Gordon Gekko's real-time Forex trading calls | Page 11 | Forex Factory

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Gordon Gekko's real-time Forex trading calls

  • #201
  • Mar 20, 2015 2:57pm Mar 20, 2015 2:57pm
Quoting Isingh
EarnyNow - have a nice weekend. Everybody - have a nice weekend. All the Best ! {image}
Ok Isingh, have a good one.
Each losing trade is an opportunity to learn
  • #202
  • Mar 20, 2015 3:10pm Mar 20, 2015 3:10pm
Here are the trading results for this week (Sunday to Friday).

Bought EUR/CAD at 1.3575, 47 pip stop: -20 pips (stop was set to 20 pips later on, as mentioned).

Buying GBP/JPY at 178.45, 58 pip stop: +200 pips

Short NZD/CHF at 0.7334 (limit order), 33 pip stop: -17 pips (Short NZD/CHF position was abandoned/closed at 0.7351, as mentioned)

Short NZD/JPY at 89.27, 32 pip stop: -32 pips

Buying EUR/JPY at 129.85, 41 pip stop. +50 pips

Total for this week: +181 pips
Total since beginning of this thread: + 53 pips.

It took only 3 trades to completely erase the drawdown and put an extra 53 pips in my pocket.

Have a good weekend and see you next week.
Each losing trade is an opportunity to learn
  • #203
  • Mar 20, 2015 3:29pm Mar 20, 2015 3:29pm
Quoting EarnPipsNow
Here are the trading results ...Total for this week: +181 pips Total since beginning of this thread: + 53 pips. It took only 3 trades to completely erase the drawdown and put an extra 53 pips in my pocket. Have a good weekend and see you next week.
Brutally honest with YOUR OWN PERFORMANCE.

Anyone who Graduates to that - means he IS a Pro trader.


This is not a metaphor - analysis of your own "trading machine - i.e. yourself is the Hardest thing, and the major thing that is
needed to tune that "machine" - meaning Yourself and your interaction with the market and system to perform profitably.
Siddhartha G
  • #204
  • Mar 20, 2015 10:23pm Mar 20, 2015 10:23pm
Quoting EarnPipsNow
{quote} Personally I don't believe in over-bought or over-sold scenarios. However, one thing is for sure, it will take a LOT ( and I really mean a LOT!) of buying power to break through that huge shooting star you see on the GBP/JPY 1h chart. {image}
same here there is no such thing as ob and os
  • #205
  • Edited 6:16am Mar 21, 2015 4:58am | Edited 6:16am
Well, may be you r right - without comparison or history these terms are meaningless.

What would you say (see) about the following price history?

Both pics are of the same instrument.
One covers a bit longer period and has a very long term simple average - more or less the average of All the prices visible.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Price History 1.gif Size: 67 KB
Click to Enlarge Name: Price History. Long-term average.gif Size: 67 KB
Siddhartha G
  • #206
  • Mar 21, 2015 10:34am Mar 21, 2015 10:34am
greed is good as you say gordn. FF is full of people calming 100 into 10000 in one week strategy. You are doing what gurus are not doing, putting live calls.
Do you use RR in your trading? I am trying to make about 3 times the risk. I am missing the big moves. My exit sucks.
  • #207
  • Mar 21, 2015 10:39am Mar 21, 2015 10:39am
I make my living from trading. I am more than happy if I make 10% a month. I do have days when I take many losing trades. With my trading if make 1 winning trade I can afford to lose 3 trades. So far my system has not let me down for last 7 years.
  • #208
  • Mar 21, 2015 10:43am Mar 21, 2015 10:43am
Insingh,
What you are showing is support and resistance according to my understanding. I do trade support and resistance.
  • #209
  • Edited 11:51am Mar 21, 2015 11:06am | Edited 11:51am
Hi Goldfinger (pardon me but you have to propose for my usage a shorter nickname; 4-5 letters max)

Please take another try at the answer to my simple image-question. It is a completely obvious thing.
Actually, the first image has very obvious things in it.


