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Trading around the world

  • #41
  • May 8, 2014 10:12am May 8, 2014 10:12am
Quoting revival_fx
Loonie is at the bottom of a daily demand zone. I went long expecting a bounce. We'll see.
I'll be waiting for confirmation. Either a bullish price action signal or a bearish break and retest. Either way, there can be made money on this leve imo.
Learn from yesterday, live for today and hope for tomorrow.
  • #42
  • May 9, 2014 11:08am May 9, 2014 11:08am
And with this GBPUSD trade I am ending my trading week.

Reasons for entry was the test of 1.70 as resistance. The 4H chart afterwards posted first a bearish engulfing and afterwards a pinbar-like candle. Enough reasons to get in.

I hope you had a good week as well.
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Learn from yesterday, live for today and hope for tomorrow.
  • #43
  • May 11, 2014 10:57am May 11, 2014 10:57am
We settled in Jakarta for the last few days, planing our trip next week to Japan. The hardest thing we have done on our travel during the last 7 months is finding a decent accomodation for a reasonable price in Tokyo, but we finally made it

I also found some time to set up youtube and snagit and made my first video. Please be gentle, it's the first video and I still need to get used to this but I think it adds more value.

(The quality gets better after the first 30seconds, so be patient)
Inserted Video


Some other pairs, besided the ones discussed in the video, are the following with some very interesting levels marked for the upcoming week.

Wishing you all a nice trading week.

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Learn from yesterday, live for today and hope for tomorrow.
  • #44
  • May 11, 2014 1:09pm May 11, 2014 1:09pm
Bravo! Nice job on the vid.
  • #45
  • May 11, 2014 1:19pm May 11, 2014 1:19pm
Quoting TraderRolf
We settled in Jakarta for the last few days, planing our trip next week to Japan. The hardest thing we have done on our travel during the last 7 months is finding a decent accomodation for a reasonable price in Tokyo, but we finally made it I also found some time to set up youtube and snagit and made my first video. Please be gentle, it's the first video and I still need to get used to this but I think it adds more value. (The quality gets better after the first 30seconds, so be patient) http://www.youtube.com/watch?v=5S94Oy-c6Z0...
Hi Rolf,

Thanks for the video. Really appreciate the hard work put into it and encourage you to please continue. Keep em coming
  • #46
  • May 12, 2014 8:37am May 12, 2014 8:37am
Thank you guys for your feedback. I actually enjoyed making it. I'll have a few ideas in mind for videos that i think will add value for traders.

Today, besides planing my trip to Japan on Wednesday I found some time to make this short video about position sizing, risk reward ratio and winrate. Maybe a little bit too basic for the most...

Inserted Video
Learn from yesterday, live for today and hope for tomorrow.
  • #47
  • Edited 9:51am May 12, 2014 9:05am | Edited 9:51am
Heads up on the GBPUSD. There might be a 'fakey' pattern forming.

We saw price coming back into 1.69 which coincides with a 61.8 FIB. After that price posted an inside bar followed by a break of the inside bar to the downside - the break of the inside bar was marked by a bullish pinbar. In price action theory, if we can make it above 1.6902 this might signal a false breakout and bullish moves. But for now, it's just about observing,

Eidt: atm it seems as if the fakey cannot be confirmed. Should prices get lower and break 1.6837, selling a retest is def worth considering - very good level.

Happy trading
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Learn from yesterday, live for today and hope for tomorrow.
  • #48
  • Edited 8:22pm May 12, 2014 10:10am | Edited 8:22pm
Seems as if it's all about Cable today. But other than that I don't see much on my charts.

I have been bearish since we hit the 1.70 last week and shorthed it after the break of the two 4H candles (engulfing, followed by pinbar). I exited my first trade when I saw prices 'rounded off' at support level.

I remained short biased and just took a new entry. I talked about the fakey earlier but when I saw that we could not complete it I took the entry, I will play these second entries with tighter stop and more caution.

Update: I am taking off 50% of my position. Price action not that convincing at the moment.
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Learn from yesterday, live for today and hope for tomorrow.
  • #49
  • May 13, 2014 5:35am May 13, 2014 5:35am
We just landed in Bali and I saw my GBPUSD trade is moving in profit nicely. We are coming into previous support. That's why i pulled my SL closer to a reasonable spot and took some profits. From now on, if my SL get hit, I will still be making money.

