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Gordon Gekko's real-time Forex trading calls

  • #161
  • Mar 19, 2015 9:43am Mar 19, 2015 9:43am
Short NZD/JPY at 89.27, 32 pip stop.
Each losing trade is an opportunity to learn
  • #162
  • Mar 19, 2015 9:54am Mar 19, 2015 9:54am
EarnNow - see my rather detailed explanation.
Here
Siddhartha G
  • #163
  • Mar 19, 2015 10:05am Mar 19, 2015 10:05am
Quoting Isingh
EarnNow - see my rather detailed explanation. Here
Yes I saw them Isingh. But like I said before I do not follow fundamentals at all, never. I also do not believe in starting the trading session with ANY kind of bias, bull or bear.

I am sure some traders (you included) have the ability to correctly read the market that way but personally I cannot, it's way out of my league, there are simply too many parameters to consider.
Each losing trade is an opportunity to learn
  • #164
  • Edited 10:35am Mar 19, 2015 10:24am | Edited 10:35am
Quoting EarnPipsNow
{quote} Yes I saw them Isingh. But like I said before I do not follow fundamentals at all, never. I also do not believe in starting the trading session with ANY kind of bias, bull or bear. I am sure some traders (you included) have the ability to correctly read the market that way but personally I cannot, it's way out of my league, there are simply too many parameters to consider.
The modest Razor consistency of a Pro. Limiting oneself to the favorite sharpest sword (metaphorically) -
because professionals DO have a well statistically verified and researched method.

Well that calls for stating a Pro-Principle
Principle 6 CONSISTENCY

After having VERIFIED a system - STAY WITH SYSTEM !!!
Anything else is throwing the invested research, the verification and the invested work to the wind !
If it Earns you money THEN DON'T STRAY FROM IT !!

Added to the post of TRADING PRINCIPLES
http://www.forexfactory.com/showthread.php?p=8149194#post8149194
Siddhartha G
  • #165
  • Mar 19, 2015 10:34am Mar 19, 2015 10:34am
Question: Could you please describe
What are the advantages of such pair NZDJPY ?

Seems wider spread and more expensive ?
Siddhartha G
  • #166
  • Mar 19, 2015 10:42am Mar 19, 2015 10:42am
Quoting Isingh
What are the advantages of such pair NZDJPY ? Seems wider spread and more expensive ?
Spread wise, NZD/JPY is not that expensive, about 2 pips more than EUR/USD. For a scalper it does make a difference of course.
For me it's no big deal because I am looking for 75 to 200 pip profit (or whatever the market brings after 24 to 36 hours).

I follow 28 currency pairs and I really, really don't care what pair I am trading, as long as it's putting money in my wallet.
Each losing trade is an opportunity to learn
  • #167
  • Mar 19, 2015 10:49am Mar 19, 2015 10:49am
One important information I am looking for:
Are there somewhere, at least partial, statistics of volatility or Average Range during different periods in the day on various pairs ?

For example at this specific time i.e. Europe evening - all the pairs I trade really 'freeze' (mostly - not always of course).
Yet US is in full light of day - Working day. So what's going on ?? And this is typical.
Siddhartha G
  • #168
  • Mar 19, 2015 10:57am Mar 19, 2015 10:57am
Quoting EarnPipsNow
{quote} I follow 28 currency pairs and I really, really don't care what pair I am trading, as long as it's putting money in my wallet.
How do you manage to process so much signals simultaneously ?
There must be some events where the signals come thick and fast - what do you do in such times ?
Siddhartha G
  • #169
  • Mar 19, 2015 11:04am Mar 19, 2015 11:04am
Quoting Isingh
One important information I am looking for: Are there somewhere, at least partial, statistics of volatility or Average Range during different periods in the day on various pairs ?
I think you can find the average daily/hourly range on the FXCM forum website, here for example:
http://www.dailyfx.com/forex_forum/t...-per-hour.html
Each losing trade is an opportunity to learn
  • #170
  • Mar 19, 2015 11:14am Mar 19, 2015 11:14am
Quoting Isingh
How do you manage to process so much signals simultaneously ?
Well after an hour or so, 22 to 25 currency pairs have already been eliminated, because they don't have the trading setup I am looking for. Then I am only left with 3 to 5 pairs to watch.


