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rjmann
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Postby rjmann » Sat Dec 13, 2008 8:26 am

razorboy,
Thank you both skyline and TRO
I use Metatrader as my demo account. I also have a real micro account with FXCM. My real account mostly just sits there I have not traded on it in about a year till I came to this site. I did alot of reading and practicing on BABYPIPS but I could not get any consistant profits with their trading ideas. I'm not a real blogger, but I got excited when I used one indicator and outperformed over a years work on babypips and fxcm courses I had to let you all know. And thank you khalid, I think Im going to learn quite a bit here.
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khalid
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Postby khalid » Sat Dec 13, 2008 8:43 am

rjmann,

Enthusiasm is a virtue.

So is hard work.

For a trader, sound money management is the greatest of all virtues.

Khalid

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Postby razorboy » Sat Dec 13, 2008 1:57 pm

I have a fxcm micro account for trading and I use metatrader with a feed from Gain for charting. Gain has set up metatrader so that you can't put i resting orders within 50 pips of price. Fxcm micro will not let you set resting orders within 5 pips of price (so try setting up a quick BZ then) and they do not offer metatrader for micro accounts.

I am not sure how fxcm limits metatrader with their regular accounts - if at all

If anyone can get around these"features" let me know



rjmann wrote:razorboy,
Thank you both skyline and TRO
I use Metatrader as my demo account. I also have a real micro account with FXCM. My real account mostly just sits there I have not traded on it in about a year till I came to this site. I did alot of reading and practicing on BABYPIPS but I could not get any consistant profits with their trading ideas. I'm not a real blogger, but I got excited when I used one indicator and outperformed over a years work on babypips and fxcm courses I had to let you all know. And thank you khalid, I think Im going to learn quite a bit here.

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Postby razorboy » Sat Dec 13, 2008 2:57 pm

in that case of course, just that most people dont master the basics - which, as someone going through the process now is boring as sin, but an necessary evil. Otherwise you will (not you specifically) follow most of those people posting on FX boards about how their system was "working great, but all of a sudden it stopped" because they didnt know why things were working in the first place.

PS - next week I'm adding short back into my repertoire

MightyOne wrote:
razorboy wrote:Cant disagree with you more actually

If you are just starting to acquire a skill - the basics and consistency are important. If you don't sit and observe, you wont learn. If you don't develop a basic competency in basic skills, you will never develop a good foundation. I can run 6 minute miles, well, because I run, over and over again - different paces, different distances, but I keep running - I could walk if all i was interested in was distance, but I want speed. Same thing as batting practice, same thing as swinging a golf club - over and over. Master the basics and then move on. Once you know what you are doing, then yes, there is more than one way to skin a cat, but for most retail forex traders, they would be lucky if they could find a cat to skin in the first place

I am willing to bet that without knowing which pair you are trading at the time, you would probably become much more consistent in your trading. Can you differentiate different stocks/currencies and commodities based on the pattern they trace out on a chart? I couldnt even tell the difference between a 1 hour and monthly chart unless it was labeled. Anyone want to post some random mystery charts and see who can accurately identify the chart and the time frame?

lets play........NAME THAT CHART............................



MightyOne wrote:
razorboy wrote:Ed - I agree with you on the need to see the big picture. I think that a lot of people read TRO's stuff and think that it is the be all and end all of everything else (to his credit, TRO even says they are guidelines). You then have all these neophyte traders (myself included initially) going out and hitting on anything that movies like drunk frat boys and wondering why sometimes it works and sometimes it doesn't - like the horizontal line trade trick.

If you can't you can't articulate the reasons why you entered a trade beyond "I just saw it", I would be less than confident. Over the past two months or so I have become skeptical of any indicator other than price and the patterns it maps out and understanding what is going through peoples heads at that point - I am starting to care less and less about hourly range and pretty much any other statistic.

I've actually done what most "experts" recommend not doing - I have traded (or watched) endlessly for the last 2 months - making sure I get a chance to see every sort of market condition I can, rather than random glimpses at points during the day - a crash course if you will - the goal being to find one or two repetitive patterns that I can play over and over again. Based on my experience with other skill acquisitions, I think the only way you can really learn is through intensity.


For me the light bulb went off when I saw TRO's statistics.

It was love at first sight; the endless possibilities, even some not so obvious, that statistics can be used to place advantageous trades or heighten your perception of market action.

Statistics may appear as boring as a #2 pencil, but what can you do with a #2 pencil?:

Write a letter? Throw it at your teacher? Chop it up and create a mini log cabin? Stab your classmate in the ass cheek (sorry, a bad memory from my school years)?

All I am saying is that to ponder every application of your tools is worth far more than the experience gained from using them the same way every day.

Like wise in trading you will not grow by watching charts for days or weeks!

Each pair is like a different woman; you cannot know them all by observing one!
And if you have ever lived with a woman :cry: you will know that their emotions change day to day and week to week.
There are periods of time when you are the perfect man and then it suddenly all changes and the next minute you are the Anti-Christ.

Such is trading that its emotions change constantly with each pair having its own emotions.
There are periods of time when your trades are "flawless" and then there are periods of time when you question your ability as a trader.

If the different applications of your tools can shift your "personality" at the same time she changes her emotions then you just might stay flawless for a day longer :shock:


Basic skills can be found on babypips :lol: (just kiddin bud)

I was talking about reaching new plateaus and growing beyond the obvious.

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Postby razorboy » Sat Dec 13, 2008 3:19 pm

nobraintrades.com rocks.........much thanks TRO
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!

http://thejoshkerbelproject.com/

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Postby rjmann » Sat Dec 13, 2008 4:32 pm

While I love to make Money I hate losing it even more. Thats why I use the micro account, a person can lose 10 pips and it's only about a dollar. I saw a trader on a stock simulator who on several contest could take a few thousand dollars and double or triple it in under a month. I figure that untill Im even close to that good, why risk alot of money. Using the micro just keeps me a little more disciplined.
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Postby razorboy » Sat Dec 13, 2008 4:53 pm

we are on the same page - i'm just talking about the practical mechanics of doing what you are suggesting with the BZ - I would be more than happy to sit and manufacture pips in that fashion, but I think you will find out that FXCM may not let you. If I am wrong, let me know

You will sometimes notice that different feeds give you slightly different prices at the same time. Right now I find my Fxcm account is a head of my gain account that I use for charting - i wish it was the other way around

rjmann wrote:While I love to make Money I hate losing it even more. Thats why I use the micro account, a person can lose 10 pips and it's only about a dollar. I saw a trader on a stock simulator who on several contest could take a few thousand dollars and double or triple it in under a month. I figure that untill Im even close to that good, why risk alot of money. Using the micro just keeps me a little more disciplined.

khalid
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Postby khalid » Sat Dec 13, 2008 6:18 pm

rjmann,

I would like to know about the person

who on several contest could take a few thousand dollars and double or triple it in under a month.


In nearly 24 years of trading I have not come across anyone even half as good!

Khalid

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Postby rjmann » Sat Dec 13, 2008 6:36 pm

Khalid,

I believe he traded options. I know nothing about options except that you can make alot of money with a little or lose all your money at the end of your contract.
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khalid
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Postby khalid » Sat Dec 13, 2008 6:57 pm

Wonderful!

Why do we not have him for a mentor?

Khalid

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