The second image is not the same idea at all. It directs to general process in investment and trading. This process takes place roughly 50% of all time, and 50% of the time the opposite process takes place. Obviously we all have to use both of the Opposites sometime in trading
Siddhartha G
  • #210
  • Mar 21, 2015 5:40pm Mar 21, 2015 5:40pm
Quoting goldfinger
greed is good as you say gordon
Indeed
Inserted Video


Quoting goldfinger
FF is full of people calming 100 into 10000 in one week strategy
Oh these people are everywhere, not just in FF. Go to one of those fancy bars near Wall Street for example and you wouldn't believe the BS that goes on in there.

Quoting goldfinger
Do you use RR in your trading? I am trying to make about 3 times the risk. I am missing the big moves. My exit sucks.
No I don't use RR as such, but as far as day-trading is concerned I discovered that the best way to deal with winning positions is to exit at the end of the day, or the day after, unless my trailing stop is hit in the meantime. I mean if your analysis is right, the market will usually close near the high of the day (for long positions) or near the low of the day (for short positions).

But in any case always let your profits run, that's the secret to success right there...
Each losing trade is an opportunity to learn
  • #211
  • Mar 21, 2015 5:45pm Mar 21, 2015 5:45pm
Quoting EarnPipsNow
always let your profits run, that the secret to success right there...
All the same, one should cut their losses short. Winners are only half of the equation of success. Preservation of capital is incredibly important.
  • #212
  • Mar 21, 2015 5:51pm Mar 21, 2015 5:51pm
Quoting mastergunner
{quote} All the same, one should cut their losses short. Winners are only half of the equation of success. Preservation of capital is incredibly important.
A-B-S-O-L-U-T-E-L-Y!
Each losing trade is an opportunity to learn
  • #213
  • Mar 21, 2015 6:09pm Mar 21, 2015 6:09pm
Quoting Isingh
yourself is the Hardest thing, and the major thing that is needed to tune that "machine"
No doubt.

Having a profitable system is only the first part. The biggest challenge is how to deal with the most clever and persistent thief of them all: yourself.

And this thief will try any trick in the book to empty your trading account in the shortest period of time, by deliberately trying to convince you that letting losing positions grow to totally unmanageable proportions and cutting profits short while risking , say 50% or more, of your account on a single trade is truly a brilliant idea.
Each losing trade is an opportunity to learn
  • #214
  • Edited 7:15pm Mar 21, 2015 6:55pm | Edited 7:15pm
Quoting goldfinger
same here there is no such thing as overbought and oversold
I do not believe in overbought or oversold conditions either but there is one exception however: in the Futures market the price of a commodity cannot go to zero.

I mean wheat, corn, sugar, meat, coffee, copper or orange juice - for example - will always have a value. If the price of a commodity drops below cost of production (in other words they cannot even break even) the producers/farmers will simply stop producing that commodity, creating an oversold condition. This in turn will greatly reduce supply and the price will go up again.

(In that regard, buying a 20 or 30 year-low commodity makes sense, as these low prices cannot stay at that level for very long...)
Each losing trade is an opportunity to learn
  • #215
  • Mar 21, 2015 7:20pm Mar 21, 2015 7:20pm
Quoting EarnPipsNow
{quote} I do not believe in overbought or oversold conditions either but there is one exception however: in the Futures market the price of a commodity cannot go to zero. I mean wheat, corn, sugar, meat, coffee, copper or orange juice - for example - will always have a value. If the price of a commodity drops below cost of production the producers/farmers will simply stop producing that commodity, creating an oversold condition. This in turn will greatly reduce supply and the price will go up again. (In that regard, buying...

