Self taught? Impossible!

counter_violent said:
I'm flabbergasted at some of these responses....I never thought there were so many dimwits in trading...just goes to show how wrong I was about that!
Click to expand...

glad I wasn't the only one thinking that. someone who states the forex market doesn't gap intraday is clearly a numpty. maybe they have a hsa.
 
counter_violent said:
I'm flabbergasted at some of these responses....I never thought there were so many dimwits in trading...just goes to show how wrong I was about that!
Click to expand...

Thanks mate, I really appreciate your post, it shows me that this forum does not encourage trolling but real traders, rightly or wrongly.

Grazie. Mike.
 
Mike Kshemaraja said:
LOL,

In forex you have "bracket orders", meaning once you enter an order your SL pops out automatically at the moment of your entry, so you will not have an entry without a SL.

Regarding gaps, a scalper is in the market for minutes and no more one hour, and what is more the forex market is a 24 hours business, does not gap and if it does, gaps only the weekend. (you also have brokers that do not close the weekend so gaps do not exist).
Click to expand...

Mike,

People have been criticising you without explaining why, but you are mistaken on a few points here.

The FX market can and does gap, at any time of any day. If you use a chart it might not appear as a gap depending upon how the charting package draws it. It might show a huge candle or it might show a gap. A huge candle might be only two prices - one at the top, and one at the bottom, and nothing in between. Even if that is not the case, there may be so few orders in there that it is to all practical intents and purposes a gap. Because if you are in the queue and other orders are getting filled ahead of you and price is moving away from you, you have got a gap as far as you're concerned.

Big moves are very frequently not representative of a lot of trading, but in fact little or no trading. The market frequently gaps after big announcements because so many orders are pulled - again, it might or might not show as a gap on your chart.

With regard to your stop loss, yes it is perfectly possible to place an opening order with a protective stop attached. But again, that order being filled at the desired price depends upon there being a corresponding order from someone else in the market when you need it.

A stop loss when triggered gets filled at the next available price depending upon your place in the queue. It becomes a market order. If you have a 10 tick stop and the market gaps 200 ticks the fact that you have a stop in place makes no difference - you get filled where you get filled. 200 ticks down if you're lucky, but quite possibly worse depending upon your position in the queue.

The danger of such things is very real.
 
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Mike Kshemaraja said:
A scalper is the right opposite of a gambler, he scrupulously analyse each individual candles ( 1 minutes or even 30 seconds) to a level that could be attributed to obsessive compulsion disorder, LOL, in brief he does not like to take chances.
Click to expand...

Making statements like that is also taking too narrow a view of things.

Many scalpers might well use 1 minute and 30 second charts (and 3 minute, 5 minute and so on). But there are scalpers who do not use time charts - they might use volume or tick charts.

Others use no charts at all, but trade using the ladder.

Most scalping in terms of volume will be done by HFT firms, and they use every conceivable strategy and view of price you can think of.

A huge amount of scalping (I would have thought the majority) is not based on charts of any kind.
 
The Leopard said:
Mike,

People have been criticising you without explaining why, but you are mistaken on a few points here.

The FX market can and does gap, at any time of any day. If you use a chart it might not appear as a gap depending upon how the charting package draws it. It might show a huge candle or it might show a gap. A huge candle might be only two prices - one at the top, and one at the bottom, and nothing in between. Even if that is not the case, there may be so few orders in there that it is to all practical intents and purposes a gap. Because if you are in the queue and other orders are getting filled ahead of you and price is moving away from you, you have got a gap as far as you're concerned.

Big moves are very frequently not representative of a lot of trading, but in fact little or no trading. The market frequently gaps after big announcements because so many orders are pulled - again, it might or might not show as a gap on your chart.

With regard to your stop loss, yes it is perfectly possible to place an opening order with a protective stop attached. But again, that order being filled at the desired price depends upon there being a corresponding order from someone else in the market when you need it.

A stop loss when triggered gets filled at the next available price depending upon your place in the queue. It becomes a market order. If you have a 10 tick stop and the market gaps 200 ticks the fact that you have a stop in place makes no difference - you get filled where you get filled. 200 ticks down if you're lucky, but quite possibly worse depending upon your position in the queue.

The danger of such things is very real.
Click to expand...

Leopardo,

Thank you for your explanation, classy as usual. LOL.

But I have to tell you that this time you are wrong, I am not sure about other markets but in forex you have guarantee SL. Is all in the small print.

