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NEW Traders beware the EASY ROAD to riches!

Stephen Nelson (sbnelson2005)
Oct 15 2015 at 10:30
41 posts
HalleyFX posted:

And remember when trading your alone on an island and you need to survive!! forget what you read or said ( don't even listen to your wife) and follow your path and strategies!


Well said! I always say that trading is the 'Hardest' easy money you will ever make! When you are in the zone and doing well everybody is your best friend. When you hit the rough patch with choppy performance it's like you where the one who farted in the elevator. Then you have a series of losers (Even the top 10 banks having losing months) all you'll hear are the crickets. Just like major sports figures who suffer the cold streak.

Remember, it's the big picture that matters. When I have a losing trade I immediately go back to my performance sheet and say 'Oh yeah, I know what I'm doing. NEXT!' Don't wallow in the losses; learn from them and realize that it is a part of trading.

vontogr (togr)
Oct 15 2015 at 10:32
4862 posts
HalleyFX posted:
Didn't read everything due it went a bit off-topic.

But I will give new traders a small insight.

4 Reasons why people fail in trading:

1 = under-capital ; people deposit 500 and expect miracles
2 = Muppets ; 500 pounds to unlimited riches thinking, they want to do this in a short burst, so over leverage all their trades
3 = Risky EA's ; People buy dodgy stuff on the internet which has been promoted in a way to get quick riches. They use it for couple of weeks and post incredible results over 300% a month and after 9 weeks they disappear... Build your own EA, I would say!!
If your EA is working you don't have to sell it but manage accounts with them.
 4 = No discipline ; when it is not going to happen, it will not happen, so close that trade which is going horrid wrong.

I manage accounts, multiple (70+ clients) with significant equity. In case you want to manage accounts you don't need to promote nothing on the internet. Do your family and friends, you will get quick a strong reputation in your circle and clients will come very quickly after that.

I strongly recommend trading yourself for a minimum 6 - 8 months before taking this decision to manage accounts!

And remember when trading your alone on an island and you need to survive!! forget what you read or said ( don't even listen to your wife) and follow your path and strategies!

especially wont listen to your wife!

goyankees85
Oct 15 2015 at 11:55
118 posts
HalleyFX posted:
Didn't read everything due it went a bit off-topic.

But I will give new traders a small insight.

4 Reasons why people fail in trading:

1 = under-capital ; people deposit 500 and expect miracles
2 = Muppets ; 500 pounds to unlimited riches thinking, they want to do this in a short burst, so over leverage all their trades
3 = Risky EA's ; People buy dodgy stuff on the internet which has been promoted in a way to get quick riches. They use it for couple of weeks and post incredible results over 300% a month and after 9 weeks they disappear... Build your own EA, I would say!!
If your EA is working you don't have to sell it but manage accounts with them.
 4 = No discipline ; when it is not going to happen, it will not happen, so close that trade which is going horrid wrong.

I manage accounts, multiple (70+ clients) with significant equity. In case you want to manage accounts you don't need to promote nothing on the internet. Do your family and friends, you will get quick a strong reputation in your circle and clients will come very quickly after that.

I strongly recommend trading yourself for a minimum 6 - 8 months before taking this decision to manage accounts!

And remember when trading your alone on an island and you need to survive!! forget what you read or said ( don't even listen to your wife) and follow your path and strategies!


 Yeah ok..... Managing account is what you do. Thanks for proving it!

My avatar explains "social trading" perfectly.
Stephen Nelson (sbnelson2005)
Oct 16 2015 at 23:27
41 posts
No need for sarcasm. This thread was meant to help new traders find their way. Lets stick to that!

For all new traders here:

1. Who controls the market you wish to trade?
2. Where in the charts can you see them, what indicator is not lagging?

This is where your education needs to begin.

Stephen Nelson (sbnelson2005)
Oct 18 2015 at 10:31
41 posts
Answers:

1. Of course we all know it's the Big Boys who control the market. These banks have the ability to move the market to enable them to get positioned on the right side of the market. When they want to short they don't just hit the sell button. they have to drive price higher to find buyers (ie all the stop resting above the market).

2. Volume! It is the only real indicator that matters and is the only one I have on my charts. Until you watch volume and how price reacts to those volumes you will be flipping a coin at best.

Do yourself a favor; strip all those indis off your charts (i know the guru's told you how important they are). Now add a basic volume indicator. Scroll back and look at what happens after a big volume spike and then how price reacts at that same level. I'm not talking about High impact news volume, but regular trade volume.

