Between 40-100 pips per Day

[mike53]

Originally Posted by alkhatarey

you know mike how much i got from the E/u and usd/chf month ago , more than 1000 pips , so how much you got ?????????
i hope james you send me the new password thanks so much for your help
Felix

The question is not how many pips you made a month ago but the size of your account today.....many win now and again....but many more lose more than they win

[alkhatarey]

hi mike
both of us keeb doing his best to be good in this job and i hope it for you and me , keeb doing your best man , and i hope you win and luck always
i added you if you dont mind in my skype
Felix

[mike53]

Originally Posted by alkhatarey

hi mike
both of us keeb doing his best to be good in this job and i hope it for you and me , keeb doing your best man , and i hope you win and luck always
i added you if you dont mind in my skype
Felix

I don't use Skype, since we switched to hotconference.

[james]

Hi there james here

A very quiet meandering night in the currency markets with EURUSD continuing to consolidate around the 1.5500 level in a now very familiar fashion. With economic calendar for the day virtually empty, order flow and a smattering of central bank commentary were the primary factors driving trade.
ECB Member Jorgen Stark noted that the 3.7% inflation level was 'may be unacceptably high' stoking hopes of euro bulls that a rate hike may be coming in July. However, as we noted yesterday the inflationary numbers from all the G-11 nations are elevated strictly because of oil prices with core readings considerably more muted. If oil prices recede from their Olympian highs much of the impetus for the rate hikes may disappear.

James

[mbha]

Hi all, first post ....
James, I sent you a mail a couple of days ago. I don't mean to be impatient. Just checking in to se if you got it?

I would like to join the live trading sessions and also to find the details of the system which isn't to be found in post #52, page 6 or something like that. I have found the rules but not a really definitive descriprion of how an IB should look. Is there a clear written system rule in this thread (or another) that I can study?

Anyway, I have read the entire thread so I think I know how the system
works.

[james]

Hi there james here

Dollar rebounds strongly today, first led by selling in EUR/USD following worse than expected economic data from Eurozone, then followed by collapse in gold prices. Germany Ifo Business Climate index tumbled sharply from 103.5 to to 101.3 in Jun, missing expectation of 102.3. That was the lowest reading since Jan 06. Looking into the details, trade and industry component was hit hard and fell sharply from 6.2 to 1.7. Weakness in see broadly including in the current situation and business expectations components. Eurozone June flash PMI manufacturing and service were also worrying, as both dipped into contraction region below 50 at 49.1 and 49.5 respectively.

see you all in the live lounge tomorrow

Regards

James

[james]

Hi there

Little Trading Tip

Too many times I hear new traders opening a trade using the 5-minute chart (not my favorite approach) and when the market moves against them, they move to the 15-minute chart to justify staying in a little longer, hoping that the market will turn around. Then if the market continues to move against them, they move out to the hourly chart to look for a reason to stay in the trade. As the market continues to move against them, they shift to the daily chart to hope to find a reason to stay in the trade. The next step is to get a margin call because they have no funds left to maintain their position. Of course, the main issue here is that they were looking for a way to stay in a losing trade rather than closing it out at a small loss. Taking a loss does not mean that you do not know what you are doing. Too many new traders think that losing a trade means that they are losers or that they aren't smart enough to trade. Nothing could be further from the truth though. Professional traders understand that if they trade, they will have losing trades. That is really the only guarantee in the field of speculation. How you handle those losing trades has as much to do with your success as a trader as any other factor. You don't have to like losing, but you must accept the fact that all trades cannot be winning trades. You have to keep those losing trades small enough to be able to make up for them with your winning trades. Switching time frames to justify staying in a trade is not how you keep your losses small. Identify your exit point before you get into the trade and stick to it. Judge yourself from month to month rather than on every pip move in the market. Be consistent in your approach and stay in one time frame from the beginning of the trade to the end of the trade.

James

[james]

Hi there

Little trading tip

Large Round Figures

Many traders, from the individual speculator to the large fund will focus on the large round figures or round numbers when applying their analysis to the FX-market for a number of reasons. Option traders tend to select these price levels whether their exercising American, European, or Exotic options, as well as the placement of protective stop orders.
For that reason, the 'large round figure' such as 1.3100 or 1.3250 tend to carry a greater weight of importance. However this can be deceitful as the market often times will spill over to trade slightly above or below a price level of importance. For that reason we should naturally expect the ultimate highs and lows to rest at times slightly beyond these areas. We should suspect the market as it approaches and fails to break beyond a large round figure, even if we cannot take the exact figure literally.

Good Trading

James

[james]

Hi there James here

My Own use Of Stochastics

Well as usual just to be contrary to everyone I don't use the stochastics to signal overbought or oversold although I do take note of the readings.
I like to use them as possible buy and sell opportunities after defining a trend. If the trend is up as in the example below on the AUD (Australian Dollar) I like to only take buy signals regardless of the reading as long as the trend remains in place.
I ignore the sell signals. I purposefully weaken the stochastics to give me more signals and I use 8,3,3 as my settings.
This gives more signals and shows the hand of the weaker players. The same is true of selling in a down trend. I ignore the buy signals and only take the sell signals. I don't use stochastics on their own as trading method as all the settings I have tried ultimately resulted in to many wipsaws. Experiment with different settings and consider adding this indicator to your trading arsenal.


james

[KENNETH LEE]

You forgot attach the AUD example in last post..

Hope you have agreat weekend.. Ken