Ramon Ramirez

This single question seems to be at the heart of both success and failure as a trader.

 

I'm curious as to what others use as their measuring rod for success. Is it accuracy, net ROI per trade, a positive MFE/MAE ratio, not getting stopped out, leaving a certain % of pips on the table in each position held, etc. etc., etc. How do you define it?

 

When you look in the mirror in the morning and say to yourself: 'You know something, you are a successful trader," what does that mean exactly?

 

Define: Successful Trader.

FXstreet.com (San Francisco) - EUR/USD again traded in choppy consolidation mode Thursday, and hit a 7-day high as it traded in range between 1.2230 and 1.2322, finishing the North American session virtually unchanged from its starting price at 1.2278.

The pair seems to be unable to find direction and, as Valeria Bednarik, Chief Analyst at FXstreet.com notes of the 4-hour chart, “a succession of higher lows point for an upward extension, although price needs to break mentioned resistance, to gather enough bullish momentum,” she comments. “At this point, sellers will retake the lead only on a break of the yearly low at 1.2161.”

So far in early Asia, EUR/USD sits unchanged around the 1.2275 area. The analyst identifies at support levels at 1.2250, 1.2230 and 1.2200, while resistance levels lie at 1.2310, 1.2340 and 1.2385

looks interesting... I will check it.. :)

Forexpros - The dollar fell against the yen in Asian trading on Thursday as investors sold the greenback despite strong housing data out of the U.S.

Healthy U.S. earnings out of the U.S. sent Asian equities rising, which further fueled demand for the yen.

In Asian trading on Thursday, USD/JPY hit 78.57, down 0.28%, up from a session low of 78.52 and off a high of 78.80.

The pair was likely to find support at 78.52, the earlier low, and resistance at 78.80, the earlier high.

U.S. housing starts jumped 6.9% in June to a seasonally-adjusted annual rate of 760,000 units, a near four-year high and well above expectations for a gain of 5.2% to 745,000 units.

Housing starts for May were revised up to 711,000 units from a previously reported 708,000 units.

Building permits issued in June dropped 3.7% to a seasonally adjusted 755,000, worse than expectations for a decline of 2.4% to 765,000.

Building permits issued in May totaled 784,000.

The dollar would normally rise on such data but held steady as investors avoided the greenback to wait and see weekly jobless claims hit the wire later Thursday.

Investors therefore snatched up positions in yen and later in Asian stocks.

Meanwhile earnings came in better-than-expected for many companies in the U.S., especially those in the technology sector, including IBM, Yahoo! and Intel, which fueled demand for Asian equities.

The yen was up against the pound and up against the euro, with GBP/JPY down 0.24% and trading at 123.06 and EUR/JPY down 0.22% and trading at 96.58.

Later Thursday, Japan will release its All Industries Activity Index, which measures the monthly change in overall production by all sectors of the Japanese economy.

Also on Thursday, the U.S. will release data on initial jobless claims as well as numbers on existing home sales and manufacturing activity in the Philadelphia area.

For jakmal and all,

 

Power User Conference 2011: Video+scripts+forum posts

 

http://[email protected]/file/ceb50aa/n/P_U_C-2011.part1.rar

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gero

 

 

Thanks for sharing... :)

FXstreet.com (Barcelona) - USD/SGD is currently dealing with fresh 8-week lows at 1.2577 bids, -0.57% lower from previous Asia-Pacific open yesterday, and about the same for the week, amid a USD mild sell-off across the board at the moment.

According to Catherine.Tan from IFR Markets: “USD/SGD to continue towards the 1.2585 61.8% fibo support”, the analyst says, adding: “USD/SGD will likely extend fall to 1.2545 (15 May low) on breach below 1.2585.” The RSI in dailys already reads 33.

Immediate support to the downside shows at April 11 lows 1.2562, followed by May 09 highs at 1.2548, and April 19 highs/May 15 lows at 1.2535/41. For the upside, closest resistance comes at July 03/05/11 lows at 1.2608, followed by May 17 lows at 1.2627, and Friday's lows at 1.2633.

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Forexpros - The New Zealand dollar fell against its U.S. counterpart on Tuesday after inflation rates came in weaker than expected in the South Pacific country.

