The Really Useless Thread | Page 6764 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Really Useless System 25 replies

Bloomberg: VIX Indicator useless for forecasting the direction of equity prices 0 replies

The Really Really Boring Forex System 97 replies

Attachments: The Really Useless Thread
Exit Attachments

The Really Useless Thread

  • #135,261
  • May 23, 2015 8:44am May 23, 2015 8:44am
Quoting Pharm0r
The guy above this post is smart
Lol I wouldn't go that far... I'd call it experience hahah
  • #135,262
  • May 23, 2015 8:46am May 23, 2015 8:46am
Quoting ExForX
{quote} Lol I wouldn't go that far... I'd call it experience hahah
Been there.
  • #135,263
  • May 23, 2015 9:06am May 23, 2015 9:06am
Thank you for your replies so far!. I will keep you updated for anything relevant.
  • #135,264
  • May 23, 2015 9:07am May 23, 2015 9:07am
And I think I have done that .

However, we are about to hijack a very good thread, I'd like to read sisse's and other comments in the future as well. It seems quite random that the trading failure ( sorry ) has been posted here.

Best, V.
  • #135,265
  • May 23, 2015 9:18am May 23, 2015 9:18am
Quoting Meymz
Thank you for your replies so far!. I will keep you updated for anything relevant.
There is a lot of very valuable input posted for you ( much more valuable than my input as well ). please consider it seriously to help yourself now. your account does not care if you are emotionally ready for something or not.

best, v.
  • #135,266
  • May 23, 2015 10:01am May 23, 2015 10:01am
" You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run "

Inserted Video
  • #135,267
  • May 23, 2015 11:34am May 23, 2015 11:34am
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
Sorry to read guy, happens.
My advice and you can be sure i made similar mistakes too!

- Close all open positions - it just causes emotional pain to see them going against you direction and it freezes you.
- make a break from trading for a while!

when you start again
- focus on only one pair, you can watch more, but you should trade only one at the same time.
- view the calendar, listen to the news but trade the technicals, as news just trigger moves.
- when enter a trade, don´t calculate what you can win, calculate the max you are willing to loose on this trade
- close loosers fast, let winners run, yeah easy bullshit sentence but i think its the most difficult part!
- don´t expect that a change of the trade system will make you a better trader - YOU alone make the difference.

-you have 1030$ left in your account, my advice to you trade just 0.01 lots until you have earned a min. of 200$ so ~20% of account.
-if you can´t win a longer period with min size, why should you win more with a lot?

regards thodie
just do it
  • #135,268
  • May 23, 2015 6:58pm May 23, 2015 6:58pm
Quoting OfWolfAndMan
" You've got to know when to hold 'em Know when to fold 'em Know when to walk away And know when to run " https://www.youtube.com/watch?v=kn48...ature=youtu.be
Pretty much sums the game up...well said
  • #135,269
  • May 24, 2015 3:17am May 24, 2015 3:17am
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
You need to accept that losing is part of the trading game. The fact that you open multiple trades and hedge without obvious reason to do so means you are not prepared to lose. Either way, it's not a proper way of trading. In fact what you should be doing is closing up the trades that go against the market. Follow the trend. You might lose up the whole capital or you can cut the losses now and gain back the losses in future. It's your call.
  • #135,270
  • May 24, 2015 5:54pm May 24, 2015 5:54pm
Quote
... a non event FOMC , same position ...euro is in no man's land around these levels as it lost the major 1.122x to keep bulls in the front run early this week ...those who took swing from 1.146x could shift into taking profit otherwise 1.1000 is still intact and a tick lower would open 1.098x in a quick test as the extension for this leg down ... 1.106x containing the down move ... thus it suggests many jumped in ....I don't like crowded trains , but the blurry position of FED might put us into a soft Buy mode till early June FOMC ...ECB could clear the final map for this week and probably for the end of month ...1.127x is the biggest hurdle in the way up as usual ... if allowed , euro could start another extended correction beyond 1.15xx handle ...

now as we ran stops through 1.098x to 1.096x , it would be interesting to start the next micro swing from here ....

hoom.
Get Rich or Die Tryin
  • #135,271
  • May 24, 2015 7:08pm May 24, 2015 7:08pm
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
You have already received some good feedback, so I will mention one or two things I haven't read yet:

1. Generally, it is not a good idea to go after a big fish with a small boat. In practical terms this means being realistic with the account size you have. Trade on smaller time frames (which, in your case, probably means having expectations appropriate to the swings and volatility you see on 5, 15 and 1 hour TFs, and no higher) with micro-lots.
2. Protecting your margin level is not just about preventing a margin call. It is also about always ensuring you have enough margin to be able to cover against any positions which may be causing larger draw-downs. Such covering does not have to be in the form of hedging; they are just trades which help your overall account equity. I would advise keeping your margin level at above 600%.
3. Whether you close out your current positions may depend on whether the medium-to-longer term prospects for the markets your trades are in are favourable to you. When considering this, ascertain whether the underlying trend is in your favour. Do some research to find out whether you can reasonably expect these markets to move in your favour. If so, you may choose to wait it out - but only of your current margin level can stand the ebbs and flows of the market while you wait. If not, then don't hesitate to cut your losses, which admittedly is going to be difficult this time.
5. Some variety is good, if only because you should avoid over-exposure to particular markets. At least initially, try and stick with a few markets about which there is plenty of information available and are frequently discussed, so that you can compare your market analyses with others on forums and forex trading websites.
4. We have all had to learn some hard lessons, so hopefully you won't be too disheartened if you do have to incur largish losses.

