I thanked you for those who came to my site either through Forexfactory or search engine google. Looking back at those pictures that I uploaded with regards to my trading journal. I had found 2 important things. I had abandoned MACD and Stoch, however divergence stays with me. Yes bearish or bullish divergence. They occured in all lagging oscillating indicators.
The only indicators I am using are Stoch and Force Index. But not on currency pairs I am buying/selling but on opposing pairs like the JPYSep futures call and USDX and S&P500Sep and OilAug.
Why? I had move on from playing with just 1 pair to 14 pairs. Hitting almost 1000pips every month. The mentor who had my back was Julius aka T101 and Solomonfx on risk aversion. My charts are clean slate and I am using price action to play my pip.
O also time trading is another factor that you can never never be aloof of. They are the reason why price reverses or continues or stall. 30mins interval to be precise.
“Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don’t stay with your winners, you are not going to be able to pay for the losers.” - Michael Marcus
“The more a price pattern is observed by speculators, the more prone you are to have false signals. The more a market is the product of nonspeculative activity, the greater the significance of technical breakouts.” -Bruce Kovner
My take - Most commons are pennants and flags. And most obvious failed outbreaks are candles ended with the close below the intended trendline.
“The most important rule is to play great defense, not great offense. Everyday I assume every position I have is wrong. I know where my stop risk points are going to be. I do that so I can define my maximum drawdown. Hopefully, I spend the rest of the day enjoying positions that are going in my direction. If they are going against me, then I have a game plan for getting out.”
“… I believe the very best money is to be made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all the money by catching the trends in the middle. Well, for twelve years, I have often been missing the meat in the middle, but I have caught a lot of bottoms and tops. If you are a trend follower trying to catch the profits in the middle of a move, you have to use very wide stops. I’m not comfortable doing that. Also, markets trend only about 15% of the time; the rest of the time they move sideways.”
“Don’t focus on making money; focus on protecting what you have.”
-Paul Tudor Jones (Big Big Big Fund Manager)
“The most important is discipline – I am sure everyone tells you that. Second, you have to have patience; if you have a good trade on, you have to be able to stay with it. Third, you need courafe to go into the market, and courage comes from adequate capitalization. Fifth, you need a strong desire to win.”
“You should have the attitude that if a trade loses, you can handle it without any problem and come back to do the next trade. You can’t let a losing trade get to you emotionally.” -
Gary Bielfeldt
I thanked you for those who came to my site either through back at those pictures that I uploaded with regards to my trading journal. I had found 2 important things. I had abandoned MACD and Stoch, however divergence stays with me. Yes bearish or bullish divergence. They occured in all lagging oscillating indicators.
The only indicators I am using are Stoch and Force Index. But not on currency pairs I am buying/selling but on opposing pairs like the JPYSep futures call and USDX and S&P500Sep and OilAug.
Why? I had move on from playing with just 1 pair to 14 pairs. Hitting almost 1000pips every month. The mentor who had my back was Julius aka T101 and Solomonfx on risk aversion. My charts are clean slate and I am using price action to play my pip.
O also time trading is another factor that you can never never be aloof of. They are the reason why price reverses or continues or stall. 30mins interval to be precise.
These are the comments made by Killer Trading System on Conversations With Forex Market Masters By Dariusz Swierk
Conversations with Forex Market Masters by Dariusz Swierk, PhD, interviewed ten extremely successful Forex traders and “squeezed out” their knowledge about trading. He asked them every possible question about their beginnings, their systems, motivation techniques, self-evaluation methods… and many more. But how this knowledge can help you with your trading? Do you remember when you were back in school? Did you have a passionate and supportive teacher that made you interested in a certain subject? Everything was easy when you had a mentor like that. Well, this book brings you ten extremely successful mentors that are willing to teach you everything about Forex trading and to share their methods and techniques. Or maybe you think that you would be better on your own on this difficult market?
By the way, do the names like Joe Ross, Jeff Wilde or Phil Newton ring a bell? Those are some of the most famous traders and mentors around the globe. They made thousands people professional traders. They made thousands people rich. Have a look before they pull the curtain… you have nothing to loose but everything to gain!
Joe Ross (yes, that Joe Ross!) – an unquestionable legend of trading, an author of 12 classic trading books (many of them world bestsellers), a successful trader and a well respected mentor. Joe has 50 years of market experience. Never published before! His story is both amazing and instructive: he grew up in the slums of LA, trying to get by while being discriminated in school due to dyslexia. He describes the beginning of his trader’s career, learning discipline and trading routines.
