Making Money Trading

[1Pipped]

Anne Widdecombe fall out of bed?

maybe Gordon Brown dropped his wallet ?



It might have been because it was late and quiet but it seemed a lot more... 'movinger' (for want of a real word) than any other Ive felt. 2 quite substantial desks here were vibrating around by about half an inch!

 

[VinceStanzione]

maybe Gordon Brown dropped his wallet ?



It might have been because it was late and quiet but it seemed a lot more... 'movinger' (for want of a real word) than any other Ive felt. 2 quite substantial desks here were vibrating around by about half an inch!

1pipped,

You based near Grimsby buddy?

"If an earthquake happens in the UK; and T_D hasn't shown us how to scalp it...then it definitely didn't happen" !!

 

[candles]

closed half of that short around here for 50 pips. Other half still running with stop at B/E -
Target is around 1.9780

 

[1Pipped]

1pipped,

You based near Grimsby buddy?

"If an earthquake happens in the UK; and T_D hasn't shown us how to scalp it...then it definitely didn't happen" !!

Not that near VS, bottom end of manchester.

Tell me more about this earthquake scalping, I found a chart Event 2008nyae Map but I dont get it, where do we draw the pivots ???

Candles I might join you on the other half of your trade, quite a nice 4hr bar has formed.

 

[candles]

Tried a short on cable.
15 minute dogi has since formed. We'll see how i get on with this one.
entrance was 161.8% retrace

Looks like I shorted within ticks of the high. Good when that happens.
Making 120 pips on the half I still have running.

We are about 50 pips away from the target I was looking for (1.9780) so am trailing my stop on that half now.

 

[kauaibobby]

forex

forex

 

[Glenborrell]

Re Earthquake

Guys,

I'm in Sheffield and it sure did shake the hell out of our house. Felt like a freight train was going through my bedroom. Initially was a bit confused because as TD asked earlier. Earthquakes in UK? Didn't know there were any fault lines near here? Coming from NZ where a fault runs the length of the country i can understand, but here in UK no faults for miles?

Glen

 

[grimweasel]

Pin Bar Cable this morning...

Please see chart below. An excellent Pin formed on Cable this morning at 0830. I was in the trade and up around 100 pips at lunch time only to come home from work this evening and find I had been stopped out for a loss. Gutted. I only have myself to blame as I thought I was being clever and I moved the stop to 1.9913 where a new S/R level had formed. Lessons:
1. Should have left stop at 2/3 points above entry pin
2. Stop chasing the price with the stops unless a key S/R level has been created or met
3. If you don't have enough in your account to cover the stop distance - no trade!!
4. Check the charts every time frame you have entered in. So I entered on 30 min TF so I should have been checking the charts every 30 mins. That way I'd have seen the error and moved the stop to it's original position or left the trade!
I'm looking at these new 'dongles' for wifi mobile network access. Currently you can get a free usb modem and 3GB download limit for £15 a month with vodafone and O2. Then I could leave my laptop running in work and carry out hourly checks etc on the prices to check for reverse signals (work internet blocks most SB sites)
Looking now at 147 pips that I should have had!! :-(

 

[grimweasel]

I forgot to ask... which currency pairs are closely correlated and therfore are not worth trading in unison? I guess that EUR/JPY and CHF/JPY etc.

Some of the eurpoean currencies seem to be trading together..

What are the best pairs to trade that don't follow each other up and down?

Many thanks!
Grim

 

[VinceStanzione]

Trading Physcology

Pin Bar Cable this morning...

Please see chart below. An excellent Pin formed on Cable this morning at 0830. I was in the trade and up around 100 pips at lunch time only to come home from work this evening and find I had been stopped out for a loss. Gutted. I only have myself to blame as I thought I was being clever and I moved the stop to 1.9913 where a new S/R level had formed. Lessons:
1. Should have left stop at 2/3 points above entry pin
2. Stop chasing the price with the stops unless a key S/R level has been created or met
3. If you don't have enough in your account to cover the stop distance - no trade!!
4. Check the charts every time frame you have entered in. So I entered on 30 min TF so I should have been checking the charts every 30 mins. That way I'd have seen the error and moved the stop to it's original position or left the trade!
I'm looking at these new 'dongles' for wifi mobile network access. Currently you can get a free usb modem and 3GB download limit for £15 a month with vodafone and O2. Then I could leave my laptop running in work and carry out hourly checks etc on the prices to check for reverse signals (work internet blocks most SB sites)
Looking now at 147 pips that I should have had!! :-(

GW (and indeed ALL OTHER NEW TRADERS),

Phrases like "gutted" & "should have had..." - you need to remove this type of physcological paralysis from your trading.

