TygerKrane's Pip-Pickpocketing

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TygerKrane
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Long Candle Forex Trading technique

Postby TygerKrane » Wed Jul 21, 2010 1:39 pm

From page 12 of the Long Candle Forex Trading Course:

Understanding the concepts is 20% of the course. Applying them and making them yours is the other 80%. That part I can not do for you. You have to do it.
Trading is a practical skill like golf or swimming. You only develop your skill if you spend a considerable amount of time in the water or on the practice tee and competing.

This is a little problem I get bogged down in. I tend to think that if I read and study and read and study, that I will turn on my Trading Station and instantly be a trading phenomenon.
Much like I can't be a good golfer or swimmer by just the reading books on them, trading is the same. No matter how much you READ, you actually have to DO, before you can BE.
Yes, this does relate to that 'thing' about not wanting to be wrong. I have you guys quotes and sayings on the topic though. It is a great help to see other traders express the universal truth. I have a thick skull when it comes to this, so I often reread them.
On the plus side, at least when I spend my time reading I am not overtrading.
But if I don't actually DO, I'll never actually BE.

Simple enough.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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TygerKrane
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First AUDJPY trade 07-20-10

Postby TygerKrane » Wed Jul 21, 2010 2:35 pm

Procharged,
You're the only one who I've really noticed trading the AJ. Yesterday I got a taste tho, and I gotta admit, I think I'm hooked. So I hope there's room enough for one more
()
to get on this bus ride too... 8)


As for the trade, well YESTERDAY AS A WHOLE, gave me a WHOLE LOT to think about. I actually have a shitload of posts jotted down, but couldn't get to actually post them, so I have a lot to say about what I experienced yesterday, Tuesday, July 20, 2010, and I will post them up. As it is right now though, *I am disgustingly late for work* so just this trade here and I'll do the rest later.

But as for the trade, it was only b/c I was working and away from my computer that I was able to pull it off. I will openly admit, that had I been watching my charts, THERE IS NO WAY that I would have the nerves enough to let a trade hit my average line like that and stay in; let alone, if I added a position like that and the price reversed back to my ORIGINAL ENTRY, hell no, that trade would have been CLOSED. :cry:
I came back to my desk some hours later and closed it since it was at MOMO extreme.


Well, leaving trading now :smt024 ...and going to work :smt024 . :evil:

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**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby newschool » Wed Jul 21, 2010 3:22 pm

anima sana in corpore sano

the mind think but its the body wich acts

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Postby nick432 » Wed Jul 21, 2010 4:27 pm

Some nice reading about how some people got rich by trading
http://rich-by-forex.tk/

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Postby TygerKrane » Wed Jul 21, 2010 5:33 pm

Yo! :evil:
He did NOT just violate [s]my thread[/s] ME like that.

[highlight=black]Ban that MotherFu*er NOW!![/highlight]

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby newschool » Wed Jul 21, 2010 6:37 pm

what was your spread on AJ ?

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TygerKrane
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Postby TygerKrane » Wed Jul 21, 2010 8:08 pm

My spread was averaging 3.3 - 3.9

After NY Close, before Australia Open (the two hour gap), it was like 4.0 - 4.6.

But that was my first day watching it, so maybe was just lucky chances.

As long as spread stays under 4.9 very likely that I'll be rockin with it more.

I like-a da action!

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby TygerKrane » Wed Jul 21, 2010 11:35 pm

newschool wrote:what was your spread on AJ ?


Forgot to mention, I trade with FXCM Micro.

This used to be my sig:

Trading Forex since September '09. With FXCM Micro.
**FXCM Micro increasing their spreads Mar 21, 2010, but the benefits of the "No Dealing Desk" platform won't come until "To Be Decided" ???**

Come to think of it 4 months later and those bastards still haven't switched me over to "No Dealing Desk"!! :x
I still can't place entry orders within 5pips of the current price. :x :x

I guess ProchargedMopar knows what I'm talking about...

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Make every trading day be like this

Postby TygerKrane » Thu Jul 22, 2010 2:19 am

So this is how my day was on Tuesday, July 20, 2010.

Image


AUDJPY trades are the focus. If I can carry out similar to this on a day-to-day basis, I have it made. Put in half size as I feel out a bottom/top; or just to start trading away from my line. Accept that there can be a few [s]mistakes[/s] [NO] stopouts in getting started, but not caring one way or the other since my risk is spread out so far anyway. Not caring about a loss feels so good, this I know. In addition to accepting a few small loss in the beginning, getting comfortable with cutting my losses sooner would be a great help.

This isn't the first time that I had a day like this, but something about Tuesday blew me away. It's amazing how stupidity & arrogance (as if I knew jack s**t in the first place) can drain my account, but a well placed trade according to the rules I study puts instant rebirth back into my account. Just goes to show that 'eliminate the big losses and your account has almost no choice but to go up.' That one of the most important things is simply the ability to survive your mistakes in judgement long enough to catch the real move.

With the account as small as it was, it was down to $30 at the lowest point, and then my last trade on AJ (including the small loss in getting setup) increased the account by 68% from that low.

No, I'm not expecting 68% or even 50% everyday on my account, but I would say that getting pips without the garbage I was doing earlier in the day should at least be worth 10-15% for my account when I am trading with a more respectable size. That's all I'm taking note of with this example. Also, that I think I will be ready soon to aggressively deposit funds to match earnings after my next 15-20 trading days.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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TygerKrane
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MM to Live By

Postby TygerKrane » Thu Jul 22, 2010 2:34 am

[font=Comic Sans MS][highlight=white]Money Management Guidelines for me to Pay Myself [/highlight][highlight=white](when I actually start earning):[/highlight][/font]

and yes, FYI, I will be 'Bottom of the Barrel'

Posted: Sun Jun 28, 2009
:idea: MightyOne :idea: wrote:MM depends on what the trader is trying to do.

If you have $100,000 to trade and you place it all in a trading account then you are going to want to risk 1 to 1.5% per trade.

If you risk 1-1.5% per day then you should be able to come out ahead by 1-1.5% per day or 5-7.5% per week.

It would be dumb if you did not take advantage of the awesome leverage that Forex has to offer and keep most of your money at home:

If you have $100,000 to trade then you should open an account for $10,000 to $30,000 and risk 3-4% per trade.

If you only have $10,000 to your name then you shouldn't be risking 3-4% per trade as surviving is more important than quick riches.

Going down to the bottom of the barrel:

If you only have $500 to your name and you can afford to save $125/month so you can try again 3 or more times per year then I would suggest you risk 4% per trade until you reach $5000 (6-13 weeks of trading).

Depending on your level of skill you will make between $4,300 and $10,750 per month.

Take checks every week for any amount over $5,000 for the rest of the year.

Whatever you have at year end take 10-30% of it and put it back into your account.

If this amount is $25,000 and you have $5000 in your account then you are now making $25,800 to $64,500 per month.

Take checks every week for any amount over $30,000 for the rest of the year.

etc etc you get the picture.

You do not need sextillions of dollars :roll: remember that!

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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