The Legend of The Gambler - page 3
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I feel like I'm in the twilight zone.
I remember making a bunch of posts, and now it's all gone. Wowzas! I guess the mods decided to make some cuts in the editing room. Oh wells.
Anyways, my system is put on hold at the moment, and no trading is going to happen until this randomness blows over. Today and tomorrow, the US Feds are meeting and there is already talk of 25 to 50 basis pts reduction in US interest rates. And possibly a worldwide coordinated interest rate cut.
And of course, next week is the US presidential election as well.
I think volatility is going to remain high, therefore I will stay on the sidelines for a little longer. Yes, this is quite boring.
Maybe I'll dig up some old ideas of having a system with 100 TP and 10 SL that is trend following. And combine it with another idea I have about fading the major currencies. When you start to think that it doesn't make any sense of the logic, that is when you should pursue that idea further. To take the path least traveled.
Trader Stories: Malcolm Morley - OANDA FXTrade
I am often inspired by other terrific traders that really understand how to stay in the game. One of them is this gentleman, he's known under another alias in Oanda forums. And he runs a very successful managed fund out of Australia.
And the most incredible thing of it all, he's fully automated.
There is a lot of knowlegde that I had gleened from this guy if you really understand what to look for. For example, he looked at FA, and decided that TA is the place to be. Sure, it sounds like fluff, but if you believe he is successful like I do, then I just saved myself years of research into which path to take. He does number crunching. Wow, priceless gift, if you understand. He developed a mathematical model. Absolute gem to build your whole trading philosophy upon.
He even uses redundancy in trading servers.
So that's how I use other's success to build my success upon. If this guy was just a "guru" who doesn't trade, then you would be in a big heap of trouble when you try to apply the lessons learned. But he's a real trader with real success. That's how you separate the BS from the truth.
No one is going to give you their secret or edge, but they can give you invaluable information and clues.
http://www.nytimes.com/2008/10/28/business/worldbusiness/28yen.html?_r=1&pagewanted=print&oref=slogin
End of the Yen Carry Trade. Enjoy.
"Yen is coming Home"
^ You gotta love that line.
hi
Yen is back on track exactly
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Forex Indicators Collection
For good luck... a little inspiration.
^ Thanks, Mr. M.
I'm gonna need it.
Drop in every once in awhile to see how I'm doing.
I hope I'm more like this
than 
.
Time to watch the Feds and US interests rates circus now.
Still on the sidelines.
And quite fortunate too, I would probably be down 10%-15% of my account if I had been trading. Hopefully, I let this storm go by, and let this whole currency volatility die down before I enter the game.
In the meantime, I've been studying other systems here on this forum. A few interests me. I'm looking at the basket trader from Pipscorer, and it's different. I will probably have to twist it to make it work for me personally.
God, I'm nervous.
I feel the volatility has subsided with the Feds cutting the rates, and nothing significant happening.
So, next week, I flip the switch back on, and jumping back into the game.
Hoping for good fortunes.
Never Make Any Trade Your Last
"As I was watching Kenny Rogers' performance against the
mighty Yankees, I was reflecting on its perfect analogy with
trading, i.e., everything is possible (Black swan) ! The
probability that Rogers would go for 7+ innings without a
run was very small, according to past poor results against
the Yankees. Nevertheless, it happened. Some sport talk
show host in New York, before the game, promised his pal
that he would buy a season ticket for next year season of the
San Francisco Giants, would Rogers go without a run ! (That
pal is a Giant fan). What this talk show host should have
known, as any experienced trader would know, is that you
never go "all in" in this prediction business.
But I guess some people will never learn the lesson, that , yes,
everything is possible."
In the past, I have created a grid trading strategy that returns 30% per year, however, there were huge drawdowns and lots of trades. It almost felt like a martingale strategy because at some point, you feel trapped in huge size that you cannot control. And during those times, the price action had to be perfect to maintain that particular strategy. I never had to cajones to trade like that.
I felt the risk of ruins was too great to trade that strategy, and I never traded it.
Although I'm always testing different strategies to diversify my investments.
I think scalping is one of the hardest strategies to master because the entry and exit has to be impeccable to overcome the spread and brokers. And I refuse to trade a grid or martingale as a long term strategy, I would only use it for short term, high risk, high return scenarios.
I've put in a lot of time and effort in trying different strategies that I find interesting and different. Most of them go down in flames though because the market finds the inefficiencies of most systems.
This weekend, I put the finishing touches to another strategy codenamed "OrangeJulius". It is based on trend following on multiple currencies at the same time. And personally, I love the drink. It will start demo testing this week. Hopefully, this thing will breakeven. My goal is always breakeven.