Making Money Trading

Which market do you want to learn to trade?


  • Total voters
    101
  • Poll closed .
Status
Not open for further replies.
Hey Lurker,

I'm in the same trade, I also took it because the pin bounced off from a s/r pivot and also i had some confluence wit two fib lines.
I'm still in this trade, i'll let it run till at least 222.75 or maybe get stopped out when it breaks the high of the pin.
 

Attachments

  • gbpjpy4.gif
    gbpjpy4.gif
    16.1 KB · Views: 778
Last edited:
5 Star Post

Many thanks for having the courage to start and continue this thread, t_d; I think you've given quite a few people a lot to think about. Particularly like the emphasis on risk/reward and patience, they're both certainly things I need to practice!!!

Started setting S/R on daily charts today, drilled down on EURUSD to 1hr and plotted more S/R. Noticed a pin forming at 11am that looked like it was going to hit the support line so kept an eye on it (as a paper trade only).

It's not a perfect pin, the head looks a little large, but it bounced 1 tick off my support lines so looks like a valid setup. The next bar (at 12.00) touched the buy signal at 1.4797.

First target was my support line at 1.4812, that was taken out in the 1 o'clock bar. Second target resistance hasn't been reached yet. If it were a live trade I'd move the SL up to the first resistance 1.4812 for a 15 pip profit (less spread) with the trade still going.

Charts attached...

Shano,

This is really an excellent example of a well planned and executed trade.

The pin you highlight is a weak one - you already know that but everything else is perfect.

You drew the support beforehand and had the patience to wait for the market to come to you, keeping an eye on it as it approached your level.

When it bounced 1 tick from your line, this should give you real confidence in the support and the trade you are about to take.

You were spot on with the first target which is a great example of an S/R pivot (previous resistance, turned support and then turned resistance again).

Second target is also excellent as if your trailing stop placement.

Shano: if you always trade in this way you will win consistently.
 
Last edited:
Well, I took the short, managed it by the book, and got taken out. I should have had +6 (where I had set my stop, and where the stop was filled), but I reversed due to it being ambiguous whether the stop on CMC's platform still existed.

Reversing when you should have been selling! I seem to also remember that the first trade you made on here with IG suffered a premature exit because you were unsure on how they rolled positions.

I don't need to tell you that you should know your trading platform and your broker inside out before you use it, or them, to trade real money.


Anyway, to the trade.

Hourly pin bar off important S/R zone, big nose, small body, small stop. Entered short, stop above pin. Set stop to +6 at +50 (which was also the 3 hour low and important support break). Price was supported, retraced, and I was taken out.

I entered on the hourly, and did not consult lower timeframes. Trade managed well. P&L not so good, but a P rather than an L.

Lurker, if you entered the trade with a plan and executed that plan then you have done well.

Remember, that when you have an edge, a WIN or a LOSS just becomes another trade after time.

Oh, and not only did the MT4 script I am using fail to spot this as a pin, it also sent another 1000 emails on the turn of the hour.

LOL :)
 
TD, thanks. It's true you'll need to make the system yours. I like the timeframe you've found works for you so I aim to take your exact rules and see where that will lead me. It's a great compliment to what I do at the moment, if I can get it to work for me. :)

You said you prefered pins that weren't in a range, do you mean the latest couple of bars have been moving sideways? A range can of course be quite wide and tradeable so just wanted to be sure I understood you correctly.

Just noticed something, there's a t2w competition on here and appearantly 95% of those traders have been bearish on the eurusd recently... good luck there. Not going to go o/t on my second post, but it'd make me think more about a topic which was briefly touched upon many pages ago in this thread; how to manage trades that don't have much above resistance.

How would such a market be traded differently by you, if you don't mind touching upon that again?

Great to see people joining up to help out, thanks lurker.
 
