CatFx50 - page 353
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interesting inputs so heres mine i have been trading also since 2000 in forex from 2003 i have been trading for a living and also manage an acct for a forex trading firm is trading forex hard yes and no you see the key to being successful is part attitude but not as much as you think if you have a true understanding of trading it is all about MONEY MANAGEMENT nothing more nothing less lets talk about reality if you think you can make 500 per week consistently put me in your will because you will die so lets talk about math and what it takes to be successful enough to trade for a living since trading this method or any other method if you can achieve a 60% win ratio and thats very conservitive with say a 20 win versus a 20 pip loss after 100 trades you will be up 20 trades of 20 pips =400 pips which is about 5 months so without increasing amount per pip you trade starting with say 10000 your acct grew to 14000 thats 40% in 5 moths do you understand the ramifications of that now some will say 60% thats hard being right 6 out 10 times is not hard if you think it is get out of trading thats where the attitude comes in they make it more mystical than it is in my 6 years of trading i have a 63% win ratio i was explained this almost from the beginning when i thought a candlestick was something you light thats why i am here to help newbies or anyone else whos struggking with trading thats why it may seem that i am getting on nina when i am not give someone water and there thirst will be quenched only for the day teach them how to find water and they will never thirst that it why its important to give a heads up when a signal comes but nina refuses and then comes on much later saying how great the pips were today sorry thats not helping just one mans opinion
Hi, mcsqueeze!
Yes, right, it is true. And?
That's it.
Yes, that's what I think. But we want more: all we want are free pips and go to Fijis.
You know, last Friday, for instance, you could have made a lot of pips with our levels 4. But we want more.
Anyway, CatFX50 is not a mandatory system. Let people do whatever they want and let God be with them.
I have posted Nina's levels too. They are accurate. People knew well in advance what was the mood of the market. Ellioticians were saying the opposite. Ok, judge yourself.
As people do not appreciate those levels, I will charge now for them or I will not post them anymore. The same I did when I post daily charts warning about the cross of EMA50 and EMA200.
NinaHi,
Nina has spoken about different levels, 1-4. I have only been able to find the criteria for Level 1 and 2 trades. Can someone direct me to the description of the level 3 and 4 trades?
Thanks,
Dave
Hi Downandunderdave40,
Here are some descriptions (to paraphrase Nina):
Level 3
Say we are short with price under 50 EMA and StepMA_Stoch red. Suddenly price goes up, with/without crossing EMA 50 and StepMA_Stoch goes to green. We sell when when price goes down again, always validated by StepMA_Stoch, that should now be red again.
Level 4
A Level 4 is when price, after a consolidation of a few bars, breaks through the last high or low. The main thing we need is an indication of strength, and if we don't get it, it could be a trap!
moneyline
To Mibl, Harold4x and kiwigold:
I thank you ever so much for your input, you have made my learning so much easier. Your insights and written commentaries are allowing me to glimpse the operating manner of more experienced traders.
I've been reading this very interesting Forex subject for the better part of a month now. No, I haven't opened a real money account, and don't intend to 'till I have better cemented my own trading strategy.
Mibl ---> Thank you for your answer, and in particular, your definition of "strength," it really does help a lot. Sometimes we newbies are lost in a sea of concepts and definitions, and can't see the forest for the trees!
You're right about the market, who's to know what will happen? However, more experienced traders have more confidence. You'd be amazed at how many things you take for granted that would be a big revelation to us newbies!
Harold4x ---> Your point of view is a source of inspiration to us all. I do agree that some of the more experienced traders should call out their trades in real time. It would go a Long way to help us newbies. I do agree with you that money management is a deciding factor. Forex seems to be a game of slow incremental build up. When you bet big, you can also lose the farm!
These are some of the basic points I've gathered:
a) Pick a time to trade that you can live with, and stick to it.
b) Create a trading journal and write down each one of your trades. Input your criteria for entry and exit.
c) Plan your trades in the quiet hours before you get into the market. Do your studies of support and resistance levels, and all your preliminary work.
d) Know what is your personal goal for each trading day, and if you acquire it, walk away a winner...tomorrow is another day, don't get greedy!
moneyline
Hi Mates,
It's Money Management and Net Profit that matters in my opinion. For example, would you be happy with 4 losses out of 5 trades if each time you lost you lost $25, but the one win made you $250. Eg for every $100 lost you made 250 ie a Net profit of $150. That requires Discipline and good MM.
you will find a lot more 3 wins out of 5 tradees ay 20 amd 20 than 4 out of 5 with the home run
Just pointing out, via an example, that good MM is basic to our success no matter what ratio the win/loss is. This, along with Discipline and Patience is awsome if mastered as you Harold, Nina, Mibl and others have shown trading Catfx.
interesting inputs so heres mine i have been trading also since 2000 in forex from 2003 i have been trading for a living and also manage an acct for a forex trading firm is trading forex hard yes and no you see the key to being successful is part attitude but not as much as you think if you have a true understanding of trading it is all about MONEY MANAGEMENT nothing more nothing less lets talk about reality if you think you can make 500 per week consistently put me in your will because you will die so lets talk about math and what it takes to be successful enough to trade for a living since trading this method or any other method if you can achieve a 60% win ratio and thats very conservitive with say a 20 win versus a 20 pip loss after 100 trades you will be up 20 trades of 20 pips =400 pips which is about 5 months so without increasing amount per pip you trade starting with say 10000 your acct grew to 14000 thats 40% in 5 moths do you understand the ramifications of that now some will say 60% thats hard being right 6 out 10 times is not hard if you think it is get out of trading thats where the attitude comes in they make it more mystical than it is in my 6 years of trading i have a 63% win ratio i was explained this almost from the beginning when i thought a candlestick was something you light thats why i am here to help newbies or anyone else whos struggking with trading thats why it may seem that i am getting on nina when i am not give someone water and there thirst will be quenched only for the day teach them how to find water and they will never thirst that it why its important to give a heads up when a signal comes but nina refuses and then comes on much later saying how great the pips were today sorry thats not helping just one mans opinion
Well said Harold4x- I agree completely
Forex Trading is a marathon, not a sprint.
A small, consistant set of positive win/loss ratios over time, will mean that you can start to trade larger lot sizes, and that means your Bank account will grow and grow over time -- something like a snowball rolling down a mountain.
The only way to get that is with always placing Stoploss points, staying true to the system you are following, and Money Management. Don't follow a losing trade hoping it will turn (you will have may losers over the course of a year).
I think that the Theory of when and why to trade can be written about forever (and it has been written about in many many books), but actually showing someone when the trade comes (and most important) why the trade comes would help all of us n00bs out.
keep on rockin' Harold4x !
Nfp
Can someone tell me how often is this NFP?
Thanks.
NFP report
Can someone tell me how often is this NFP? Thanks.
It comes out once per month on the first Friday of each month.
Dave