Dale,
by the way i think u have lots of move today with the indicies Well i am not sure but in forex we got a huge move any thing realted to USD
So does that has any affect on Nasdaq or Daw?? was it up down???
Please tell us more about the indicies.and why the hell u kept your account all that time withought going for short or long!!! why now???
Akram
Akram,
If you’ve got to use java you’ve downloaded the wrong platform i.e. you need to download the software from here:
GCI Financial Ltd - Online Forex and CFD Trading
If you want to know about movements then have a look at the pages on their website where they tell you about the different tradeable instruments, the different spreads, interest, trading times, etc. etc. etc.
Their minimum deposit to open an account is $500 and the minimum trade / lot size is $50 (be careful here i.e. a $50 lot with 200:1 leverage can KILL you if you trade something like the DAX 30 with only $500 capital but the Dow Futures is a very good place to start i.e. on a $50 lot each point movement is $1 and the spread is $7 so it’s ‘manageable’ as a ‘tutorial’).
I never thought I’d see the day when I’d be ‘singing GCI’s praises’ but I’ve been working the whole day on their new platform and things couldn’t be better (I have not even checked my forex positions at Delta yet today - I’d better do that and see where we are).
Howdy ya’ll!
Lol, I saw ‘3:10 to Yuma’ last night and so I’m in a cowboy mood. Good movie if ya’ll can see it! Takes place here in Arizona!
Anyway, posts galore over the weekend! Had to go through a few pages. I saw the you posted ‘Da final system’ there Dale. I’ll give it a go and see what happens. I’ll let you know how I’m doing with it.
Other than that, I have nothing else to post right now except that its early, I’m tired, and I need coffee and a hearty breakfast before I do anything else!
Oh yea, actually… Dale, Friday night, I picked up a bottle of the ol’ Captain and enjoyed some. I don’t drink liquor that often. I’m more of an ale guy. But had fun none the less while playing my drums!
Dale,
i will have alook on the platform and if i find something i don’t know about i will ask u.
Well as for the forex my friend u really really missed alot i think when u open your platform u will get so upset!!! TODAY WAS A VERY TRENDY DAY not normal look at the charm of the charts u will feel that any thing realted to the doller was a great opportunity although i was away coz i took my profit and watched the markert but i was entertened with the chartr today!!!
Regards,
Akram
Ok
Looked at the charts for the new system. Just in typical Dale fashion, it can reap high rewards in one trade, however, it looks like you have to wait days before you can get into a good trade. You can get in late, like you said… but how late exactly would you consider entering?
Obviously, though, while waiting, you can trade another one of your favorite systems until you get that signal to ride that 50 EMA. Which I’m thinking the ‘holy grail’ is a system of systems that you trade to bring in profits. A collection of 1-3 systems that bring in short and long term rewards. One that spans days, if not weeks or months and one that spans a day or couple of hours. I think having an assortment of systems is best than having the one true all system as each one has its +'s and -'s and can fit your trading mood or situation.
Dale, I think my seriousness is due to where I live. I’m getting really really tired of the sun and would like some rain and cloud cover and its reflecting on everything I do. I can’t wait for the day when I can move from this desert and into a climate I’m more suited to, a climate I was built for. Fascinating place, but I’m not a desert dweller. I like rain, snow, and the cold. Not unbearably hot, dry, and constantly sunny. Boring.
Good evening (afternoon) everyone,
Thanks for taking a look Rob - and I take the ‘typical Dale fashion’ as a compliment I’ll tell you (remember: ‘EXTREME’)!!!
OK well I’ve been trading ‘Da Final System’ the whole day today on the indices and it works well.
