Competitive Trader Thread!

[anon81929759]

You say 1.3000 when you mean 1.2100 - and yet we are on a thread giving advice to an almost brand new entrant to this business who is trying very hard to find his way.

Mate, i already said it was late and the picture was fuzzy… ok
this is what i mean about you going into depth over things that don’t matter

Anyone can make a mistake, different computers have different resolutions, sometimes websites stuff up, sometimes pictures done’t render correctly… ok
sometimes, Plain and simply, we are just really tired and make mistakes

Now… does that mean you need to jump all over the topic… NO
so… What now
I said 1.3000 when i meant 1.2100
and… NOW WHAT ?
are you going to stake me down and leave me to the crows,
hang me by the gallows
Stone me
Sue me…
WHAT ???

of are you just looking to pay out on someone for something trivial
what is the point here ?

The least we can do as veterans is take great care over the accuracy and relevance of what we advise…which also includes what we read.

I agree, but we are also humans first.
and I’m not a veteran to begin with (at least not at forex)
and i’m all for accuracy , and I DID CORRECT MY MISTAKE AND I APOLOGIZED FOR IT

It is not a game to be treated lightely or loosely.

i totally agree

So, yes, I don’t like “loosely” when it comes to trading. Trading is a business and a very tough one. It does not let you off your mistakes lightly.

you know what… I’m an Engineer, My trade is I.T. Electronics and Electrical things of every nature
I can respect the fact that if you’ve done something for a long time you take it seriously

Example… When i fix a TV
When i go to the clients house and they say THE TV DOESN’T WORK
but it actually does, because the red light is blinking which means there is current and voltage
it’s merely not switching the primary circuit but is stuck in the standby circuit

so yeah… ok
i take this litereally

and i take trading very seriously when i’m in front of the screens
hell… how many times have i told newbies to take demo’s seriously and they don’t

but there are times when i speak Generally and casually and there are times when i am very specific.

i apologize SINCERELY ok, for upsetting you, it wasn’t my intention and never is

i suppose we all deal with posts with newbies in different ways and we decide at the time how we are going to handle it, and at times, it may now always be a perfect delivery
but hey… we are all humans… right ?

Mate, from my point of view
i can respect your point of view and i understand it (without having to retype it all )
and i just shared a point of view from my experience as well… ok
but there’s no need for either of us to get upset (and… i’m not for the record) but i do feel bad if i accidentally upset others

Now… if someone is rude to me, that’s different of course, i’ll dish it out and i can take it, because i won’t stand for rudeness, especially since i like to give respect to begin with.
but that aside

I never have the intention to offend anyone
I may (given this industry and it’s nature) from time to time, be hard on someone and tell them to pull their finger out or stop being lazy
but i’ll only do it because they need a kick up the rear end in order to succeed

but i never actually WANT to offend anyone ok
so… if i offended you (which is seems like i did)
i apologize.

Ben is currently a few dollars down but the true cost to his account is actually quite a bit more in real terms. It is the difference between where he is now and where he would have been if his trades had succeeded instead of failing. Several of his trades have been within a pip or two of his targets and yet still ended up at the stop. This is the true difference between success and failure - and where one can make a real difference with a little effort.

i agree, he needs to work out his stops
he seems too focussed on Risk to Reward

i get the itch to help him from time to time, but LET’S BE HONEST

1. You can’t save everyone
2. this is not the place to do it
3. if you try you’ll get a million people telling you you’re an idiot and what you’re doing is wrong… SO … WHERE’S THE INCENTIVE ? right ?

Good luck Martin, i know you mean well

I do mean well
and as for this

But you are right. I have felt it already many times here. I am in the wrong pond. Time to retire and take up something more relaxing like motorcycle racing!

Bikes are fine, me and my mate ride from time to time, he’s more seriously into it than i am, but i can still ride (Dirt Bikes)
but don’t feel like you need to leave mate
now, if you don’t think this POND is your cup of tea tha’ts fine…

and i’ll be honest, i might be leaving it as well
since we are talking…
let me be blunt ok

Doesn’t it sometimes strike you as a waste of time completely

I mean
Newbies asking the same questions over and over and over and … yeah… hehe
Not bothering to research
Not sticking to plans when you’ve helped them
and then sometimes you have to cop abuse for it

it’s not worth it
I help where i can, but i also run my own business and forex is doing very well for me right now
I’m teaching a mate to trade so he can pay off his house
i’m teaching my little nephews to trade so they will be financially free by the time they leave home.

these things are more constructive and more worth my time and effort and will be appreciated as opposed to your average newbie how may or may not take the advice and then may or may not succeedhttps://forums.babypips.com/t/competitive-trader-thread/128536/99

it is truly sad, i will admit
but, IT’S THE NATURE OF THE BEAST… isn’t it

so maybe i might also retire from this pond and god willing, maybe i’ll come for a ride with you hehe
be cool mate

[Pip2morepip]

Hello Ben1987,

I would join but it would not be fair to you or the other like you who are interested in learning.
Beside I cheat, I use machine learning to capitalize on market manipulation.

As you will see our bots are very aggressive, while we don’t normally operate at these levels,
We cranked the bots up to prove a point to user Martin_K… You can follow that post from December titled:
Moving average data for trading algos

This is just one week in the market.

All the best with your trading.

[anon81929759]

We cranked the bots up to prove a point to user Martin_K…

@Pip2morepip
What ??
What are you referring to ?
i don’t recall you proving anything to me, nor do i really care how you trade,
i wish you well in your trading as far as that’s concerned

but,… what are you talking about here ?

[Ben1987]

I didn’t get the chance to trade the trend this morning as I had to do something, but my view of the market remains the same and decided to long AUD/USD with gold prices rising, US economy with no future economic data till Wednesday. EUR + JPY in a favourable position against the US.