Practice,practice,practice. Keep at it and you will eventually realize that you don't need all those indi's that tell you what has already happened.

vulkanai
Oct 18 2015 at 13:47
5 posts
sbnelson2005 posted:
Answers:

1. Of course we all know it's the Big Boys who control the market. These banks have the ability to move the market to enable them to get positioned on the right side of the market. When they want to short they don't just hit the sell button. they have to drive price higher to find buyers (ie all the stop resting above the market).

2. Volume! It is the only real indicator that matters and is the only one I have on my charts. Until you watch volume and how price reacts to those volumes you will be flipping a coin at best.

Do yourself a favor; strip all those indis off your charts (i know the guru's told you how important they are). Now add a basic volume indicator. Scroll back and look at what happens after a big volume spike and then how price reacts at that same level. I'm not talking about High impact news volume, but regular trade volume.

Practice,practice,practice. Keep at it and you will eventually realize that you don't need all those indi's that tell you what has already happened.


I've tried using volume, but when I applied it to the higher tf charts such as 8hr or daily charts that I trade, I find it hard to read and understand, unlike lower tf such as 1hr or lower. Is volume more for intraday trading or swing trading?

Look at the difference...




Now look at the 1hr chart.




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trade less, earn more
Stephen Nelson (sbnelson2005)
Oct 18 2015 at 22:04
41 posts
The best example I can give you on what you have provided is the 1 HR chart. That High volume spike right in the middle, in fact the highest volume spike on the entire chart. Notice how the candle spiked and took out all the stops to the left just above the market and then price rejected and headed south. How do you think the big banks find enough liquidity to either change direction or add to an already winning trend? If you wanted to sell a 10,000 lot, where can you get that much action without massively spiking?

To answer your question, Volume is always important. The difference is what is your time frime to trade? Are you going to hold a position for the long run or trade this session. I like to monitor my trades so usually I'm out before the session is over. Find the most recent High volume node and trade based on prices reaction to it.

If I am at a major decision point and I catch a trade at the right time I may stay in for a few days. NEVER over the weekend. We have idiots who fly panes into buildings and terror all over the world. I've seen major gaps that would blow many accounts regardless of how how small your R:R ratio is. PROTECTION of CAPITAL. Stay in the game.

Stephen Nelson (sbnelson2005)
Oct 19 2015 at 00:36
41 posts



I took this trade on Sunday night with light volume as usual and a few hours ahead of a high impact Chinese announcement. WHY would I do such a thing? To prove a point about volume and its significance.

Look at the volume print during the market opening and how price reacts afterwords. Massive volume spikes and price can't go higher? When it comes back to that level on no volume and stops, I have a high probability trade short. I take an ultra safe stop above the swing high on Friday at the end of the day with a 2% risk. I would never let it go that far but it is a mere safety stop in case of ............who knows?

I manually take profit a mere 12 pips away because the reaction is not as sharp as I'd like to see and the price seems to just halt. Result is a 1% return on my account in about 25 minutes. I could have made more by sticking around but you must take everything in context. Sunday night, ahead of big news, not the reaction I'm used to seeing(experience). Bulls make money, Bears make money, Pigs get slaughtered.

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Damien (Damien1881)
Oct 19 2015 at 04:53
24 posts
What works for me is looking at the price movement in the time periods, so when i'm looking at the monthly weekly and daily chart of a pair and all of the larger candles are going down, i'm confident when I go short.

Don't listen to and follow the BS online.
Damien (Damien1881)
Oct 19 2015 at 05:30
24 posts
goyankees85 posted:

  Patience isn´t key, it´s a death sentence. If I take a position, and I am ok with going in red 50 pips, the reality is that is way to much because most pairs don´t even have a daily range of 50 pips. A person turns 300 or 600% profit, that person better withdraw it, because we are here to make money. It isn´t profit unless you withdraw it, and that is a money management practice that no one preaches, because it doesn´t benefit the brokers.


Most pairs will move more than 50 pips in the London session, and there isn't many that don't have a daily range of more than 100 pips. If you have a 10K micro account and open a position of 10c, you can use cost averaging and it would be very hard to break the account even with government intervention creating a 2000 pip move that slipped all orders like the CHF did not to long ago.

I do agree with taking your profits regularly if you trade using the leverage you do.

My goal is to trade millions of my own and manage even more for clients, the only way I believe this can be achieved is with very low leverage, patience and time. Check real managers accounts, average monthly return isn't 30%+ they all blow out within a couple of years.

Don't listen to and follow the BS online.
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