Disliked{quote} Target hit on UJ counter long position. I'm looking to get short, but with DOW above 20,000 and risk on currently, I'm not sure if UJ short will work out. {image}Ignored
1
Whats your best money management method? 52 replies
How to flow with the order flow? 26 replies
Money Management / Risk Management 24 replies
Money management model for multiple strategy trading method 16 replies
Most popular money management method. 7 replies
Disliked{quote} Target hit on UJ counter long position. I'm looking to get short, but with DOW above 20,000 and risk on currently, I'm not sure if UJ short will work out. {image}Ignored
Disliked{quote} Who says you can't trade with charts only?? Money Flow does give me more confidence with the direction though. Didn't short the Dow as it going above 20,000 messed my entry plan up. Should've after the open yesterday. I'm all cash at moment as well...looks like UJ is well on the way to 110. {image}Ignored
DislikedToday just might be the day with help from KeepCalmfx I am on my Notebook HP Pavilion connected to the Internet. I hope to have both of the $50,000 US Dollars FXCM UK Demo accounts all in cash today. One of the Accounts I opened on December 4, 2016 and my main one here was opened on December 20, 2016. Please give me the instructions one more time the steps that I take to do my SCREENSHOT so I can share my results here today other than through Copy and Paste. Thank You BenjaminisIgnored
Disliked{quote} Hi Benjamin Please see post 526, for directions on the screen shot.Ignored
DislikedI am hoping to close my last two open positions of SHORT US 30 of 100 units once Dow 30 reaches 19,750 or so and if that happens my cash balance in my FXCM UK $50,000 US Funds Account will be over $72,000 US Dollars in just 6 weeks of Forex Trading. My students have helped my own discipline and it has been great fun and good personal satisfaction even though I can only post in this thread and not even like my friend's posts. KeepCalmfx. I am so looking forward to soon be able to post on our corporation website and say a nice good bye to Forex Factory...Ignored
Disliked{quote} Thank You Very Much KeepCalmfx We both now realize that what we do is the way to success. I am soon ready to close my last two positions of US 30 Short 100 units. This has been a fun day. BenjaminisIgnored
Disliked{quote} Hi Benjamin Well done on your amazing results! Just a quick question. I know you said at some stage you traded without stop losses. What is the maximum drawdown you had on one position at anytime in the past 6 weeks of achieving this results?Ignored
http://www.marctomarket.com/
Snippet:
Marc to Market
Making Sense of Global Capital Markets
https://4.bp.blogspot.com/-9C-Z27w3R...7012631346.gif
JAN
26
Are Interest Rates No Longer Driving the Dollar?
The US 10-year yield is at its highs for the year, and yet the US dollar has been struggling to gain traction. Some suggest that this means that the dollar rally is over. Charts like this one are circulating among market participants.
COMMENTARY FROM BENJAMINIS: Since these comments are within my expertise to understand I will offer my views to help all of us understand. The US 10 Year Yield is at it's HIGH as we have been discussing on our thread only because of the FED position on raising Interest Rates perhaps three times during 2017. This announcement created the situation where they broke the Bond Bubble and TRILLIONS of Dollars were LOST as the Bonds sold off and affected Interest Rates around the World.
The MONEY FLOW rotated in Equities as we can all see surely helped along by the election of President Donald John Trump on November 8, 2016.
Now we see the results by the Dow 30 going over 20,000 in the last few days.
This Great Graphic was created on Bloomberg. The white line is the Dollar Index, and the yellow line is the US 10-year yield. The two look highly correlated over the past six months, until very recently.
COMMENTARY FROM BENJAMINIS: The CORRELATION is starting to maybe CHANGE because of the following reasons. The agenda of the FED and the Central Banks around the World appears to be opposite of President Trump. His agenda is to create jobs and protect Americans and help them improve their lives. The AGENDA of the FED and the Central banks is opposite this.
We are not convinced. First, one can see on the chart other times over the past six months where the relationship looked less tight but did not signal a change in drivers. Second, correlation is not something that can always we eyeballed, especially when the chart shows two-time series with two different scales.
JAN
26
Dollar is Firmer, but Mostly Sidelined, as Equity Charge Continues
The US dollar is mostly firmer against the major currencies but is confined to narrow ranges, and well-worn ranges at that, but the focus has shifted to the strong advance in equities. Yesterday, the Dow Jones Industrials finally rose through the psychologically-important 20k level, and the S&P 500 gapped higher to new record levels.