If we can break below the Support and can get a retest, I am looking to sell more.#
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Learn from yesterday, live for today and hope for tomorrow.
  • #50
  • May 13, 2014 5:41am May 13, 2014 5:41am
here are some thoughts I collected duting the flight

Is trading the safe way to escape the rat race and get rich quick?

Most people have the believe that going into trading enables them to quit their day job and make a lot of money while enjoying the freedom of working online, possibly, from all over the world.

But trading is like any other profession, and maybe even more challenging. When you go to medical school to become a doctor, you are studying for 5+ years, learning from experienced and highly educated people about every detail. There are books provided that show exactly how it’s done. There won’t be any unanswered questions or second thoughts about, for the vast majority of treatments. When you are a car mechanical you KNOW what needs to be done when the exhaust breaks or the engine fails. There is no guesswork and try-and-error...

When it comes to trading there is no university you can visit, no degree you can earn and certainly no books or seminar that you can read or attend on how to make a guaranteed living in the markets – although 99 % of all trading books claim to do so. And just think for a moment about who your competitors are in the trading industry. Globally acting, multibillion dollar corporations that have the power to make and shape the whole world economy. They employ the best educated, fully trained traders, equip them with the best software available and provide them with a team of super-smart researchers. How does this make you feel when trading your savings in your underwear, from your kitchen table after finishing your first trading book and completing a few months of demo trading experience?

Trading is all about probabilities and it certainly is NOT solely about finding great entries and riding the trade for several hundreds of pips and let it easily reach your take-profit. When you place a trade, anything is possible. Even if you have seen the (almost) exact same setup 5 minutes ago on a similar instruments or back-tested it over half a dozen of decades, the pattern can, and at some point will, fail and fail over and over again...
Trading is about KNOWING, and by this I mean having experienced and recorded it over hundreds and hundreds of trades, that if you take 1000 trades, your pattern will give you a slight edge, with the right money- and risk-management techniques, to make a few percent profits.

I don’t want to discourage anyone and I truly believe, and I am experiencing it myself, that making a living off of trading IS POSSIBLE.
I want to make you aware that it’s not done by reading about some ‘magic indicator system’ on a random blog, opening a trading account and funding it with your retirement savings. However, if you take the time needed and invest the energy necessary, you can and WILL be able to make it in the trading business
Learn from yesterday, live for today and hope for tomorrow.
  • #51
  • May 13, 2014 9:22am May 13, 2014 9:22am
Thanks for the guidance and encouragement. I like your perspective. It has only been about 7 months for me and I am still trying to find myself, psychologically. I've gone through the overtrading phases as a right of passage and now I trade only a few days a week. I more analyze and hypothesize and watch outcomes. Then I take note of why I have been wrong so many times. I live from one aha moment to the next. It'll get there.

I used to get upset at all the missed targets and missed entry points. Now it is not as much of a big deal. I'm still paper trading, however.

One challenge I have is being on the each coast USA. The most liquid periods of the market are when I am asleep or at work. I am working my way to planning enough so that I can strategically pick days to trade the market at 3am for the London open.

I really want to succeed at this business.
  • #52
  • May 13, 2014 10:18pm May 13, 2014 10:18pm
We have a 4 hrs transit at Kuala Lumpur airport and since I received some messages regarding my GBPUSD trade about how to get in this trade, I decided to make a step-by-step illustration. Seems that missing the 1.70 mark by a few pips caught many people unprepared and they missed the whole move.

So I hope I can bring you my thought process a bit closer.
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Learn from yesterday, live for today and hope for tomorrow.
  • #53
  • May 13, 2014 11:32pm May 13, 2014 11:32pm
Quote
One challenge I have is being on the each coast USA. The most liquid periods of the market are when I am asleep or at work. I am working my way to planning enough so that I can strategically pick days to trade the market at 3am for the London open. I really want to succeed at this business.

thank you for following my thread and your comment. I wouldn't see this as a problem since there are many ways to deal with this issue. I, for example, use a lot of limit market orders when I am traveling and cannot watch the markets allthe time. Ypu just need to find a method and a way to trade that suits your lifestyle and your psychology.

