I have been a professional for years, I've run commodity pools/small investment organizations, multi-city enterprises. Our returns were consistently above 50% per month.
I have won and lost like the rest of us. I am at the top of the game right now, yet am facing the end of my days possibly so I want to share a few insights to help those of us who strive to achieve all we can for those we love.
1. There is no magic indicator. You must learn to perceive price.
2. Big money runs stop areas (runs price up slightly above recent highs momentarily to collect pips, and runs price below recent lows momentarily to collect pips ..... like a religion ... its too easy when you have the money to move the market, its like playing checkers to them).
3. Perceiving price involves being able to visualise median without the use of a moving average.
4. Place orders above/below recent highs/lows depending on the perceived median price.
5. Worst case scenario in this way is you will have at least a small retrace where you can close a loss and run with the trend with a new order.
6. DMI/ADX will make you a statistic.
7. Stochastics are less capable than the naked eye and become wrong.
8. MACD is often wrong once a run has been made. The momentum dies but the direction does not, and MACD takes the shift in momentum as a directional change. It will stab you.
This may sound a bit silly but its true. The best martial artist is one with perception. He is above the game.
My best to all.
Thats the worst statement i've ever heard..............
Hi 006, i'm not a very experienced trader having only traded with a good deal of "live" money for about a year now.
After following so many systems & ideas, i always come down to price observation, it seems the human brain, trained to the bare price movement,
is defenitely better than any indicator or expert.
My best trading sessions have been ones where i observed price movement
for a while , usualy just before & into the european session & finding resistance levels, but entering on a retrace of the consolidating range & not on the breakout.
That way my s/l can be a lot tighter even though it can be a bit scary!
This game is not made to be easy to follow, i suspect the whole reason why
its been available to us is because " they " need fresh meat for the slaughter.
But i think i'm stating the obvious !!
As an experienced trader can you share a bit more of thoughts ?
Thank you in advance, Antony.
well it makes sense...take friday for example, USD/JPY trend was down news came out priced jumped in the other direction due to unexpected news.. hit a resistance bounced around for a while, which would have caused and did cause alot of indicators to be wrong...then the price consolidated and continued on its original trend which most indicators should have caught. But you didnt need and indicator to see the consolidation and continuation of the original trend....
I like the FXCM NEWS PLUGIN its really good at seeing the bigger numbers and where the big money is and isnt, i think everyone should run that program just like friday EUR/USD fxcm had a support price which it hit and bounced right off the unexpected news was uncapable of getting past it , i could not take that trade as my indicators were whipsawed..some saw it some didnt, and it whipsawed for a bit longer... but after it consolidated they indicated the support and continued in the last 2hrs or so for 35 pips...
FXCM is great due to I dont have to add the large trading range fibos as they have them on their news...
yeah, yeah, wax on wax off grass hopper...........if you were trading in the direction of the trend and knew where it was trying to push to you wouldnt of got wip sawed.
i was in a 5min chart and my s/t trend was with the news just like the last 3weeks, but i run a 25 pip trailer and tp 50% lots at 25pips so i didnt get whipsawed i took profit..but i didnt trade after the news I like to wait a few hours once it calms down and i have all my indicators pointing back in the right direction...during whipsaws normally half my indicators are in the wrong direction, so i dont trade..
psst::jonnydenver69 i do like the Avatar, youd like ALASKA
yeah, i can see by your chart that this was the correction from 997..did you buy back in at 880..........
bearing in mind the time of day i know, still good for 100 pip run back up
i got in around at 8903 when my AlaskanPipAssasin ''ForexOFFTREND'''SP24 agreed with the other indicators, took it out 2bars before close...if it was not weekend i probably would have let it run untill it hit trailing stop in case it continued while i went to sleep i get a few that run quite abit after ny close but it has to be above +25pips so it doesnt hit stop loss and I take 1/2 lots out as profit
Good. My indications suggest still in wave 3 with a run up 9200 before major correction.....good luck....
Hi JD69, i'm not here to antagonise anyone and i,m very open minded( you'd have to, to be in this business ?).
If you got some thing that works for you then thats great!.
Two friends of mine, both pro traders, use elliot wave t/a one for option trading,advanced get,profit source, and the other for fx trading.
The options trader has spend many thousands $$ in software, and i do better than him just with following specific stocks and getting to " know them".
The other does very well i'm sure, but i only ever get to see his "possible"
trades AFTER they are completted.
Another trader i know uses a very strict way of trading ,determined direction,
set s/l & t/p and let go, he sticks to his guns.
And in the last half of 05 he lost most of his capital (about $ 100000.00 !!)
only to make it back up in this current strong trend, in the proccess his hair colour has changed somewhat.
The thing is, there are as many ways to trade as there are traders, perhaps
no right or wrong way, but, there are general truths about trading, and the one i like the most is:indicators lag price movement .
That's not to say i don't use indicators myself, i just don't take them too
Sorry for the long post, any replies would be appreciated.