Win more pips by not listening to others | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

I lose 40 pips and win 6 to 10 pips... 17 replies

EA that open positions listening to the alerts of an indicator. 2 replies

Win 2 trades out of 10 and win 180 pips 8 replies

Win more pips by not listening to others

  • #1
  • First Post: Jul 20, 2014 1:03am Jul 20, 2014 1:03am
I'm a big believer in learning how to trade for yourself, from the top down everything in your trade plan should be your own ideas. One thing that took me a while to learn was of the talking heads have no better insight to where the market is heading than I did. Therefore once I quit listening to other people and news sources about where they "thought" the markets might be heading and started formulating my own opinion I found a greatly increased the amount of trades I was able to profit from. This video is a quick example of how I go about formulating my own opinion. I determined trend direction. I determined the current cycle and when everything lines up I'm slapping them buy and sell keys and turning my computer into an ATM.(It's not that easy) But I hope you enjoy the video. Allen
Inserted Video
  • #2
  • Jul 20, 2014 12:34pm Jul 20, 2014 12:34pm
Hi ,
i saw your video, looks like great ,but in this exsample which trend you are follow , for sell? and how long you follow it?
  • #3
  • Jul 20, 2014 4:27pm Jul 20, 2014 4:27pm
In my example I'm going to trade in the direction of the daily chart. However it's all about odds. So for example if the daily, weekly, and monthly chart all line up in the same trend direction my position size will be 100% However if I do not have the monthly or the weekly an agreement with the daily my odds of successful trade in the direction of the daily chart will be less, therefore I will decrease my position size Or I will not trade at all. So keeping it basic, the daily, weekly, and monthly set the trade direction. Trades are only allowed when the 60 and 30 minute charts are cycling in the same direction as the trend. My odds of a successful scalp trade are greatly increased since I am trading in the direction of the long-term trend the market is also cycling in the direction of the long-term trend my scouts are much more likely to hit their targets.
  • #4
  • Jul 20, 2014 4:32pm Jul 20, 2014 4:32pm
Quoting fx_man
I'm a big believer in learning how to trade for yourself, from the top down everything in your trade plan should be your own ideas.
So we shouldn't listen to anything you have to say?
  • #5
  • Jul 21, 2014 2:19am Jul 21, 2014 2:19am
Quoting euclid
{quote} So we shouldn't listen to anything you have to say?
Kinda the point here. But he's got a point when it come to the bigheads at CNBC and Bloomberg-
  • #6
  • Edited 9:03am Jul 21, 2014 8:17am | Edited 9:03am
He defiantly got a point about not listening to news/so called experts and others tips. I think it from the book "the intelligent investor" i stand something about its about filtering out the fill inn words in the new to get the core information from some one. Also inn the book of Nicolas Darwas(how i made 2$ mill inn 18month) he is a core example to not to listen to news and only trade on his own signals regardless of what the experts/news says.

The problem is often that when you have an strategy (or developing one) you might get a strong buy signal,but then the news say the opposite. So who do you trust ? yourself or them? My experience is that you dont trust them unless you can divide bullshit from facts(easier to say,then doing).

Also i want to mention some classical example at the stock brokers inn NY where they often suggest the client to buy the stock while on the other side of the table they sold like maniac xD
  • #7
  • Jul 22, 2014 5:32pm Jul 22, 2014 5:32pm
Quoting fx_man
I'm a big believer in learning how to trade for yourself, from the top down everything in your trade plan should be your own ideas. One thing that took me a while to learn was of the talking heads have no better insight to where the market is heading than I did. Therefore once I quit listening to other people and news sources about where they "thought" the markets might be heading and started formulating my own opinion I found a greatly increased the amount of trades I was able to profit from. This video is a quick example of how I go about formulating...
While I still do quite a bit of reading on Forex ideas by analysts, etc., I do a lot less of it now than I did before; these analysts' ideas tend to get into your head. For example, how many articles did you read in the past several months on retail being staunchly long the dollar? So, "USD long" gets into your head, and you can't seem to bring yourself to short the dollar in any currency pair for the life of you, even if it's on a short term bounce and even if price action says that's exactly what you should do. Doing your own analysis helps you examine analysts' ideas and treat them as just that -- ideas. Some of them are good; some of them are bad. Some are good for given time frames, but bad on others.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #8
  • Last Post: Jul 22, 2014 6:03pm Jul 22, 2014 6:03pm
Quoting Hexagon4
He defiantly got a point about not listening to news/so called experts and others tips. I think it from the book "the intelligent investor" i stand something about its about filtering out the fill inn words in the new to get the core information from some one. Also inn the book of Nicolas Darwas(how i made 2$ mill inn 18month) he is a core example to not to listen to news and only trade on his own signals regardless of what the experts/news says. The problem is often that when you have an strategy (or developing one) you might get a strong buy signal,but...
That's kind of an interesting perspective: listen to the news, but don't listen to what people say about the news; analyze it yourself (I guess, in a nutshell). ... And by "news," I assume Darwas means something like "raw data" (e.g., U.S. Core CPI) as opposed to commentary or the like that passes as "news" or analysis that hypes up the single data point into something more significant than it is in order to grab a headline or fashion a "teaser" for a broadcast.

One of the particular tendencies of forex analysts is to post articles of this nature, which kinda of piss me off: "AUD/USD Vulnerable to Weak 2Q CPI Report; Key Support Zones in Focus." While a literal analysis of the title is that Australia's second quarter CPI may adversely effect the AUD/USD (thank you, Mr. Obvious), the suggestion or subtext is that the AUD/USD will weaken because of the CPI report, when no one but an insider who has the report in their hands can make such a claim. The report, after all, may be positive, in the end, thus strengthening AUD/USD. Naturally, I may be reading too much into this, but I have ceased to read articles like this since they (1) tell me what I already know; and (2) can shed no light on how the report will come out.

Separate the wheat from the chafe ... .
Fireworks are fun ... as long as you don't blow your fingers off.
0 traders viewing now