Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; Going for crude oil - the price action will favour your method of trading...wizard...

View Poll Results: Which market do you want to learn to trade?
Indices 43 42.57%
Foreign Exchange 38 37.62%
Bonds/Interest Rates 5 4.95%
Commodities 15 14.85%
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Old Oct 26, 2007, 4:29pm   #25
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Going for crude oil - the price action will favour your method of trading...wizard
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Old Oct 26, 2007, 5:02pm   #26
 
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Originally Posted by Crap Buddist View Post
Ive gone for FX, I'd suggest EURUSD as its probably the biggest market traded, 24 hours 6 days a week and will be good to see how the method copes with position or not prior to news data etc, low spreads too ,Oanda 0.9 spot spread on EUR USD so costs are attractive.

In short the whole world and his dog can follow it access free realtime charts 24 hrs a day, Unless we can get free realtime oil or other commods charts ??
This is a really good point. It is my feeling that you will learn much quicker if we are all on the same page watching the same market move in real time rather than trying to learn off a historical chart with entry and exit labels and the reasoning behind them.

While you will be able to take what you learn here and apply it anywhere, it's not going to be simple as "buy when the 50ema crosses over the 100". I have found some things work better on some markets rather than others. All markets have their individual characteristics.

So if we all decide to trade EUR/USD then I will teach you all the best way to trade that market and of course we will no doubt discover new things as we go along. But you probably won't find out the the little nuances that would make the strategy different when played in EUR/USD than it is when played in Crude Oil futures.

One difference with futures for example is that because it is not a 24 hour market, I don't place orders for the next session on the close because of the possibility of extreme slippage. That means that without incurring undue risk, you will never be in many patterns that look very good on the chart. With FX you don't have this problem.

Whatever market is chosen, I am going to trade it in real time with real money and show you what I am doing in here. You will learn much quicker if you can follow this.
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Last edited by trader_dante; Oct 26, 2007 at 5:07pm.
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Old Oct 26, 2007, 5:05pm   #27
 
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Hello trader_dante,

Your method sounds very, very similar to my own so I too am looking forward to following this thread.

I trade Indices, Forex and Gold and Oil so I've no particular preference to what should be focused on though I chose Indices for the vote.
I'm surprised commodities tend to get over-looked because they generally seem to trend quite reliably compared to some more popular markets.
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Old Oct 26, 2007, 5:11pm   #28
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For those who like commodities this is a fun site:

www.jimrogers.com

Click the image to open in full size.

Ex partner of George Soros, very much into an adventurous and fun lifestyle, as a trader he's totally fundamental, but hey nobody's perfect

Lots of good stuff on his site, he's writen some good books too.

Sorry for taking this off topic Dante, done now, and best of luck with your project here :-)
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Old Oct 26, 2007, 5:31pm   #29
 
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Sorry for taking this off topic Dante, done now, and best of luck with your project here :-)
Not a problem. I've got a couple of Rogers' books. He is somewhat of a legend in commodities trading. Thanks for the link.

A word on "funnymentals"- this methodology ignores news. I take all setups regardless of news although people are free to tweak. If you are uncomfortable taking a setup just before a news release then no one willl force you to do it. I am just telling you what is working for me.

I have been trading this method properly for around five months now. The only time I happened to remember news having any impact at all on my positions was when I bought the FTSE (because of a setup) almost right at the bottom of the sharp August sell-off and was long when around an hour later there was the US surprise rate cut that put my position 254.5 points higher when I got back from lunch

I developed the method from two time tested and highly profitable ways of trading. It is a not a system that is going to be here today and gone tomorrow. I have read about many that are like this. They produce stellar returns for a year or more and then suddenly they no longer work when the markets inevitably change.

This method is based around price action. That is its foundation. Trading with price action will always give you an edge because these patterns reflect the behaviour of participants in the market place and peoples behaviour tends to repeat itself.
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Old Oct 26, 2007, 5:38pm   #30
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Quote:
Originally Posted by trader_dante View Post
Not a problem. I've got a couple of Rogers' books. He is somewhat of a legend in commodities trading. Thanks for the link.

A word on "funnymentals"- the methodology ignores news. I take all setups regardless of news although people are free to tweak. If you are uncomfortable taking a setup just before a news release then no one willl force you to do it. I am just telling you what is working for me.

I have been trading this properly for around five months now. The only time I happened to remember news having any impact at all on my positions was when I bought the FTSE (because of a setup) almost right at the bottom of the sharp August sell-off and was long when around an hour later there was the US surprise rate cut that put my position 254.5 points higher when I got back from lunch

Yes and a lot of accounts wiped out into the bargain

so i'm looking forward to how you deal with volatility at price extreme's

cv
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Old Oct 26, 2007, 6:24pm   #31
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Hello,
How long is it going to take? How are you going to release the material -- on a daily/weekly basis or in one fell swoop and when are you starting? After the poll finishes?
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Old Oct 26, 2007, 6:54pm   #32
 
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Hello,
How long is it going to take? How are you going to release the material -- on a daily/weekly basis or in one fell swoop and when are you starting? After the poll finishes?
Hello Jezgw,

I am going to release the information as I get time. I work four days a week and I am often watching the markets on my day off (Friday) as well as in the evenings but I will try and check every day and try to get new material up and answer questions as frequently as possible.

How long it will take is hard to say. It all depends on how fast people learn.

The actual method I am going to show you is simple. I can sum it up now: I trade high probability setups by looking for price action at areas of support/resistance. I then look for confluence with fib levels and trend lines.

This basic method will then be combined with a moving average system which I have found to be extremely reliable. This system will be mainly used to deduce when it is the optimal time to add to a position and it is also crucial to staying in the market when it is trending so that you get excellent risk/reward ratios and capture large moves when the market offers them.

Many people may already trade similar to at least the first part of my method. What I am going to show you is how I do it because I am making profitable trades where I know some others are struggling.

Whatever your level of knowledge/experience I hope you will find something useful here.

We will start when the poll finishes which is Tuesday. I will be here as long as people are willing to learn.
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Last edited by trader_dante; Oct 26, 2007 at 7:05pm.
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