mlee

This thread was prompted from a comment by JasonKwok in another thread - thanks Jason!! ;)

http://indo-investasi.com/showthread.php/5857-Singapore?p=108695&viewfull=1#post108695

Here's an amazing insight into what goes on "on the other side" - a D3utsche B@nk trading room.

I'm just about to watch it now, sure to be Amazing.

Here's the blurb:

D3utsche B@nk - “A Day in the Life of an Forex Trader” Seminar

Two seminars were held in Hong Kong and Singapore during July 2009, where Deutsche Bank experts discussed what goes on inside a trading room and how traders can apply this knowledge to their everyday trading. Hosted by Bernard Lo from Bloomberg TV, the seminar featured Deutsche Bank panellists Mirza Baig (FX Strategist), Jens Scharff-Hansen (FX Trader) and Betsy Waters (Director).

Link to video - last video on the page:

hxxp://www.dbfx.com/forex-resources/d3utsche-b@nk-videos

Enjoy!!

mike

found this free ind on masterforex russian forum - execute it on a chart as a script, it goes through your account history and displays your trades on the chart as graphics, and shows pip gains / losses, useful to see how good or bad your entries / exits were.

 

http://www.mirrorcreator.com/files/HZWMI3P9/BETTER_YZGraphOnLine.zip_links

Thanks Mate, will check it out!!

I've been looking for something like this. Was previously doing what PPH said and it's very time-consuming!

Bugger, I hope someone can record the 2 sessions or take notes and share.

Phil is a very good trader!

I'm also a big fan! He has a 2 week free trial which started this week, and will be teaching one of his systems next Monday (manual trading).

He also has a free video update each week which is very insightful and provides actionable market analysis, just signup.

Here's a link to the free trial + a very useful Trading System Blueprint - I'd also recommend D@vid Jenyns blueprint to go hand-in-hand with this.

hxxp://[email protected]/youre-name-is-in-the-hat/

New leverage rules now confirmed, please refer to this thread:

http://indo-investasi.com/showthread.php/8650-CFTC-Leverage-Ruling.

Hi

 

First, thank william for sharing such an interesting story.

Personally, the story tell us that one size does not fit all.

No one method suit everyone or is wrong or right.

 

We should find our own trading style and focus on it

with discipline, patient and lot of practise. Best is

with an mentor to guide and give advise.

I couldn't have said it better myself - one size definitely does not fit all.

Thanks for sharing this simple but relevant story William! ;)

Time to get serious...

 

Professional traders approach trading firstly from the point of risk management. The MOST IMPORTANT thing in trading is to protect your capital – even if it’s only 50 bucks. Too many people become undisciplined with small amounts, but this is a bad, bad habit to get in to. The good news is that if you grasp money and risk management early in your trading career then you'll take a huge leap because the processes for managing 50 bucks is the same for managing $50,000 or $5,000,000.

 

Also, risk shouldn't be a fixed stop loss of say 30 pips. Risk - intelligent risk - is a stop loss in a sensible price action position where you do not expect price to go based on your setup remaining valid. Depending on price volatility and structure that stop loss could be 50 pips, 100 pips or 15 pips when considered against the traded timeframe and setup conditions. Using fixed stops is ignoring the prevailing market conditions and stands a much greater chance of getting stopped out by noise even though your original setup idea turns out to be valid. Stop placement is a massive subject in itself ....

 

Of course after you’ve worked out your Risk you need to demand an appropriate Reward for that Risk. A ratio of at least 1 to 1.5 should be required and preferably higher but this is dependant on trading plan and style. But with 1:1.5 Risk/Reward that at least allows you to theoretically win only 50% of your trades and still be profitable. Then you can get into scaling out of positions or pyramiding in etc – but that’s a refinement that will come if you can get this level sorted.

