Forex trading live calls and set ups

I am thinking of closing this thread (Beachtrader voted a No)

  • Total voters
    29
  • Poll closed .
Pazienza said:
Just make better trades.

Manage them better.

Make oodles of spoodles.

Be happy.

What do you want to do other stuff in this industry for? The only worthwhile thing connected to it is actually trading, all the rest is crapoolamop. Sales, marketing, public relations? Come on, that's beneath pretty much anybody. Some people have to do it, and I understand that. But if you can trade you'd be mad to do it.
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I don't even care if I get "oodles" just 40-50k a year would give me a drastic increase in my standard of living.....
 
Rooster34 said:
I don't even care if I get "oodles" just 40-50k a year would give me a drastic increase in my standard of living.....
Click to expand...

Aiming for a grand a week, 200 pips at a fiver a pip if spread betting is a very achievable target...fifty grand a year is at least twice average UK wage and if you're organised you can avoid tax, or at least keep it to a minimum..IMHO folk would be far aiming for that as a target and you need to have a target..
 
Black Swan said:
Fortunately I'm starting to move (have moved) into different areas of our trading industry which I really have got a passion for; sales, marketing, public relations, it's just more *me* if that makes sense.
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What are you doing then?
 
bedsit said:
Why don't you keep it simple - try risking same percentage of your account all the time (1% or 2% or whatever you are comfortable with). That way you wouldn't notice gradual stake increase (as you pointed - you don't need that money, so you can compound at the beginning till you make you account big enough).

It looks like a slow and boring process, but knowing your success rate (one of the best on this thread) you wouldn't even realize once you start making more money from trading than anything else.
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This is so true. Money management in this game is critical and is where the trading discipline is so important, which is where the psychology of trading comes in, i.e. managing ones own psyche and impulses, particularly when one suffers losses. How many people have taken a stonking loss, (probably having moved your stop), then leapt straight back in to try and make it up, with all discipline and money management being left by the wayside!? It's a common story and the successful traders are the ones that are able to walk away from a losing trade with limited emotional response, gather their thoughts and begin trading again objectively, without the thought of making all the losses back at once! Much easier said than done! BUT, if you stick to strict money management i.e. only risking a maximum of 3% of your pot on a single trade then you shouldn’t go far wrong!
 
Black Swan said:
Aiming for a grand a week, 200 pips at a fiver a pip if spread betting is a very achievable target...fifty grand a year is at least twice average UK wage and if you're organised you can avoid tax, or at least keep it to a minimum..IMHO folk would be far aiming for that as a target and you need to have a target..
Click to expand...

US, so no spreadbetting. My set in stone goal is 100 pips a weeks. Obviously the random nature of wins/ losses means I won't be pulling in 100 a week every week. I don't care. I add money religiously to my account each check. I treat it like a long term investment.
Something on the James16 price action thread rang true with me. If this takes me ten years of hard consistent work to be financially free, then so be it.
My biggest issue with trading is me. I have problems letting winners run. Just recently though I got a 2.36/1 reward to risk trade on aud/jpy and the feeling of succeeding in getting and appropriate RR trade on a daily timeframe far far far outweighs the stress of not taking profit early.
I'm slowly getting it, and I think 100 pips a week on high timeframes is easily doable, but I'm going to need a big account to quit work. Probably 100k US. I'm fully prepared for that to be a long long term pursuit.
 
Goog discussion Blackswan and Redart...

I've kinda reached the same conclusion...I can pick good trades but whether I have the discipline and consistency to make a good living out of it is another thing,

I've spent the last 3.5 months intensively on coding...My ambition is to automate my trading strategies. Even if my belief that my strategy is worthy is true (or high alpha in financial terms!) it wont be enough for a good cash return based on my available capital (unless I over leverage, which could also wipe my account for the millionth time).

IF (a big IF) I code successfully and my strategy gives good returns, my next aim would be to some how commercialise it - either by selling it to a fund (or maybe work for them), which is a very long shot, or alternatively re-register here with a different user name as a VENDOR :D
 
DDI said:
Goog discussion Blackswan and Redart...

I've kinda reached the same conclusion...I can pick good trades but whether I have the discipline and consistency to make a good living out of it is another thing,

I've spent the last 3.5 months intensively on coding...My ambition is to automate my trading strategies. Even if my belief that my strategy is worthy is true (or high alpha in financial terms!) it wont be enough for a good cash return based on my available capital (unless I over leverage, which could also wipe my account for the millionth time).

IF (a big IF) I code successfully and my strategy gives good returns, my next aim would be to some how commercialise it - either by selling it to a fund (or maybe work for them), which is a very long shot, or alternatively re-register here with a different user name as a VENDOR :D
Click to expand...

Here's a thing, I get annoyed when I miss a trade alert these days because it messes up the probability and random nature of my possible returns if I stck to my plan. I just 'know' I'm gonna get on average 1 loser after 2 winners unless I mess with the strat by taking profit early etc..then what do I do next time, let it run..take the profits early, pat myself on the back for a clever decision if it goes my way, when infact it's instinct that led me to cut it early?
Dya see where I'm headed with this? A lot of it has fook all to do with the skill set we imagine we acquire and more to do with MM, finding your edge (which is a millions miles removed from what you thought it'd be at your first steps of discovery) and sticking to it no matter what can be a right bitch, but waver and you're back to zombie land..
It's a random clusterfook walk through Helmand in the dark at times this trading lark..only thing to do IMHO is simplify it, right down to one security on the largest TF that makes sense, less trades more profit.
 
I see what you mean....coding and automation can help you a little with that. for eg. I have seen that my best results are 1.5:1 for half and 2.5:1 for the other half. And if the first target is hit, I exit should it reverse back and close below 20ma. (this is for breakout strategy of course)...

The downside to coding is that once you run your strategy over 2 years, you will see many trades taken that you wouldnt have and many trades missed. And fixing the code can take months...

When I first started this adventure beginning of May, I thought once I learn how to program the basics, I could write my strategy in an hour or so and automate it the next day - the biggest under-estimation ever. I learnt after a month how to code, but what I thought would take me an hour, has taken 2 so far months and I estimate another 2-3 months to go!
 
1.376 should be the short term support, if it hits that, expect to see if 1.371 gets broken which was Friday 4ths daily low.
 
Exactly what i mean, the image is so big i cant scroll to the right of the post, maybe you should reread what i said, rather than replying blindly.
 
Should i even bother posting my setups here? no one else seems to be giving calls anymore...
 
hi, just saw your thread... looks interesting....

wont have the time or patience to go through all the pages so if you can for the sake of the new ppl, give an update on this thread as it stands so we can take it from there.... thanks
 
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