The entry and / or stop and reverse points are a problem though i.e. do you enter the ‘instant’ that the 50 EMA is crossed or do you wait for a ‘cross and close’ of the 50 EMA? I’ve been trading the Dow, Nasdaq, and S&P on the 15 minute timeframes the whole day today and what I have found is that entering upon the close is the safest way (which is what I suspected originally). As far as waiting for the close is concerned on the longer timeframes I think that the way to do it is to open a position the ‘instant’ the 50 EMA is crossed BUT have a ‘mental stop’ of a predefined and static number of pips so that if the 50 EMA is crossed but retracts then you don’t end up being ‘dragged by your arse’ into a trend in the wrong direction. I mean - at what point do you say to yourself: ‘Ok - this was just a ‘spike’ across the 50 EMA and not a trend reversal’?
This system has it’s ‘beauty’ though i.e. once the price starts moving away from the 50 EMA with a bit of ‘conviction’ your trade is ‘stress free’ because as the price moves away and the 50 EMA adjusts itself to the move you are already in profit and have a ‘profit cushion’ behind you so that you are never tempted to close out your position early because you’re ‘frightened’ and are showing a loss. It’s a great way to trade because once this happens all you are doing is watching to make sure that you are nowhere near the 50 EMA and things are good.
I also think that the reason things worked so well for me today is because of the fact that I ACTUALLY CONCENTRATED on ONLY the Dow, S&P, and the Nasdaq i.e. I was not constantly ‘jumping around’ between this pair and that pair (by the way Akram - you can HAVE your forex pairs - I managed to MAKE about $2500 today on MY indices but YOUR forex pairs are showing me a ‘fuc*ing loss’ of about $1263.57 as I type this message and I was following EXACTLY the same system so go figure)!!!
I had a thought today (yup - another one - not another system - just a thought - so before you go ‘oh no not again’ - read on):
I was just wondering if the major difference between forex and stocks, commodities, and metals is the fact that stocks, commodities, and metals are floor traded i.e. market sentiment plays a big role whereas with forex, because it’s mostly traded electronically and the ‘market makers’ actually ‘dictate’ the price, this ‘sentiment’ or ‘human emotion’ does not really come into play? I don’t know if that makes sense or even if it’s a ‘valid’ thought. In others words I was wondering if the reason than there are ‘behavioral’ differences is not maybe due to the fact that forex prices are really ‘dictated’ by a few MAJOR players in the market (like the banks) whereas the price of stocks, commodities, and metals is decided by a ‘gazillion more’ ‘market individuals’ even although the amount of money involved on a daily basis is much less. I’m not quite sure what I’m trying to say here or how to say it. In other words because stocks, commodities, and metals are traded by ‘humans’ it’s easier to ‘identify with’ and ‘feel’ the movements whereas with forex it’s like you are trying to apply the ‘human factor’ to an inanimate object. Does any of this make sense to anyone? Maybe another way of explaining this is that forex represents a ‘1 EMA’ and stocks, commodities, and metals represent something like a ‘50 EMA’? Does that make sense?
I’m ‘tying myself in knots here’ (above).
Anway - Rob - feel free to come over here (well OK we don’t have snow thank fu*k but we have rain and wind and sunshine all the time) (And I want to go to Finland and Russia)???
Hey All,
It looks like the “new” system is very similar to Effi Lang’s 25-50 EMA, Effi’s system has a set TP, with re-entries if the price bounces off of the 25 EMA. This gives me some confidence that the 50 EMA is a strong resistance/support line since other people have had success with it. Effi’s original recommendation is to use this system on the H4 candle instead of the daily, so that may provide more trading opportunities. I for one don’t want to wait weeks for an entry.
Has anyone found an accompanying lower TF system - maybe a M15 candle trade - that can be used with this to suck in more pips? I’m leaning toward a MA cross, but there are so many to choose from that I can’t decide (analysis paralysis!). 8-21, 5-13, 1-5(!)…
Dale,
I was re-reading some posts in this thread and I caught your first post where you mentioned William’s Profunity Chaos system. Have you tried that? How does it relate to the much-evolved PSAR?
By the way, I know there is one other thread follower from the Dallas, Texas area here - I’m in the DFW area myself. Is anyone up for a meetup?
