Making Money Trading

[trader_dante]

TD,

Did you take the Corn trade today? I have not taken the Soybean trade. Thought about what you said and thought i might observe from the sidelines (plus had the big boss sitting over my shoulder most of today which makes it a bit difficult to watch the markets). Looks like it might have been a good move though becuase the price never really broke the support at 1311.

On tonights Corn chart i am seeing a pin setup. The nose is not as long as would like. Bar is 3 and nose is 8.3. So just under 3 times the length. The close is not within the previous bar though. See chart. Close to support, 61 fib, and 21ema. You see the same thing? Yours thoughts.

Hi Glen,

Your observations are correct but I would be hesitant to go long here.

The pin doesn't appear at a swing low. It is just sitting there.

Look for pins after clear swing highs and swing lows.

 

[Glenborrell]

Hi Glen,

Your observations are correct but I would be hesitant to go long here.

The pin doesn't appear at a swing low. It is just sitting there.

Look for pins after clear swing highs and swing lows.

TD,

Good point. I missed that. I probably would not have taken it anyway due to the other factors i noted. I had forgot about the swing highs/lows.

Cheers,

Glen

 

[omni]

Has anyone reached a verdict with corn? Daily pin showing a short..... now pin for a long...... conclusions? Anyone put some money on it?

 

[trader_dante]

Has anyone reached a verdict with corn? Daily pin showing a short..... now pin for a long...... conclusions? Anyone put some money on it?

Soybeans have gapped up sharply and are are close to breaking to new highs.

Corn has followed with a strong opening gap but is still nowhere near the highs.

 

[kagein]

This is an excellent thread, going through post by post, only on page 30 so i have a while to go yet. This question has probably been asked before but i was wondering how you manage your stops. Do you place them just above the pin bar?

 

[trader_dante]

This is an excellent thread, going through post by post, only on page 30 so i have a while to go yet. This question has probably been asked before but i was wondering how you manage your stops. Do you place them just above the pin bar?

I do indeed.

Currently I am experimenting with placing them above the high of the "left eye". I need to reduce my stop sizes as I am now trading professionally and that is part of the prop firms demands and style of trading.

 

[shadowninja]

Currently I am experimenting with placing them above the high of the "left eye". I need to reduce my stop sizes as I am now trading professionally and that is part of the prop firms demands and style of trading.

Can you place them below nearest whole numbers? If it goes past, then bearing in mind your candle, you wait for it to retrace back to the whole number and re-enter for the same trade?

 

[trader_dante]

Can you place them below nearest whole numbers? If it goes past, then bearing in mind your candle, you wait for it to retrace back to the whole number and re-enter for the same trade?

You can try many things and should do whatever you find works. I've not personally tried that approach.

 

[new_trader]

I do indeed.

Currently I am experimenting with placing them above the high of the "left eye". I need to reduce my stop sizes as I am now trading professionally and that is part of the prop firms demands and style of trading.

trader_dante,

Have I missed something? You started this thread in order teach people your style of trading which you proclaimed made 2000% in only 6 months or thereabouts. Now you are working for someone else!? Why aren't you trading your own account using your style of trading?

 

[trader_dante]

Hi new_trader,

Have I missed something?

If you've not read the whole thread, you probably have

You started this thread in order teach people your style of trading which you proclaimed made 2000% in only 6 months or thereabouts.

The figure was actually 2,374% in 6 days short of 6 months and I believe I have taught and continue to teach MY style of trading.

Now you are working for someone else!? Why aren't you trading your own account using your style of trading?

Trading for a living is a different game to simply trading because of the added pressure of NEEDING to perform.

That problem is exacerbated when you are undercapitalised which I still was despite the percentage returns I managed.

At the same time, I have worked for myself before and found it lonely and depressing. Now I have a structure to my day and I am around other like minded individuals who in turn are helping my education.

While I can trade profitably I still have a lot to learn about the mechanisms of the market and its participants and that is something I am getting a clearer understanding of every day.

The size of the stops I have used in this thread are simply too large to use as a professional, particularly when starting and having to deal with initial account sizes and daily loss limits. As a result I am taking the knowledge I have and the strategy I have outlined and experimenting with it in terms of refining entries and trading profitably on much lower TFs.

I have never been one to hide anything. If the answer you get to a question is a little vague (and here I refer to the post I made earlier about trying different stop placements) it is because I do not want to mislead anyone.

This is what I am working on and the results of my work will never be a secret.

 

[new_trader]

[EDIT]

The size of the stops I have used in this thread are simply too large to use as a professional, particularly when starting and having to deal with initial account sizes and daily loss limits. As a result I am taking the knowledge I have and the strategy I have outlined and experimenting with it in terms of refining entries and trading profitably on much lower TFs.

TD,

You have put in a good effort with this thread and I'm sure you've helped many people along the way. However, I'd like to know what your aim for this thread actually was, as it now seems it wasn't to teach people to trade like a professional?

