My GBP Trading recommendations & Journal - page 4
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nice software
But for online chat did you know something ?
I appreciate your efforts Malcik & Leutzuro, i'll take a look at these links and give it a try if it's ok i'll feedyou back with the results..thank God the market is boring today.
Malcik..i've downloded the camstudio and it was a zip file and i extracted it but i can't find the exe file that make it work or what ever i'm waiting for the next step.
Sorry guys problem solved and i've test it every thing seem to be ok..btu still i don't no if there is a live broadcasting or not..also 20 second movie is 1bout 1.2 mega is that ok?
Sorry guys problem solved and i've test it every thing seem to be ok..btu still i don't no if there is a live broadcasting or not..also 20 second movie is 1bout 1.2 mega is that ok?
i dont know yet because i never tested......look maybe have some configuration there for movie compresion or export movie as swf
For the people who asked the same questions or still have it in there minds here and any where else about my drowdowns average wins and profit factor and all these kind of questions please read the following..here is an answer that i answered another member in another forum who asked the same questions
"Thank you for your contribution X-Master and to answer your questions,
1-there is maximal drawdown wich is the money you were down from your initial capital and didn't exceed 5% and there is relative drawdown wich is the money you were down from your initial capital + profits at a point of time and this could go all the way to 10-15% but generaly as i said in my first post i don't allow my self to lose more than 5% in a day and 10% in a week and 15% in a whole month and thank God it never happened at least in the few past years maybe in the beginning of my career when i didn't have a certain plan..so if i had a loss more than 5% in a day i stop and the same for the week and month and go do something else until my mind is clear and also if it went the other way..i mean if i already made my 100 pips target or my money target for the day or week i stop also..but some times i leave a position or 2 running and trail them but only after i secure my target so it go both ways if you know what i mean i have a plan for wining and losing and the most important thing in trading is to have a plan and write it down so you could commit your self to it..to make a long story short i only had one losing month and it was about 2% in the past years and that was during some circumstances that i only traded few days and i didn't trade the full month to end up a winer also i'm sorry i don't trade metatrader platforms unles its one of my clients and i have to..but i do my analysis on it,so thats why i don't have the statistics that shows up in the metatrader like drawdowns and profit factor i'm answering you honestly only from my memory.
2-My average succes was from 5% up to 40% in my personal account monthly..but some of the people i trade for sometimes ask for more aggressive trading so i open it up a little and i do a lot better percentage and i mean a lot i have statements that went from 300,000 to 1,200,000 but in the futures market and that was during my job as a trader in the company i've talked about in my first post..and i have other things to do sometimes i'm teaching people some time i'm studying my self or as i told you i spent a month at the states taking a trading course and i might travel again to apply for series 3 license or working in a company , so all of that sometimes keep me from trading my personal account and sometimes i'm trading for people or giving advice and recommendatios like now ..but most of all sometimes i don't feel like trading or i'm in a bad mode and let me tell you something that my mentor once told me if you had a fight with your mother in law or you had an accedent or a bad traffic day even..just don't trade most probably you'll lose, trading needs focus i for myself have a trading din and i keep a bed in it and no body is allowed to enter or disturbe until i walk out even my phone is switched off most of the time..please try my advices it will help you a lot in your trading these advices i payed money for.
3- As for the profit factor i don't have a statement like the one in metatrader that shows a number like 3.2 or 2.1 but i can tell you roughly from the memory also i have 2-3 losing ones every 10 so you figure it out i'm not saying that to tell you that i'm good but as i said also in the first post i don't rush the trade to happen if every thing doesn't look perfect i just walk a way from the screen but i never twist it just to trade, and thats why sometimes a few good trends skip away from me but i never regret it caz to miss a trade is a lot better than to jump in a losing one like releasing 1000 criminals is better than to send one inocent to jail..see thats a part of the style, fighting your human nature its phsycology and there is a lot of good books on that subject but its a shame that most of people don't read they only want to know a system and to make money fast but what they don't know that these subjects like money and risk management and phsycology is 80% of your succes and the trading system is 20% and even that depend on the trader by 10% at least so thats why you give the same system to 2 traders one of them will blow his account in a month and the other will come thanking you because he became a millionair after a year or so..not only one could be a trader thats why when you work for a reputable company and they put you in assesment center they study every thing about you,your IQ your handling to problems under pressure and a lot of stuff and when you're done you'll find that a lot of the people you thought you were sure that they'll get the job is back in the street and you succeeded.
I know i write a lot but i want to pass my experiences to the people caz i see a lot of wrong thoughts and there is no one to say guys stop this is not the right way i hope that more and more people read this and one day say that a guy called....told us that a time ago .
For the people who asked the same questions or still have it in there minds here and any where else about my drowdowns average wins and profit factor and all these kind of questions please read the following..here is an answer that i answered another member in another forum who asked the same questions
"Thank you for your contribution X-Master and to answer your questions,
1-there is maximal drawdown wich is the money you were down from your initial capital and didn't exceed 5% and there is relative drawdown wich is the money you were down from your initial capital + profits at a point of time and this could go all the way to 10-15% but generaly as i said in my first post i don't allow my self to lose more than 5% in a day and 10% in a week and 15% in a whole month and thank God it never happened at least in the few past years maybe in the beginning of my career when i didn't have a certain plan..so if i had a loss more than 5% in a day i stop and the same for the week and month and go do something else until my mind is clear and also if it went the other way..i mean if i already made my 100 pips target or my money target for the day or week i stop also..but some times i leave a position or 2 running and trail them but only after i secure my target so it go both ways if you know what i mean i have a plan for wining and losing and the most important thing in trading is to have a plan and write it down so you could commit your self to it..to make a long story short i only had one losing month and it was about 2% in the past years and that was during some circumstances that i only traded few days and i didn't trade the full month to end up a winer also i'm sorry i don't trade metatrader platforms unles its one of my clients and i have to..but i do my analysis on it,so thats why i don't have the statistics that shows up in the metatrader like drawdowns and profit factor i'm answering you honestly only from my memory.