Dr Zeus
Hello dr_zeus,
Yes - the fact that this system resembles effilang’s system has been mentioned before - I think the main difference is that I’m trying to work with a single EMA as opposed to EMA crosses etc. etc. etc. (well now anyway).
Rob - seeing that you have been taking a look at ‘Da Final System’ - what do you think of this (I just had this thought while I was having a crap - and I’m not kidding either):
What if - across the board - any timeframe - you opened your position and you initial stop loss was the high or low of that very same candle???
Take a look. I don’t see too many places where the 50 EMA has been crossed and then the price retracted to such an extent that on the very same candle it started to go in the opposite direction.
Sorry dr_zeus, we were ‘overtyping’ each other again.
Yes - I bought all three of ol’ Bill Williams’ books - ‘Trading Chaos’ - and tried ‘the system’ with mixed success. It has nothing at all to do with Parabolic SAR and uses Bill Williams’ own indicators i.e. Alligator, Awesome Oscillator, Accelerator Oscillator, and Fractals. What really upset me though or rather ‘put me off’ was the fact that I actually contacted him (spoke to his co-author which also happens to be his daughter) to ask him if it would be alright for me start a thread here to trade with others that might be interested and I received a response that basically informed me that they don’t give me permission or ‘sanction’ the thread (because I don’t know the system well enough and basically don’t know what I’m doing) and that the books are only an ‘outline’ of the system and that they don’t trade that way anymore and ‘blah blah blah’ and that basically in order to trade the ‘Chaos’ system ‘properly’ you should enrol for their home study course which, by the way, cost in excess of $3000. Needless to say I stopped with the system there and then. (Funny that the home study course is not mentione in ANY of the books)!!!
I thought I was doing the right thing by asking them for permission and that’s what I got back from them (not to mention the fact that his system is posted everywhere on the Internet and there are even forums on ‘that other forex forum’ with threads dedicated to the system.
Thanks for the reply Dale. I’ll look at that “other” site and see what the thread shows, but I don’t see the alligator indicator or fractals on Oanda so I don’t think I will use it.
Since you’ve had good luck trading indices with the 50 EMA system, have you tried the system with other securities - CFD stocks, metals, or bonds? Is this a “universal” rule for support and resistance?
I have not tried it ‘for real’ yet on any CFD’s, bonds, commodites, metals, etc. only ‘traced’ it on the charts.
I am sure, though, that the 50 EMA is a ‘key’ support / resistance level for these instruments and they do ‘obey’ this rule (to 200 EMA as well).
I’m really quite ‘pis*ed off’ with forex though i.e. I opened a few positions last night because the prices had closed above or below the 50 EMA and most of them sailed right through this level as if it was not even there i.e. they did not even ‘stop to have a look around’ while crossing the 50 EMA so I’ve now had to close some of them and stop and reverse others but of course this is just about wiping my forex account out now.
You know - I’m really starting to form this opinion:
Trading CFD’s, indices, metals, commodites, etc. etc. etc. is like going to a ‘big casino’ that’s regulated by some or the other ‘gaming commission’ i.e. a ‘legal casino’ whereas trading forex pairs is like going over to your local pub and playing poker with a few strangers at the bar!!!
Have also heard it called equities without gravity which has got a certain ring to it
Oh man - that’s excellent (ROFLOL)!!!
Sorry - I know I’m knocking forex here (obviously because it’s not been working for me a while now) but I just can’t help getting all of these ‘negative’ feelings about trading forex pairs.
And let’s be honest here for a moment: the MAIN attractions for people wanting to trade forex pairs is the liquidity, volume, and above all the leverage that’s available to them i.e. small amount of money laid out to (hopefully) make ‘gazillions’. The irony of the whole thing is that you can get the same leverage from (certain) brokers on equities and they (equities) don’t try and ‘fu*k you’ everytime your back is turned!!! And another thing that tends to ‘scare’ people off from trading equities is because they hear about commissions that have to be paid on every transaction. Well - what some people don’t realise - is that ‘commission’ equals ‘spread’!!! (As a matter of fact in most cases the ‘commission’ is far less than the cost of the ‘spread’ depending on the pair of course).
