12/1/2006 2:22:51 AM Sell EUR USD 1L 1.3265
12/10/2006 8:54:10 PM Buy EUR USD 1L 1.3147
Finally some profit here +118, waiting to short again @1.3240
2006/12/11
2006/11/30
Forex Brokers: Forex.com aka gain capital group
Forex Brokers: Forex.com aka gain capital group : ...First experience in FX was with them. Absolutely horrid platform. Of dealing desk brokers, hard to get any worse, only ACM lies with them at the bottom of the barrel. Their rollover policies royally suck and they have all the disadvantages of a dealing desk broker with none of the advantages...
A novice looking for a broker will look firs for a reliable brokers not testing at least 4-5-6-more brokers. And this is a BIG mistake. Beside the trust in your broker, very important, if not most important, is to FEEL CONFORTABLE with that broker when trading!!!
A novice looking for a broker will look firs for a reliable brokers not testing at least 4-5-6-more brokers. And this is a BIG mistake. Beside the trust in your broker, very important, if not most important, is to FEEL CONFORTABLE with that broker when trading!!!
Euro short closed. Stop lose hit
Stop lose hit here.
Trading totals for November - 26 pips.
Tomorow will start another month. Very sad...
Trading totals for November - 26 pips.
Tomorow will start another month. Very sad...
2006/11/29
sort eurusd at 1,3173
It is time to go tactically sort eurusd at 1,3173. stop at 1,3235. target 1,2900-1,3000.
2006/11/27
Thanksgiving forex firework. Learning from the sharks
I`m aside now. Already for 1 week. Still very confused regarding last 3 days USD fireworks. In fact Eur and GBP fireworked, USD losing ground very unexpected. Again it looks like a subtle plan to be done on thanksgiving holidays. Will wait to see the second part of the plan, learning from that sharks is good thing but almost all the time it is hidden. Now, in the light of last currencies market it is a bit easier to enlighten how it "works"... ;-)
Forex Shark(s):
Forex Shark(s):
2006/11/24
little or no price action
Think all week many expected little or no price action and wanted to discount it early on as it began unfolding. Contrary to contrary opinion as it is all part of the plan being carried out beautifully.
Eur/Usd MACD divergence and 3rd trendline
Hi there
Not too active last days, just observing, analyzing, planning.
On the image bellow, possible, i did find the strategy for the next 10 days.
Not too active last days, just observing, analyzing, planning.
On the image bellow, possible, i did find the strategy for the next 10 days.
Next 2 4-hours candles have to confirm it.
Have fun, losers!
2006/11/23
TRADING: A MIND GAME
TRADING: A MIND GAME
Must change my mental attitude first from a normal person to that of a speculator.
Almost all traders simply waste all their time trying to learn the easiest part in perfection, like about how to read data and charts, and trying to perfect entry and exit skills, etc.
Trading is a mind game and without having a right frame of mind, it is a losing game even before it starts.
Training a trader`s mind is the first step for any successful trader but almost all new traders neglect that part and that explains why more than 95% of traders are a failure in the long run.
Acquiring the knowledge of the market is not difficult for anyone with average intelligence after a few years of hard study in the market. But it is neither the level of intelligence nor the knowledge that decides the outcome of the market operations of a trader. It is the decision making process that is so hard for most traders to overcome and that is the main reason for a success or a failure for all the traders. Some find it easy to make decisions and stick to it and most find it so hard to make decisions and stick to it. Unfortunately, any decision making process in trading is a pain-taking process and humans tend to avoid pains and go for pleasures even if for temporary ones. Assuming one has acquired enough market knowledge and acquired one`s proven trading system (this is the second most important element of success in trading, in fact. An edge in any system is based on the quality of info one has, charts being only an info of secondary quality not the best one)
Through studies and research, a trader faces the task of making decisions to put this knowledge and system into practice. Then, how many traders can honestly say they can commit their ranch when the trade is suggested by their own system (given that trading is just a chance game) and let the profit run for weeks and months when their system tells them, and how many can manage to cut the loss as a routine process when the situation arise. It all sounds so easy when saying it but so difficult when doing it affecting real money in the market. I still do not sleep well when I am running position because even if the profits are running into a few hundred dollars and the system is telling you to carry on, there is no guarantee that the profit will turn into a yard or two in a month time, and it may even turn into a loss in a day or two when something unexpected happens. A painstaking process in real sense. The pain is not knowing what will happen in the future and in fear of losing. So at the end of the day, assuming one has decent trading system and market knowledge and decent info, it is ultimately how disciplined and how well that trader can take the pain of making right decisions at the right time that decides the outcome of the trades. Hence I call trading a mind game. When I interview prospective young traders, I always look for disciplined and strong-willed person as my first priority as long as one has decent education, but strangely in many cases, it is some kind of genius or half-genius with lots of brains with no disciplines who turn up for an interview thinking only bright people can make good traders.
----------------------------------
respects to Shanghai BC from global-view Forex Forum
Must change my mental attitude first from a normal person to that of a speculator.
Almost all traders simply waste all their time trying to learn the easiest part in perfection, like about how to read data and charts, and trying to perfect entry and exit skills, etc.
Trading is a mind game and without having a right frame of mind, it is a losing game even before it starts.
Training a trader`s mind is the first step for any successful trader but almost all new traders neglect that part and that explains why more than 95% of traders are a failure in the long run.
