I'm Done...

[Rande Howell 10]

Hello All

 

Having traded for almost three years as a "full-time" trader, I am of the opinion, it is one of the hardest endeavors you can ever undertake,

Its true that most traders will never acquire the mindset and skills necessary to do well in this business, however, if you can dig deep in your psyche, you will realize the emotional toughness and discipline that is required to succeed, if you can do that, it will lead to a path of self discovery in its purest form, anyone that's been there will understand exactly what I mean,

to others it will only be a cliche, Good luck

 

Very few people come off the shelf ready for trading. And, as you declare here, it takes a real commitment to the re-organization of the self to bring the potential that trading offers from the realm of possibility into the state of mind that actually trades.

 

Good for you pipsmasterone. I appreciate your openness to change and to the act of becoming.

 

Rande Howell

[forexfilms 10]

Just like everything else it takes commitment to do well trading. You can get a job and make a living in any industry without knowing much about the industry you're in but to really succeed you have to stay committed and do research and keep trying. Treat your trading like a business and not like a day job and you will go far.

[targus 10]

Well, after 18 months of researching, demo trading, live trading, webinars, trading groups, books, magazines, I have finally decided to throw in the towel. I hate giving up, but I have a family to support and this just ain't workin', so back to looking for another 9-5 hum drum job - oh well. Good luck to everyone...

 

Mark167

 

I use the attached and it works most of the time, I add other things to it just for comfort, you can download the free synergy compassfx, you would be hard pushed to fail with this little set-up. I trade the 4hr and make decent pips week in week out, so go take a look for yourself.

[targus 10]

Here is another example, I was long on the 4hr and exited near the top fib. The mouteki indicator (not always reliable) also gave a projected signal down, synergy started to hook over, when cable reaches near the bottom fib or more importantly synergy signals a buy I will be long again today or tonight. The daily is bullish with a bull cross and synergy is pointing to the upside, many times I will place a trade on the 4hr and nearly always get my pips.... Hope this helps other newbies like myself out there, I have been trading this system for some months now and every week I easily get 200 pips if not more on cable. Until I find something better and while I am still learning this is my full system, so lets help each other and Mark of course, show your systems not words, your full systems, MM is not even worth worrying about if you have no system and no edge, show this forum your edge with real charts, what, where and why, just like I have done here...

[secondmouse 10]

Let me start off by saying that I know next to nothing. I've been on the outside looking in for several months now, and all I've managed to do so far is develop an instinct for which "gurus" are selling snake oil (99.99% of them), and I've also isolated maybe half a dozen trading books, from the hundreds on Amazon, that might provide some true trading knowledge.

 

I've come to this site to try to learn from my betters, but it must be a case of "pearls before swine" (just to clarify, I would be the "swine" in question) because, even though I know that you folks are imparting valuable information in your posts, I often can't make heads or tails of what you're saying. God love you, this is second nature to you, and you often use a type of shorthand that is virtually incomprehensible to the uninitiated.

 

Dear Targus, would please explain to me what you mean by "...synergy started to hook over, when cable reaches near the bottom fib..."? I'm assuming "fib" refers to Fibonacci, and I know what the words "cable" and "synergy" mean in a general sense, but what do they mean in your context? Also, what does "MM" stand for (if it's something completely obvious, I'm going to be pretty embarassed)?

[targus 10]

Let me start off by saying that I know next to nothing. I've been on the outside looking in for several months now, and all I've managed to do so far is develop an instinct for which "gurus" are selling snake oil (99.99% of them), and I've also isolated maybe half a dozen trading books, from the hundreds on Amazon, that might provide some true trading knowledge.

 

I've come to this site to try to learn from my betters, but it must be a case of "pearls before swine" (just to clarify, I would be the "swine" in question) because, even though I know that you folks are imparting valuable information in your posts, I often can't make heads or tails of what you're saying. God love you, this is second nature to you, and you often use a type of shorthand that is virtually incomprehensible to the uninitiated.

