The Lounge

[Kiwi 16]

You always have to ask why you're here too.

 

I almost never learn anything new on a board. I learned (or got inspired to realize) something new at Forex Factory back in January. I learned something new when a bunch of forex traders here got to chatting. I got inspired to realize the importance of something when I slogged thru the trend dynamics stuff. Actually, that's a lot in one year! I'm not sure I learned anything new in 2007 so 2008 rocks!

 

I still go to elite for entertainment and because there is the odd discussion there that really reaches a very high level for a short time (there are some very very experienced traders there), here for entertainment and the possibility of something new, and T2W for entertainment mainly. Once I'd got that learning out of ff there didn't seem much reason to keep going back there.

[firewalker 10]

After he publicly declared Bear Stearns was fine, three days or so before it got sold, Jim Cramer will probably get more infamous after people see this:

 

http://www.youtube.com/watch?v=_nkZ3eHeXlc&eurl=http://www.elitetrader.com/vb/showthread.php?threadid=129917

 

:shocked:

Edited June 24, 2008 by firewalker

[myrtleturtle 10]

great SHORT on the Dow this afternoon, FW.

The trigger was pin-point, and in profit immediately.

 

In retrospect, I can see the basing at 11,810 from yesterdays action.

Did you take the initial short from the break of 11,810 or so this morning?

If not, how could you be certain it would rise that far back up?

[firewalker 10]

great SHORT on the Dow this afternoon, FW.

The trigger was pin-point, and in profit immediately.

 

In retrospect, I can see the basing at 11,810 from yesterdays action.

Did you take the initial short from the break of 11,810 or so this morning?

If not, how could you be certain it would rise that far back up?

 

Thanks and good question. I'm looking at the September futures contract, and 809 is the low of yesterday, but the majority of the lows of the price bars - or whatever representation you use - seems to be contained between 810 and 820.

 

There was no way of being 'certain', these are just odds. But most of the time price will just move outside of the comfort zone (whether this is to stop people out or not is debatable). I had my stop at 830 but if I did get stopped out on a larger spike and price moved lower afterwards, I'd re-shorted. If it only went to 800 I would not have taken it and skipped the trade. I'd rather be wishing I was in, then wishing I was out...

 

I don't trade the morning sessions anymore. I used to sit in front of the screen all day trying to look for a trade, now I prefer to do some other things and just focus on the US session. There's more liquidity and (most of the time) price moves around a lot faster. Plus, sitting on my b**t all day isn't good to keep in shape

 

Good trading!

 

PS: If you didn't short at the open straight away, there was another opportunity just 7 minutes later.

[BuzzLightYear 10]

Hi everyone

 

Just wanted to let you know that I am changing tactics and going to wind down the amount of day trades and go for a more medium term (weeks, maybe months) view. I am involved in a new business so kind of doing 2 jobs at the moment so not much time to be watching the markets during the day. I am going to take positions on the FTSE only and then hold it till it makes profit. I have built my pot upto a stage where I can average my position right down and can afford for the FTSE to go down to about 3000 before I would be really worried. Will add positions at every 100ish points. At the moment I am holding 2 longs ftse august, one at 5541, one at 5505. Will add another at 5400 and so on. Then will be looking to short if we get back upto 6400 level. I am a great beliver in the contrarian view and though I wont get the top or bottom, as long as I can cover the position and average then fingers crossed it should be ok. Good luck everyone, will still be hanging around but wont be posting so much in the live trades forum.

 

Thanks

Buzz

[firewalker 10]

Hi everyone

 

Just wanted to let you know that I am changing tactics and going to wind down the amount of day trades and go for a more medium term (weeks, maybe months) view. I am involved in a new business so kind of doing 2 jobs at the moment so not much time to be watching the markets during the day. I am going to take positions on the FTSE only and then hold it till it makes profit. I have built my pot upto a stage where I can average my position right down and can afford for the FTSE to go down to about 3000 before I would be really worried. Will add positions at every 100ish points. At the moment I am holding 2 longs ftse august, one at 5541, one at 5505. Will add another at 5400 and so on. Then will be looking to short if we get back upto 6400 level. I am a great beliver in the contrarian view and though I wont get the top or bottom, as long as I can cover the position and average then fingers crossed it should be ok. Good luck everyone, will still be hanging around but wont be posting so much in the live trades forum.