COMMENTARY FROM BENJAMINIS: We now return to President Trump who wants the US Dollar to go down and the FED wants it to go up. The US Dollar MUST go down otherwise it causes harm to the Global community and in effect now the REAL CURRENCY WAR enters into the next stage.
PLEASE POST QUESTIONS IF I HAVE NOT MADE MY EXPLANATION VERY CLEAR. YOU REALLY NEED TO UNDERSTAND AND IT IS NOT THAT HARD IF YOU UNDERSTAND WHAT I HAVE JUST SAID.
The Nikkei and Topix gapped higher too, helping lead the MSCI Asia Pacific Index to a 1% gain and the third rise this week.
JAN
25
Great Graphic: Mexico and China Unit Labor Costs
This Great Graphic was posted by David Merkel on his AlephBlog with a hat tip to Sober Look. It looks at the divergence of unit labor costs in China and Mexico since 2007 through 2015.
The Mexican peso depreciated 17% last year. The yuan fell 6%. That 11% differential likely swamped the change in productivity and wages. That would translate into even greater divergence in unit labor costs.
Benjaminis
Excellent USD/JPY Chart - With Notes
http://www.forexfactory.com/attachme...5&d=1485468066
Now I will paste here a post that I read just now about charts to complete my thoughts about comments on both sides of the discussion.
Quoting WolGod
TRADERS FAIL BECAUSE THEY USE INDICATORS ABOUT PRICE ACTION. Past price action that means NOTHING. The only traders that make money using this crap are risk management specialists that use fibs (for discount) and do some news sentiment work. But reality is even they have no idea really and wont make much as they are too scared to trade a 5m chart. if you use the following stop. - fibs - stochs - macd - renko - gann - elliot wave - trendlines - any other lagging indicator anout PAST price action
you are joking, or?
so all trader that trade with the chart are also very stupid, because price chart is nothing more then past price action.
so with your theory you can only use macroeconomic features and economic news to trade in longterm, all other like charts you cant use for trading.....?
i have never heard someone dont use a chart, because it shows only past price action. and offcourse indicators are only price action showed in different kind - so nothing different like the chart, only different if you want so buy your calculating method.
From This Thread - http://www.forexfactory.com/showthre...08#post9487408
COMMENTS FROM BENJAMINIS: Here is the correct answer.
I have said many many times in a polite way that since most likely 75% of all Forex Traders base their plans around technical indicators that this is one and only one of the reasons, that they cannot be substantial winners or become professional Forex traders.
It is very important to use these indicators without any doubt. I could not trade without them. However they cannot be number one in the list of the five parts of successful Forex trading. Dukas Trader I see has been around here anyway since 2010 so he qualifies as having knowledge and experience trading Forex.
He also mentions news which we call fundamentals.
If a seasoned Forex Trader has Technical skills and fundamental knowledge there are still the THREE MOST IMPORTANT PARTS that She or He might or might not have. However if they do NOT have the DISCIPLINE then they cannot be successful at the level of a full time professional Forex trader such as myself.
I was not an overnight success as I started my profession during 2003.
The real reason that I only teach fellow Forex traders with a $50,000 US Dollars account is that way I can tell if they possibly have either the skills or the time to devote to learn how to trade Forex properly. That is why I asked the 12 Forex Traders that I taught to open a FXCM UK Demo Account.
Some of them dropped out very quickly. Others did not have the time to learn properly. One subscribed to my thread, then unsubscribed then subscribed then finally unsubscribed and then ignored me. I do not post this information to attack him just to make the point that he does not have the trader skills as an individual because of how he acted here.
My demo account approach always works to see if the person can be taught or not. At the other end of the scale we have KeepCalmfx who has great skills both in fundamentals and technicals and understands Risk Management and Money Flow. The most important thing that KeepCalmfx has is the work ethic and the DISCIPLINE and the integrity to be a winner trading Forex.
In this very difficult business that if approached properly can make you very very wealthy there is no short cuts to success.
The biggest problem as I see it that Forex Traders have is that they do not know any other way to trade and sometimes pays for courses or indicators always searching for the Holy Grail which does not exist. However the next best thing is to have "THE EDGE"
Then you have an opportunity if you first learn the right trading habits by trading and learning without the normal emotions of FEAR and GREED.
Risk Management that always works is the FINAL PROTECTION to not blow your Forex Trading account and on that note trading with two little capital guarantees failure. If you have the right tools and know what you are doing the MINIMUM funds that you need is $10,000 US Dollars. I have traded that and limit myself to no more than two open positions of 100 units. However today myself , I would NEVER trade Forex with less than $50,000 US Dollars as I teach here.
This has been a very long post however I think it really makes all the issues very clear as it does with the solution.
