we have VERY thin markets today hence liquidity moves can be drastic.
ECB rate cuts may come sooner rather than later. Earlier this month, the thinking was the central bank would leave rates at 1 pct until 2014. But a lot has changed since then - the Greek and French elections and funding troubles in Spain's banking sector and Catalonia. Add to the brew what appears to be German acceptance of the need for inflation to help resolve the euro debt crisis and the result may be ECB rate cuts to 0.5 pct by the end of the year. ECB rate decision due June 6
Not seeing much behind this move, bunds rallying, 2yr yield drops to 0.027%. European equities give up days gains... Looks to me that Spanish moves continuing to weigh on mkt... Very light volumes on the day thus far here
Well I think I could start to think how to sell my trading system
How about sharing it with us Allan? This is what makes this forum so special: when those who have found a path are willing to share the light with others who are getting dog tired of the dark.......
Hi ,
Check this system (Indicator). If there are red arrows above blue arrows it means that pair is going to reverse the direction. its so.... simple. No need to draw complicated system of so many types of graphs. you just need to wait for signal like shown in attachment. trading is fun with this system.
pretty spot on today. I was wondering if it was going to break 25603 due to holiday. Not sure if it will go below pivot at least for the day. When euro closes i dont think there will be much movement until asia opens
I find some spare time and I played with weekly chart
I draw the green lines (descending) and those black (ascending) and I noticed that every time when the currency spiked on that blue downtrend channel collapsed. So if we respect this scenario the next move must be next to june 2010 low at 1.1875 (which I don't know if it is conincidence or not, but in next 4 days we'll be on june 2012) and then a recovery around 1.2400.
Green lines have 1.600, 1.400 and assum 1.400 pips
Black lines have 1.100, 800 and 600 pips
You do not have to go through hell trying to figure this business out
They say that 95 percent of traders lose and give up. For new traders, that trade anything less than 4 hour charts, its almost 100 percent. They lose everything within a year, and most of the time much sooner. Any new trader that wants to treat this like a business, and take future success seriously, should do the following as a minimum:
1. Whatever/however you trade, it should be done on daily charts or higher, and certainly not under 4-hour
2. To start it should be a demo account. It should stay a demo account until you show a profit three months in a row
3. After demoing open a small practice account with pocket change. You do this also for a minimum of three profitable months in a row
4. You open a normal account and never trade more than 1 to 2 percent of your account per trade. If after three months you have a combined loss you go back to steps 2 & 3.
5. If you get past step 4 you continue to refine what you are doing by never stopping the demo process. You continue to bring up/in refinements/additions to your normal account after they have proven themselves on demo and practice first.
After you have found solid success following this progression you then go back to step two and start all over with your intraday trading. This is how you treat it as a business with long-term goals and success in mind. Now let’s be honest, almost no one does this and there you have the 95% of traders that never accomplish what they set out to do in this business, that give their money to the 5% that do. I have been trading fulltime now for 8+ years and demoing is as big a part of my trading business as live trading.
Most new traders don’t want to trade, they want to gamble. There is the difference. The single biggest reason new traders blow out their accounts is thinking they have to day trade to be a real trader.
Professional traders don’t have a degree, they don't have more brains, they are not luckier, nor do they have some secret formula everyone else is trying to find. A professional trader is simply someone who takes money out of the market on a consistent basis. Consistent does not mean every day or even every week for that matter.
when 50 pips are worth 5 bucks they will watch it turn into a loss and trade everything they see. when those 50 pips are worth 10, 25, 50,000 they will smile all the way to the bank and FOCUS IN ON 1 OR 2 GREAT SET UPS A MONTH OUT OF ALL THE INSTRUMERNTS THEY TRADE
I don't know of one single good trader who doesn’t lick his chops over a new trader looking and trading off an intra-day chart (i.e. any time frame under daily). Even the very best trader has difficulty making consistent money trading under a 4-hour chart. There are a ton of reasons that I wont go into.