I have been trading the forex market for at least 7 years and never occurred to me or any other person in the forex business that I know. It can occur during the weekend, but as explained before with some brokers like Oanda it will not occur.

Mike
 
The Leopard said:
Making statements like that is also taking too narrow a view of things.

Many scalpers might well use 1 minute and 30 second charts (and 3 minute, 5 minute and so on). But there are scalpers who do not use time charts - they might use volume or tick charts.

Others use no charts at all, but trade using the ladder.

Most scalping in terms of volume will be done by HFT firms, and they use every conceivable strategy and view of price you can think of.

A huge amount of scalping (I would have thought the majority) is not based on charts of any kind.
Click to expand...

What the point of this post, I am not questioning the way others scalp.
 
Mike Kshemaraja said:
Leopardo,

Thank you for your explanation, classy as usual. LOL.

But I have to tell you that this time you are wrong, I am not sure about other markets but in forex you have guarantee SL. Is all in the small print.

I have been trading the forex market for at least 7 years and never occurred to me or any other person in the forex business that I know. It can occur during the weekend, but as explained before with some brokers like Oanda it will not occur.

Mike
Click to expand...

Mike,

There is no such thing as a guaranteed stop loss in the real market. Your broker might offer one, but all that tells you is that you are trading their own internal market, not the real one. That brings a whole ton of problems, particularly if you're trading larger size.

In order for a stop to take effect there has to be someone willing to take the other side of that order. If not, there can be no trade.

Some brokers and spread betting companies do offer guaranteed stop losses, but they charge heavily for them (at least, the ones I have seen do). If someone was trading with guaranteed stops they would not be able to scalp with tight stops - the spread / charges would be far too high.

As for gaps in the spot FX market, they simply do occur - they occur in all markets. If you do not believe me, call your broker tomorrow and ask them if the FX market can gap. They will tell you it can and does. If they don't, you need to change your broker immediately.
 
Mike Kshemaraja said:
Leopardo,

Thank you for your explanation, classy as usual. LOL.

But I have to tell you that this time you are wrong, I am not sure about other markets but in forex you have guarantee SL. Is all in the small print.

I have been trading the forex market for at least 7 years and never occurred to me or any other person in the forex business that I know. It can occur during the weekend, but as explained before with some brokers like Oanda it will not occur.

Mike
Click to expand...

Any broker ( i use the term losely:LOL: ) offering guaranteed stops in any market, will be charging a premium in the form of increased spread to the customer etc...all of these premiums that they collect can be used to offset any losses they do incur when they get caught, in the same way we can, on a gap market.

According to wiki, there are 4 types of gaps.


Sometimes they all come at once :LOL:
 

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Mike Kshemaraja said:
It can occur during the weekend, but as explained before with some brokers like Oanda it will not occur.
Click to expand...

I've never used them, but as far as I am aware Oanda is not a real broker. They offer partial lots, and they are making their own market.
 
ChocolateDigestive said:
the more I read the more I want to see a statement.:cheesy:
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To be honest I am not enjoying your posts, they are just thrown there without trying to build any kind of decent conversation also I do not think that you are a numpty just because you do not know how the forex market works,
 
Mike Kshemaraja said:
To be honest I am not enjoying your posts, they are just thrown there without trying to build any kind of decent conversation also I do not think that you are a numpty just because you do not know how the forex market works,
Click to expand...

I am sorry you don't enjoy my posts but you are really making a fool of yourself here, it's embarrasing to read and it's damaging to noobs. I will leave you to Oanda and your 20 moving average. nighty night.
 
The Leopard said:
Mike,

There is no such thing as a guaranteed stop loss in the real market. Your broker might offer one, but all that tells you is that you are trading their own internal market, not the real one. That brings a whole ton of problems, particularly if you're trading larger size.

In order for a stop to take effect there has to be someone willing to take the other side of that order. If not, there can be no trade.

Some brokers and spread betting companies do offer guaranteed stop losses, but they charge heavily for them (at least, the ones I have seen do). If someone was trading with guaranteed stops they would not be able to scalp with tight stops - the spread / charges would be far too high.

As for gaps in the spot FX market, they simply do occur - they occur in all markets. If you do not believe me, call your broker tomorrow and ask them if the FX market can gap. They will tell you it can and does. If they don't, you need to change your broker immediately.
Click to expand...

Leopardo

The forex market is not like the market that you are trading, they are pro and contro in trading a bucket shop, of course the problem exist with a huge capital, but that is nice problem to deal with.

Mike
 
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