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NEW Traders beware the EASY ROAD to riches!

Stephen Nelson (sbnelson2005)
Oct 15 2015 at 10:30
41 ieraksti
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 ieraksti
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 ieraksti
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 ieraksti
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 ieraksti
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 ieraksti
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.




Pielikumi

trade less, earn more
Stephen Nelson (sbnelson2005)
Oct 18 2015 at 22:04
41 ieraksti
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 ieraksti



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.

Pielikumi

Damien (Damien1881)
Oct 19 2015 at 04:53
24 ieraksti
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 ieraksti
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.
FFxCondor
Oct 19 2015 at 05:56
13 ieraksti
@sbnelson2005, nice post and nice perf BTW!
I agree with you, usually when there is a good opportunity to trade it's when the big boys place their trade too.
@vulkanai, be aware that, depending on your broker and the platform you use, volume can be displayed as 'tick' volume.
Tick volume tells less than the real one, IMHO.
Rome wasn't built in a day
FFxCondor
Oct 19 2015 at 05:57
13 ieraksti
@sbnelson2005, it seems I went trough your stats little bit too fast! Your balance should be @ $3464(deposits+profits-withrawals), or do I miss something?
Rome wasn't built in a day
vulkanai
Oct 19 2015 at 06:23
5 ieraksti
yes I see the spike, but my problem is I'm unable to trade intra-daily. And looking at volume on charts higher than 1hr seems useless.
trade less, earn more
goyankees85
Oct 19 2015 at 06:23
118 ieraksti
sbnelson2005 posted:



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.

 Your lack of experience, or your ability to not think 'out side the box' is what doesn't cause to know how to trade against a over the weekend gap. Say right before market close you have two accounts, in which one you buy and the other you sell as you expect a market gap on Sunday when the market opens. You use all of your margin 500:1 for an example. Explain how a trade can profit by a lop sided market... Yen pairs have been known to gap 200-400 pips over the weekend on gap events. Remember if you use all of your leverage on 500:1 then every 20 pips is 100% profit... A 400 pip gap would result in 2000% in the winning account, while the losing account would have a negative 2000% balance, but brokers will NEVER be able to get those gains from you on a negative account a balance. All in all that form of trading is never even spoken about on forums because most of these 'pros' are to simple minded to even come up with that form of advantage trading themselves. I am a gap trader and I have been doing it for a long time. I can assure that that form of trading will work, you simply need a broker which won't change your leverage right before market close, and a broker which will not have widen gaps prior to market close. It would be best to have a broker which closes once nY session closes!
My avatar explains "social trading" perfectly.
vulkanai
Oct 19 2015 at 06:25
5 ieraksti
I like your trading approach, its quite logical. But it seems geared more towards scalpers, am i correct?
trade less, earn more
Stephen Nelson (sbnelson2005)
Oct 19 2015 at 10:07
41 ieraksti
FFxCondor posted:
@sbnelson2005, it seems I went trough your stats little bit too fast! Your balance should be @ $3464(deposits+profits-withrawals), or do I miss something?

No your not missing anything. I was originally with FXDD until they got bought by FXCM. I lost all my trade history because they made us use their Mt4 platform. I put in a ticket with Myfxbook and FXCM but got nowhere.

When I made the decision to try and become a signal provider around May of this year(never thought I'd get accepted), this account was already setup with Myfxbook. They have a long list of requirements and this account already met a lot of them. Go here and scroll down: https://www.myfxbook.com/autotrade/faq.

As far as the track record is concerned, I was using this account as my 'theory testing' and as expected had a lot of losing trades. Of course as a Signal provider I only trade this account in accordance with my strict trading policies at the present time.
Stephen Nelson (sbnelson2005)
Oct 19 2015 at 10:17
41 ieraksti
goyankees85 posted:
sbnelson2005 posted:

 Your lack of experience, or your ability to not think 'out side the box' is what doesn't cause to know how to trade against a over the weekend gap. Say right before market close you have two accounts, in which one you buy and the other you sell as you expect a market gap on Sunday when the market opens. You use all of your margin 500:1 for an example. Explain how a trade can profit by a lop sided market... Yen pairs have been known to gap 200-400 pips over the weekend on gap events. Remember if you use all of your leverage on 500:1 then every 20 pips is 100% profit... A 400 pip gap would result in 2000% in the winning account, while the losing account would have a negative 2000% balance, but brokers will NEVER be able to get those gains from you on a negative account a balance. All in all that form of trading is never even spoken about on forums because most of these 'pros' are to simple minded to even come up with that form of advantage trading themselves. I am a gap trader and I have been doing it for a long time. I can assure that that form of trading will work, you simply need a broker which won't change your leverage right before market close, and a broker which will not have widen gaps prior to market close. It would be best to have a broker which closes once nY session closes!

Your abusive nature is contrary to what I'm trying to accomplish here. Every post of yours basically calls everyone else an idiot while your track record is less than a month old with absurd returns. Using massive leverage, IMHO will get your account blown. If that's how you choose to trade, fine. I wish you the best of luck.

And while you are entitled to your opinion, I would suggest cutting out the abusive part of your posts. Any post that genuinely tries to help new traders learn is welcome. Antagonistic and abusive posts are not.
Stephen Nelson (sbnelson2005)
Oct 19 2015 at 10:22
41 ieraksti
vulkanai posted:
I like your trading approach, its quite logical. But it seems geared more towards scalpers, am i correct?

Volume has use on all time frames. On higher time frames it used to see major accumulation and distribution. I look at the daily charts, hourly but trade off the 5 minute since I'm monitoring my trades and usually don't trade outside any one session. If I have all the moon and stars aligned I will take a position trade and hold on during the week for that extra return.
Stephen Nelson (sbnelson2005)
Oct 19 2015 at 10:34
41 ieraksti
Still Not convinced volume matters? See how the levels I posted are still relevant as price reacts to it after the China news event and then again hours later. Become a student of Volume.




Pielikumi

remccloud24
Oct 20 2015 at 06:12
4 ieraksti
New trader here,
Is wise to trade NFP? and if so do you have a certain strategy? Like pendings above or below price with tight stop loses?

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