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TheRumpledOne
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Postby TheRumpledOne » Wed Jan 07, 2009 12:14 pm

prochargedmopar wrote:Advice Please,

My son (14) walked by while I was pipin yesterday and said hey, I can do that.
I was already planning to set him up a micro but told him He'd have to go through the babypips "school of pipsology" and read "trading in the zone" before I let him go at it. He gets $50 a week allowance so he can use his own money and a micro is only $25 to set up.


Now, I'm thinkin maybe he might have to un-learn some things If he reads all that. What do you guys advize? Maybe just have him read the NLA thread and teach him the bear bones basics about candles and what they represent. This will be like the blind leading the blind but maybe he can see some things I can't.

I even joked with my wife about setting our 5 kids in front of the computers and telling them we have a new game. Make the candles any color you want and just pick which way they are going to go...... they are all game heads anyway. Ages 6-14.
Thanks


You can get a FREE $25 or $50 account at FXCM. Get one for you and one for your wife and let the kids "play".

Just teach them how to read candle charts. Forget all the rest. Don't need it. That can come later.

TRADING IN THE ZONE is a great read.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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PeterD
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Re: Good trade

Postby PeterD » Wed Jan 07, 2009 12:44 pm

MightyOne wrote:
PeterD wrote:I love your posts MightyOne, keep them coming, I learned a lot from you, as days went by, I think I am getting better and better at seeing your Zero Lines, they are everywhere at different timeframes.

So far I am still learning since this is my first forex trading experience, I have been able to double my account, and of course it's just a demo, not real money, I am sure it will be a different story when I trade with real money, I am sure I don't have so much guts...

So far, things I have learned:
- Get out as soon as you feel you are going the wrong direction, the less pips you loss the better.
- It's a matter of finding a good method of entry with the lowest risk and highest reward.

I don't know, it's sounds simple, but I think that's all there's to it?

I have been trying to trade with longer timeframe, less stress...

Attached is my last trade I just made with demo account, I got 80 pips.
I wish I would be able to do the same thing with my real account in the future!

Thanks again MightyOne and Avery, for making everything looks easy (trading without indicators).

Peter.


Your trade was so well done that it looks like it came from my own hands.

Just keep letting the chart talk to you and teach you how to trade.
Don't become attached to any one method of doing some thing.
Be flexible and always look for new information.


Never think about how much money is in your account;
it is just a number that lets you know when to increase your lot size and nothing more.


Hi MightyOne,

The trade that was done last night was definitely came from your ZL perspective, you opened my eyes, really,

When I look at charts, I would flip back and forth between timeframes, to see where the ZLs, as I would expect some support/resistance.
And I was always wondering if there are some crowd lurking in timeframes that I don't see? May be there are crowd that use 8-minute chart or 20-minute chart? (or whatever number that people don't normally use?).

I still need to learn how to properly manage trailing stops and lot size, any insight on these ones? (sometimes, you feel like you don't want to give back some inital profit where profitable trade turns into a loss).

Much appreciated,
Peter

PeterD
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Postby PeterD » Wed Jan 07, 2009 1:01 pm

pierre23 wrote:Well, PeterD's trade he posted just above, and the posts from MightyOne - shows very little if any drawdown. If you can constantly pick out trades which ultimately have no/little drawdown then you'd be set. But the fact of the matter is you WILL have drawdown in your trades at some stage or another.

I guess thats where trade management comes into play, to determine if you will exit with profit or loss.


Thanks for your comment pierre23,

Yes, I would totally agree with you, as I just posted in my previous post to MightyOne, I am still trying to learn to manage my trades, if my previous trade was a bad trade, I risked around 20 pips (if you looked carefully, you will see the SL I put for the trade), so that would be the risk I took for the trade.
I always have a plan before I start my trade, if it doesn't go my way I would exit with my SL. Then I will wait for the next one, I hope it would work, if doesn't work again then try again. These bad trades would be my drawdowns. That's why I am now learning and trying to find the best way that would work with my trading situation. Any advice would be appreciated.

Thanks again,
Peter

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TheRumpledOne
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Postby TheRumpledOne » Wed Jan 07, 2009 1:57 pm

Image

The TRO2009_WICK_Histogram shows the top and bottom candle wicks in pips.

You can use this for Buzzard Reversals.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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MightyOne
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Postby MightyOne » Wed Jan 07, 2009 3:44 pm

prochargedmopar wrote:Advice Please,

My son (14) walked by while I was pipin yesterday and said hey, I can do that.
I was already planning to set him up a micro but told him He'd have to go through the babypips "school of pipsology" and read "trading in the zone" before I let him go at it. He gets $50 a week allowance so he can use his own money and a micro is only $25 to set up.


Now, I'm thinkin maybe he might have to un-learn some things from babypips If he reads all that. What do you guys advize? Maybe just have him read the NLA thread or set him up with BuyZone and teach him the bear bones basics about candles and what they represent. This will be like the blind leading the blind but maybe he can see some things I can't.

I even joked with my wife about setting our 5 kids in front of the computers and telling them we have a new game. Make the candles any color you want and just pick which way they are going to go...... they are all game heads anyway. Ages 6-14.
Thanks


Why not start them off with the DIBS indi.

The first thing a child needs to do is say,"I can do this," and then after that you can get complicated because you will have their attn.

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Postby MightyOne » Wed Jan 07, 2009 4:05 pm

ImageImageImage

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TheRumpledOne
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Postby TheRumpledOne » Wed Jan 07, 2009 4:29 pm

Image

I modified/fixed a DIBS indicator.

Zip file of free Inside Bar indicators attached.

As you can see, going long at 1.3608 was very profitable!!!
Attachments
TRO_IB.zip
(18.17 KiB) Downloaded 265 times
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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EDUCATION TIME $_TRO_TIME

Postby TheRumpledOne » Wed Jan 07, 2009 4:39 pm

EDUCATION TIME

Image

Since we are trading based on SESSION OPEN TIMES, you need to understand what TIME we are talking about.

There are 3 different times:

BAR TIME - time of the current bar

SERVER TIME - time of the server

LOCAL TIME - your local time.

THEY USUALLY ARE NOT THE SAME!!

For MT4, if you want to know when the London session opens, you need to figure out that time based on SERVER TIME - NOT YOUR LOCAL TIME!!

I am on MST.

London opens at 1:00 AM local time. But it is 9:00 SERVER TIME.

NY opens at 6:00 AM local time. But it is 14:00 SERVER TIME.

I have attached the $_TRO_TIME indicator that displays the times in the upper left hand corner.

I also attached a modified version of b-clock, that counts down the time left in the current bar.
Attachments
TRO_TIME.zip
(6.77 KiB) Downloaded 219 times
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby MightyOne » Wed Jan 07, 2009 5:13 pm

Let us not forget the only real currency!

Image

With all the sheeple being led by the hand to buy Gold and Silver
there is an over abundance of wool.

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Postby MightyOne » Wed Jan 07, 2009 5:35 pm

Thanks for the time indi TRO :wink:

Image

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