Mysticforex

Wow, so true, hadn't thought of that. I do the same thing, constantly chatting up total strangers. Lol.

They say "No man is an island". I imagine most of us retail traders work form a small home office. Sometimes I feel the need for some human (trader) contact, even if it's just a reality check. Over the years I have met many traders at trade shows, seminars etc. I have a handful that I keep in touch with, either live, or via email. How many of you do the same ?

An elderly woman went into the doctor’s office. When the doctor asked why she was there, she replied, "I’d like to have some birth-control pills." Taken aback, the doctor thought for a minute and then said, "Excuse me, Mrs. Smith, but you’re 72 years old. What possible use could you have for birth control pills?" The woman responded, "They help me sleep better." The doctor thought some more and continued, "How in the world do birth control pills help you to sleep?" The woman said, "Simple. I put them in my granddaughter’s orange juice every morning and I sleep better at night."

LOL. . . The fellow teaching me told me to get a copy of "Technical Analysis of Stock Trends" by Edwards and Magee,so I did.

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When I meet people who want to get into trading, one of the things they often say is, "If I just had someone to really teach me, I KNOW I could do this." Of course they also have in their minds all the money they plan to make. The first place they do is to find a method or trading system which is not a bad place to start, but they don't even understand how they react to making or losing money. Prime example: Had a friend who never thought she would ever trade. She learned her method well, but was afraid to put on her first trade...in a DEMO account. After several weeks, she finally did. I got a call around 10:30 pm one night that went something like this: Me: Hello Jane (not her real name) Jane: Oh my gosh! Oh my gosh! I can't get out; I can't get out!!! Me: What's going on?! Jane: I can't stop this thing, oh my gosh! Me: Stop what? Jane: I put on a trade, and I can't get out! I forgot what to do. Me: Calm down Jane. Are you losing money or making money? Jane: I'm making money but it's going so fast. I can't remember how to close this thing. Now I think I just bought again instead of selling...twice. This went on for about 45 minutes before I could get her to calm down enough so I could walk her through it. We talked about it for a while. Now she sits there cool as a cucumber. We just don't know how we are going to react. She for one never thought she would panic like that when she saw herself making big money that fast...which was what she hoped trading would do. Her mind wanted one thing, but her emotions had to develop to support/facilitate that idea.

Generally, a Pivot is valid for 3 time periods. So, a Dailey Pivot is good for 3 days, and a Weekly Pivot is good for 3 weeks. Last week's pivot was not hit and is still valid. Entry is the same as described in an earlier post. We also have this's weeks pivot @15224. If they open I would treat these as 2 seperate trades.

Reading back on post #17 I could have made it clearer I was talking about EUR/USD... Anyway, we did close above the TL and up to the next TL....

For a trader protecting your trading account is paramount. You can have the psychology down, the latest and greatest Holy Grail indicator, but if you don't have $$$ in your account, your not trading. So, do you do anything to protect your trading account? For instance, if you trade through a US based bank, some offer FDIC insurance on USD accts up to $250K. I take it a step further. I have 3 accts. I never have the same exposure on more than 1 acct. What do you do ?

A man went to visit a friend and was amazed to find him playing chess with his dog. He watched the game in astonishment for a while. "I can hardly believe my eyes!" he exclaimed. "That's the smartest dog I have ever seen."
 "He's not that smart," the friend replied. "I've beaten him three games out of five."

Listen to MightyMouse. . . he is giving you good advise . The fact that you are asking means you are clueless. Nothing wrong with being clueless . . . we were all there at one time or another.

UH . . . here's another interesting one, I think.

If the chart is on drugs then does that mean the trader must be ? Find or create the most tripped out or artful chart you can and post it hear. Here's one I'll call Pizza Pavement.

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Old support is the new resistance?, or so THEY say. If any of you follow my GBP/CHF thread you will notice unhit WP, and DP hovering above. EDIT: A close above the TL on this 1 hour chart, and I will be looking for the Weekly Pivot.

Whether you're making 5% a month, or 10% a year, are you consistently profitable ? I am not talking about trading full time or part time, just if you are making money. How many months in a row have you made money ? How many months in a row have you lost money ? Personally, I had a serious losing streak from May to August 2011. Gave back the profit I had and went into the hole. Pulled a rabbit out of my hat Sept thru Dec and finished with a small profit for the year. This year so far has been fair to good. How are you doing ?

This week we are in play. I have the Weekly Pivot @ 15068, so, I will be placing a Sell order @15098 to TP at the Pivot.

You hit the nail on the head. . . It's not something easily taught. But watching. waiting. It is usually apparent when something is happening. Jump in, jump out, if I can do that 3 times a day, it's been a good day.

And . . . right back to old resistance. Not a good week for trading Pivots though, opening right on top of them, none missed.

I thought that's what I said. "One fundamental problem with strategies is that they can be selections from a random process" I didn't have time to read the Blog, I'll try to get to it.

It looks as if this has run out of gas. It's been heading downhill since the London Open. With today's USA Bank Holiday, I don't expect to see much more today, but, one of the reasons I don't trade on holidays is sometimes the unexpected happens. I'am going to a BBQ. One way or the other, we should see a pop on Fri for NFP.

The Market is not static, things are always changing... IMHO a "Strategy" is a combination of prudent money mgmt, Methods for extracting $$ from the Market, and the experience, or confidence to implement your "Strategy". One does not have to constantly keep looking for, or changing Methods. But, Methods must be "tweaked" from time to time to keep pace with changing Market conditions. The "Confidence", is what a lot of people refer to as "Trader Psychology".

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