The ideas that I trade by:

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MightyOne
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Postby MightyOne » Thu Jul 03, 2014 2:51 pm

Sandra wrote:I want to make money!
30-50 pips a day.
How?
Thats why im back.....

Smile

S


Making money is as simple as shifting your focus to LOT SIZE (accumulation) & away from baby-pips.

This is what it means to trade:

to place a stop loss outside of a range
to increase your lot size
to trail your stop only when normalizing risk.

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MightyOne
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Postby MightyOne » Thu Jul 03, 2014 3:31 pm

paweldobkowski wrote:
jmag4 wrote:As far as goals, I was hoping to make something out of this. I just graduated Uni with a finance degree and I'm completely lost in what I want to do with my life and really stressing out when it comes to finding a job. Is trading a viable option or would you say it's just a pipe dream? Clearly you and many members have had great success but am I being naive believing I can make it just trading at such a young age with very little experience trading?


Well, if You just graduated (btw I have MS in economics - triple high five to each other and unemployment) You gonna need a job.

Trading profitably is completely achiveable but there will be sacrifices.
There's A LOT of s**t in front of You and I mean A LOT.
What's more important it takes time.
This is very competitive business and we are compiting against guys with 20 - 30 years of experience and millions of *put_currency_here*.
So in order to get some money You need to be at least very good.
Like with any other skill - sports, playing instruments etc. - it may take years of practise to get to that level.
In my opinion money is the last thing that You should be thinking about.

So in conclusion You need to at least like watching markets and have some kind of income to support yourself through quite some time.
And probably resign from Your personal life for a while.

OR

Be nice to MightyOne.
The legend says that on the first day of His trading He deposited $1000 and pyramided that s**t to 33 gazillions on single M1 candle.
So now He owns the markets and Your country and even Walmart. He can make quotes preferable for You (and give You a SWEET deal on instant mac and cheese mugs).


I didn't want to say that it usually takes 6 to 8 years to become a full time trader.

Here are a few things that he can do to knock off 4-5 years:

1) always place your stop at & trade from long term extremes.

2) don't move your stop loss to protect profit, that is what losers do.
If you want to protect your profit then TAKE A PROFIT!

3) Larger bodies show the way & small bodies shift attn to larger bodies.

4) Do not assume, when price bends backwards, that it is automatically a sign that you are wrong. Understand the need of the market to cancel profits; if you expect something like what you are seeing then that something is not problematic, even if it goes against basic technical analysis.

5) If you are not the god of day trading then you MUST increase your lot size whenever possible to negate your lack of skill; if the numbers work then it doesn't matter how crappy your skills are :lol:

6) as you gain experience you will want to complicate your trading...don't! :wink:

7) don't risk much more than 0.5% per 10 pips.
When you double your lots and halve your space your risk stays the same (is "normalized").


About my legend :lol: you're funny.

Yes I started trading Futures as a teenager

Yes I made boatloads of cash from day one; but how could I not with prices at 30 year lows?

No I didn't acquire Walmart :lol:
Something happened to me when I made money too quickly...
I lost my desire to make more of it :wink:

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Jalarupa
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Postby Jalarupa » Thu Jul 03, 2014 5:47 pm

MightyOne wrote:What makes a strong trend? The likelihood of people making the wrong decision of course ;)

ZL/Resistance + TL break is so common it amazes me that people still fall for it:

Image


MO this lesson has been awesome! Thank you for always shining light on my ignorance.

Its helping and I appreciate it!
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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TygerKrane
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Postby TygerKrane » Thu Jul 03, 2014 6:44 pm

paweldobkowski wrote:The legend says that on the first day of His trading He deposited $1000 and pyramided that s**t to 33 gazillions on single M1 candle.


Hilarious stuff right there, Pawel

:lol:

**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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xXx
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Postby xXx » Thu Jul 03, 2014 8:36 pm

I had to close the position as this week have other stuff to take care of.
So sad... :shock: 8)
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Captain Pugwash
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Postby Captain Pugwash » Thu Jul 03, 2014 10:00 pm

MightyOne wrote:What makes a strong trend? The likelihood of people making the wrong decision of course ;)

ZL/Resistance + TL break is so common it amazes me that people still fall for it:

Image


Thanks MO

This little study I worked on after Withnail pointed me in this direction - as well as all the other effin directions he points me in :D

MOs posts closes the document perfectly (although its never really closed - is it?)

(markups are a great aid to learning- try it) :shock: :shock: :shock:

PS click on any charts to expand.

PPS - those examples were only for my benefit really - only for Mo's post and his timing - i would have just added it to my own journal.
"MOJO 1)Self-confidence, Self-assuredness. As in basis for belief in ones self in a situation. Esp/In context of contest or display of skill such as going into battle. 2)Ability to bounce back from a debilitating trauma and negative attitude YEH BABY

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Jalarupa
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Postby Jalarupa » Fri Jul 04, 2014 4:47 am

Captain Pugwash wrote:
MightyOne wrote:What makes a strong trend? The likelihood of people making the wrong decision of course ;)

ZL/Resistance + TL break is so common it amazes me that people still fall for it:

Image


Thanks MO

This little study I worked on after Withnail pointed me in this direction - as well as all the other effin directions he points me in :D

MOs posts closes the document perfectly (although its never really closed - is it?)

(markups are a great aid to learning- try it) :shock: :shock: :shock:

PS click on any charts to expand.

PPS - those examples were only for my benefit really - only for Mo's post and his timing - i would have just added it to my own journal.


Lovely war chest you have there Puggo!

Arh Arh Arhhhhg!

Image
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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Captain Pugwash
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Postby Captain Pugwash » Fri Jul 04, 2014 6:09 am

Thankee Jala

One problem I have is that withnail and Mo can both take the trade before the break - I seem to miss some by taking the trade only after the retest - and then its too late sometimes.

I cant seem to get the timing right - Although price does tend to "stick" before a break - I would love to hear Mo's view
"MOJO 1)Self-confidence, Self-assuredness. As in basis for belief in ones self in a situation. Esp/In context of contest or display of skill such as going into battle. 2)Ability to bounce back from a debilitating trauma and negative attitude YEH BABY

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xXx
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Postby xXx » Fri Jul 04, 2014 6:14 am

By "sticking" Captain do you mean ranging?

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Jalarupa
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Postby Jalarupa » Fri Jul 04, 2014 6:41 am

Captain Pugwash wrote:Thankee Jala

One problem I have is that withnail and Mo can both take the trade before the break - I seem to miss some by taking the trade only after the retest - and then its too late sometimes.

I cant seem to get the timing right - Although price does tend to "stick" before a break - I would love to hear Mo's view


I was contemplating this price action all the while before the break upwards...

Image

I first looked at it like How MO draws a range from the extreme...

And as you can see there was no retest of the range...

BUT what I realized is that there were ZLINES a plenty on the way up... (here's where the pro's get in)

Image

So I then reasoned that new or higher accumulation "could" occur (and MO has shown this before) by moving between Ranges/Steps or what we ultimately define as ZeroLines...

As you can see there was sufficient MOMO to prompt someone like Withnail or MO to trade in the direction of profit...

Image

What I found pretty fascinating... (and I'm probably complicating things here, or reading too deeply into MO's post) was that the trend line break also gave the entry...

Image

This last idea blew my mind, but then again they do say small things amuse small minds...
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

I trade using <<FX SYNERGY>>

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