Depth Trade
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I don't know about the book, but his daughter is looks 'fit' (as you brits would say) lol.
Many thanks I think I have ordered the right one - from Amazon. It certainly has that title and says second edition. But the one I have ordered seems to be by two Willamses' ! Will let it come now, as it is already ordered, and hope it is the correct version. If seem wrong may have to ask you for the ISDN no. Await its arrival with interest.
Torran,
That's the right book. It is actually jointly authored by Bill W and his daughter Justine Gregory-Williams. Chapters 7 to 12 are the core, but I did need to read them over and over and also do a lot of watching the chart unfold visualising taking the trades.
One entry setup is now pretty well ingrained in my mind, and I am now absorbing the next. The thing I am still puzzling over is how to manage the exit precisely, and I think this will be the make or break issue, as so often. Williams doesn't really go into trades exits enough, although he does cover the issue adequately. I am trying not to set too tight stop losses, and forcing myself to just take a good profit when it comes, which I have set in my mind as around 300 pips. But I must say that with the current volatility and the GBPJPY showing an average daily range of 700+ pips, a target of 600 would have worked out very nicely on several occasions. I just tell myself that £300 a day (averaging £200) is quite nice money and not to be greedy because there will be more tomorrow!!! There will won't there?
Hi Sandy,
Good to know that I have ordered the right book. Will read the relevant chapters with great interest. An average of 200 pips a day would suit me very nicely thank you! I think the current volatility is likely to last for some time so as long as you can ride the beast there is good money to be made. I set up the indicator on Alpari where I have a demo account anyway but does not mean too much yet without the instruction manual! No doubt all will be revealed in due course.
Hey, at last an injection of sense into this thread. Rather than spending £4000-£5000 on a black box system created by God know's what, some of the guys are spending £40 or so on a book that will produce many times the profit at minimal cost, and will have them trading what they see! Forget the hype and bull**** you receive by e-mail trying to sell you the latest profit making system (for the authors, not you, of course) and trade what YOU see! Have a good day!
Generally following the strategy in Trading Chaos - Second Edition trading 15 min chart. Trading GBPJPY £1pp with a starting account of £600. Using a lot of discretion, made some silly mistakes, and given the small account was a bit too quick on some of the stoplosses! Definitely not mechanical trading. Quite hard work actually, and nerve racking for a relative novice, but at last there is a result, which pays off my discounted purchase of the redundant Concept-FX
Pips so far.
15-Oct-08 87
16-Oct-08 -21
17-Oct-08 226
20-Oct-08 200
21-Oct-08 197
22-Oct-08 269
23-Oct-08 -197
24-Oct-08 374
27-Oct-08 300
28-Oct-08 483
29-Oct-08 47
30-Oct-08 84
31-Oct-08 276
Net Total over 13 trading days: 2325
57 Trades
Wins: 28
Losses: 26
Breakeven: 3
Risk/Reward: 145/67
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Yes! But I feel I can afford to delay compounding for a while. Furthermore to do it now would just increase the stress and lead to even more silly mistakes, and so be self defeating. I am mulling the account level at which to increase stakes. £5,000 say, or maybe £10,000. Of course my starting risks were around 10-15% of capital which is very sinful! I want to gradually reduce that as the account increases. Need to get the greed/fear balance right. And you never know the future, so I try to just trade the day as it presents itself.
Working on it! Actually it is already marketed by the originators here:
Profitunity Trading Group a Holistic Approach to Trading Stocks and Commodities based on Trading Chaos by Bill Williams, Justine Williams-Lara, and Marcus Lara
Scared money! Avoid it. Just start with a small pot, a £1000 or so and a broker/SB that allows you to trade in pennies not pounds. Use 2/3% max of your pot per trade. Do that for the first 3months. Assuming youv'e not crashed out by then you should be feeling relaxed and comfortable within your own skin.You will have had winners and several losses which you will learn to accept as simply being your business expenses Employ a 'peak percentage' strategy and thus ramp up. After 12 months make yourself known to Gordon and Alistair. Treated correctly you may get a life peerage.....
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tonights signal
I can see the logic in why they think it might happen so have given it a go. We shall see!! On recent form I find it hard to be optimistic that they will suddenly start to get it right again.
I can see the logic in why they think it might happen so have given it a go. We shall see!! On recent form I find it hard to be optimistic that they will suddenly start to get it right again.
Hello All,
well done Sandy, really glad to see you making pips.
I have a question, have you settled down with a system yet which your comfortable with and your using to trade real money with or are you still trialling a number of them (you system tart)? Also what type of system is it EOD or Intraday?
I have looked briefly at the Trading Chaos strategy and noticed that it is a strategy not specific for Forex. Does the strategy still work for Forex?
Thanks
well done Sandy, really glad to see you making pips.
I have a question, have you settled down with a system yet which your comfortable with and your using to trade real money with or are you still trialling a number of them (you system tart)? Also what type of system is it EOD or Intraday?
I have looked briefly at the Trading Chaos strategy and noticed that it is a strategy not specific for Forex. Does the strategy still work for Forex?
Thanks
I gave figures for my real money account, with a genune starting balance of £600. The book says Chaos isn't suitable for Forex. Maybe not, I don't know, but it is working for me on GBPJPY! I trade intraday on the 15 min chart. It's hard work and difficult to stay cool. Today is very difficult, and I have a big drawdown. I manage to turn most bad days around, and a wide stoploss has kept me in a trade which seems to be turning around as I write! It really is so important to keep a clear head, and not get upset. One thing that is difficult is to decide on the stoploss and take profit levels, and I use a lot of discretion. It will be easier if my account keeps growing and I take less % risk!
Thanks for your prompt reply Sandy,
are you also using sniper as an indicator as well?
if the book says it is not suitable for Forex, what made you purchase it and use the methodology?
are you also using sniper as an indicator as well?
if the book says it is not suitable for Forex, what made you purchase it and use the methodology?
I look at Sniper and several other trend following and breakout systems as well. Unsurprisingly they all give signals at the same time!!! They would wouldn't they.
As for the book, I explained that in a previous post I think. But briefly, I do spend a great deal of time trying to devise trading systems, doing as much lateral and independant thinking as possible. When I think I may be onto something, I google madly using any phrase that might hit a spot. Believe it or not there is always someone out there who has already thought along the same lines. When you have devised something yourself, you understand it, and it gives a lot of extra confidence to see how someone else is applying the same idea. I got into Chaos, because I googled "fractal breakout", I bought the book, discovered the Alligator (which was sitting there free in MetaTrader4 all along) and the rest is recent history. Think for yourself, don't rely on others (but pick their brains all you can) and don't take anything written or spoken as gospel (eg "Chaos is not good for forex").
The reade has reached it's (rather modest) target and is continuing up! As I have time I'll watch it and see what happens.
Ah, I wimped out and took the profit. Nice with a little winner.
And being a greedy bugger, I reentered...
P
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