Acquiring the knowledge of the market is not difficult for anyone with average intelligence after a few years of hard study in the market. But it is neither the level of intelligence nor the knowledge that decides the outcome of the market operations of a trader. It is the decision making process that is so hard for most traders to overcome and that is the main reason for a success or a failure for all the traders. Some find it easy to make decisions and stick to it and most find it so hard to make decisions and stick to it. Unfortunately, any decision making process in trading is a pain-taking process and humans tend to avoid pains and go for pleasures even if for temporary ones. Assuming one has acquired enough market knowledge and acquired one`s proven trading system (this is the second most important element of success in trading, in fact. An edge in any system is based on the quality of info one has, charts being only an info of secondary quality not the best one)
Through studies and research, a trader faces the task of making decisions to put this knowledge and system into practice. Then, how many traders can honestly say they can commit their ranch when the trade is suggested by their own system (given that trading is just a chance game) and let the profit run for weeks and months when their system tells them, and how many can manage to cut the loss as a routine process when the situation arise. It all sounds so easy when saying it but so difficult when doing it affecting real money in the market. I still do not sleep well when I am running position because even if the profits are running into a few hundred dollars and the system is telling you to carry on, there is no guarantee that the profit will turn into a yard or two in a month time, and it may even turn into a loss in a day or two when something unexpected happens. A painstaking process in real sense. The pain is not knowing what will happen in the future and in fear of losing. So at the end of the day, assuming one has decent trading system and market knowledge and decent info, it is ultimately how disciplined and how well that trader can take the pain of making right decisions at the right time that decides the outcome of the trades. Hence I call trading a mind game. When I interview prospective young traders, I always look for disciplined and strong-willed person as my first priority as long as one has decent education, but strangely in many cases, it is some kind of genius or half-genius with lots of brains with no disciplines who turn up for an interview thinking only bright people can make good traders.
----------------------------------
respects to Shanghai BC from global-view Forex Forum
2006/11/19
Forex PsYchology: Straight from the heart
Forex PsYchology: Straight from the heart ...
Straight from the heart
Trading is a battle against human survival instinct. It takes a long time to have a person's brain rewire to the point where trying to survive doesn't override what that person does during the middle of it when the heat gets turned up. Everyone loses accounts their first year no matter how well they were consistently doing demo trading because when emotions start happening it literally stops a person from being able to press the button out of pure fear.
Straight from the heart
Trading is a battle against human survival instinct. It takes a long time to have a person's brain rewire to the point where trying to survive doesn't override what that person does during the middle of it when the heat gets turned up. Everyone loses accounts their first year no matter how well they were consistently doing demo trading because when emotions start happening it literally stops a person from being able to press the button out of pure fear.
2006/11/16
Analyzing trades. November
I was analyzing November trades and got a bit confused, decided to create a table to be updated every time a trade is open/closed and link it from main page.
November trades:
November trades:
| Deal Date.Time | Buy.Sell | Currency | Deal Rate | Deal Date.Time | Buy.Sell | Deal Rate | Profit | |
| START TRADE | CLOSE TRADE | TOTAL | 20 | |||||
| 1. | 11.3.06 4:19 AM | Sell | EUR | 1,2771 | 50 | |||
| 11.3.06 8:32 AM | Buy | 1,2721 | ||||||
| 2. | 11.6.06 7:03 AM | Sell | GBP | 1,8966 | -35 | |||
| 11.6.06 8:24 PM | Buy | 1,9001 | ||||||
| 3. | 11.7.06 4:50 AM | Sell | NZD | 0,6703 | -24 | |||
| 11.7.06 10:32 AM | Buy | 0,6727 | ||||||
| 4. | 11.7.06 4:50 AM | Sell | EUR | 1,2764 | -23 | |||
| 11.7.06 8:58 AM | Buy | 1,2787 | ||||||
| 5. | 11.8.06 3:14 AM | Sell | EUR | 1,277 | -30 | |||
| 11.8.06 4:07 AM | Buy | 1,28 | ||||||
| 6. | 11.8.06 4:39 AM | Sell | GBP | 1,9081 | 67 | |||
| 11.8.06 9:37 AM | Buy | 1,9014 | ||||||
| 7. | 11.9.06 3:56 AM | Sell | GBP | 1,9074 | 57 | |||
| 11.9.06 8:22 AM | Buy | 1,9017 | ||||||
| 8. | 11.13.06 1:47 AM | Buy | EUR | 1,287 | -25 | |||
| 11.13.06 4:34 AM | Sell | 1,2845 | ||||||
| 9. | 11.13.06 4:36 AM | Sell | EUR | 1,2844 | 9 | |||
| 11.15.06 5:11 PM | Buy | 1,2835 | ||||||
| 10. | 11.16.06 | Sell | EUR | 1,281 | -26 | |||
| 11.16.06 8:30 AM | Buy | 1.2836 | ||||||
One trade closed tonight. Another one Euro short just opened
Previous position update...
...Stops moved (trailing by hand): SL to 1.2835 TP - 1.2747
Stop lose hit point in point. That trade closed.
----------------------------------------------
New trade entered here:
11/16/2006 6:18:49 AM Sell EURO USD 1.281
SL to 1.2836 TP - 1.2747
----------------------------------------------
What i`m doing this month as a veritable forex loser trader:
The old adage "You have to have money to make money" is true. Without the necessary starting capital, i used taking too great risk in the past for too little reward. Now i`m considering my risk/reward profile for EVERY trade. Better FOR ME is a very close Stop Lose. Before counting my profits, considering first what i have to lose in the event the trade goes against me. Mean time i`m improving myself on a better Stop lose point calculation for every trade.
As a trader i`m in business for myself and i must proceed accordingly by preserving my capital.
Great quote about trader evolution to stick (don`t know its autor):
1. first you learn how to lose money
2. then you learn how not to lose money
3. then you learn how to make money
...most traders stay at (1.) and then eventually quit
I think i should mention some stats data: 10 November. No currencies traded today 62 pips - Euro long position closed by stop lose -25 pips + Forex markets another day in paradise 12 (with 3 earned pips on rollover) = 49 pips profit for November.
The updated trades score losers to winners up to now 6 / 3.
...Stops moved (trailing by hand): SL to 1.2835 TP - 1.2747
Stop lose hit point in point. That trade closed.
----------------------------------------------
New trade entered here:
11/16/2006 6:18:49 AM Sell EURO USD 1.281
SL to 1.2836 TP - 1.2747
----------------------------------------------
What i`m doing this month as a veritable forex loser trader:
The old adage "You have to have money to make money" is true. Without the necessary starting capital, i used taking too great risk in the past for too little reward. Now i`m considering my risk/reward profile for EVERY trade. Better FOR ME is a very close Stop Lose. Before counting my profits, considering first what i have to lose in the event the trade goes against me. Mean time i`m improving myself on a better Stop lose point calculation for every trade.
As a trader i`m in business for myself and i must proceed accordingly by preserving my capital.