 

Thanks

Buzz

 

Thanks for letting us know Buzz. I wish you all the best with your new strategy and approach. I hope it brings you all the profit you hope for

[gilligullu 10]

Hello boys,

 

Just came back from Hong Kong and this place seemed pretty quiet for the last few weeks. Hope everyone is doing well.

 

Over the holidays I have been thinking about going full time, but I was hoping to go into a firm or arcade so I can get some mentoring. I was wondering what did you guys considered and what do you find to be the most difficult in trading full time?

 

Would also appreciate if you guy could give some names or firms that you need is hiring, as I have sent out a few CVs and have heard nothing back. Its making me very sad....:smoking:LOL

 

Cheers,

Matt

[firewalker 10]

I'd like to inform everybody that I'll be taking some time away from the markets.

 

Several elements, some from my personal life, some from trading, have got me distracted and left a bit adrift. I feel I need to take some time out to find myself back and focus on that. This means I'll probably not be posting much live trades or posting a whole lot in the coming time.

 

Basically, I need to get everything else which can be possible distracting or emotionally disturbing out of the way. This isn't an easy task, as I had some elements from my private life coming in between. I was surprised to find myself subject so strongly, to that extent that they impacted my trading performance in a rather negative way.

 

I hope those who are contributing to the threads, will continue to do so, in my absence. I'm not sure how long this will last, I'm not taking a holiday or anything but right now I'm not in the optimal state to trade (to say the least)...

 

Wishing everybody the best.

Talk soon.

[Hlm 10]

I'd like to inform everybody that I'll be taking some time away from the markets...

 

Basically, I need to get everything else which can be possible distracting or emotionally disturbing out of the way...

Been there, done that...and I wish you the best through the process. There will always be a market to come back to...even if it's dealing chickens out the back of a truck.

 

Take care and see you on the other side.

[Phil Mibbutz 10]

I'd like to inform everybody that I'll be taking some time away from the markets.

 

Several elements, some from my personal life, some from trading, have got me distracted and left a bit adrift. I feel I need to take some time out to find myself back and focus on that. This means I'll probably not be posting much live trades or posting a whole lot in the coming time.

 

Basically, I need to get everything else which can be possible distracting or emotionally disturbing out of the way. This isn't an easy task, as I had some elements from my private life coming in between. I was surprised to find myself subject so strongly, to that extent that they impacted my trading performance in a rather negative way.

 

I hope those who are contributing to the threads, will continue to do so, in my absence. I'm not sure how long this will last, I'm not taking a holiday or anything but right now I'm not in the optimal state to trade (to say the least)...

 

Wishing everybody the best.

Talk soon.

 

 

Good luck, FW. We'll try to hold the fort in your absence.

[JT1 10]

Good luck Firewalker. See you whenever.

[wasp 10]

Wouldn't it be a shame Firewalker, if all the T2W members suddenly repped me over on T2W and put me at the No1 place. I'm only one green dot behind you!!!

 

(hint, hint, nudge, nudge, wink, wink, know what I mean!)

[firewalker 10]

Wouldn't it be a shame Firewalker, if all the T2W members suddenly repped me over on T2W and put me at the No1 place. I'm only one green dot behind you!!!

 

(hint, hint, nudge, nudge, wink, wink, know what I mean!)

 

Ha, but I'll still have more thankyou's on this site :haha:

[wasp 10]

Ha, but I'll still have more thankyou's on this site :haha:

 

Bleedin' ell, just noticed that! I'm not even going to try over here!

[wasp 10]

Thanks chaps, now just need one green dot to become #1 over there!!!

 

EDIT: make that 2... damn you firewalker!

Edited August 7, 2008 by wasp

[wasp 10]

I have people on the inside firewalker.

 

I know just how many rep points ahead I am.

 

I also know you have been checking on the list.

 

Give it up! :haha:

[wasp 10]

RE: topic of the month

 

That's plagiarism you know Firewalker! Thought we left that on that other board!!!

[firewalker 10]

RE: topic of the month

 

That's plagiarism you know Firewalker! Thought we left that on that other board!!!

 

I thought I left YOU on the other board :o

boy was I mistaken!!

[wasp 10]

I thought I left YOU on the other board :o

boy was I mistaken!!

 

Didn't leave me behind in the reputation stakes, that's for sure!

[firewalker 10]

to keep you busy

 

http://cognitivefun.net/test/5

 

not that easy!

[Dinos 10]

Just a quick thought guys, seems to have been a small debate between taking small points regularly or running longer positions to make a living, survive or generate wealth.