I would appreciate what you think about this summary of my thoughts on learning and winning and how to avoid failure.
Thank You
Benjaminis
From Post 1462
My last Post For Tonight From Post 1422 - Our 4 Trade Plans !!!
Quoting mbleska
Screenshot1.png;2149784 Hi, I took a picture of trades I did last week and I added my comments about the possible problems (as mentioned in post 1420). I have learnt here that it is important to read news about what is going on in the world and try to make sense out of it (even though it takes a lot of time), then one is able to come up with a plan. The other thing is to stick to that plan and not being afraid of a loss. {image}
Actually mbleska , for the moment until you are able YOU do not have to take one minute of your time to come up with a plan.
We have until March 31, 2017 , 4 TRADE PLANS.
(1) Short US 30 - 100 units - STOP LOSS - $1000 US Dollars - Risk Reward at least 1 to 1 maybe as high as 1 to 3. Lower stops once you have minimum profit.
(2) Short USD/JPY - 100 units - STOP LOSS - $1000 US Dollars - Risk Reward at least 1 to 1 and LOWER STOPS to always lock in minimum profit of $250 US Dollars.
(3) LONG Gold - 100 Ounces - STOP LOSS - $1000 US Dollars - Risk Reward at least 1 to 1 and as High as 1 to 3.
(4) Long Silver - 5000 Ounces - STOP LOSS - S1000 US Dollars - Risk Reward at least 1 to 1 and as High as 1 to 3.
THAT IS IT !!! Just have the DISCIPLINE to do it !!!
AS FOR FEAR OF LOSS , FIRST LEARN ON YOUR $50,000 US Dollars FXCM UK Demo Account. Unless you are really really good now STOP trading Real Funds.
This is about learning good habits and getting confidence then you will trade much more effectively with your own funds and I strongly suggest a Minimum Trading Account of $10,000 US Dollars and then you can NEVER have on more than 20% of your capital or no more than 2 positions of 100 units at any one time.
Benjaminis
Quoting BenjaminIs
There are very few technical Forex traders that can state with 75% certainty that USD/JPY will go to 120.00 and neither can I.
Certainty (a fact that is definitely true or an event that is definitely going to take place) is 100%.
Confidence is another story.
Neither is necessary for trading.
To be certain or confident is folly when it comes to trading.
Trading is adjusting to what is happening.
Attached Image
http://www.forexfactory.com/attachme...1&d=1485709691
My Threads: Trading is as simple as 1-2-3 & Highest Open/Lowest Open Trade
Quoting TooSlow
{quote} Certainty (a fact that is definitely true or an event that is definitely going to take place) is 100%. Confidence is another story. Neither is necessary for trading. To be certain or confident is folly when it comes to trading. Trading is adjusting to what is happening. Bruce-Lee-Quote-Technique.jpg;2161502 {image}
TooSlow
EGO is not a good quality. I am sure that you understand what I mean.
I just happened to be coming here to my thread to post the following on the same subject that we are not together discussing with an open mind on both sides.
http://forex.today/usdjpy-h4-consoli...double-bottom/
Snippet:
I seldom trade USD pairs, but FED Yellen is speaking on Wednesday and I always trade USD when she speaks. The pair finished 2016 strongly, rallying 1,750 pips between the November 9th US elections and December 15th. But so far this year, the pair has lost 600 pips. Recent price action suggests that a near-term bottom is in place. The two swing lows between January 17th and the 24th hint at a double bottom pattern. What’s nice about this formation is that the distance from the two lows to the neckline is almost the same as the distance from the neckline to the objective.
The distance from the neckline to the double bottom is approximately 304 pips while the distance from the neckline to the measured objective is 300 pips. Watch for a H4/Daily close above the January 19th high at 115.60. Such a close would confirm the reversal pattern and expose the objective at 118.60.
USDJPY - 29 JAN 2017
- See more at: http://forex.today/usdjpy-h4-consoli....ryBiRSOp.dpuf
I will make a statement that cannot be challenged since for the moment CORRELATION is the Judge and Jury.
I cannot know what Yellen will say or do however I do not that when the DOW 30 goes back below 20,000 and reaches at least 19,500 then USD/JPY will be well below 114.00 and probably at 112.00.
So the FACT is based on the Dow 30 going down and it will when very soon however that is not my FACT.
"My Fact or CORRELATION'S FACT is when Dow 30 is at 19,500 then USD/JPY is at 114.00 or lower.
Have a great day and nice to see you post here since I am no longer permitted to post on the USD/JPY thread.
Benjaminis