Gbp/jpy

Well, it didn't go as I expected.
Luckely I moved my stop late last night to BE, when i saw there wasn't any power in the move (it's called momentum isn't it? :confused: ) after two candles. (see chart)

TD,
I wondered, how often do you start drawing new lines from a fresh chart?
I don't think you can give exact numbers :D but is it more like once a week or every day?
I have drawn the lines some time ago now, and feel like starting with a fresh chart, cause a number off the old lines don't tell me anything anymore.
 

Attachments

  • gbpjpy5.gif
    gbpjpy5.gif
    17.4 KB · Views: 883
Thanks a bunch TD.

I dont use fibs thinking it was all BS - preferring s/r and pivots instead. I have recently got interested from following this thread. As I see it, it can be a useful tool after price action and for me the main adjunct to price action - indicator divergences ( set at certain levels, otherwise useless).

Will have a look at the videos, ta.
 
Well, it didn't go as I expected.
Luckely I moved my stop late last night to BE, when i saw there wasn't any power in the move (it's called momentum isn't it? :confused: ) after two candles. (see chart)

Perhaps this is/was the level to beat?
Would you take a short-entry here? Why/why not? :)
 

Attachments

  • gbpjpy.PNG
    gbpjpy.PNG
    28.2 KB · Views: 824
Last edited:
The next stage for me

I just wanted to let you all know that I have just handed in my notice at work and will be leaving my job shortly to become a full time trader, trading both my account and that of a friend/colleague, from home. :)

It is a big step but this time I think I am ready.

It was almost exactly a year ago that I left work the first time. I was full of hope but I was severely undercapitalised with no real strategy.

I continually lost money and as I became more and more desperate to MAKE money to meet the pressure of living, I took more and more RISK which only increased my LOSSES.

Although the situation was on the whole, disasterous I gained some very valuable insights from it.

Firstly, making mistakes is a great way of learning what NOT to do. That is to say, I have a far better idea of how to prepare for going full time after analysing my previous experience.

One obvious insight was to make sure that I have a sufficient cushion of money to be able to survive for a significant period of time without the NEED to make money.

Another insight was the importance of being active. I always thought that sitting at home all day with no boss breathing down my neck sounded like a dream until I actually did it. When I did, I found the reality was that being on my own all day made me feel flat. That is the best way I can describe it. Having not many people to talk to or interact with and being a position trader which meant prolonged periods of inactivity whilst watching meant that I fell into a kind of mental rut. So I have realised that it is very important to structure my days.

A very positive experience I had from leaving work was that I found J16 and more importantly, I found the concept of trading price action at a time when I felt like nothing was going to work for me and that I had to give up on my dream of being a trader and having financial independence.

Price action setups made sense to me but what was key to my progression was that I had to treat trading as a business. I had to take calculated risk. To trade setups that had a high probability of success and to sit on the sidelines until they appeared.

Long after I ran out of money, I went back to work and it was once I was back in the office that my trading began to improve. I was earning a wage again and I no longer HAD to make money in my trading. Once the pressure was off, I sat back and waited for the market to present me with opportunities and when it did, I took them and my account grew consistently.

One year later and here I am. I have an edge that I understand and have proven to myself is profitable and I am in a better financial situation to make this work.

The one thing I have to overcome is the negative reaction from those around me. Friends, family and loved ones want to believe in me but deep down whatever WE know about it - trading to everyone else is simply a socially acceptable roulette wheel. It's hard to change anyones opinion on that whether you make money at it or not. So I've given up trying. It is hard when people constantly tell you that you cannot or will not succeed but in the end you have to trust in yourself.

I hope this time that it works for me but I think that ultimately when we get to the end of our life and look back on it, in those final hours, the majority of us never regret what we HAVE done - only what we have NOT.

If any of you reading this have your own dreams, whatever they may be, trading related or not: PERSEVERE.

I firmly believe you can succeed at whatever you turn your mind to.

Tom
 
Last edited:
Hi Firewalker,

There are a couple of reasons why i probably would have taken it:
1. It's a valid pin
2. it's at a 50 ret. fib line
3. if you look to the left, you see that the momentum down is bigger (sharp angle descending red bars) then the struggle back up.