 

Dear Targus, would please explain to me what you mean by "...synergy started to hook over, when cable reaches near the bottom fib..."? I'm assuming "fib" refers to Fibonacci, and I know what the words "cable" and "synergy" mean in a general sense, but what do they mean in your context? Also, what does "MM" stand for (if it's something completely obvious, I'm going to be pretty embarassed)?

 

 

Synergy is just yet another ...way of trading, there are many, synergy is the name of a system developed by some guy called Dean Malone who many say is another snake oil etc., but he has his followers at $/£ per head so it is a nice pay check for him etc., over at FF 'forex factory' a guy has adopted this method and called it his own by the name of 'Trading Made Simple'. It seems to work, provided you use something else as a confirmation to take the trade, for now I also use a Mouteki method to enter a trade which is basically a trendline trend method. MM stands for money management, ie., do not use more than 1/2/3% or your cash, this way you will stay in the game for longer, not blow your account while you iron out your mistakes no doubt. Fibs are fibonacci, which I find very powerful and always have them on my charts and my best indicator as to where price is going, hook over is when the stochasticts starts to curl over, its time to exit. The attached chart is cable, gbp/usd which is possibly just about to go long after a big drop, Mouteki has had a signal to buy for some while now, however, I will not enter until the Ashi candles go blue, 1 or 2 blue candles, AND the bottom Stochastics (synergy) green has crossed red, then I will go long and place my stop loss asap as the trade moves in my direction.

 

I use a demo account for charting purposes and place trades with Oanda. With Oanda you can just put in as little as £100 or preferably a bit more ie £300 and start trading, with Oanda you are not allowed to use more than 2.5% of your equity anyway, nevertheless, you will quickly build this up if you follow the above. Oanda are good as they offer a speedy platform, bona fide registered broker, if you are trading gbp/usd do not use a stop loss unless it is something like 300pips!! because of the spikes, stay firm when these happen. When you are really comfortable open another account where the leverage is much higher.

[targus 10]

Synergy is just yet another ...way of trading, there are many, synergy is the name of a system developed by some guy called Dean Malone who many say is another snake oil etc., but he has his followers at $/£ per head so it is a nice pay check for him etc., over at FF 'forex factory' a guy has adopted this method and called it his own by the name of 'Trading Made Simple'. It seems to work, provided you use something else as a confirmation to take the trade, for now I also use a Mouteki method to enter a trade which is basically a trendline trend method. MM stands for money management, ie., do not use more than 1/2/3% or your cash, this way you will stay in the game for longer, not blow your account while you iron out your mistakes no doubt. Fibs are fibonacci, which I find very powerful and always have them on my charts and my best indicator as to where price is going, hook over is when the stochasticts starts to curl over, its time to exit. The attached chart is cable, gbp/usd which is possibly just about to go long after a big drop, Mouteki has had a signal to buy for some while now, however, I will not enter until the Ashi candles go blue, 1 or 2 blue candles, AND the bottom Stochastics (synergy) green has crossed red, then I will go long and place my stop loss asap as the trade moves in my direction.

 

I use a demo account for charting purposes and place trades with Oanda. With Oanda you can just put in as little as £100 or preferably a bit more ie £300 and start trading, with Oanda you are not allowed to use more than 2.5% of your equity anyway, nevertheless, you will quickly build this up if you follow the above. Oanda are good as they offer a speedy platform, bona fide registered broker, if you are trading gbp/usd do not use a stop loss unless it is something like 300pips!! because of the spikes, stay firm when these happen. When you are really comfortable open another account where the leverage is much higher.

 

Forgot, only trade the 4hour timeframe in the main direction of the daily!

[secondmouse 10]

Targus, thank you for your detailed explanation. Admittedly, some of it is still somewhat opaque to me, but that's due to the current state of my knowledge and is certainly not your fault. Thanks again, and good luck with the GBP/USD.

[targus 10]

This is for I'm Done...also for Newbies...bear in mind I am still a newbie but my success with the following method has been pretty good to say the least.

 

Two attached charts, Daily and the 4hr timeframe. Indicators on these charts are:

 

Korharmonics and Zup92version, these are harmonic Gartley pattern indicators, you need both, you can download Kor at the Ampzone and Zup at forex std.

