What Really Works From One Professional - page 85
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Thanks goes to Barry!
harmon patterns EX4 is impressive. I hope it doesn't have an expiration date.
@vpetroff:
[...]
...the possibility of a margin call decreases, and the market sooner or later gets back to the levels of the losing trades thus making them winners.Sorry but thats the worst thing a trader ever can do! You have "not" 71,000 on your account, you have at the moment only 23,000 left. You can't ignore the -44,000.
unless it's a Live Account, I won't even look at the statement. Live and Demo are so different.
Elwave says today is going to be horrible.
How do you analyze the data in ELWAVE?
Morpheus, Do you export 1 hr data to a file and analyze or do you do realtime data feed?
Hi guys
After reading the last pages of this thread I decided to post some results from my trades and to explain what I do and how I do it. I'm not trying to brag or anything, just want to provoke a practical discussion on trading the JD system. I'm still very far from understanding all the aspects of this trading model JD is using, that's why I'm trying to get my hands on every information possible about Elliot Waves, Gann, Murrey math and so on and every spare minute I have I use on reading and educating myself. The fact is that ever since I found this thread I started making steady profit, using the little understanding of Forex and JD's model I have and the template JD was so generous to share with us.
WHAT I DO
I use a demo account with North Finance with 50 000 USD virtual deposit and 1:100 leverage. Every trade I enter is with 10 lots and I never close a losing trade. My reckoning and my experience from the previous months tought me that if you are making steady profit on a daily basis the possibility of a margin call decreases, and the market sooner or later gets back to the levels of the losing trades thus making them winners. I know this contradicts very much with the normal trading methodology and money management techniques but until I get a margin call and a steady growth of the account ballance this is ok with me
TRADING "METHOD"
I am monitoring the price constantly, since my work involves sitting in front of the PC for 12 hours every day. I am using TF 30 and I'm switching regularly to the other major TF's to check the mini and daily trends and to decide in which direction to trade. So basically I'm looking for a change in the direction of the trend and I put a 10 lot order on every change. When I see the price losing momentum or reversing I close the trade taking whatever profit I can squeeze out of it.
I'm using a modified JD's template. The modifications were removing Murray Math lines and the banding MA's to make the template less cluttered.
Every comment is welcome and will be very much appreciated.
Attached are my trading results since Friday.
To sum them up:
Friday (21/07/2006) balance: 50 000
Today (25/07/2006) balance: 71 678WOW.What can i say........Thats not trading my friend, thats out right gambling, any way you want to dress it up......Using a demo and then a live account are so far apart its unreal.....if that was live you would tear yourself apart within 2-3 days.....The biggest part to becoming a successful trader is money mangement, especially when its YOURS! You cannot beat the market...go with it....MOMENTUM.....sorry my friend, you will not make it with fanciefull ideas of well sooner or later it will come back around........If you were working for an institution youd be out of a job.......Nick Leeson, Hong Kong banker, read it..............save you from a life in jail..
Forex demo wonderland
Forex world is full of demo-millionaires. Heck!! I was and am a demo millionaire myself!!!
Hi, JD! what you see in the charts today?
I never close a losing trade.
You closed 3 losing trades.
My reckoning and my experience from the previous months
...
the market sooner or later gets back to the levels of the losing trades thus making them winners.
This will kill you.
Got long cable in 91? long "euro" in 94? long swissy in 85? long Yen in 83? Want to feed the account with your pension to avoid a margin call ? to pass a red account to your grandchildren? You're on the right track ;-)
Instead of trying to outsmart everyone out there, I suggest you practice the basics before departing from them.
Your statement says +17 profits for closed trades & -44 for open trades. I'd rather have -17 for closed trades and +44 in open trades.
Some stats say that people empty 3 accounts before becoming profitable, so I recommend you continue your experiment in the demo account.
A demo account makes for a happy learning!
margin calls
...the market sooner or later gets back to the levels of the losing trades thus making them winners.
I got 2 margin calls with the same philosophy. "Happy broker" philosophy that is.
1-2-3???
Is that a 1-2-3 on GBPUSD 15 min chart???