Great quote about trader evolution to stick (don`t know its autor):
1. first you learn how to lose money
2. then you learn how not to lose money
3. then you learn how to make money
...most traders stay at (1.) and then eventually quit
I think i should mention some stats data: 10 November. No currencies traded today 62 pips - Euro long position closed by stop lose -25 pips + Forex markets another day in paradise 12 (with 3 earned pips on rollover) = 49 pips profit for November.
The updated trades score losers to winners up to now 6 / 3.
2006/11/15
Dollar bullish position
In my opinion my dollar bullish position is right one for this day, but euro has lost bit too less based on its crosses support, his decline not so much as other USD pairs.
Stops moved (trailing by hand): SL to 1.2835 TP - 1.2747
Monitoring eur crosses closest.
Profits to all! (impossible :-) )
Stops moved (trailing by hand): SL to 1.2835 TP - 1.2747
Monitoring eur crosses closest.
Profits to all! (impossible :-) )
Forex markets another day in paradise
Forex markets another day in paradise
No moves yet...
Well another day in paradise. Still alive the EUR USD short position from 13 Nov. It seems markets preparing something special here, let's see what the market will offer.
...Feels like yesterday was a flush before something more meaningful as many (not me) were hacked on the zig-zag.
Euro short position oppened at 1.2844Targets: Stop Lose - 1.2888 Take Profit - 1.2877 and bellow.
If 1.2800 broken and hold the stop will be moved bellow with 35 pips. IF i`ll be on time ;-).
Have fun!
No moves yet...
Well another day in paradise. Still alive the EUR USD short position from 13 Nov. It seems markets preparing something special here, let's see what the market will offer.
...Feels like yesterday was a flush before something more meaningful as many (not me) were hacked on the zig-zag.
Euro short position oppened at 1.2844Targets: Stop Lose - 1.2888 Take Profit - 1.2877 and bellow.
If 1.2800 broken and hold the stop will be moved bellow with 35 pips. IF i`ll be on time ;-).
Have fun!
2006/11/13
Euro long position closed by stop lose
11/13/2006 1:47:33 AM Buy EUR USD 1.2870
Stop Lose - 1.2845 Take Profit - 1.2935
As a test how Central Banks will behave on 1.2880 test. If 1.2840 not hold reverse. For the next 36 hours i`m USD bullish, usd had a decent recovery on friday pushing euro below 1.2850.
------------------------------------------
Position closed by stop lose. (-25) pips here.
------------------------------------------
New Euro short position oppened at 1.2844
Targets: Stop Lose - 1.2888 Take Profit - 1.2877 and bellow.
Have fun!!!
Stop Lose - 1.2845 Take Profit - 1.2935
As a test how Central Banks will behave on 1.2880 test. If 1.2840 not hold reverse. For the next 36 hours i`m USD bullish, usd had a decent recovery on friday pushing euro below 1.2850.
------------------------------------------
Position closed by stop lose. (-25) pips here.
------------------------------------------
New Euro short position oppened at 1.2844
Targets: Stop Lose - 1.2888 Take Profit - 1.2877 and bellow.
Have fun!!!
next 36 hours i`m USD bullish
11/13/2006 1:47:33 AM Buy EUR USD 1.2870
Stop Lose - 1.2845 Take Profit - 1.2935
As a test how Central Banks will behave on 1.2880 test.
If 1.2840 not hold reverse.
For the next 36 hours i`m USD bullish, usd had a decent recovery on friday pushing euro below 1.2850.
Stop Lose - 1.2845 Take Profit - 1.2935
As a test how Central Banks will behave on 1.2880 test.
If 1.2840 not hold reverse.
For the next 36 hours i`m USD bullish, usd had a decent recovery on friday pushing euro below 1.2850.
2006/11/10
10 November. No currencies traded today
I`m feeling a bit confused today. From my previous experience - I have not to trade this day. Very confusing situation for me when I`m not able to get in a trade. Wanna enter GBP short but no confidence... Look at Aug, 08, 2006, never know who what where it goes!
The point here is: no more trades this week!
Updated totals for November:
As showed on An attack to my Forex Loser reputation (5) + GBP / USD trade Closed (57) = 62 pips profit for the first one decade. Critical for a Forex Loser career.
Have a nice week-end, losers ;-) just kidding.
The point here is: no more trades this week!
Updated totals for November:
As showed on An attack to my Forex Loser reputation (5) + GBP / USD trade Closed (57) = 62 pips profit for the first one decade. Critical for a Forex Loser career.
Have a nice week-end, losers ;-) just kidding.
2006/11/09
GBP / USD trade Closed
11/9/2006 3:56:36 AM Sell GBP USD 5L 1.9074
Stop Lose - 1.9107 Take Profit - 1.9017
--------------------------------------------------
Trade closed. Profit: 57 pips.
Very strange intraday situation - with Eur up, when GBP is down;
crosses with higher highs and higher lows for some and lower highs with lower lows on others.
In fact i`m glad the target hit before US Trade Balance numbers.
Stop Lose - 1.9107 Take Profit - 1.9017
--------------------------------------------------
Trade closed. Profit: 57 pips.
Very strange intraday situation - with Eur up, when GBP is down;
crosses with higher highs and higher lows for some and lower highs with lower lows on others.
In fact i`m glad the target hit before US Trade Balance numbers.
09 November trades
Forex trades for
What i see for today:
As far as GBP/USD can not get above 1.91 my view of this pair is ranging -> bearish mode. If 1.9100 broken the pair will tray to get above 1.9150. Almost same situation for GBP/EUR, GBP/JPY crosses!
Trades: short GBP using tight SL above 1.91.
Did open a trade today: 11/9/2006 3:56:36 AM Sell GBP USD 5L 1.9074
Stop Lose - 1.9107 Take Profit - 1.9017
What i see for today:
As far as GBP/USD can not get above 1.91 my view of this pair is ranging -> bearish mode. If 1.9100 broken the pair will tray to get above 1.9150. Almost same situation for GBP/EUR, GBP/JPY crosses!
Trades: short GBP using tight SL above 1.91.
Did open a trade today: 11/9/2006 3:56:36 AM Sell GBP USD 5L 1.9074
Stop Lose - 1.9107 Take Profit - 1.9017
I`m waiting for the action today. Mean time i plan to read and read 2-3 big trucks with information regarding markets, psychology, analyze myself and make routine work.
