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JTrader
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But if you don't make 250 dont beat yourself up either. If you make 100, 150 and you can compound, using not too big stop losses, you will be making decent £$€ soon.
If you have it in your head that you must make 250 per week, u r likely to force things,make bad decisions and generally act irrationally/greedily.
The market will not always afford you the same level of profit potential from week to week. The trick is to get as much as possible from what the market offers you. Obviously you cannot bank it all, as that just wouldn't be cricket!
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danarm
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Hi all
Just got back.. Missed the 123 on Gold. That would have been a cracker for 200 pips.. Huff!!!
Thank you for your kind posts and messages this week. Lots more pips to come.
I will be doing more education next week and talk u through the template etc and indicators used. At least i have a few people reading the thread now, so it makes it worth while. Any questions please shout and i will try an answer. If i cant answer i will try and point u in the right direction. Please remember i keep things very simple and hate complicating trading...Too many people do and there is no need. Simple questions only!!! haha
Have a great weekend all. Keep ure heads up and dont listen to the news. We can get in a trading bubble and make our pips with ease here.
Might be on over the weekend.
D
Just got back.. Missed the 123 on Gold. That would have been a cracker for 200 pips.. Huff!!!
Thank you for your kind posts and messages this week. Lots more pips to come.
I will be doing more education next week and talk u through the template etc and indicators used. At least i have a few people reading the thread now, so it makes it worth while. Any questions please shout and i will try an answer. If i cant answer i will try and point u in the right direction. Please remember i keep things very simple and hate complicating trading...Too many people do and there is no need. Simple questions only!!! haha
Have a great weekend all. Keep ure heads up and dont listen to the news. We can get in a trading bubble and make our pips with ease here.
Might be on over the weekend.
D
danarm
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Another mad week draws to a close and although activity was muted it
didn't pass without incident. Corporates continue to get a battering
and Kazakh banks found new lows today with a print of 35 for one of my
beloved bonds that shall remain anonymous. The basis continues to
invert at pace as investors clamouring for cash are just selling high
priced short end bonds. I traded some VTB 6mth paper (CDS trades around
750) at 1400 today and I don't expect a rally anytime soon. I think
the market is very close to total and utter paralysis, the majority of
dealers are not bidding for illiquid paper and soon it will be the same
for better names.
The big wide world is a little peculiar, data currently is irrelevant as
the world awaits the TARP (by the way if u rearrange the letters it
spells PRAT and TRAP is this a sign perhaps?) and it looks like we will
have to wait until Monday to see if the Republicans let the bill pass in
a form that is acceptable to Hank and Ben and most importantly the
market. As I am writing the market trades exceedingly well considering
another set of equity holders got wiped last night out as WAMU finally
folded. So lets remind ourselves, we have seen AIG, Freddie, Fannie,
Bear Stearns, Lehmans and WAMU all wipe out their equity holders and yet
stocks continue to defy logic. Do equity traders realise they are at
the bottom of the capital structure? I know I am ranting as usual but
in my mind either credit is the cheapest asset on earth or equities are
very very expensive but one of these two asset classes looks completely
out of whack to me. All that said it does feel like the market ie
stocks or credit indices want to rally and so I guess we should let
them, but with or without the TRAP I mean TARP plan we continue to see
strong evidence of a global slowdown in growth (Jap exports to the US
20% lower last month for example) and this plan will take along time
before it bears fruits. Relax for the next 2 days, September month end
funding is going to mean next week is going to be at least as active as
this one, enjoy the weekend.
(A day in the life of a city trader)
didn't pass without incident. Corporates continue to get a battering
and Kazakh banks found new lows today with a print of 35 for one of my
beloved bonds that shall remain anonymous. The basis continues to
invert at pace as investors clamouring for cash are just selling high
priced short end bonds. I traded some VTB 6mth paper (CDS trades around
750) at 1400 today and I don't expect a rally anytime soon. I think
the market is very close to total and utter paralysis, the majority of
dealers are not bidding for illiquid paper and soon it will be the same
for better names.
