Double Your Profit On Forex Pairs

[24601]

Hi Croman here newbie trader from Manchester.

Having recently finished my trial of the Ultimate Forex Predictor with a paltry £5 profit, I asked for and promply received my money back from Canonbury. After posting messages on the first steps thread at T2W as a newbie, I have now graduated to junior member.
Armed with lots of very good advice from there and with thanks to Reach and the very funny Yacarob (we made sweet music to-gether) I decided that there must be a way to develope my own trading system.

WhiIe trawling the internet in search of inspiration I came across a very interesting article about the reactions of one pair of currencies against other pairs of currencies, alas the only real pair this article talked about is EURUSD AND USDCHF the correlation of these two is simply amazing to watch, If one pair goes up the other pair goes down and vice versa. If you put 1 and 5 minute charts up you will see what I mean it is mesmorising to watch them in real time. (try it Arek)

I am new to day trading the forex but I really like it for its speed and immediacy, I dare say as I mature I will want go on longer and larger trends but for now my £1 ticks are doing fine.

:idea: Anyway it was a very quite Thursday morning (with only Terry Wogan for company), and her indoors asleep with an hangover, it dawned on me as I was about to put my bet on the EURUSD that I might as well try a reverse on the USDCHF at the same time, and having watched the price trends and ONLY the ig index charts I placed my double bets and wham I was away the EURUSD was dropping like a stone and underneath the USDCHF was flying like a kite, I zoomed into the blue with healthy profits on both bets, and all this by 8.15am, I went to work a happy chappy, and guess what I repeated it again today. :clap:

Granted if you read the entry points wrongly you will loose twice as much, but more often than not these currencies trend up and down in a certain range all day long, so you could wait for the turnaround or cut and run at your predetermined exit points, and wait for the next trend as there will be another one along in a minute. Over the last two days Thurday and today Friday (13th) I have applied this very simple system of mine and I am proud to say that I am over £80 in profit to £1 pips (imagine if I was a high roller) and looking forward to Monday morning.

Now it may well be that because of my naivety this way of trading is nothing new to the more experianced members here but it works for me and the reason for starting this thread is that I would be very interested if other members can expand on my knowledge about the reactions of different forex pairs and also if they have had success with this double strategy or is it simply beginers luck and not worth persuing.

I look forward to your replies please.

Croman

 

[Arek Okrasa]

Hi Croman

As you said: try Arek - I will. I place trade with CMC Market and I saw your example - if it works you should charge £50 per week with full ref...hi-hi.

Thanks so much. I hope, other traders will share with their experience, and cose of you I will probably buy the software - ultimate fx. Than we can share our experience

You the STAR!
Arek

Hi Croman here newbie trader from Manchester.

Having recently finished my trial of the Ultimate Forex Predictor with a paltry £5 profit, I asked for and promply received my money back from Canonbury. After posting messages on the first steps thread at T2W as a newbie, I have now graduated to junior member.
Armed with lots of very good advice from there and with thanks to Reach and the very funny Yacarob (we made sweet music to-gether) I decided that there must be a way to develope my own trading system.

WhiIe trawling the internet in search of inspiration I came across a very interesting article about the reactions of one pair of currencies against other pairs of currencies, alas the only real pair this article talked about is EURUSD AND USDCHF the correlation of these two is simply amazing to watch, If one pair goes up the other pair goes down and vice versa. If you put 1 and 5 minute charts up you will see what I mean it is mesmorising to watch them in real time. (try it Arek)

I am new to day trading the forex but I really like it for its speed and immediacy, I dare say as I mature I will want go on longer and larger trends but for now my £1 ticks are doing fine.