I mean we all sit around and draw lines on charts and work out support and resistance and stuff like that but you’re working with inanimate objects. The Euro does not say to itself one morning: ‘Ok well I’m getting near to 1.4183 against the USD so I’d better stop and turn around here because this is a resistance level’. It does not know about support or resistance levels or anything like that. On the other hand equities are traded for (supposedly) fair value. In other words there is not going to be a buyer for a share where the fair value of the share (based on company results) is let’s say $100 and some floor trader is trying to sell the thing for $200!!! In other words equities are ‘based’ on ‘something’ and the only forex pairs that (as far as I’m concerned anyway) are based on ANYTHING are the ‘commdolls’ (and even they don’t monitor their own levels and talk to themselves) but their value at least fluctuates in tandem with a ‘tangible’ commodity). I mean - what - other than interest - is the value of the GBP based on? The JPY? The CHF? Even the value of the Turkish Lira is based on SOMETHING for crying out loud (although apparantely that’s a pile of sht as well i.e. Oil is going up but the pipeline to or from Turkey has not carried Oil for ages)!!! (I suppose that 'shoots my aforementioned theories to sht’)!!!
Anyway - I’m probably ‘oversimplifying’ matters but do you see where my ‘quandry’ lies?
I’ll tell you this: if I don’t wake up tomorrow morning to a nett profit - no matter how small - on my forex account - I’ll take whatever is left and put it into my equities trading account(s) - and forex be ‘damned’ forever!!!
[QUOTE=dpaterso;27048]
On the other hand equities are traded for (supposedly) fair value. In other words there is not going to be a buyer for a share where the fair value of the share (based on company results) is let’s say $100 and some floor trader is trying to sell the thing for $200!!! In other words equities are ‘based’ on ‘something’
Yes, this is a point that Jimmy Young eloquently makes in his teaching. After decades of trading especially with the advent of retail traders there is no sense of ‘real’ value in currencies. However you are an exception Dale in your non forex trading in that you are profitable there. Pull up a chart of the ASX since 2003, and how could you not make money, even managed funds have! Yet recent reviews of trading results from brokers show that most traders have lost money even during the greatest bull run for Australia in history. Its food for thought
did you take lessons from jimmy young? live or over the internet, or cds? interesting i was looking a him for some research his name precedes him. do you recommend his studies?
Dale,
Sorry for your forex loss.But as u know u have to take some loss especially with the new opening postions and then they will show into profit soon.
So if u r tired up with forex pairs why can’t u try our system on 15 min as i told u it is really bult proove system so far.and the loss are really not alot but the winning is alot.
I have a trust on the system alot andi can tell u that i am confidient on the results so far. although i didn’t take a ride today i must have been a rish one if i did so but i am just testing and i keep it on a low profile till i have more and more confidient and then i will jump on it heavily!!
i will start on playing with the Indicies soon and will see what is going on 2500$ for a day is good well more than good well done Dale.
i don’t know what happened to my account but when i walk up now i found my acount is more than it should be with 73$!!! why what happened i don’t know but that is a good news isn’t it???
Seriously i am afraid that Cleopatra came and traded with my acount woow i love this Queen!!!
Akram
Joanne,
I am trying to check for the news coz i was sleeping and it is 3 in the morning now and i don’t know what happened?? u r scaring me!!!
I can’t see any think ubnormal here what bad news u r saying we have??
Akram
Thanks a lot Dale but guess what, I’m in USA with wife on business and when I put the same laptop on the network up here it flies at the speed of light. So my rather unscientific conclusion: when it rains heavily my telephone wiring at home (back in Jamaica) goes haywire and affects the DSL signal as well.
Your technical advice was not wasted. I will save for future reference.
Already use free AVG on PC. The laptop is new and comes with Trend antivirus.
Still trying to read all of thread. In Queens NY.
Glendon