FX Trading June 11th - 15th

[trendie]

bag +26 on half, out at 9685. stop to b/e.
hooray.

stopped out on second half for 0.

thats 13 pips then.
derisory.
rubbish.
(its gonna take me 86 years to get that Ferrari at this rate.)

I think my frustration is that trading is actually quite tedious, and not exciting and sexy at all. is that the nub of it?
maybe thats my real beef with my rather mediocre results.

EDIT: Trader333;
stop-loss: (ideal) for a long, 5 pips below last notable low, and for a short, 5 pips above last notable high.
or 30 pips if less than 30 pips.
(what method do you use?)

 

[Crap Buddist]

Closed at 1.9708, + 17, took its time and i dont think its over yet, but time of day ive had enough.


(trendie)
so tally is 36, for the day which based on this range to this point in time that im jacking in is 50%+ so I think ive done (performed well). Just how i look at things for me.

Now i dont know today or tomorrow what the market will do, but as long as we do what we do then the result will be the by product.

 

[oiltanker]

normal trading feelings i guess trendie

cable for me is not the easiest as far as i can see as it both trends and ranges which require different strats. i look for 10points a day [50 on the week] . not only that i look for 1 trade a week if poss but it usually ends up more.

at the trading seminar i went to [lots of free ones about-good for a laugh and morale] they show that most trades are b/e or loses [assuming trend strat] and that no trade [also a position] is the hardest. ie avoiding chucking money at pointless trades.

i met one guy with tiny capital at the seminar who had being doing it for 7 years and says he does 20pts a day at £3 a point [this is spreads] which gives him an income of £15 grand. On the other level a speaker at the seminar says its not unusual for people to make £50 grand plus and they are not the day traders but the people who buy quartly contracts and just keep rolling them over especially on things like indices. When i had a sell on cable about $2 if i had the nuts to let it ride [i always thought that a good position] i'd be laughing now. Anyway the chap said they have people who just buy the ftse contract and let it ride month after month.trouble with that strat is you need deepish pockets.

if i could i would automate my system completely and let the machine do it.

 

[smbtnt]

Trendie,

During my lean spells I resort to analysing the market and my trades to assess what's changed.

It could be the market not playing ball with the strategy or market conditions not conducive for that month, but usually its down to my lack of discipline in not riding the trend and sometimes not letting my predetermined bias conflict with the day's signals.
What kind of trades do you prefer? Reversals or continuations? Pullback/retracements or breakouts? Keeping a comprehensive diary of all ones' trades/market opportunities has helped me immensely with my P/L.

For example this week I have made a total of 16 FX trades across 6 pairs, 3 losers, 3 scratched, 7 average i.e < 30 pips and 3 were mammoths.

The majority of winners were trading WITH medium term trend (60-240mins) and should have been much higher e.g USD/JPY.

In your case, I would definitely look to demo few more pairs and maybe a commodity or an index, alleviating pressure away from cable.

As we speak I have just committed a cardinal sin, playing a full stake reversal on USD/JPY at the round number

Btw; anyone recommend a discipline related training/course/ book?

 

[Crap Buddist]

hmm i wrote a lot more in my reply but its effing vanished !

Mainly talking on patience, the type of indivual trader, short term 5/20 points a day a few times, trend holders, etc.

So much depends on the individual and their personality, pace of learning, and all the other head trip stuff.

Takes time for each of us, years, and continual knowledge growing, and then being able to perform, like a machine, only we human , most of us I think

I used to think ages ago "what do super star traders do, with targets" I thought they captured everything. well you can in terms of a days range depending how you trade,

but I think 25% is good.

 

[Crap Buddist]

Id like to know what bank traders for instance perform like , how and what do they measure? I suppose they have size worries, so probably a completely different or wrong comparison to make, I dunno...

 

[trendie]

hmm i wrote a lot more in my reply but its effing vanished !

Mainly talking on patience, the type of indivual trader, short term 5/20 points a day a few times, trend holders, etc.

So much depends on the individual and their personality, pace of learning, and all the other head trip stuff.

Takes time for each of us, years, and continual knowledge growing, and then being able to perform, like a machine, only we human , most of us I think

I used to think ages ago "what do super star traders do, with targets" I thought they captured everything. well you can in terms of a days range depending how you trade,

but I think 25% is good.

I thought I was a trend-follower, and to some extent I am, but I feel I am leaving too much behind, and find myself anticipating reversals to take more pips.

oiltanker: the 10 or 20 pips a day thing is clearly good advice, and would take a lot ( a LOT) of pressure off me, since I think I can handle that.

I must be greedy to want more.
And the lack of patience.

 

[Crap Buddist]

I thought I was a trend-follower, and to some extent I am, but I feel I am leaving too much behind, and find myself anticipating reversals to take more pips.

oiltanker: the 10 or 20 pips a day thing is clearly good advice, and would take a lot ( a LOT) of pressure off me, since I think I can handle that.

I must be greedy to want more.
And the lack of patience.

Agree with taking burst points when they come in, especially while traders are not 110% with their method, and or, havent learnt to sit still and do bugger all but watch for hours on end.

trading could be seen as boring, likened to a security guard on a 10 or 12 hour stint. Not all methods dictate that level of doing nothing, but as a positional day trend trader you have to be able to do it.

I had to wait 3 hours for an entry this AM , hold it for 5 hours, reverse, hold that for 3 hours. Its just a lot of waiting, but always being alert and not feeling bored, although it can be seen as a boring thing to be doing by not doing, but the not doing is the doing at times, A la stock operator.

But yeah one day i might just trade a few hours and bugger off, seems sensible, but not yet. 10 hour shifts for me at the mo.