Discipline, hard work, and patience
If you’re not willing to give this at least two years of study and practice then you’re just playing around. Doctors and lawyers etc spend 6 to 10+ years mastering something that can make them rich. Why would anyone think that this business, which can make you much wealthier than most any other profession, is any different?
If you’re not going to treat this as a business then quit and go to Vegas where your odds are better. Going into the trading game blind with no plan is financial suicide.
1. State your goals
2. Make your plan
3. Execute your strategy
Ok so you’re brand new to this business. Get the worthless crap off of your charts. Stochastics, MACD, etc. There is a place for them but not with new traders. When it’s time, use them to spot divergence, which is all they are good for anyway. Get the stupid MA cross systems off your charts also,
They can work but that’s another story.
Discipline, Hard Work And Patience
Yes, that’s exactly what it takes. There is no holy grail; there is no free lunch. There will always be fresh blood for those that have figured it out and paid the price. Without exception they were once the fresh blood and almost all of them found themselves on numerous occasions in the fetal position. Angry, frustrated and disappointed. This business can ruin you. It can steal your future, your family, and your sanity. Don’t put yourself through that. The only way to avoid it is put nothing of value on the line until you have proven you can do it.
Don’t open a $5000 account with money that is going to break your heart if you lose without proving first you can do it on demo.
It’s really just common sense.
I would just say that the 95 percent who never make it (and I say 95 is low) are the day traders. Put a calculator in the hands of any person just taking a look at this business and within ten minutes the leverage combined with a decent daily move will have their head spinning with the possibilities. The mindset of got to trade-got to trade sets in and so does disaster a great majority of the time.
Trying to figure this business out.
The key is this. The goal is to fund/build an account that it is large enough that it produces a staggering income off of a couple, or several, trades per month while only risking one or two percent on each trade. The pressure lets up and trading gets much, much easier. You don’t need every trade that looks promising. You know you don’t need but one or two and you know if you’re patient your damn sure going to get at least several in a month’s time.
It’s not hard to move your stop to breakeven or take some profit when your showing $2000 on the plus side after a small move. Its damn near impossible when that same move shows a 50-dollar profit. Think about it. Very few people can fund a $50,000 or larger account and even fewer can build one to that point starting from 500 bucks. It’s not that it can’t be done it’s just people don’t have the patience. So, my question is this. If it takes you ten years trading smart to build an account to that staggering point starting with very little, is it worth it? I can’t answer that for you.
I’m in no hurry, as I love the FX market. I wont go back to finding myself in the fetal position after blowing all my money being a fool. There is no reason in the world to go through hell risking your rent money, or, worse yet, money that took you a year or two to save. If you can’t do it on demo, you can’t do it live, I promise. So don’t do it.
Hi ,
Check this system (Indicator). If there are red arrows above blue arrows it means that pair is going to reverse the direction. its so.... simple. No need to draw complicated system of so many types of graphs. you just need to wait for signal like shown in attachment. trading is fun with this system.
That looks incredibly unreliable. Perhaps zoom in or just a better example?
EURO-DOLLAR: Fundamental levels (orders, options, technicals),
$1.2745/50 Medium offers/$1.2747 76.4$ $1.2825-1.2495
$1.2720/25 Medium offers
$1.2700 Medium offers/$1.2699 61.8% $1.2825-1.2495
$1.2688 NY recovery high Wednesday
$1.2640/55 Medium offers/Stops on break
$1.2625/30 Large stops
$1.2624 Int.Day high Europe, Asia $1.2598
$1.2541 ***Current mkt rate 1401GMT Monday
$1.2532 Pullback low in Europe, off $1.2625
$1.2530 Int.Day low Asia
$1.2516 Gap - NY close May25, Asia open May28 $1.2544
$1.2495 Friday May25 low
$1.2485/80 Strong demand/One touch option $1.2480
$1.2480/75 Stops/Option barrier $1.2475
$1.2470 Option barrier
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Originally Posted by didoda
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I Hit my TP