:idea: Anyway it was a very quite Thursday morning (with only Terry Wogan for company), and her indoors asleep with an hangover, it dawned on me as I was about to put my bet on the EURUSD that I might as well try a reverse on the USDCHF at the same time, and having watched the price trends and ONLY the ig index charts I placed my double bets and wham I was away the EURUSD was dropping like a stone and underneath the USDCHF was flying like a kite, I zoomed into the blue with healthy profits on both bets, and all this by 8.15am, I went to work a happy chappy, and guess what I repeated it again today. :clap:

Granted if you read the entry points wrongly you will loose twice as much, but more often than not these currencies trend up and down in a certain range all day long, so you could wait for the turnaround or cut and run at your predetermined exit points, and wait for the next trend as there will be another one along in a minute. Over the last two days Thurday and today Friday (13th) I have applied this very simple system of mine and I am proud to say that I am over £80 in profit to £1 pips (imagine if I was a high roller) and looking forward to Monday morning.

Now it may well be that because of my naivety this way of trading is nothing new to the more experianced members here but it works for me and the reason for starting this thread is that I would be very interested if other members can expand on my knowledge about the reactions of different forex pairs and also if they have had success with this double strategy or is it simply beginers luck and not worth persuing.

I look forward to your replies please.

Croman

 

[reach]

Oh dear, oh dear, oh dear

Hi Croman here newbie trader from Manchester.

Having recently finished my trial of the Ultimate Forex Predictor with a paltry £5 profit, I asked for and promply received my money back from Canonbury. After posting messages on the first steps thread at T2W as a newbie, I have now graduated to junior member.
Armed with lots of very good advice from there and with thanks to Reach and the very funny Yacarob (we made sweet music to-gether) I decided that there must be a way to develope my own trading system.

WhiIe trawling the internet in search of inspiration I came across a very interesting article about the reactions of one pair of currencies against other pairs of currencies, alas the only real pair this article talked about is EURUSD AND USDCHF the correlation of these two is simply amazing to watch, If one pair goes up the other pair goes down and vice versa. If you put 1 and 5 minute charts up you will see what I mean it is mesmorising to watch them in real time. (try it Arek)

I am new to day trading the forex but I really like it for its speed and immediacy, I dare say as I mature I will want go on longer and larger trends but for now my £1 ticks are doing fine.

:idea: Anyway it was a very quite Thursday morning (with only Terry Wogan for company), and her indoors asleep with an hangover, it dawned on me as I was about to put my bet on the EURUSD that I might as well try a reverse on the USDCHF at the same time, and having watched the price trends and ONLY the ig index charts I placed my double bets and wham I was away the EURUSD was dropping like a stone and underneath the USDCHF was flying like a kite, I zoomed into the blue with healthy profits on both bets, and all this by 8.15am, I went to work a happy chappy, and guess what I repeated it again today. :clap:

Granted if you read the entry points wrongly you will loose twice as much, but more often than not these currencies trend up and down in a certain range all day long, so you could wait for the turnaround or cut and run at your predetermined exit points, and wait for the next trend as there will be another one along in a minute. Over the last two days Thurday and today Friday (13th) I have applied this very simple system of mine and I am proud to say that I am over £80 in profit to £1 pips (imagine if I was a high roller) and looking forward to Monday morning.

Now it may well be that because of my naivety this way of trading is nothing new to the more experianced members here but it works for me and the reason for starting this thread is that I would be very interested if other members can expand on my knowledge about the reactions of different forex pairs and also if they have had success with this double strategy or is it simply beginers luck and not worth persuing.

I look forward to your replies please.

Croman

Right. I hate to pour cold water but,

1. You talk about reading the entry points wrongly as if it's a minor issue. Croman, it's the holy grail and you just haven't convinced me you've got any better clue when to enter than I have.

2. The currencies may trade up and down within a range at present, but at some point they are going to break through. If you are sitting there waiting for the retracement and it doesn't come, guess what - that's it - you lose, lose, lose.

3. Exactly how does this method double your losses (sorry I mean winnings) any better than simply doubling your stake on one currency?