Have fun!
2006/11/08
An attack to my Forex Loser reputation
Today i`m alive....
Ask yourself if the trades you are in, are trades you would enter right now confidently? if answer is no - cut the loss - go out and get real drunk and start fresh. Gotta take your lumps and move on if you dont like your positions. you will feel better once you do and will be able to be objective again."
Yesterday, Nov, 7 i did want to close both my positions at a some point but was unable to push the buttons. Finally both trades finished to stop loses (trash). Good for my reputation, bad for my account ballance.
Why not to close a trade if you don`t feel 100% confortable with it? Because Next time when i`ll try to close such a position i`ll be 100% wrong.
Enough about yesterday - let`s talk about today!!!
Trade #1
11/8/2006 3:14:19 AM Sell EUR USD 5L 1.277
Stop Lose - 1.2800
Take Profit - 1.2721
Stop lose hit (-30 points)
====================================
Tarde #2
11/8/2006 4:39:39 AM Sell GBP USD 5L 1.9081
Stop Lose - 1.9101
Take Profit - 1.9014
Take profit hit 20 mins ago. Profit (+67 pips)
====================================
Forex activity Statistics:
Total for today: -30+67=37 pips
-------
Updated Total for November:
+50(Nov,3)-35(Nov,6)-24(Nov,7)-23(Nov,7)-30(Nov,8)+67(Nov,8) = +5 points profit up to day.
Lose/Win trades proportion: 4 / 2
=================================
This is a very hard attack to my Forex Loser reputation. I have to apoligize to everybody who believe in me as in a veritable Forex Loser Man! :-)
Ask yourself if the trades you are in, are trades you would enter right now confidently? if answer is no - cut the loss - go out and get real drunk and start fresh. Gotta take your lumps and move on if you dont like your positions. you will feel better once you do and will be able to be objective again."
Yesterday, Nov, 7 i did want to close both my positions at a some point but was unable to push the buttons. Finally both trades finished to stop loses (trash). Good for my reputation, bad for my account ballance.
Why not to close a trade if you don`t feel 100% confortable with it? Because Next time when i`ll try to close such a position i`ll be 100% wrong.
Enough about yesterday - let`s talk about today!!!
Trade #1
11/8/2006 3:14:19 AM Sell EUR USD 5L 1.277
Stop Lose - 1.2800
Take Profit - 1.2721
Stop lose hit (-30 points)
====================================
Tarde #2
11/8/2006 4:39:39 AM Sell GBP USD 5L 1.9081
Stop Lose - 1.9101
Take Profit - 1.9014
Take profit hit 20 mins ago. Profit (+67 pips)
====================================
Forex activity Statistics:
Total for today: -30+67=37 pips
-------
Updated Total for November:
+50(Nov,3)-35(Nov,6)-24(Nov,7)-23(Nov,7)-30(Nov,8)+67(Nov,8) = +5 points profit up to day.
Lose/Win trades proportion: 4 / 2
=================================
This is a very hard attack to my Forex Loser reputation. I have to apoligize to everybody who believe in me as in a veritable Forex Loser Man! :-)
2006/11/07
07/11/2006 forex trades
Last trade (GBP / USD) update: Stop lose hit -35 pips lose.
Now i`m OK with my forex loser reputation ;-).
Today, 07/11/2006 forex trades:
11/7/2006 4:50:19 AM Sell NZD USD 5L 0.6703
Stop lose 0.6727
Take profit 0.6657
11/7/2006 4:50:22 AM Sell EUR USD 5L 1.2764
Stop lose 1.2787
Take profit 1.2726
--------------------------------------------------------------------------------
UPDATE: both trades closed. Stops (loses) hit.
-------------------------------------------------------------
Now i`m OK with my forex loser reputation ;-).
Today, 07/11/2006 forex trades:
11/7/2006 4:50:19 AM Sell NZD USD 5L 0.6703
Stop lose 0.6727
Take profit 0.6657
11/7/2006 4:50:22 AM Sell EUR USD 5L 1.2764
Stop lose 1.2787
Take profit 1.2726
--------------------------------------------------------------------------------
UPDATE: both trades closed. Stops (loses) hit.
-------------------------------------------------------------
2006/11/06
GBP / USD new trade opened
11/6/2006 7:03:01 AM Sell GBP USD 5L 1.8966
Stop lose @ 1.9001
TP @ 1.8921
Let`s see it in action today!
Stop lose @ 1.9001
TP @ 1.8921
Let`s see it in action today!
2006/11/03
Re: New Eur/USD trade
New Eur/USD trade
New trade oppened here:
11/3/2006 4:19:39 AM Sell EUR/USD 5L 1.2771
Stop Lose - 1.2801
Take Profit - 1.2721
On 4h euro seems to be ready for down tests.
If 1.2730 hold until the end of the day - Stop and reverse.
I`d like to see a range / down market today.
-------------------------------------------------------------
Take profit hit. This style will compromise my Forex Loser Reputation. I hope next week loses will come back, otherwise i risk to be frustraded a bit :-).
A nice week-end for you.
New trade oppened here:
11/3/2006 4:19:39 AM Sell EUR/USD 5L 1.2771
Stop Lose - 1.2801
Take Profit - 1.2721
On 4h euro seems to be ready for down tests.
If 1.2730 hold until the end of the day - Stop and reverse.
I`d like to see a range / down market today.
-------------------------------------------------------------
Take profit hit. This style will compromise my Forex Loser Reputation. I hope next week loses will come back, otherwise i risk to be frustraded a bit :-).
A nice week-end for you.
New Eur/USD trade
New trade oppened here:
11/3/2006 4:19:39 AM Sell EUR/USD 5L 1.2771
Stop Lose - 1.2801
Take Profit - 1.2721
On 4h euro seems to be ready for down tests.
If 1.2730 hold until the end of the day - Stop and reverse.
I`d like to see a range / down market today.
11/3/2006 4:19:39 AM Sell EUR/USD 5L 1.2771
Stop Lose - 1.2801
Take Profit - 1.2721
On 4h euro seems to be ready for down tests.
If 1.2730 hold until the end of the day - Stop and reverse.