Honestly, I'm not trying to knock your effort.

But realistically, you'll never master trading unless you remove the emotion from your trading.

Read lurkerlurker's thread & you'll see it's filled with his emotive posts; he was eventually so crippled by physcological indecision that he's currently taking a break both from these boards & from trading.

I suggest you invest in Mark Douglas' "Trading In The Zone" - it will completely change your outlook on trading, teaching you how to remove your feelings from each trade.

Amazon.com should be able to sort you out with a copy.

In the meantime, I strongly suggest you don't place another trade until you have read, re-read & re-read T_D's thread again.

There's nuggets of emotive-free trading advice littered throughout it.

You're only going to lose your hard-earned trading cash otherwise; become dis-illusioned & in your current trading mindset, chase your loses.

I know all of this because I was once going through what you are.

Always: analyse the market, wait for it to come to you (NEVER CHASE A TRADE), execute/manage...and reap the benefits.

No trying to be critical - just constructive.

Give me a PM if you wish to discuss further - I'll be happy to help.

Happy Trading,
VS

 

[1Pipped]

Good post VS. I remember in the olden days when I had to phone orders in, I used to get really nervous, Ide dial all but one number of my broker and then think "Ill just stick the kettle on and do this in a minute"... and all I ever did was lose money. But since trading on the internet Ive never lost any money (havent made much either though to be honest) and I think its COMPLETELY because theres no adrenaline making me mess things up.

 

[oiltanker]

if you do a search for the book someone has given their views in a blog called daytrading for a living on the first three chapters of the book. not sure if one is allowed to put the link but its on the first page of google.

 

[Glenborrell]

GW (and indeed ALL OTHER NEW TRADERS),

Phrases like "gutted" & "should have had..." - you need to remove this type of physcological paralysis from your trading.

Honestly, I'm not trying to knock your effort.

But realistically, you'll never master trading unless you remove the emotion from your trading.

Read lurkerlurker's thread & you'll see it's filled with his emotive posts; he was eventually so crippled by physcological indecision that he's currently taking a break both from these boards & from trading.

I suggest you invest in Mark Douglas' "Trading In The Zone" - it will completely change your outlook on trading, teaching you how to remove your feelings from each trade.

Amazon.com should be able to sort you out with a copy.

In the meantime, I strongly suggest you don't place another trade until you have read, re-read & re-read T_D's thread again.

There's nuggets of emotive-free trading advice littered throughout it.

You're only going to lose your hard-earned trading cash otherwise; become dis-illusioned & in your current trading mindset, chase your loses.

I know all of this because I was once going through what you are.

Always: analyse the market, wait for it to come to you (NEVER CHASE A TRADE), execute/manage...and reap the benefits.

No trying to be critical - just constructive.

Give me a PM if you wish to discuss further - I'll be happy to help.

Happy Trading,
VS

VS,

Good post. I've appreciated the time and advice you have given me.

To all others out there VS has offered his advice via PM to me and i'm very grateful. If it's there on offer i'd recommend accepting it as getting advice from people with more experience is something that is difficult to come by. You can't get it from books as they are not seeing the same trade setup as you at the exact same time. Books are good theory but nothing beats experience. I've only been trading for 10 months and the feedback i have had from this site (from TD & VS) is fantastic. The single most important thing i'velearnt is we all need to overcome ourselves (emotions) before we will be profitable traders.

Glen

PS. You can also get the book VS mentions from www.thebookdepository.co.uk. It's cheaper and you don't pay postage. Ever!

 

[grimweasel]

VS,
Thanks for the sound advice. The odd thing is that when I was writing the post I could hear TD in my head saying to me 'gutted; ohh emotion in that trade you need to stay away and get rid of the emotion before you come back to trading'

To be honest I know that I still have the small 'pangs' but I think that by reading this thread and a few others in the past few months my trading mind has come on a lot.

Before reading this thread I traded on a whim and with out a plan. I can now look back at last year and at most of the trades I took and I think to myself 'Oh my god, how did I only end up a couple of K down last year and not 10-20k!!'

I have developed over the past few months and I know that I can overcome the emotional aspect and i hope to make the trading almost boring and mechanical like?

My losses have plummeted recently and I know that by ironing out the last few emotions I will be able to give this 'trading game' a decent attack. If I find that after a few months it's not for me, I'll walk away and maybe try again in a few years after developing more?

I now keep a journal and a trades log, where I list all the factors such as entry, target, stop, plan, reasons etc before the trade (so I can detect trading errors in a hope of iradicating them once and for all).

