Disliked{quote} Thanks. I never use SL because i believe that it is a tool to help the big players to make money.Ignored
the 95% loser are because they are undercapitale....the acconut over 20k are more often profitable , because thay can keep positions opened for a long time . well. we can say that 95% of the traders start with less tha 300 usd and make a lot of dream, the same happened to me .
Unfortunately this is the most common cause for failures in the start ups of many small businesses. Forex is not the only place where most people fail.
I use the formula .02lots /1000 plus 1 but that only starts working when you are at 2000, before then you need a regular source of payments into the account.
I suggest doing all the work of the flowerbed, but trading only the very most favorable of the (at least 15) windows according to the M.A. and then only screamers when they appear in the entry window. ("Nekkid" trading). This will give you a feel for what is going on. There will be plenty of action for you even if it is at .-01 lots. And the action will be truer than with a Demo.
Some of the most exciting trades (for me) that I have ever made have been with .01 lots.
Do not worry if spectators are bored. The greatest cyclists in the world first started out on wobbly wheels. (my advice to them).
But do not take comfort in a large account. "Be Sober, be vigilant, for the Devil walketh about like a roaring lion, seeking whom he may devour".
Sorry for the misquote, but the metaphor fits so well.
- #1,644
- Edited 11:16am Mar 9, 2014 11:03am | Edited 11:16am
- Joined Jan 2012 | Status: Trader | 717 Posts
It seems likely that a teacher who loses at the Forex, will teach you a way to lose at the forex...
It is also quite possible for a teacher who prospers at the forex to lead you into ways that will cause you loss.
I strongly advise anyone listening to me, for instance, to examine my ideas for defects, and try out only those you find attractive. Carefully. Prove them before using them. Even if they work for me they may not work for you.
Even so I would point out that if you have lots of windows open, and trade only the one that reasonably looks best to you, you stand to have better luck than if you open only one window, and hope and pray that it works out well for you.
With the " one best window strategy," you can be both aggressive and conservative, I think.
You could add to that "one trade at a time", at least till you have accumulated principle, experience, and time . You can always look at the other windows, and "paper trade" them to gain painless experience.
I think when you are trying a new idea, any new idea, these three strategies, coupled with the tiniest lot size you can manage without falling asleep, Is the best way to go, no matter what size your account.
If it works well for you, why change?
You do not have to adopt everything I think in order to do this. It would be better if no one did that. I strongly suspect that some people will look over my system, laugh at me, and go on to trade successfully.
It is also quite possible for a teacher who prospers at the forex to lead you into ways that will cause you loss.
I strongly advise anyone listening to me, for instance, to examine my ideas for defects, and try out only those you find attractive. Carefully. Prove them before using them. Even if they work for me they may not work for you.
Even so I would point out that if you have lots of windows open, and trade only the one that reasonably looks best to you, you stand to have better luck than if you open only one window, and hope and pray that it works out well for you.
With the " one best window strategy," you can be both aggressive and conservative, I think.
You could add to that "one trade at a time", at least till you have accumulated principle, experience, and time . You can always look at the other windows, and "paper trade" them to gain painless experience.
I think when you are trying a new idea, any new idea, these three strategies, coupled with the tiniest lot size you can manage without falling asleep, Is the best way to go, no matter what size your account.
If it works well for you, why change?
You do not have to adopt everything I think in order to do this. It would be better if no one did that. I strongly suspect that some people will look over my system, laugh at me, and go on to trade successfully.
To Michael:
1. How long do you think someone will remain trading one trade at a time if he is at all successful. Sheer boredom will drive him to better ways. If you have 50 trades open 44 balance each other at and 6 are in profit, What are the chances that you will make more money even with a spectacular single trade? But if you tell a new man to open lots of trades, he will open more than he can carry, and either drive his balance down or risk the Margin Call. I think essentially we are driving at the same point from two different angles.
Start out with one trade, to try to keep yourself from getting into too many trades too quickly. Start with a tiny lot size, Then employ a fixed, rigid strategy (because your balance is so tiny) until you no longer have to.
2. Same thing: a guy will make maybe two paper trades and say to himself, "Why paper trade, when I can risk a penny a pip and actually see something for my efforts". So he will open the window next most favorable for him to make a profit in, etc., etc. Soon he will look over all his windows, see one making a move, examine it for a screamer, and Scalp Away.
-People will always make mistakes. The Pope dropped a nasty word in public the other day.
-In any market, you should only play with money you can afford to lose. Every investor hears this in the course of his doings, sooner or later.
-What guy trying to make a living teaching forex would ever recommend not using a StopLoss? All the other instructors and many other people would come out of the woodwork to brand him a charlatan and prospective customers would shy away from him.
Many people need a stop loss, I suppose, to keep them from excess, (I suppose). My assertion is that you can make money with out the fixed stop loss, and my studies are on how to do it.
your posts are valuable to me. I am happy when I see them. I tend to think they are addressed to me even when they may not be.
