Dutchie

Hi Bfbusa, It's commonly known these things simply happen from time to time. A diversity of Martingale tests has shown, in situations like you're in right now, it would be best to decrease your lot size until you're back on track again.... Cheers! Dutchie

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Almost any Moving Average will have some lag, since the only thing it does is smoothe past prices. What you may think comes close is Jurik's MA a.k.a. JMA. I attached 2 kinds for you, but it will only work on the MT Platform. Cheers Dutchie Jurik MA's.rar

Same here.... I started out with merely $ 100,- making 25 pips a day. I have been able to double my account every 2 - 3 months simply by trading larger positions as my account grows. While many people talk about this one big hit they try to aim for, I prefer taking it slowly BUT steadily. Happy Trading ;-)

[ame=http://www.youtube.com/watch?v=No1UKN-SKlg]Don't give up Man![/ame] Persistence is the Key!

You also could have entered a long at the indicated point where a bear candle gets taken out by the next bar. The appropriate place for a stoploss would be a few ticks under the bear candle.This technique can easily be used on new pivot highs/lows knowing that a (new) move up/down will show (at least) a second move up/down after the correction. (I usually switch to a 4 times lower TF for sharper entries and smaller potential losses.) The lenght of this second move has a high probability of being at least 100% of the preceding one (for Elliotticians: a.k.a. a Wave 3). Cheers, Peter

Hi, Using a simplified Elliott Wave count, I add to my positions at the end of waves 2 and 4 (also referred to as corrections or consolidations). However, not every chart shows easy to recognize Elliott Waves, but when they do it is awesome to trade the waves. Once a Wave 2 or 4 is recognized, I go down to a 4 times lower timeframe. Next I will draw trendlines over the tops/under the bottoms of a wave 2 or 4. Once both the trendline gets broken AND the latest swing high/low are exceeded I add to my position. Stoplosses are to be put a few ticks below/above the before mentioned wave 2 or 4. Hope this helps. Happy Trading! Cheers, Peter a.k.a. Dutchie

I have no experience with that, but I looked it up for ya. Not sure if it works, but good luck with it ;-)

I am currently using Brocompany.com. The real time data (charts) is free for all markets: Forex, Futures, stocks & Indices. It can be used for VSA (I am planning on buying Nigel Hawkes' VSA software package). Their demo accounts include all this as well! Cheers, Peter a.k.a. Dutchie

Hi, Try Brocompany.com. They offer the MT4 platform that you can trade a multitude of Forex pairs, Futures, Stocks and Indices with. They also offer demo accounts with free streaming charts. For all assets! Happy Trading! Cheers, Peter a.k.a. Dutchie

Hi, My experience is that you can only recognize sideways markets "after the fact". IMHO it is virtually impossible to tell when a sideways movement (correction or consolidation) is beginning or ending. However, sideways movements or corrections are perfect for breakout trade setups, since 90% of the time price will start moving in the direction of it's preceding trend. I have learned a lot from Robert Miner Dynamic Traders on this subject. After a couple of years of trading I love trading (the end of) corrections once you know how to spot them. Implying I am a trendtrader..... Cheers, Peter a.k.a. Dutchie

So true! The 127.2 extension (also referred to as external retracement) is a fabulous profit target that is reached very often in my experience. Also check this out.... Cheers, Dutchie

Try to find the the latest version of the ZUP indicator. It's free and does the exact same thing. Cheers, Peter, a.k.a. Dutchie

DeMark trendlines AND their qualifiers are NOT subjective if one can read: "If any of the four qualifiers are true, the trendline break is valid" which leave all your other remarks pointless.....

Hi, I always use them, together with my (customized) DTosc, which is a combination of Stoch./RSI. When using proper money management (duhh), they are VERY useful! IMHO they tend to work better on the 60 min timeframe or higher. There are several TD Trendline indicators circulating the trading forums but I prefer the ones with the qualifiers although they're easy to memorize. If you are familiar with trading differently shaped triangles (my absolute favorite pattern) it's easy to set your profit targets too. Happy Trading! Cheers, Peter

Hi Enigmatics, I use the Metatrader 4 platform to trade ForEx and I have great experiences using Tom DeMark Trend lines. DeMark uses the two most recent (Fractal) Highs and Lows to draw them. Next to that there are some "qualifiers" that tell you whether a trend line break is valid for trading or not. If you Google "Tom DeMark Trendlines" there is plenty to learn about it. Here's a PDF to read some more on the subject. Happy Trading! Cheers, Peter a.k.a. Dutchie

Thanks for the congrats. I did start with a $ 100.- mini account taking trades of only 0.02 contracts! I ALWAYS limit my losses to 2% of the account. I trade only three days a week (Never on fridays, I tend to find them boring). Today I trade whole contracts to give you an indication. This is all I have to say about it since it does NOT contribute to the initial question. Cheers

True Josh, but from what I understand the guy is only just beginning and those are just a set of guidelines to prevent him from overtrading. I myself make 2 to 5 % daily on my account on average. Until today I mainly focussed on ForEx but I am widening my horizon to futures as we speak. Cheers

It is a commonly known fact that only 5% will ultimately succeed in trading. Unfortunately this is not mentioned in the article. Trading is extremely difficult and requires certain skills that you can only achieve by practicing, practicing & practicing. I've spoken to so many trading veterans and almost all of them had to go through a very steep and often extremely costly learning curve. (Some of these guys sold their companies, entered the markets unprepared and blew their accounts in only a couple of months or even weeks (which sometimes held millions of dollars). ALWAYS start with a demo account for at least 3 months until you developed a trading plan (VERY IMPORTANT) and become more or less profitable.... And more importantly: STICK to this plan! Patience & Discipline are a traders most needed virtues. Even then when you decide to start with a live account there's this one factor that you should learn to deal with: EMOTIONS or The Balance between Fear & Greed. Your emotional state makes 90% of the difference between being a successful trader or a permanently losing one. Amen Peter a.k.a. Dutchie

Trading doesn't really work that way. I once learned from a trading veteran that a fisherman going out to sea every day doesn't always come home with fish. It is the same with the markets. If you're a good trader you can only take what the market is willing to give. Next to that, don't fall in the trap of "Overtrading" meaning you always need to be in the market. Sometimes the best decision you can make is to stay on the sideline and wait for a better opportunity (meaning: better odds). 2 trades a day should be enough, 3 at most in case one of those two is a loser. Don't trade until the first 1½ hours have passed to get a better view of the markets. Cheers, Peter a.k.a. Dutchie

Trading is all about probabilities. The more odds you have on your side the lesser the chance you will loose money (note: I didn't say the bigger the chance you're making a profit since it's all about risk management especially for beginner traders! Beginners should mainly focus on limiting losses instead of making profits! There are some trading basics that you need to take into consideration, but as for maths, If you know how to distinguish a trend from a correctional move and know how to draw trend lines you're half way to success A great site is BabyPips.com Cheers, Peter a.k.a. Dutchie

Looks like an ATR indicator, usually used for stops. Regards, Dutchie