The big wide world is a little peculiar, data currently is irrelevant as
the world awaits the TARP (by the way if u rearrange the letters it
spells PRAT and TRAP is this a sign perhaps?) and it looks like we will
have to wait until Monday to see if the Republicans let the bill pass in
a form that is acceptable to Hank and Ben and most importantly the
market. As I am writing the market trades exceedingly well considering
another set of equity holders got wiped last night out as WAMU finally
folded. So lets remind ourselves, we have seen AIG, Freddie, Fannie,
Bear Stearns, Lehmans and WAMU all wipe out their equity holders and yet
stocks continue to defy logic. Do equity traders realise they are at
the bottom of the capital structure? I know I am ranting as usual but
in my mind either credit is the cheapest asset on earth or equities are
very very expensive but one of these two asset classes looks completely
out of whack to me. All that said it does feel like the market ie
stocks or credit indices want to rally and so I guess we should let
them, but with or without the TRAP I mean TARP plan we continue to see
strong evidence of a global slowdown in growth (Jap exports to the US
20% lower last month for example) and this plan will take along time
before it bears fruits. Relax for the next 2 days, September month end
funding is going to mean next week is going to be at least as active as
this one, enjoy the weekend.
(A day in the life of a city trader)
jev
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Rollingstone
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danarm
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Haircut that is brilliant... Well done.
U have just reminded me to get a haircut on monday as well, so thankyou...
D
As well as tutorials next wk on indicators and entry points Dan can you also kindly give us some directions on when best to exit trades? Seems a common problem to hang on too long - have been there and done that plenty of times! Should we say be looking for exiting just short of the >average< pips move or is there no average move on the FX? Cheers, Steve
jev
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Hi D
I have been following the grains market for a year now...would your methodology work with these markets and would you use it in the electronic trading or live CBOT trading hours...I like the grains as the SB co's that I trade with require a smaller deposit factor per pound stake...
J
I have been following the grains market for a year now...would your methodology work with these markets and would you use it in the electronic trading or live CBOT trading hours...I like the grains as the SB co's that I trade with require a smaller deposit factor per pound stake...
J
Rollingstone
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Confessions of a novice
Hi Dan
I hope you had a good weekend.
I was just wondering whether your experience as a pro trader, and all the pressures you experienced working in banking helped with your transition to home trading, or whether you still experienced the same sort of emotions us novices go through when you started trading with your own money.
Obviously I don't expect you to have made the same mistakes as me (which I outline below), but just wondered if it felt different making your first few trades with your own hard earned cash.
The worst things I did, all classic newbie mistakes, are:
1. Waited for a set-up then when it arrived got nervous and either put the trade on too late or didn't put it on at all.
2. If I put a trade on when I saw the set-up and it didn't fairly quickly go into profit, again got nervous and sometimes closed it for a small loss only to watch it go in the direction I expected it to go in the first place.
3. Again, if I put the trade on at the right time and it went into profit I didn't really have any set profit taking or target so quite often closed trades for 10 or 15 pips when I could have got 50+ with a proper exit plan.
4. Before using your strategy I used to use too many indicators and just couldn't see the set-ups when they were there.
5. Tried to trade without enough money in the account so put my stops too tight and got pinged before, again, watching the trade go in my direction.
As you have mentioned before, the psychology of trading plays a big part in whether or not you are successful. For me personally, I am finding that a deeper understanding of the strategy and being able to read the charts better has helped hugely, giving me confidence and therefore making the trading less of a panic.
Clearing my charts of all surplus indicators has helped too and I find I don't need any others than those used for this strategy. They just posed one more question that needed answering before taking a trade.
Where I failed in the past was not realising that I didn't fully understand what I was both looking for and waiting for. As with most things, this is just down to time and personal trading experience. It does take time to learn and absorb everything, and for some of us it takes longer than others.
Reading your analysis each day and following the trades you take has helped so much. Your snippets of wisdom - both your posts dedicated to a particular subject, or just a passing comment made as you detail your trades in the morning really help so much.
At long last I do feel I am getting there and fully appreciate the help and confidence boost this thread gives me. I am sure I would not have got as far as I have without your help and the help of all the other experienced traders who post here too.
A huge thank you to you all and I hope at least one of you can relate to my past mistakes, all of which have made me a better trader today.
Hi Dan
I hope you had a good weekend.
I was just wondering whether your experience as a pro trader, and all the pressures you experienced working in banking helped with your transition to home trading, or whether you still experienced the same sort of emotions us novices go through when you started trading with your own money.
Obviously I don't expect you to have made the same mistakes as me (which I outline below), but just wondered if it felt different making your first few trades with your own hard earned cash.
