The Forex Portfolio - How to Gain Consistent Profits by Staying in the Market 24/7 - Page 3
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  1. #21
    Join Date
    Dec 2012
    Posts
    139
    Another Guru

  2. #22
    Join Date
    Feb 2012
    Location
    North Carolina - USA
    Posts
    19
    He said in his first post he is not a Guru. How about keeping an open mind.

  3. #23
    Join Date
    Jun 2012
    Location
    UK and New Zealand
    Posts
    458
    Quote Originally Posted by mastergunner99 View Post
    Remove your indicators.

    Get rid of your news feed.

    Turn off CSPAN.

    Stop hoping.

    Stop assuming.

    Stop praying.

    Just stop.

    You will never be able to predict market movement accurately. Ever.

    Your indicator. Your news feed. The talking heads on TV. All they do is give you a reason to think you are educated about the decisions you make. It is false confidence and it doesn’t work for the mass majority of retail traders.

    Price is never oversold or overbought. It simply cannot be. It is just price.

    The Non-Farm Payroll Report didn’t help you any bit this month than it did the last, regardless of your results. You were simply gambling.

    When price touched the 100 EMA, did you make a decision simply based on that because price is somehow supposed to react to it every time?

    Or maybe it was because you used a combination of the two, or even more methods of analysis to render a decision on a single trade.

    Stop it. You’re complicating this.

    While you spent 20 minutes figuring out a trade for one pair, I was monitoring 25 pairs and making decisions on them in the same time span.

    There is only price. And price moves. Price moves because there are buyers and there are sellers. That’s it. We don’t move price. We shouldn’t care who moves price. We just want them to keep doing what they are doing so that price keeps moving. The more it moves, the more opportunity we have to step into the market, dip our cups in the stream of money, and step back and soak in the rewards of our efforts.

    Forex is simple. It is not easy. But it is simple.

    It is you that is complicated. So stop it.
    What youve said so far is all good sense,you can certainly talk the talk,lets see if you can walk the walk!!!!

  4. #24
    GBP. CHF. JPY. USD. EUR. AUD. CAD. NZD.

    Those are the eight currencies I monitor in the market. No doubt you are familiar with them and their pairings such as GBPJPY or AUDCAD. In all, I monitor 28 different pairings between these currencies.

    It’s time to stop looking at one pair and step back and look at the market as a whole. When you spend all of your time on EURUSD you are missing out on the movements that the other 6 currencies can provide in the market.

    And I already know what you’re thinking. You don’t know how you can possibly monitor 28 different pairs, when you already spend so much time on one or two. My earlier post is the reason why. You’re spending too much time on one, and not paying attention to the overall market.

    Instead of limiting yourself, you now have an opportunity to be expanding yourself. You’ll be taking in an entire market and paying attention to what each currency pair is doing, and in turn it will actually provide for you a better picture or on the strength or the weakness of an individual currency.

    Now I have no way to predict which currency will perform best this week or the next. But I don’t have to have that concern, because I diversify and spread my risk and almost always have a portion of each currency. If one is performing better, I’m generally adding to my position in that currency. And if one is not doing so hot, I generally pull back a bit on that currency.

    As a result, I’m able to capture all of the trends. If you ever see a lengthy trend in the markets, I was in it. That’s what I hold out for. Large pip movements. I’m not trying to get 10 or 20 pips. That requires too much work for too much risk and it takes too much time. As Sweet Brown would say, “Ain’t nobody got time for that!”

    I don’t spend my time sniffing around trying to pick up scraps of pips, all worried if the spread is going to be too big and gobble up my profits. I’m looking for 100’s of pips. An example would be last week I closed out my EURJPY position for 986 pips after holding on to it for 42 days. When was the last time you held a pair that long, or took down that many pips in a single trade? Do you really think I cared how big the spread was at the time I opened that trade, or let alone when I closed it? It’s time to change the way you view your trading.

    And I don’t have that time to trade the way you’ve been trading. And neither do you. There are far more things that are more valuable in your life than staring at some charts. Just today I timed myself at the end of the week close. It took me 13 minutes to have a look at the market where I placed two stop losses on two pairs and entered a short limit order on a third. For the sake of those eager to trade, when I haven’t completed explaining my methodology, I will not be revealing which pair that is. Odds are you would place too much risk on that one trade in relation to what it is we will be looking to accomplish in the end.

    So now you have all the indicators removed from your chart. Your head is clean of news. And you are staring at 28 different currency pairs wondering what’s to come next.
    Last edited by mastergunner99; 01-25-2013 at 07:19 PM.