I`d like to see a range / down market today.
Reverse Psychology/Trading
Good ideea for a forex loser trader like me:
A post from elitetrader.com
--------------------------------------------------------------------------------
Quote from romik:
Has anyone tried trading against a total loser by opening reverse trades? Losers are not easy to find on BBs, more chances in the open world, that is not an issue anyway. The difficulty comes from finding The One that consistently makes wrong trades and going against him.
--------------------------------------------------------------------------------
I know two guys in Seattle doing this very successfully.
The basic of their setup is this...
One guy (trader A) is a consistent losing trader with real money (lost about 62k trading futures in a few years) via some particular method he got from a book about position trading.
His buddy (trader B) a breakeven trader at the time...convinced him to stop trading with real money and to switch to simulator trading and to continue using the same losing method.
Trader B than enters and exits trades that are the complete opposite of Trader A positions almost at the exact same time.
Trader B is trading with real money (almost 3x the size) and Trader A is trading that same losing method on a simulator.
They use the same broker (execution platform) and trade side by side in Trader A home office.
Accordingly to them they are very profitable with this type of reverse trading style.
I'll be visiting the Seattle area this summer (camping trip) and will watch them do this in person towards the end of my vacation because I'm curious to see this type of reverse trading relationship.
Maybe this can be automated ???
However, trying to do such by oneself via fading your own trade decisions...I don't think is possible.
----------------------------------------------
I think a well losing trader should think about it.
A post from elitetrader.com
--------------------------------------------------------------------------------
Quote from romik:
Has anyone tried trading against a total loser by opening reverse trades? Losers are not easy to find on BBs, more chances in the open world, that is not an issue anyway. The difficulty comes from finding The One that consistently makes wrong trades and going against him.
--------------------------------------------------------------------------------
I know two guys in Seattle doing this very successfully.
The basic of their setup is this...
One guy (trader A) is a consistent losing trader with real money (lost about 62k trading futures in a few years) via some particular method he got from a book about position trading.
His buddy (trader B) a breakeven trader at the time...convinced him to stop trading with real money and to switch to simulator trading and to continue using the same losing method.
Trader B than enters and exits trades that are the complete opposite of Trader A positions almost at the exact same time.
Trader B is trading with real money (almost 3x the size) and Trader A is trading that same losing method on a simulator.
They use the same broker (execution platform) and trade side by side in Trader A home office.
Accordingly to them they are very profitable with this type of reverse trading style.
I'll be visiting the Seattle area this summer (camping trip) and will watch them do this in person towards the end of my vacation because I'm curious to see this type of reverse trading relationship.
Maybe this can be automated ???
However, trying to do such by oneself via fading your own trade decisions...I don't think is possible.
----------------------------------------------
I think a well losing trader should think about it.
2006/10/25
Nice thought regarding wins and loses on (Forex) markets
USA Zeus 17:58 GMT October 25, 2006
They choose to lose just like winners choose to win. The market is non-emotional. It owes us nothing nor do we owe it anythig. Hence it does nothing to us one way or the other. We choose how much to make or lose. The market is just a mechanism presenting counless opportunities for us to behave anyway we chose. Can't blame the market for losses or gains since it has nothing to do with us. We have everything to do with it.
from http://www.global-view.com/forums/forum.html?f=1
They choose to lose just like winners choose to win. The market is non-emotional. It owes us nothing nor do we owe it anythig. Hence it does nothing to us one way or the other. We choose how much to make or lose. The market is just a mechanism presenting counless opportunities for us to behave anyway we chose. Can't blame the market for losses or gains since it has nothing to do with us. We have everything to do with it.
from http://www.global-view.com/forums/forum.html?f=1
2006/10/24
Open trade closed
Monday`s situation:
10/20/2006 5:37:28 AM 10/24/2006 12:00:00 AM 22328215 Sell NZD USD -10,000.00 0.6685
Stop lose: 0.6721 Target: 0.6602
Now this trade is closed at 0.6616. Net profit 66.8 pips.
Why: i`m supposing a head and shoulders forming on 4h chart:
10/20/2006 5:37:28 AM 10/24/2006 12:00:00 AM 22328215 Sell NZD USD -10,000.00 0.6685
Stop lose: 0.6721 Target: 0.6602
Now this trade is closed at 0.6616. Net profit 66.8 pips.
Why: i`m supposing a head and shoulders forming on 4h chart:
Next actions:
A - short on 0.6660 area with 25 pips SL, target at 0.66 and bellow.
B - Short on 0.6570 area with 35 pips SL, TP at .6540 and bellow. But opening this trade will depend on marker behavior (from my point of view).
2006/10/23
Open trade
Monday`s situation:
10/20/2006 5:37:28 AM 10/24/2006 12:00:00 AM 22328215 Sell NZD USD -10,000.00 0.6685
Stop lose: 0.6721 Target: 0.6602
To mention here: a lot of text of my previous trading activity prepared, don`t know at this moment to post or not to post it here.
10/20/2006 5:37:28 AM 10/24/2006 12:00:00 AM 22328215 Sell NZD USD -10,000.00 0.6685
Stop lose: 0.6721 Target: 0.6602
To mention here: a lot of text of my previous trading activity prepared, don`t know at this moment to post or not to post it here.
2006/10/09
Great quote related for Forex traders
Here's a great quote.
"Every losing trader has failed at trading.
Every successful trader has also failed at trading in their past.
The only difference between the losers and the succeeders is that the succeeders kept at it and eventually figured out what to do."
"Every losing trader has failed at trading.
Every successful trader has also failed at trading in their past.
The only difference between the losers and the succeeders is that the succeeders kept at it and eventually figured out what to do."
2006/10/06
Trading started again
Well, yesterday i started trading again. Here is Detailed Transactions Listing: for last 2 days:
10/5/2006 3:12:29 AM 10/9/2006 12:00:00 AM 21615854 Sell EUR USD -20,000.00 1.2711
10/5/2006 9:43:00 AM 10/9/2006 12:00:00 AM 21637035 Buy EUR USD 20,000.00 1.2689
10/6/2006 4:33:22 AM 10/10/2006 12:00:00 AM 21678388 Buy GBP USD 20,000.00 1.8739
10/6/2006 6:48:02 AM 10/10/2006 12:00:00 AM 21682824 Sell GBP USD -20,000.00 1.877
22(10/5/2006) + 31(11/5/2006) = 53 pips profit so far.