NZD/USD hit 0.7971 in Asian trading on Tuesday, down 0.10%, up from a session low of 0.7963 and off from a high of 0.7976.

The pair sought to test support at 0.7937, the low of July 16, and resistance at 0.7988, the high of July 16.

Statistics New Zealand reported earlier that the country's consumer price index rose to a seasonally adjusted 0.3% in the second quarter of this year, down from 0.5% in the preceding quarter.

Analysts had expected the inflation rate to rise 0.5% in the quarter.

The quarterly inflation rate was the lowest in 12 years.

The news spared talked the Reserve Bank of New Zealand will grow increasingly likely to keep interest rates low, which was bearish for the country's currency.

Weak retail sales in the U.S. capped the U.S. dollar's gains against its New Zealand cousin.

The Commerce Department reported U.S. retail sales dropped by a seasonally adjusted 0.5% in June, far worse than market calls for a 0.2% gain.

The softer-than-expected numbers came in wake of a 0.2% decline in May and marked the first time retail sales had dropped in three consecutive months since late 2008.

Core retail sales, which are stripped of automobile sales, contracted for a second consecutive month, dropping 0.4%, defying market expectations for a gain of 0.1%, after falling by 0.4% in May.

The New Zealand dollar, meanwhile, was down against the yen and down against its Australian counterpart, with NZD/JPY losing 0.09% to 62.87 and AUD/NZD up 0.17% at 1.2867.

Federal Reserve Chairman Ben Bernanke is due to speak before Congress later Tuesday, which will serve as the pair's chief steering current later in the day.

FXstreet.com (Córdoba) - The euro bounced strongly after hitting a fresh 2-year low of 1.2162 at the beginning of the American session weighed by rumors the ECB could implement negative deposit rates in September.

However, EUR/USD was firmly rejected from those lows and climbed more than 80 pips in a matter of minutes, helped by the positive opening in Wall Street. At time of writing, EUR/USD is quoting at the 1.2230/40 zone, now up 0.3% on the day.

The 100-hour SMA at 1.2250 should offer immediate resistance, followed by 1.2295 and 1.2330. On the downside, supports could be faced at 1.2200, 1.2160 and 1.2150.

There is chatter Eastern European CB, the big buyer in EURUSD, is smashing market higher amid thin liquidity.

looks interesting...

Forexpros - Gold prices traded lower in Asian trading on Thursday, dipping after the Federal Reserve released the minutes of its latest monetary policy meeting that showed no new inclination to stimulate the U.S. economy.

 

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded down 0.06% at USD1,574.75 a troy ounce, also a session low and down from a high of USD1,576.85 a troy ounce early during the session.

 

Gold futures were likely to test support at USD1,566.95 a troy ounce, the low from July 11, and resistance at USD1,601.25, the high from July 10.

 

In the U.S. on Wednesday, the Federal Reserve released the minutes of its June 19-20 monetary policy meeting, revealing that voting members remain willing to stimulate the economy via credit easing measures if needed, but made no real signal if the U.S. central bank were more inclined to do so despite a string of weak economic indicators.

 

Monetary stimulus tools, including quantitative easing, weaken the dollar in an effort to spur recovery.

 

Gold and the dollar trade inversely from one another, and talk the Fed is increasingly likely to loosen policy sends the dollar falling and gold rising.

 

The dollar shot up on news of the Fed's stance on intervening appeared largely unchanged, with a few voting members ready to stimulate but most willing to step in only if the economy takes a more pronounced turn to the south.

 

"A few members expressed the view that further policy stimulus likely would be necessary to promote satisfactory growth in employment and to ensure that the inflation rate would be at the Committee's goal," the Federal Reserve said in the minutes released in the U.S. on Wednesday.

 

"Several others noted that additional policy action could be warranted if the economic recovery were to lose momentum, if the downside risks to the forecast became sufficiently pronounced, or if inflation seemed likely to run persistently below the Committee's longer-run objective."

 

Elsewhere on the Comex, silver for September delivery was up 0.11% and trading at USD27.053 a troy ounce, while copper for September delivery was down 0.06% and trading at USD3.426 a pound.

Forexpros - Gold prices traded lower in Asian trading on Thursday, dipping after the Federal Reserve released the minutes of its latest monetary policy meeting that showed no new inclination to stimulate the U.S. economy.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded down 0.06% at USD1,574.75 a troy ounce, also a session low and down from a high of USD1,576.85 a troy ounce early during the session.

