Dante says...

The Euro was trading at 1.5466 taking the close of the 1m bar at the time you posted (10.31am).

Let's see if the guru has called the top then.
 
To be fair it did fall 32 pips right after you posted...

But I never said this IS the end of the trend I just said it feels NEAR to the end, Pelzar!

I'm actually long right now from 1.5460.
 
lol, I love how you 2 make threads on each others behalf, Throwing each other into the lions den!
 
Closed long position at 83's for +22 per contract.

I expected it to go for the 1.55 level but it fell short by 9 pips.

It might have another go. I am flat for now.
 
Large size on the offer as euro hit 1.55. Tried to sell it. Missed it. Market came off around 20 pips.

Then it had another go at 1.55. Went through it by a handful of pips but again there was large size defending the level.

Market came off again. I procrastinated for a few seconds. Chased the price a little then got short 2 lots at 1.5489.

Trying to hold this and see if it is the top.
 
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Yo T_D & Pelzar,
How are you guy's getting on - are you trading live yet for squillions of pounds per pip? Any insights into the rarified world of the prop' trader would be of great interest to everyone who follows your threads. If it's a nightmare, fear not -you can always tell a porky or two - no one will ever know! Hope it's goin' well and you're each having a ball.
:cheesy:
Tim.
 
timsk said:
Yo T_D & Pelzar,
How are you guy's getting on - are you trading live yet for squillions of pounds per pip? Any insights into the rarified world of the prop' trader would be of great interest to everyone who follows your threads. If it's a nightmare, fear not -you can always tell a porky or two - no one will ever know! Hope it's goin' well and you're each having a ball.
:cheesy:
Tim.
Click to expand...

Hello Tim,

I won't answer for Pelzar but I am having a great time. It's a rare thing when you wake up in the middle of the night and wish it was an acceptable time to get up and go to work. I absolutely love it.

We're still on simulator but I think that should only be for a few more weeks. I'm doing well - haven't had a losing day since I began posting P&L many weeks ago.

I'm not sure what insights would be useful to give. I tried talking a little bit about order flow over on the J16 thread and didn't get a particularly favourable response :) I think I could be outcast for giving the merest suggestion of scalping...

At any rate, from my time at a prop firm I have some general observations. I am not saying this is the same for ALL professionals at ALL prop firms but it is what I have learnt from where I am.

1. The professionals keep it simple. I have said this before and I will say it again: almost all of the pros I know and work with are using candlestick charts with simple technical analysis - support and resistance, trendlines and basic pattern recognition (most notably flags and trend channels). They have their chosen market on a few different timeframes - daily, 1hr, 30m and 15m are popular and they have the order book. A select few use market profile. That is it. For the most part they aren't using any indicators, moving averages or any of the other things that are waiting in the wings to clutter your charts.

2. The professionals do not know where the market is going. Everytime a professional trades they are SPECULATING. They don't know whether the market is going to move in their favour. They have an idea based on their experience and observations and they play it. They win; they lose. If they are good then they make more from their wins than they make from their losses. Before I became a professional I remember making awful trades and feeling so stupid but now I realise that even those who do this for a living have bad days - I have seen good traders sell the lows and buy the highs many times in a short space of time. The difference is this: most amateurs do not have good risk management in place. At a prop firm even the best traders have limits to their size and many of us have daily loss limits. That means when you reach it, you do not trade anymore. This stops you revenge trading. If you lose a fixed amount you have time to stop and get it out of your system before you get back in the market.

3. The biggest and best traders do not spend time talking they spend time trading. There are some traders that feel the need to tell others where they are long from, why they are long and where they think the market is going. Often they call this out across the office. If they lose they curse and shout and bang their mouse. They hang around after the European markets close and talk to their fellow traders - they tell each other how their day went. They shrug their shoulders or they laugh and smile. Then there are the select few traders who everyone talks about. We respect them and hold them in awe because they are the serious earners. The money they make is unbelievable. The biggest and best trader at our firm sits on his own away from all the other traders. He wears ear plugs most of the time so he cannot hear anyone. He is not interested in their opinions and wants no distraction from his work which is to make money in the market. You do not see him on the internet, writing email or browsing bulletin boards. He never makes a sound when he wins or when he loses. He comes and goes and rarely speaks unless spoken too.

4. Professionals, for the most part, trade one market. They do this because they get to know everything about their market and how it acts; they build a profile. What affects it fundamentally? How does it react to news? Is it correlated with other markets? How does it move through key levels? Does it fake traders out? Knowing a market can help you build an edge. Does the index you are looking at always have a counter-trend rally in the last 5 minutes before the close as long or shorts cover? Is it easy to hold positions or is the action too choppy? I came to my firm having traded 80 markets and they have now got me trading one - the Euro/Usd. It is incredible how you can start to get a feel for a market if you watch just that and nothing else day in, day out.

5. Professionals are human. Almost all of them have a low tolerance for the pain of losing. They certainly do not like to give up profits when their trade is winning. That makes them susceptible to the human emotions of fear and greed. If you can understand this and get adept at seeing it on the charts, you can use human nature to your advantage.

These are just a few of the things I have realised.
 
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Guys, this is a classic from a msn convo with trader Dante which has me in stitches, had to share the experience with you

Tom says:
"he beckoned me over
and i went over and he was like "im long" and i said where from
and he scrolled down like it was so in the money
so i stood there and it started shooting up more
and his breathing became all shallow
and i could feel his heart hammering mate i swear
and he started bailing out
like he was proper scared
he is not used to winners at all"

Ironic considering trader Dante couldn't make a tick if his life depended on it...LOL at all the mugs who followed his thread with a hope of removing money from the markets
 
black-star said:
Guys, this is a classic from a msn convo with trader Dante which has me in stitches, had to share the experience with you

Tom says:
"he beckoned me over
and i went over and he was like "im long" and i said where from
and he scrolled down like it was so in the money
so i stood there and it started shooting up more
and his breathing became all shallow
and i could feel his heart hammering mate i swear
and he started bailing out
like he was proper scared
he is not used to winners at all"

Ironic considering trader Dante couldn't make a tick if his life depended on it...LOL at all the mugs who followed his thread with a hope of removing money from the markets
Click to expand...

LOL, a few excerpts from later on in the conversation:

--black-star-- says:
OOMG
too funny
have u seen a picutre of woodie
he is some 90 year old pedophile
with some low quality website

--black-star-- says:
one time i began to watch a eurex webinar
with woody in
i started to laugh he was speaking so much bull****
about risk
he was like
"today we have had two great signals in the dax, one of our chatroom users made 8 points in one trade"
i was like wtf?
congratualtions, ur trading the dax


--black-star-- says:
all the cci tells u 2 do is get in after half the move and get out after its retraced like 60%
fed cut rates and they were probly sitting saying "common, i just have to wait for zero line reject and then i can go long"
 
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Incidentally, back to the original subject of the thread - it's been a crazy day. I made several short trades in the euro around 1.5500. All of them went at least 10 pips into profit - one went as much as 45 pips in my favour and on all of them I put the stop at breakeven to see if it was the top. Suffice to say, it wasn't! The market came right back each time and I probably squandered in the region of around 70 pips per contract. You live and you learn...I made some profitable trades earlier in the session so I ended the day well up...
 
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dante has been selling the euro since 1.30 and now has an average price of around 1.35
Poor chap
 
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