I have reduced my unit purchase to increase my S/L and consider this trade to be a 1 day trade. Also considered psychological T/P and S/L also.

[Ben1987]

Since the overall Trend for the US is downwards and favourable news from JPY, I took a short position on USD/JPY.

The currency correlation is pretty significant and in the future, I should be considering cross currencies that are not USD based.

My next trade will be the EUR, based on the balance on trade that is coming in three hours roughly.

[Ben1987]

You are free to join, I’ll actually like to see who is better, me as a beginner or your AI bot you talk highly about in the end .

[Ben1987]

My current trade plan for the upcoming economic event in 30 mins.

1. If the trade balance is positive, I’ll leave my current trades on to benefit from the weakening dollar. However, if the EUR has worst than expected results, I might consider taking my positions off.

2. If the EUR/USD goes against the uptrend, I’ll buy the retracement. If it continues its uptrend, I’ll have to go for slightly lesser profits and take a scalper approach for some quick profits.

[Ben1987]

As the EUR met the forecast and better it by a little, I went long on the EUR. Even though it might be priced in already, I’ll look at my trade as a learning opportunity and will close it before 3 hours, most likely.

[Drekieyja]

Do you hate indicators?

Obviously, I hope this works out for you. But looking at recent price action relative to your blue MA, I rather fear that you have bought at a peak. The Stochastics in the ‘oversold’ region give me similar cause for concern.

That blue MA also seems to be acting as a fairly good line of resistance, so I would have been tempted to put my stop on the opposite side.

Don’t change your trade, though. I don’t want to influence decisions already made. However, I thought it was worth pinning my colours to the mast before the result is known; it’s easy to be right with the benefit of hindsight.

Edit:

You do have a nice trend on your side, though, and a rising tide lifts all boats. As long as you don’t suffer enough volatility to hit your stop, you could well reach your profit target.

[Pips2morePips]

Hey Ben1987,

This is my last post. Innovation doesn’t seem to be welcomed here.

From now on I will keep my posts over at the largest search engine on the planet with the same username.
Here are results from the past few hours.

All the best to you on your trading journey.

[Ben1987]

Let’s hope so, I’ll check what happens in an hour or so.

I am out atm but I think price will consolidate for a while and I’ll take profit at the top end

[Ben1987]

There isn’t enough economic data to support any more of an uptrend, however, I want to see the outcome of my trade if I patiently let my trade hit their S/L or T/P and not jump to conclusion. Also, increased volatility might hit in the New York Session.

One lesson I learnt during my trade period is that there are profit taking periods that I need to consider.

This will be a learning experience for me, so in the future i can bank this experience and make it a more profitable outcome.

[Ben1987]

I use my technical indicators for decoration .

In honestly, I am basing my decision on fundamentals and economic events, I use MA or stochastic as substitutes to my ideas.

In a trending market like this one, I think stochastic is pretty irrelevant, if it was a ranging market I’ll be more inclined to make a decision on it being 70% technical and 30% fundamentals considering the overall trend of the currency, of course.

[Ben1987]

I ended up banking my profits as I saw the EUR, JAP and AUD keep hitting the same resistance time and time again and believed the currency is heading towards a reversal. The economic news already hit its peak and a reversal will happen.

My profit:

USD/JPY = $1.45
EUR/USD $1.66
AUD/USD $0.41

Total $3.52

I will keep one trade overnight, as I believe there will be a reversal and a high probability trade with a good R:R ratio on the EUR/USD

[Drekieyja]

I ended up banking my profits as I saw the EUR, JAP and AUD keep hitting the same resistance time and time again and believed the currency is heading towards a reversal.

Seems reasonable. Price had been moving sideways for over four hours, which was longer than you planned to be in the trade, and while it was overall favorable to you, it did dip into the negative from time to time.

Of course, those are all price action arguments rather than ‘fundamentals’.

Edit:

Because it’s worth following up on these things, I’ll note that had you kept the trade open, you would have suffered over-night charges before being stopped out the following morning. So cutting it short while still in a little bit of profit was the right thing to do, even with the benefit of hindsight.

[Ben1987]

Sorry, I keep mixing up the forex terminology , yes the “price action” seemed liked it was swaying and kept hitting the same resistance. I assume the bulls have exhausted, US currency is undervalued and a reversal should happen gradually. I was waiting for the New York session to pick up some of the steam of the EUR news and bank my profits. Fortunately, it worked out

If I considered everything the profit taking period, short the profit taking period and let the New York Session pick up some steam of the EUR news, could of banked profits three times.

Still learning, after all.

[Ben1987]

I also assume I might be a price action trader mixed with fundamentals and sentiment and a little bit of technical analysis, as you see I don’t read too much into my stochastic , we’ll see eventually.

[Falstaff]

US currency is undervalued and a reversal should happen gradually.

If you look at the daily charts for the last 6 months plus - yes that is how it looks - now zoom out and look at EURUSD and GBPUSD on the weeklies or monthlies back to 2000 and see if you still hold the same view ?

[Ben1987]

HMm, you are right, the US has had a very strong appreciation against major currencies according to the US dxy on the monthly charts.

I guess for the short term US currency is undervalued for the past recent months.

Any reason why for such strength ? Market manipulation?

[Ben1987]

Today, the US will gain strength as major economies have lost steam to better the US, I also believe that volatility will be in JPY for the next 5 hours roughly and GBP and EUR will take over. The sensitivity of the economic events against the USD for these economies has increased, the market is already waiting for a reversal signal.

I ended up banking my profits as EUR/USD was consolidating for a while.

Profit = $1.12

.