willtrader

Re: What kind of system are you using?

That's really true. For vast majority of people in the forex market, the search for the holy grail goes on everyday. I don't know if really profitable traders are in this forum, but the fact that they are using simple indicators and price action may not be true. Profitable traders do have an edge over others and this could be because of having tools that others don't have.

 

Thats wrong, I like and I use inly easy indikators and systems and that profitable. The key is experience, not the counts of indikators

I agree with the latter post, within the context of trading, edge is meerly a cognitive derivation. Everything needed to be successful is right in front of you, the only additional tool is your mind. Trading is based on a very simple raw data (OHLC/Tick data) and as such one can perform an unlimited array of mathematical functions or graphical representations. Just because they are possible does not mean they are right or make the situation any clearer. For me, in trading, less is more(occlam's razor).

Re: Scalping...is this a waste of time or can you....

Easy scalpings example =) Obviously this is in the past so I didn't trade it today but my point is if you trade price action, and a not a mechanical system, scalping is no different to working on larger time frames. One minute is pretty easy compared to a 10s chart.

I didn't include but a TL from swing low to the next three pullback lows forms the high of the top, the retest of the top, the first reversal pullback, and the breakout pullback.

Re: Price Action, Naked trading only

I trade pure PA also, with the addition of 34,150,365SMA /S&R/ Trendlines/ Patterns/ Fibs /Pivots and patterns.

I recommend:

-James16, as mentioned by thread starter. There's a long thread on FF but really this is very basic price action with fib/sr confluence. That said, price action is SIMPLE and thus basic price action is all that is needed for being profitable.

-Al Brooks on price action. quintessential reading for the PA trader, infact I believe the best teacher of his kind. (his new book is poorly edited, and a very tough to read but the best resource for PA i've ever seen). I read many books online, this is the only one in the last few years i've thought worthy of buying.

-Tom Demark, although you'll see his material rehashed on other forums under different names. TD lines including calculating profits and breakout qualifiers are essential reading. Tom demark on option is recommended, published 1999 if I remember correctly. There are however futures magazine articles on the relavent sections which are free.

-Best beginner resource is babypips.com

-Hector trader for pattern trading. His videos can be long winded however I believe the core of what he teaches is good. I like his use of moving averages. I don't make as much use of them as he does with his rules but if i use smaller time frames or trade pullbacks I find them very useful. Really though, I think he has nice explanations of patterns. Sure it's free elsewhere, and he's a bit long winded but i think his explanations are really very good.

It should be noted I don't use a single strategy and my trading cannot be confined to swing/trend/scalper etc. I enter long term positions on very small time frames to ensure protection of capital. In choppy markets where entry on longer time frames is not possible I enter 5-15min charts and use SMA's to ensure correct trend direction and either buy pullbacks or sole price action H1/H2 etc (as Al brooks explains). Or thirdly I just scalp the market with pure price action on tiny time frames where moving averages are useless and I trade pretty much solely with trend lines/patterns and PA.

EDIT - actually my SMA varies according to TF. anything above 1 hour has MA mentioned. 5mins has 50SMA and 21/10EMA

Re: Scalping...is this a waste of time or can you....

I normally trade traditional PA on larger time frames, however I also scalp 10s-1min charts on Oanda. People say it's noise, but patterns exist on all time frames. The confluence of TL's and patterns on 10s charts can make for nice runs with very little risk, that said spikes can be detrimental wiping out profit quickly. One could enter a 10s charts with a very tight stop then ride the momentum down to 10-20pips in very little time. I guess a lot is down to your own mentality, the setups are there you just have to be careful, even when scalping, not to force yourself to trade if there isn't there.

As fun as scalping is I don't think it's the key to long term success. It's too demanding and often a buy and hold strategy would've yielded more pips in the long run, even if the overall risk was greater. Yes, you can be very successful scalping but if few people succeed in longer TF's, even fewer succeed in ultra short time frames. Incidentally I think to be a good scalper you need - patience and an excellent understanding of price action as well as knowing that what is useful on a longer TF is not always useful on an ultra short TF, and thus one is forced to look for a confluence of factors rather than single candlestick patterns. That's just my opinion though.. =)

Re: H*e*c*t*o*r T*r*a*d*e*r*

Thank you for this. Some image files are missing, /images/ /pictures/. If you open up each of the webpages seperately then parse links for /pictures/ then copy urls to download manager you can get all relavent example pictures in about two minutes. The /images/, if you get the url of one then use a link generator to change the url to imagename$$.jpg where $$ = 00 --> 99.jpg. Then copy these to a download manager, it'll make it much easier to read. Even if you just include the spacer.gif.

Re: How To Download Embedded SWFs (e.g. Camtasia videos)

Alternate option is to run a packet sniffer across applicable card scanning for media files with suffix swf. Useful when link is obfuscated or not viewable in source.

Re: 77 is michael jackson magic number

If you look close enough you can find these kinds of relationship everywhere =) Interesting none the less.

Re: How many pips you gain per day?

What's the difference between a quality and non-quality pip? I assume we're talking perfect setups.

Re: Trading in The Buff

All this information is freely available elsewhere, across numerous forums and sites devoted to Forex TA.

Not to mention the fact his very first testimonial, I quote:

"I'm using your trend method, with hourly charts and have witnessed at least an 80% success rate. I'm generally using a 1:1 Reward to Risk ratio."

Not understanding price action, of course, is a fundamental flaw but so is a lack of money management. To have read a course and state that you use a 1:1 risk reward ratio is unfathomable to me. AND then for the author of this course to place this as a testimonial, blind ignorance.

Re: Simplicity

I couldn't agree more with the first post, I wouldn't go so far as deleting all the literature i've collected though. For all I've read I believe 95% of it was of no use to the way I trade, however, I believe that reading it was not a waste and integral to where I am today. Granted there is a lot of misinformation and perhaps information overload, but I think one needs this to come to the gross realisation that everything they had was in front of them all along, without a fancy indicator. [The stronger this realisation, the greater the impact on your trading]. Once you reach this point, all that stands between you and success is your own psychology and trying to balance the chances of sucess with the demands of risk.

Re: How many pips you gain per day?

I never aim for a specific number of pips per day however I will very rarely close a position for less than 20 pips. Although I have no set aim, it is usually governed by the nearest major swing high or low which should be a minimum of 70-100 points away for me to initiate a trade. Once I hit an area of S/R I keep my position open unless the market turns, letting my profits run for maximum possible time. I aim for a Risk : Reward of 1:6-12+, occasionally more. good day is a couple of hundred pips, bad day is 20-50 which would generally be because I messed up, broke even then took a quit profit to try to restore some sanity =)

Re: MetaTrader 5 Client Terminal - first screenshots

This looks good, although aesthetically not vastly different. I only use for charting, can't wait to try it out =)