70% Account Drawdawn.

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newschool
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Postby newschool » Thu Nov 11, 2010 6:26 am

Braathen wrote:
IN MY OPINION... Once you eliminate fear news is not an issue.. cuz price just does what price does... news or not.. yes news looks scary on a 5m chart.. but not when u got the bigger picture in mind


Well we don't have the same definition for "news trading" then.
If you are already in a trade and positive by dozens of pips, of course you can take a bet and see if price continue your way (or loose your profit for a breakeven if it doesnt...). But if you wait till the news is coming out to enter during a high volatility period with a huge spread and extremely quick movements with requotes, then get your credit card out already.

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forexbob
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Postby forexbob » Thu Nov 11, 2010 7:58 am

newschool wrote:
Braathen wrote:
IN MY OPINION... Once you eliminate fear news is not an issue.. cuz price just does what price does... news or not.. yes news looks scary on a 5m chart.. but not when u got the bigger picture in mind


Well we don't have the same definition for "news trading" then.
If you are already in a trade and positive by dozens of pips, of course you can take a bet and see if price continue your way (or loose your profit for a breakeven if it doesnt...). But if you wait till the news is coming out to enter during a high volatility period with a huge spread and extremely quick movements with requotes, then get your credit card out already.


agree, it all depends. when you are long term trading , having a trade open which is hundreds of pips in profit or if you are scalping are 2 totally different things. But as i read that the topic starter likes scalping, i would advice to stay away from high impact news; start with ONE method ONE pair and practice, practice till profitable. Or just get directions to the casino.
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genlogins
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Postby genlogins » Thu Nov 11, 2010 9:43 am

Well, I trade S1 (thick 1 second) and M1 + M5.

I love S1 because it just tells you when price made loads of support and resistance on that value. It is for sure that price will retrace.

When News are on, you can see price not making so much of this Sup/Res lines. It stays like nuts everywhere.

After News, price starts going fast in 1 direction, move to M1 and you will see spikes.

You need to be fast, serious fast.

1- You can catch on the reverse of the first big candle, which is going to make a big wick. ======= Only if you still have 30 Seconds left on a M1 candle and price stalls for 5 to 10 seconds ========

2- If price stalls for 10 seconds after closing the last candle, than you go in as price will reverse at least 25 to 50 %.

This is very dangerous if you do not hve the S1 to see what price is doing.
And you may loose 70% of the account if you go crazy lot side Like I did.

I had big, no, no huge winnings, but lso the losses were too many and took 70% out of account.


I only want to see when News are, so I can avoid them, or be carefull.

Because now a days, I only trade 0.01 lot and have ?20 in the account. So even with small trades, I need to avoid news otherwise will take out my SL.

Please also comment my trades on

http://kreslik.com/forums/viewtopic.php?p=48537#48537

I have last 2 trades with loads of questions.

Thanks, Gen
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Postby ajaymein » Thu Nov 11, 2010 1:52 pm

Scalping 15 minutes after a major news release off of the 1m, 5m, and 15m chart is very easy if you have the stomach to handle it AND know what you are doing. You MUST know where to place your stops, when to get out of a trade (sometimes as quick as 30 seconds later), and you CANNOT stray from your risk management, not even the slightest....IMHO

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Braathen
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Postby Braathen » Thu Nov 11, 2010 2:00 pm

meh... i wont bother...
"Trading is the ability to see & to plan & to act; it is not crystal balls, precision entries, and ego stroking."
MO-

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adaseb
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Postby adaseb » Thu Nov 11, 2010 2:26 pm

This thread and pretty much this forum is going nowhere.

New traders come here to get some advice and they never listen . And yet they are surprised they are going nowhere.

Trading the news is like skipping the first 10 grades of school and going straight to high school and being surprised why nothing makes sense.

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Postby Tresor » Fri Nov 12, 2010 3:54 pm

Braathen wrote:Thank you tresor. This place is very important to me :)


Never been to Christiania, but what we both might have in common is our disapproval of initiation of force by the police against non-violent population.

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About this Thread

Postby genlogins » Sun Nov 14, 2010 10:34 am

This thread was supposed to get newbies a change to see how I lost now more than 70% of the account. And than, with the help of the pros in this website to achieve some sense, and in helping others to get up and running.

There are loads of scams out there, and with a help of veryone, we can make our life easier.

Everyone famous on the Net, TV, and other media, talk about makingmoney here there and all over.

We see millionaires asking people to invest in property when we all know where that is going.

We also see Internet millionaires saying how they earn their money, and please purchase here for $100.

Like $100 product will make you rich.... :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:


Forex is something that we can make some money, like a salary. I was trying to get rich with Forex, now I quit, i just want a salary to support my extra expenses.

So please let this thread and others proceed with the goodness, and if you don't like, delete from your head all about this forum, and search for the holy grail in your favourite search engine.

Gen

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genlogins
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Postby genlogins » Sun Nov 14, 2010 10:40 am



Today I was so fed up, that I draw this for us to put in front of us, every time we trade.

I am a RED RAT, so I trade only SHORT.

Who are you?

Print, and write on it your name where it Belongs. Or a Red rat, Green rat in search of money, or Yale student with its degree (no job, no future in life, nothing just the *censored - swear word* degree).

And I have 2 degrees that are worthless paper s**t.

Gen

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genlogins
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Postby genlogins » Sun Nov 14, 2010 10:44 am

Why I am so fed up today?

Because I saw why I am down this week.

I saw my SL being hit a few times by 0.1 of a pip. Yes, that is 6 digit account, and it is 1 tenth (1/10) of a pip.

Price moved back up to my SL and than run my way.

I think the brokers can, and will take all they can from you. Reason why 95% people also loose.

Gen
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