My 11-year-old can't stay away from amusement halls. Last week he came out with £2.50 claiming he'd made a 700% profit. He told me when he grows up he's not going to work because he'll be able live on his winnings. I told him to go back in and if he could come out with a fiver I'd double it. Stupid me, he did! So I told him if he could make another £10, I'd give him £20. I went off to have a coffee whilst he went to make his fortune - fiery eyed, wide grins, hoops of joy.

I don't think I'd finished the coffee before he turned up again: one look on his face told me I didn't need to visit the cash machine - he'd lost the lot. How so quickly? He'd graduated from rolling 2p to rolling 10p. Lesson learned.

:!:Without a lot of experience and knowledge, forex is just another amusement hall where, guess what? You lose, lose, lose.

 

[reach]

Hi Croman

As you said: try Arek - I will. I place trade with CMC Market and I saw your example - if it works you should charge £50 per week with full ref...hi-hi.

Thanks so much. I hope, other traders will share with their experience, and cose of you I will probably buy the software - ultimate fx. Than we can share our experience

You the STAR!
Arek

A word of warning Arek. This is the first post in the thread, "10k wipeout"

I'm down, rock bottom.

started trading Crude Oil futures, though it was easy money at first. made a bit. then I got greedy and didn't use stops. went short and I wasn't willing to take any loss so let the trade run for 7 days, the loss got bigger and bigger so then I entered another short hoping to raise my breakeven. then the biggest rise since the gulf war took me out of the game.

I own double what was in my account and my losses are shocking bad probably £10,000 in total. don't think I can come back to trading, I feel emotionally scarred.

my wife found out about my losses and has threatened to leave me. I hate myself

Hate to see you follow him and croman down the road.

 

[Arek Okrasa]

Thank you Reach.

It is very important what you said. Thank you agein-indeed.

Arek

A word of warning Arek. This is the first post in the thread, "10k wipeout"

I'm down, rock bottom.

started trading Crude Oil futures, though it was easy money at first. made a bit. then I got greedy and didn't use stops. went short and I wasn't willing to take any loss so let the trade run for 7 days, the loss got bigger and bigger so then I entered another short hoping to raise my breakeven. then the biggest rise since the gulf war took me out of the game.

I own double what was in my account and my losses are shocking bad probably £10,000 in total. don't think I can come back to trading, I feel emotionally scarred.

my wife found out about my losses and has threatened to leave me. I hate myself

Hate to see you follow him and croman down the road.

 

[24601]

more to come

Right. I hate to pour cold water but,

1. You talk about reading the entry points wrongly as if it's a minor issue. Croman, it's the holy grail and you just haven't convinced me you've got any better clue when to enter than I have.

2. The currencies may trade up and down within a range at present, but at some point they are going to break through. If you are sitting there waiting for the retracement and it doesn't come, guess what - that's it - you lose, lose, lose.

3. Exactly how does this method double your losses (sorry I mean winnings) any better than simply doubling your stake on one currency?

My 11-year-old can't stay away from amusement halls. Last week he came out with £2.50 claiming he'd made a 700% profit. He told me when he grows up he's not going to work because he'll be able live on his winnings. I told him to go back in and if he could come out with a fiver I'd double it. Stupid me, he did! So I told him if he could make another £10, I'd give him £20. I went off to have a coffee whilst he went to make his fortune - fiery eyed, wide grins, hoops of joy.

I don't think I'd finished the coffee before he turned up again: one look on his face told me I didn't need to visit the cash machine - he'd lost the lot. How so quickly? He'd graduated from rolling 2p to rolling 10p. Lesson learned.

:!:Without a lot of experience and knowledge, forex is just another amusement hall where, guess what? You lose, lose, lose.

Hi Reach,
For a minute there I thought you were going to agree with something I wrote, :innocent: lets address your points one at a time.
1, I agree with you that entry (and exit points come to that) ARE the visions of better men(and women) than me, but its a learning curve and if you can get it right 50% of the time I reckon your doing well. as I looked on the web I found that there are every type of chart and track and trace system you could ever need DO they work,!!!.
All im saying is that I am a firm believer in keeping it simple and following the trend I wont swim against the flow of the river so hopefully the loses that I WILL incure can be small and with my type of management be minimalised.

