Discuss Forex-MegaDroid.com

[Ken Long]

Thanks, Ken. longer time frame always easy to trade.

Yes, I find the longer term charts much easier to trade, the fundamental trends hold longer and I have more time to reconsider my position. I often set a trade up and come back and see things I missed the first time.

Unfortunately, in Forex, as opposite to the stock market, a long term trade needs more capital and a short term trade needs less. I still havent funded my account heavily enough to support much long term trading, and 1 micro lot is not very satisfying. I was kind of hoping my short term trading would work out well enough to grow the funding without transfering money from my other accounts.

for the link. I just watched the video and put even more charts to my MT4....
so I used some majors with 15M and yes, clearly see these swings without any indicator, just Stoch. Looks very good too and I will put this to my trading system too, as you said, great stuff

always good trading

Dont overload your charts with information, or overload your profile with too many charts. It just confuses things.

I particularly liked these videos because they clearly explained many things that I find valulable, and a style of trading that I feel is very profitable. His webinars are also informative, but long to watch.

This style of swing trading is fairly common in most swing trading books. I generally tend to drop down a time frame for the detail and treat it as a short term trend or longer term swing, and I use more Fibonacci measurments and Elliot Wave analysis than he does, but the basic principles of entering on a fractal reversal breakout and not a breakout to new highs is very sound, as are his use of whole numbers as targets.


If you liked these check out the videos from Don Steinitz on his fractal breakout system, forexrobottrader.com. His system is very similar, and his free videos are very good.

 

[Dirk58]

Dont overload your charts with information, or overload your profile with too many charts. It just confuses things.

You´re so right. I think all this new stuff is still amazing me because of small fx trading experience, still hunting for new ones.
But why. I have a very good one workin for me so I think I will trade furtheron my style gettin more experience and hopefuly profits like I had with this one in the past.

Never change a winning system. Sometimes excitement about new ones will do nothing really good. As you said it confuses more than it will really help.
So I will take a few pieces of the swing trading to my system. The helpful things there were about the Stoch and how to read him. Very helpful too and I don´t have to change anything. So at least the videos gave me even more useful info for my own system. I think that is more important than to change whole trading style.

So yes I will stay with DPC trading and learning to read him even more efficiently. And getting closer to have relevant news more quickly at the screen, this is so important too.

And, what´s important too is to have a thread where people like you and all the other great guys here helping each other without any doubt.

Rare thing and I´m glad I found FPA havin a thread like this one.

always good trading

 

[Ken Long]

Dirk,

You can continue to run your present system on your live account and test some new ideas on a demo. Its always wise to examine any possibilities, just to see if they fit with your present system, or offer greater possibilities. The channeling systems are basicaly swing trading systems, entering at extremes and trading across a channel. The way to improve them, other than money management techniques, would be to polish the entry and exit criteria. Keeping in mind that the goal is to create less effort, less stress, more profit, and more consistant results.

 

[michaelwen]

hi, guys. so far by what I have learn from market and all the books, forum , website. I feel as someone said, the most important factor in the forex trade are money managerment .( how many lot you put in a trade, and how to exit a open trade).
even you entry is bad, if you can master MM, you are still in good hand. so, I think if you can maste this skill, we will profit in this market.
new week start, hope MD will make some +pips as before ^_^
good trade.

 

[12bfree]

emo mgmt

had you seen your profits growing to $100 but holding on to the trade to "let the profits run" then it went down to $60 and you swear that you would close it at $100 coz you had seen the $100 in your statement not so long ago? then it went down further to $20 and you started to pray "Dear Lord, I promise I will close if it goes up to $50"....then it goes up to $60 and you think, "OK, this might just reach $100 again"...then it reach $120 but the trade ain't closed yet coz the "profits are still running"...and before you know it, it becomes -$10 and swear on your life (again) that you would close it at $5. but whaddya know, it eventually becomes $200 in losses and you finally close the trade coz you can't "take the pain any longer".

so for me personally, i find that emotional management is far more important than other factors in trading. having a good trading system comes a close second...but that's not to say that money management is not important, but like what Ken said, while trading bigger chart might be easier, it requires more capital (plus patience) and it's certainly not very satisfying trading 1 or 2 micro lot. so yeah...good emotional management (and that includes discipline) tops the list for me and it took me 2 years to recognize that.

 

[Dirk58]

gd day guys

yes, MM and the very personal skill to wipe out any emotions when trading is the a and o like we say in germany.
''When I started trading I watched the screen closely every second. Every tick into red area gave me pain.
And as you said 12bfree when you´re in green area smile went from left ear to right ear and when price suddenly turned into red this bloody pain came again.

So since my trades went on into green since last month I changed this at all. When I open a trade I put in S/L and T/P so I decided how much money I allow to lose without any doubt because you never know whats really goin on next minute/hour even if all indicators will tell you the direction. Thing is, if you trade there will be always losers, you can´t wipe them out so you have to live with them. But I´m sure there will be winners again and as long as any sytem is givin more winners than losers you are in a very comfortable position. If you learned this losers won´t hurt you anymore.

Other thing is gettin greedy...... I had this when I traded stocks 2007 with a friend of mine.... everything went smooth, then we decided to trade options and everything went on again smooth and damn damn good, we had a start account of € 6000 and went on to 104k................. money was from my friend, I gave him the stock and then the options for that one..... I travelled by bus one day and he phoned me up..... said, mate, account went to 100k.... I said damn, try to sell.... no, he would´nt.... acount went to 104k.... I said sell because what went up like a rocket will come down surely again... no, he would´nt.... so he went greedy....... few month later, trading on his own, his account was down to 4k........

always good trading

 

[12bfree]

holy macaroni! i feel your pain dirk...EUR104k, down to EUR4k!! yes indeed, it's a fine line between greed for more and contentment of what's in ur basket at the moment. i learned through the hard way that +1 pip is anytime better than -40pips.

 

[Dirk58]

gd day guys

12bfree... yes, that one was a very very hard one because we had plans. When we saw account was growin smoothly we made plans to go downunder for livin there if anything goes for good. So for a couple of month account was growin this idea came more and more clearly. So it was a damn hard experience for me to see what greed can do. Anyway, trading with options was a high risk one but we watched the chart most of the day and when price came down we sold and bought an more safe option so that was at that time so damn great because we done anything right.

I will never forget this one. So this experience on the other hand was a good one for my trading now.

Ok, MD is watching the market, no trade at FXDD....

always good trading

 

[michaelwen]

hi, guys. how was weekend?
one question, does anyone have open trade ever from MD on Monday at all ? thanks.
this is what I do now. after I put open trade , my SL and TP, then I close the MT4, open it up next day to see how is goes. sometime feel like open Chirstmas gife at Christmas morning^_^

 

[Dirk58]

gd Michael...

as I could remember, no, MD never traded the opening night because this is within his Trading window.....

Trading.... ya, last few trades with GBPUSD I done this but I watched the chart few times within the day.... I knew the resistance line and that one was strong enough so I had only to wait..... closed the positions this morning but when I opened MT4 was´nt like XMas because chart was´nt movin much during the night but it does this morning nicely..... so good start for today.... mainly I trade intraday......

always good trading