The worst things I did, all classic newbie mistakes, are:
1. Waited for a set-up then when it arrived got nervous and either put the trade on too late or didn't put it on at all.
2. If I put a trade on when I saw the set-up and it didn't fairly quickly go into profit, again got nervous and sometimes closed it for a small loss only to watch it go in the direction I expected it to go in the first place.
3. Again, if I put the trade on at the right time and it went into profit I didn't really have any set profit taking or target so quite often closed trades for 10 or 15 pips when I could have got 50+ with a proper exit plan.
4. Before using your strategy I used to use too many indicators and just couldn't see the set-ups when they were there.
5. Tried to trade without enough money in the account so put my stops too tight and got pinged before, again, watching the trade go in my direction.
As you have mentioned before, the psychology of trading plays a big part in whether or not you are successful. For me personally, I am finding that a deeper understanding of the strategy and being able to read the charts better has helped hugely, giving me confidence and therefore making the trading less of a panic.
Clearing my charts of all surplus indicators has helped too and I find I don't need any others than those used for this strategy. They just posed one more question that needed answering before taking a trade.
Where I failed in the past was not realising that I didn't fully understand what I was both looking for and waiting for. As with most things, this is just down to time and personal trading experience. It does take time to learn and absorb everything, and for some of us it takes longer than others.
Reading your analysis each day and following the trades you take has helped so much. Your snippets of wisdom - both your posts dedicated to a particular subject, or just a passing comment made as you detail your trades in the morning really help so much.
At long last I do feel I am getting there and fully appreciate the help and confidence boost this thread gives me. I am sure I would not have got as far as I have without your help and the help of all the other experienced traders who post here too.
A huge thank you to you all and I hope at least one of you can relate to my past mistakes, all of which have made me a better trader today.
jev
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Re-reading the whole of your thread inorder to get to grips with your chart set up...I can't open this attachment for the fx sniper cci so to get the histogram...how else can I change my cci reading to a histogram on MT4...any help would be apreciated...
Jeev
jev
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Hi RS
I can somewhat relate to your emotions as a novice myself...having read D's thread and most of T_D's thread I am now getting the confidence back and these guys have really helped me in understanding charts in a more logical and simple manner...there is so much to look at when trying to read charts and sometimes its like not being able to see the wood for the trees and these guys help one gain sight again...(or maybe I am just getting old and so need some spectacles...lol
)I am still trying to get to grips with D's strategy...I understand that it is momentum based and follows the trend in the 1hr chart with entry taken from the 5min chart...have I got this right?...If so is the entry based on the 0 crossover in the 63CCi of the 5min chart along with momentum shown on the 252CCi....not sure what the 4CCi on the 5min is for though?
Jeev
jev
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Rollingstone
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CCI Histogram
Hi Jev
I use the SuperWoodie CCI which is almost the same as the FXSniper CCI that Dan uses - the only difference is that SuperWoodie doesn't show the yellow just before it turns red or green indicating a new trend. (Sniper slows down my pc for some reason). After you have loaded it, if you want to define it better go to:
Hey presto, nicely outlined CCI.
Let me know if you have any problems.
RS
Hi Jev
I use the SuperWoodie CCI which is almost the same as the FXSniper CCI that Dan uses - the only difference is that SuperWoodie doesn't show the yellow just before it turns red or green indicating a new trend. (Sniper slows down my pc for some reason). After you have loaded it, if you want to define it better go to:
View
Navigator
Indicators (not Custom Indicators)
Moving Average
Click and drag onto the CCI window
Change the "Period" to "1"
In "Apply to" select "Previous Indicator's Data"
Change colour to "black" or "hot pink" or whatever you prefer
Select the line thickness you prefer
Click ok
Navigator
Indicators (not Custom Indicators)
Moving Average
Click and drag onto the CCI window
Change the "Period" to "1"
In "Apply to" select "Previous Indicator's Data"
Change colour to "black" or "hot pink" or whatever you prefer
Select the line thickness you prefer
Click ok
Hey presto, nicely outlined CCI.
Let me know if you have any problems.
RS
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Work done by 11ses, 5 more hours a day to live
Hi Dan
What a great thread!
Searched out this excellent thread from your posts on TD's "potential setups".
Like a few others that have posted on this thread I'm fairly new to trading, I've been watching the charts for almost a year now, I only started to understand the basic principles around May time, when I first encountered T2W. I am now an avid reader of TD's thread and Phil Newtron-Bombs "break out strategy" thread.
