Take a Break

[WinPsych]

“The ancient Greeks covered their bread with oils, herbs and cheese, and in the 6th century BC, the soldiers in Persian King Darius I armies baked flatbreads with cheese and dates on top of their battle shields. Modern pizza evolved from similar flatbread dishes in Naples, Italy in the 18th or early 19th century”

Why do they always leave out the 5th century origin of pizza namely in the area known today as Sunderland? A thin crispy dough like bread with cheese on top; baked over rocks once thought to have been of religious significance.

[lexys]

So pizza, after all that, is actually a part of the Great British Empire!

Nothing would surprise me. Chicken tikka masala is apparently the “classic British meal”, these days. (Call me naive, but I’d always imagined it was fish and chips. Must be something to do with the British influence in the last days of the Raj, or something …).

[WinPsych]

Is that right? Wow Sunderland is really [I]the [/I]Place today!

There is some controversy STILL over this but not enough to totally rule it out!

When in doubt and all that good stuff.

Sunderland it is.

[WinPsych]

Nothing would surprise me. Chicken tikka masala is apparently the “classic British meal”, these days. (Call me naive, but I’d always imagined it was fish and chips. Must be something to do with the British influence in the last days of the Raj, or something …).

National dish hahahahhahaaha

[sebastiano]

Great thread! One of my favorite quotes is " If there’s a will, there’s a way!" Meaning that we should never give up, be patient and persistent and not too pushy. All those who are counting on getting rich fast will be disappointed, unfortunately it does not work that way.

[anon46398846]

…

[CarlosRay]

One of my favourite sayings is “The harder I work, the luckier I get”

[lexys]

Now took my very, very first trade in USOil! :o

Ooh, well done - very nice.

Which instrument is it you’re looking at/trading here? (I trade “CL” a bit. I think it’s probably more polite than Brent “crude”?)

[CarlosRay]

Hi Carlos! Good to see you here!

Ok, so how do you see that working in your trading? In what way(s) do you work harder? Is it to do with concentration, discipline, risk management, etc?

Presumably, By “luckier” you mean more successes, but if this is the direct result of your harder work then I think you can take s fair share of credit for that yourself rather than accrediting to all to Lady Luck!

Hi Manxx.
The work harder bit applies in fx to improving ones knowledge base of fx, better understanding of MM and risk, studying the instruments you plan trading to try to determine what affects them and to what extent, and trying to stay aware of anything that may offer new opportunities.

The luckier bit is just a comment used by others to explain why someone else can succeed where they fail, instead of accepting responsibility for their own actions…but im sure you’ve heard this saying before anyhow as it’s been paraphrased by many over the years, although I don’t know who the originator was

[lexys]

and that “10 pips with 10 lots is easier to make than 100 pips with 1 lot”

That’s for sure … for me, anyway. (Also much easier than 1 pip with 100 lots, which is hazardous in a whole different way - though there are people who trade more or less like that!).

I should add that my principle here is to be exposed in the market for the minimum time

Mine also. (And the lower the proportion of the time I’m at risk in the marketplace, the more I can play backgammon instead of trading, also :8: ).

I am currently going through a metamorphosis from a strict day-trader to a wierd kind of short-term trader off signals from long term charts

Interested to hear more about this metamorphosis (there are always benzodiazepines, if you can’t sleep at night because of all your open trades, I suppose … )

Are those CFD’s you are trading or straight futures

CL is oil futures, traded on the CME. I don’t do CFD’s at all. It’s $10 per tick, and bit more swingy than “NQ” (Nasdaq futures).

I don’t know much about commodities nowadays!

Neither do I. I have to keep reminding myself that oil is part of “commodities” (and the only one I’ve ever traded.)

[MrGone666]

I’m Karl, king of the Ducks…

[anon46398846]

Now you are asking a difficult question! I’ve no idea!

It is off the platform symbols list as “USOil”. There is also a “UKoil” listed but I have no idea what either actually represents! :26:

…but as long as it goes up or down…

Are those CFD’s you are trading or straight futures, I don’t know much about commodities nowadays!

UK oil is Brent. US oil is WTI

u might taka into consideration a 5 pip s0read on oil so a target of 10 maybe be better of 15 points

[CarlosRay]

I remember reading somewhere that you use multiple TFs without indicators. It was interesting to note that this was a gradual migration process for you based on your actual trading experience and not just a random choice.