Gold futures were likely to test support at USD1,566.95 a troy ounce, the low from July 11, and resistance at USD1,601.25, the high from July 10.

In the U.S. on Wednesday, the Federal Reserve released the minutes of its June 19-20 monetary policy meeting, revealing that voting members remain willing to stimulate the economy via credit easing measures if needed, but made no real signal if the U.S. central bank were more inclined to do so despite a string of weak economic indicators.

Monetary stimulus tools, including quantitative easing, weaken the dollar in an effort to spur recovery.

Gold and the dollar trade inversely from one another, and talk the Fed is increasingly likely to loosen policy sends the dollar falling and gold rising.

The dollar shot up on news of the Fed's stance on intervening appeared largely unchanged, with a few voting members ready to stimulate but most willing to step in only if the economy takes a more pronounced turn to the south.

"A few members expressed the view that further policy stimulus likely would be necessary to promote satisfactory growth in employment and to ensure that the inflation rate would be at the Committee's goal," the Federal Reserve said in the minutes released in the U.S. on Wednesday.

"Several others noted that additional policy action could be warranted if the economic recovery were to lose momentum, if the downside risks to the forecast became sufficiently pronounced, or if inflation seemed likely to run persistently below the Committee's longer-run objective."

Elsewhere on the Comex, silver for September delivery was up 0.11% and trading at USD27.053 a troy ounce, while copper for September delivery was down 0.06% and trading at USD3.426 a pound.

FXstreet.com (Barcelona) - The U.S. dollar has weakened against its Swiss rival during the morning of European trading after the mixed results in Germany and Switzerland Monday. After achieving a daily maximum in the region of 0.9801 earlier today, the pair has since fallen and is negotiating around the area of 0.9764 at the present.

 

According to the recent reports out of Germany, Imports (MoM) and Exports (MoM) in May grew +6.3% (vs. a consensus of +1.3%) and 3.9% (vs. a consensus of +0.5%) respectively. The Trade Balance (May) gave a result of € 15.6B in May, against expectations of € 15.8. Finally, the index of Unemployment Rate in Switzerland yielded a figure of 2.7% in June, against forecasts of 2.9%.

 

According to the technical analysts ICN.com, "Momentum indicators are trading in overbought areas and that might cause heavy volatility and possible downside corrections." Presently, the cross is falling -0.32% below its opening price level. The next short-term supports are located at 0.9750, 0.9700, and finally 0.9680. On the upside, a penetration of 0.9820 would expose the resistances of 0.9865 and 0.9900.

FXstreet.com (Barcelona) - The U.S. dollar has weakened against its Swiss rival during the morning of European trading after the mixed results in Germany and Switzerland Monday. After achieving a daily maximum in the region of 0.9801 earlier today, the pair has since fallen and is negotiating around the area of 0.9764 at the present.

According to the recent reports out of Germany, Imports (MoM) and Exports (MoM) in May grew +6.3% (vs. a consensus of +1.3%) and 3.9% (vs. a consensus of +0.5%) respectively. The Trade Balance (May) gave a result of € 15.6B in May, against expectations of € 15.8. Finally, the index of Unemployment Rate in Switzerland yielded a figure of 2.7% in June, against forecasts of 2.9%.

According to the technical analysts ICN.com, "Momentum indicators are trading in overbought areas and that might cause heavy volatility and possible downside corrections." Presently, the cross is falling -0.32% below its opening price level. The next short-term supports are located at 0.9750, 0.9700, and finally 0.9680. On the upside, a penetration of 0.9820 would expose the resistances of 0.9865 and 0.9900.

Zerohedge 'The world has gotten itself into too much debt. There are creditors that expect to be paid, and debtors that are having an increasingly difficult time making their coupon payments. No amount of political or policy intervention is going to change that reality.'(fxstreet)

Zerohedge 'The world has gotten itself into too much debt. There are creditors that expect to be paid, and debtors that are having an increasingly difficult time making their coupon payments. No amount of political or policy intervention is going to change that reality.'

(fxstreet)

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where is it, anyone?