cheers
Learn from yesterday, live for today and hope for tomorrow.
  • #54
  • May 14, 2014 12:10pm May 14, 2014 12:10pm
Kon ni chi wa!! We landed safely in Tokyo and I just opened my MT4 after checking in and saw that all my TP on another cable trade got hit. Now I have only some 'bonus money' left open. Japan is almost paid with this!!
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Learn from yesterday, live for today and hope for tomorrow.
  • #55
  • May 14, 2014 3:49pm May 14, 2014 3:49pm
Hi TraderRolf

I have been demoing price action for a few months, but I like the look of your trading technique. Just a couple of quick questions, how many pairs are you following? Just, when looking at pure PA I know you need to look at a tonne each day because quality setups are so rare. Does knowing a specific few pairs give you an advantage?

Also, I would like to back test. This was easy when sticking to the dailys, you could just rewind MT4 a couple of years and hit F12. However, I noticed that when I try to then zoom in from daily to 4h or 1h, the charts seem to skip around a lot and I loose where I was. Do you have any suggestions as to the best way to back test?

thanks for you help and have a great time in Tokyo.

Owen
  • #56
  • May 14, 2014 8:14pm May 14, 2014 8:14pm
Quoting slowen
Hi TraderRolf I have been demoing price action for a few months, but I like the look of your trading technique. Just a couple of quick questions, how many pairs are you following? Just, when looking at pure PA I know you need to look at a tonne each day because quality setups are so rare. Does knowing a specific few pairs give you an advantage? Also, I would like to back test. This was easy when sticking to the dailys, you could just rewind MT4 a couple of years and hit F12. However, I noticed that when I try to then zoom in from daily to 4h or...
Hi Owen,

I am monitoring 8 pairs and I get on average 3-4 trades a week. The problem most people have is that they are trading small accounts <20.000 USD. This makes it nearly impossible to obtain the patience needed to only take the very best setup and live with a a few percent gain each month.

I used a paid software to backtest that allows you to place trades, manage them and in the end get detailed statistics. There are quiet a few out there.

I hope I can answer you questions.
Learn from yesterday, live for today and hope for tomorrow.
  • #57
  • May 15, 2014 12:36am May 15, 2014 12:36am
Quoting TraderRolf
I get on average 3-4 trades a week. The problem most people have is that they are trading small accounts <20.000 USD. This makes it nearly impossible to obtain the patience needed to only take the very best setup and live with a a few percent gain each month.
This makes sense, it's a question of general moneymanagement. I for my part would be nervous putting all capital on fx, but if you've got solid statistic, it's the right thing to do.
Do you have rules about number of open positions, etc.? I understand you close those 3-4 trades within a few days as well?
Fail better.
  • #58
  • May 15, 2014 9:10am May 15, 2014 9:10am
Quoting LarryDarrell
{quote} This makes sense, it's a question of general moneymanagement. I for my part would be nervous putting all capital on fx, but if you've got solid statistic, it's the right thing to do. Do you have rules about number of open positions, etc.? I understand you close those 3-4 trades within a few days as well?
Oh yes, putting all your money just in your fx account is going to end in a distaster. You should split between a trading, a savings and a spending account. Well, of course there is more to this but this is pretty much the basic idea.

I don't have rules about open a number of open trades but about the capital risked. And since I am trading a few pairs where a certain correlation is present this needs to be taken into account as well.

How long I hold trades varies a lot. The majority of my trades is done within a few hours, but this GBPUSD I have been stalking for a while and I was able to find quiet a few entries and re-entries. But in general, most of my trades I don't hold over 24 hrs.
Learn from yesterday, live for today and hope for tomorrow.
  • #59
  • May 15, 2014 9:30am May 15, 2014 9:30am
First day in Tokyo is over and I love it. What an interesting city! And what made my day even better is opening my trading platform and seeing that, while I was out, my USDCHF short was hit and went straight to target. Not many professions can offer you such opportunities!
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Learn from yesterday, live for today and hope for tomorrow.
  • #60
  • May 17, 2014 10:41am May 17, 2014 10:41am
Really nice thread Rolf. I would like to read more about your travelling, lifestyle and more about you in general as well. BIG like for you and your trading. I wish you the best of luck. Keep us up to date Rolf.

Adam
Lose small, win BIG
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