 

This is a big topic and fixed fractional sizing is only one option amongst Fixed Ratio, Kelly and other rocket science options. It may be boring but this is what brings the money in. If you get your money & risk management sorted then you’ll find trading a lot less stressful and each trade becomes business-like where you don’t care about taking losses so long as you work your trading plan, take the losses and take the bigger wins. As your capital grows your position size grows whilst staying at the same % risked. 10% growth per month (very achievable I’d say) once compounded, very quickly becomes a huge amount of money. But it won’t become any amount of money if you don’t know how to manage it in the first place.

Hi JimJamBonks,

Thankyou for sharing a peek into a ProTrader's thinking!! This is very advanced stuff and I for one would love to hear more. Please, pleaes continue... [-O< :)

I totally agree, protect your capital is rule number 1. (i think buffett has the same rules?)

Stops - i think your point is they should be Dynamic, and move with the market, is that right? Things like Suppport/Resistance, Fibs?

Risk Reward Ratios - do you think in theory it will only work if you take trades to their full targets? I know there are other factors but just for simplicity, say you always take trades with a minimum 1:1.5 RRR, BUT say 50% don't run to full target? I think it would be very dependent on expectancy (Probability of Win * Average Win) – (Probability of Loss * Average Loss)

Can you recommend any reading etc. for pyramiding and scaling into/out of trades? (I currently scale into trades but consider myself a novice)

May I ask what kind of range of true leverage you use and money management system?

I believe Richard Olsen (oanda) has an important paper on leverage - the optimum being on the order of 4:1. Will definitely surprise most I think, especially those who wash out... we've all been there.

Really looking forward to hearing your thoughts,

mlee

I was on their webinar earlier this week but had to leave early. My initial thoughts were that the concept makes sense in theory - although personally I don't think there is such a thing as a "leading" indicator. The old vs new paradigm he goes on about I don't believe is a huge deal - some concepts were valid and some were common sense.

Their webinar recordings are here: hxxp://www.pipclub.c0m/HWC/

And website info: hxxp://www.pipclub.c0m/ShredderFX/

** replace 'xx' and '0' **

James,

I believe there's a thread on derek frey with some shared material.

I know Cr@ig H@rris has a Stop N Reverse strategy - i think he increases his position size on it too to recover the losses.

Sorry I don't know much more than this.

Hi acer,

If you pair a strong vs. weak currency, you can then trade a trend-following strategy on it and ride the trend.

For example, look at the EURCAD + EURAUD - massive downtrends since about the start of the year.

Is this how you plan to use it jjames?

Some of his recommended reading:

1. “Chaos: Making a New Science” by James Gleick

2. “The Harmonic Trader” by Scott Carney

3. “The Misbehavior of Markets” by Benoit Mandelbrot

4. “Fibonacci Ratios with Pattern Recognition” by Larry Pesavento

5. “Geometry of Markets” by Bryce Gilmore

6. “Black Swan” by Nassim Nicholas Taleb

7. “Chaos and Order in the Capital Markets” by Edgar Peters

Also Pesavento's newest book, "Trade what you see" is highly recommended.

hxxp://[email protected]/document/2YVomMgF/Trade_what_you_see-by_Larry_Pe.htm

Nice interview

http://www.tr@[email protected]/interviews/view/311-futures_options_and_forex_derek_frey

Here's his blog: http://infiniteyieldforex.blogspot.com/

I think it's on there or you may have to signup to his newsletter.

The blog is a good read though.

One thing to be aware if you're trading the weekend system - alot of volatility/gaps come monday due to PIGIS issue etc...

i dont mean during the summit but in his regular everyday trade room, during summits they flash fancy statements and talk a lot to entice people to join.

 

Please read this -------------> hxxp://xxx.trade2win.com/boards/forex-strategies-systems/91908-dean-malone-advanced-synergy-review.html

Ok thanks, I see what you mean.

I agree that during the summits, most of the speakers including dean/compass upsell their products. Chris Lori spoke at the 2nd last one on psychology and that was phenomenal! I didn't find too much of value in the last one though. They gave a free month in their regular trade room which I barely attended. Still an upsell element but some useful info in the 1st week while alot of newbies present so lots of questions asked/answered.

