EURUSD | Page 44791 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD, USD/CHF

Similar Threads

MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

Attachments: EURUSD
Exit Attachments

EURUSD

  • #895,801
  • May 7, 2014 10:25pm May 7, 2014 10:25pm
Quoting Davit
{quote} I have more modest goal. Reach account equity that I can trade full time and live without working for anyone. Regards
This is a dream of many. Have you ever tried one trader a year? Maybe you like to take this one trade risking few dollars on spotting an opportunity in the text few weeks or months and see how much you make on this tiny yearly trade as compared to all other trades. Just for fun ...................... and don't forget to set a hard SL and TP.

If you get it right once a year, in five years at 1:10 r/r $100 will be

Year 1 100 = 1,000
Year 2 1,000 = 10,000
Year 3 10,000 = 100,000
Year 4 100,000 = 1,000,000
Year 5 = Stopped Out at BE +1 = $101.
The Thief of Wall Street
  • #895,802
  • May 7, 2014 10:29pm May 7, 2014 10:29pm
Currently watching a possible H&S setup at support on UJ. I am looking for a rechallenge of the lower TL. If it fails and breaks on the upside, should see a return to near previous hourly highs imo.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy #1.png Size: 44 KB
As the lights go by so too do the shadows move
  • #895,803
  • May 7, 2014 10:33pm May 7, 2014 10:33pm
Quoting Chicky
{quote} This is a dream of many. Have you ever tried one trader a year? Maybe you like to take this one trade risking few dollars on spotting an opportunity in the text few weeks or months and see how much you make on this tiny yearly trade as compared to all other trades. Just for fun ...................... and don't forget to set a hard SL and TP. If you get it right once a year, in five years at 1:10 r/r $100 will be Year 1 100 = 1,000 Year 2 1,000 = 10,000 Year 3 10,000 = 100,000 Year 4 100,000 = 1,000,000 Year 5 = Stopped Out at BE +1 = $101....
I have worked out very detailed rigorous trading plan that will get me there.I have averaged 6-10% a month last 5months after implementing this.
I have no reason to doubt.I can't speak for others.
My approach is part fundamental,part technical.I have worked excel spread that its possible to reach my equity growth in 3-4years to trade full time.
I am not delusional about unrealistic goals hence I don't even entertain those thoughts.Your example is type of staff often people get sucked in and start over trading.To me trading should be based on realistic expectation otherwise we might be wasting precious time...
Regards
In trading, you have to be defensive and aggressive at the same time
  • #895,804
  • May 7, 2014 10:38pm May 7, 2014 10:38pm
Quoting Chicky
{quote} This is a dream of many. Have you ever tried one trader a year? Maybe you like to take this one trade risking few dollars on spotting an opportunity in the text few weeks or months and see how much you make on this tiny yearly trade as compared to all other trades. Just for fun ...................... and don't forget to set a hard SL and TP. If you get it right once a year, in five years at 1:10 r/r $100 will be Year 1 100 = 1,000 Year 2 1,000 = 10,000 Year 3 10,000 = 100,000 Year 4 100,000 = 1,000,000 Year 5 = Stopped Out at BE +1 = $101....
LOL, imagine the physchological impact on ones noggen at year 5.
I should withdrawn the mil, shoulda withdrawn the mil, shoulda..
like Philip Seymore Hoffman in Owning Mahoney..
  • #895,805
  • May 7, 2014 10:59pm May 7, 2014 10:59pm
Quoting 2012mysterio
{quote} LOL, imagine the physchological impact on ones noggen at year 5. I should withdrawn the mil, shoulda withdrawn the mil, shoulda.. like Philip Seymore Hoffman in Owning Mahoney..
there is nothing to imagine
nobody can take 100 to a million in 5years.
In trading, you have to be defensive and aggressive at the same time
  • #895,806
  • May 7, 2014 11:01pm May 7, 2014 11:01pm
5% to 10% or even 15%, definately doable with some consistentcy IMO, without over-risking.
Thats my target as well. Can't do it every month, but on average over a few. As long as ones trading plan doesn't involve any 35% drawdowns on one trade, most should be able to eventually do this with some efforts..
IMO
  • #895,807
  • Edited 11:17pm May 7, 2014 11:06pm | Edited 11:17pm
Quoting 2012mysterio
{quote} LOL, imagine the physchological impact on ones noggen at year 5. I should withdrawn the mil, shoulda withdrawn the mil, shoulda.. like Philip Seymore Hoffman in Owning Mahoney..
Believe it or not, I know a New Yorker who did almost the same in stock market. He bought some stocks for $300,000, over the years they went upto $7 million and then started coming down. He liquidated his position at $400,000.

Like Davit said, one should be realistic. My above post was indeed a joke but still workable. One is wasting time in this market if his/her system is based on something that may or may not happen once. I trade only for fun with small money and do not trade for living ...........and will never do. But few things that I have learned in so many years here are:

1. This market is completely random, if not, consider it completely random. However, there are certain price levels from where price bounces a little more than 50% of the time. Patiently wait for these levels, no matter how far they may appear.
2. Keep your positions as small as possible. Frequency of trades is more important than length of trades.
3. Preserve your capital. Never put yourself in a positin where you can get a big blow, small hits are OK.
4. Trade at the right time and not durlng low liquidity time. Key levels get hit at peak times anyway.
5. One pip profit or BE is far better than taking unnecessary risk
6. Realize 80% of your gains when they cover your risk and also try to preserve the rest 20% as much as possible
7. Never vary your risk or your reward. If you risk $50 and seek a reward of $80 per trade, keep on doing this regardless of your account balance until it doubles, then you double your risk. The alternate, little less effective, method is to fix certain % of your account balance for risk and reward.
8. Do not rely too much on fundamentals or technicals.
9. Trade professionally, it is your profession.
10. Never follow any other trader or blindly believe in their analysis, no matter how good their analysis had been in the past (sorry Gator)
11. Very carefully select your broker and the amount to trade with.
The Thief of Wall Street
  • #895,808
  • May 7, 2014 11:22pm May 7, 2014 11:22pm
Quoting Chicky
{quote} Believe it or not, I know a New Yorker who did almost the same in stock market. He bought some stocks for $300,000, over the years they went upto $7 million and then started coming down. He liquidated his position at $400,000. Like Davit said, one should be realistic. My above post was indeed a joke but still workable. One is wasting time in this market if his/her system is based on something that may or may not happen once. I trade only for fun with small money and do not trade for living ...........and will never do. But few things that...
Good post Chicky although I disagree on market randomness.
In trading, you have to be defensive and aggressive at the same time
  • #895,809
  • May 7, 2014 11:27pm May 7, 2014 11:27pm
Quoting Davit
{quote} Good post Chicky although I disagree on market randomness.
Me too. But for my method I consider it completely random as far as its direction is concerned from any given point. Even if direction is clear, some unexpected spike in the opposite direction reminds me that this is a very shitty place.
The Thief of Wall Street
  • #895,810
  • May 7, 2014 11:32pm May 7, 2014 11:32pm
Quoting Chicky
{quote} ..over the years they went upto $7 million and then started coming down. He liquidated his position at $400,000. ...
withdraw 5 millions and put it in savings account or invest step by step into bonds and wait for mature. Use the rest 2 million to trade and withdraw whenever it reaches 3 million. How can it go down to $400K?
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #895,811
  • May 7, 2014 11:35pm May 7, 2014 11:35pm
Quoting ffleo
{quote} withdraw 5 millions and put it in savings account or invest step by step into bonds and wait for mature. Use the rest 2 million to trade and withdraw whenever it reaches 3 million. How can it go down to $400K?
if the 2 million get busted. fine. take another 2 million from that 5 million saving account and trade.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #895,812
  • May 7, 2014 11:39pm May 7, 2014 11:39pm
Quoting ffleo
{quote} withdraw 5 millions and put it in savings account or invest step by step into bonds and wait for mature. Use the rest 2 million to trade and withdraw whenever it reaches 3 million. How can it go down to $400K?
I cannot change the facts. This is what happened. He did not liquidate his position until it came back to almost where he initially bought it. Not his fault, in those times, many people got trapped hoping that this down move would reverse and market would keep on going up. I am sure you have also done the same for a couple of times in the currency market ........... I did it several times. The last time I did it was today.
The Thief of Wall Street
  • #895,813
  • May 7, 2014 11:42pm May 7, 2014 11:42pm
Quoting Chicky
{quote} I cannot change the facts. This is what happened. He did not liquidate his position until it came back to almost where he initially bought it. Not his fault, in those times, many people got trapped hoping that market could reverse. I am sure you have also done the same for a couple of times in the currency market ........... I did it several times. The last time I did it was today.
this is like set a target but miss the target by a few pips, and watch the trade come back to hit stop-loss.