2-My average succes was from 5% up to 40% in my personal account monthly..but some of the people i trade for sometimes ask for more aggressive trading so i open it up a little and i do a lot better percentage and i mean a lot i have statements that went from 300,000 to 1,200,000 but in the futures market and that was during my job as a trader in the company i've talked about in my first post..and i have other things to do sometimes i'm teaching people some time i'm studying my self or as i told you i spent a month at the states taking a trading course and i might travel again to apply for series 3 license or working in a company , so all of that sometimes keep me from trading my personal account and sometimes i'm trading for people or giving advice and recommendatios like now ..but most of all sometimes i don't feel like trading or i'm in a bad mode and let me tell you something that my mentor once told me if you had a fight with your mother in law or you had an accedent or a bad traffic day even..just don't trade most probably you'll lose, trading needs focus i for myself have a trading din and i keep a bed in it and no body is allowed to enter or disturbe until i walk out even my phone is switched off most of the time..please try my advices it will help you a lot in your trading these advices i payed money for.
3- As for the profit factor i don't have a statement like the one in metatrader that shows a number like 3.2 or 2.1 but i can tell you roughly from the memory also i have 2-3 losing ones every 10 so you figure it out i'm not saying that to tell you that i'm good but as i said also in the first post i don't rush the trade to happen if every thing doesn't look perfect i just walk a way from the screen but i never twist it just to trade, and thats why sometimes a few good trends skip away from me but i never regret it caz to miss a trade is a lot better than to jump in a losing one like releasing 1000 criminals is better than to send one inocent to jail..see thats a part of the style, fighting your human nature its phsycology and there is a lot of good books on that subject but its a shame that most of people don't read they only want to know a system and to make money fast but what they don't know that these subjects like money and risk management and phsycology is 80% of your succes and the trading system is 20% and even that depend on the trader by 10% at least so thats why you give the same system to 2 traders one of them will blow his account in a month and the other will come thanking you because he became a millionair after a year or so..not only one could be a trader thats why when you work for a reputable company and they put you in assesment center they study every thing about you,your IQ your handling to problems under pressure and a lot of stuff and when you're done you'll find that a lot of the people you thought you were sure that they'll get the job is back in the street and you succeeded.
I know i write a lot but i want to pass my experiences to the people caz i see a lot of wrong thoughts and there is no one to say guys stop this is not the right way i hope that more and more people read this and one day say that a guy called....told us that a time ago .Thanks for your thoughts. What books do you recommend on psychology? I read Mark Douglas...
As far as the software... 1.2 MB per 20 seconds is not bad; however if the software has a feature to compress the video without substantial loss in quality, it wouldn't be bad also
Other than that, if you're comfortable with it, I'll try to take care of webhosting where we could store the files OR through where we would broadcast, if possible. Or if anybody has good access to any good webhosting service, please let me know. Then we'll get moving.
Plain text chatroom can be set up anywhere, there's dozens of services... I'll pick one as our last and easiest step.
See you tomorrow
Mark Douglas in IMHO is the best also Alexander elder books there is also Arie kieve..thank you again for going through all that effort for the hosting i'll try to take another look at the compression issue tomorrow
Mark Douglas in IMHO is the best also Alexander elder books there is also Arie kieve..thank you again for going through all that effort for the hosting i'll try to take another look at the compression issue tomorrow
Thanks cementman... please take a look at the software whenever you have time and energy
Also I have next question. I would like to have a simple setup on which I could excercise my discipline. As a matter of fact, I think it is Mark Douglas who recommends it. It should be reeeealy simple with as little judgement as possible. However, I think it would be bad if it didn't have any judgement at all. It should be profitable (I don't care how much or little) or it could be something that doesn't make money or lose money -- with the equity curve oscillating around the initial deposit level with as little drawdown as possible. And it should be robust -- a setup for multiple pairs or maybe even other things like stocks or futures.
I don't want to work on it very much. I would just do a quick backtest to see if it's give or take working and then I would go live -- not to make money, not to lose money, but to excercise my discipline and observing the market when there's my money at stake. Meanwhile, I would be demo trading the more advanced strategies that I've been working on and that are harder to trade and more judgmental.
When I see I've become disciplined at trading the simple setup and, at the same time, when I feel confident going live with the advanced techniques, I'll stop trading the simple one and start trading live the advanced ones.
Do you think this is a good approach? What simple setup would you recommend to me? Of course, I like SimbaSystem but that's already an advanced thing, IMHO. For now, I need something even simpler with the very basic indicators or patterns like CCI, RSI, MA, Bollinger Bands, trendlines, supports, resistances, or any other basics. You say there's many profitable setups available... I know that but most of them look overfitted to me and not profitable in the long run on multiple markets. So I need a hint. Do you think it could be the daily Fozzy Method? Or do you think that I can pick anything from the Stock Market Wizards book you mentioned? Or do you recommend anything else? I don't care what it is, just give me one and I'll go do my excercise
Give me any car. One that's easy to drive, easy to park. It doesn't matter that I'll have the slowest car in the city, I just want to go out to real traffic first time in my live, to excercise usage of the clutch, stick shift, steering wheel ... and to excercise the traffic rules. I just want to excercise and return home safely. THEN I might get some faster wheels but not until then.
Thanks
Malcik..As a start take a look at the Vanessa, Tlatomi and fozzy methods, if you don't know where to find the tell me i'll handle it what i do is simple and effective and the approach is very similar then after a while we'll be going through the details but just read those for now as Simba said walking then running