Especially after the things you said to me in this thread:
http://www.trade2win.com/boards/general-trading-chat/27265-new-spreadbetting.html

 

[neil]

Well done TD

Here is another area. This was significant resistance for several months before a breakout occured and the market then tested it and the level became support.

This area stands out very clearly to me.

When you look at these charts, you will often find minor areas of support and resistance. I tend to ignore these. You want to find the areas that the major players are going to be looking at. It is these major levels that the price has a high probability of reacting to in the future.

Another similar method used by a trader - maybe useful since it, like T_D's approach, is based upon KISS !


Jacko's Forex House of Pleasure and Pain

 

[trader_dante]

TD,

You have put in a good effort with this thread and I'm sure you've helped many people along the way. However, I'd like to know what your aim for this thread actually was, as it now seems it wasn't to teach people to trade like a professional?

Especially after the things you said to me in this thread:
http://www.trade2win.com/boards/general-trading-chat/27265-new-spreadbetting.html

Hello new_trader,

The aim of this thread was to show people how to make money trading.

The reason I say the stops are too large to use as a professional is because I have been given an account with a specific loss limit. Trading 1 contract on the FTSE for example (£10 per point) means that I would be risking far too much of the total acount size on an average trade setup.

If you had a larger size account as a professional, then the setups would not need altering.

When I began this thread I was trading part time whilst at work and enjoying considerable sucess which is why I began posting.

I was spreadbetting and was therefore able to take positions for as little as £1 per point.

People that have followed the thread from the beginning will find that the thread may change course to reflect this change in my trading now that I am working at a prop firm.

 

[poneill]

Hi

New to this. I downloaded Meta Trader4 but on installing my virus checker says there's a virus in resume.exe. Hsa anyone experienced this?

Thanks

 

[1Pipped]

I have not experienced that poneill, further, neither of my installed metatraders have a file called resume.exe... it could be a temporary file that only exists during installation but I would be a bit wary of it. Did you download it from metaquotes.net? if so its probably fine.

 

[poneill]

I have not experienced that poneill, further, neither of my installed metatraders have a file called resume.exe... it could be a temporary file that only exists during installation but I would be a bit wary of it. Did you download it from metaquotes.net? if so its probably fine.

Hi

Got it from northfinance.com. I've sent them a mail. I'll try metaquotes.net and see what happens there.

Downloaded from metaquotes and everyting OK. Something dodgy with the northfinance download.

P

 

[bansir]

Hi

Got it from northfinance.com. I've sent them a mail. I'll try metaquotes.net and see what happens there.

Downloaded from metaquotes and everyting OK. Something dodgy with the northfinance download.

P

Hi Poneill,
I downloaded both Alpari and North finance versions back in November and both have been fine.
i have AVG free edition anti-virus and it hasn't flagged anything wrong.

Cheers,
Neil

 

[BSD]

The reason I say the stops are too large to use as a professional is because I have been given an account with a specific loss limit. Trading 1 contract on the FTSE for example (£10 per point) means that I would be risking far too much of the total acount size on an average trade setup.

To be honest mate I'd

A: Tell em to go stuff it

B: Go find myself another prop firm

C: Go apply to that hedge fund position being offered in the general trading chat in Manchester.

The reason you are as successful as you are is because you do exactly what you did.

Changing any part of a winning team is NOT a good idea mate, in fact it's downright criminal.

Just my 2 cents.

 

[black bear]

great post

To be honest mate I'd

A: Tell em to go stuff it

B: Go find myself another prop firm

C: Go apply to that hedge fund position being offered in the general trading chat in Manchester.

The reason you are as successful as you are is because you do exactly what you did.

Changing any part of a winning team is NOT a good idea mate, in fact it's downright criminal.

Just my 2 cents.

I would agree with BSD

so make that 4 cents

Don"t let anyone mess with your method its yours and it works for you, that is what is important

It works for you

If you signed up on a different basis thats different again, ie: you agreed to learn new methods and implement them their way.


I will tell you a secret

Mark J Williams (twice world champ and worlds no1 I think for 2 yrs) can not play snooker based on his method and shot selection honest he is pants, goes for to many long ones, do or die shots and does not make high enough breaks.

good :clover: TD

 

[LOVEJOY80]

Gbpjpy

Hi,

I'm new to this forum and have just finished digesting this thread and the 3 Ducks thread - so much useful information on this forum and all for free, beats those rubbish seminars that cost £3k+ any day!

Anyway, I did my first trade today (rightly or wrongly!). Noticed a pin bar on the daily GBPJPY last night and an hourly one formed this morning. haven't played the daily pin but played the hourly. Entered at 20850 with stop at 20677.

Main target was 20940 (resistance on 4H) with resistance on the lower TF (5min) at 20830 and 20873 as intermediate targets. Unfortunately the first resistance proved too strong (38.2 fib level) and trade eventually exited at stop loss (which I'd moved to 20780 as this resistance developed during the day on 5min chart) for a 30 point profit. So not great from a RR point of view (30/73 = 0.41) and should have exited at the 38.2% fib level.

Has anyone else played this trade, was this a bad trade? Anyone playing the daily pin?

Thanks for any advice
Mark