: Professional Trading Strategy - student selection
Exit Attachments

Professional Trading Strategy - student selection

  • #121
  • Feb 1, 2014 4:18pm Feb 1, 2014 4:18pm
I do use stops, however, I give my stops some distance to give price room to breathe.
  • #122
  • Feb 1, 2014 5:55pm Feb 1, 2014 5:55pm
Quoting exchange101
Question for EVERYONE: DO YOU USE STOPS? If no, why not?
Might be way off here, but are u alluding to a professional traders screen not having stops? Traditional s/d sr candlestick trading places stops at certain levels where big players can find liquidity for their positions? is this why u can be precise with the flow? knowing the pockets where big price turn?

Your questions are very open so my mind went along way. And yes I use stops cause that is what traditional money management has taught me, so maybe that is wrong thinking.
  • #123
  • Feb 1, 2014 11:51pm Feb 1, 2014 11:51pm
Quoting exchange101
Question for EVERYONE: DO YOU USE STOPS? If no, why not?
i always use stop,the big problem is"where we locate them"?
  • #124
  • Feb 2, 2014 12:27am Feb 2, 2014 12:27am
Hi Exchange101

May simple take on money flow/market movement.

One persons market buy order = another persons market sell order
One persons market sell order = another persons market buy order

Lets say the big players are buying and want to move the market up. They soak up/accumulate all the supply (sell orders) and now hold massive buy orders which they intend to sell later at a higher price, to whom....As the market rises and the average traders see their indicators, trendline breaks etc triggering buy signals. they buy, from whom. My opinion is the big players are now starting to unwind their buy orders and begin selling to the average traders. The big players are already in profit, but know the market is still going to rise as more and more average traders go long. the big players are in bigger profit and are effectively feeding the market. Once the big players have unloaded all their buy orders they have achieved their objective and are in big profit. As the average traders are still going long, the big traders are now amassing large sell orders and now the market reverses because the big players want to profit by reversing the process. Hence my quote in a previous post that the market moves in swings and cycles.

Regarding stops,(I use them only for the initial entry and then trail price by fib levels and close manually). I use to use trailing stops until I realized 2 things.

1. My trailing stops where always being hit and then price would continue on its way without me. Exactly what the big players want to achieve.
2. Trailing stops are actually additional fuel for the big players. By this I mean in the example above, the market begins to rise in your favour and you place your trailing stop (a sell stop order). The big players know this (and know price is going to continue to rise) see these sell stop orders, reverse price, trigger the stops which are now additional buy orders for them to eventually sell at a higher price. Its almost like the initial start of the move when the big players are accumulating the supply, they go back and accumulate more. Wouldn't anyone if they knew price was going to go higher. Look at any chart in hindsight and say I wish I had of bought at the beginning of the move and bought more on each dip.

So in summary, the rise in price is the big players gradually unwinding their buy orders and the fall in price where they gradually unwind their sell orders. They achieve more profit this way rather than unwinding all at once.

I am sure there is a lot more going on but this is my simple take on money flow.

On additional thing I use is a currency strength meter which basically shows me which currency is starting to grow strong (money flowing in) and which currency is starting to grow weak(money flowing out)

Koh....
  • #125
  • Feb 2, 2014 1:44am Feb 2, 2014 1:44am
Quoting biganc
I do use stops, however, I give my stops some distance to give price room to breathe.
Great this is one way.
  • #126
  • Feb 2, 2014 1:46am Feb 2, 2014 1:46am
Quoting vamp
{quote} Might be way off here, but are u alluding to a professional traders screen not having stops? Traditional s/d sr candlestick trading places stops at certain levels where big players can find liquidity for their positions? is this why u can be precise with the flow? knowing the pockets where big price turn? Your questions are very open so my mind went along way. And yes I use stops cause that is what traditional money management has taught me, so maybe that is wrong thinking.
Oh, No!

That was the importance of the question. NEVER trade without a stoploss EVER, unless you have been doing this for years and you have the strength to pull the trigger without any kind of emotional remorse.
  • #127
  • Feb 2, 2014 1:50am Feb 2, 2014 1:50am
I, after all those years of trading, use stop losses. They are very important.