2, Yes of course there will be break outs, but how often do they happen without retracing a bit, but I believe you can be forwarned to some extent either by watching for reversals on your simple charts or by taking account of any new news that could affect your market you have got to be on the ball, this way you will cut your loses
accordingly. and you might even get a chance to be on with the breakout.

3, You say how does this double your loses! or WINNINGS! I think its physcological I am a newbie and am still on small stakes it looks better to me to put less on 2 than bigger chunks on 1. and one of the pairs might out perform the other thus making you a little bit extra. (this happened with me on friday)

Your son is still a very young man with lots to learn (allthough I say we never stop learning) and money management will be a large part of his life as he grows up, but as a careing father you are allready starting to built this into him, thats great I did it with my son as well.

Croman

 

[Trader333]

....... but more often than not these currencies trend up and down in a certain range all day long

How do you know they will ?


Paul

 

[Arek Okrasa]

You are guys are having great conversation. Please, keep going...

Regards,
Arek
(I am off durring weekend - see you Monday then)

Hi Reach,
For a minute there I thought you were going to agree with something I wrote, :innocent: lets address your points one at a time.
1, I agree with you that entry (and exit points come to that) ARE the visions of better men(and women) than me, but its a learning curve and if you can get it right 50% of the time I reckon your doing well. as I looked on the web I found that there are every type of chart and track and trace system you could ever need DO they work,!!!.
All im saying is that I am a firm believer in keeping it simple and following the trend I wont swim against the flow of the river so hopefully the loses that I WILL incure can be small and with my type of management be minimalised.

2, Yes of course there will be break outs, but how often do they happen without retracing a bit, but I believe you can be forwarned to some extent either by watching for reversals on your simple charts or by taking account of any new news that could affect your market you have got to be on the ball, this way you will cut your loses
accordingly. and you might even get a chance to be on with the breakout.

3, You say how does this double your loses! or WINNINGS! I think its physcological I am a newbie and am still on small stakes it looks better to me to put less on 2 than bigger chunks on 1. and one of the pairs might out perform the other thus making you a little bit extra. (this happened with me on friday)

Your son is still a very young man with lots to learn (allthough I say we never stop learning) and money management will be a large part of his life as he grows up, but as a careing father you are allready starting to built this into him, thats great I did it with my son as well.

Croman

 

[reach]

How do you know they will ?


Paul

Hi 333

He doesn't but thinks he does (or thinks it doesn't matter), I don't and know it, but what intrugues me is, does anyone? Do you?

Is it possible to reliably make money trading, particularly FOREX.

The one thing nobody seems to do in these threads is to say how much their trading income is. Is it just a question of protocol - not-the-done-thing, or do people just not have enough confidence in their earnings?

You have obviously been around awhile so I'd value your opinion.

 

[reach]

Hi Reach,

For a minute there I thought you were going to agree with something I wrote, :innocent: lets address your points one at a time.

1, I agree with you that entry (and exit points come to that) ARE the visions of better men(and women) than me, but its a learning curve and if you can get it right 50% of the time I reckon your doing well.

2, Yes of course there will be break outs, but how often do they happen without retracing a bit,

Croman

Croman,

I'm not trying to be destructive, just realistic.

If you don't get it right at least 50% of the time you are losing! For me, doing well means at least 70-80% of the time. If you've ditched the Cotteril thing, how are you determining when to enter?

How, if there are retracements in a break-out, do you know it's a break-out and not going to continue past your entry point and put you back in profit. Isn't it really the fact that you don't. So you hang on hoping to cut your losses, only to see it reverse again and continue the break-out. Result? You guessed it, you lose, lose lose.

Croman, when I look at how and what you write, it always hits me that you are thinking in hindsight. Everything you say is true, but you only know that when you look back at the chart. This is what Cotteril relies upon to make his claims of 80 pips or whatever.