How did this affect your choice of TFs? Do you still use the 3 Ducks 4H/1H/5m or have you evolved into something different? I am currently going through a metamorphosis from a strict day-trader to a wierd kind of short-term trader off signals from long term charts :o I haven’t seen too much written about this but it has been really quite effective so far. It naturally means far fewer trades but they are not necessarily longer trades - but they seem more accurate. I should add that my principle here is to be exposed in the market for the minimum time and that “10 pips with 10 lots is easier to make than 100 pips with 1 lot”. Higher commissions but somewhat safer trading, although signals need ot be reliable… every approach is a compromise!

If you trade without indicators and also try to study your traded instruments more does this mean you only trade a few different pairs? I find it very difficult to concentrate on even one pair let alone 2 or 3 (or more!) and I couldn’t imagine a chart without a few MAs on it to lean on

It is always good to hear how others approach their trading (without digging into their specific models or strategies - we are not looking to give away trading ideas here by the fireside )

Hi.
The time frames vary a little depending on what I’m trading, how volatile it is, and how long I’m prepared to be in it. Mainly using D1/H1/M15 or H4/H1/M5. I expect to be in most trades overnight but if I get a big move in my favour I’ll move my stop behind it until it eventually turns back and closes me out. I only really put a TP on if I’ve some secured profit and I’m going to be away for a while or asleep.
I prefer following trends, especially if they’re weeks or months long, so that determines what I trade. I also prefer pairs/commodities where I can see some sense in their movement. Im basically a Tech trader but if the fundamentals make sense as well that’s an added confirmation in my book

[CarlosRay]

Sounds an incredibly mature and professional approach, Carlos. Do you consider yourself an entirely self-taught trader?

Thanks, thats very kind of you to say.
Probably like most beginners, I started by googling Forex and followed the links to various websites and YouTube channels. At first you think, wow this is amazing, then after a few you realise they are all saying pretty much the same thing. Then I found BP and discovered that almost everything I had seen online was in the early sections of the school here.
Due to work, ive dipped in and out of forex, hopefully I can now give it a proper go. Ive even started going thru the school again to refresh myself.
Main thing is I’m enjoying it, anything else is a bonus

[anon46398846]

Thanks for the clarification, Turbo!

Yes, I noticed the spread! Seemed like a millenium before the price finally moved through it! But I guess that is a universal truth that markets are always snails when moving into profit and like bullets from a gun when reversing through your stoploss!

What are your [I]favourite [/I]commodities for trading?

yes youre definately right on that

gold,
brent oil
platin
us wheat
us corn

in that order

im aswell checking out copper lately since its an interesting commodity, a metal but less influenced by speculations and noob traders like gold is influenced

[WinPsych]

Hey, now this is real FUN!!!

Now took my very, very first trade in USOil! :o

During the online poker boom many of the big winners would lose huge amounts on sports betting.

Is oil the sports betting of our time?

Moral of the story…? There are times when it makes sense to rent a movie, preferably a really bad sleep inducing one.

[WinPsych]

I also do not understand why you think oil in particular is something different in these times? As I understand it, commodities were traded long, long, long time before money. (Not that leveraged “forex” trading through brokers has much to do with real money anyway!). Could you expand a bit on your thinking here?

My thinking was nothing really to do with the legitimacy of trading oil or commodities in general but to do with specialisation and niche. You become very knowledgeable and profitable in one area only to lose that hard earned edge by trading a market you are less familiar with.

Of course you could, and probably would argue that by spreading risk across asset classes… well i won’t go on, you get the point.

You could also argue that in becoming experienced in anything you have to take that first step.

Out if interest, are you looking to expand into commodities or just filling a gap and having a bit of fun with it?

[anon46398846]

You are quite different to the average poster here in that you concentrate on commodities rather than forex pairs. I’d like to talk with you a bit more about that if you dont mind.

How did you get interested in commodities in the first Place? Was it a process of eliminating what worked and what didnt, or did you have a personal interest in these before becoming a trader?

You even specified an order in which you are interested in various commodities, what are the factors that determine your interest? Is it regularity of price flow or predictability or sufficient movement, etc?

You are clearly a more long-term trader, do you consider yourself more of a technical or fundamental trader?

…

[WinPsych]

if yellen had a good breakfast or a bad breakfast this morning plays a bigger role in trading USD than any fundamental news that might come around that very same day

This is what experts refer to as , ‘Priced in’

[lexys]

Here is one example from this morning of what I mean and what I am working on at present.

Thanks very much, Manxx. Actually very interesting indeed.

(Considering that you trade from indicators - partly - and I trade without them, we actually have a great deal in common, in our trading-styles.)