1. How long do you think someone will remain trading one trade at a time if he is at all successful. Sheer boredom will drive him to better ways. If you have 50 trades open 44 balance each other at and 6 are in profit, What are the chances that you will make more money even with a spectacular single trade? But if you tell a new man to open lots of trades, he will open more than he can carry, and either drive his balance down or risk the Margin Call. I think essentially we are driving at the same point from two different angles.
Start out with one trade, to try to keep yourself from getting into too many trades too quickly. Start with a tiny lot size, Then employ a fixed, rigid strategy (because your balance is so tiny) until you no longer have to.
2. Same thing: a guy will make maybe two paper trades and say to himself, "Why paper trade, when I can risk a penny a pip and actually see something for my efforts". So he will open the window next most favorable for him to make a profit in, etc., etc. Soon he will look over all his windows, see one making a move, examine it for a screamer, and Scalp Away.
-People will always make mistakes. The Pope dropped a nasty word in public the other day.
-In any market, you should only play with money you can afford to lose. Every investor hears this in the course of his doings, sooner or later.
-What guy trying to make a living teaching forex would ever recommend not using a StopLoss? All the other instructors and many other people would come out of the woodwork to brand him a charlatan and prospective customers would shy away from him.
Many people need a stop loss, I suppose, to keep them from excess, (I suppose). My assertion is that you can make money with out the fixed stop loss, and my studies are on how to do it.
your posts are valuable to me. I am happy when I see them. I tend to think they are addressed to me even when they may not be.
Rap I am getting much more parent pairs from the child pairs, To me it looks likes everything is interlinked. Ps (can somebody please help me, I have it onto excel and I want to paste it into the forum. any suggestions)
Everything on the forex is interlaced. You have a group of child pairs with its circles of parents, each of those pairs are child pairs of other parents. (Grandparents?)
I sometimes suspect that a wave is running through them, much like you see at a football when they start standing up and sitting down in sequence. (Out of boredom?)
Does the interlace just do "the wave" when no news event is driving anything? A news event would be like someone scoring a goal, and everyone jumps up and down and cheers and stuff.
Wouldn't be neat to get a handle on this so you can predict where "the wave" is going next. Such a thing, if it exists, should have a simpler description than ,say, "the butterfly effect"
Maybe some night, in the middle of the night, I will get an idea that will unlock this mystery. I keep pencil and paper by my bedside for just a purpose.
Hmmm> THE WAVE <Hmmm
Did I just put that out on the internet? I'd better go take a nap.
- #1,652
- Mar 9, 2014 1:13pm Mar 9, 2014 1:13pm
- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
If you are good at something, never do it for free--Joker
To NFP:
I am curious to know in more detail this tactic of trading counter to the M.A. indicators. I suspect there are some opportunities ,especially in situations that are in transitions (where fast, middle, slow are not all pointing the same way). This would increase the opportunities I now take to make money. I am always interested in such things.
I am curious to know in more detail this tactic of trading counter to the M.A. indicators. I suspect there are some opportunities ,especially in situations that are in transitions (where fast, middle, slow are not all pointing the same way). This would increase the opportunities I now take to make money. I am always interested in such things.
To NFP: I am curious to know in more detail this tactic of trading counter to the M.A. indicators. I suspect there are some opportunities ,especially in situations that are in transitions (where fast, middle, slow are not all pointing the same way). This would increase the opportunities I now take to make money. I am always interested in such things.
My advice on finding the right spot for a reversal or counter trend would be:
- Double/trible top/bottom (the more tops/bottoms, the better)
- trends usually go in the opposite direction of the spike
- The newer the (market price) level (the higher probability of reversal)
- The longer the (white) candle than the previous (black) candle
- Extremely overbought/oversold
- Long at overbought
- Short at oversold
- divergence
- Low volume- The longer the shadow to the wrong direction (compared to previous one)
- The longer the consolidation
- After 7-12 higher highs (it’s overbought), then usually the market goes down (on daily/weekly chart)
- if the upper shadow gets above SR (aka retesting/crack and snap). No ‘real body’ (of a candle) closed above it.
- Low volume
- Next candle is higher/lower
- Outside ATR (daily range)
- The longer round number hasn’t been seen
- Round number
- Half number
- Broken trendline
- Breakout + Fibonacci
- double/trible fib (eg. daily 50% and monthly 61.8%)
- MAs + Fibonacci
- Clean breakout
- (suddenly) high volume is breakout
- Clean formation
- Clean candle pattern
- The more times SR is bounced at
- The more current SR bounce is
- At psychological price level
Do I miss anything else? You are welcome to add on.
Join our skype group.
- #1,658
- Mar 9, 2014 5:48pm Mar 9, 2014 5:48pm
- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
If you are good at something, never do it for free--Joker
{quote} Me either. I would like to know more about trading counter trends. My advice on finding the right spot for a reversal or counter trend would be: - Double/trible top/bottom (the more tops/bottoms, the better) - trends usually go in the opposite direction of the spike - The newer the (market price) level (the higher probability of reversal) - The longer the (white) candle than the previous (black) candle - Extremely overbought/oversold - Long at overbought - Short at oversold - divergence - Low volume- The longer the shadow to the wrong direction...
Michael, how would you check through all those indicators and still enter in time to react to the situation? (Honest question, there may be some kind of way...)