Hi Paul, nice to meet you, too..
I am sorry that you are beginning to take offense in what I say. I never intended to attack your trading style.. I just thought your post had a lot of issues in it that newbie traders can learn from, if they choose. Or they can ignore it all together.
I am very outspoken, and maybe to a fault, but to take offense to what you are saying ?No. As far as newbie traders are concerned, I'm not one of them, so you won't have to address me as a newbie.
As I also mentioned before, the entirety of my method is very unique, which makes it Me. It has made me an excellent trader. I enjoy the dialogues concerning trading. The one thing I take that may appear as taking offense is when someone who does not kow me would say I'm trading dangerously, saying I am bascially lucky, that I have an unhealthy attitude for a trader, I'm a Dead Man Walking. That was all in one post. All I got to say is, back up those allegations, and I'll start making changes. can be the student just as easily as I can be the Samurai.
I think this is a good forum for healthy debate on trading forex and the readers and participants can make their own decisions. I was guessing you thought so too..
just to clear a few things up....
Quite honestly, I do not reccomend anyone to adapt my style. a no-stop-contrarian-type of style that I have. The thing that makes me effective, is, once again, it is Me, and I am properly armed to take care of business.
I am intrigued by your thread only because I do not doubt you are a winning trader, but 20 pips a day? That's 440 per month (Base on 22 trading days.) .I've gotten 44o pps opened and closed in the same day.
Let me be clear about another thing. As long as the methodology produces consistently for that inidvidual, then it is an excellent methodology. I was talking to someone last week about the fact he had gotten 1% last week. I tried to encourage him that he is a winning trader. Compound 1% per week over 12 years after starting with $1,000 is over $1 million. The true measure of a good methodology and the success of the trader is that he is not losing.
Im sure you have your own money, I was not saying that you were broke.. It seems you totally missed the point.. I was saying you would never use 100% of your capital to place on a trade, and you would never risk your relatives money, because you cant be 100% sure of one single trade.. If you could be 100% sure, then why not borrow from them? I am sure when you returned them 100-200% of their money back, they would actually think very highly of your trading.
My point in saying what I did is that it is totally redundant to bring up borrowing from family and relatives. This is the type of business that someone should only start with money they can afford to lose. If they have to borrow it, then they are in the wrong business.
My confidence is also not based on a percentage of an assurety. I win consistently. Just like I told the guy who made 1% last week, that is all that counts.
I love my method, because it knows how to spot reverses, continuations. Even if I am wrong, Most of the time I take my trade out for a miniscule amount of pips, adn sometimes a miniscule loss. My system alos spots momentum or the lack thereof.
Congratulations. not sure why you are trying to prove to me that you are successful. I hope that you are. But anyone can say anything they want about their success..
I don't have to prove I am successful. Click on my thread, and talk to some of the people that I have been with over the past 3-5 years. I'm like you, transparent. Check my forecasts out. I'll let them stand alone, and do the talking for me, as well as certain ones that are following my thread.
Not a chance.. I would never take a trade without a stop-loss and walk away.. Just curious.. what lot size will you put on it and what account size would you be using? Would love to know how much you are going to risk.. How far against are you willing to hold this trade. It could actually trigger for you tonite's Asian or London Session. Pleas give me all the details, would like to track your progress..
I'm quite sure I said to trade it on your demo. I do not expect anyone to have the same confidence in my methodology as I do.
Lots sizes are all based on a percentage of the trade. I put up 1 lot per $10,000. Starting next week, that gets reduced to 1 lot per $20,000.
It does not really matter. I already know it is not going against me that much. I'm looking at holding this one for days.
I have given you the details. Now you can see where it will be at several days from now.
My sincere question to you is.. If you do not have a stop-loss, then how do you know what lot size to put on each trade?
(really, I would really love to know the answer to this question)
I covered that question.
I don't know what you mean.. but it sure sounds untrue.. The reactions to news releases knows no technical bounds..
The technical, mathematical realities of the movements of the markets are uneffected by the news.
Well, most trends and movements are actually caused by news (except for transactions made for purely commerce reasons..i.e. Boeing airlines selling a fleet of airplanes to a japanes airline, this could cause price movements un related to news), It is information that fuels this market..
Prove it.
When you look at a chart, yes, it is a recording of price over a certain time period, but what it also is, is a recording of
emotional reaction to financial, or geo-political stimulus "news." This creates market sentiment.. and
trends. So the news drives the market sentiment and the charts record all the buying and selling based on that sentiment.
Then why can I take a chart of a market, apply my technicals to it, and draw up accurate conclusions? I do it consistently. I got a friend who follows my thread who constantly asks me for my input on gold. I give it to him, along with showing him what I am looking at on the chart. I've never traded gold, except on a deom account.
As a rule, I don't trade the DJIA, but predicted the reversal at 11,246, when it reversed at 11,254.
I know nothiong about the DAX. Someone else wanted my input concerning it, and I was spot on. No specifics here because it was several months ago.
I do agree that technicals are
very reliable, and should be used primarily when trading, and this is not an argument against technicals at all. That being said,the technicals don't "cause" anything.. they are just a recording of what is going on. Technical indicators are "lagging" by nature.they are telling you what already happened. I am primarily a technical trader, relying on my signals as well, but I have also learned to read the market, (which isnt that difficult once you understand a few basic principals that te market operates by.)
I know you trade with technicals. The diffeence you and I have is that you also use the news when you make decisions, and I don't and never will.