Both transactions exited at the target point.
Market behavior today: both transaction direction was correct, both exited to yearly. This is very important - a poor quality in trading from my side - not allowing trade to develop after achieving the target.
No more trades until the NFP numbers.
2006/10/02
Trading hours
Next thing to analyze is my trading hours. Would be great to have a chart with the time of trades... Noted...
There are at least two benefits in knowing the trading hours of FX markets:
1. The first hour after a major market opens is considered very important and often indicates how the session might develop.
2.In periods when market 'trading hours' overlap, liquidity tends to increase as more traders participate in the FX market.
There are at least two benefits in knowing the trading hours of FX markets:
1. The first hour after a major market opens is considered very important and often indicates how the session might develop.
2.In periods when market 'trading hours' overlap, liquidity tends to increase as more traders participate in the FX market.
2006/10/01
I`m continue to analyze my Forex activity...
Very interesting post found at elitetrader.com forum:
-------------------------------------------------------------
Before I started trading in February 2006, I've been mostly researching S&P500 by observation, reading as well. I have tried trading via a spread betting firm applying my strategies using a small account size (maximum $2000). My interest has always been in short term index futures trading, therefore I only used to bet on the price of index (intraday). Spread betting, similar to trading in most aspects apart from wider spreads though no income tax involved on winnings, I used to place bets risking 30% of my account minimum and ALWAYS used to get wiped out, because the last trade used to involve 100% risk at risk vs reward around 1.5:1. In total I have lost around $15,000 during the last 5 years, BUT what a lesson that was!
My past losses did affect me at the time psychologically, I thought I was a complete idiot. The truth of it was very simple though. I am only mentioning this for people very new to trading, risking 100% of your account EVEN on the most SAFE trade and/or to recoup previous loss/es IS A PRACTISE THAT LEADS TO FAILURE ALMOST 100% OF THE TIME.
I will never have this approach to trading again. Unfortunately, the law of averages suggests that the majority of people will go through this process and some will never recover. I was lucky not to use all my net worth before, probably that's why I am still here and hopefully will make it as good trader. I think it is almost impossible to recover psychologically when 100% NET WORTH has been lost, for most people.
Post from: http://www.elitetrader.com/vb/search.php?s=&action=finduser&userid=46309
Very interesting post found at elitetrader.com forum:
-------------------------------------------------------------
Before I started trading in February 2006, I've been mostly researching S&P500 by observation, reading as well. I have tried trading via a spread betting firm applying my strategies using a small account size (maximum $2000). My interest has always been in short term index futures trading, therefore I only used to bet on the price of index (intraday). Spread betting, similar to trading in most aspects apart from wider spreads though no income tax involved on winnings, I used to place bets risking 30% of my account minimum and ALWAYS used to get wiped out, because the last trade used to involve 100% risk at risk vs reward around 1.5:1. In total I have lost around $15,000 during the last 5 years, BUT what a lesson that was!
My past losses did affect me at the time psychologically, I thought I was a complete idiot. The truth of it was very simple though. I am only mentioning this for people very new to trading, risking 100% of your account EVEN on the most SAFE trade and/or to recoup previous loss/es IS A PRACTISE THAT LEADS TO FAILURE ALMOST 100% OF THE TIME.
I will never have this approach to trading again. Unfortunately, the law of averages suggests that the majority of people will go through this process and some will never recover. I was lucky not to use all my net worth before, probably that's why I am still here and hopefully will make it as good trader. I think it is almost impossible to recover psychologically when 100% NET WORTH has been lost, for most people.
Post from: http://www.elitetrader.com/vb/search.php?s=&action=finduser&userid=46309
2006/09/26
A very good article from digg.com. I can identify with those stages.
Here is the article:
A New Traders Journey to Success
In this thread I am going to take you through the different development stages of a new trader. Most of this comes from my own experience. Like any other profession, trading takes years of practice to reach the ultimate level. While doctors and lawyers have gone through higher education to obtain their license to practice, traders are required to obtain knowledge on their own. If you are in it for the quick buck, think again. The challenge is tough but the achievements are rewarding.
Stage One: The Clueless Trader
This is the first stage when you enter trading. You may have picked up a book on technical analysis somewhere, heard of a day trader making millions, or got lucky in an earlier stock investment. After all, how hard can it be? The money sounds appealing and the freedom to be independent sounds attractive.
I don't mean to shatter anybody's dream but those who succeed in trading are the minority! Approximately 90-95% traders lose money. This is the cold hard facts. In the first stage, every trader is optimistic. You open a direct access brokerage account and the sound of Level II, ask/bid, and market makers make trading sound like hi-tech video game. In reality you have no clue. You will buy just to see the market reverse and you will short just as the market starts to rally. Most of your trades are done emotionally. You buy just because the markets feel strong without any logical reason. You are in the unconscious incompetence stage. You have no clue how the mechanics and psychology of trading works. What's worse? You are not aware that you don't know. Most traders will blow their entire account at this stage.
Stage Two: The Rookie Trader
In this stage you have lost enough money to realize what you are doing is completely wrong. In other words, you start to realize that you don't know. You will then devour every trading book available. You will study and purchase Technical Analysis of Stock Trends by Edwards and Magee believing price patterns are the Holy Grail. You will memorize every technical pattern known to man. You will read about the ADX, moving averages, Fibonacci lines, pivot points, MACD, Bollinger Bands, channels, etc... You will go through the "help" tab on your data vendor to read about every single technical indicator available. You will plot them on your charts and spend hours looking for an indicator that works. You will be extra confident now because think you have found the magical technical indicator.
Yet, you still continue to lose money everyday. You realize that your indicators are lagging and that every other new trader is probably looking at the same thing. You realize that you are the sucker.