I trade commodities with this as my basis. Trading can still get a bit painful though unless you're a patient trader. Oversupply creates low prices but producers/farmers often continue to produce even at a loss/break-even for a while "praying" increased demand uses up the extra supply or mother nature(drought, flooding, insects, disease, etc...) removes the extra supply. Patience usually pays off in the long run unless you're in a situation like nat. gas where new drilling methods like "fracking" make it too easy to find the product. Historical prices may never be seen again so buying @ 8-10 because it was @ 14 can make it impossible to get to break even. "IF" land rents go down, fertilizer prices come down, diesel prices are lower, etc.... that will bring down the cost of production for grains too so 4-4.20 break-even now in corn can drop to 3.50 under the right conditions. NO "sure bets" in trading.
  • #216
  • Mar 21, 2015 7:31pm Mar 21, 2015 7:31pm
Quoting srt
{quote} I trade commodities with this as my basis. Trading can still get a bit painful though unless you're a patient trader.
Yes, of course, buying at 20 or 30 year-low requires patience and deep pockets.

(For those interested this idea was popularized in the book "You Can't Lose Trading Commodities" by Robert Wiest. it's a little bit outdated but still an interesting read).
Each losing trade is an opportunity to learn
  • #217
  • Mar 22, 2015 2:51am Mar 22, 2015 2:51am
In your view, what are the differences FOR TRADER between trading forex vs trading commodity futures ( and I don't mean here the whole rather different financial setup - OTC vs. regulated unified exchange, futures contracts vs. currency exchange. Nor do I need an intro to the different "landscapes" of fundamentals - weather, global demand vs. central banks decisions, etc.). For the trader - what is different in techniques, and what is similar ?
Siddhartha G
  • #218
  • Edited 11:59am Mar 22, 2015 11:18am | Edited 11:59am
Quoting Isingh
For the trader - what is different in techniques, and what is similar ?
For fundamentals traders, trading the Futures market is much easier than trading the stock or the Forex market.

I mean seriously, there are only a few things (parameters) that could affect the price of wheat or cocoa, right? In contrast, currencies, stocks and equity index can be moved by almost any financial or political event, domestic or international, no matter how trivial.

A few psychological studies have shown that our brain has a hard time juggling with more than 5 parameters.

Oddly enough, most traders believe that they can easily process 10 or more financial parameters at the same time and predict the direction of the market that way (interest rate, Gross National product, inflation rate, current account deficits, public debt, balance of payment, political stability, economic performance of each country, import/export quota, etc.. etc...).

In reality, it would take a freaking computer to analyze all these data and determine the probable outcome of every possible scenario and counter-scenario. And yet, the computer would still be unable to tell us when to buy, where to put the stop and when to take profit.

This is why I strongly believe that using fundamentals to make day to day trading decisions in the Forex market is a total waste of time.
Each losing trade is an opportunity to learn
  • #219
  • Mar 22, 2015 11:55am Mar 22, 2015 11:55am
Quoting EarnPipsNow
{quote} For fundamentals traders, trading the Futures market is much easier than trading the stock or the Forex market. I mean seriously, there are only a few things (parameters) that could affect the price of wheat or cocoa, right? In contrast, currencies, stocks and equity index can be moved by almost any financial or political event, domestic or international. A few psychological studies have shown that our brain has a hard time juggling with more than 5 parameters. Oddly enough, most traders believe that they can easily process 10 or more financial...
Thank you very much. Your analysis has very pertinent conclusions.

Have you traded futures in the past or present ?

Also there is one particular commodity that is very related to currency events....well, of course I am talking about the "ancient relic"
Siddhartha G
  • #220
  • Mar 22, 2015 12:32pm Mar 22, 2015 12:32pm
Quoting Isingh
Have you traded futures in the past or present ?
I used to day-trade the S&P500 e-mini (the most liquid futures contract in the world) with a modified opening range breakout system.

Quoting Isingh
Also there is one particular commodity that is very related to currency events....well, of course I am talking about the "ancient relic"
There are of course a few interesting correlations between certain commodities and currencies: The CAD is highly correlated to the price of oil. And the Aussie to gold. For example when the price of crude oil goes down, the Canadian dollar (versus USD and other currencies) usually takes a beating.
Each losing trade is an opportunity to learn
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