So always take partials on the way to final target.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #895,814
  • May 7, 2014 11:57pm May 7, 2014 11:57pm
Quoting ffleo
{quote} withdraw 5 millions and put it in savings account or invest step by step into bonds and wait for mature. Use the rest 2 million to trade and withdraw whenever it reaches 3 million. How can it go down to $400K?
Exactly ffleo, my thoughts precisely, and thats what I would have done in that situation no if , buts, or maybe.
Guess he was a gambler..lol ..
  • #895,815
  • May 7, 2014 11:59pm May 7, 2014 11:59pm
Quoting Chicky
{quote} 10. Never follow any other trader or blindly believe in their analysis, no matter how good their analysis had been in the past (sorry Gator).
# 10 applies to real life as well.
  • #895,816
  • May 7, 2014 11:59pm May 7, 2014 11:59pm
Quoting ffleo
{quote} this is like set a target but miss the target by a few pips, and watch the trade come back to hit stop-loss. So always take partials on the way to final target.
For last one year or may be a little more, I am trying a demo to get one right trade. Just one right trade that doubles my account. It does not happen. It simply does not happen no matter what I do. Check my attached demo explorer. I almost doubled my account today from $69 to $125 or so, but only after bringing it down to $69 from $500. It always happens like this. I double or triple an account only after losing 90% or so. That double or triple is no more than 10%-15% of the original balance. Why it happens? Not because I am a lousy trader, but it is pure mathematics and the way my broker has set rules for margin alerts and margin close-outs. If I carry a losing position while may account is under margin alert, I am losing my trading capacity. If I get margin called at 100 pips, I now need several hundred pips to get to where I started. There was only one instance in the whole year, where I could multply my account 4 or 5 times in one trade. That was on the day when Euro moved 350 or so pips in an hour. That was sheer luck. The bottome line .................. trade small, more frequently, for moderate number of pips and always take a shower while completly naked.
The Thief of Wall Street
  • #895,817
  • May 7, 2014 11:59pm May 7, 2014 11:59pm
FF is a bit like the market. Some days are good others are crap. Yesterday seemed like I only read abuse (not only on this thread) but today reading informative posts all round. Must be the weather
As the lights go by so too do the shadows move
  • #895,818
  • May 8, 2014 12:05am May 8, 2014 12:05am
The market expect no change of rate from ECB today. Asia looks to have no expectations from ECB.

The unemplymenta rate in the euro sone is still almost 12%. It is still depression like in Greece, Cyprus Spain etc. Nothing is solved.

The euro sone need a rate og 1,3 towards USD to be more competitive. 0,7% inflation target the 30.04 is below expectaions. If he does nothing he makes a fool of himself and responsible of pusihing the euro higher.


No more talk Mario. It is time to act
  • #895,819
  • May 8, 2014 12:13am May 8, 2014 12:13am
Quoting MarianneOslo
The market expect no change of rate from ECB today. Asia looks to have no expectations from ECB. The unemplymenta rate in the euro sone is still almost 12%. It is still depression like in Greece, Cyprus Spain etc. Nothing is solved. The euro sone need a rate og 1,3 towards USD to be more competitive. 0,7% inflation target the 30.04 is below expectaions. If he does nothing he makes a fool of himself and responsible of pusihing the euro higher. No more talk Mario. It is time to act
nice to see you post again Marianne
In trading, you have to be defensive and aggressive at the same time
  • #895,820
  • May 8, 2014 12:16am May 8, 2014 12:16am
Quoting MarianneOslo
The market expect no change of rate from ECB today. Asia looks to have no expectations from ECB. The unemplymenta rate in the euro sone is still almost 12%. It is still depression like in Greece, Cyprus Spain etc. Nothing is solved. The euro sone need a rate og 1,3 towards USD to be more competitive. 0,7% inflation target the 30.04 is below expectaions. If he does nothing he makes a fool of himself and responsible of pusihing the euro higher. No more talk Mario. It is time to act
I doubt they can do more .Not in a short time anyway Also that mantra ''High EUR damaging Eurozone '' is overrated IMO Europe's problems cannot be solved by Draghi's and Co , hence EUR/USD rate is rather less important for the current economic climate .
2,922 traders viewing now