Best Thread Correlation Trading - Basic Ideas and Strategies
FaizanKauser
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Hi their NVP, I just need some help with a few things :S
Firstly, I downloaded all the files etc to set up all the indicators etc on MT4.. And i have to say looking at how it works, it's very accurate and i'm sure a lot of money can be made through this.
I was just wondering if you could give me some help when to and when not to enter trades, and how you know when to enter etc ???
Hopefully this makes sense for you, and any help with be appreciative.
Thank Faizan
Firstly, I downloaded all the files etc to set up all the indicators etc on MT4.. And i have to say looking at how it works, it's very accurate and i'm sure a lot of money can be made through this.
I was just wondering if you could give me some help when to and when not to enter trades, and how you know when to enter etc ???
Hopefully this makes sense for you, and any help with be appreciative.
Thank Faizan
NVP
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hey F
I will be dealing with this much much more in my private Website coming soon........
remember my friend that the Free indicator here using the 80/20 system (correlated to the Dow) gets you a pretty accurate picture of what the Yen and usd are doing directionally so you are 50% there towards a sucessful trade
all you gotta do is nail the second pair currency
in this Free version I offer I would suggest that you simply go with the currencies that are opposing the yen/usd direction to the Zeros with their position on the other side of the 80ma and 20ma :smart:
there are hundreds of methods to refining this further so I invite all to experiment but I will be dealing with my own ideas on the new website coming
hey ?.........waadya all want here for free hahahahahah
N
NVP
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hey all
mega busy today but finally getting sorted as weekend arrives.....
heres the 5min action ......nice moves as the US session has developed
I will try to post over the weekend.....at the moment I am knee deep in negociating for some of my more sophisticated FXcorrie Hybrids to be converted into automated alerts and signals for my forthcoming Website...jees these dudes are tough to knock down in price
where are all my old programming helpers when you need them
N
mega busy today but finally getting sorted as weekend arrives.....
heres the 5min action ......nice moves as the US session has developed
I will try to post over the weekend.....at the moment I am knee deep in negociating for some of my more sophisticated FXcorrie Hybrids to be converted into automated alerts and signals for my forthcoming Website...jees these dudes are tough to knock down in price
where are all my old programming helpers when you need them
N
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NVP
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FaizanKauser
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The 23rd was where I made about 50 pips through the Euro (Seems kinda rubbish, but I'm still learning) .. Your system helped me achieve the profit, well fake-profit im demo accounting right now!
NVP
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Hi F
I wish people would post more on this thread as I would love to work with more newbies and inexperienced traders and everyone regarding what I do.....
on my private site (free area and membership areas) I will seek to give as much advice as I can and hope that others pitch in as well to keep things moving for people to learn and start making money (or losing less !)
You made 50 solid pips in demo .............and you are calling that rubbish ?
c'mon - telling me you went 500 pips down on 10 incorrect trades is rubbish
you are 1 for 1 my friend welcome to our world
N
NVP
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Here's an excellent thread from Lance
Lance is a top gun Price Action trader but everything he says below goes for any trade you make in any market using any system.......you roll the dice and then its all in the lap of the gods.....
I'm Trading What I See, Not What I Think! So Why Am I Still Anxious?
Common advice is to trade what you see, not what you think. I've never been comfortable with that advice. As a discretionary trader, it just doesn't make sense. We're not machines; what you see is determined in a large part by what you think, and in fact by what you feel.
Awareness involves more than just seeing. Seeing is just one part of perception, but then you also need to understand the meaning behind what you perceive, and be able to project that forward to understand it's meaning for the future. And that whole process will be distorted by any number of physiological, psychological and environmental influences.
Add in the uncertain market environment, and it's a recipe for doubt and anxiety.
Where is price going next?
This is what makes discretionary trading so difficult. You don't know. You can never know. Movement from your entry point is dependent on the net orderflow from all orders placed AFTER your order transacts, and that is a function of other traders decisions and actions in the market. You can NEVER know with certainty what the outcome will be.
