Forex Trader's Corner - FX, Futures, Indexes, Commodities

Is there any chance you can unblock the blocked section.... I just a bit more info

 

I'm glad you posted that Sackie.
I make lots of predictions but I don't always trade them and rely on market price to get me in and out. Everyone seems to make predictions, but unless they trade them they are just pretending imo.

I stated before that i think the ASX200 is going to 6000, my next target is around 6200 before a pull back.
That don't I buy and just wait n see.
I wait for a buy signal, and get out on a sell signal. I monitor and trade different time frames.
And so back in long on the ASX200.

LoL we can play show me yours and I'll show you mine.

I don't think trade amounts matter too much and my trades are fairly small.
If someone with a 10k account can make $50 week, that's 26% per year.
Then add 50k for each profitable year, in 3 yrs you'll have close to 300k. At 26% that's 75K+ yr.
The hard part is achieving it without being glued to a screen 24/7.
And yes, I don't think it's a good idea to add to play bigger unless you are profitable for 12mths.

 

Another trade entered on the 15m chart ,EURUSD long. Green line is entry, red is stop loss. Not planning to stay in for long. @Piston_Broke im happy to post my trades live and results, come lose, win or BE. For me at the end of the day any edge a trader has is really over a collective amount of trades and never any individual trade. So really whether any particular trade wins, loses etc is not important really. btw take a look at usdjpy now, wild ride! im still in it.

Re asx going to 6000 i had a look at the chart and my 2c is i think it has a very good chance to.

Eurusd long on 15min

 

That a great run on the US/JPY!
Just got home and looked at the charts and went short the EU/US.
I just sunk like a rock. I'll be watching a 2 or 5min chart for my exit on this one.
Markets seem to be catching up on the delayed virus news.


And for the curious... this was imo a high probability trade, bigger entry and tight stop.

Awesome!
I'll most probably just take 20 pips and go to bed.

There was a time when I'd get lost in calculations just for the sake of it.
I'd come up with things like
73% chance of 6000
62% chance 6100
46% chance 6200
Nowadays it's like have a quick look at chart and "I reckon it'll get to 6000, small chance 6200".
But if gets to 6200 and I'm in, I'll be using for tight stops.

 

In two new trades. Large positions but tight stop loss. Ill show exactly where i exit to be totally transparent regardless of profit or loss.
AudSGD long (to go up) on 15m. Green lines are entry points. Red is stop loss


GBPNZD short (to go down. for those who dont know what long or short is) on 15m

 

I moved my stop loss just below the consolidation that was starting and was taken out with a small profit when it hit.

 

Im similar. I use tight stops but in very key areas with asymmetrical risk to return. My average RR is 8. Some less some over 15.

 

My AUDSGD exit. 140 points profit are 2 lots.

 

I don't use risk/return. It never made much sense to me unless it's used as a metric after the trades are done. I think it gives people some type of comfort cause I see it mentioned often.

I think of it as "looking for a good deal" or an opportunity.
Gil Blake said something like "I just pick up nickels on the sidewalk".
Guys like Bowden would say things like "Just take your chunk out the market (run). If you made a profit you just did better than 90% of traders".
Then you have the trend traders and turtles. I got a lot out of them. Specially Seykota. And the Gann swing charts. Love the trenders.

Last night I took a trade like those seen in the books.
Prices stabilizes on a bottom, hovers around, multiple lows, so I take a small trade with a 15 pip stop. Just to see what happens.
This one of those "don't care trades" that I like to take to see what happens. Hit n miss.
But always with a stop. Even if it's $5. Never leave a trade open.

 

Are you pretty much self taught?
Just wondering, seems to be a few courses around

 

Good question. I'd say "library/Internet taught".
Started trading futures in the 90's. Got some books from the library, read for a few months.
Then had a go. Kept reading and researching. Maybe the engineering side helped.
Bought some used course books along the way, most people lose so you find them cheap lol.
I drew charts by hand! No PCs back then.


I find most courses are by people who don't trade.
Imagine taking tennis lessons from someone who never played a real tennis match?
Or someone who never even one a local amateur tournament.
Yet he/she is considered a trading expert!
That's the trading course business.

You can learn from a course, but I doubt you can do a course and just learn to trade.
Trading needs a type of discipline that is very difficult to develop.
And a "real" trading course will probly have not much content at all. If you take out the fluff it would be very short, and not many would buy it.

Look up tutletrader. Trend Following is a good book imo.
I leave you with Seykota's trading rules

 

I think there needs to be some positive expectancy with any approach, otherwise long term it will be almost impossible to be profitable. Risk to reward also depends on your strike rate of wins. If you win 60% of trades with a RR ratio of 1:2 then you'll be doing very well long term. But most successful traders generally work of 30-40% win rate. This is where its important to have a larger RR ratio. But I know everyone approaches this differently. Different strokes for different folks. But one thing which wont change is for long term profitability, there needs to be a positive expectancy with any method being traded. I've spoken to quite a few very successful traders and its basically a must.

 

Getting a hang of trading after not doing much is taking time. Slowly increasing the account.
Easy to make big increases on a small account, different story with 6 figures... so far not too bad.

yesterday, all my troubles seemed so far away


Today, Just about to buy USDCAD

 

Naaaaaaaaahhh! Today I get a short signal on BTC
Better make some coffee

 

Thank you Bitcoin for another dance. We may do it again some time.

Busy week on the trades it's been, so many signals. caught some nice swings.
EURAUD


And the USDCAD also



Also short GBPUSD

 

And so i jumped on the Silver Banwagon. To the paper moon!

I will likely fizzle in a couple days, but it's exciting to get in early

 

Took profits on silver. Made a week's wages in a few minutes at 0.1 contract.

 

Nice

 

Forex Markets are going through some big trends and moves.

This gold short trade just went down like a rock. The retracement stopped me out, then down like a rock in lake again.


Aud/usd same thing but I'm still in the trade. Up about 5% for the week, only problem not much sleep.

Just closed a big wide grid on eurgpb and gpbusd.
Started very small and got to full trade size by the end.
Do not trade grids, they are very risky!

 

Mate i was watching gold for awhile. When I saw this massive bearish engulfing candle that was my cue . I shorted 4 lots. I am still in the trade all this time. 4h chart.

If it breaks the 1665 mark....all hell could break loose.