Best Thread How To Make Money Trading The Markets.

[Mr. Charts]

Crni,
I really can't give you advice on that - the mods would ban me ! LOL

 

[shadowninja]

Was bored today so had a go with your original trading idea on GBP/USD, 1 minute time frame. Seems to work quite well.

 

[Mr. Charts]

Many instruments have their own characteristics, but like many of the other methods I use, the techniques work on a whole variety of different trading instruments, including FX
Richard

 

[zbenjii]

Thanks for the response Mr. Charts ;]

Just a few follow-up questions. My account is only worth 700 as of now, and any trades are killing any prospects of profits. I was also looking at IB's commission schedules.
http://individuals.interactivebrokers.com/en/accounts/fees/commission.php?ic=1&p=stk&ib_entity=llc
So does that mean small trades, lol let's say of less than $700, will be charged at the same rate as a trade of 199,999 shares?

 

[timsk]

So does that mean small trades, lol let's say of less than $700, will be charged at the same rate as a trade of 199,999 shares?

IB commissions are structured according to the number of shares traded - as opposed to the size of the trade - with a minimum charge of U.S.$1.00 to open a position and U.S.$1.00 to close it. Therefore, if you open and close a trade of just 1 share you will be charged $2.00 commission. It doesn't matter if that share is worth $5.00 or $500.00 - the commission charged will be the same: $2.00 for the round trip (RT). This applies all the way up to 200 shares. 300 shares will result in $1.50 to open and $1.50 to close - i.e. $3.00 for the RT. 400 shares = $4.00 RT, 500 shares = $5.00 RT, 1,000 shares = $10.00 RT, 10,000 shares = $100.00 RT etc., etc.
Tim.

 

[Mr. Charts]

Thanks for that, timsk
Richard

 

[Mr. Charts]

The technique I've described in this thread has just worked extremely well on the USD:CHF
Richard

 

[Benny Dorm]

The technique I've described in this thread has just worked extremely well on the USD:CHF
Richard

Was it on a 1 min tIme frame, Mr Charts, please?

 

[shadowninja]

I've started using it on M5 with my scalping for keener entries.

 

[Mr. Charts]

Was it on a 1 min tIme frame, Mr Charts, please?

I'm sorry, I can't remember. I trade for a living and unless I capture images of particular trades I can't always recall every trade. I mainly trade on 1 minute and 3 minute (and occasionally 5 min) candles.
Richard

 

[Mr. Charts]

I'm no longer able to upload images - and that's after being on here for seven years !
I go to Manage attachments - browse (find file) - upload and it comes up as "upload failed".
Can anyone help please?
I don't think it's my computer as I can upload to my own site instantly.
Richard

 

[zbenjii]

IB commissions are structured according to the number of shares traded - as opposed to the size of the trade - with a minimum charge of U.S.$1.00 to open a position and U.S.$1.00 to close it. Therefore, if you open and close a trade of just 1 share you will be charged $2.00 commission. It doesn't matter if that share is worth $5.00 or $500.00 - the commission charged will be the same: $2.00 for the round trip (RT). This applies all the way up to 200 shares. 300 shares will result in $1.50 to open and $1.50 to close - i.e. $3.00 for the RT. 400 shares = $4.00 RT, 500 shares = $5.00 RT, 1,000 shares = $10.00 RT, 10,000 shares = $100.00 RT etc., etc.
Tim.

thanks

 

[Freeman.ayres]

thanks

Hi zbenji,
you can also try Sogotrade.com. They charge $3 per trade up to 5000 shares. They are limited by stocks and ETF's.
Witn IB you have a broader variety, but check the Sogotrade site and see it this works out for you.

Regards

 

[Mr. Charts]

This is the image I tried to upload on Friday.
Again the same set up with the stock trending down and shorting on falling candles with successive candles having lower highs. The trailing stop is simply the high of the previous candle. I shorted this stock at 23.87 (on the cross hairs) and scaled out of half at 22.87, a quarter at 23.05 and a quarter as shown on this image taken at the time of the final exit at 23.02.
You can see how the last candle had just taken out the high of the previous one.
A nice clear and simple exit strategy on an intra-day swing trade.
Initial entry risk is the high of the previous candle AT WORST. You can decide on the number of shares based on the maximum amount of dollar risk you choose.
Straightforward, easy money making. You simply have to be patient, keep scanning for opportunities and wait for the set up. Easy entry rules, easy exit rules, easy position sizing, easy money and position management.
Obviously I have other methods and set ups, but this one is nice and reliable and visually easy to spot as you scroll through scanned charts.
Richard

 

[Mr. Charts]

And another just now.
This one an up trender.
Entry on the red X hairs, exit at time of screen shot.
Rules always the same.
50c easy profit on easy 3 min candle swing trade
Richard

PS Click on image to enlarge

 

[rathcoole_exile]

Straightforward, easy money making.
Easy entry rules, easy exit rules, easy position sizing, easy money and position management.

...which is why 99% of traders (newbies esp.) will, at best, ignore it or worse, disparage it

good work, keep it up,
Garry

 

[Mr. Charts]

...which is why 99% of traders (newbies esp.) will, at best, ignore it or worse, disparage it

good work, keep it up,
Garry

Thanks.
I've been trading like this and with several other set ups for years and they are very reliable as long as you don't mess with the method.
This stock was not found using a scanner, but found before the market even opened just by reading news stories.
Richard

 

[Mr. Charts]

And another of the same set up just now.
+60c
X hairs on entry
Screen shot at time of exit.
Jumped the gun on the exit because my reading of level 2 T&S suggested the move might be over.
Richard

 

[Mr. Charts]

Price bounced to 62.50 afterwards before falling again so another instance of level 2 T&S refining entries and exits; not to mention sometimes keeping you out of situations that look good on the chart but aren't; not infallible, but a good edge.
Richard

 

[mostwanted0002]

Re: last two charts...
Its like the market is saying...here, just have the money!!!

Ohhh, i cant wait!!!