During a trade you watch helplessly. It goes up but will it continue or turn the very next second. It goes down but just for a moment before turning again, or inexorably for the next hour? I find I just don't know.

Why do you think you do?

 

[24601]

dont stop the stop

Thank you Reach.

It is very important what you said. Thank you agein-indeed.

Arek

Hi Arek,
I also read this thread, my first reaction was sorrow for this guy, but wow his story is clear we must be careful out there. In his own admission he says he did not use stops now I know that some people can accept more risk than others, we all have access to different amounts of money at any one time, this might be a chap who earns good money so the risk to him is different to the risk you or I might accept. Personnaly I would NEVER EVER, EVER, EVER, EVER, put a trade on the forex without a stop, so MY personal risk is then controlled and limited to what I could win OR lose.

Its an old cliche but everybody says you should never bet, gamble, trade, on casino, horses,sports, forex, or whatever your poison is with money that you can-not afford to loose and this is very very true. From the age of 15 when Highland Wedding won the Grand National I was a big horse betting man and it took me a long long time to realise that it really is a mugs game trying to find the winner all the time, but now we can bet horses to loose with betfair this is a revelation and I am finding that at last I can now make money using this strategy but again caution and risk control is paramount

As for my recent entry into the forex arena I know that one can make money from
this, but you have to watch your back all the time.

So go ahead Arek and try the ufxp paper trade it first then if you dont like it you will get your dosh back. But I seem to have found a nice little method here and (for now) at least in a small way its working for me.

 

[Arek Okrasa]

Hello guys,

Does anyone know how can I invest in Merrill Lynch Gold & General Fund?

Last raport from MoneyWeek suggest we should invest in gold - and they gave as a tips - one of them was Merrill Lynch Gold and General Fund - but I can not find the main web.

Can you advise me how can I invest in...?

Best regards,
Arek
Aaaa... about the Ultimate FX Predictor - Concept FX has 50% wrong and 50% right tips - these guys who are playing on said they can make a profit on it. For me it is too risky but...time will tell us

Sorry to change the subcet

 

[24601]

Whats Round The Corner!

How do you know they will ?


Paul

Hi Paul,
Thanks for veiwing this thread. Yes you are right neither I nor all of these very clever city fellows with their massive computers still call it right all of the time, do you remember last weds when the ftse fell lots down to its lowest level since March, well I have been trialing the info from a company called twowaymarkets (i like my free trials)

They sent an email on WEDS morn saying they expected the ftse to end up on the day and they accompany this with a wonderfull chart with all sorts of colourful lines, candles, and other baubles with a big black arrow pointing up, I did not trade it because I am still learning the ropes and on my little igindex chart the ftsae had been dropping since the open, and look what happened it fell all day.

So I do not mean to be any cleverer than the next man (or lady) but I would trust my own judgement before I traded and I wont swim against the river, yes I might miss the odd breakout like that ftse, but hey I can allways jump on board if it keeps going cant I.

Regards
Croman

 

[reach]

Quote Croman from UFXP thread,

"I am not a fan of the trailing stop loss, does any other member have a view on these."

Quote from Croman from this thread,

"Personnaly I would NEVER EVER, EVER, EVER, EVER, put a trade on the forex without a stop, so MY personal risk is then controlled and limited to what I could win OR lose"

I think I may have just lost interest.

 

[24601]

Hello guys,

Does anyone know how can I invest in Merrill Lynch Gold & General Fund?

Last raport from MoneyWeek suggest we should invest in gold - and they gave as a tips - one of them was Merrill Lynch Gold and General Fund - but I can not find the main web.

Can you advise me how can I invest in...?

