Well, if you are after more than 90 pips for the use of your margin...?
Strat's Long Term Stress Free Trading
- #21,245
- Edited 2:33am Feb 9, 2017 1:11am | Edited 2:33am
{quote} Kiwi-Aussie 15min update: aussie.png;2178962 4hour: aussie 4hr.png;2178964 Remember: Do the HOKEY TOKEY ! {image} {image}
But Choose your Dance partner very carefully!
Now, for anyone following this thread, you will know I have been building a reasonably large position on the AUD/NZD. I have been taking longs only for many months, In and Out, doing the Hokey Tokey, more ruthlessly and silently than Carlos the Jackel himslf!
My 3 accounts all up between 30% and 40% since June 2016 and mainly due to heavy trading of this pair. Today, we see significant move in my direction- we probably reached the point where even Strat might be looking at it with interest [!!
]:
- but me bloody Hokey Tokey Dance Partner goes and steps on me toes, trips me over and breaks my damn leg! I'm out of the Hokey Tokey dance competition and off to Forex hospital instead!
I have missed this entire move. (well from 1.0520, but that is thousands and thousands in lost profit!)
Why you ask? After all that time in and carefully managing position size, sticking to the plan.... blah. blah.. would you exit before that move?
Well, caught up with news about FXCM this morning (NZ time) and saw they have been banned from the US market. Checked their share price (sharper move than the one I'm trading!). Checked my in-box and find my NZ FXCM partner company has sent me an "urgent email" as follows:
Hi mike (trogger)
I will attempt to give you a call today regarding the below information.
If you have not read the news FXCM has been banned from providing services to the US.
https://www.nfa.futures.org/ news/newsRel.asp?ArticleID= 4786
Your funds and the counter-party risk of your funds are with FXCM. There could be potential for significant extra risk with funds held at FXCM at the moment.
We suggest it would be a prudent measure to close any open positions so xxxxxx can withdraw your funds back to the xxxxxx segregated client trust account.
I will be calling around as many people as possible today.
Let me know if you have any questions.
Best Regards xxxxxxxxxxxxx
NZ broker did call a few minutes later and said I was the first client he contacted (as I was the one with the largest amount in open positions, therefore the one they were most concerned about). Personally, I think that if FXCM have defrauded their day-traders by US $77 million and only paid a $7 million fine for it, they shouldn't be going belly-up. But I have taken the prudent step - again part of Strat's valuable advice freely available to all who are willing to READ and UNDERSTAND this thread - of moving to protect/preserve capital.
So, just watch this baby rocket, now that they have finally managed to clear me out of my position!
Bas****s!
- #21,246
- Edited 3:12am Feb 9, 2017 2:57am | Edited 3:12am
[quote=trogger;9542584]{quote} But Choose your Dance partner very carefully! ...............................
...................................- again part of Strat's valuable advice freely available to all who are willing to READ and UNDERSTAND this thread - of moving to protect/preserve capital.
So, just watch this baby rocket, now that they have finally managed to clear me out of my position!
Trogger: 'Okay, Houston, we've had a problem here.'
Houston: 'This is Houston. Say again please.'
Trogger: 'Houston, we've had a problem. We've had a major short position underperformance.'
And the problem is: Where, oh where are my shorts?
Grrr... spent this week building shorts leading to this mornings Reserve Bank announcement. (Knowing that the Reserve Bank Govener had been sacked and no change to rate today would be announcement). Multiple positions at 73.10 to 73,60. Closed everything for reasons in above post a few minutes after announcement.
But that green box should be "littered with forex space-junk" i.e. take profits!
Interesting the way that line was respected though, don't you think?
When you can't do anything else - laugh!
...................................- again part of Strat's valuable advice freely available to all who are willing to READ and UNDERSTAND this thread - of moving to protect/preserve capital.
So, just watch this baby rocket, now that they have finally managed to clear me out of my position!
Trogger: 'Okay, Houston, we've had a problem here.'
Houston: 'This is Houston. Say again please.'
Trogger: 'Houston, we've had a problem. We've had a major short position underperformance.'
And the problem is: Where, oh where are my shorts?
Grrr... spent this week building shorts leading to this mornings Reserve Bank announcement. (Knowing that the Reserve Bank Govener had been sacked and no change to rate today would be announcement). Multiple positions at 73.10 to 73,60. Closed everything for reasons in above post a few minutes after announcement.
But that green box should be "littered with forex space-junk" i.e. take profits!
Interesting the way that line was respected though, don't you think?
When you can't do anything else - laugh!
- #21,247
- Feb 9, 2017 9:41am Feb 9, 2017 9:41am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #21,251
- Edited 2:10am Mar 1, 2017 1:52am | Edited 2:10am
{quote} But Choose your Dance partner very carefully! Now, for anyone following this thread, you will know I have been building a reasonably large position on the AUD/NZD. I have been taking longs only for many months, In and Out, doing the Hokey Tokey, more ruthlessly and silently than Carlos the Jackel himslf! My 3 accounts all up between 30% and 40% since June 2016 and mainly due to heavy trading of this pair. Today, we see significant move in my direction- we probably reached the point where even Strat might be looking at it with interest [!!...
* Albeit, with reduced position size.
Thanks to those who made broker suggestions. Unfortunately, OANDA do not operate in New Zealand. Our regulatory environment leaves me with not a huge choice. Have ended up with Halifax.
Still doing the "Hokey Tokey" and changing partner frequently - every time we test one of the red horizontal lines on the Boss:
Just poked her head above the 1.075 level I've had on my charts for months now:
Managed to load up this morning (kiwi Time) at approx 1.062 for a healthy gain. Have exited most positions and added a few shorts from this (1.075xx) level too. I am hoping we will see a head back to 1.0540 or below so I can get my original long position back on, but not expecting that anytime soon.
cheers all.
