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Mysticforex
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Everything posted by Mysticforex
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Ok..... Anyone else have an opinion on what the A/U might do? If we can get 5 traders on this thread, we should have 7 opinions.
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I have only used Forex Brokers, so here's my 2 pips. Forex.com and Gain are the same broker. Ok, no complaints FXCM Ok, no complaints. Oanda Great, I love them.... Best of the "Bucket Shops". Dukascopy Ok, no complaints. Not very impressed either considering They have commission, and Oanda has better spreads.
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My friend and Mentor also taught for a fee. Now first off, IMHO, being a Mentor implies more than just teaching a system. My friend was often discussed on various Forex forums I visited. I often refrained from such discussions because I knew I would invariably lose my temper ( I became protective of my Mentor, I am loyal to a fault). There would be Pros and Cons. Eventually someone would chime in with: WAH! WAH!> if he's such a good Trader, why does he have to teach? Well my friend taught because he enjoyed teaching. He is a "people person". But, he explained to me, if you don't attach a price, the students don't perceive a value. ( I found the same thing to be true when I was a Scuba Instructor, something I did not because I thought I could make a living at it, I just loved scuba diving. The friends that I taught/certified for free became casual, for the most part sloppy divers. The people I charged were more motivated, wanted value for their money and became better divers). Now, here are the nuts and bolts of his teaching gig. ( and he will remain nameless ) class size was limited to 20 students at 2K a head. so a total income of 40K Rental of a meeting room in a decent hotel. Cost? I have no idea, probably between $300 and $600 Bucks but I am just guessing. Provide each student with Backtesting software, $75 a pop with his discount X 20 = $1500 Hire an assistant. The 4 times I did it with him he paid me $2K a day ( they were 2 day seminars) $4K My airfare $800 My Hotel acc $440 His airfare ??? prob similar to mine. His Hotel acc $440 Hire a video/Photographer for 2 days, airfare, Hotel, etc so the students would have copies of the seminar to take home with them $??? no idea. Breakfast and Lunch for students and staff each day, $500 ???? During seminar, open buffet, fruit, muffins, tea, coffee, juice etc $ ??? And time away from his wife and kids. ( who knows, maybe that's a good thing once in a while :o ) Money is subjective, but all in all he didn't go home with a fortune. knowing what he could make trading during that time period.
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By all means. I've seen people jump right into mentorship programs without really knowing what it is they are looking for. Their only expectation, learn to make money.
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I actually live in NY State, but we have kept our boats in Mystic for the past 20 years or so. We think of it as our second home. MYSTIC: A Drinking Town with a Sailing Problem.
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Here is a 4 hour chart of the AUD/USD. The red vertical lines going from top to bottom mark Mondays. The small red horizontal dashes are daily R3 and S3 levels. the blue horizontal dashes are Daily Pivots, and the wider orange horizontal dashes are Weekly Pivots. Interesting to note, that on the Mondays I have marked, Price has hit either R3 or S3. Most of my testing has been on GBP crosses. have not done much testing on the Aussie. But I wonder how high is the probability that price will hit R3 or S3 on a Monday. My guess is the probability is pretty high. Lets look into that. THIS IS NOT MY THREAD! I want to hear everyone's view on the Aussie.
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Let's talk about the AUD/USD. Actually, let's do more than talk, lets become intimately familiar with AUD/USD. Let's disect it, probe it, see where it's been, and try to figure where it's going. I opened a short position early London Session Friday @10170. It hit an all time high about 6 weeks ago @10255. So, my SL is 10265. I am looking to TP somewhere around 99xx. More to follow.....
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Let,s go with AUD/USD,neutral territory for me. I rarely trade EUR crosses. As evidenced by the Tags on my car, I have always been a GBP fan ( no, not the Green Bay Packers ).
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Ingot54, " I have always been a Fox Terrier of sorts, in that when I get hold of something, I will not rest until I have subdued and mastered it totally. I have a depth of stubbornness and commitment that WILL lead me to my goal. " Describes me to a "T". What pairs do you like to trade? If there is a pair we both like, we can start a Thread on it and compare notes. Note: Others are encouraged to participate.
