Attachments: Wiz Index

Wiz Index

#421
May 12, 2017 4:20pm May 12, 2017 4:20pm

chappy
| Joined Apr 2011 | Status: Trader | 48 Posts

Wiz, may I ask what are your favorite (most profitable)pairs to scalp ?

#422
May 12, 2017 4:28pm May 12, 2017 4:28pm

Pip-Miner
Joined Nov 2015 | Status: I'm hungry | 4,034 Posts

Wiz , what happens when things go wrong . Do you have sl, let it recover etc. I do it like you ( when trading manually no ea ) but less aggressive to avoid margin calls. The main reason is recovery.
Saying that the aggressive approach only requires few wins to double account and if you have high win rate like 80% and a small account 500 the risk is minimised.
I'm more conservative ,with large account low leverage . The advantages this approach is you don't get margin calls, trading is more relaxed. I wonder what others feel about it.

#423
May 12, 2017 4:30pm May 12, 2017 4:30pm

Forthebulls
| Joined Feb 2017 | Status: Trader | 68 Posts

Quoting wizlon32

Disliked

{quote} Haha, I can't quit. I am contracted until Jan 2021 (sort of). I could leave earlier but I would be turning my back on a good pension that so far I have worked towards for 19 years.

Ignored

I don't blame you there, here in the US there aren't many companies that still offer pensions but I like the stability of a salary and 401K. That way if I have a losing day I know I'm still getting paid

#424
May 12, 2017 4:33pm May 12, 2017 4:33pm

wizlon32
Joined Jun 2015 | Status: Zen :-) | 1,185 Posts

Quoting chappy

Disliked

Wiz, may I ask what are your favorite (most profitable)pairs to scalp ?

Ignored

EU, GU, UJ, DAX

Indentify > Plan > Accept > Execute

#425
Edited 5:23pm May 12, 2017 4:38pm | Edited 5:23pm

wizlon32
Joined Jun 2015 | Status: Zen :-) | 1,185 Posts

Quoting Pip-Miner

Disliked

Wiz , what happens when things go wrong . Do you have sl, let it recover etc. I do it like you ( when trading manually no ea ) but less aggressive to avoid margin calls. The main reason is recovery. Saying that the aggressive approach only requires few wins to double account and if you have high win rate like 80% and a small account 500 the risk is minimised. I'm more conservative ,with large account low leverage . The advantages this approach is you don't get margin calls, trading is more relaxed. I wonder what others feel about it.

Ignored

When things go wrong I lose. After my losses the other day I am trying to build my account again and believe it or not I am being more cautious. Sometimes I place a SL and somrtimes I don't. My interpretation of "what is really going on" is a massive factor in my decisions.
My win rate is normally very good but I am not perfect. Who is when it comes to something so apparently unpredictable?

Indentify > Plan > Accept > Execute

#426
May 12, 2017 4:50pm May 12, 2017 4:50pm

wizlon32
Joined Jun 2015 | Status: Zen :-) | 1,185 Posts

I do what I do. I don't recommend that anyone trades like me. You are all responsible for your own wins and losses. If ypu can take something from this thread then do so and apply your own money management rules. I will not answer any more questions about my own money management.

Indentify > Plan > Accept > Execute

#427
May 12, 2017 4:50pm May 12, 2017 4:50pm

Pip-Miner
Joined Nov 2015 | Status: I'm hungry | 4,034 Posts

Quoting wizlon32

Disliked

{quote} When things go wrong I lose. After my losses the other day I am trying to build my account again and believe it or not I am being more cautious. Sometimes I place a SL and somrtimes I don't. My I yetpretation of "what is really going on" is a massive factor in my decisions. My win rate is normally very good.

Ignored

Yes , you have a very high win rate due to understanding how the market works and not getting on the wrong side of the market maker. That's why I love this strategy. Large drawdowns are avoided as you can detect the market maker, get in and out quickly before the pump and dump - the key.