I have conquered my biggest demon of chasing a large move for fear of missing out, but I do still feel tempted sometimes to rush in every now and again. My trading sheet now prevents me from doing so, because when I plan out the trade it becomes obvious that the R/R ratio in very poor, or I'm heading into a big problem area such as major S/R etc.

I know I have a lot to learn still and I'm very appreciative of the members of these forums for taking the time to share their thoughts. I look forward to more 'gems'. I have just ordered the book you suggesetd from play.com as well as the new paperback version of Nicolas Taleb's Black Swan that also came recommended to me by a non trader/financially driven friend!
Good Trading
Grim

 

[bansir]

VS,
Thanks for the sound advice. The odd thing is that when I was writing the post I could hear TD in my head saying to me 'gutted; ohh emotion in that trade you need to stay away and get rid of the emotion before you come back to trading'

To be honest I know that I still have the small 'pangs' but I think that by reading this thread and a few others in the past few months my trading mind has come on a lot.

Before reading this thread I traded on a whim and with out a plan. I can now look back at last year and at most of the trades I took and I think to myself 'Oh my god, how did I only end up a couple of K down last year and not 10-20k!!'

I have developed over the past few months and I know that I can overcome the emotional aspect and i hope to make the trading almost boring and mechanical like?

My losses have plummeted recently and I know that by ironing out the last few emotions I will be able to give this 'trading game' a decent attack. If I find that after a few months it's not for me, I'll walk away and maybe try again in a few years after developing more?

I now keep a journal and a trades log, where I list all the factors such as entry, target, stop, plan, reasons etc before the trade (so I can detect trading errors in a hope of iradicating them once and for all).

I have conquered my biggest demon of chasing a large move for fear of missing out, but I do still feel tempted sometimes to rush in every now and again. My trading sheet now prevents me from doing so, because when I plan out the trade it becomes obvious that the R/R ratio in very poor, or I'm heading into a big problem area such as major S/R etc.

I know I have a lot to learn still and I'm very appreciative of the members of these forums for taking the time to share their thoughts. I look forward to more 'gems'. I have just ordered the book you suggesetd from play.com as well as the new paperback version of Nicolas Taleb's Black Swan that also came recommended to me by a non trader/financially driven friend!
Good Trading
Grim

Hi,
A little technique which may help get one out of emotional mode and into analytical mode is to forget the trade and just start looking for interesting technical features on the chart.
Draw a few lines, stick a few comments on etc.
Suddenly you may see the correct course of action, how you need to adjust your plan.
Best Regards,
Bansir

 

[rider5]

Hi everyone,

I'm new to trading, have only recently started studying and practicing. I've been mainly into forex due to all the free info and demo accounts available.

Very glad I came upon this thread; great work from a very kind hearted man!
Thanks TD!

Is there a company that provides indexes that can be demo'd? I'm with North Finance using MT4 and they provide access to four only. Or is there some other way to do this?

Any advice shall be appreciated
r5

 

[Vorbis]

Is there a company that provides indexes that can be demo'd? I'm with North Finance using MT4 and they provide access to four only. Or is there some other way to do this?

Water House Capital offer a similar MT4 demo account to NF and it has a huge range of markets available.

I don't know if it has what you're looking for but you might want to check it out.

 

[rider5]

Buy orders

Hi,

The platform that I'm currently working with specifies that an order can not be placed within (for example) 10 pips from the current market price. How do I then place a order to go long 1 pip above the pin bar, if the current price of the right eye is 10 or less pips away from that?

A little help would be great.
Thanks

 

[trader_dante]

Hi,

The platform that I'm currently working with specifies that an order can not be placed within (for example) 10 pips from the current market price. How do I then place a order to go long 1 pip above the pin bar, if the current price of the right eye is 10 or less pips away from that?

A little help would be great.
Thanks

If it's less than 10 ticks away then you can probably watch it and enter at market. You either get triggered or you can wait for it to move 11 ticks away upon which you enter your order.

 

[rider5]

Thank you

Hi guys,

Thanks for the advice. Buying at market is what I shall do.

TD, thanks for this great thread. I made my first trade based on this pin bar strategy yesterday. Last night it rose to +140 pips, retraced today, but is currently +88, going up again. Could have sold last night and bought again today.

Definitely not the best trade management on my part, but I'm learning and improving. It is, I must say, the most profitable trade I have made so far.

Thanks again and all the best with your trading!

PS: How do I get these smilies in my text, when I click on them, only punctuation marks appear?