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NEW Traders beware the EASY ROAD to riches!

theHand
Oct 25 2015 at 00:19
365 posts
It's positional. The only reason the draw down is so big is the trade sizes. That account does thousands of percent a year. I'm not going to make it public for a pissing contest. And it will draw down on that growth, obviously.

Even if I cut the trade sizes by a factor of 10 it will still go parabolic. But I'd rather have that results than yours, that's for sure.

scrimpycoot
Oct 25 2015 at 07:26
1 posts
Sorry I'm late to the discussion, the way I learned to trade the FX market was to play 60 second sets with progressive increases to the amount wagered. So if I play something for example USDEUR put $5 and it looses, play the same direction and the same pair again, but this time place the trade at lets say $13. and so on until you win the trade. The market can't swing one direction forever, and you cover your losses from the previous trades plus a profit in every play. As long as you have the money to back the method up its bound to work, and obviously you read the charts because you don't want to have to play 4,5, or 6 times before you win (I'm fairly new to trading but that is how I usually do it when I trade pairs in a high/low instance).

sbnelson2005 (sbnelson2005)
Oct 25 2015 at 10:29
41 posts
scrimpycoot posted:
Sorry I'm late to the discussion, the way I learned to trade the FX market was to play 60 second sets with progressive increases to the amount wagered. So if I play something for example USDEUR put $5 and it looses, play the same direction and the same pair again, but this time place the trade at lets say $13. and so on until you win the trade. The market can't swing one direction forever, and you cover your losses from the previous trades plus a profit in every play. As long as you have the money to back the method up its bound to work, and obviously you read the charts because you don't want to have to play 4,5, or 6 times before you win (I'm fairly new to trading but that is how I usually do it when I trade pairs in a high/low instance).


Unfortunately this is another version of a martingale and I would urge extreme caution.

snapdragon1970 (snapdragon1970)
Oct 25 2015 at 14:54
1944 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.



The flipping coin has been used before successfully!

"They mistook leverage with genius".
snapdragon1970 (snapdragon1970)
Oct 25 2015 at 14:55
1944 posts
sbnelson2005 posted:
goyankees85 posted:
 Your response is way to vague. When you say that an experience traders WAITS FOR THE MARKET TO COME TO THEM, that is a very open ended statement. A person can have a plan, and once the market comes to them, they end up in red and never once see green. They were patient but never made the adjustment to what the market is doing.
  As I said before, new traders should stay off the forums and try to learn price action. Price action is the key to winning in forex. You mention that experience traders cut their losses quick and move on, well is that something that you actually do?


Not sure how it's confusing so I'll try and clarify. I look at specific price action at high volume nodes and then react based on what price does. I don't chase the market if price doesn't come to 'Where I'm willing to deal'. Many new traders will just jump in and chase! Then have the market move against them and hope and pray it turns around. Not a good way to trade.


Where are you getting the volume from?forex doesn't have centralised volume.

"They mistook leverage with genius".
theHand
Oct 25 2015 at 22:15
365 posts
@snapdragon1970

That's what I said, but apparently minor details like that doesn't matter.

kricka
Oct 26 2015 at 23:45
92 posts
There are no easy roads for new traders! There is a middle road that can eventually be turned into an easy road! The question is how to go about it, to get there? Education, demo account trading, reading and learning about RMM ( risk & money management ). Starting small and growing it into bigger account with patient and time. Practising different instruments and trading platforms. To have a humble understanding on how the market works and how our own intellect works also will contribute to our goal to master the market place.
Google for rmm robot or rmmrobot, will give you some valuable links on how you might advance from the middle road to maybe the easy road of trading. It's not easy but it is certainly doable! It takes time, dedication and interest to advance, but the awards are great!

" Lock in the profit and minimize the draw down "
snapdragon1970 (snapdragon1970)
Oct 27 2015 at 07:19
1944 posts
theHand posted:
@snapdragon1970

That's what I said, but apparently minor details like that doesn't matter.


The devil is in the detail,brokers like to play some fun games.

"They mistook leverage with genius".
sbnelson2005 (sbnelson2005)
Oct 27 2015 at 12:09
41 posts
It's a shame that more people who actually have a published and verified track record are not willing to post. Even if they disagree with me. In this business you are only as good as your last months performance. For those new to this industry the hardest lesson to learn is filtering out the trash.

togr (togr)
Oct 27 2015 at 12:15
4862 posts
sbnelson2005 posted:
It's a shame that more people who actually have a published and verified track record are not willing to post. Even if they disagree with me. In this business you are only as good as your last months performance. For those new to this industry the hardest lesson to learn is filtering out the trash.

Make it FAQ

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