Trading for a living! - page 6

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Glennn,It sound good to get 250 -600 pip perweek. But i just wonder whether this target could be maintain consistantly on weekly basis. It certainly give tremendous pressure to acheive this target.....on weekly basis....Don't you think so?In addition to amount of pip, position size and physycology are equally important i guess.I prefer something relax, consistant on long run, no pressure and close on the same day, slow but steady....May i know what percentage of your fund is used for each trade.......and what method u use to acheive that target.Thank you

If you study a pair and stick to that pair you will learn how to trade it, I trade from market open Monday to NY close Wednesday... often with only 4 to 6 hours sleep.....

If you look at the G/J this past week you will see large moves..I think 400 plus two nights in a row...

therefore trading a pair like the G/J it is quite reasonable to achive 300-600 a week....

I use a simple MA cross with a strength indicator...I would say that I could trade with the strength indicator solely......A good knowledge of candle patterns and Fibnoacci is also required.

I must add that I have been trading for over 6 years and in the begining I lost money and struggled, like many...

I do not put pressure on my self, as I said 300-600 a week is achivable trading a volatile pair..

My Money mangement is based on open positions are no more then 5% of my account and I trade multi lots....

If you look at Auslanco - GBP/JPY and GBP/USD (newstrade)

you will see a method thats not to different from mine and the author is also making 2500 pips a month...

Glenn

 

Thank you Glenn, very interesting. I must take a close look at it.....

I see GBP/JPJ is very volatile with huge movement and offer great potential but really worried about getting stuck in the wrong direction or get into the trade too early...

 

I read about money management by auslanco...very helpful...

I like it and take seriously his comment on these:

1. Even if you have 50% capital growth per year you are doing better than 90% of the worlds biggest hedge funds.

2.Take the trades only if you are at least 90% sure of profiting from it.

3 the....More trades you take the more you expose your account for losses.

 
glenn5t:
If you study a pair and stick to that pair you will learn how to trade it, I trade from market open Monday to NY close Wednesday... often with only 4 to 6 hours sleep..... If you look at the G/J this past week you will see large moves..I think 400 plus two nights in a row... therefore trading a pair like the G/J it is quite reasonable to achive 300-600 a week.... I use a simple MA cross with a strength indicator...I would say that I could trade with the strength indicator solely......A good knowledge of candle patterns and Fibnoacci is also required. I must add that I have been trading for over 6 years and in the begining I lost money and struggled, like many... I do not put pressure on my self, as I said 300-600 a week is achivable trading a volatile pair.. My Money mangement is based on open positions are no more then 5% of my account and I trade multi lots.... If you look at Auslanco - GBP/JPY and GBP/USD (newstrade)you will see a method thats not to different from mine and the author is also making 2500 pips a month... Glenn

Hi Glenn,

Maybe you can open a thread and teach your method, that will be a great help to all our members.

Just a suggestion ......

 

I do agree Glenn that if someone studies a single pair and do concentate on its behavior then he would be able to trade it well.

On the other hand, one has to be very careful, as only practice makes perfect. I have been long in love with the GBPUSD pair, and I managed to adapt most of the system I trade to it.

Good luck

 

Hi nicesurf,

Your "Free Forex Strategy" link is very imformative. I have download all the indicator in there and will see how it can help me in my trading..

Thank you very much...

 

Hello

I have recived a few private mesage's asking about my indicators....It would be quite time consuming for me to start a thread therefore I will post a thread where the author uses a system like mine and he has taken the time to show how to set it up.

we both use Quantitative Qualitative Estimation Indicators, the only difference is his is for VT platform and I use a MT4...

Auslanco-GBP/JPY Strength Indicator strategy

Glenn

 

Fantasy Vs. Reality

The most important thing you need to check yourself for, if you want to be a professional trader, is the ability to identify your fantasies and quarantine them, as opposed to reality.

As a professional trade, I have been able to identify real forex issues, as opposed to dreams and fantasies. I have the ability to quarantine them, and put them aside. Without this skill, one can never achieve the goal of trading for a living.

I have ran across many traders, who dream of making millions, while they have a few thousand dollars in their accounts. One friend started with $2000, and wanted to be a full time trader! These are fantasies. Those people will try to open positions on a large scale, and thus endanger their account against margin calls, and thus a complete failure.

As I have mentioned in a previous tip, a 3% monthly gain on account is realistic. Amounts like 30% and higher, are just fantasies.

 

I followed the Auslanco 15min strategy for the last three weeks

My account is up 27% trading GBP/JPY,Eur/JpY and GBP/USD with 2 mini lots each per trade on my $5000 account. So far very promising results. Thanks glenn.

 

Auslanco 15 min strategy is a little bit obsolete already. However we still can use it to make small profit

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