FOREX PRO Weekly July 16-20, 2012

[Sive Morten]

sive, could we not argue in favor of a potential 3-drive sell in progress on H1 with the first 2 drives complete already, and the 3rd drive potentially completing around 2352/62? 2362 being the 38.2% node of the drop from the post EU summit high.

Hi Triantus,
probably I will not classify this price action as 3-Drive. Too fast moves, no harmony. Better to separate it in different AB=CD's. Anyway result will be the same, since extensions are based on the same swings.
3-drive will have the same reversal pattern as potential butterfly "Sell" if it will appear as well as other patterns that should complete around of 1.2350

 

[Louis123321]

Boob pattern on 4hr timeframe has completed, but i'm not sure what this means

 

[papao]

lol lol

Ok what my plan says is that if a situation like the one you describe happens is to adjust my S/L to breakeven or lock in a little profit or depending on lot size take half of the table and then set the S/L to break even and watch the movie!!

As my trades normally have a s/l of about 400 pips so as i break into the money first thing i am looking to do is reduce my risk totally....as i work on a minuim 2:1 ratio but preferably 3:1

So i have been short from the euro summit at 12650.00 and been adding position on the rallies .... have taken 70% money already as was short with 10 lots at 12650 took 7 lots profit at 123000 and bought my stop loss down to break even so no risk and have been chilling watching the movie!!!!!!

Hope that helps out!

Hi Asif and thank you for sharing with us something about your trading style. If you don't mind, i'd like to ask you a couple of questions.
1) which broker do you use? (if it's safe for you it would be also for me )
2) how did you started in the forex business? I mean, in a single transaction you traded more than the total amount of lots i traded, till now, in my entire trader career (so you should have a much, much bigger account than mine, which is still very tiny nowadays). Here is the real question: did you started trading, 5 years ago, with a big (or, at least, considerable) amount of money or have you made your fortune only by trading (starting with little capital)?
Btw, you (and, of course, Sive!) are my hero i wish one day i'll be like you
thank you!

 

[D.R.&Quinch]

hooray for boobies,
thats what ive always said

 

[D.R.&Quinch]

boobies are wildlife where i come from

 

[asif faryad]

Hi Asif and thank you for sharing with us something about your trading style. If you don't mind, i'd like to ask you a couple of questions.
1) which broker do you use? (if it's safe for you it would be also for me )
2) how did you started in the forex business? I mean, in a single transaction you traded more than the total amount of lots i traded, till now, in my entire trader career (so you should have a much, much bigger account than mine, which is still very tiny nowadays). Here is the real question: did you started trading, 5 years ago, with a big (or, at least, considerable) amount of money or have you made your fortune only by trading (starting with little capital)?
Btw, you (and, of course, Sive!) are my hero i wish one day i'll be like you
thank you!

Thanks Buddy,

Started 2007 as a novice trader as i had a big chauffeur business dealing with investment banks Bear Stearns and Lehman Brothers... YES! we all know what happened anyway during my time with these guys i used to hear a lot of talk on Speculation and how they had made a lot of money on various trades that they had done ...
Used to hear Bears Bulls and had no idea what these phrases meant....

When they went pop some of the top people were not even touched by this event of a bank going down or was taken by JP Morgan for a few dollars.... Heard one guy say i shorted them...

Anyway i had virtually no business left and i also had another business partner at the time who was panicking like anything!! saying we have to look at other contracts etc etc but i knew this would be not worthwhile as all the big banks were not interested in high class chauffeur companies and wanted the nice cars but were not prepared to pay!!

So i decided to say to my partner i am out or he goes out as was not prepared to work as a slave!! anyway long story short he went...

I then had to look at a way to create another source of income...And thats how it started ...started doing research on what trading was etc etc etc..

Asked a few questions as i knew some of the bankers very well on what they did and what trading was etc etc..

They told me a bit ... I then started trading initially as i had really no idea what i was doing thought i had a system in fact the system part was ok as i have fine tuned it after getting to understand who i was as a trader...(its mind training)

The part i made a total mess of was the money risk side as beginners luck initially from a £15000 account i doubled my account in a month!!! i thought i was god!!! lol ... anyway in 3 months had nearly tripled it!!! so this was my mistake as i had a good luck in the beginning i started to risk very high lots and yes then the losses started!!! and as i had no training of my emotions within 3 months i had blown the account..
Then it was that emotion REVENGE how the hell can the market do this to me so i then funded again same story ((

Then i had enough and thought this is not for me.... i also attended the courses and seminars as i thought i may learn from professionals all bull ****ers!!..

I had been always watching Sives anyalis for a while but never took it seriously as it was free so cant be any good as thats how we unfortunately are conditioned in our earlier lifes growing up!!!

I always had a feeling that this has to work as there must be a few making loads of money..

I then started looking at a traders phycolgy how a professional thinks and stumbled on a book called Trading in The Zone and studied this for a couple of months.. and for me all the answers were there what i had done etc etc..

So i then devised a trading plan based on my trading style using Sives anyalis and it been working very well...

Its a business for me and there a lot of myths on brokers yes some of the non regulated ones one must keep away from..

I personally used Alapri Uk had no issues with them..But as i am a uk resident i opened an account with IG Index in the uk As i dont pay any tax on my profits as its classed as a spread bet account which in the uk is free from tax!! its just a technicality but i love it as no tax...
There are also a FSA regulated and i have had a lot of money with them and never have problems as i take on a monthly basis 50% of my profits and leave the rest for my account to grow and use compounding sensiablily ...

Works well for me..

I am sorry for such a long message but hope that helps and answers your questions...

Asif

 

[D.R.&Quinch]

thanks for taking the time time to write this. pretty inspirational!

 

[Synchronicity]

Asif

Thanks for posting this. I started about the same time as you, initially day trading shares off 15 minute delayed charts. What a disaster that was!! I have messed about with everything but never stuck to one thing long enough to get to the point of being successful. I typically get good at some system or another then get distracted and don't trade it, or try something 'better'

I'm great at studying and learning systems and pretty good at programming indicators etc. and have mistaken progress at this for progress as a trader. The Mark Douglas book has been a real eye opener for me for two reasons. Firstly, it detailed all of the mistakes that I have been making over the years. Second, it told me that I am typical of most people that get into trading - but that I can change.

Since starting to follow Sives work closely and trade from his analysis I have increased my account by about 25% and that has been done with consistent gains rather that massive wins and losses. That is the most consistent I have ever been!!

I have spent the last few weeks writing my trading plan in detail and will start trading from it soon. I am trying to shift my definition of success for now. Each trade I make will be assessed and marked by how well I am sticking to my trading plan rather than by how much money I can wring out of it.

I am so grateful to Sive and to those who post here regularly and show me the way...

All the best

Michael

 

[minimax]

Psycho - logical

Asif, agree about BS-eaters although paid so small money but gave more to some Gurus with no control!!! Oh, stupidnesssssnake!


The Holy Grail of trading - MUST SEE ALTHOUGH YOU´VE SEEN BEFORE

 

[minimax]

About Douglas, think this is the only book in my library, hope will be good enough