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How do you trade news?

  • #261
  • Jul 25, 2006 7:32pm Jul 25, 2006 7:32pm
Quoting thehun
80%?????

Man alive!!! Now, I thought I had a brass set..but dude...yours have gotta be made from titanium.. That is just wayyy too much ...for me..and that is exactly how I've managed to blow out accounts. 400:1 and 80% is insanely overleveraged. ...... You trade your system, you've done so for a while and it has made you a considerable amount of money and THAT's GREAT. All I am saying, is that for me, I've been that aggressive in the past and I've found that all it has led to is big blow ups ...I'm trying to find a money mangement system that emobodies the best of both worlds.
The Hun.
Hi Hun,

I'm traveling today so excuse the delayed response. Wheels up Wednesday a.m., at 9:30 so don't expect to hear from me until later in the day.

Thank you, thank you, thank you. Thanks for making my point, one that I've stated repeatedly in this forum and in other forex forums:

Each trader must develop their own personal system that consistently produces positive pips for therein lies the potential for profits.
[I'm a Dallas Cowboy fan, that's why the blue. :-) ]

So Hun, what works for me obviously doesn't work for you.....But that's okay, no problem. Your response alone clearly shows you don't see what I see, so how can you do what I do? But that's okay, calm down. I told you yesterday to have a seat and send the kiddies to bed. This is Big Boy stuff.

Forex is risky folks and blameshifting is easy. When you take responsibility for yourself and develop your own system, guess what?? Therel'll be no one else to congratulate (or blame) but you and the Lord, if you're a believer. If you're not, well that's another subject.

Hun, I don't know what kind of system you had that blew out your accounts (and I don't want to know) but as I stated in the earlier post... MY SYSTEM WORKS. PERIOD. I have absolute confidence in it. Hun, trust me, if it didn't work i wouldn't leverage my account the way I do.

Finally, note what I said about developing a simple 10 pip system that consistently produces 10 pips. Once you're confident of such an outcome, then reinvest, grow to standard lots and leverage. But NOT before you develop your system that you know will consistently produce such results!!! I ain't sayin' it no mo'.

Dude, stick with what works for you and you will be just fine. T/A doesn't work for me and i don't use it. But how can I lose with the stuff I use??
  • #262
  • Jul 25, 2006 7:44pm Jul 25, 2006 7:44pm
Quoting summitfx
Thanks Carlos for that info.

Thanks a million Money Master. I nailed the Home Sales/CC in a huge way this morning using maximum leverage. You are the FX God Brother.
Congratulations summitfx,

Now remember, remain humble, keep studying, and remember: pigs get fat while hogs get slaughtered. Don't try to nail every news announcement because it will not work out that way. You'll only increase the odds of you screwing something up. Refine your system/process and reinvest the profits (and pull some out every now and then, you deserve it!!).

This is important. I understand your comments but I'm compelled to say there is only one true God that I acknowledge. But for Him, I wouldn't have this system today. There's a biblical story in the old testament about a king, (Nebuchannezar I think it was) who stole God's glory and God made him eat grass like a cow for some period of years, like seven I think? Gives a new definition to the term "mad cow disease"!!!

Congrats once again good buddy and keep up the good work.
  • #263
  • Jul 26, 2006 6:37am Jul 26, 2006 6:37am
Quoting jcsmesquita
Hey jpeg 3,

You're right, if you wait for the report numbers to come out you won't get in in time, also you might struggle finding a source that consistently provides you with the data A.S.A.R. - as soon as released. I know I did.

The way you get around this is by straddling, this involves opening a BUY and a SELL position at the same time around 1/2 mins before a news release and setting their stop losses at, for example 10 pips away.
If you imagine the 2 stop loss lines what you have is a sort of tunnel, as soon as the market moves and touches either of your lines you automatically close the losing position and, hopefully, your winning position will ride out the rest of the market move.

Take care,
Carlos

Thanks jcsmesquita

I will try that i don't know if i could do that with oanda (get a buy and a sell at the same time) without the other canceling out. Also heard negative things about straddling during news time that the brokers wil actually shake you out with whip saws before the release. right now i have an account with oanda and a sub account going to try to do a buy SL in one and Sell SL in the other and see if that works.

Also getting a 30 day trial to reuters heard they are fast. if this gets me in before the spike might be worth 750.00 to get in.

What broker are you using and has straddling worked for you consitently?

Thanks
Jpeg3
  • #264
  • Jul 26, 2006 8:34am Jul 26, 2006 8:34am
Quoting MoneyMa$ter
Congratulations summitfx,

Now remember, remain humble, keep studying, and remember: pigs get fat while hogs get slaughtered. Don't try to nail every news announcement because it will not work out that way. You'll only increase the odds of you screwing something up. Refine your system/process and reinvest the profits (and pull some out every now and then, you deserve it!!).
Hi Money Ma$ter! Enjoy your posts greatly. I guess you are wheels up today but hope you will see this somethime.