Next you’ll read the mind-blowing session with Don Steinitz: Don Steinitz is a professional gambler who became a trader. When turned 18, he was already an expert of Black Jack. For many years he was making a living from gambling in Las Vegas. His trading adventure started with stock market – and then, there was Forex. One of his most successful and world-wide known systems became a foundation of a trading robot. Don is one of the pioneers of automated trading. During our conversation he shares his experience with Forex trading as well as professional gambler’s approach.
Next you’ll read the entire session with a master trader Dr. Jeff Wilde: Dr. Jeff Wilde – another trading legend. Left a successful career as a doctor of chiropractic to become a trader. He is an active trader for seventeen years now. He trained over 6500 new traders from 83 countries. Jeff is well-known for his simple yet extremely profitable methods. He shared his unique career path and described his exceptional approach to Forex trading. As an extremely experienced teacher and mentor of many successful traders, he brings an incomparable analysis of factors that can lead you straight to profitability.
Next expert interviewed is Phil Newton: successful trader and respected mentor for hundreds (if not thousands) traders around the globe. This young individual is becoming a true legend, not only as an extremely profitable trader, but motivating trainer and mentor. His personal record is over 12,000 pips in one month [November 2008], earned using systems he created from scratch. His decision of becoming a trader was made in the worst possible moment of his life, when he was struggling for his life in a hospital (4 weeks on intensive care). He decided to follow his dreams… As he says: “It’s better try and lose than lose because you’ve never tried”.
Steve DeWitt started his career in Forex trading after a seminar taken in 2001. Within two months, he lost $20,000 he borrowed from his dad! But he did not give up and after changing his strategy, he reached a level of systematic (and constantly growing) gains. After a few years of profitable trading he became a certified trainer – since then he has taught thousands of traders how to win in Forex trading.
Next you will read an enlightening interview with a master trader Monika Korzec from Canada: Monika Korzec – Amazing story of a housewife who became profitable Forex trader in the very first year! Initially the only time she could spend on analyzing Forex market was in the evenings when her children were asleep. After a few initial losses she came up with a strategy that gave her financial independence and possibility of not going back to her regular job after the maternity leave. Later Monika created her own indicators and now she is a successful trader and mentor to many traders worldwide.
Next – Todd Judkins will share his insightful approach to trading using advanced psychlogical knowledge: Todd Judkins has over 10 years of experience in trading, in which 4 are related to Forex. He is a certified hypnotherapist and coach for people determined to get successful. After an 8-year term of service as a United States Naval Officer, Todd’s fascination with the financial markets re-ignited when he took control of his personal investments and began trading. He has been a professional Forex trader since 2003. This conversation brings a matchless insight regarding traders’ minds.
Next you’ll read the conversation with a respected trading coach, Clarence Chee, from Singapore: Clarence Chee – professional Forex trader and very respected coach. Prior to that he was a professional accountant who graduated from the Chartered Institute of Management Accountants, UK. Clarence started trading Forex in 1994. Over the years, he has developed two own powerful Forex trading systems.
Next you’ll read a mind-blowing session with Wilson Neo: Wilson Neo is an successful entrepreneur and a brilliant trader, also an expert in Forex fixed odds betting (popular in UK) which was the driving force that kick-started his trading journey. To him trading as an ongoing journey of self exploration: self awareness, discipline and passion. Even though he comes from The East, he gives us a ‘western’ approach to trading and working with one’s mind.
Next you’ll read an amazing session with Martin Bottomley from Canary Islands: Martin Bottomley – born and educated in London. He studied to become an aerospace design engineer. He entered the Forex arena in Y2K as a retail trader and quickly became despondent at the lack of integrity and poor advice available for beginners. Having spent more money on Forex training than could be deemed sensible, and having read just about everything about Forex, he knew that there was only one solution. Martin together with his wife Virginia set about producing a more reliable method upon which to base his trading decisions. Nowadays, he is a well respected Forex trader, co-author and developer of the successful trading systems.
My friend, Dariusz Swierk, PhD, found these most successful traders in the world and asked them every possible question about their beginnings, fastest learning process, discipline, systems and methods, how to recover from losses, and so on. It is like having ten mentors instead of one! So who is that book for? Check out if any of this applies to you:
Take note of the Traders involved and do a google search. You be surprise how much information is out there free however for what it is worth. I recommend buying it. Group buy anyone?
GbpUsd/EurUsd
Last week GbpUsd/EurUsd made a last minute break. Next week we should see GbpUsd/EurUsd continue its uptrend. Take long position from now on.
GbpJpy/EurJpy
GJ and EJ didn't break it last week. Eventhough it is going down now, we should see 238.40 and 162.00 level are hard to break. If those level break, be prepared for a long downtrend.
Last week is not a good week to trade, there is no real trend as the market is swinging and ranging everwhere. Hopefully next week we should see a real trend and trend traders will make it a good trade.