I really like your approach to trading and indeed life, get 50 pips in the bank and your done for the day (infact by 10am if your on european time). Allowing you to focus you quality time on your family, friends and not least yourself (how are you adjusting to the siesta?) Also make it all fun (yes you need to earn the money to live, who doesn't, but if you can have fun whilst your doing it it hardly feels like a 'chore' of working)
I have found myself paralysed recently, starting the week full of the best intentions and looking for reasons not to trade when I see a set up, only to be bored by Wednesday or Thursday and trade a less than perfect set up, watch it earn me a few points (usually over 50, so I must have learnt something) and then happily watch it retrace either to stop me out for 10 or 20 if I'd moved my stop, or worse a loss, as I was waiting on it to 'really move'.
What I have gleaned from your approach is that if you are brave enough to trade the shorter timeframes, in a focussed manner and set more modest targets (30 to 50 pips and your out, no matter what) you can pay the bills and only 'work' for two or three hours a day. Thats a sucsessful strategy for you (as this thread proves).
There is definitely a successful strategy that one of TD's posters has played well over the past couple of weeks, letting a trade go up 200 pips, back to breakeven and then suddenly back to a 350+ point scenario (the risk was 55 pips when he entered the set up), but this has taken literally weeks to run. I am now realising that there are many different setups that can yield consistent winners, when mastered, and that some people are better suited to some than others, and possibly some people can sucsessfully use more than one strategy simultaneously (you could have the longer term trades running from your weekly, daily and possibly 4 hourly timeframe set up strategy, and still utilise your 'cheeky' pips strategy for a few hours each morning, to know you can 'pay the bills' whilst letting your real winners run for as many days as they need to....)
Unfortunately, I'm only able to access the markets and indeed the T2W site every other week, so I wish you guys all the best for the next five mornings and hope to be joining you early next month
Thanks Dan and the other experienced & sucsessful contributers to this thread for your time, support, encouragement & help. Please do keep this thread alive
Paul
Hi Dan
What a great thread!
Searched out this excellent thread from your posts on TD's "potential setups".
Like a few others that have posted on this thread I'm fairly new to trading, I've been watching the charts for almost a year now, I only started to understand the basic principles around May time, when I first encountered T2W. I am now an avid reader of TD's thread and Phil Newtron-Bombs "break out strategy" thread.
I really like your approach to trading and indeed life, get 50 pips in the bank and your done for the day (infact by 10am if your on european time). Allowing you to focus you quality time on your family, friends and not least yourself (how are you adjusting to the siesta?) Also make it all fun (yes you need to earn the money to live, who doesn't, but if you can have fun whilst your doing it it hardly feels like a 'chore' of working)
I have found myself paralysed recently, starting the week full of the best intentions and looking for reasons not to trade when I see a set up, only to be bored by Wednesday or Thursday and trade a less than perfect set up, watch it earn me a few points (usually over 50, so I must have learnt something) and then happily watch it retrace either to stop me out for 10 or 20 if I'd moved my stop, or worse a loss, as I was waiting on it to 'really move'.
What I have gleaned from your approach is that if you are brave enough to trade the shorter timeframes, in a focussed manner and set more modest targets (30 to 50 pips and your out, no matter what) you can pay the bills and only 'work' for two or three hours a day. Thats a sucsessful strategy for you (as this thread proves).
There is definitely a successful strategy that one of TD's posters has played well over the past couple of weeks, letting a trade go up 200 pips, back to breakeven and then suddenly back to a 350+ point scenario (the risk was 55 pips when he entered the set up), but this has taken literally weeks to run. I am now realising that there are many different setups that can yield consistent winners, when mastered, and that some people are better suited to some than others, and possibly some people can sucsessfully use more than one strategy simultaneously (you could have the longer term trades running from your weekly, daily and possibly 4 hourly timeframe set up strategy, and still utilise your 'cheeky' pips strategy for a few hours each morning, to know you can 'pay the bills' whilst letting your real winners run for as many days as they need to....)
Unfortunately, I'm only able to access the markets and indeed the T2W site every other week, so I wish you guys all the best for the next five mornings and hope to be joining you early next month
Thanks Dan and the other experienced & sucsessful contributers to this thread for your time, support, encouragement & help. Please do keep this thread alive
Paul
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