New here...a few questions...
Posted: 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!
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!