Donald Trump, didn’t he go bankrupt and then make it all again?
oh and by the way, when i said cowabunga is for noobs, i don’t mean it’s profitable for noobs either. just for education purposes.
I’m sorry but that is the most ridiculous thing I’ve ever read about forex, yes - great idea - stick to a losing strategy 
As far as I understand, he was close to bankruptcy, wouldn’t take no for an answer and turned it all around in a year.
I think (hope) he means stick to it even if you get one or two losers in a row, rather than start tweaking a system that has otherwise been profitable?
Otherwise, aye, please don’t blindly stick to something that clearly doesn’t work.
Hi edacsac,
after reading your first post my first thought was hey buddy slow down your going to blow a fuse :eek:
Sounds like your in a really desperate mind frame, and you don’t need me to tell you that that ain’t good when your trading.
People have given great advice here on many technical aspects but you really need to sort out the tricky stuff which are trading psychology and discipline, these seem to be letting you down.
Repeating the same patterns of trading behaviour will inevitably result in the same outcome. Can you analyse what your doing differently between demo and live? this could maybe give you some clues as to what to start working on to improve your trading.
Good luck.
I remember this thread from way way back but I never responded mainly because that was the time that I hadn’t even started my live account. I want to first say that I find all of edacsac’s posts to be genious. The underlying comedy is quite profound. So much so, that it makes me question the legitamacy of this entire thread. However, I will grant the benefit of doubt and assume for a moment that edacsac really has had all those things happened to him…day in, day out.
My doubt mainly stems from probability alone. To lose the way he describes is horrible (having to get stopped out within a couple pips of a major turnaround) and happens to all of us, but to have it happen all the time is outrageous. You are definitely doing something wrong here.
I don’t know how much progress has evolved since first posting, but let me throw out a few things here. The absolute first thing you have to do is get your confidence back (if it was ever there). I propose that you follow a very simple strategy of which I will provide. By using this strategy, I can guarantee that you will win more trades than you have been. By doing this again, you will get your confidence back and at the same time have hopefully learned a few things on your own that maybe you didn’t know along the way.
The fact of the matter is, trading is NOT fun when you lose all the time. You need to make it fun again. Seeing as how you are limited by time constraint this is what I will suggest. Using a one hour chart (this will let you have more action and at the same time, last longer since I got that thats what you want out of reading your posts). Use any major currency pair that you want (i.e. usd, jpy, eur, gbp) and load up the 1 hour chart (or other tf’s too if you want to get a better visual). Find one that looks like it is in a good trend. If you are unsure, it is not a good trend. Use the last swing high for downtrend, low for uptrend and calculate pip distance. Figure out how many lots you need to lay down to make this trade 1% of your account. Put target same distance of pips away in direction of trend. Place trade! Try this a few times and see what happens. I never like using pip values, but you are looking for trades ranging from 30-100 pips although it can be slightly more. I would not suggest using less than 30 pip stops. This will allow you to trade at least once per day. The good news is that statistically speaking, you should win more often.
From there, I hope you can jump start your confidence and start trading your own way more and more. Just thought I’d throw that out there. Good luck!
Hey Pheonix,
Thanks for the book reference. I found it online. Interesting trade method, and definitely hassle free.
Which pairs do you watch? What was the last pair that gave a trade signal?
Synergy
Count me among those who would like to hear a bit more about the system ThePhoenix trades. Is there currently a thread discussing it here on BP?
Nope, no need to. My long term method is already outlined the ponsi book I mentioned. I don’t do anything different than what is already written in there.
Thanks for the reply. I know you mentioned the book, but may I ask which one? I saw no title mentioned and I’ve found two under his name: [I]Forex Patterns and Probabilities[/I] and [I]The Ed Ponsi Forex Playbook[/I].
(By the way, why is every forex book on the market [I]crazy[/I] expensive, even when trying to buy used copies?)
I was curious to know the last signal you got from it, on the pairs you watch. You mentioned you get about one trade signal every week, but I don’t see that frequency on my charts.
Also the book gives examples from 4 years back, I’m curious about how the method is doing in the current market conditions.
Thanks,
Synergy
One thing that isn’t clear about the method is entering on price touching the 10-EMA. As the EMA values changes continuously during a day in according to price, that would mean that one would have to be there at their charts to enter it, as if they set a pending order, the price could by pass it, thus not offering the best entry.
So are you there at your charts to enter the trade, or do you just use the 10-EMA value from the previous day, or the first value of the EMA for the new day, or something else?
Cheers,
Synergy
The first link I found when I googled it was a downloadable PDF of the book.
Synergy
I am around my chart around the start of the daily candle. I do not use the ema value from the previous day. I enter when the candle actually touches the 10 ema and I am there to see it.
Firstly, that guy has a hilarious name…if only it was spelt with a Z! 
I wouldn’t agree that intraday trading cannot be consitently profitable but looking at the way most people trade on here with indicators and such, it’s not gonna work. If you can study price action and SR, you’ll get by intraday. It has its place in learning but I think people overconcentrate on 1 timeframe - if you look at all the main TFs, then you have the full picture. Having said that, any pair I don’t study intraday (which is really just cable for me), I only look at on the Daily and that is where most newbies should start out with small lot sizes but most just don’t have / haven’t yet learnt the patience required for it.
With ichi, are you using mainly the kumo for long term trend on Daily or the full lot Ts, Ks?
thephoenix is so right.
sclaping for small pips is extremely difficult, and if u’re a newbie, do not even think about it.
The KUMO for bias and the TK lines for more of a clue where the direction will be in the shorter term. The chicou span is really good for drawing daily support and resistance.
Only theoretical issue I have with this is that any market away from its moving average for more than a few days will bue due in for a retrace possibly taking it back past the 10MA (is it EMA or SMA?)
So, whilst being above the 10MA for 10 days confirms a strong uptrend it also signals a reversal is due sometime possibly back even further to maybe the 20MA.
San,
With Ed Ponsi’s “FX-Ed” strat he suggest, for long trades, you filter the trend by waiting until you find 10 days above the 10 ema and… it appears that the 10 ema is acting as support. Then wait and enter when the price falls back down to the 10 ema.
IMO, the “FX-Ed” strat is very conservative, actually right now even with the E/U in such a strong up trend, it still does not meet the guidelines. :eek: