$2,200 in profits today

[Poem 101]

I for one would like to thank you for, and congratulate you on, a truly remarkable thread. Well done Sniper!

 

[sniper012]

I appreciate that. Thank you. If you ever find yourself needing some pointers, feel free to PM me.

I for one would like to thank you for, and congratulate you on, a truly remarkable thread. Well done Sniper!

 

[sniper012]

i wonder if today was non farm payroll day...

 

[$oro$]

what is the whole point of this thread, sniper if you're not going to offer any snippets of wisdom to us who are ever so thirsty for knowledge

 

[sniper012]

what is the whole point of this thread, sniper if you're not going to offer any snippets of wisdom to us who are ever so thirsty for knowledge

I was once more than willing to share everything I know but then I realized that the majority of the "traders" on this forum were expert super traders who scoffed at everything I said so I left this site long long ago. I thought by titling the thread the way I did would be inspiring to the struggling trader but the gurus on here took it as if I were bragging about $2200. In reality, that amount of money is nothing in the grand scheme of my trading life at this point, but it was a big deal when I first wrote the thread. If you really want my advice, I'd tell you to stop trading forex and focus on other markets.

 

[D70]

I was once more than willing to share everything I know but then I realized that the majority of the "traders" on this forum were expert super traders who scoffed at everything I said so I left this site long long ago. I thought by titling the thread the way I did would be inspiring to the struggling trader but the gurus on here took it as if I were bragging about $2200. In reality, that amount of money is nothing in the grand scheme of my trading life at this point, but it was a big deal when I first wrote the thread. If you really want my advice, I'd tell you to stop trading forex and focus on other markets.

I believe that to be a great tip.

 

[t2w34035]

I was once more than willing to share everything I know but then I realized that the majority of the "traders" on this forum were expert super traders who scoffed at everything I said so I left this site long long ago. I thought by titling the thread the way I did would be inspiring to the struggling trader but the gurus on here took it as if I were bragging about $2200. In reality, that amount of money is nothing in the grand scheme of my trading life at this point, but it was a big deal when I first wrote the thread. If you really want my advice, I'd tell you to stop trading forex and focus on other markets.

Why stop trading FOREX?:idea:

 

[sniper012]

Why stop trading FOREX?:idea:

I'll just explain it. Although I was able to do well in the forex market, there were a few things that bothered me about it. The margin being dropped to 50:1 and the fact that there is no way to determine volume to name a few. What really made me take all of my cash out of my forex account was the fact that major banks control 70-75% of the forex market. Think about that. Debeers controls the vast majority of the diamond market so even if there is a surplus of diamonds, which there is, it's in Debeers' best interest to make us all believe that not only is there not a surplus, but in fact, there might be a shortage of stones. When an entity controls that much of something, they can easily manipulate the market to best suit their needs. It's just business. Banks aren't in the business of losing money as we all know. When banks acquire positions on currencies, they accumulate massive positions. When they are ready to sell, they have to have enough people who are willing to buy. When they are ready to buy, they have to find enough people ready to sell. So let's pretend I'm the big bad bank and you and everybody else on this forum are the individual traders. I have been accumulating this long position for about a week and now I'm ready to sell. So I, as the bank, have to do something to the market to make all these individual traders BELIEVE that now is a great time to buy. See how that works? I want to sell but I can't sell unless I have someone who wants to buy. The fact that I control so much of the market, I can move a few things around to make the market look like it's doing what YOU want it to do but all I'm really doing is suckering all of you in so that I can get rid of my position. Now that currency you just went long on is going to drop like it's hot and you and thousands of other traders just lost another trade.

 

[D70]

I'll just explain it. Although I was able to do well in the forex market, there were a few things that bothered me about it. The margin being dropped to 50:1 and the fact that there is no way to determine volume to name a few. What really made me take all of my cash out of my forex account was the fact that major banks control 70-75% of the forex market. Think about that. Debeers controls the vast majority of the diamond market so even if there is a surplus of diamonds, which there is, it's in Debeers' best interest to make us all believe that not only is there not a surplus, but in fact, there might be a shortage of stones. When an entity controls that much of something, they can easily manipulate the market to best suit their needs. It's just business. Banks aren't in the business of losing money as we all know. When banks acquire positions on currencies, they accumulate massive positions. When they are ready to sell, they have to have enough people who are willing to buy. When they are ready to buy, they have to find enough people ready to sell. So let's pretend I'm the big bad bank and you and everybody else on this forum are the individual traders. I have been accumulating this long position for about a week and now I'm ready to sell. So I, as the bank, have to do something to the market to make all these individual traders BELIEVE that now is a great time to buy. See how that works? I want to sell but I can't sell unless I have someone who wants to buy. The fact that I control so much of the market, I can move a few things around to make the market look like it's doing what YOU want it to do but all I'm really doing is suckering all of you in so that I can get rid of my position. Now that currency you just went long on is going to drop like it's hot and you and thousands of other traders just lost another trade.