 

Compassfx, is where you can download the Stochs (when red crosses green on the 4hr timeframe and you have one blue ashi candle - this is a buy signal).

 

Mouteki indy over at FF, useful. (just a take on DeMark).

 

Fibs, google mt4 fib extensions, you will find generally price will honour the fibs, only trade at a minimum the 4hr timeframe and enter on this timeframe, only in the main trend direction of the daily timeframe. If your entry is a bit off or a sudden news spike comes out which they often do, the daily, your main timeframe will pull you back out of trouble, albeit this may take a couple of hours or the rest of the day. Be calm. Do not use a stop loss, use a mental one as they say or at least 2/300 pips.

 

Gbp/usd is the best pair to trade, she is very skittish, but you will get large pip runs, your stop loss needs to be wide or none. From the open if cable goes either way more than 40pips she usually carries on in that direction for the rest of they day, I read this probability has more than a 75% outcome, I found this to be the case.

 

Open a £200 a/c with Oanda and a demo with xyz for your charts. You need to open a real account to feel the pain at a comfortable level financially until you have a greater understanding/respect and belief in yourself and your systems. With a £200 a/c your per pip value will only be worth £0.35p approx., no big deal, but this little method can double your £200 in a short while and swell your experiences, You cannot blow your account with Oanda as they limit your maximum loss to 2.5% so you stay in the game longer unlike most other brokers.

 

You will also see a regression channel indicator and how price respects this on my charts, all of these indys are freely available.

 

I attach a pdf for Trading in the Zone, by Mark Douglas, whilst there is a fair bit of fluff in this book, it is nevertheless a very worthwhile read.

 

On the daily chart you will see a Head and Shoulder pattern that occured on the daily timeframe which has been lurking around for many days, this alerted me to the fact that a big drop would happen I just did not know when, however, when the 4hr timeframe told me to sell this was the when, over 200pips. After this very nice drop I waited for the signals to buy, these signals came in with a harmonic pattern/green crossing red on the synergy indicator. I am now long. On Monday we have the news coming out with Greece so on this occasion I would of course put a stop loss in at say 150pips if I could not be at my screen. You can trade this system with a job.

 

Like you, whoever many you are, I look forward to hearing about other systems that exist with our fellow traders who are far more experienced and profitable, sadly none are forthcoming as of yet. My wish is that the above will help someone as it has for me for many months now.

 

Trade well and prosper.

4 hour trend lineMOUTEKI.doc

Mark_Douglas_-_Trading_in_the_Zone.pdf

[Dutchie 10]

Well, after 18 months of researching, demo trading, live trading, webinars, trading groups, books, magazines, I have finally decided to throw in the towel. I hate giving up, but I have a family to support and this just ain't workin', so back to looking for another 9-5 hum drum job - oh well. Good luck to everyone...

 

 

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

Persistence is the Key!

[avir4tg 10]

I'd like to offer both congratulations (in a positive way) to this trader for giving trading a shot and knowing when to walk away. We regularly read about have a "trading or business plan." Anyone that's ever started a new business knows the importance of having an exit strategy. I submit our trading plans must also have an exit strategy.

 

From my experience engaging with other traders, trading with risk capital is often not the case. They may start with risk capital, but then quickly turn to any capital when things go bad. From there it's a slippery slope.

[GDR 10]

I'd like to add a couple of comments to I'm done as well. The road to successful trading involves a complex mix of skills and tools, none of which are apparent at the start. The best advice I ever got was don't quit yer day job, till you are profitable on a monthly basis, and can remove cash flow from you business and build your account.

There are several ingredients which have become important to me over the years. The first as is well articulated in this forum is learning to trade and I would add, trade a system that makes sense to you AND you understand. This means you must strive to learn what the indicators are and what they are telling you and in what sense, i.e. lagging, leading etc. traders must understand charting.

I strongly believe it takes a while for traders to discover which instrument they are suited to trading, and this can make a world of difference to see a chart build over the day in something the trader feels comfortable with. Great money can be made in high speed oil and slow mundane bonds, and everything in between.

The best traders I've met all said " Don't Ever Give Up". This does not mean trading for a living when you can't afford to, but keep up your learning and skill set, you just haven't found the right training and tools.