- #21,252
- Mar 1, 2017 3:12am Mar 1, 2017 3:12am
- Joined Jul 2011 | Status: Gold Again | 10,565 Posts
It takes a lot for me to IGNORE you, but you can try.
- #21,255
- Mar 1, 2017 9:15am Mar 1, 2017 9:15am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #21,256
- Mar 1, 2017 9:17am Mar 1, 2017 9:17am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #21,259
- Mar 4, 2017 12:28am Mar 4, 2017 12:28am
- Joined Jul 2011 | Status: Gold Again | 10,565 Posts
{quote} Thank you for your feedback Erebus! I'm currently using a Demo of Global Prime in Australia. ECN and no Sunday candle. Does anyone have experience with them?
It takes a lot for me to IGNORE you, but you can try.
- #21,260
- Edited 11:27am Mar 10, 2017 11:06am | Edited 11:27am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
While I have no use for indicators, I respect those who can use them to take money out of the Market, but I still don't know why anyone would use them.
I have posted many times that ALL indicators, including moving averages, LAG PRICE ACTION and VOLUME. Repeating myself, indicators are SECOND and THIRD derivatives of PRICE and are therefore ALWAYS TWO or THREE steps behind what is moving the Market.
Again, as I have previously posted, "in the olden days" when we traded without computers and charts, we had to draw our own charts and indicators. To draw indicators we had to KNOW and UNDERSTAND their formula and doing this really identified the weakness, failings and shortcomings of indicators.
Understanding that indicators merely represent what happened in the past and have NO FUTURE FORECASTING capabilities leads those wishing to be consistently profitable in trading to LEARNING and UNDERSTANDING PRICE ACTION and MARKET STRUCTURE.
Indicators LIE and give false readings whereas PRICE ACTION within the MARKET STRUCTURE are FACT as they are the footprints left behind by the BIG BOYS. UNDERSTANDING what the BIG BOYS are doing helps us with our trading as we want to trade WITH them and NEVER, EVER, against them.
However, whether you use indicators or PRICE ACTION and MARKET STRUCTURE as your method/strategy to trigger your trades, you have only scratched probably 15% of what is needed to be CONSISTENTLY PROFITABLE in trading. What the majority of traders miss and IGNORE, especially the new ones I see today looking to make a quick dollar, are MONEY MANAGEMENT and TRADE MANAGEMENT both of which are RULED and GOVERNED by a trader's INDIVIDUAL personality and psychology.
Another failing prevalent of the new generation of new traders is still the search for the Holy Grail. Until they realise and accept that there is NO one method/system that will make them rich beyond their wildest dreams, they will forever be the frustrated thread hopper looking for the pot of gold at the end of the rainbow.
There are many methods/systems to take money from the Market BUT how that method/system is UNDERSTOOD and USED by the individual trader is what will determine whether the trader is CONSISTENTLY PROFITABLE or not. There are members on my website who take my teachings on PASR and tweak it to suit their own individual styles and personalities. There are some who trade it in such a way that even I don't understand, but THEY do, and that is the ONLY thing that matters.
The bottom line is find a method/strategy which you UNDERSTAND and are comfortable with and then tweak it to suit your own individual trading personality and style.
I have posted many times that ALL indicators, including moving averages, LAG PRICE ACTION and VOLUME. Repeating myself, indicators are SECOND and THIRD derivatives of PRICE and are therefore ALWAYS TWO or THREE steps behind what is moving the Market.
Again, as I have previously posted, "in the olden days" when we traded without computers and charts, we had to draw our own charts and indicators. To draw indicators we had to KNOW and UNDERSTAND their formula and doing this really identified the weakness, failings and shortcomings of indicators.
Understanding that indicators merely represent what happened in the past and have NO FUTURE FORECASTING capabilities leads those wishing to be consistently profitable in trading to LEARNING and UNDERSTANDING PRICE ACTION and MARKET STRUCTURE.
Indicators LIE and give false readings whereas PRICE ACTION within the MARKET STRUCTURE are FACT as they are the footprints left behind by the BIG BOYS. UNDERSTANDING what the BIG BOYS are doing helps us with our trading as we want to trade WITH them and NEVER, EVER, against them.
However, whether you use indicators or PRICE ACTION and MARKET STRUCTURE as your method/strategy to trigger your trades, you have only scratched probably 15% of what is needed to be CONSISTENTLY PROFITABLE in trading. What the majority of traders miss and IGNORE, especially the new ones I see today looking to make a quick dollar, are MONEY MANAGEMENT and TRADE MANAGEMENT both of which are RULED and GOVERNED by a trader's INDIVIDUAL personality and psychology.
Another failing prevalent of the new generation of new traders is still the search for the Holy Grail. Until they realise and accept that there is NO one method/system that will make them rich beyond their wildest dreams, they will forever be the frustrated thread hopper looking for the pot of gold at the end of the rainbow.
There are many methods/systems to take money from the Market BUT how that method/system is UNDERSTOOD and USED by the individual trader is what will determine whether the trader is CONSISTENTLY PROFITABLE or not. There are members on my website who take my teachings on PASR and tweak it to suit their own individual styles and personalities. There are some who trade it in such a way that even I don't understand, but THEY do, and that is the ONLY thing that matters.
The bottom line is find a method/strategy which you UNDERSTAND and are comfortable with and then tweak it to suit your own individual trading personality and style.
15 YEARS OF PASR ON FOREX FACTORY!