Cheers and good luck.
  • #135,272
  • May 24, 2015 7:49pm May 24, 2015 7:49pm
Quoting Meymz
Thank you for your replies so far!. I will keep you updated for anything relevant.
dont close short gbpjpy yet
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY.Daily.png Size: 50 KB
Click to Enlarge Name: USDJPYMonthly.png Size: 44 KB
  • #135,273
  • May 24, 2015 8:50pm May 24, 2015 8:50pm
Quoting yaro1
{quote} dont close short gbpjpy yet {image} {image}
I have a difference of 1 micro lot on the long side on GBPJPY, I will close longs to be a bit more charged to the short side. Not all the longs but to have a difference now on the short side.
  • #135,274
  • May 24, 2015 8:57pm May 24, 2015 8:57pm
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.M30.png Size: 34 KB
  • #135,275
  • Edited 1:04am May 25, 2015 12:49am | Edited 1:04am
Quoting Meymz
This is one of my first posts. Long time reader and lurker, but now find myself wanting to share something, accepting any kind of feedback. Basically I started to trade with 3000 usd and have ended up with $2531 in closed profit, and $4439 in floating loss. My free margin now is at 1037usd, with total position size in open trades of 1.66 lots. To be brief: I started to trade small, and was having a losing streak of about 150usd, which was really my methodology not working at the current market conditions, that was at the end of February. Then I...
I still remember an advice by a PROFESSIONAL trader, when I started trading, who said that

"using stop losses is the biggest scam they teach you as a beginner to persuade you that you should always protect your capitals from a margin call. What even a fatter lie they tell you is to use tight stop losses... really so you don't loos your account in one trade but gradually. You don't need to use stop losses because sooner or later, the price will move back to your entry and maybe in you original direction"

he continues " do you think big institutions who trade million of $ per trade use stop losses?!! and even tight SLs?!! of course not. How they're gonna make money if they do?!!"

Long story short, I, as a beginner, started to use his advice. Generally, my entries were mostly good. I didn't use SLs (following his advice). I suffered some draw downs but I managed to survive and grew my account from $6000 to $32000 within 2 months.

However, I also managed to loose the whole account the following 2 months.

Here's my 2 cents, NEVER trade without SL. The other cent goes to learn how to pick up your entries with highest probability so you can use the tightest SLs and lower your risk ⇒ increase your reward ... having said that, DO YOUR HOMEWORK AND STUDY TRADING PROPERLY.... IT'S NOT AN ELECTRONIC GAME
Best of luck,
SD.Trader
  • #135,276
  • May 25, 2015 3:40am May 25, 2015 3:40am
Hi all, I remember a while back sisse posted that for the medium term RMT play, you would sell equities, sell commodities and buy dollar.

I understand that you will sell equities as price falls (higher interest rate as denominator in valuation models), and buy dollar due to greater demand for the currency. Can someone explain to me how the commodities correlation works? My knowledge on the commodity market is limited and the only driving forces that make sense to me is general supply/demand (eg. oil) or risk haven (eg. gold), and I can't really see a reasoning for a change in the commodity market dynamics due to rate hikes here.

Thanks
  • #135,277
  • May 25, 2015 5:11am May 25, 2015 5:11am
The rules is simple :

Admit and Accept your loss
  • #135,278
  • May 25, 2015 7:46am May 25, 2015 7:46am
Quoting SD.Trader
{quote} I still remember an advice by a PROFESSIONAL trader, when I started trading, who said that "using stop losses is the biggest scam they teach you as a beginner to persuade you that you should always protect your capitals from a margin call. What even a fatter lie they tell you is to use tight stop losses... really so you don't loos your account in one trade but gradually. You don't need to use stop losses because sooner or later, the price will move back to your entry and maybe in you original direction" he continues " do you think big institutions...
sounds familiar.. did you get the advice from this dude?

Inserted Video
  • #135,279
  • Edited 12:18pm May 25, 2015 11:50am | Edited 12:18pm
Quarterly EURUSD charts for anybody interested. Red lines are High/Low mids, black ones are Close/Close. Thin black lines in the third chart are 25% marks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: quarterly.jpg Size: 550 KB
Click to Enlarge Name: quarterly2.jpg Size: 589 KB
Click to Enlarge Name: quarterly3.jpg Size: 518 KB
  • #135,280
  • May 25, 2015 5:25pm May 25, 2015 5:25pm
still waiting for a turn here

USDOLLAR D1:
Attached Image (click to enlarge)
Click to Enlarge Name: Picture0053.png Size: 65 KB
Don't be a hero. Don't have an ego. Always question yourself
8 traders viewing now