HAMA PAD - A Simple Trading Approach - page 133
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Those who will eventually be joining the HAMA Traders Lounge, I hope to have the subscription link for you, one way or another, within 24 hours. I appreciate your patience.
ENJOY!
fxcruiserFxcruiser,
I have not yet received v1 of the Hama method. I received the welcome email on July 1 from you and followed the instructions on how to get the indicators. I understand they will be emailed. Is that correct?
Thanks mate, I am looking forward to learning more about the method from v1 and then moving into v2.
Do you guys charge something for the version 2 ?... thanks Dan.
Beyond Indicators & Systems...
As part of the continuing message on "Beyond Indicators & Systems" and "Responsibiity in Trading", I would like to share with you all excerpts from an email I have recently received from Boris and Kathy at BKForexAdvisors (bold letters are mine for emphasis):
......
Pose that question to a bunch of pros and they will tell you in no uncertain terms that trading is all about risk. Note the difference. Novices think primarily about reward, pro's focus almost exclusively on risk, and that I believe is the reason most novices lose to the pros in the long run.
.....
Paying attention to risk does not mean that you shy away from trades. Another sub wrote to us that he thinks that is always better to give up an opportunity than to incur a loss. On the face of it this premise seems eminently reasonable, but in fact it is classic novice thinking. The reality of trading is that you can never obtain a reward unless you assume risk. There only two risk free ways to earn money. You can put it in T-bills or you can cheat. And since none of us wants to go to jail for insider trading we have to make our money the old fashioned way. As John Houseman used to say in those Smith Barney ads we have to "EAAAAAAAARN it."
Trading is nothing more than taking risk. If you sit on the sidelines like a wall flower you will never be able to achieve the profits that you seek. This week illustrated that point quite well. If we simply curled up into a little ball after the bad BoE trade on Thursday, we would have never taken the CAD employment trade on Friday. While we lost 25 points on the long GBPUSD trade we made 53 points on the short USDCAD trade and the net result was that we were up 28 points overall. That's reality based trading. It's not simply an easy, smooth ride from one profit to the next, but a rather often bumpy journey of triumphs as well as setbacks. Hopefully once the dust settles it finds you further along on the road towards financial freedom.
Of course taking risks, doesn't mean taking every risk,...
Tier 1 reports are of course the reason we rarely trade the US NFP number as well. In conclusion of this week's letter, I think its very instructive to examine the price action following both the BoE rate hike and the US NFP reports. In the case of the BoE announcement, the UK Central bank hiked the rates as expected but lo and behold the price of pounds plummeted before reversing higher for 100 points! In the NFPs the EURUSD did momentarily dip in reaction of the news only to rally hard for the rest day in total contradiction to the underlying fundamentals. Like Claude Raines in Casablanca many of you were shocked! shocked! that such blatant manipulation occurred in the markets.
Welcome to the real world. During these news releases when everyone is leaning one way, market makers and other large participants will often shake out the weak players before taking price in its true direction. That just part of trading and sometimes you will be the sucker in the move. The key as always is to limit your risk - to never get stubborn and try to prove the market right. That's the difference between being a loser with a small "l" and a Loser with a big one. In the first case you can always walk away to fight another day, in the second they typically take you out of the market with a margin call. Financial markets only offer you opportunities, not guarantees and the moment you realize that will be the moment you'll begin to think like a pro.Some, traders, systems, and/or EA advocate risk taking to the point of incuring substantial drawdown, a drawdown far exceeding reasonable risk/reward ratio, i.e. negative 200 or more to profit 20-50 pips per trade. They believe and hope that market trend will turn around and eventually realize their targeted small profits. The reality is not many novice or even experienced traders can sustain that kind of drawdown. Practicing this risk taking approach may work on $10,000.00-$50,000 demo account and restart it over and over. Sooner or later, reality will sink in and you as a trader will have to face the truth. Think about how much money you will start your real live account and relate it to the drawdown/risk you are willing to absorb per trade.
With HAMA trading, I advocate taking reasonable and limited risk with small losses and wait for another and better opportunity for higher probability trade setups with potential higher rewards.
ENJOY!
fxcruiser
Can someone respond to my question ? thanks
Two trades closed a few minutes ago. Had direction based on 30M and looked for an entry on 5M. Both orders closed after trailling stop of 15 pips was hit. Total: 73 pips
Edited to thenk Gramski for the filters
As I have previously written on previous posts, reading and understanding has helped me a lot in my career and life. I believe that by reading I can increase my understanding of the subject matter thereby speeding up my learning process and save my time and that of others.
Unfortunately, with due respect to and not pointing to any one particular member, many of our TSD members and several readers of this thread, seem to skip that reading and understanding process. This process (1) prevents someone from jumping into conclusion, speculations, etc; (2) saves you from asking questions answered in previous posts; (3) will definitely help you in your trading adventure.
If you think you're time is so valuable that you don't want to spend it reading the thread, then imagine the value of my time and that of others. If time is of the essence, then I suggest a good browsing technique will be in order, yeah, stop longer on more important posts and images, you will find it enlightening. This thread is only 1300 plus posts. I remember reading the CatFX50 thread back in July, 2006, that's a lot and I didn't even try to demo trade with it.
By no means. do I want to sound rude or arrogant, but if I chose to work with anyone, I do require lots of reading and patience. You have to read charts after charts, understand how the indicators used works in synergy within the system. You have to have patience to wait for high probability trade setup to the extent of giving up some pips. There is no spoon feeding nor pampering at HAMA Traders Lounge. I don't give trade signals; I have no EA to offer; you'll learn to identify them, trade them, and profit from them. After all you want to be a trader, don't you? The co-learning environment is there but you still have to ask pertinent questions. The problem is most want to skip all these processes right into profit taking. If you want it easy, just have a managed account and be an investor/speculator not a trader. Just go to the nearest ATM machine and swipe the profits from out of your card. That will save plenty of time and frustrations.
Anyhow, just my thoughts for today.
ENJOY!
fxcruiser
Here is the continuation of the trades posted on 1282 and on 1307. Some of the previous trades shown on prior posts may have already been closed and new trade entries are shown on this chart image below taken near the close of the U.S. session. Like the other post, I am still showing here the H1 chart for CADJPY except this one shows the H2 Trend Steps with the Goldeneye. An earlier short trade for CADJPY@117.51 was already closed@116.33 for 118 pips profit. A re-entry short trade was then later made @116.29 which is still progress. Notice the Goldeneye plotted the close of bar at 115.04 which was the low at that time. Subsequently, it broke Z3's Zone 311 and set a new low, where the Goldeneye finally fixed followed by a pullback.
Z3 and H2 are not intended for tops and bottoms trading rather they serve as predictive guides for trend following where an early high probability trade entry maybe taken.
This will be my last posting on trades from this test platform.
ENJOY!
fxcruiser
Very impressive results FXCruiser...outstanding!
Thanks for sharing with us