Ideas for increasing trader performance

This is a discussion on Ideas for increasing trader performance within the First Steps forums, part of the Reception category; Originally Posted by montmorencyt2w I'm actually now wondering if it's destined for 0.8600... 0.8602 to be precise I don't know ...

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Old Feb 1, 2010, 7:08pm   #85
 
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Re: Ideas for increasing trader performance

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Originally Posted by montmorencyt2w View Post
I'm actually now wondering if it's destined for 0.8600...
0.8602 to be precise

I don't know how much you look at the bund mate but I've been buying it for the last few days up here and keep adding to it.

It looks to me like it's going to go ballistic any day now.
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Old Feb 2, 2010, 12:40am   #86
 
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by trader_dante View Post
0.8602 to be precise
Feather plucker :-)

Someone was forecasting it might get down to 0.85 - not sure on what grounds though.
Seems to be more or less on its way back up though.

Quote:


I don't know how much you look at the bund mate but I've been buying it for the last few days up here and keep adding to it.

It looks to me like it's going to go ballistic any day now.
Wouldn't surprise me if you were right, but I'm giving it a miss, even if were a dead cert.


Started getting into it, and thought I was doing ok.
Then got burned a little while back in a Bund/Bobl shootout, and it still hurts.


No one can (or will) explain to me in words I can understand what drives the damn thing.
I know bits but the bits I know don't add up, so I'm giving it a miss for that reason, as well as the remembered pain :-)
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Old Feb 2, 2010, 7:31am   #87
 
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Re: Ideas for increasing trader performance

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Originally Posted by montmorencyt2w View Post
Someone was forecasting it might get down to 0.85...
Ah, I wondered why it's been rallying so hard!
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Old Feb 5, 2010, 8:13pm   #88
 
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Re: Ideas for increasing trader performance

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Originally Posted by trader_dante View Post
I don't know how much you look at the bund mate but I've been buying it for the last few days up here and keep adding to it.

It looks to me like it's going to go ballistic any day now.
And there's another lesson right there!

Markets that keep coming back to major levels are going through them.
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Old Feb 5, 2010, 8:47pm   #89
 
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Re: Ideas for increasing trader performance

trader_dante started this thread Following on from the previous post....

The Bund forms a triple top formation at all time highs.

It has a large sell off and then comes back up with price consolidating just beneath them.

You can take it this will go one way.
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Old Feb 25, 2010, 5:59pm   #90
 
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Re: Ideas for increasing trader performance

Dear Tom,
I have been paper trading using the methods you suggested on MMT. Many a times, you have commented that your charts were a bit different from some of those commenthing on the MMT thread. There the charts you were posting were primarily from 'MetaTrader'.
Currently, I am also using the same platform. I noticed that on 19th Feb, 2010 that there was a pin bar formation on GBPUSD. Since, it was in confluence with trendline and fibonacii levels, so I played it in the same manner you taught on MMT. Strangely, there was NO corresponding pinbar formation for GBPUSD on Oanda and dailyfx.com for the said date. I have attached the pictures of charts. On last Sunday night, Stockholm time, when markets opened, oanda charts started moving, but MetaTrader ones did not.
The question I want to ask you -> Which chart is the standard one? ofcourse it is not a good idea that different people see different charts. Is it that demo accounts are not real time?
Kindly suggest, which trading platfrom should be used for paper trading and real time? Here different platforms are showing different charts.
Thanks
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Old Feb 25, 2010, 7:23pm   #91
 
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Re: Ideas for increasing trader performance

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Originally Posted by swedendenmark View Post
Dear Tom,
I have been paper trading using the methods you suggested on MMT. Many a times, you have commented that your charts were a bit different from some of those commenthing on the MMT thread. There the charts you were posting were primarily from 'MetaTrader'.
Currently, I am also using the same platform. I noticed that on 19th Feb, 2010 that there was a pin bar formation on GBPUSD. Since, it was in confluence with trendline and fibonacii levels, so I played it in the same manner you taught on MMT. Strangely, there was NO corresponding pinbar formation for GBPUSD on Oanda and dailyfx.com for the said date. I have attached the pictures of charts. On last Sunday night, Stockholm time, when markets opened, oanda charts started moving, but MetaTrader ones did not.
The question I want to ask you -> Which chart is the standard one? ofcourse it is not a good idea that different people see different charts. Is it that demo accounts are not real time?
Kindly suggest, which trading platfrom should be used for paper trading and real time? Here different platforms are showing different charts.
Thanks
Hi Swedendenmark,

I've got two points to make.

1. The problem usually occurs because different brokers use different opening and closing times for each day. I was always taught to just play what you see. With this in mind, just try to look at one chart program and use that exclusively. I use FXPRO for charting. I also saw a pin.

2. You are not the only person that was caught out in that pin you marked on GBP/USD. But remember: mark your problem areas before you are in a trade.

You need to do as much due diligence in planning how you are going to manage the trade as you are going to put into nailing the entry.

The aim of the game is not to let the market catch you off guard.

Look at the blue box on the first chart below. There is a minor swing low that has confluence with the 38% fib.

As J16 would say: price went exactly where you would think it would.

Did we know it would stall and turn down? No. But you can't be scratching your head wondering what happened if you take a loser here. Price was almost always going to struggle here. This is not rocket science. It happens time and time again.

Now look at the second chart. I've circled all the points that jump out at me. As soon as I open a chart I see these now. I usually connect a line throught he middle of them and use this median level as my "problem zone"

With all this in mind, should one have even taken the trade? Well, I certainly wouldn't. As you may already know from my journal, Cash FX, I was short throughout this period and didn't consider cutting and reversing here.

At any rate, regarding the loss you took, remember that J16 and I use very different exit strategies.

I can't really speak directly for him of course but from what I know of his personal trading this is my rudimentary conclusion:

If you're a J16'er

You shouldn't have taken a loss there. You should have got half out and moved the stop up to breakeven minimum.

In short (and excuse my French) one should not f*ck about going against the trend into a level like that.

If you used the exit management technique I outlined in MMT

You would have held onto your balls and....taken a loss. Price didn't close through any overhead level so there was nowhere to move your stop. It would have been a loss IF one had taken it in the first place.

You have to decide what you are comfortable doing.

Back when I wrote that thread, presuming I would have taken the trade in the first place, I would have taken a loss there.

Now I would probably just get out of everything as we traded into the blue box.

But that's a different story for another day
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Last edited by trader_dante; Feb 25, 2010 at 7:32pm.
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