Given that you know this, you can trade with the banks and clean up??

Why dont you just say that forex has a drag (overnight financing), is generally perfectly priced (no arb for proprietary traders) and very little vol meaning that it doesnt trend and doesnt have extended moves?

 

[t2w34035]

I'll just explain it. Although I was able to do well in the forex market, there were a few things that bothered me about it. The margin being dropped to 50:1 and the fact that there is no way to determine volume to name a few. What really made me take all of my cash out of my forex account was the fact that major banks control 70-75% of the forex market. Think about that. Debeers controls the vast majority of the diamond market so even if there is a surplus of diamonds, which there is, it's in Debeers' best interest to make us all believe that not only is there not a surplus, but in fact, there might be a shortage of stones. When an entity controls that much of something, they can easily manipulate the market to best suit their needs. It's just business. Banks aren't in the business of losing money as we all know. When banks acquire positions on currencies, they accumulate massive positions. When they are ready to sell, they have to have enough people who are willing to buy. When they are ready to buy, they have to find enough people ready to sell. So let's pretend I'm the big bad bank and you and everybody else on this forum are the individual traders. I have been accumulating this long position for about a week and now I'm ready to sell. So I, as the bank, have to do something to the market to make all these individual traders BELIEVE that now is a great time to buy. See how that works? I want to sell but I can't sell unless I have someone who wants to buy. The fact that I control so much of the market, I can move a few things around to make the market look like it's doing what YOU want it to do but all I'm really doing is suckering all of you in so that I can get rid of my position. Now that currency you just went long on is going to drop like it's hot and you and thousands of other traders just lost another trade.

I'm interested in learning about FOREX.

You provided enlightening info. Thank you.:clap:

 

[sniper012]

Given that you know this, you can trade with the banks and clean up??

Why dont you just say that forex has a drag (overnight financing), is generally perfectly priced (no arb for proprietary traders) and very little vol meaning that it doesnt trend and doesnt have extended moves?

It's not that easy. There's a service that claims to be able to teach you how to follow the banks based on patterns that they've tested but I can't say that I've see really amazing results from it. It's just much easier to trade other markets because they're a lot more transparent.

 

[Splitlink]

Re: "unfortunately I don't save them all.." unfortunately I cant find any entries or

Whatever you say. Until you show me 300-600 pips per week, you need to shut your mouth and focus my dude. Can't wait til I'm a pro like you though. Like I said, you know what you can do to shut me up..but I'm sure it's probably beneath you to do that, right? Is that gonna be your excuse for not posting charts WITH results?? I won't ask you to embarrass yourself because if you could produce what I asked, you would have done it already. QUOTE=JRP2891;1146768]Amateur.

[/QUOTE]



For someone who is not a legendary poster you certainly have the gift of the gab!

I don't know how you do it but I give you credit, it all comes out in one smooth operation...almost like Obama. I cannot imagine you pausing to find the right word.

I do enjoy reading your posts because I consider them to be well written.

 

[sniper012]

Re: "unfortunately I don't save them all.." unfortunately I cant find any entries or




For someone who is not a legendary poster you certainly have the gift of the gab!

I don't know how you do it but I give you credit, it all comes out in one smooth operation...almost like Obama. I cannot imagine you pausing to find the right word.

I do enjoy reading your posts because I consider them to be well written.[/QUOTE] Thank you. I'll take that as a compliment. This thread went into a direction that I never anticipated. I thought I could get on and share how I made the $2,200 but the members seemed more interested in shooting me down. It's fine because the people who actually wanted me to impart some knowledge sent me private messages. The thanks that I received from the people I've helped, far outweighs the nonsense I dealt with from the vocal minority.

