The Legend of The Gambler - page 14
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Crap, I should have focused on the trading. Late on my entry into the Euro, it had a nice dip that I wanted to get long in.
Oh well. I got in a little higher than I want.
Long 3 Euro @ 1.3236.
TP 1.3262
SL 1.3201
Long 3 Euro @ 1.3223
TP 1.3255
SL 1.3201
I'm going to leave it until one side hits. See you in a few hours.
These entries are a little late, so my confidence in them is low.
Closed all the Euro trade early and manually already.
I have to step out for awhile, and thought of my weekend already.
On the manual trades, it is mostly using my eyeball.
I go to the higher timeframe, and look for consolidation/peaks/valleys, then I draw a thick line through those zones close to current price. Then I go to the lower timeframe, and do the same with thinner lines. Marking the S/R zones.
Afterwards, if I decide to enter, usually, I take a quick glance at the lower timeframe stochastics to get a better entry. I may wait for it to get to the 20 level, and then I send in my order. Many times, I don't even wait, I just go in. Then I try to target the nearest resistance point, and put the stoploss at the nearest support point.
Then I usually just kick back, and let one side hit. But if I have to step out, I either close out my trades or I move to BE.
So there isn't much secret to my "fishing" trades, just common sense and a little experience/luck. Do it during volatile times, so you don't have to sit there and wait 4 hours to get 20 pips, that's all.
Kenny,
I thought you may have been from Kazakstan... I here Kenny Rogers is really big out there (insert sarcasm smiley here).
The U.S. open scares me. There's a hint of "violence" in the price behavior during that session - obviously echoed by your sentiment and corresponding use of the gladiator reference. But hey, if you can book it in black, then by all means...Very Naaaiiicce!
For the record, Kenny Rogers is BIG everywhere, I'm a global sensation baby!
Yes, the US open is a magnificent event from my perspective. On one end, you have the futures, and on the other, you have the cash. Also, the professionals, and the mass public. When the gates open, all of the participants are suddenly in the same collesium, battling to survive. It is definitely a turbulent spectacle.
You have to be trading on the seat of your pants if you want to stay on the winning side.
The one true advantage for the US Open is that it moves a lot and it moves very fast. I netted my pips in 10 minutes, boom, in and out. Instant verification.
I learned how to trade this time period from an equities old timer, and by reading the book from Mark Fisher. I do not trade the ACD method, but it gave me a basis on what professionals do, and what they use to trade. Then I studied what one of the equities old timer was doing, he used a simplified method to the point where I was skeptical of the logic behind his entry. But with my knowledge of ACD method already in place, I began to understand what the old timer was talking about. It isn't about charging out of the gate, and trying to be the hero. You just sit back, and let them duel it out, and when one side appears to be winning, then you jump to the winning side as quickly as possible to share in the spoils. LOL. That's basically it. It was that simple.
I'm going out to get some donuts now with my piker profits!
The Euro positions from this morning would have hit all the TP's if I had let it run. The Euro went to the 1.33's by the afternoon, so it would have been even more profitable if you move to BE and let it ride.
In the New Year, I will re-evaluate the results of the basket trading strategy, I may start a new account and trade live with it to add some diversification to my portfolio. I haven't really seen any big drawdowns to be concerned about, and I have the basket stoploss to keep any drawdowns from getting out of hand.
Wow, a 50 billion dollar fraud by ex-chairman of the Nasdaq.
Bernard Madoff arrested over alleged $50 billion fraud - Yahoo! News
I don't think the market is going to like that too much.
My personal version of the basket trading strategy had a bug in the close logic of the EA, and it drained the whole demo account very quickly tonight. It was stuck in a loop of opening and closing trades.
This just to show you that testing on a demo account is very important, and you must do a good job of testing before going live, your live account can be drained before you even realize it. No EA is perfect, but it's imperative to work out all the major flaws and critical bugs before going live.
And it is up to the trader to constantly check and verify what is suppose to happen and what is happening. Just the other day, I found a calculation flaw in my live strategy expert. I had to quickly identify and fix the problem. Thankfully, it was caught early before it can do any damage.
I would cry if my real account was drained by a simple mistake in programming. Obviously, that version of the basket trader will not be going live any time soon.
Looks like the auto bailout is dead in the water.
And you guessed it, thanks to the unions and their lazy/impeding ways. I really don't understand unions in today's day and time. They serve no purpose in a global and competitive world. They should abolish unions because they are more of a parasite than a benefit. I'm still not sure what union do besides making a company noncompetitive, while retaining useless and lazy workers instead of getting rid of them. I hate unions.
Union balks and $14B auto bailout dies in Senate - Yahoo! Finance
GM says its total hourly labor costs are now $69, including wages, pensions and health care for active workers, plus the pension and health care costs of more than 432,000 retirees and spouses. Toyota says its total costs are around $48. The Japanese automaker has far fewer retirees and its pension and health care benefits are not as rich as those paid to UAW workers.
Sometimes, it just makes you wonder what the Unions are thinking besides themselves. It's not like they are getting shafted, which is the whole point of the union. You still gotta remain competitive. /sigh
And you know the market is really NOT going to like that news tomorrow.
I decided to take my family somewhere nice this holiday season. Mostly, it is for my grandfather, who never really had a luxury vacation like this in his life. I wish I could have done this with my father, but there are things that I can't change. So I want to make sure that my grandfather has this experience, and I have something nice to remember as well.
And take it from me, take the time this holiday season to tell your loved ones how much you care, and don't procrastinate about it. Life is funny like that, it's not on your time scale.
So the secret is out.
Here is my snake oil potion.
This tonic has been working for real traders since 1909.YouTube - Kenny Rogers The Gambler
The Gambler (legend)
You got to know when to hold 'em, know when to fold 'em.
Know when to walk away, and know when to run.
You never count your money, when you're sittin' at the table.
There'll be time enough for countin', when the dealin's done.
The secret to surviving is knowing what to throw away and knowing what to keep
and every hand it's winner and every hand it's looser
and the best you can hope for is to die in your sleep