I think i would have taken it, but i was asleep when it happened, so thats the reason why i didn't. :D
 
Go for it!

Awesome TD,

I wish you all the luck and fortune, and hapy trading offcourse.
And maybe you should join a fitnes club or something, for the healt offcourse but allso for the contact with other people.
I can imagine that working all day on your own can be very lonesome.

grtz,
Reas
 
The one thing I have to overcome is the negative reaction from those around me. Friends, family and loved ones want to believe in me but deep down whatever WE know about it - trading to everyone else is simply a socially acceptable roulette wheel. It's hard to change anyones opinion on that whether you make money at it or not. So I've given up trying. It is hard when people constantly tell you that you cannot or will not succeed but in the end you have to trust in yourself.


Tom

It could be that they are envious,jealous even on some level that you are a person who actually knows a direction they really relish for themsleves in life, and not only that you have the courage to follow what you want to do for you. Will friends and family love you or hate you for it ? well yes. possibly.

Good hunting.
 
I recalled looking through James16's thread for good definitions of pin bars and saving some links.

Here they are:

.... ok, TD would prefer to keep the thread clean so I've removed them.

You can find a number of pictures showing James16s approach in the first 4 pages of his thread at:
Jame's Thread

You can find a couple of pdfs defining Pin Bars and an approach to them at:
Introductory and Advanced PDFs

I am reading the entire thread right from the begining. Reached up to page no. 9 where I came across excellent reference.

Many thanks for the excellent links. A small typo needs to be rectified. Correct link to James thread in forexfactory is
http://www.forexfactory.com/showthread.php?t=2331
Thanks and regards
RSI
 
Last edited:
TD, a bit OT sorry, but about J16, i'm reading that thread now (currentley at page 10 :LOL: ) but have you joined his private forum?
 
I just wanted to let you all know that I have just handed in my notice at work and will be leaving my job shortly to become a full time trader, trading both my account and that of a friend/colleague, from home. :)
That's great news - I hope it all works out well for you and you keep posting with records of what you've achieved and how.
If any of you reading this have your own dreams, whatever they may be, trading related or not: PERSEVERE.
Couldn't agree more! I'm in pretty much the same boat - working to pay the bills and persevering with trading and music as potential other sources of income which I fully inted to be my primary source of income one day.

I firmly believe you can succeed at whatever you turn your mind to.
I believe the same. I also believe in keeping quiet about what I'm doing... to most people. The problem with most people is that they're 'dream killers'. They don't see themselves as brilliant and successful so they don't see how anyone else they know could possibly be brilliant and successful. They have a 'them' and 'us' attitude to life. 'Them' being the ones who've made it and 'us' being the ones who are resigned to a life of wage-slavery. I have never resigned myself to the existance of such a boundary but I'm careful who I tell this to as many who I've been open with have tried to 'knock some sense into me' by telling me that I'll never be allowed to be brilliant and successful. I've met one or two extremely successful people - multimillionaires - along the way, and they have always encouraged me. None of them have told me I was being unrealistic by having dreams - by contrast they've given me practical advice, bolstered my confidence by encouraging me and telling me never to give up - they've told me it's important to have dreams to know what you want - Then you can lay solid practical foundations to getting there. I've always been pleasantly surprised by just how much time these people have for you if you can demonstrate that you don't accept the limitations that most people are resigned to from a very early age.
 
Last edited:
TD, a bit OT sorry, but about J16, i'm reading that thread now (currentley at page 10 :LOL: ) but have you joined his private forum?

Reas, I am going to PM you, I think I have advertised his PF enough as far as the moderators may be concerned :)
 
I just wanted to let you all know that I have just handed in my notice at work and will be leaving my job shortly to become a full time trader, trading both my account and that of a friend/colleague, from home. :)

It is a big step but this time I think I am ready.

It was almost exactly a year ago that I left work the first time. I was full of hope but I was severely undercapitalised with no real strategy.