How large a straddle do you usually use? 10 Pips, 20 pips, 30 pips? Does it vary per pair or market or do you have a standard? Seems to me that 10 pips just might not be enough to avoid a whipsaw. Thanks for any advice.
Don Life is expensive, but includes a free trip around the sun.
  • #265
  • Jul 26, 2006 10:13am Jul 26, 2006 10:13am
Just a quick question about the FOMC announcement. Is the FOMC news a regularly scheduled event or does it happen sporadically? Last month it was the last week of the month but I don't see anything for this month. Thanks for any advice.
Don Life is expensive, but includes a free trip around the sun.
  • #266
  • Jul 26, 2006 10:49am Jul 26, 2006 10:49am
Quoting jpeg3
Thanks jcsmesquita

I will try that i don't know if i could do that with oanda (get a buy and a sell at the same time) without the other canceling out. Also heard negative things about straddling during news time that the brokers wil actually shake you out with whip saws before the release. right now i have an account with oanda and a sub account going to try to do a buy SL in one and Sell SL in the other and see if that works.
Also getting a 30 day trial to reuters heard they are fast. if this gets me in before the spike might be worth 750.00 to get in.

What broker are you using and has straddling worked for you consitently?

Thanks
Jpeg3
Hey Jpeg3,

Unfortunately OANDA does not allow buy and sell positions at the same time, I'm trying FXSol right now but since I'm only expected to trade news tomorrow and the day after for the first time I can't say how good they are.

Again I can't say how straddling/news trading has worked for me, the reason why I'm attempting it is because it makes sense to me, both in terms of market movement, personal schedule & personality. I'll post my upcoming results here.

Good luck and let me know how you do.

Carlos
  • #267
  • Jul 26, 2006 10:59am Jul 26, 2006 10:59am
Quoting MoneyMa$ter
It is your responsibility to perform your analysis for your system based on your criteria. [2 pips to anyone who can detect a theme in that last sentence. :-) ]
Words of wisdom there! Keep them coming MM
  • #268
  • Jul 26, 2006 11:53am Jul 26, 2006 11:53am
Quoting traderone
How large a straddle do you usually use? 10 Pips, 20 pips, 30 pips? Does it vary per pair or market or do you have a standard? Seems to me that 10 pips just might not be enough to avoid a whipsaw. Thanks for any advice.
You're correct, just drop the word "usually".

As you well know, the Forex market is alive, dynamic, and constantly changing so you take what it gives you. Only thing it "usually" does is go up and down. Accordingly, your straddle depends on:

(1) your chosen announcement (the one you've studied) and
(2) the price action leading up thereto on a given day.

You wouldn't set a 10 pip entry if prices are oscillating at 15 pips, back and forth, would you? On the other hand, if prices are channeling within a 5-7 pip range during the final minutes, why set a 20 pip entry?


Just information; not a recommendation.
  • #269
  • Jul 26, 2006 11:59am Jul 26, 2006 11:59am
Quoting jpeg3
With the news i know hwere it is going during release, depending on the report numbers just can't get in in time.

Thanks Again
Blessings to you MM
Hey jpeg3,

If you are getting in late, what happens when you try to get in .....earlier?? Just curious.
  • #270
  • Jul 26, 2006 12:01pm Jul 26, 2006 12:01pm
Quoting jcsmesquita
Words of wisdom there! Keep them coming MM
Gracias, muchacho.
  • #271
  • Jul 26, 2006 12:21pm Jul 26, 2006 12:21pm
Quoting MoneyMa$ter
It is your responsibility to perform your analysis for your system based on your criteria. [2 pips to anyone who can detect a theme in that last sentence. :-) ]
I did ! I Did !

It's MY resposibility to Know AND Monitor MY System.

EUR/GBP Pips Please.
  • #272
  • Jul 26, 2006 1:07pm Jul 26, 2006 1:07pm
Quoting Bemac
I did ! I Did !

It's MY resposibility to Know AND Monitor MY System.

EUR/GBP Pips Please.
By jove, I think he's got it!!!

Pips in the mail...
  • #273
  • Jul 26, 2006 1:29pm Jul 26, 2006 1:29pm
Quoting MoneyMa$ter
Hi Hun,


Each trader must develop their own personal system that consistently produces positive pips for therein lies the potential for profits.
[I'm a Dallas Cowboy fan, that's why the blue. :-) ]
I agree with you 100%. Well....except for that last part because everyone knows that the BILLS rule all.. (RED AND BLUE BABY!!!) new coach, new year new system. Look out for JP Losman and Willis McGahee to have MONSTER years!