Trade entry is always subject to doubt. And you will always be subject to anxiety.
And any price movement from the entry point will provide further anxiety, regardless of whether that movement takes the position into profit or drawdown.
A drawdown will increase anxiety. "Was I wrong?", "Am I just early?", "I can't afford another loss!"
A profit will increase anxiety. "Has it got further to run or not?", "Should I just take the profits here?", "What if it reverses and takes away all the profits?"
It might seem then that the answer is in automating the strategy. Unfortunately not! That just shifts the anxiety to different stages of the trading process.
If you try automating the entry through objective rules you'll still be subject to the same anxiety throughout the trade management process, along with some new ones; "I just knew that was a bad entry!", "Maybe my entry rules need tweaking!"
Completely automating the whole trade entry, management and exit process (becoming a systems trader) simply shifts the doubt and anxiety to the systems design and management processes, rather than trade management; "Maybe the current market environment is not ideal?", "Maybe I need to adjust parameters? I'll just run some more tests and see if we can optimize this better."
So, what's the way forward?
It's not about trading what you see. It's about learning to trust yourself when you're unsure what the future holds.
Progress will only be made when you stop fighting reality; that is when you stop seeking rules or techniques to provide certainty. Certainty is illusion, and cannot be achieved.
Progress will be made when you start working with the reality; learning to operate and manage risk within an environment of uncertainty.
Develop a strategy based upon the reality of the market environment - identify areas on the price chart which will likely be sources of other trader orderflow. And then learn how to exploit those areas.
Study market structure!
Study risk management!
Study learning theory!
Study decision making, in particular as it relates to uncertainty!
Study peak performance psychology!
And implement processes of deliberate practice; learning to trust your strategy and your ability to trade it despite any doubt and anxiety, through a process of trial and error
It's not about learning and trading patterns. It's all about a gradual process of "becoming" a trader.
It's not about trading what you see. It's about learning to trust yourself when you're unsure what the future holds.
Enjoy the uncertainty,
Lance Beggs
www.ytcpriceactiontrader.com
Lance is a top gun Price Action trader but everything he says below goes for any trade you make in any market using any system.......you roll the dice and then its all in the lap of the gods.....
I'm Trading What I See, Not What I Think! So Why Am I Still Anxious?
Common advice is to trade what you see, not what you think. I've never been comfortable with that advice. As a discretionary trader, it just doesn't make sense. We're not machines; what you see is determined in a large part by what you think, and in fact by what you feel.
Awareness involves more than just seeing. Seeing is just one part of perception, but then you also need to understand the meaning behind what you perceive, and be able to project that forward to understand it's meaning for the future. And that whole process will be distorted by any number of physiological, psychological and environmental influences.
Add in the uncertain market environment, and it's a recipe for doubt and anxiety.
Where is price going next?
This is what makes discretionary trading so difficult. You don't know. You can never know. Movement from your entry point is dependent on the net orderflow from all orders placed AFTER your order transacts, and that is a function of other traders decisions and actions in the market. You can NEVER know with certainty what the outcome will be.
Trade entry is always subject to doubt. And you will always be subject to anxiety.
And any price movement from the entry point will provide further anxiety, regardless of whether that movement takes the position into profit or drawdown.
A drawdown will increase anxiety. "Was I wrong?", "Am I just early?", "I can't afford another loss!"
A profit will increase anxiety. "Has it got further to run or not?", "Should I just take the profits here?", "What if it reverses and takes away all the profits?"
It might seem then that the answer is in automating the strategy. Unfortunately not! That just shifts the anxiety to different stages of the trading process.
If you try automating the entry through objective rules you'll still be subject to the same anxiety throughout the trade management process, along with some new ones; "I just knew that was a bad entry!", "Maybe my entry rules need tweaking!"
Completely automating the whole trade entry, management and exit process (becoming a systems trader) simply shifts the doubt and anxiety to the systems design and management processes, rather than trade management; "Maybe the current market environment is not ideal?", "Maybe I need to adjust parameters? I'll just run some more tests and see if we can optimize this better."
