Baller don’t derail the thread…
Hey Baller,
Really nice thread for beginners like me. Thanks for sharing your knowledge.
Got into forex in 2017 when a friend, who is a full time trader, asked me to create an EA to help him analysing the market better as i was a software engineer student(Btw i just completed my degree yesterday, there is a new software engineer in the town!! ahahaah).
Since then, i started learning about forex and getting some knowledge in my leisure time. I have created different EA implementing mechanical strategies in order to test my skills.
Do you think that your type of approach to trading could be executed by using a software like EA, or you think it can only be done manually? I’m really trying to understand if automated trading could be a path to follow or it is just a waste of time. As i really would like to maximise my programming skills in the financial markets.
Thanks.
Btw are you from Glasgow?
Thanks,the app is really helpful
How’s it going Baller - been quiet lately ?
Agreed 100…I don’t use the same platforms…been trading professionally for 15 years. Something seems a little fishy.(boisterous) .When I crush 40% in a month I keep it to myself. Maybe Im just superstitious. Interested to see where this goes. People posts the wildest ■■■■ sometimes. Lol
Only fishy thing is prop firm traders who consider them professionals (self proclaimed) and need other peoples money to trade.
No skin in the game.
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Pretty much the same, DD sits at where it was, no bigger, no smaller.
Just had a baby last week, haven’t placed any new trades, just sitting on what I got at the moment, and probably for a while.
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I think this is my first post.
Congratulations @The_Baller on your new family member. My wife is also working on our second addition.
Before I came across this thread I was convinced I’d be happy scalping and slaving at my screen for 8-10 hours a day. Checking MT4 every 30 seconds. You know the drill.
This morning I let my first trade run and it easily tripled what I’d normally make. I love the laid back approach and hunting down the information in this thread really gave me some kind of weird masochistic pleasure. Bravo for not just laying down some rules and abandoning the thread. It’s obvious people here are oozing with admiration and lapping up the knowledge, myself included.
Please keep contributing and checking in. I’m in my early 40s now, looking to change careers and you’re giving me the motivation to believe I really can provide, and then some, for my growing family when I take the plunge.
Is there some kind of pizza charity I can donate to on your behalf?
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Congratulations. Enjoy the lack of sleep 
It sure takes time to get used to sleeping in 2-3 blocks for the foreseeable future.
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Many thanks and congratulations right back at you for number 2.
I’ve done this and made very good, fast money, but it probably won’t make you happy long term, the novelty wears off.
Can you imagine, having a baby, starting a family and trying to scalp 8-10 hours a day?
Congratulations.
Nothing extra special going on here, simple stuff, simple ideas.
I’m sure you’ll get there. It’s nothing more than a change of mindset.
Nothing right now, just have a pizza on me and may the pips be with you.
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Ok Baller…lol
Congratulations! Baller!
Not a problem.
I did dabble in my computer science degree back in the day, but I dropped out halfway thru the 2nd year, so you def beat me for sure.
If you have the skills to create algos and EA’s then more power to you.
Very interesting question. I believe it could be executed by an EA but the proof is in the pudding and a lot of testing. Sometimes when you have rigid criteria to meet, you can miss the opportunity, or get in too late.
But sticking to the monthly and weekly charts, I think there would be a lot of potential for an EA to replicate this.
I believe its the future, and a lot of the big players are spending ££££ on the top people to make this happen.
My friend did this and then another one, and landed a nice job at one of London’s biggest hedge funds, they are heavily into this.
No, I’m about 6.5 hours away from there 
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Thanks again.
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Congratulations on becoming a father.
Thats really encouraging. What i have done so far was picking a mechanical strategy and converting it into an EA and then leave it for months and see the results. But i realised that this type of approach doesnt work as some trading rules could work for a certain market conditions but as soon the market changes the EA was starting struggling, even tho it gave 6 months of great results.
But after reading your thread i came up with a strategy where i dont 100% rely on EA but, as you do, every sunday i go through all the main pairs in order to pick ones with some nice trends. Once i know which pair to trade and in which direction to trade, i place the EA which will trade during the week, and i only check if the setup has changed on the charts in case i need to stop the EA. I’m using this approah now for few weeks after reading your thread, lets see how it goes(finger crossed).
Good to hear that i’m on the right track. Thanks for sharing your friends website. i will check it.
Oh right. I went through to read all the thread and saw that you were in Glasgow last year. I’m in Glasgow since 2016 for my degree but i grown up in Italy. If you have chance you should visit the lake garda in north of Italy. Best lake in the world and go to “Trattoria Marietta Gardone” to eat one of the best pizza in my opinion.
Hi All,
Great thread, I have spent this afternoon on it and it has been a very interesting read. I think I understand the main principles of the longer term method using the indicator to find a long term support and resistance levels. I have annotated some charts below and would be grateful if @The_Baller could have a look and give some feedback on my placement of support and resistance levels.
I have done three currency pairs: AUDUSD, EURNZD and EURUSD.
Just to explain my annotations on the pictures:
MR = Monthly resistance level
WR = Weekly resistance level
WS = Weekly support level
MS = Monthly support level
EURNZD looks to me like it has been ranging since the beginning of 2018 (except the last 2-3 months), so I would avoid this. Do you agree?
AUDUSD - Has clearly been on a downtrend since January 2018. I have plotted what I think are the support and resistance levels on the monthly and weekly charts. @The_Baller what do you think of my support resistance lines? You can see that I disregared that sharp spike down in March putting it down to Coronavirus disruption I suppose.
looking at the most recent weekly candle it seems to have met that weekly support line. Would it be advisable to wait for confirmation to see where price goes and try to follow it? or would you just have a short side trade in mind because of the overall downward trend? (it looks like its reversing to me, but that may just be short term thinking).
EURUSD - There has been a downtrend since January 2018. I found this a bit harder to judge the monthly support line. You can see that I’ve placed a monthly support line at the low of the indicator and another at the low of the price (but this was an aggressive spike down and perhaps an anomaly?).
What action would you recommend for EURUSD?
I am thinking to wait for the price to climb near to the weekly resistance, and then short around that area in the hope of price falling towards the weekly/monthly support.
Or would you just go short anywhere in that range (to follow the overall downwards trend) and use the weekly resistance line as a stop loss area?
Thank you for sharing your ideas and I look forward to getting feedback. I appreciate that this is a long post but I wanted to be sure I understood well.
Xanel
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Many people ignore the exotics. I think that is a mistake. This shows why :
over the multi- year period of 20170101 to 20200501, the top 5 of biggest movers are all exotics.
(from my own prices database)
Be aware though that exotics usually:
a. have a wider spread
b. have quite high swap rates (so waiting a few months until things turn your way is usually not a good plan)
On top of their past performance ,especially now with corona the exotics become extra interesting: weaker economies (and therefore currencies) can be expected to take a harder hit than stronger ones.
(note that past performance is of course no guarantee for the future)
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Congratulations for the new born Alpha my brother.
All the best wishes for you and for the years to come…
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