The Hun.
  • #274
  • Jul 26, 2006 1:31pm Jul 26, 2006 1:31pm
A question: when a pair changes because of a major news event, how long does the change works? Sometimes it looks only 1 or 2 minutes, but other times it looks like 15 minutes. Is there some general rule for that?
  • #275
  • Jul 26, 2006 1:50pm Jul 26, 2006 1:50pm
Quoting JosTheelen
A question: when a pair changes because of a major news event, how long does the change works? Sometimes it looks only 1 or 2 minutes, but other times it looks like 15 minutes. Is there some general rule for that?
Dude (or Dude-ette) :-)

Not to be rude, but if you read through this incredibly educational thread with the many generous posts from so many gifted and successful traders (can you say research?), you'll get your answer.

OR

If your research shows it's sometimes 1 or 2 minutes "but other times it looks like 15 minutes", then trust yourself enough to go with what you found.

Not trying to bust your b***s (:surprised what if it's Dude-ette?) but we really stress individual responsibility here; once the team shows you where the stream is (i.e., read the thread) then teaches you to fish, it's up to you buckaroo to fish, clean 'em, grease the pan, light the fire, add some corn meal, head on, head off, fried, blackened, filet, or sushi..... it's up to you.
  • #276
  • Jul 26, 2006 1:56pm Jul 26, 2006 1:56pm
Quoting thehun
I agree with you 100%. Well....except for that last part because everyone knows that the BILLS rule all.. (RED AND BLUE BABY!!!) new coach, new year new system. Look out for JP Losman and Willis McGahee to have MONSTER years!


The Hun.
Hi Hun,

But can you say "Wide right!!!!""?

And new coach? I thought you guys followed the Cowboys-Redskin model and dusted off an old legend, ya know, whashisname? The old guy?? Marv somethin'??

I lived in Buffalo for three years. Saw more snow in three years than all the other years of my life on this planet combined!!!!

Cannot think of his name!! Marvin..... Gaye?? no that's not it.
  • #277
  • Jul 26, 2006 2:05pm Jul 26, 2006 2:05pm
Quoting MoneyMa$ter
Dude (or Dude-ette) :-)

Not to be rude, but if you read through this incredibly educational thread with the many generous posts from so many gifted and successful traders (can you say research?), you'll get your answer.

OR

If your research shows it's sometimes 1 or 2 minutes "but other times it looks like 15 minutes", then trust yourself enough to go with what you found.
No dude, you're not rude. I (male) thought until now it was 1 or 2 minutes. But the last 2 times I didn't stop trading after 2 minutes, but I waited longer. I had read in this thread your remark about a channel after 15 minutes, so I wanted to try that. And both times I noticed that the trend went on after those 2 minutes.
I know that 2 examples cannot be statistical proof, so I thought I ask. I was too impatient to wait for the next newstrades.
  • #278
  • Jul 26, 2006 2:14pm Jul 26, 2006 2:14pm
Quoting JosTheelen
No dude, you're not rude. I (male) thought until now it was 1 or 2 minutes. But the last 2 times I didn't stop trading after 2 minutes, but I waited longer. I had read in this thread your remark about a channel after 15 minutes, so I wanted to try that. And both times I noticed that the trend went on after those 2 minutes.
I know that 2 examples cannot be statistical proof, so I thought I ask. I was too impatient to wait for the next newstrades.
Fair enough,

And while a sample of two is too small for statistical significance, we can safely conclude, dude, from the numbers of traders who sit safely on the sidelines and wait until after the news "push" to trade, that there is more often than not, a second pot o' gold for those who follow the trend.

Which actually brings up another point: if somehow the initial push went against the newstrader (God forbid) he (or she) could possibly recoup some of that during the subsequent trend. Mind you that the trend does not always follow, but when it does, it can provide restitution of a sort.
  • #279
  • Jul 26, 2006 2:36pm Jul 26, 2006 2:36pm
Quoting MoneyMa$ter
Fair enough,

And while a sample of two is too small for statistical significance, we can safely conclude, dude, from the numbers of traders who sit safely on the sidelines and wait until after the news "push" to trade, that there is more often than not, a second pot o' gold for those who follow the trend.
Thanks. I have started to put my newstrades in a database, so I can check the results from time to time. I will add an extra field, for the pips after 15 minutes. Maybe I will get more grip on those trades, after a few hundred of them.
  • #280
  • Jul 27, 2006 8:02am Jul 27, 2006 8:02am
Hi MONEYMA$TER:

since i´ve read you use fxsolutions as your broker, i try it... IT WORKS REALLY GOOD (much better than forex.com). and since this one allow hedging, i´ve started to do so.

just have one question. what news are the important news to trade?

tnx.

happy pips!
Have a good day and a good trade!
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