I believe Dean has found his own holy grail, something that works for him and fits his style/personality - something each of us must find for ourselves. That said it's wayyy too discretionary to be useful for a new trader. Weird and uncanny how he blends scalping but with almost a longer term feel to it, but it works for him.

I tend to agree with the other post in that there are alot of inconsistencies and unanswered questions, almost as if they were trying to hide something. Buyer beware for sure!! As i said, personally, I wouldn't recommend this to a newbie. As an intermediate to advance trader you might get a few ideas but I wouldn't pay for it - just do the summit, and get some additional value from other speakers.

Hi All,

Can someone please tell me if these are just FxStreet webinars or something else?

I am *very* interested in Harmonics and already have the FxSt webinars. ;)

Thanks in advance.

I think it depends on the system too - if it has too much discretion in it, any figure woudn't make too much sense since there's just too much variation. On the other hand, a strict mechanical system everyone should theoretically get the same results (broker feeds would give variations though, and particularly broker server times).

Did we just open a can of worms haha?? ;p

guys someone who was in this Mr. Malone's trading room reported on one of the fx boards that Malone doesn't make a dime trading Synergy. He makes all kind of confusing statements like today seems like a very volatile day better not to trade and then suddenly says "well I was able to grqab 10 pips because of my experience" and all kinds of other things.

 

He basically says its a complete scam.

 

So take care .......

Hi Hermanhess,

I dunno if DMalone makes a dime trading Synergy or not, but I believe he does since he developed it. ;) I believe they offer managed accounts as well, maybe he trade's these, I don't know.

I've been in his trade rooms a few times during the past Summit's they've had and he's very professional and knowledgeable, a lot of experience. He also made available his pip statements every month going back to late 2008, daily pips show 100+ most days trading mini's. Very impressive, but the style is like scalping to me so I don't like it.

I don't recommend this broker at the moment - Especially if you scalp!! Even though spreads are excellent, there is major lag in order execution!

I still have a live account but trade longer term.

Alot of complaints, hope they fix it soon!

I would tend to agree with Hector's comments - any kind of numbers put's an expectation, even limitation on what the student may/may not be able to do, whether they believe it or not. Maybe a conservative estimate is ok... but you could do better or could do worse, who's to say what's possible or not for them.

Don't want to ramble on, lol... but just my honest 2 cents. ;)

So now i only trade ... chart patterns and elliott waves ... they work on all timeframes

so these indicator looks good ... but i will only use it confirm my decision .. nothing else

Loopyno

Totallly agree with you loopyno!!!

Price action rules them all, lol!

I love my harmonics and fibs!

And only use indicator for divergence as an extra "strength of signal" (SOS). Higher the SOS, bigger the position size.

Yeehaaa!! ;p

I'm very curious as well!! ;)

Please also pm me the link, many thanks.

Re: Your best known manualtrading system??

I too agree on everything that Barbara has said.... and over time, if you stick to it long enough (most don't) you may begin to see the same thing.

Sure, some are able to find a system with indicators that work, but they're like the top 1-3%, rare as hen's teeth, and they've put in the hard yards.

I don't believe there is a robot yet that can compete with a human trader, especially consistently over years and thousands of trades.

What I do believe in is price action.

I've recently started looking in depth at harmonics, courtesy of derek frey's webinars on fxstreet. Now he's very controversial in what he says, but it's simple and it's true. My sample size is still very small, but so far, live trading using these patterns w/ no leverage, I'm having consistent success and haven't been happier.

G'luck,

mlee

Re: Powerful Sleep / Secrets of the Inner Sleep Clock

Here you go,

.... dunno if it's the same version though.

hxxp://www.z*share.net/download/70391815dbf6916

Re: [Req]Convenience Currency Trading course

Me too!!

His blog and records show excellent track record. And he's just opened a managed account.