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Trading around the world

  • #1
  • First Post: Edited Aug 5, 2014 8:40am Mar 30, 2014 11:26pm | Edited Aug 5, 2014 8:40am
Apologies for having to stop this thread. I really enjoyed the time here and met a few very interesting people and even managed to meet a few in person.

The reason being is that I have several things to take care of besides trading that consume the majority of my time and don't leave much spare time to interact with you on the level that I think would be necessary. This is also the reason why I restricted new posting to High Impact Members only. I feel that it wouldn't be helpful if people started posting in here, since this was my journal and I wont have the time to answer the questions or discuss them in the manner that would be most beneficial. Thanks for your understanding.

All the best to you and good luck on your trading journey. Keep pushing, it's worth it!
Learn from yesterday, live for today and hope for tomorrow.
  • #2
  • Mar 31, 2014 3:07am Mar 31, 2014 3:07am
Ya so what's your point?

Quoting TraderRolf
Hi traders, I have been trading forex exclusively for several years and after graduating from university I set out to make trading my profession while traveling around the world. I left germany 6 months ago and have been traveling around asia since then. I spend around 3 days - max 12 hours - trading per week. I am following a "simple" trading approach that allows me to leave the charts alone for most of the time. I picked up a few trading ideas from other pro traders along my journey and so created my own trading style that suits my way of thinking...
GBP/USD
  • #3
  • Mar 31, 2014 6:15am Mar 31, 2014 6:15am
Quoting TraderRolf
Hi traders, I have been trading forex exclusively for several years and after graduating from university I set out to make trading my profession while traveling around the world. I left germany 6 months ago and have been traveling around asia since then. I spend around 3 days - max 12 hours - trading per week. I am following a "simple" trading approach that allows me to leave the charts alone for most of the time. I picked up a few trading ideas from other pro traders along my journey and so created my own trading style that suits my way of thinking...
Hi TraderRolf,

I've been following your trades on 'Fail Better.' Awesome stuff. Looking forward to what you have to share.
  • #4
  • Mar 31, 2014 6:29am Mar 31, 2014 6:29am
Quoting deepak925
Ya so what's your point? {quote}
I just want to share my view on the markets and how I trade. I think it's a simple and sound concept that not glues you to the screen and isn't that what most people look for when they go into trading?!

Quoting revival_fx
{quote} Hi TraderRolf, I've been following your trades on 'Fail Better.' Awesome stuff. Looking forward to what you have to share.
Thank you Sir. Looking forward to meet interested traders.
Learn from yesterday, live for today and hope for tomorrow.
  • #5
  • Mar 31, 2014 6:37am Mar 31, 2014 6:37am
Quoting TraderRolf
{quote} I just want to share my view on the markets and how I trade. I think it's a simple and sound concept that not glues you to the screen and isn't that what most people look for when they go into trading?! {quote} Thank you Sir. Looking forward to meet interested traders.

That is exactly what I want. To enter a trade with a reasonable lot size, stop loss and profit target then walk away with confidence. I'm slowly working to that direction. The last couple weeks have been a GAME CHANGER!

Any help from you at your leisure would be appreciated.
  • #6
  • Mar 31, 2014 7:13am Mar 31, 2014 7:13am
Here are a few scenarios I am looking at. ( The last blue arrow of a sequence describes the actual trade I am looking to take)
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Learn from yesterday, live for today and hope for tomorrow.
  • #7
  • Apr 1, 2014 8:28am Apr 1, 2014 8:28am
No trades today and nothing worth sharing on the charts but I think this is equally (or even more) important than entries or exists.

The graph shows my last 6 trades from last week and you can easily see why I like trading with a high reward-risk-ratio. One good trade can make up for a couple of trades where your SL got hit. You don't have to be a brilliant trader with a high winrate. You just have to play it smart. In the end, trading is just a game of probabilities.

I never take trades with a reward-risk-ratio below 3:1 - I even prefer to go for 4:1 or 5:1.

Reward-risk-ratio 3:1 --> winrate of > 25% to be profitable
Reward-risk-ratio 4:1 --> winrate of > 20% to be profitable
Reward-risk-ratio 5:1 --> winrate of > 17% to be profitable
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Learn from yesterday, live for today and hope for tomorrow.
  • #8
  • Apr 1, 2014 8:58am Apr 1, 2014 8:58am
Yeah, I should've walked away this morning. If I keep staring at the charts when there is nothing there, I will convince myself to chance the market instead of letting the market come to me. 4 bad trades. Even though I had 2 winners of those 4, they were still bad.

Thanks for the charts yesterday, they gave me a good idea of the kinds of things to look for.

cheers
  • #9
  • Apr 2, 2014 6:04am Apr 2, 2014 6:04am
I am currently in a GBPUSD short. although the level has acted as resistance before, we could get some interesting price action that made me go short here. However, seems markets are waiting for US news later today.

Furthermore, 2 interesting setups that already made me put in limit orders can be found on NZDJPY and USDCAD.
- I am looking for a quick bounce on NZDJPY because we are at multiple-year highs. But price level, MA and FIB confluence is pretty interesting.
- USDCAd is currently at its range bottom. If we can break it to the downside I am looking to sell into a retest. The level is extremly nice and I have been watching it for the last few days.

Trade smart :-)
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Learn from yesterday, live for today and hope for tomorrow.
  • #10
  • Edited 7:59am Apr 3, 2014 7:41am | Edited 7:59am
I took profit on my GBPUSD trade yesterday (1). I pulled my SL after I saw we keep bouncing off 1.662 and got taken out for +20 pips. Now I am looking for a retest of 1.662 as resistance for further shorts (2).

I am in a short USDJPY trade right now. 104 had a very interesting supply zone which made me go short here. I waited for the release of the USD news to make sure we are not being surprised by unexpected numbers. I took partial profits already and will let the rest run to TP.

EURUSD currently at very strong level. However, I am not taking a "blind touch" trade here since we have tested the level previously as support before - therefore it's no 'fresh' level anymore. However if we can get a pinbar or any other price action confirmation, I am looking to buy here.

USDCHF just broke a serious resistance level. I am looking to buy a retest at 0.888.
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Learn from yesterday, live for today and hope for tomorrow.
  • #11
  • Apr 3, 2014 8:12am Apr 3, 2014 8:12am
I def want to buy the EURUSD after we got the nice H1 pinbar at 1.371.

However, I am not willing to pay current price. Therefore I use a limit order to see if I can get a better price. This way I can improve the reward-risk-ratio a lot and put the probabilities more on my side. Trading this way means you will miss some trades that just take off, but in the long run you can make mone easily.

Buy cheap with a high reward-risk-ratio!
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Learn from yesterday, live for today and hope for tomorrow.
  • #12
  • Apr 4, 2014 12:13am Apr 4, 2014 12:13am
NFP day. I never trade on NFP day and I closed my two trades from yesterday this morning. EURUSD +11 pips, USDJPY + 9 pips. Markets are clearly waiting for US numbers and I decided to take an early weekend. I am now in Phi Phi Island, in the south of Thailand, enjoying some time off. I had 5 trades this week, 4 of them winners - not bad to end a week like this.

Some random thoughts about trading:

Everywhere around the web you can purchase trading system that promise big, double digit, returns and find trading-gurus who can show you easily how insiders make money for only 99 $.

Keep in mind that you compete against multi-billion dollar corporations that are hiring the best PhDs and top traders while you trade off your mobile phone or in your underwear in your bedroom. Trading is a tough business and I believe that way less than 5% can make it in the long term. Most people give up once they realize it takes more than looking for trading signals given by a random selection of indicators or after blowing up their accounts.

Trading is a profession like any other - maybe even harder to master because the environment is so competitive. You wouldn't go for someone for treatment who just started studying medicine last year or hire an architecture student to build your new house.

It takes years and thousands of hours of screentime, practice and improvement to become a consistently profitable trader. Take your time, look for a trading method that suits your lifestyle and mindset, really master it and prove to yourself that you can be profitable until you start trading with your hard earned money.

Enough for now. Enjoy your weekend :-)
Learn from yesterday, live for today and hope for tomorrow.
  • #13
  • Apr 4, 2014 6:56am Apr 4, 2014 6:56am
A game changer in my trading was when I started to use the concept of buying when prices are falling and selling when prices are rising.

Conventional trading knowledge tells you that you should buy into an uptrend and sell when prices are falling. But most of the time you will be too late and enter when the big players try to exit their positions and you'll be on the opposite site.

In real life you don't wait until prices start rising - you are looking to buy when prices are falling and try to get the biggest possible discount. So, why not do the same in trading?! Try to implement this concept in your trading and you'll see big changes in your equity curve
Learn from yesterday, live for today and hope for tomorrow.
  • #14
  • Apr 4, 2014 7:06am Apr 4, 2014 7:06am
Quoting TraderRolf
A game changer in my trading was when I started to use the concept of buying when prices are falling and selling when prices are rising. Conventional trading knowledge tells you that you should buy into an uptrend and sell when prices are falling. But most of the time you will be too late and enter when the big players try to exit their positions and you'll be on the opposite site. In real life you don't wait until prices start rising - you are looking to buy when prices are falling and try to get the biggest possible discount. So, why not do the...
It seems you are talking about knowing when to fade a move. If so, I agree. Knowing when to fade a support or resistance is the key to making a ton. I've seen it this week alone.

I've also started to see the immense benefit in understanding the synergy of different but sometimes competing camps on FF. An understanding of liquidity (from the orderflow camp) is the basis for the supply and demand zones (from the supp dem camp) that generate the support and resistance lines on our charts (SuppRes/PA camp) and the triangles on our charts (Harmonics camp).

To me the understanding of these fit very nicely. This is why I like your charts. I'm still a noob, though so what do I know.
  • #15
  • Apr 6, 2014 12:03pm Apr 6, 2014 12:03pm
Quoting revival_fx
{quote} It seems you are talking about knowing when to fade a move. If so, I agree....
I am not quiet sure what you mean by 'fading' but I was referring to identifying market turning points. I am looking for levels where (short term) trends come to an end and prices reverse.

My 'method' is a combination of support/resistance and supply/demand trading. I combined concepts from both, since both have similar concepts and share a similar view on price orderflow. I keep my charts clean and exclusively trade off horizontal levels. I use things like commonly used MAs and FIBs for further confirmation.
Learn from yesterday, live for today and hope for tomorrow.
  • #16
  • Apr 6, 2014 12:14pm Apr 6, 2014 12:14pm
After a sensational weekend on Phi Phi Islands it's time to focus again on the charts. Nothing is for free when you are traveling in Asia, so time to make some money ;-)

Here are a few charts for the upcoming trading week. I could find a lot of very clean levels and many interesting scenarios. Will be an interesting week.

GBPUSD - 3 good and extremely clean levels 1.665 1.66 1.655 - I am waiting for a break and retest of either of the levels.

NZDUSD - 0.864 is where I'll put a sell limit order. 0.856 is where I'll have my limit buy order waiting. In between we we have few levels that could be interesting as well.

USDCAD - the 1.10 level looks good for a short trade. I'll wait how markets open and how prices trades into the levels.

NZDJPY - 88.27 still has not been tested as support yet. I am looking to buy here, depending on the start of the week.

USDJPY - 102.4 area is where I will be buying. Very nice level and has not been tested as support yet. Def a buy here.

I'll update my plans as soon as I see something developing. I'll tweet all my trades as usual as well.

I wish you all a good start into a fresh trading week.
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Learn from yesterday, live for today and hope for tomorrow.
  • #17
  • Apr 6, 2014 12:35pm Apr 6, 2014 12:35pm
Hi,

May I ask you, which is your monthly return?
  • #18
  • Apr 6, 2014 6:40pm Apr 6, 2014 6:40pm
Quoting TraderRolf
{quote} I am not quiet sure what you mean by 'fading' but I was referring to identifying market turning points. I am looking for levels where (short term) trends come to an end and prices reverse. My 'method' is a combination of support/resistance and supply/demand trading. I combined concepts from both, since both have similar concepts and share a similar view on price orderflow. I keep my charts clean and exclusively trade off horizontal levels. I use things like commonly used MAs and FIBs for further confirmation.
That's exactly what I mean by fading. I also use Support-Resistance and Supply-Demand for the exact same reasons.
  • #19
  • Apr 6, 2014 7:11pm Apr 6, 2014 7:11pm
Quoting Trader05
Hi, May I ask you, which is your monthly return?
Well, I started trading 7 years ago and within the last 4 years I have been profitable in 13/16 quarters.
Learn from yesterday, live for today and hope for tomorrow.
  • #20
  • Edited 7:21am Apr 7, 2014 7:00am | Edited 7:21am
That USDCAD I talked about yesterday worked perfectly. My limit order was hit 3 hours ago and price came down to my first target quickly. I now pulled my SL just above previous highs and let the rest run.

Edit: Rest hit TP. Perfect setup. I have been stalking that USDCAD range for the past week. Patience pays!

These levels work perfectly and if you find the good areas your drawdown will be close to zero - which allows you to trade with a tight stop and a high reward-risk-ratio.
Attached Image (click to enlarge)
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Learn from yesterday, live for today and hope for tomorrow.
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