Stage Three: The Developing Trader
You start to realize the amount of work required and the immense learning curve that you must overcome to understand the markets. At this point, traders may find it overwhelming and quit. Stronger minded traders will push their motivation harder to start their second spurt for knowledge. Hunger and passion is needed to clear this stage. You will look for reference online, join mentor programs, chat rooms, and seminars. You realize the necessary elements needed to develop as a trader. You will ask a thousand questions and bug every professional trader you meet. You will read a thousand day trading articles. You will start paper trading, develop strategies and setups, and define risk parameters for every trade. You will go on a hunt for self-understanding to master your psychological game. You will visualize every possibility on a trade before you take it. This is the true learning phase. You are trying hard to develop your edge in trading.
Stage Four: The Determined Trader
This is the stage in which you learn to specialize in certain markets and trading methods. Without realizing it, you have finally found your style of trading after hours of hard work and research. You stick to your method and you improve it. You realize that you need an edge whether its tape reading or being a Fibonacci expert. The important thing is you are slowly transforming yourself into a specialized trader. You test your methods and they seem to work. You gain tremendous market knowledge. You reflect back on yourself and you can't help but laugh at your foolishness. Although you have not made enough money to call yourself successful you are proud of your journey and accomplishments. You realize that the Holy Grail is not about technical indicators or price patterns. You calculate risk before profits and place strict money management on all your trades. You cut losses short and learn to scale out on your winners. You start accept losing as a natural part of the game. You take high probability trades that you have tested and feel confident about your setups because you understand that trading is a game of probabilities. Your psychological makeup has changed from an amateur mindset to a professional one.
Step Five: The Consistent Trader
You rely on your trading method and start taking trades systematically. You try to aim for consistency and are meeting your daily goals often. You have reached the conscious competence stage. You are fully aware of your strengths and weaknesses as a trader. At times you feel euphoric and at times you feel pain. But you are able to understand your own psychological makeup to control your emotional swings. You are now able to trade for a living.
Step Six: The Expert Trader
In this final stage, you completely understand the markets you are trading. Being involved in it everyday you are aware of every key price level. You understand market concept and are able to predict the direction of the markets a fairly good amount of time. You pat yourself on your back and take profits as soon as you feel euphoric. You do this because you understand euphoria is the same as emotional trading. You talk to other traders and realize the development stage they are in. People start asking you for trading advice, you publish a book, and you have a specific trading methodology that represents you!
Taking trades come naturally and you are able to get in and out at the precise price levels based on tape. Instead of having the markets take your stop out, you exit when you know you are wrong. You keep your head high but remain humble on the inside. You have now officially graduated the school of the hard knocks.
Entering the trading profession can be a tough journey for many people. Trading is one of the toughest careers that you can choose. If you enjoy the challenge, you will definitely enjoy the feeling of accomplishment. Trading is 30% mechanical and 170% psychological. 200% is required to become a successful trader. Good luck and best of trading.
Here is the article:
A New Traders Journey to Success
In this thread I am going to take you through the different development stages of a new trader. Most of this comes from my own experience. Like any other profession, trading takes years of practice to reach the ultimate level. While doctors and lawyers have gone through higher education to obtain their license to practice, traders are required to obtain knowledge on their own. If you are in it for the quick buck, think again. The challenge is tough but the achievements are rewarding.
Stage One: The Clueless Trader
This is the first stage when you enter trading. You may have picked up a book on technical analysis somewhere, heard of a day trader making millions, or got lucky in an earlier stock investment. After all, how hard can it be? The money sounds appealing and the freedom to be independent sounds attractive.
I don't mean to shatter anybody's dream but those who succeed in trading are the minority! Approximately 90-95% traders lose money. This is the cold hard facts. In the first stage, every trader is optimistic. You open a direct access brokerage account and the sound of Level II, ask/bid, and market makers make trading sound like hi-tech video game. In reality you have no clue. You will buy just to see the market reverse and you will short just as the market starts to rally. Most of your trades are done emotionally. You buy just because the markets feel strong without any logical reason. You are in the unconscious incompetence stage. You have no clue how the mechanics and psychology of trading works. What's worse? You are not aware that you don't know. Most traders will blow their entire account at this stage.
Stage Two: The Rookie Trader
In this stage you have lost enough money to realize what you are doing is completely wrong. In other words, you start to realize that you don't know. You will then devour every trading book available. You will study and purchase Technical Analysis of Stock Trends by Edwards and Magee believing price patterns are the Holy Grail. You will memorize every technical pattern known to man. You will read about the ADX, moving averages, Fibonacci lines, pivot points, MACD, Bollinger Bands, channels, etc... You will go through the "help" tab on your data vendor to read about every single technical indicator available. You will plot them on your charts and spend hours looking for an indicator that works. You will be extra confident now because think you have found the magical technical indicator.
Yet, you still continue to lose money everyday. You realize that your indicators are lagging and that every other new trader is probably looking at the same thing. You realize that you are the sucker.
Stage Three: The Developing Trader
You start to realize the amount of work required and the immense learning curve that you must overcome to understand the markets. At this point, traders may find it overwhelming and quit. Stronger minded traders will push their motivation harder to start their second spurt for knowledge. Hunger and passion is needed to clear this stage. You will look for reference online, join mentor programs, chat rooms, and seminars. You realize the necessary elements needed to develop as a trader. You will ask a thousand questions and bug every professional trader you meet. You will read a thousand day trading articles. You will start paper trading, develop strategies and setups, and define risk parameters for every trade. You will go on a hunt for self-understanding to master your psychological game. You will visualize every possibility on a trade before you take it. This is the true learning phase. You are trying hard to develop your edge in trading.
Stage Four: The Determined Trader
This is the stage in which you learn to specialize in certain markets and trading methods. Without realizing it, you have finally found your style of trading after hours of hard work and research. You stick to your method and you improve it. You realize that you need an edge whether its tape reading or being a Fibonacci expert. The important thing is you are slowly transforming yourself into a specialized trader. You test your methods and they seem to work. You gain tremendous market knowledge. You reflect back on yourself and you can't help but laugh at your foolishness. Although you have not made enough money to call yourself successful you are proud of your journey and accomplishments. You realize that the Holy Grail is not about technical indicators or price patterns. You calculate risk before profits and place strict money management on all your trades. You cut losses short and learn to scale out on your winners. You start accept losing as a natural part of the game. You take high probability trades that you have tested and feel confident about your setups because you understand that trading is a game of probabilities. Your psychological makeup has changed from an amateur mindset to a professional one.
