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

I also started with similar mount, slowly working my way up. Need about 300-400k to reach my target.

It can be draining, and most people think it's gambling, well it kinda is.

Where do you watch her trade? Her trading room? Or analysis videos

I never paid much attention as I could never find any record of real trading performance.
She got famous after appearing in Market Wizards and yet most other traders have very long public records of their trading. Linda none that i can see.

"started her own hedge fund in 2002 for which she was the CPO (Commodity Pool Operator). Linda’s hedge fund was ranked 17th out of 4500 for best 5 year performance"
Well the index return for the 5 years was:
1998 +85%
1999 +102%
2000 -36%
2001 -32%
2002 -37%
Gain in 5 yrs = 2%. And she came 17th.

Though if it works for you and gives you ideas then it's obviously great, for you.

 

I just enjoy watching some of her price action set ups and explanations. I have been trading a modified one of them for close to 3 years now. You are right many people dont have a trading history which is audited and on display. And some of the ones who do... i still think may be wishy washy. At the end of the day, i just take what looks interesting, make it my own and then do a lot of back testing.

You are right trading is very draining, mostly psychologically. Thats why i really feel less is more. Just take your best trades and leave it alone. It is hard some times to walk away for hours without babying it. Usually when i tinker and deviate my plan, i make it worse. So i just leave it now. Learnt through pain.

 

Have you got Market Wizards and New Market Wizards books?
NMW has a guy called Gil Blake, I reckon you'll like that section.

Gil Blake - Consistency - 7 Circles

You'll may also find interesting Michal Platt and Ed Thorp.
"Dr Thorp and Claude Shannon, built the world's first wearable computer to beat Roulette. This contraption provided a 44% edge against the casino by predicting where the ball would land."

Joel Greenblatt, early days as a news trader 50%pa for 10yrs. Not any more, very different approach these days with expected low returns.
News trading was big about 15 yrs ago. I did it too. The FX brokers took a few years to catch up on it We had a chat room where they'd share the news and most times 10-30 secs before most news sites did.
Then some vendors moved in that space, people piled in and the brokers cut out it fast.

 

Closed out shorts on gpbusd, eurjpy, audusd.
17 day trades, that's like an eternity in forex.

Next is long eurusd and eurgpb.

 

Nice trade!

 

@Piston_Broke our usdcad is taking off mate. You still in it?
If it can make it past 1.26 would be good.

 

Hey. Thought I might join this conversation. Don't usually talk Forex or shares in PC but like this thread. I agree your 17 day trade must have felt like an eternity. I rarely stay that long. I had a nice system then the government changed the trading rules on us and I had to modify things. Not happy with the new rules but not much I can go.
I agree with many of the past comments in this chat. Too many people make it too complicated or follow person A blindly. Never worked for me. Eventually found what worked for me and when emotional thoughts took over logic. Everyone has their own limit. Even if my method is constant I know once I get to 200k ish my trades feel like real money not just another trade so I drag out half my money to get my logic back and then just double it again. Rinse and repeat. I can have that in my shares but not in my Forex.

 

Nooooo I took profits at 1.229 even though my projection above was for 1.24. Oh well, only made 10% on my account. Times are tough...

Good to see you here.
Up until 10 yrs ago I traded only on daily charts and did ok, then it slowly stopped working and went 100% RE. After 10yrs I'm getting used to holding long term.

 

oh yeah "only" making 10% on your account.. i really feel sorry for you now

 

I've tried all kinds of exit strategies and the one I mostly use now is what I call 'intuitive geometry'. Its similar to a trend line break but has more room. When a candle closes below that line, i exit. I also adjust the angle of the line as price goes in my direction and changes angle. The sharper the ascent/decent, the tighter ill adjust the angle to try and capture most profits. So for this Usd/Cad, ill exit when a candle closes below that blue line I charted. And for example if i was going short to he left of the chart, i would have exited when price broke above that line i drew.

 

Its still in strong downtrend to me..

i'll make a fun prediction, when it closes above this line i drew, price will stall, consolidate and then perhaps reverse. But i don't see price going up at least until it closes above this line. Thats on a 4h chart. Lets see how it plays out

 

HI @DoingOK ,
What do you trade? Trading style?

Thanks

 

I tend to trade short time frames or hours to days these days. I also tend to focus on aud/ jpy and USD/ cad as these have given a good return over a long period for me. Eg had just bought shirt aid/ jpy at 84.350 and sold out at 83.250. that will do me. I really like this pair as it works well when we are awake and has reasonable movement to make some pips and move on. As soon as I can I move my sl to make me a small profit then watch as take when it gives twojumps above a turn. Means I always leave some on the table but lets me make decent returns. Yes sometimes I am only make $50 but the thing I have tatood in my brain is you don't go broke making a profit. I tend to trade 15 min charts when I setup and sell based on the trend I see on various times. These days I try to not hold Forex over weekends. Not a hard rule but one I try to follow

 

I also try to close out before the weekends unless its in a strong swing trade. I trade 4h for longer swing trades and 15min for shorter intraday scalps.

 

E/U Sinking like a rock.
Eventually it will go back up, a bit or a lot.
E/G I have a couple small trades open as it bounces around current bottoms. Always chance for another leg down.

I mainly use a MA crossover or a 20 bar breakout for exits. The faster the market the smaller the time frame.

 

PersonallyI find too many markets di** about too much. I focus on aud/jpy due to the average pip movement per day (if I can bag 30 I am happy) and its hours for both places means I dont need to watch it all night as I am usually out by the time the other get going. The usd/cad I used to do a lot more now just when my insomnia kicks in and i am bored at 2 am. Plus I found early one it was easier to be ok at a couple then crap at many I just wish the govt did not change the rules which meant i had to alter my trading a bit. I don't think i make as much money but i guess they are trying to stop the starters from losing everything as happens all too often.

 

This is my fav trading style. Daily charts with swing charts the old original way.
This trade may last days or even weeks. Only trade very small amounts with this type of trade, 1% for margin max.


And I still like the short term frames
I did good shorting the cable a few posts ago, now 4 little trades for a quick bounce up which will hopefully hit that take profit line..

Yay!

 

Yesterday I went to JB HiFi to look at some things and as I was talking to the sales person I realised there was a little hole in the front of my black $3.75 target T shirt. It was a small hole only about 2-3 mm, but obvious on a black t shirt.
Have some pity for a poor Piston Broke investor...

 

It only yesterday registered in my mind what piston_broke means...

 

Just closed a little flutter counter trade shorting the USDCAD...


And now off to Target to buy some tshirts @ $3.75. I may go deluxe and splurge for the $6 ones.