 

[brutusdog]

I thought I was a trend-follower, and to some extent I am, but I feel I am leaving too much behind, and find myself anticipating reversals to take more pips.

oiltanker: the 10 or 20 pips a day thing is clearly good advice, and would take a lot ( a LOT) of pressure off me, since I think I can handle that.

I must be greedy to want more.
And the lack of patience.

hi guys,

fwiw i think its best to be flexible if possible, the thing with trend trading is that there are a lot of false starts and trading ranges to contend with, esp in cable. so for me the key is if i am going to trade on a trend based system to get the stops right and then keep a trailing stop and try not to get out of the trade early.

i am trying to get into trading less but when there is more activity in the market and less chop, for me support and resistance are the most important in cable. haven't traded today though

 

[oiltanker]

in the seminar one of the speakers said in the big fund world if you make 30% in a year you are regarded as a genius. he said what most people do is think they can make 100% a week and suggested trying to make 10%.

for what its worth in the new market wizards book that is full of these kinds of quotes

'a successful trader is rational, analytical, able to control emotions, practical and profit orientated' Monroe Trout.

Trout says in the book his goal was to make 30% a year.

Schwager who wrote the book says he has evaluated many technical trading system and never found one that made more than 25% a year and that with drawdowns of up to 25- 50%.

tesco makes 2% and amazon never made any money for years .

 

[2be]

Reading how many of you have been stopped out of your trades, I am curious to know on what basis you set your stop ? Is it a fixed number of pips etc


Paul

Hi T333 I would put a stop on fx between 15 - 40 pps plus the spread depending on riskk/reward ratio, loking for a high probability trade and looking at S/R, pivots and some MA + MACD with histogram on a few time frames usually 15min, 1hr, 4hr and daily I have not been trading today as I have just returned from a 12 days break, I shall start trading on Mon/Tue. Mon and Fri I usualy trade lightly.
Wishing you many good trades
2be

 

[oiltanker]

i had no idea ytube had forex vids e.g

it'll give me something to do when nothing is happening.

 

[oiltanker]

interesting view of todays cable trade ?

 

[jacinto]

evening all,

apart from an early textbook short that i partially regret not taking (having seen), quite happy to have stuck to the plan. looks like a nightmare.

Trendie,

would like to reply to your "confidence post" tomorrow or during the weekend via PM if you dont mind. nonetheless, kudos to you to bring those things out in the open.

good evening.

j

ps. unfortunately, still see the consolidation, and the "triangle" or whatever it is forming, is still there. I am quite confused if current price action is forming future resistance or simply testing support. really confused there, and plan-wise it will probably mean another "flat strategy" tomorrow

 

[Trader333]

I thought I was a trend-follower, and to some extent I am, but I feel I am leaving too much behind, and find myself anticipating reversals to take more pips.

Maybe you could consider changing your name to TrendorReverse


Paul

 

[trendie]

interesting view of todays cable trade ?

he mentions 200-EMA, 55-EMA, 21-EMA.
but also 8-SMA and 5-EMA which is what Bagovino appears to have cottoend onto, from his original 12EMA/5-EMA cross.

I am not trading today, just monitoring. need to get my head around what my approach is going to be. perhaps I should stop reading about other peoples rules and stick to my own.
may even take the plunge, as per fxwinner, and post real-time on a thread for 2 weeks to see how often I stick/break my rules, and the justifications I use.

good trading to you all, and hope you catch a bucket-load of pips for the weekend.

 

[Crap Buddist]

Hi all, Im short 1.9700. NIce n tight asian last night. hmm quiet before the storm. hope 1.9710/12 is the extent of any upside ......

 

[Crap Buddist]

he mentions 200-EMA, 55-EMA, 21-EMA.
but also 8-SMA and 5-EMA which is what Bagovino appears to have cottoend onto, from his original 12EMA/5-EMA cross.

I am not trading today, just monitoring. need to get my head around what my approach is going to be. perhaps I should stop reading about other peoples rules and stick to my own.
may even take the plunge, as per fxwinner, and post real-time on a thread for 2 weeks to see how often I stick/break my rules, and the justifications I use.
good trading to you all, and hope you catch a bucket-load of pips for the weekend.

Hi trendie, I think this could be good, in the sense that you know you have a public audience observing. Which I think will help. Help with others making a better effort to follow rules, because others might be watching, also help with (although it may not feel like it) shedding feelings of being wrong when a trade goes t!ts up, some people might be embarrassed etc or feel it and I think the sooner thats knocked out of the indiviual the better or quicker sh/e can free themselves of that emotion to just change, without wedding to positions / trades etc.

So going open in public might help.

 

[oiltanker]

i've watched a fair few of the vids now [kid in sweet shop]. the power of currency correlation stands out. i knew cable and swissy were opposites but i hadn't clicked you might be able to use a movement in one to predict a movement in the other.

curiously the thing they say comes closest to the 'holy grail' is the cot report but didn't mention further.

tiny cable range today so presumably breakout but which direction?

 

[Priceman]

Hi chaps, long time no see. I haven been busy with the nipper and moving country so no trading for me for a long time, just watching and reading on here now and then. Interesting discussion yesterday about how much to aim for etc...

Here's what I did when I was bored.... just 10 or 20 pips a day consistantly is enough you know, compounded over time (providing you don't need to take an income for a while). I'm sure you've all done this spreadsheet thingy yourselves haven't you... doing the maths for 50 or 100 pips a day!!!

Anyway all the best and I hope to get a journal up with my hourly strategy very soon so watch this space. Hope you'll all pay a visit and comment.