As discipline and all other things a trader must learn and be comfortable with, you need to have a broker that you are comfortable with.

If your broker hunts your stops....get another broker. Though, if your stops are wrong placed and being hit all the time, this does not mean the broker hunts your stops.

In the past I opened accounts with many brokers. Some hunted stops, some had delay in order placement and all kind of other problems.

But this is a discussion for another time.
  • #128
  • Feb 2, 2014 2:08am Feb 2, 2014 2:08am
<p>
Quoting exchange101
I, after all those years of trading, use stop losses. They are very important. As discipline and all other things a trader must learn and be comfortable with, you need to have a broker that you are comfortable with. If your broker hunts your stops....get another broker. Though, if your stops are wrong placed and being hit all the time, this does not mean the broker hunts your stops. In the past I opened accounts with many brokers. Some hunted stops, some had delay in order placement and all kind of other problems. But this is a discussion for another...
</p>
<p></p>
<p></p>

Okay I went a little far with my guessing. But what is it then that professionals use that we miss? Googling money flow order flow brings up tons of info so I will just wait until u take this discussion further. At least u are promoting stoplosses or that could be seen as quite the red flag for some.
  • #129
  • Feb 2, 2014 2:33am Feb 2, 2014 2:33am
The stop loss is something everybody, specially those that are not very experienced in forex, should use, in my opinion.

Does anybody remember, I guess in 2009, what happened? Not so good for those that didn't use stop losses. You had no time to pull the trigger. It does not have to happen every day, but do you want to see all your account wiped out in seconds?

This stop loss discussion was started to see how everybody is thinking about trading. No deeper meaning.

Thanks for being here on the thread and active guys.
  • #130
  • Feb 2, 2014 2:38am Feb 2, 2014 2:38am
I want to share something with all of you. Every person is different and unique in this life as God left us that way. The smallest detail makes us unique.

I don't care if the trade is 5 pips or 100 pips. If I my strategy says I should be in that trade, I take it. Some of you might have fixed profit targets. Some have 10 pips, some 50 pips. I take what the market gives me and I don't try to push the market. That is wrong.

I follow the market.
  • #131
  • Feb 2, 2014 2:45am Feb 2, 2014 2:45am
So, this commercial member account is giving me headaches

How should I let you know my email? I think that if I post it here, a lot of spam will come in and I don't want that.

On facebook....maybe there are people that do not use facebook.

Anybody has a suggestion?
  • #132
  • Feb 2, 2014 3:25am Feb 2, 2014 3:25am
Hi Exchange101

One possibility is for you to create a temporary email account, post it here for interested people to reply to. ask them to place in the subject line 'FFExchange101' for example. This way you will only open those emails. After x days you can disregard this temp email account. Then you can reply to your new email list with your actual email address.

I hope this helps.

Regards
Koh
  • #133
  • Feb 2, 2014 3:38am Feb 2, 2014 3:38am
<p>
Quoting Koh Samet
Hi Exchange101 One possibility is for you to create a temporary email account, post it here for interested people to reply to. ask them to place in the subject line 'FFExchange101' for example. This way you will only open those emails. After x days you can disregard this temp email account. Then you can reply to your new email list with your actual email address. I hope this helps. Regards Koh
This is probably a good option cause you don't want an account u use frequently to suddenly be inundated with trash.
  • #134
  • Feb 2, 2014 5:27am Feb 2, 2014 5:27am
Quoting Koh Samet
Hi Exchange101 May simple take on money flow/market movement. One persons market buy order = another persons market sell order One persons market sell order = another persons market buy order Lets say the big players are buying and want to move the market up. They soak up/accumulate all the supply (sell orders) and now hold massive buy orders which they intend to sell later at a higher price, to whom....As the market rises and the average traders see their indicators, trendline breaks etc triggering buy signals. they buy, from whom. My opinion is...
Very well said Sir. I am a newcommer to forex which is just last 2 years and have traded sometimes. Made profits and losses . I feel the same way. This is how markets work and can be easily manipulated by market players and they hunt for SL etc because I just observe market movements and trade and many times trade go wrong. Only ones that are right are which trade has not been placed. But market makers make this market move and as Exchange Sir has mentioned that indicators and all are to confuse traders. Remember indicators tell only what is happening in the market. There is nothing that tell what is going to happen. I huge order in opposite direction of market in 1 second and everything reverses. Where are those indicators etc etc.

Yes I do believe that indicators which can be customised after years of knowledge and practiced and codes could be programmed on real time basis is I believe what professional traders do differently to make there money. Sincewe all know success rate in forex is almost 10 - 15 % and more that half of it being big players like bank and other financial institutions . So there are only few individuals left .

I am happy that I found 2 people who think like me . Glad to meet you guys
  • #135
  • Feb 2, 2014 5:31am Feb 2, 2014 5:31am
Quoting exchange101
I, after all those years of trading, use stop losses. They are very important. As discipline and all other things a trader must learn and be comfortable with, you need to have a broker that you are comfortable with. If your broker hunts your stops....get another broker. Though, if your stops are wrong placed and being hit all the time, this does not mean the broker hunts your stops. In the past I opened accounts with many brokers. Some hunted stops, some had delay in order placement and all kind of other problems. But this is a discussion for another...
I completely agree Sir that Stops must be placed at right levels and at the same time they should not be placed too close to the order as there are more chances that they will be taken out and it is not the brokers who hunt Stop losses it is the market or big players. I believe market makers have all the softwares and data from all brokers to extent of orders placed , direction etc etc...so many things. But then it is important to place stops at right levels.

I sometimes place stops and sometimes not. But yes need to have a disciplined approach towards trading if one wants to be successful in forex.
  • #136
  • Feb 2, 2014 6:07am Feb 2, 2014 6:07am
Quoting Koh Samet
Hi Exchange101 One possibility is for you to create a temporary email account, post it here for interested people to reply to. ask them to place in the subject line 'FFExchange101' for example. This way you will only open those emails. After x days you can disregard this temp email account. Then you can reply to your new email list with your actual email address. I hope this helps. Regards Koh
It'a a good idea.
  • #137
  • Feb 2, 2014 8:07am Feb 2, 2014 8:07am
Quoting koh samet
hi exchange101 may simple take on money flow/market movement. One persons market buy order = another persons market sell order one persons market sell order = another persons market buy order lets say the big players are buying and want to move the market up. They soak up/accumulate all the supply (sell orders) and now hold massive buy orders which they intend to sell later at a higher price, to whom....as the market rises and the average traders see their indicators, trendline breaks etc triggering buy signals. They buy, from whom. My opinion is...
very nice ,well put,let me know more about what you are thinking about the money flow of the big boys;thank you
  • #138
  • Feb 2, 2014 9:22am Feb 2, 2014 9:22am
About stops. The way I use my stop is that I place it in a location that lets me know my trade was invalidated. If I happen to get a trigger in the original direction, I can always place another order. Meaning, maybe more orders were picked up and someone was getting a discounted price. I would rather be a little wrong than a lot wrong.
  • #139
  • Feb 2, 2014 9:22am Feb 2, 2014 9:22am
I'm subscribed to the thread.

I have been trading for 3 years but still not profitable.

I always wish to work from home and not spend a lot of time out there like in other in works, not because I'm lazy and wish to get rich quickly but because I want to get better life quality according to what I always dream of and normal jobs out there just can't make it come true for me.

I think I'm a very hard worker, I've read a lot of trading actions price action, supply and demand, dow theory, gann theory, elliot wave, indicators based, mechanical based, martingale, intuition based... you name it...

However, I didn't even be too much discipline in most of them to really applied them because I found them disappointing when I manually back tested or checked them on the chart based on the past history, the only thing I really use is price action ( candlestick pattern and supply and demand ).

I'm still on a journey to find the way for me in Forex and I hope I'll learn something for you if I have the chance.
  • #140
  • Feb 2, 2014 3:18pm Feb 2, 2014 3:18pm
Quoting calderone
About stops. The way I use my stop is that I place it in a location that lets me know my trade was invalidated. If I happen to get a trigger in the original direction, I can always place another order. Meaning, maybe more orders were picked up and someone was getting a discounted price. I would rather be a little wrong than a lot wrong.

I like that statement " I would rather be a little wrong than a lot wrong." I have been both but I prefer the former like you.
0 traders viewing now