99% Winners!!! Wow, what a place!!

[MickMason]

Very nice, this is what it's all about! I like your style of scaling in at significant levels (some call it averaging, I call it strategy!). What I did notice on those charts was some nice gap-filling, is it always so obedient?

I've never really watched for Gartley patterns either but they sure look interesting, there's some software available which finds them automatically in all time frames apparently.

Ah well, what's Eur going to do today, very thin this morning, ZEW expected better, EU politics in the crapper, 1.20 unbreakable support, gold down, oil up......long.....short....what's a guy to do! Where's Greenspan when you need him, he'd get things moving


Mick

[danielfx]

hi mick

trust me, you're not the only guy losing from time to time. i find trading is closely connected to my ego. if i win i feel good, if i lose i feel bad. it's not easy to admit that you are a struggling trader. i don't get as emotional anymore as i used to. i'm sure i understand the feelings of inadequacy that you are feeling.

i have read countless forums on strategy and systems etc. a lot of them i paper traded in the live market to check them out. many don't work as well. historic backtesting and live paper trading is not the same thing. the results can be quite off.

many systems are so complicated. too many indicators can confuse you and give too much info or even conflicting info. this makes doubt creep into your trading decisions.
try paper trading these 2 systems out.

if you like shorter trades:

use a 15min chart
use a slow stochastic 5,3,5 [or 5,5,5 is smoother but turns slower]
use a rsi 14 per
you can even use a 14 per envelope at .2/.3% to help id sup/res in a sideways market

now you want to trade in the direction of the newest short term trend. if the rsi is above the 50 line look for longs, if below 50 look for shorts. if the stoch gives a bullish cross anywhere in its window and the rsi > 50, then go long. for shorts it's the opposite. put your stop at the last high or low formed. this gives you a couple of trades a day with a low risk per trade. if the market is sideways, look for stoch crosses when the market is at or near the sup/res of the envelope lines.

for longer term trades:

use a 1hr and 4hr chart
use a slow stochastic 21,3,5 on the 1hr[or 21,5,5 is smoother but turns slower]
use a rsi 14 per or a default macd histogram on the 4hr

again you want to catch the bigger swings. use the 4hr as your filter. trade on the 1hr using the stoch. trade the stoch in the direction of the macd histogram bars. if the bars are ticking up, go long etc. put your stop at the last major high/low on the 1hr chart. you should get a 55-65% win average.

happy trading

danielfx

[yasirdxb]

trust me, you're not the only guy losing from time to time. i find trading is closely connected to my ego. if i win i feel good, if i lose i feel bad. it's not easy to admit that you are a struggling trader. i don't get as emotional anymore as i used to. i'm sure i understand the feelings of inadequacy that you are feeling.

Everybody feels good when they win and feel bad when they lose. nobody like to lose their hard earned cash. but that doesnt mean he is a struggling trader.
If you know (from experience or whatever) that losses are part of this game and you dont want to win all of your trades to make money in this market, you are not going to struggle.

I feel very good when I win a trade and feel really bad when I lose. however, since my trading decisions are not affected by my emotions, I dont consider myself a struggling trader!

Yasir.

[MickMason]

Hi danielfx, welcome to Moneytec, I see that was your first post!

I thank you for taking the time and trouble to reply here and offer your advice and share some of your trading strategies.

I feel I should probably explain my initial post and the original topic, it was meant to be sarcasm (the lowest form of wit, I know!). It just struck me that, in a business where allegedly 90% lose money, everyone here on Moneytec seems to be coining it in, no losers. I guess I was inviting a few posts from people who have lost and turned their trading around and could share how they did it. I can guarantee that around 80% of posters here aren't making any money although they won't admit to it, maybe reading a few 'real' stories would give them some encouragement. It must be difficult in a public forum where everyone claims to be a successful trader to come up and say 'please help, I'm losing my shirt here!'. The vast majority of us have indeed lost a lot of money initially, only the exceptional few never suffered a rapidly falling equity curve when they first started.

I've been trading for around 12 years, the first 3 were very tough, the next couple were up and down, and fortunately the past 7 or so have been consistently profitable overall (bigger wins than losses), I keep my fingers crossed every day that no-one cottons on to my smoke-and-mirrors trading style

ps Hi Yasir!

Now, is it time to long cable does anyone think, 1.8165 seems to be holding and 1.20 in Eur is going to be tough to break, is this it for this round of dollar bulls?


Cheers

Mick

[MickMason]

Originally Posted by MickMason

Now, is it time to long cable does anyone think, 1.8165 seems to be holding and 1.20 in Eur is going to be tough to break, is this it for this round of dollar bulls?

First target met, where to next, retrace and then another move up to 1.8250 perhaps

[majamaem]

Good morning all

heres my first buy on the emini...18.75 (18.50 was 65%) btw, i use 65 and 80 rather than 61 and 78. covered half at 20 and now just watching. will add on at pull back to 19.5 and stop out flat at 18.50, then add on 17.25L . if it gets too deep on the retrace past the 80% then i will look for a retrace to go the other way Short. hard stop (emergency) at 14.5 with reverse right now, but depending on how it gets there i may be short already anyway.

[majamaem]

its interesting on the gaps...if its narrow it will usually fill pretty quick. but where it is wide, i use the retrace just in the gap zone, from the bottom price of the gap to the top price of the gap. the rt in just the gap zone works like a charm most of the time just filling 50 to 65 on the first run. if its really biased in one direction or the other, it sometimes only gets to 38.

[majamaem]

mine experience was great first year, struggle for 10, quit for 3, struggle 1, struggle 2, over the hump! so, there is something to look forward to.LOL from what i have read of the previous threads, ALL would be alot better off to play micks kiss method (i still havnt got around to reading the more recent threads but i trust you havnt went all complicated on me mick) and forget all the other studies and lagging indicator crap. but hey, if you have to drive your car looking in the rear view mirror...oh well, study on by all means because you will need it. micks kiss will knock off years of frustration and losing though. I dont, and im sure he doesnt have a clue what the market is going to do so we dont feel all that bad when it doesnt do it. feel good-feel bad when you trade but like flipping a coin...heads! yikes it was tails! what was i thinking? what did stochatics say? rsi? ma? no, it was tails- nothing more. now play the barbershop game- NEXT! Know when you put on a trade you give it your best and just "take a shot" at it. If it works out fine, if it doesnt- NEXT! But dont take it personal. When i enter a trade i know the market can do anything-i dont have a clue what the market is going to do...but i always know what im going to do. Remind me to tell you about the guy who auctioned off a $100 bill to wall street money managers.