{quote} Wow that is a statement. Market actually goes three ways and most of the time it is side ways waiting for a break. But what do i know. Good luck on your journey.
Shampoo for my real friends
- #141
- May 30, 2014 1:36pm May 30, 2014 1:36pm
- #142
- May 30, 2014 1:48pm May 30, 2014 1:48pm
- Joined Apr 2013 | Status: Trader | 10,297 Posts
{quote} Actually the market is very easy to predict. As soon as this guy takes a trade it will invariably go 10 pips the other way
- #143
- May 30, 2014 1:48pm May 30, 2014 1:48pm
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
{quote} Actually the market is very easy to predict. As soon as this guy takes a trade it will invariably go 10 pips the other way
Very funny though cant wait to see that smirk on your face reverse.
Let it turn and find your entry.
- #144
- May 30, 2014 2:41pm May 30, 2014 2:41pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} Actually the market is very easy to predict. As soon as this guy takes a trade it will invariably go 10 pips the other way
If I'm so bad then why are you still reading this thread my friend??
And if you are so good then please post your live account to explorer and let us all learn from a great trader like yourself.
Go on, I dare you post your explorer lets see how good you are??
You are welcome to post on this thread dannyrose but if you haven't anything sensible to say or some constructive criticism and you are not going to add value to this thread but just keep making silly snide comments then I can't see any point in allowing you to continue to post.
Please feel free to stay and contribute to this thread but if you continue to post silly snide remarks of no use to anyone then you will be banned.
Its up to you my friend.
Feel the Fear and do it anyway!!!
- #146
- May 30, 2014 5:32pm May 30, 2014 5:32pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} Wow that is a statement. Market actually goes three ways and most of the time it is side ways waiting for a break. But what do i know. Good luck on your journey.
Welcome to our thread and thank you for your nice comments.
Sorry,but I have to say you're wrong
, theres only up or down on this thread we don't trade ranging pairs in fact we don't even look at them. Unless there in the top 8 trenders we are just not interested and don't entertain them in any shape or form. In fact I advise just concentrating on just the top 4 trenders. If you follow that advice alone you won't see any ranging markets.
But seriously we do try to avoid ranging pairs and only trade trending pairs no matter what time frame you trade." If it ain't trending we ain't trading"
Now on the subject of spreads, that seems a little excessive to me when you said "15 to17 spread" did you actually mean 15 to 17 pips?? If so then try my broker Vantagefx GBPNZD regularly trades at 2.5 to 3.5 in market opens times. GbpJPY , eurjpy the same and eurusd and gbpusd run below 2 pips most of the time so helps enormously if scalping or trading lower timeframes.
Hope that helps.
Feel the Fear and do it anyway!!!
- #147
- May 30, 2014 5:56pm May 30, 2014 5:56pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} Sorry, I have to keep watching, it's like a car crash, you don't want to look but... A trade explorer, not thought of that before, never felt the need. Maybe I will. Bear in mind though that I only take 2 or 3 trades a month because I don't gamble on lower timeframes like you so it wouldn't be very exciting for you. If you want something sensible and constructive then here it is... stop trading lower timeframes. Retail traders have next to no chance on those levels due to many factors. Sure, maybe some do make money doing it but consistently?...
Loved your post its always good to hear the other side of the argument but I am afraid I am not for turning, when it comes to my beloved 1 minute charts.
However I hear your argument and it unfortunately does have the ring of truth to it.
Mind you I am going to try and spin it around on you with my argument. Now can I ask you a question? In your opinion how many retail traders do you think trade daily charts compared to 1 min charts???
I'll wager you said something like "most of them" because it makes so much more sense, reliable candles, time to consider your trades, better support and resistance levels, simply better sampling on daily charts ie millions of trades in every daily candle etc etc.I've heard all the usual arguments and so "The vast majority of traders" very wisely trade daily charts , don't they???
Well here's my argument, apparently "The vast majority of traders" lose at trading.
Hmmmm let me think is there maybe a connection there?? Ha Ha only joking,
but it makes you think doesn't it???
Now of course I am on some pretty shaky ground here arguing my case for 1 minute trading looking at my trade explorer performance
and you were absolutely right to question my ability to trade on my performance, but hey give me a second chance next week to proof myself to you and lets see how we go from there heh???Now obviously you are one of "The good old boys" trading long term charts well here's how you can help if you've a mind to, just let me know when you have a long term signal shaping up and what level you are looking at and I will have a shot at it on my 1 min charts. No need to post it here by all means PM me if you want to for privacy.
Now here's the thing whether you're a long term trader or a short term trader working together we can all become better traders and that my friend is my goal, here on this thread, so welcome aboard and lets kick some arse together.
Feel the Fear and do it anyway!!!
- #148
- May 30, 2014 6:20pm May 30, 2014 6:20pm
- Joined Apr 2013 | Status: Trader | 10,297 Posts
{quote} Hi Claudia1 Welcome to our thread and thank you for your nice comments. Sorry,but I have to say you're wrong
- #149
- May 30, 2014 7:00pm May 30, 2014 7:00pm
- Joined Nov 2010 | Status: Trader | 4,484 Posts
{quote} Hey. I desk traded for a major bank for some years and have a fair idea of what's going on lol. Currently running on 22 pairs a few indexes and a silver and gold. Check my thread out in commercial somewhere - not trying to sell anything just got put there. Anyway good luck and have a great weekend.