Build you library, there a dozen books at the top of the list" Every Trader Should Have" . They don't cost a lot, collect books that interest you and keep going. You can "trade" stocks in a retirement account, use sim accounts or any other avenue as suggested by other posts in your thread.

Stopping trading and losing your grip on the need to make money and turning your focus to being a good trader will help immensely in turning the corner. Going back to a 9-5 might hurt a bit, and be a hidden gem that propels you forward, and perhaps gives your kids a chance a growing up in a trading family, a platform for them to be financially secure for the rest of their lives and never have to worry about finding secure income or being stuck in a job they hate.

Best Wishes

[steve46 12]

Sir (to the original poster)

 

If you are still out there, I will TRY to help you....no strings no cost to you...I have been working on a system that retail traders can use.........I will need to know that you have sufficient discretionary funds so that you are not jeopardizing your family or your home. PM me

 

Steve

Edited December 17, 2011 by steve46

[bobcollett 10]

Dear pipsaholic

Have you ever read Eddie Koppel?

He might just change your approach

He changed mine!!!!!

Kind regards

bobc

[steve46 12]

You know its interesting....I have written several threads all of which are aimed at helping traders...free information....for anyone interested or having difficulty learning how to trade.

 

"Ideas for Struggling Traders"

 

"An Institutional Look at S&P Futures"

 

"Trading Adverse Events"

 

Within each thread are a number of thankyou's and of course some negative comments.

 

and each year during the holidays I try to help a few folks (no charge) and all I ask them to do is to donate money to their own charity at Christmas...I leave it up to them how much.

 

How many have you written? please go ahead and list them.....

[bobcollett 10]

You know Bob, each time you post a stupid comment (and there have been so many)

 

you take a bit of a verbal ass whipping....and you take it with such good grace....

 

Clearly it burns you a bit.....and yet like some mentally challenged child you show up again

 

as though you have learned nothing....

 

Do you remember the comment about your father-in-law?.....now given this continuation of your impressive (lets called stunning) stupidity....shall we re-visit that subject...

 

I for one, understand exactly how he felt...fearful that his daughter was about to marry an idiot

 

sorry to be so blunt...Oh and Bob

 

I would rather be a pisaholic that an obvious piss drunk alcoholic....by all means have another drink

 

Good night everyone....

 

Good old Steve

Back again are you.

The Negotiator said he was sorry to see you going as you always posted such well thought out posts.

Reading your post to onesmith ,I wonder....

regards

bobc

 

PS Its Sunday morning here in SA so I guess I will have some wine in church.

[onesmith 10]

Steve46,

 

Yesterday after seeing you called out (on a different topic) by a respected trader / valuable contributor, I wanted to know your history so I read all your posts. My conclusion was to put you on ignore for lack of content and consistently promoting paid tutoring. Your posts clutter the forum. Dilute content.

 

Today I received notification of a new post but the forum indicated the post (by you) wasn't available because I had you on ignore. I removed the ignore because this topic had a previous insightful post (by someone other than you). That's why I am subscribed.

 

I choose to honor my committments to myself. I prefer the subset of results I attain from a permanent ignore list.

 

 

Sir (to the original poster)

 

If you are still out there, I will TRY to help you....no strings no cost to you...I have been working on a system that retail traders can use.........I will need to know that you have sufficient discretionary funds so that you are not jeopardizing your family or your home. PM me

 

Steve

Edited December 18, 2011 by onesmith

[donkeykong 10]

trading is not worth it if you don't have a strategy.

I learn somthing new then test it, then fail, then leave trading for months.

Then i find somthing new, try it and fail.

 

I think it's fun to try.

I never think of trading as my source of income.

I used to trade forex, now i am going to try my luck in futures.

[zdo 20]

Markl67, in case you haven't found a job after all these years...

 

TSA Help Wanted - hilarious satire animation about TSA perverts, Janet Napolitano and the Bill of Rights - NaturalNews.tv

 

(... it must be a Very Important Job... else why

USA censorship on the rise as YouTube censors video critical of government; Fox News pulls Judge Napolitano's Freedom Watch

?

)