Step Five: The Consistent Trader
You rely on your trading method and start taking trades systematically. You try to aim for consistency and are meeting your daily goals often. You have reached the conscious competence stage. You are fully aware of your strengths and weaknesses as a trader. At times you feel euphoric and at times you feel pain. But you are able to understand your own psychological makeup to control your emotional swings. You are now able to trade for a living.
Step Six: The Expert Trader
In this final stage, you completely understand the markets you are trading. Being involved in it everyday you are aware of every key price level. You understand market concept and are able to predict the direction of the markets a fairly good amount of time. You pat yourself on your back and take profits as soon as you feel euphoric. You do this because you understand euphoria is the same as emotional trading. You talk to other traders and realize the development stage they are in. People start asking you for trading advice, you publish a book, and you have a specific trading methodology that represents you!
Taking trades come naturally and you are able to get in and out at the precise price levels based on tape. Instead of having the markets take your stop out, you exit when you know you are wrong. You keep your head high but remain humble on the inside. You have now officially graduated the school of the hard knocks.
Entering the trading profession can be a tough journey for many people. Trading is one of the toughest careers that you can choose. If you enjoy the challenge, you will definitely enjoy the feeling of accomplishment. Trading is 30% mechanical and 170% psychological. 200% is required to become a successful trader. Good luck and best of trading.
Hi, last days i was asking myself: Do you want to be a successful trader or not?
How to slowly change own natural tendencies that lead to self destruction. This usually takes quite a bit of time, but if i`ll work hard to making myself better every day, then i`ll change. ...Old habits (usually bad habits) die hard.
The Decision was: let`s start active trading again.
A new rule added to my set: al trades to be posted here in certain format (Currency, open time, targets SL/TP, close time, description with TA, my impulses). All new deposits should not be added to that list posted before.
Each trade can be described in real time according to my views, my impulses at that moment. I see here a lot of work for me, and a "normal" wish here - why i need to do. There`s something very interesting wish, and my mind is hiding something behind this...
How to slowly change own natural tendencies that lead to self destruction. This usually takes quite a bit of time, but if i`ll work hard to making myself better every day, then i`ll change. ...Old habits (usually bad habits) die hard.
The Decision was: let`s start active trading again.
A new rule added to my set: al trades to be posted here in certain format (Currency, open time, targets SL/TP, close time, description with TA, my impulses). All new deposits should not be added to that list posted before.
Each trade can be described in real time according to my views, my impulses at that moment. I see here a lot of work for me, and a "normal" wish here - why i need to do. There`s something very interesting wish, and my mind is hiding something behind this...
2006/09/21
After 2 days of working with the history of all my Forex transactions made during 2004-2006 i stoped by this point:
80% of time the account balance was developing with such a trajectory (See image), the rest were strictly down:
All right till a time with trades: discipline, analyze, low risks, but, Every time i was approaching to a certain point, my mind tried and did everything to destroy all i started building. I mean my unconscious mind. Consciously i was "hardly" trying to turn back in favor of mine. In fact executing my deepest fears... That beastie, when feeling it can be defeated is fighting with doubled forces. Here, i guess, could be listed undisciplined trading, hi risks, nervousness, taking low motivated trades and much more...
My psychological status is not prepared to see a developing situation which can destroy status quo, all its views about "how to be"...
Of course, there are tons of information over the internet about discipline in trading, but most traders will fail.
Very actual quote from H. Ross Perot:
Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment.
2006/09/19
Let`s the Forex party begin
OK, Gentlemen
Let`s take a look to my Forex history here:
Let`s take a look to my Forex history here:
| Month, Year | Period Start Balance , USD | Period End Balance , USD |
| June 2004 | 1400 | 34 |
| July 2004 | 1032 | 18 |
| August 2004 | 1218 | 217 |
| September 2004 | 660 | 470 |
| October 2004 | 470 | 10 |
| November 2004 | 10 | 10 |
| December 2004 | 890 | 34 |
| January 2005 | 34 | 34 |
| February 2005 | 485 | 81 |
| March 2005 | 81 | 35 |
| April 2005 | 683 | 1007 |
| May 2005 | 1007 | 142 |
| June 2005 | 142 | 38 |
| July 2005 | 692 | 29 |
| August 2005 | 29 | 29 |
| September 2005 | 558 | 647 |
| October 2005 | 647 | 36 |
| December 2005 | 36 | 36 |
| January 2006 | 956 | 2007 |
| February 2006 | 2007 | 4106 |
| March 2006 | 4106 | 676 |
| April 2006 | 676 | 4 (-495) |
| May 2006 | 760 | 530 |
| June 2006 | 530 | 34 |
| July 2006 | 34 | 34 |
| August 2006 | 469 | 488 |
| September 2006 | 488 | 35 |
| October 2006 | 35 | 35 |
| TOTALS | Deposited 9.279 USD | Widthdrawals 495 USD |
First Post - i have to admit it!
Well...
After 2,5 years of active forex trading I`m obligated to admit it for myself - i`m a forex loser.
Why?
I`ll post later today all my investments here. At this time i know only approximate digits. What i know for sure - that digits are 75% of my income + all my savings.
.....
Why i did start this blog?
I`m not desperated,
I`m not blaming myself,
I`m not accusing me "Your a loser - grow up, stop spending money here",
I`m not a whiner,
I`m not ...
But i can`t earn money after analyzing all my forex activity totals
Definitely, i have a problem in my head, or a lot of them... First of all, before i`ll return to trading (losing?) in forex, i have to try and clear these problems of my mind/psychology...
After 2,5 years of active forex trading I`m obligated to admit it for myself - i`m a forex loser.
Why?
I`ll post later today all my investments here. At this time i know only approximate digits. What i know for sure - that digits are 75% of my income + all my savings.
.....
Why i did start this blog?
I`m not desperated,
I`m not blaming myself,
I`m not accusing me "Your a loser - grow up, stop spending money here",
I`m not a whiner,
I`m not ...
But i can`t earn money after analyzing all my forex activity totals
Definitely, i have a problem in my head, or a lot of them... First of all, before i`ll return to trading (losing?) in forex, i have to try and clear these problems of my mind/psychology...
Subscribe to:
Posts (Atom)