"There are no asterisks in life only scroreboards"

Ari Gold - Entourage

 

 

“Do You Want to Be Right or Do You Want to Make Money?” That is a very common question that every trading guru likes to pose in order to “demonstrate” the need for risk control. But the more I trade the more I think that this is a very simplistic and conventional view of how the markets really work. The fact of the matter is that if you want to make money you need to be right. You have to take a point of view. You have to challenge the market and you have to suffer all the slings arrows of outrageous fortune.

 

Of course you cannot be right all of the time. For high reward strategies where you risk one dollar to make two you cannot be right even most of the time. But to be a successful trader you must learn to be wrong as little as possible. This is not the same as being right.

To be right in the market means that you are implicitly engaged with it. You not only hold a view, but you actually carry a position. To be wrong as little as possible, means that you may often pass up opportunities to participate. It means that you become much more of a spectator rather than an actor in great financial drama of the day.

As I have written many times before, my true profit now comes not from creating any strategies ( at this point I have plenty that work well enough) but in being much more selective in using them. This is extraordinarily hard to do on a consistent basis especially for anyone with an aggressive personality that likes to tussle with the world (which I believe describes the vast majority of individual traders).

So how do you put this plan into practice? I have no perfect solutions but one way I try to satiate my craving for battle with market with the need to be highly selective is to try to be “wrong” small and “right” large. Basically I will take a lot of small mediocre trades in one of my accounts to satisfy my need to speculate and will take very few, much larger trades, in my “investment” account to try to earn “real” money. This by no means works all the time. Sometimes you can have an unbelievably hot streak in your spec account and a miserable run of losses in your investment account but the key is to maintain this duality and discipline no matter what because in the long run this is the only way to succeed.

 

by:Boris Schlossberg

where are the journals mate?

here is the email

 

 

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sorry about the late reply, I appreciate the input.. I will join and best of luck to all of us!! thanks for having me here

 

Looks interesting..

I guess we all share the same emotions when trading. Enjoy when profiting and frustating when losing. However, we should control our emotions to become profitable traders. Only then, can we make easy money by being the master of ourselves.

 

yes you are right, patience and dedication is a must...

Master Traders develop a style that is a reflection of their education and character. Most individual trading styles are either positional or combinational and, rarely, a synthesis of both. However, there are other styles.

 

Positional traders take x amount of positions within a specific price area where the market is thought to be favorable to their trading strategy. This may occur on short term weakness when the longer trends are bullish. A known risk is assumed for a specific profit taking area. Positions remain until the losses or profits are taken or the price action analysis negates the trading strategy.

 

Combinational traders do not have the patience of positional traders, and want immediate profitable results or will exit the market quickly. These traders add additional orders as the market moves their way, building up large positions for fast two- to six-day price moves, then take profits and exit the market.

 

A third type of trader is a system trader, who adheres to a trading system discipline.

 

A fourth type of trader is the method trader. Methods differ from systems in that a method can be traded either as a system with no discretion, or traded with discretionary intervention. A method allows for a trader to be able to change parameters. A method gives full-disclosure of all its parameters and the logic behind the method. It should be realized that both systems and methods are based not so much upon a rationale as they are upon pure statistics, i.e., when a certain setup or pattern occurs, and you behave in a certain way, the result is statistically in accordance with the probable outcome.

 

The complete trader is able to combine all or parts of the above approaches with his own style. Trading mastery combines observation, scientific knowledge, good judgment, intuition, and creative instincts with decisive action.

FXstreet.com (San Francisco) - The euro fell sharply against its U.S. counterpart on Thursday, having fallen to as low as 1.2530 on global growth concerns and after stocks on Wall Street posted their second biggest one-day drop of the year Thursday.

 

EUR/USD closed down 1.2% to 1.2539 vs. 1.2704 late Wednesday. So far in Asia this Friday, the pair is trading within a tight 20-pip range around 1.2550. To the downside support levels are noted at 1.2520, 1.2470 and 1.2440, while resistance levels lie at 1.2550, 1.2580 and 1.2610.

 

“In the 4 hours chart the pair holds its bearish tone, as indicators head south below their midlines and price develops below 20 SMA,” explains Valeria Bednarik, Chief Analyst at FXstreet.com. “Sell off will likely continue if local share markets follow their overseas partners.”