Mr. Charts' Forex Trades

[arabianights]

Don't look a gift horse in the mouth.

Exactly, why on earth does Mr.C have any obligation to do anything?

Demanding he post losing trades is bordering on rude tbh...

 

[amit1986]

NIcely said arabian!

Just as "Mr. C" has no obligation to post on here, none of the readers have any obligations to stick to the method posted here.

Funny thing is that those who try the method on this thread (whether in the forex market or equities market) may initially have a good trade or two and not say anything here, but as soon as the losing trades start coming, they start bashing the OP.

Also, it's rather ridiculous to conclude that, after posting only a couple of forex trades, all of Mr. Charts' trades are profitable. The sample size is far too small to infer any sort of statistical edge in the system. If you are interested in drawing that conclusion, I suggest you put your heart and soul into this method over several months and then conclude for yourselves whether the system works.

Amit

Exactly, why on earth does Mr.C have any obligation to do anything?

Demanding he post losing trades is bordering on rude tbh...

 

[Jason101]

NIcely said arabian!

Just as "Mr. C" has no obligation to post on here, none of the readers have any obligations to stick to the method posted here.

Funny thing is that those who try the method on this thread (whether in the forex market or equities market) may initially have a good trade or two and not say anything here, but as soon as the losing trades start coming, they start bashing the OP.

Also, it's rather ridiculous to conclude that, after posting only a couple of forex trades, all of Mr. Charts' trades are profitable. The sample size is far too small to infer any sort of statistical edge in the system. If you are interested in drawing that conclusion, I suggest you put your heart and soul into this method over several months and then conclude for yourselves whether the system works.

Amit

Well said, looking forward to your next post Mr. C

 

[bedsit]

I don't like this negative vibe either, if people want to read the thread they should, if not then read another thread. I find Richard's stuff useful.
QUOTE]

It's nothing to do with that. It's about the trades and the results given after the fact.
As I've encountered hindsight trading so many times, I'm always a bit sceptical about the trader's real performance if that's the case.

So if the thread starter can do some set ups in advance, it would help me form a realistic view.

PS I'm aware that Mr Chart does this for free and he doesn't have to do anything extra, but anyway what's the point – yet another thread showing how wonderful some traders are?

 

[gamma]

Try to learn something from the setup.
emulate Mr charts don't copy him word for word
at no point did he say this is a signal service
People who need to be spoon fed should not trade.

 

[bedsit]

Try to learn something from the setup.
emulate Mr charts don't copy him word for word
at no point did he say this is a signal service
People who need to be spoon fed should not trade.

Hi Gamma.

My intention is not to copy (be spoon fed). As I mentioned earlier I would need some advanced calls to evaluate the system properly. That's the simplest way to find out. :smart:

It's not a signal service, but I would expect some charts - after all thread's starter name is Mr Chart.

 

[gamma]

Hi Gamma.

My intention is not to copy (be spoon fed). As I mentioned earlier I would need some advanced calls to evaluate the system properly. That's the simplest way to find out. :smart:

It's not a signal service, but I would expect some charts - after all thread's starter name is Mr Chart.

Hi bedsit,
My apologies I have just read the complete thread I was under the impression that the method was displayed n the orignal post.
But none the less following someone's charts I feel is no real help, even with a chart showing where entries were taken is not sufficient detail, there are so many factors that come into play that need to be observed.
I see you have been active for quite some time here and by now you should be using a system, you have developed yourself. If you are still having trouble developing your own system contact me I will be happy to help if I can. Please don't take this post negatively I do not charge anyone or make any assumptions about anyone's level of expertise
Just doing my bit to show T2W is a place where we help each other.

 

[bedsit]

Just doing my bit to show T2W is a place where we help each other.

I don't want to appear negative or dismissive.

There's only a healthy dose of scepticism I acquired since I've been doing this business. I mean there are so many 'entrepreneurs' out there who want to take money from eager new traders.

I never understood why should somebody who is successful at trading try to teach people for a fee.
If they want to help, why don't they do it for free – as a charitable work. There is a thought that comes to my mind: they may not be that successful as they want to appear, so they need to find some other source of income.

In Mr Chart's case I simply don't know. I wanted to find out through a realistic assessment – checking the charts with marked entry and exits based on some rules. Without that it's impossible for me to form a judgement if the system is good or not. This is based on an assumption that his intention is to help new traders learn for free.

If there are some other intentions (like showing off, showing how good trader he is in order to attract some fee paying students etc.), then I'm not interested in that sort of thread and would classify it as a rubbish thread.

So – for the time being I don't know what to say about all the situation. I need some more info to form a judgement.