 

I do think each to their own, and the type of trading they do, Direct Access, which is generally costly in deposit terms against the Spreadbetters who do offer obscene leverage.

 

For me, I prefer the Spreadbetting and generally use a set points gain per day with a leverage I feel comfortable with and can afford to use. I trade one timeframe, wait for the trend to develop and them join the trend, safe in the knowledge I will get my target.

 

I like the consistency of entering the market with a preset goal, get it and get out with no prolonged exposure to the market forces.

 

Can such a system build wealth?, certainly, discipline and patience together with a sensible attitude to stops, you can build wealth as easily as allowing a trade to run large pips.

 

For me, I trade 2 trades a day of 10 points, trading with the trend only in a rising/falling market, never try guess/anticiptae tops and bottoms, I use leverage at a level I am comfortable, enabling me to earn my living and generate excess to my weekly requirement to build wealth, I won't get greedy, with stupid levels of leverage, it can bite you on the ass.

 

So if you trade picking up 2,3,5,7,9 points here and there to a predifined target, there is no reason, why you cannot build wealth.

 

A friend of mine deals FX, he trades £20.000.000 lots, (thats right) not a typo a go, his target 3 point move per trade, 9 points per day, same as me, trading the trend only, he ha made a fortune.

 

So the final point, each to their own, if it works for you, then do it.

 

Back off to enjoy the sun and the remaining 2 weeks of my holidays.

 

bye for now

 

Rob

[wasp 10]

A friend of mine deals FX, he trades £20.000.000 lots, (thats right) not a typo a go, his target 2 point move per trade, 10 points per day, same as me, trading the trend only, he ha made a fortune.

 

In an ideal world, I would trade at the euqivilant of £1000 per pip, take 100 pips a week (easy in FX) and I would be happy as Larry. If I only had the capital!

 

In the meantime. Personally I run two books. One I attempt to build and compound and the other a weekly wage. The goal being the above.

[firewalker 10]

A friend of mine deals FX, he trades £20.000.000 lots, (thats right) not a typo a go, his target 3 point move per trade, 9 points per day, same as me, trading the trend only, he ha made a fortune.

 

 

Interesting friends you have Dinos

 

I just wonder, what happens when he suffers slippage from news or something unexpected? He must not allow a trade to go against him much then...

[smbtnt 10]

Just a quick thought guys, seems to have been a small debate between taking small points regularly or running longer positions to make a living, survive or generate wealth.

 

I do think each to their own, and the type of trading they do, Direct Access, which is generally costly in deposit terms against the Spreadbetters who do offer obscene leverage.

 

For me, I prefer the Spreadbetting and generally use a set points gain per day with a leverage I feel comfortable with and can afford to use. I trade one timeframe, wait for the trend to develop and them join the trend, safe in the knowledge I will get my target.

 

I like the consistency of entering the market with a preset goal, get it and get out with no prolonged exposure to the market forces.

 

Can such a system build wealth?, certainly, discipline and patience together with a sensible attitude to stops, you can build wealth as easily as allowing a trade to run large pips.

 

For me, I trade 2 trades a day of 10 points, trading with the trend only in a rising/falling market, never try guess/anticiptae tops and bottoms, I use leverage at a level I am comfortable, enabling me to earn my living and generate excess to my weekly requirement to build wealth, I won't get greedy, with stupid levels of leverage, it can bite you on the ass.

 

So if you trade picking up 2,3,5,7,9 points here and there to a predifined target, there is no reason, why you cannot build wealth.

 

A friend of mine deals FX, he trades £20.000.000 lots, (thats right) not a typo a go, his target 3 point move per trade, 9 points per day, same as me, trading the trend only, he ha made a fortune.

 

So the final point, each to their own, if it works for you, then do it.

 

Back off to enjoy the sun and the remaining 2 weeks of my holidays.

 

bye for now

 

Rob

 

 

What is your friends stop loss Dinos? and 20Mill thats £2000 per pip?

[Dinos 10]

Hi smbt

 

Yes, will be about £2K per pip, stops, not sure how he works them, but I do know, he's very astute on his entry, defined trend trading only, and precise entry of the t/f he uses.

 

Its mickey mouse money to me, cannot imagine it in the least, frightening thought is, and I don't know, what his total wealth is, but he talks about his trades as though its a couple of hundred quid., Those that have, and then theres the rest of us,

 

When I meet up with him on my return, I breach his use of stops and see how we may be able to take a lead from them. Computer off now until end of Aug, see you all then, bye:ciao: