my target - 2% per day...

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noone22
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Postby noone22 » Thu Jul 09, 2009 7:45 am

Patch wrote:I think it is called experience


Experience is ability not to lose enthusiasm from one failure
untill another one.

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jacal1
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Postby jacal1 » Thu Jul 09, 2009 7:53 am

Patch, I have never found volumes to be helpful to me more trades more movement could go either way!!!

I trade japan at 6am monday (early afternoon pacific) if i see a good entry and you know what the volume is like on a monday morning like snails in a race but i have some of my best days in pre monday morning japan

As for the crossover that is a good one too but I usually find it too slow specially if we need really small pips, 1pip is the difference between a closed position and an open one left longer than it needs to be

but it is there as another reassurance

as for that smart trader if you have the patience to wait yes go for the long stretches I myself dont like my trades to be longer than needed As per TRO get in get out I prefer to set a monthly goal like Bazmo 2% per day once I have reach it i walk away now my 3 trades may be more than that daily 2% wich is all good but now i dont need to chase every hour of the market for a few days.

what i have discovered has their own trade pattern what all of us need is the discipline if we all have this we would be all successful unfortunately some of us have this most of us lack it.

As for your friend if he is looking for a career change introduce him to the world of forex learn together creat a plan and develop it.

Thats why I am about to get my friends together and see if they want to try something new while their on Unemployment Insurance they have a year protection up here in Canada.

Good trading = DILIGENCE + DISCIPLINE
The fear of Jehovah is the beginning of knowledge, wisdom and discipline...Prov 1:7

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bazmonaut
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Postby bazmonaut » Sat Jul 11, 2009 8:11 am

Thanks Patch and jacal1... these loss days haven't broken me, just made me more determined!

MightOne - the jury is out on whether I suck at life, or life sucks at me!

Re-read TRO's Never Lose Again post - great stuff.

Forex is like one of those 3D pictures, you have to stare at it and stare at it for hours and then (hopefully), you will SEE it.

I have been trading live for over a year now, and (a bit less than) 50% up. I did demo briefly but quickly moved to live - not because I was making money, but because I needed to FEEL what it was like to win and lose real cash. My max risk per trade is ?40. My day job pays OK (and I work from home :wink: ) so I am not trading with scared money, and last weeks disaster is just frustrating rather than damaging.

Also I live in the UK, and we have some funny laws over here let me tell you... I use a spreadbetting company to trade mostly, and not a forex retail broker (although I do trade EAs with Alpari). The spreads are worse, their platform is rudimentary (compared to MT4) and liable to take it's bat and ball (and my cash) and go home in a huff. It's not great for scalping due to high minimum stops and poor execution (sometimes you have to click a few times).

So why spreadbet? Because it's tax free! NO TAX. It's considered gambling. Woohoo!

Which means it's like I'm making an extra 40% on every win. For example, an extra 40% on last weeks winning would be worth... erm... uh... damn. :oops:

bazmo
becoming stranger in a strange land

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Postby bazmonaut » Sat Jul 11, 2009 8:11 am

this post deleted as it was a duplicate.

bazmo "two-post"
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Patch
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Postby Patch » Sat Jul 11, 2009 11:37 am

bazmonaut
Love your icon, looks like you are ready to make this thing work (slowly) and take off in a big way - slowly. jb
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby MightyOne » Sat Jul 11, 2009 3:30 pm

"...Because it's tax free! NO TAX. It's considered gambling. Woohoo!

Which means it's like I'm making an extra 40% on every win..."




I hate you! :wink:

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Patch
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Postby Patch » Sat Jul 11, 2009 3:44 pm

bazmo & MO

Wow -- tax savings!!! that can amount to a lot of money saved and it beats the heck out of a Roth IRA. And taxes are going to go wild real soon. now that is a big reason to ... Thank you Vegas lobby.

Patch
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby Gert Frobe » Mon Jul 13, 2009 11:27 am

@ patch- its tax free in the UK not the USA if you could do it here you would be looking at getting a IRS form W-2G with your winnings.

airball

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Postby rowdy » Mon Jul 13, 2009 11:52 am

Gert Frobe wrote:@ patch- its tax free in the UK not the USA if you could do it here you would be looking at getting a IRS form W-2G with your winnings.

airball


Good point Airball. Some brokers dont report your earnings to the IRS. I would pay taxes on those anyway. Otherwise, you could be looking at the world through vertical bars.

If the government keeps adding more and more regulations(no hedging, FIFO, reduced leverage) then more and more people are going to move to foreign brokers. All of these new rules are doing nothing but hurting brokers here in the good ol Stars and Stripes.
All I need is Supply and Demand

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Patch
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Postby Patch » Mon Jul 13, 2009 11:56 am

**************WEBMASTER - PLEASE DELETE THIS POST ***********

THANK YOU

Patch
Last edited by Patch on Mon Jul 13, 2009 12:04 pm, edited 1 time in total.

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