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Mysticforex
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Everything posted by Mysticforex
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I like that. A very well thought out list of options.
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What would you do if your trading account was gone? For whatever reason. Broker belly up, margin call whatever. Would you retire ? start over ? Explore a new means of producing income ?. I for one would start over Once my emotional state was back to normal of course ).
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@Mitsubishi In an earlier post you mention having to bail out Nascar. From what I read Nascar is doing very well. In fact, ah, Oh. Oh, you said NASA, not Nascar.... Never mind. Oh wait. Gann was born on June 6th and died on June 14th. Thats 8 days apart. We all know what some people say about the number 8.
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome Papageo . Always good to have another contributor. -
If you could give me R/R of 2:1 I would be willing to bet one of those dead people is W.D. Gann. EDIT: I wonder how long we could keep this thread in the top 12 box on the main page?
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Bird watching in Lion Country By DIRK DU TOIT It’s not just about the trading The idea for this book sprang from my years as a trader and later a mentor to people with little or no trading experience. I was trading my system successfully but more often than not I couldn’t seem to transfer the know-how to some of my students. No matter how hard I tried, some just didn’t make the grade. They weren’t necessarily wiped out financially, just confused, low on enthusiasm, perplexed by the unbearable lightness of it all. After a while I realized that certain repetitive mistakes were being made, and repeated. Often those mistakes were not even directly related to trading, and that was why I was not picking them up. Most beginners have absolutely no clue as to what “successful” means. While they also understand that trading is a serious occupation, a “business”, they still lack a clear goal, a business plan, an implementation strategy and methodology. Most just rush in, hoping to find some system that will allow them to “spot successful trades”.
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BTW... Here's a link to a brief description of the event. It has links to references if one wants to know more. 2010 Flash Crash - Wikipedia, the free encyclopedia
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I changed nothing. The next day trading as usual. Something about Lightening striking twice.
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I was at my desk working. Watched in real time. I thought WW3 had started. I was short euro/usd and down about 30 pips, My TP had been set for 100 pips and it blew right thru without triggering. I was up 500+ pips at one time, but knew from past experience that if I tried to close the position the platform would probably lock up. That is very funny, thinking it was normal volatility. :haha::haha:
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For the month of September. Welcome aboard ! No, You can't have more than a total of 5% drawdown.
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As traders we have to set limits on what is an acceptable loss. We have all heard people say "Never risk more than 2% of your acct" etc etc. Draw down is unrealized loss. A losing trade that is kept open. Say you have a $10K acct. Keeping a trade open that is more than $500 down, or 5% would be unacceptable in real life ( I hope ). Having this rule prevents us from becoming cowboys at a rodeo, and to trade like we would in real life ( again, I hope ).
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The phone apps they have will work on demo/practice accts. At least the one for Iphone does. Hope this helps.
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https://fx2.oanda.com/mod_perl/fxcontest/fxcontest.pl?rm=listContestshttps://fx2.oanda.com/mod_perl/fxcontest/fxcontest.pl?rm=listContests Here is the link to join the contest ( after you have an FXTrade practice acct ). This page, or pages will show all the current contests with starting and ending dates. Find Sept 2012 Traderslaboratory forex trading contest and select "Join". You will asked to enter the Username and Password you created when you opened your practice acct. ( this or any other information will ever be displayed to anyone else ) You then must enter a "Display Name" .This should be the name/handle you use on Traderslaboratory, and the name we will see. If anyone needs help getting setup, drop me a PM. So far the rules will be as follows: Highest percentage gain at the conclusion of the contest wins. Anyone exceeding a 5% max Draw Down is eliminated. You can use any instrument offered on the platform. Very Important ! Before the start date of the contest you can add, or subtract imaginary funds as often as you like. If you do this during the contest period you will be eliminated.
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Between the 4 years . . hmmm. Occasional Formula 1 Isle of Mann TT The America's Cup ( once every 4 years ). And . . . . if the Yankee's make the Series.
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Well then, looks like we're a go. I'll set up the contest over the weekend. Remember, this is for September. This will give those not familiar with Oanda a month to acquaint themselves with the platform, FXTrade.
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Here at Traderslaboratory we have a good representation of many countries around the world. It's natural to assume that most people like seeing their home country win. What I would like to know, is if there is any particular team, or athlete, from your home country that you would like to see do well? Me, I would like to see Anna Tunnicliffe, ( Sailing Team ), and the women's soccer, ahh, I mean Futbol team do well. aside from that I always follow Track and Field, did a bit of running in school. Who are you cheering for ? --------------------------------------------------------------------------------------------------------------------------------------
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Maybe you could administer the contest on Myfxbook ? Let us know.
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Yes, correct. Any instrument offered by Oanda. I am thinking of a max draw down rule as well, say 5%? we'll see what the consensus is. I'll post all the ( just a few ) well in advance.
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"EDIT: Maybe charge $10/entry ... winner-take-all? Just thoughts to kick the can along." Even if it's only $50, people get funny when money is involved... I administered a contest once, where the prize was an all expense trip, from wherever the winner was, to NYC, to trade with a guru for 1 week. There were about 130 contestants. It was bloody brutal, with allegations of cheating etc etc. I got myself banned from FF (where the contest was held) in the process. The winner turned out to be a chap from London. He couldn't get the time off, so he asked for $1K instead. The friend who I was running the contest for, paid him and considered it a deal. So, no money. I'd be game for September if we can get at least 5 contestants.
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I know a lot of books written about trading say that there are no correlation. But if you notice, big multinational companies usually requires high CGPA for graduate positions and in some positions that need experience they still look for high academic grades to fill the roles. So can we conclude that they think that high grades = better employees. My question to you all is, do you think there are any correlation between academic grades and trading success??
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The Rates paid depend on your Broker. A few more positives are: AUD/JPY AUD/USD GBP/JPY
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I see from your profile that you are in the USA. I assume you have the necessary credentials ?
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Only Currencies. Primarily the London Market, sometimes into the New York Market. I like the GBP crosses, GBP/USD...GBP/JPY...GBP/CHF.
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INGOT !! Good to see you ! To use a Yank expression, you are a sight for sore eyes. ( that's a good thing ).