New here...a few questions...

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johnedward
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New here...a few questions...

Postby johnedward » Mon Mar 29, 2010 1:45 pm

Hi everyone,

Although this is only my first post here, I've been lurking here for a few months. I quite enjoy the insight, tips and information I've found so far; a bit of background first: found this place courtesy of TRO's thread on fxstreet; an American living in Paris, been trading since October, my account has fallen from $1K to $840 as of today; during my first month of trading I was dicking around with an RSI-based strategy (with a twist of martingale thrown in! I gave up quick as picking highs and lows is a real b$$ch and I took a few beatings!); I am rather risk averse, and sometimes switch back to demo mode to try stuff out (and for those who are wondering, I'm with FxPro for the moment (EUR/USD spreads tend to vary between .8 to 1.6 during most of the day - I'll stick with this broker until I am confident I know what I'm doing and want to start trading with bigger money)).

I've read through the various threads here and I must admit that my head is spinning (in a good way).

Here are two questions I've got:
1) I notice that there are several methods here, the most notable being the Never Lose Again method (with the semafors and triggers; I've gotten my ass kicked in demo mode on this one), the Buy Zone method, and the Drain the Banks (rat reversals method). As TRO seems to update the latter method the most, is this one everyone's favourite around here? What do you think?

2) Regarding TRO's suggestion that you choose your camp (green rat vs red rat), why not trade both ways? If you can master the rat reversal on longs, why not do the same on shorts? I don't understand why one can't be successful at doing both; plus you have twice as many trading opportunities.

3) Can someone tell me the names of the two following indicators? 1) the one displayed in TRO's opportunity posts ? I know it's been answered before, but I just can't find that post anymore, and 2) the one in the upper right of Pro Trader's recent posts (it shows the current candle colour of all of a pair's timeframes)

Thanks for your answers, and looking forward to posting more as I progress/earn!

:)

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dragon33
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Re: New here...a few questions...

Postby dragon33 » Mon Mar 29, 2010 2:29 pm

johnedward wrote:Hi everyone,

Although this is only my first post here, I've been lurking here for a few months. I quite enjoy the insight, tips and information I've found so far; a bit of background first: found this place courtesy of TRO's thread on fxstreet; an American living in Paris, been trading since October, my account has fallen from $1K to $840 as of today; during my first month of trading I was dicking around with an RSI-based strategy (with a twist of martingale thrown in! I gave up quick as picking highs and lows is a real b$$ch and I took a few beatings!); I am rather risk averse, and sometimes switch back to demo mode to try stuff out (and for those who are wondering, I'm with FxPro for the moment (EUR/USD spreads tend to vary between .8 to 1.6 during most of the day - I'll stick with this broker until I am confident I know what I'm doing and want to start trading with bigger money)).

I've read through the various threads here and I must admit that my head is spinning (in a good way).

Here are two questions I've got:
1) I notice that there are several methods here, the most notable being the Never Lose Again method (with the semafors and triggers; I've gotten my ass kicked in demo mode on this one), the Buy Zone method, and the Drain the Banks (rat reversals method). As TRO seems to update the latter method the most, is this one everyone's favourite around here? What do you think?

2) Regarding TRO's suggestion that you choose your camp (green rat vs red rat), why not trade both ways? If you can master the rat reversal on longs, why not do the same on shorts? I don't understand why one can't be successful at doing both; plus you have twice as many trading opportunities.

3) Can someone tell me the names of the two following indicators? 1) the one displayed in TRO's opportunity posts ? I know it's been answered before, but I just can't find that post anymore, and 2) the one in the upper right of Pro Trader's recent posts (it shows the current candle colour of all of a pair's timeframes)

Thanks for your answers, and looking forward to posting more as I progress/earn!

:)


Trading both ways is not that easy because you can't recognise when price is going to make a nice pullback. Price is either moving up or down and it is your willingness to pick the right directions. Choosing the right directions is one of the major issues from every beginning trader.
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!

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Postby adaseb » Mon Mar 29, 2010 2:48 pm

Most of us here trade with Zerolines in one form or another.

Zeroline talk typically started I think after 120 pages of the Never Lose Again thread when MightyOne started posting and then es/pip.

Then a few of us started trading diaries and the trades continued there.

So if you want to trade this way be sure to read the hundreds of pages that follow afterwards.

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Patch
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Postby Patch » Tue Mar 30, 2010 1:59 am

johnedward

Welcome to Kreslik and the Pirates. How are things in Paris anyway? I am here in Virginia just outside the DC beltway.

So you don't go broke before your time, does FXPro offer micro trading? This is training mode. If I remember correctly, Mighty One says that one shouldn't begin money trading until one can get 95 out of 100 trades close in profit. Your first and most important job is to protect your account. Without it, you are out of business and can't trade.

Patch
InVA
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 » Tue Mar 30, 2010 6:53 am

ImageImage

How much are you really missing out on by only trading in one direction?

Now how much are you getting hurt by getting whacked trading in both directions?

I bet you were planning on holding for the full move in the chart history, but price suddenly "looked top heavy" or price was "too low" and you ended up missing out on that lightning fast continuation of the trend.

What if you only traded long?

How could you be fooled?

How could you get anything less than that which is due to you by chance?

Now let us go back ~ a screen and look at that picture.

The traders trading short are raking in most of the money!...

Image
or are they?...
Image

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Postby MightyOne » Tue Mar 30, 2010 7:04 am

Above was a reply on Elite Trader.

The pictures are meant to show you that no matter which color you pick you will get your piece of the pie.

If you are a new trader and attempt to use your newbie direction picking skills then it is likely that daddy is going to eat your piece of the pie.

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Postby TheRumpledOne » Tue Mar 30, 2010 8:01 pm

2) Regarding TRO's suggestion that you choose your camp (green rat vs red rat), why not trade both ways? If you can master the rat reversal on longs, why not do the same on shorts? I don't understand why one can't be successful at doing both; plus you have twice as many trading opportunities.

=============================================

The RAT ALWAYS turned left. The Yale students tried both ways and got beat by the RAT.

Do you want to be a RAT or a Yale Student?
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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TheRumpledOne
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Postby TheRumpledOne » Tue Mar 30, 2010 8:04 pm

If you do not understand why trading in only one direction makes sense then click here:

http://www.yale.edu/admit/freshmen/appl ... index.html
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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johnedward
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Postby johnedward » Wed Mar 31, 2010 9:22 pm

Thanks for the feedback everyone.

Ok, I get the message regarding picking your team, MightyOne's visuals helped drive that point home (and stretch the heck outta the screen!).

Can someone answer my third question regarding the 2 indicators though?

------

Patch: life in Paris is pretty sweet, if you can get past the strikes (I can, I work from home), and the backwards-assed aspect of everything else here (no 24-hour supermarkets, a yearly tax on your television, no Taco Bell, the socialist regime)...but I quite enjoy the laid back lifestyle and the close proximity to everything (I haven't had the need to own a car since I was back in California)...

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