I continually lost money and as I became more and more desperate to MAKE money to meet the pressure of living, I took more and more RISK which only increased my LOSSES.

Although the situation was on the whole, disasterous I gained some very valuable insights from it.

Firstly, making mistakes is a great way of learning what NOT to do. That is to say, I have a far better idea of how to prepare for going full time after analysing my previous experience.

One obvious insight was to make sure that I have a sufficient cushion of money to be able to survive for a significant period of time without the NEED to make money.

Another insight was the importance of being active. I always thought that sitting at home all day with no boss breathing down my neck sounded like a dream until I actually did it. When I did, I found the reality was that being on my own all day made me feel flat. That is the best way I can describe it. Having not many people to talk to or interact with and being a position trader which meant prolonged periods of inactivity whilst watching meant that I fell into a kind of mental rut. So I have realised that it is very important to structure my days.

A very positive experience I had from leaving work was that I found J16 and more importantly, I found the concept of trading price action at a time when I felt like nothing was going to work for me and that I had to give up on my dream of being a trader and having financial independence.

Price action setups made sense to me but what was key to my progression was that I had to treat trading as a business. I had to take calculated risk. To trade setups that had a high probability of success and to sit on the sidelines until they appeared.

Long after I ran out of money, I went back to work and it was once I was back in the office that my trading began to improve. I was earning a wage again and I no longer HAD to make money in my trading. Once the pressure was off, I sat back and waited for the market to present me with opportunities and when it did, I took them and my account grew consistently.

One year later and here I am. I have an edge that I understand and have proven to myself is profitable and I am in a better financial situation to make this work.

The one thing I have to overcome is the negative reaction from those around me. Friends, family and loved ones want to believe in me but deep down whatever WE know about it - trading to everyone else is simply a socially acceptable roulette wheel. It's hard to change anyones opinion on that whether you make money at it or not. So I've given up trying. It is hard when people constantly tell you that you cannot or will not succeed but in the end you have to trust in yourself.

I hope this time that it works for me but I think that ultimately when we get to the end of our life and look back on it, in those final hours, the majority of us never regret what we HAVE done - only what we have NOT.

If any of you reading this have your own dreams, whatever they may be, trading related or not: PERSEVERE.

I firmly believe you can succeed at whatever you turn your mind to.

Tom

Hi Tom,

Great advice and insights on your trading strategies! (and to all who have contributed as well!) All d best and i understand what you went or will be going thru again as i have and am experiencing it myself being a full time trader. Good to know that you have decided to take control of your own destiny and 'never have to work a single day of your life' by doing what you are PASSIONATE about which is KEY in whatever we do!

All the best and keep up the good work! Thanks for your selfless sharing.

From Singapore,
Liminal.
 
Goodluck

Hi TD,

Hats off for your decision and Goodluck for your fulltime trade. As i said earlier i would like to meet you sometime.

As far as you said friends, relatives,dont understand about the trading a business , i have seen still many believe its a gambling or casino like thing blah blah. I am not here to change their opinion, but one day they will understand. One day my dream is to become fulltime trading, dont know when it will be likely, prefer to be financially well to support myself as backup and get in.

Wish you all success in your trading.

Fxbee
 
I just wanted to let you all know that I have just handed in my notice at work and will be leaving my job shortly to become a full time trader, trading both my account and that of a friend/colleague, from home. :)

It is a big step but this time I think I am ready.

.............

If any of you reading this have your own dreams, whatever they may be, trading related or not: PERSEVERE.

I firmly believe you can succeed at whatever you turn your mind to.

Tom

Tom,

I wish you the best in your new endeavor! Thanks for the help, both here in this thread and in PM's.

I too, believe a person should follow their dreams, so I applaud you for following yours. Hopefully, I'm no more than a couple of years away from doing this myself!


Regards,
Mike
 
Can't convey how much this post cuts into me, I'm sure it's reached a few hearts and minds on here.
Thanks for all your efforts TD.
I wish you every success with your new career.

Neil
 
Status
Not open for further replies.
Top