PS Gamma, I don't think your post is negative at all. I hope Mr Chart doesn't take my posts negatively. In general I find your posts and contributions most helpful and wish if there were more members like you on T2W. Completely agree about T2W being a place where we should help each other and I think that's what I've been doing with my posting to this thread.

 

[Mr. Charts]

Thanks to the people who have posted positively.

I normally do not get involved with those trying to start flame wars, I've got more important things to do like most people, so they won't get much of a response from me.

I will NOT stop posting at the behest of anyone apart from the mods.

For those reading threads to try and pick up ideas from others it's a shame some individuals are simply negative and destructive and try to abort threads.

For the objective folk, have a look at the set up where a period of consolidation is followed by a fall then a clear reversal pattern, especially in the UK morning. More often than not the rise breaks straight through the consolidation and emerges above it, generating profits.
Anyone trading FX can simply look for that pattern on the major pairs at the time they normally look for opportunities, and see how often over a period of time it produces profits using the stop loss and trailing stop suggested.

I am certainly NOT going to post alerts here when that pattern occurs. Anyone looking at their screens CAN SEE FOR THEMSELVES AT THE TIME.

As for losing trades, I haven't had one with this particular set up for a while; I've had a good run, but have already said TWICE I'll post when I get a loser with this set up.
Anyone wanting to see a trade I've done which was a loser can look on the How to Make Money.... thread. Check out post 1112
http://www.trade2win.com/boards/us-stocks/38036-how-make-money-trading-markets-38.html#post1193180

Again for the people genuinely wanting to get some sort of idea about success rates using my FX set ups (my US stock trading has a much higher percentage success rate), mine is 61% wins and 39% losses. Not great, but the winners are more profitable than the losers.

And no, I do NOT teach FX.
This thread was about contributing something for people to see and test for themselves.
The question I am now asking myself is why I should actually bother expanding and developing this thread when some of the people attacking me might profit from those ideas and the positive contributions of others and the discussions which might follow.......

I will NOT respond to further attacks and negativity.

Q.E.D.

 

[bedsit]

So – for the time being I don't know what to say about all the situation. I need some more info to form a judgement.

I've done assessment based on reading through the available posts. I've noticed few important details:

No chart (example of a real trade) with clearly defined entry and exit with set of rules, instead of good instructions as how to follow the system there is a link to somewhere else, 100% success rate for the system so far, no time to answer to the remarks (they are perceived as negativity) etc.

So I've decided not to post any more to this thread as that may be understood as negativity.

Please note this is my personal opinion and not intended to offend anybody.

To the followers of the system I wish good trading.

 

[NVP]

Hi all

Richard....where can we Iink to see the methodologies you are suggesting here ?

very interested to see whats cooking

N

 

[hamia]

Hi MrCharts,

Interesting post - nice to know that our day trading skills are transferable. I'm currently getting to grips with US markets (following your methods!) and will be doing that full time from early next year. But in my case the US open starts at 10-30pm (after the clocks change next month) so I'll be looking for suitably profitable diversions to fill up some of the day. Maybe FX could be the way to go. Do you use IB + eSignal?

Cheers,
Angus

 

[Mr. Charts]

Hello Angus,
I use IB and eSignal.
Richard


Some will be delighted that I had a losing trade this morning on cable, being the first one for a while.
I'll explain the background and rationale to the trade and the chart, unless this post is met with negativity and attacks, in which case I simply won't bother.
Image taken at time of exit, as usual.
Lost 9 pips.

 

[Mr. Charts]

Cable at the moment is 1.5756 so I'd have lost 46 pips as of now if I hadn't exited and taken a 9 pip loss as per this particular method. My attitude is to keep the losers small as per the initial stop loss and let the winners run till knocked out on the trailing stop. Ain't rocket science.
Richard

 

[Mr. Charts]

Cable now 1.5672 so I'd be 130 pips under water if I'd stayed in.
An example of loving the SMALL losses......
Merv should stop speaking soon so there might be a technical bounce

 

[Mr. Charts]

For anyone interested in the B0E report:

http://www.bankofengland.co.uk/publications/inflationreport/ir10aug.pdf

 

[Chartsy]

im long eurusd and not liking this widespread global wekaness ;( , not sure to cut it short or not, could just be a pullback but FED/BOE speaking of weakness

 

[Mr. Charts]

The technical bounce suggested in my 11.05 post started immediately afterwards but I didn't trade it as it was too choppy and uncertain for me. I only like the high probability set ups and this one just wasn't good enough. Anyone trading it on the obviously probable bounce would have made money, however.
Richard

 

[Fabius]

Ok, ok, another thread to add to those I have to read yet...

A lot of food for my mind. It will become obese!

Meanwhile, thank you for the tips

 

[Mr. Charts]

Cable might have an interesting week, what with the Fed announcing the size of further QE.
Daily cable has a classic cup with handle.
Richard