  5. #25
    Join Date
    Sep 2012
    Location
    Prescott, AZ USA
    Posts
    76

    Default Next step guess ...

    Quote Originally Posted by mastergunner99 View Post
    [snip]

    So now you have all the indicators removed from your chart. Your head is clean of news. And you are staring at 28 different currency pairs wondering what’s to come next.
    Going to go out on a limb here -- I can already hear it being sawed off -- and guess: some kind of Relative Strength Analysis methodology among those 8 major currencies involving each of those 28 possible pairings (nah, that would take too long unless you maybe used some kind of automated tool, right)?

  6. #26
    Join Date
    Oct 2011
    Posts
    29
    Quote Originally Posted by mastergunner99
    GBP. CHF. JPY. USD. EUR. AUD. CAD. NZD.

    Those are the eight currencies I monitor in the market. No doubt you are familiar with them and their pairings such as GBPJPY or AUDCAD. In all, I monitor 28 different pairings between these currencies.

    It’s time to stop looking at one pair and step back and look at the market as a whole. When you spend all of your time on EURUSD you are missing out on the movements that the other 6 currencies can provide in the market.

    And I already know what you’re thinking. You don’t know how you can possibly monitor 28 different pairs, when you already spend so much time on one or two. My earlier post is the reason why. You’re spending too much time on one, and not paying attention to the overall market.

    Instead of limiting yourself, you now have an opportunity to be expanding yourself. You’ll be taking in an entire market and paying attention to what each currency pair is doing, and in turn it will actually provide for you a better picture or on the strength or the weakness of an individual currency.

    Now I have no way to predict which currency will perform best this week or the next. But I don’t have to have that concern, because I diversify and spread my risk and almost always have a portion of each currency. If one is performing better, I’m generally adding to my position in that currency. And if one is not doing so hot, I generally pull back a bit on that currency.

    As a result, I’m able to capture all of the trends. If you ever see a lengthy trend in the markets, I was in it. That’s what I hold out for. Large pip movements. I’m not trying to get 10 or 20 pips. That requires too much work for too much risk and it takes too much time. As Sweet Brown would say, “Ain’t nobody got time for that!”

    I don’t spend my time sniffing around trying to pick up scraps of pips, all worried if the spread is going to be too big and gobble up my profits. I’m looking for 100’s of pips. An example would be last week I closed out my EURJPY position for 986 pips after holding on to it for 42 days. When was the last time you held a pair that long, or took down that many pips in a single trade? Do you really think I cared how big the spread was at the time I opened that trade, or let alone when I closed it? It’s time to change the way you view your trading.

    And I don’t have that time to trade the way you’ve been trading. And neither do you. There are far more things that are more valuable in your life than staring at some charts. Just today I timed myself at the end of the week close. It took me 13 minutes to have a look at the market where I placed two stop losses on two pairs and entered a short limit order on a third. For the sake of those eager to trade, when I haven’t completed explaining my methodology, I will not be revealing which pair that is. Odds are you would place too much risk on that one trade in relation to what it is we will be looking to accomplish in the end.

    So now you have all the indicators removed from your chart. Your head is clean of news. And you are staring at 28 different currency pairs wondering what’s to come next.
    Interesting... Which TF charts do u prefer to monitor?

  7. #27
    Quote Originally Posted by sstrnod

    Going to go out on a limb here -- I can already hear it being sawed off -- and guess: some kind of Relative Strength Analysis methodology among those 8 major currencies involving each of those 28 possible pairings (nah, that would take too long unless you maybe used some kind of automated tool, right)?
    No indicators are used for any analysis at all.

  8. #28
    Quote Originally Posted by Sadiq

    Interesting... Which TF charts do u prefer to monitor?
    I only monitor and trade off of daily charts.

  9. #29
    Just a heads up. I have business to attend to in Chicago tomorrow night and I will not return until Tuesday. I doubt I will have much time to add to this thread until then.

  10. #30
    Join Date
    Jun 2012
    Location
    UK and New Zealand
    Posts
    458
    Quote Originally Posted by sstrnod View Post
    Going to go out on a limb here -- I can already hear it being sawed off -- and guess: some kind of Relative Strength Analysis methodology among those 8 major currencies involving each of those 28 possible pairings (nah, that would take too long unless you maybe used some kind of automated tool, right)?
    Hope he dosent mind me saying but I think he's spot on here,indicators will bite you in the bum.Thats what Ive found anyway ,no doubt some will dissagree and have been sucsesfull,but ive only seen poeple on forums say that never personally

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