#428
May 12, 2017 5:30pm May 12, 2017 5:30pm

wizlon32
Joined Jun 2015 | Status: Zen :-) | 1,185 Posts

Quoting Forthebulls

Disliked

{quote} I don't blame you there, here in the US there aren't many companies that still offer pensions but I like the stability of a salary and 401K. That way if I have a losing day I know I'm still getting paid

Ignored

Wow 401k! You are earning mega-bucks. You must be a clever man and I guess you worked hard at school. Well done, I take my hat off to you sir

Indentify > Plan > Accept > Execute

#429
May 12, 2017 5:41pm May 12, 2017 5:41pm

wizlon32
Joined Jun 2015 | Status: Zen :-) | 1,185 Posts

Quoting Pip-Miner

Disliked

{quote} Yes , you have a very high win rate due to understanding how the market works and not getting on the wrong side of the market maker. That's why I love this strategy. Large drawdowns are avoided as you can detect the market maker, get in and out quickly before the pump and dump - the key.

Ignored

But I do get it wrong. Sometimes I lose. Sometimes I win. Win or lose I am always learning. Here I just share some of what I have learned. I like to give back. I think probably about 95% of what I have learned was for free here on Forex factory. If you want to find the information, you will find it here. You just have to search hard and find the stuff that works for you.

Indentify > Plan > Accept > Execute

#430
May 12, 2017 5:47pm May 12, 2017 5:47pm

Pip-Miner
Joined Nov 2015 | Status: I'm hungry | 4,034 Posts

Quoting wizlon32

Disliked

{quote} But I do get it wrong. Sometimes I lose. Sometimes I win. Win or lose I am always learning. Here I just share some of what I have learned. I like to give back. I think probably about 95% of what I have learned was for free here on Forex factory. If you want to find the information, you will find it here. You just have to search hard and find the stuff that works for you.

Ignored

Agreed, personality need to suit the system. This was one of the first training lessons ever done. system must match personality or you will feel uncomfortable and not succeed. Any ways enjoy the weekend Wiz . Next week smash it bro.

#431
May 12, 2017 5:49pm May 12, 2017 5:49pm

lemercenaire
Joined Oct 2015 | Status: Trader | 18,269 Posts

Quoting wizlon32

Disliked

{quote} Wow 401k! You are earning mega-bucks. You must be a clever man and I guess you worked hard at school. Well done, I take my hat off to you sir

Ignored

A 401k is an American employer-backed pension plan.

#432
May 12, 2017 6:00pm May 12, 2017 6:00pm

wizlon32
Joined Jun 2015 | Status: Zen :-) | 1,185 Posts

Quoting lemercenaire

Disliked

{quote} A 401k is an American employer-backed pension plan.

Ignored

Oh right, thanks for explaining mate. I am a soldier and normally don't talk about that. But perhaps it will help people understand where I am coming from sometimes.

Indentify > Plan > Accept > Execute

#433
May 12, 2017 7:28pm May 12, 2017 7:28pm

Pip-Miner
Joined Nov 2015 | Status: I'm hungry | 4,034 Posts

Quoting openyoureyes

Disliked

(broker) volume just shows levels of high demand, thus it can go 2 ways - you need to pay to access to real volume for DAX index - + macro / fundamentals (along with usual data releases) are determining factors. people just need to learn managing their positions that's the most important part. this strategy is a (day) trend strategy to determine S&R with volume, which is never reliable. (if you don't follow news/data release you could write instant -40 pips, which kills small accounts instantly)

Ignored

Where do we get the real volume . What about fdax , futures volume .This has raised my interest in volume even more.

#434
May 12, 2017 8:08pm May 12, 2017 8:08pm

Forthebulls
| Joined Feb 2017 | Status: Trader | 68 Posts

Quoting wizlon32

Disliked

{quote} Oh right, thanks for explaining mate. I am a soldier and normally don't talk about that. But perhaps it will help people understand where I am coming from sometimes.

Ignored

Wiz,
Yeah, a 401k is pretty much just a savings account typical invested into mutual funds or money markets and not subject to taxation. But you have to wait until you retire to touch the money. Not as nice as a pension fund where the employer contributes all the funds. In the US most companies offer a 401K to full time employees, the larger corporations and Fortune 500 companies usually will offer a small matching amount, say up to 12% of your salary. But a lot of companies, including mine, offer zero matching which sucks.

But much respect for your military service, I have some good friends who are retired US Military. In fact my high school and college buddy (we both went to a big State University, GO BUCKS!) who now lives down the street from me is a retired US Marine helicopter pilot, which I think is awesome, but he is a modest and humble man and will always down play it.

Anyways, I did well in school, problem is a drank too much beer and don't remember much of it