 

[Splitlink]

Re: "unfortunately I don't save them all.." unfortunately I cant find any entries or

For someone who is not a legendary poster you certainly have the gift of the gab!

I don't know how you do it but I give you credit, it all comes out in one smooth operation...almost like Obama. I cannot imagine you pausing to find the right word.

I do enjoy reading your posts because I consider them to be well written.

Thank you. I'll take that as a compliment. This thread went into a direction that I never anticipated. I thought I could get on and share how I made the $2,200 but the members seemed more interested in shooting me down. It's fine because the people who actually wanted me to impart some knowledge sent me private messages. The thanks that I received from the people I've helped, far outweighs the nonsense I dealt with from the vocal minority.[/QUOTE]

It was meant to be a compliment on your writing style. I'll pass on the pm invitation, if it was one, because I like my own company where trading is concerned.

Thanks, though. So much private advice on T2W is not free, these days. It's nice to see the odd poster who, actually, wants to lend a hand.

 

[t2w34035]

It's not that easy. There's a service that claims to be able to teach you how to follow the banks based on patterns that they've tested but I can't say that I've see really amazing results from it. It's just much easier to trade other markets because they're a lot more transparent.

Give us 3 of your markets, number 1 being best, please.

 

[t2w34035]

It's not that easy. There's a service that claims to be able to teach you how to follow the banks based on patterns that they've tested but I can't say that I've see really amazing results from it. It's just much easier to trade other markets because they're a lot more transparent.

By the way, I trade Dow Emini future. I want to start learnng another market.

Thanks again for givingme heads up about your experiences.:cheesy:

 

[sniper012]

Give us 3 of your markets, number 1 being best, please.

The best market for me has been the stock market. By default I would have to say that commodities are second because I don't know anyone who trades futures, therefore I can't give you my opinion on it. If you're going to trade stocks, you're going to have to do research on option trading. Just some brief pointers: Always remember that options expire the 3rd Friday of the month and you actually want to be rid of that option at least 2 weeks before it expires. So if you had a June option on IBM, you should have gotten rid of it no later than last Friday. It's no biggie though. Right now I have July options on WPO and PCLN so I have a few weeks before they expire. You can buy into the future and not necessarily the current month.
The next thing you want to look at is earnings. Companies have quarterly earnings and you don't want to be holding those options when earnings are coming out because you don't know what that news may do to the price of the stock. I'd say if earnings are two weeks or less away, don't trade options on that stock. Look for something else.
On the options chain, you want to make sure that there are at least 100 contracts of "Open Interest" or "OI" on that option that you are buying. Also, you never want to buy more than 10% of the open interest. So if there are exactly 100 OI contracts, you don't want to buy more than 10 contracts.
The last basic thing you should know is called Delta. The delta tells you how much your option is going to move for every dollar the stock moves. You want your delta to be between 70-90, give or take. If your delta is 80, that means for every dollar the stock moves, your options moves .80 cents either for or against you. In reality, that would actually be $80 dollars because each options contract you buy means you are controlling 100 shares of that stock so .80 cents X 100 shares= $80 or whatever the delta may be.

 

[sniper012]

Re: "unfortunately I don't save them all.." unfortunately I cant find any entries or

Thank you. I'll take that as a compliment. This thread went into a direction that I never anticipated. I thought I could get on and share how I made the $2,200 but the members seemed more interested in shooting me down. It's fine because the people who actually wanted me to impart some knowledge sent me private messages. The thanks that I received from the people I've helped, far outweighs the nonsense I dealt with from the vocal minority.

It was meant to be a compliment on your writing style. I'll pass on the pm invitation, if it was one, because I like my own company where trading is concerned.

Thanks, though. So much private advice on T2W is not free, these days. It's nice to see the odd poster who, actually, wants to lend a hand.[/QUOTE] Not a problem. I was actually just saying that I use to receive PM's from members who followed the thread and actually wanted a little advice. You actually resurrected this thread because it's been dead for quite some time up until now.

 

[sniper012]

By the way, I trade Dow Emini future. I want to start learnng another market.

Thanks again for givingme heads up about your experiences.:cheesy:

Ok. I have seen a lot of people talk about the emini's. I hope that market is doing well for you.

 

[kjr95]

Jesus, you make it sound easy