Quoting Isingh
There must be some events where the signals come thick and fast - what do you do in such times ?
That's not a problem because I don't care what the market is doing, I place my limit order and my stop and I am done. There is almost zero thinking.
Each losing trade is an opportunity to learn
  • #171
  • Mar 19, 2015 11:15am Mar 19, 2015 11:15am
Thanks a lot - that was fast!

Why European close halves the activity (and trading range) ? Where are all the giant US banks and their trading desks ?
Siddhartha G
  • #172
  • Mar 19, 2015 11:21am Mar 19, 2015 11:21am
Quoting EarnPipsNow
{quote} That's not a problem because I don't care what the market is doing, I place my limit order and my stop and I am done. .
This is almost "hands off" trading . Impressive.

Personally I still cannot master detaching myself from the screen even in long term trades - that's my personal "holy grail" !!!

How do YOU do it ?

Can you e.g. go for a swim or even a whole evening away - while the trades And trailing stops have all been set ?
Siddhartha G
  • #173
  • Mar 19, 2015 11:26am Mar 19, 2015 11:26am
Quoting Isingh
Why European close halves the activity (and trading range) ? Where are all the giant US banks and their trading desks ?
A third of all Forex transactions in the world is done in London alone.

Most of the time, the trend will stop (or at least greatly reduce its speed) between 12PM and 2PM (NY time), that is 2 hours (at most) after the London close.

It's like the market is saying "Alright, that's it folks, go home now, party is over"
Each losing trade is an opportunity to learn
  • #174
  • Mar 19, 2015 11:54am Mar 19, 2015 11:54am
Quoting EarnPipsNow
{quote} A third of all Forex transactions in the world is done in London alone. Most of the time, the trend will stop (or at least greatly reduce its speed) between 12PM and 2PM (NY time), that is 2 hours (at most) after the London close. It's like the market is saying "Alright, that's it folks, go home now, party is over"
You say that buttoned up Londoners have the most volatile party compared to New -York ?! Just sayin..

Well - probably the European currency market retains Historically leading role - after all they used to have a couple of dozen currencies more previously.
Siddhartha G
  • #175
  • Mar 19, 2015 11:56am Mar 19, 2015 11:56am
If this is easier you can send a message (or answer here ) -Please, how do you manage to leave open trades Alone?
Even w. trailing stops that is.
Siddhartha G
  • #176
  • Mar 19, 2015 11:57am Mar 19, 2015 11:57am
Quoting Isingh
Can you e.g. go for a swim or even a whole evening away - while the trades And trailing stops have all been set ?
Yep, that's it.

When my positions are in place, I could go out and knock down a couple of Guinness at my favorite Irish pub and it wouldn't make a difference. Plus I can always check my positions from my smartphone from time to time, just out of curiosity, while I am chatting with the nice lady next to me.

Total freedom.
Each losing trade is an opportunity to learn
  • #177
  • Mar 19, 2015 12:00pm Mar 19, 2015 12:00pm
Thanks.
That Explains why you know all the pip ranges and volatile (literally) hours of the day.
Because one must have EXTREMELY PRECISELY CALCULATED - to LIMIT position size AND stop-distance so as to be able to leave the positions to their own devices.
Siddhartha G
  • #178
  • Mar 19, 2015 12:03pm Mar 19, 2015 12:03pm
Quoting Isingh
If this is easier you can send a message (or answer here ) -Please, how do you manage to leave open trades Alone? Even w. trailing stops that is.
Ok I will answer via the private message section later (and reserve this thread to live calls only), right now I have to go. Take care for now and good luck.
Each losing trade is an opportunity to learn
  • #179
  • Mar 19, 2015 12:03pm Mar 19, 2015 12:03pm
U 2 !
Siddhartha G
  • #180
  • Edited 6:46pm Mar 19, 2015 6:32pm | Edited 6:46pm
Quoting EarnPipsNow
Short NZD/CHF at 0.7334 (limit order), 33 pip stop.
Short NZD/CHF position has now been abandoned/closed at 0.7351 due to time stop (meaning the price is not acting as expected, after a reasonable period of time).
17 pip loss.

Maximum paper gain (unrealized profits) on that position : 31 pips.
Each losing trade is an opportunity to learn
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