Sorry didn't mean to offend, obviously misunderstood your post.
Wow you desk traded for a major bank???? Please tell us more, how do the banks trade?? Are they day traders, daily charts, scalpers or what???We hear so much crap from so called "experts" about the BIG BANK traders who apparently never lose if you believe all you hear.
So come on Claudia give us the low down and dirty on how the "BIG BOYS" do it as you use to be one.Oooops "BIG GIRL" oooops again "SLIM BIG GIRL"!!! ohhh, you know what I mean.
Please tell???
Feel the Fear and do it anyway!!!
- #150
- May 31, 2014 2:33am May 31, 2014 2:33am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
{quote} Hi Claudia Sorry didn't mean to offend, obviously misunderstood your post.
They have very deep pockets and will sit on a trade for months with draw down that would kill most if their view is that they will come out right side. Like I said before they are not wrong often staying at/near top in their class.
- #151
- May 31, 2014 2:59am May 31, 2014 2:59am
{quote} A good friend of mine is a commodities trader in a hedge fund, doesn't look at technicals at all due to the specifics of commodity markets, seasonality, contango (or however you spell it) this, arbitrage that, what are Chinese doing with wheat buying, what country has a cold snap that ruins a harvest that would move ethanol etc etc etc (that list is endless). And whilst some hedge funds are better than others these guys are regularly year after year right on or near the top of their class. Target 30% a year when you are dealing with a fund...
How many of the most famous traders that you can think of starting from Richard Donchian onwards via Dennis, Sekoyta, etc trade(d) anything other than daily charts or higher? (Ok, there's bound to be someone but I don't know them). That's enough information for me. If I can return 20% a year (which I can) trading a daily chart with about 5 mins a day "work" then why would I bother with anything else? To me trading is just a way to beat my bank's interest rate.
Again, I wish you luck Clive but you're going to need it.
Shampoo for my real friends
- #152
- May 31, 2014 3:07am May 31, 2014 3:07am
- Joined Sep 2008 | Status: Married - 5 Wives | 14,713 Posts
{quote} But surely they'd be better off scalping a 1 minute chart? It's where the action is at man!!!
The Thief of Wall Street
- #153
- May 31, 2014 3:36am May 31, 2014 3:36am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
{quote} But surely they'd be better off scalping a 1 minute chart? It's where the action is at man!!!
If you are going to trade a specific set up with a specific direction taking maybe 2 trades in a session I'd say you are taking what the big boys are doing (moving in a trend) and moving the odds in your favour by timing entries when short term flow in line with D.
Let me take (hand on heart) the very first days pa I looked for. If after 13 May a trader could not identify that the odds for the 14th are down then he has serious problems. When the flow down on 14th confirms this then you are looking to trade. On 15th theres a move up will you buy or wait for down trend to continue? If your intention is to just jump in and trade everything it'll end in tears as you say but any sensible researched (and that's the key word) method will give an advantage, or you move on.
Personally I will be looking for the higher probability set ups from a D chart and looking for this to possibly time some entries. Why possibly because I haven't done my research yet. But I do know what trends can happen when D set ups follow through. I won't be scalping but using small stops to give the 50-100 pip trades that occur.
If you disagree fine no problem.
- #155
- May 31, 2014 4:21am May 31, 2014 4:21am
- Joined Apr 2013 | Status: Trader | 10,297 Posts
{quote} Hi Claudia Sorry didn't mean to offend, obviously misunderstood your post.
How do banks trade would take years to answer and I only know what I did. Day trader mainly cable. The only difference between what I do now as a retailer is there is no one breathing down your neck to hit targets, don't work 12 to 14 hours a day. Downside is of course I don't have access to large funding. Competitiveness in a corporate environment can be good however.
Would I go back? No.
There's a good thread somewhere on the forum 'are there any institutional traders' go find that and read the guy there is accurate and well worth a read.
Not all it's made out to be - long hours and lots of pressure. Don't know if that's what you want to hear but it's true - at least was for me.
I now work from home got a few monitors and my ea. Still day trade the same with no pressure. 35% return last week is more than acceptable. I prefer the higher time frames if manual trading, mainly the 1 hour for intraday but skip down to the 15 min then 1 min for entries.
Have a target - once you have hit it stop - that's the hard bit and when most turn wins into losses. Be patient wait for the right set up and stick to your plan. Be prepared to take losses. It's all been said a million times before on the forums but it is true - learn/develop patience and discipline success will follow.
Not sure if have answered your post but good luck and keep it simple!!
Edit: here you go http://www.forexfactory.com/showthread.php?t=486128
- #158
- May 31, 2014 5:05am May 31, 2014 5:05am
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
{quote} But surely they'd be better off scalping a 1 minute chart? It's where the action is at man!!!
All charts are just the same thing to me just a record of price movement, so whether it be D1 or M1 they all tell same story. You can trade D1 and make 20% a year or trade M1 and make 10% a day, every chart has it's own story, you just have to interpret them and exploit their potentials.
Just tell me which of these charts has more potentials for profit, first one is GBPJPY and the other is EURJPY.
One is a D1 and another is M1 but there seems to be no distinguishing features just that one will always find an entry and exit, so simply chose your weapon and fight the markets.
Let it turn and find your entry.