Best regards,
Arek
Aaaa... about the Ultimate FX Predictor - Concept FX has 50% wrong and 50% right tips - these guys who are playing on said they can make a profit on it. For me it is too risky but...time will tell us



Hi Arek,
I can not help you with this except to say that I have read some bad stuff about concept on this site and we all know what gold and oil is about, but I just wanted to say that I admire your style, you gone from the forex to gold in one fell swoop.
Good Luck
Croman

 

[Arek Okrasa]

Oh, no... I am not going anywere...I am just try to find another way of middle-term investing. That way I am looking for Merrill Lynch Gold & General Fund

Thank for being with me...
Arek

Hello guys,

Does anyone know how can I invest in Merrill Lynch Gold & General Fund?

Last raport from MoneyWeek suggest we should invest in gold - and they gave as a tips - one of them was Merrill Lynch Gold and General Fund - but I can not find the main web.

Can you advise me how can I invest in...?

Best regards,
Arek
Aaaa... about the Ultimate FX Predictor - Concept FX has 50% wrong and 50% right tips - these guys who are playing on said they can make a profit on it. For me it is too risky but...time will tell us



Hi Arek,
I can not help you with this except to say that I have read some bad stuff about concept on this site and we all know what gold and oil is about, but I just wanted to say that I admire your style, you gone from the forex to gold in one fell swoop.
Good Luck
Croman

 

[24601]

on it goes

Quote Croman from UFXP thread,

"I am not a fan of the trailing stop loss, does any other member have a view on these."

Quote from Croman from this thread,

"Personnaly I would NEVER EVER, EVER, EVER, EVER, put a trade on the forex without a stop, so MY personal risk is then controlled and limited to what I could win OR lose"

I think I may have just lost interest.

Hi Reach,
You are a hard man to please, The quote you are showing from me is very true whebn taken IN CONTEXT. We were discussing letting things breath in that post and I did NOT SAY that I dont USE stops I said I was not a fan of TRAILING stops because they can cut you out of a good trend to soon if the price drops back a little Eeven when the major trend is still going your way.

Im having a problem understanding your negative attitude, you talk a lot about lose, lose, lose, well you are either half full or half empty and at this moment in time I for one am definately half full.
Till the next time
Croman

 

[24601]

"Why do you think you do?"

Hi Reach.
You're asking me to put my head in the noose once AGAIN, this time I might REALLY HANG myself.

Well its took a while but I think I know what you are suffering from..........in big letters and times 3 its FRUSTRATION, FRUSTRATION, FRUSTRATION.

I am sure I can say without fear of contraception that we all feel this way some of the time, you want to switch your computer off and go home (oh sorry I am at home) but isnt it the nature of this forex beast ,if it was to easy every one would stay at home trading for tax tree money, and where would the government be then?
This is why I think that 50/50 is fine till we get the experiance to go to the higher ratios, and what we must try and do is a balancing act by trying to make the 50% wins earn more than the losers.

There, dont you feel better that was easy enough, but hang on what if you cant get to 50% of decent winning bets, well I dont know about you but I would consider about giving up on forex and move to picking losers with betfair, its a lot easier.
Regards


Croman

 

[Arek Okrasa]

I agree Croman

Regards,
Arek

"Why do you think you do?"

Hi Reach.
You're asking me to put my head in the noose once AGAIN, this time I might REALLY HANG myself.

Well its took a while but I think I know what you are suffering from..........in big letters and times 3 its FRUSTRATION, FRUSTRATION, FRUSTRATION.

I am sure I can say without fear of contraception that we all feel this way some of the time, you want to switch your computer off and go home (oh sorry I am at home) but isnt it the nature of this forex beast ,if it was to easy every one would stay at home trading for tax tree money, and where would the government be then?
This is why I think that 50/50 is fine till we get the experiance to go to the higher ratios, and what we must try and do is a balancing act by trying to make the 50% wins earn more than the losers.

There, dont you feel better that was easy enough, but hang on what if you cant get to 50% of decent winning bets, well I dont know about you but I would consider about giving up on forex and move to picking losers with betfair, its a lot easier.
Regards


Croman

 

[reach]

Well guys, How much have you lost?