You're right. Most indicatros lag because of their nature. It is a matter of interpreting the lag (that is me.). As an example, I use the stochastics as a momentum indiactor. My proprietary S&R's, though, have already been decided in advance, and there is no veeering from them, and they work like nothing else has ever worked (Not a bag on anyone. It's my sincerest belief that my proprietary S&R's are the best.). I want to know what the average is. A strong bounce will ensue from them, or they get blown out.
I don't understand your need to prove yourself, I am just trying to get across useful information. I have checked your thread, and it has only been going for about a month. Good for you if this style is working for you.. But it wont work for 99% of other traders out there.
You're right, 99% or more will not succeed in using my style. Also, a majority will not succeed in using your style. That is also a fact.
BTW, until right now, I didn't know you checked my thread. My history of posting goes back to my blog which is 2007, adn the caht rooms go back to 2005.
I have no need to prove myself. My results do all my talking for me.
It doesn't take
many trades to margin call...only one trade will do it. And without using stops it's only a matter of time. I am not saying this because I don't want you to succeed, I do. It's just a true comment.
That's you jumping to your own conclusions without a thorough understanding of my methodology.
Anyway, have you heard the saying, "learn from your mistakes?" It applies here in forex trading as well. People who do not learn from their mistakes are doomed to repeat them.
Ah pardon me. I only have 20% or less losing trades. Not many mistakes. Forex is a growing process. I am always learning. How do you assume I don't learn from the few mistakes I make.?
what happened to the "ice in your veins" and the cool-headedness you boasted earlier? I have no idea how you personally trade, how can i argue your trading success with facts? (not that I want to). You say whatever you want about your success, have I ever said you were lying? No, I just said that not using stop losses, and ignoring news and basic fundamental correlations is a recipe for failure. Maybe you haven't failed yet, but I am sorry to say that if you are not using stops you will be taken out soone or later.. that is a fact!
My mental makeup towards my trading is what I meant by "ice in my veins".
I chronicled the allegations. If you meant them as such is beside the point. They were still there, and I addressed them.
You can't argue success. This is why I disagree with settling for 20 pips per day, but if it has brought you success in your trading, then I will not argue with you.
And once again, you use your stops, and I won't use mine. I'll trade during the news, and you sit on the side. It's not a big deal. You say it is a "recipe for failure", then have at it. I say you are full of warn out cliches, such as, "Don't trade during the news", "use stop losses", "consider the fundamental aspects". Again, if by using warn out, innondated cliches is your style, then trade accordingly. That was not meant as an insult. That's your style. It's fine.
You sound like every new trader I encounter who doesnt want to accept a losing trade. The comments you make.. "price always comes back, just hang on.." this is naive thinking, price can move hundreds of pips against you without retracement, how much drawdown can you stand? It will probably come back but first, you will get the margin call. It just sounds like you haven't taken your bruises yet, and that is why you have all this false confidence..
I think at times your a little thick. I said I had 22 lsoing trades this year, so far.
Naive thinking? Yes, I can tell you know me real well.
I don't get margin calls. When will you get that in your head?
Experience breeds confidence. I gained my confidence over the years. A false confidence is a newbie that has spent 3 months trading and is lucky enough to keep winning. Real life experience does not breed false confidence. But, you don't know that, because of all the stereotypes you are filled with.
btw, If it "irks" any of the other traders on this board to read this thread, why is noone putting their two cents in?
Some have voiced their opinion. Personally, I know I'm the type that doen't mind a good dialogue. But, I too will call it quits once I know it is no longer constructive .
It's funny, I say these things because I do care, not to be argumentative. here is a
video recording of a trader who just attended one of my trading courses, I am in it for the success of all..
Let's be honest. You are also in it for the subscribership. You, if not already, will derive an income from your subscibers.
I'm not looking for any subscribers. I can honestly tell you I am on this site to be challenged in my trading, to learn, and to help other aspiring traders. I make no money on the side, and neither am I selling anything.
Sometimes I have to say things bluntly to keep traders from making
rookie mistakes, and not keeping stops and managing your risk is the number one killer of traders.. so good luck.
Sam, you can use those lines on ones following you and your service, but you don't need to be blunt with me if that is what you are getting at. I would prefer having a conversation on a more even level. You should have some sort of discernment as to the type of people you are talking to, which includes the others that have posted in this thread. I would prefer discussing each other's methodology instead of this err that you are going to correct me on anything I do that you don't agree with. Again, I am not here to run your opinion poll. My original thoguth was to have a discussion. I don't really care what you think abotu the way I trade.
Not true. News trading is a very acceptable strategy. What i said is that opening trades
before news, without regard to it is foolish... If you are trading the news, waiting for the release and
then getting into a trade based on that news, that would be good.
That's what I was talking about. I open trades before the news. It's not up to you to tell me I'm wrong .
Anyway, sorry again for your ill feelings, I was in no way trying to repudiate your style as there are many. but I know what works for most traders. You might be that exception to the rule, and if you are congratulations, you found your way..
Get it in your head. I have no ill feelings towards you. I was raised in California, and I'm sure if we crossed paths, I'd buy you dinner somewhere.
The thing that works for my most traders is what works for them. That is the correct way for the specific trader. We are all different, and all have different mindsets. In addition, all successful traders are exceptions to the rule. Also, there is not run trader that mirrors another perfectly, based on each of our individuality.
...good trades,
Sam
P.S. Please don't forget to let me know what your lot size will be on that Eur/Gbp trade... (would be helpful to also know the account size)
Me wrong in trading? Hmmm let me see. On my scalping today yep *wrong* 4 times out of 10, if only I'd just gone for 20 pips heh?....I'd be fooked ..