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I had a rather unique experience finding my Mentor. I had been trading Forex about a year. Had recently blown up my third account. I was humbled and didn't know what to do next. I was searching Amazon for another trading book to buy, find a new strategy, something, anything. I came across a book, written by a popular Forex Trader, that was fiction. I figured why not? I needed a break and maybe something a little light hearted. I ordered the book. It turned out to be auto-biographical, about a trader starting out. This trader had made all the mistakes I had made, felt all the emotions I had felt. I almost felt he was telling my story. When I finished the book I sent the author an Email. I was surprised when he answered my Email. I replied, he replied, etc. Soon we were exchanging one or two Emails a week. He asked me how my trading was going, I told him I was struggling. After a few weeks he sent me an Email inviting me to spend some time at his office and trade with him. He also said he wanted to see what I was doing. I wound up spending a week there. A few months later I went back for 2 weeks. This time he let me camp out in the office ( I live about 500 miles from his office). He had 3 employee's, and whenever I was there he sent out for lunch everyday, and took us to dinner a few times a week. After that I would visit twice a year for a few days at a time. About a year ago he moved to California, I havn't been out there yet, but some day... We still keep in touch several times a week, send each other trade ideas etc. A small serendipitous event changed my life.
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If a new and aspiring trader asked you what books they should read, and the aspiring trader can only get/afford/has room for 3, What would they be? I am hoping that after a hundred or so posts we can put together and post a "Must Read LIST" for new traders.
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Hi winchie, You don't mention what type of trader you are, or plan to become. There are many good books out there. For technical analysis, I keep a copy of "Technical Analysis of Stock Trends" by Edwards and Magee on my desk. It's not a read thru kind of book, but a great reference book. Although the word "Stock" is in the tittle, TA is TA, and can be applied to anything you can put on a chart. From there you can look for something more subject specific, VSA, Candlesticks, etc. For Motivation and Psychology, I like, "Market Wizards", "Trading in The Zone", and Millionaire Traders". Surely others will chime in with their thoughts.
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Nice one Cory. :o:o:o:o
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome Ingot54, I am enjoying your thread "Psychological Self Help for the Budget-Challenged". AND your post to Charles1 in "How to Stay Busy" was great. Looking forward to hearing more from you. -
24. I know of a trader who cut off one of his fingers after losing 800K. ( probably the one that clicks the mouse).:crap:
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I don't know about you, but I like a good joke. Let's face it, we're all wound up in the markets, sometimes a joke takes the edge off... or at least brings a smile to your face. I'll start the ball rolling. Five surgeons from big cities are discussing who the best patients to operate on are. The first surgeon, from New York says, I like to see accountants on my operating table, because when you open them up, everything inside is numbered. The second, from Chicago , responds, Yeah, but you should try electricians! Everything inside them is color coded. The third surgeon, from Dallas , says, No I really, think librarians are the best, everything inside them is in alphabetical order. The fourth surgeon, from Los Angeles chimes in: You know I like construction workers, those guys always understand when you have a few parts left over. But the fifth surgeon, from Washington, DC shut them all up when he observed: You're all wrong. Politicians are the easiest to operate on. There's no guts, no heart, no balls, no brains and no spine, and the head and the ass are interchangeable.
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I have been using it for about 4 years. I like it for charting and analysis. Horrible if you use Market Orders, have never had a problem with Entry Orders, SLs or TPs. I have found over the years that it DOES make a difference what broker data feed you are using. I have been using Gain Capital on a Live acct. Other broker data feeds I have used in the past have been on demo accts, that could make a difference.
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Hi Faretrade, I guess this is what has me confused, the prices on my chart are not at the levels that yours are.
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Hi, New member of the TL Team as well. Started out just over 6 years ago and trade Forex exclusively. In the beginning I made all the noob mistakes you read about, and have several blown accounts to prove it. I then had the very good fortune of having an experienced trader take me under his wing and get me moving down the right path. For the most part, I am a counter trend trader. I trade off the 1 minute thru 4 hour charts. My favorite pairs are the GBP crosses. In addition to trading, I love Sailing, Scuba, and Motorcycles. -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Hi and Welcome to the wonderful World of Forex ! You're off to a better start than I had, only took me 4 weeks to blow my first account. -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Hi Zeke ! Welcome to Traderslaboratory. -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome to Traderslaboratory ! -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome Samuel ! Perhaps you would like to tell us a little about yourself? Trading style, favorite pairs etc. -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome Healthnow ! BTW, what are you studying? When you say "support" your studies, do you mean as an adjunct to your studies, or tuitionwise? -
Hi Faretrade ! Welcome. What are you tradinf the CHF against? And, you promised to give us your reasoning behind taking the trade.