So, what's the way forward?
It's not about trading what you see. It's about learning to trust yourself when you're unsure what the future holds.
Progress will only be made when you stop fighting reality; that is when you stop seeking rules or techniques to provide certainty. Certainty is illusion, and cannot be achieved.
Progress will be made when you start working with the reality; learning to operate and manage risk within an environment of uncertainty.
Develop a strategy based upon the reality of the market environment - identify areas on the price chart which will likely be sources of other trader orderflow. And then learn how to exploit those areas.
Study market structure!
Study risk management!
Study learning theory!
Study decision making, in particular as it relates to uncertainty!
Study peak performance psychology!
And implement processes of deliberate practice; learning to trust your strategy and your ability to trade it despite any doubt and anxiety, through a process of trial and error
It's not about learning and trading patterns. It's all about a gradual process of "becoming" a trader.
It's not about trading what you see. It's about learning to trust yourself when you're unsure what the future holds.
Enjoy the uncertainty,
Lance Beggs
www.ytcpriceactiontrader.com
FaizanKauser
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Yeah I'm only 18 actually, I actually just had my A-level exams and hopefully going uni soon.. But I chose to learn forex about a year ago as one of my dads friend is a full time forex trader, he actually works with some group and they trade together.. I'm not actually sure what they do ..
Yeah I've just been learning the basics of fx trading, it seems really interesting but it's very tough.
There's a lot of opportunities in trading, and when I become more financially independant I hope to take trading much more serious.
Also one question, what do you think of forex signal providers..?
Are they worth the money, as their is always some type of monthly membership fee.
Thanks F
Ps I'm looking forward to your new site, I'm sure it will be extremely beneficial for all of us.
Yeah I've just been learning the basics of fx trading, it seems really interesting but it's very tough.
There's a lot of opportunities in trading, and when I become more financially independant I hope to take trading much more serious.
Also one question, what do you think of forex signal providers..?
Are they worth the money, as their is always some type of monthly membership fee.
Thanks F
Ps I'm looking forward to your new site, I'm sure it will be extremely beneficial for all of us.
NVP
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Yeah I'm only 18 actually, I actually just had my A-level exams and hopefully going uni soon.. But I chose to learn forex about a year ago as one of my dads friend is a full time forex trader, he actually works with some group and they trade together.. I'm not actually sure what they do ..
Yeah I've just been learning the basics of fx trading, it seems really interesting but it's very tough.
There's a lot of opportunities in trading, and when I become more financially independant I hope to take trading much more serious.
Also one question, what do you think of forex signal providers..?
Are they worth the money, as their is always some type of monthly membership fee.
Thanks F
Hey F
a young Forex pup eh ?
sounds like you have your head well screwed on regarding the future and the path you must take
Forex will always be there for you if you want it , and studying the phychology of Decison making, Greed , Risk, Fear and all the other intricacies of Trading will hold you in good stead in life and business generally
Trading is a business anyway - and a Damn good one as your product is money so no middle men
regarding the other points ......
Forex can be deceptively easy (if you believe marketeers) so dont be fooled - and looks like you would'nt be anyway from your comments
if you return treat it like a university course (with tough practicals !) and you will be fine in the future
Regarding Forex signal providers I have to declare a conflict of interest here as I will be offering FXcorrelator signals as part of the subscriptions to my site and therfore can I humbly defer the question
what I will say is this though re ANY automated signal service - be it a simple bell you have created on your own system or a £2,000 a month megatron from a reputable Trading house
if you 100% believe in the (long term) performance of the indicator and can operate good MM, and optimise Exit trading rules, and ride the inevitable drawdowns
then it is a damn site better than sitting in front of a screen 8 hours a day............
given the unstoppable rise of mobile and cloud technology semi-automation is the future and one day we really will be sitting on a beach making trades
to be honest my life is packed with work,family and other things (including my Forthcoming website) so I have no option as a part time trader than to use automated signals.........although I will trust them implicitly as I created them :smart:
N
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