My Forex Prediction using Advanced GET - page 58
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I lost real money trying to daytrade while i was not able to day trade because of work, wife, children, dog, house, lawn, car, mother, brothers and sisters, you get the picture. I broked a toe kicking on a sink because i answered the phone while i was waiting for nfp to come out and missed my entry, enter too late and lost a lot of money. My neck and back have started hearting a lot because of too long screen hours. I literally lost 110 pounds because i was not eating properly ( i gained back 55!!) all this in my first 2 year of day trading. If you can commit to your chart all day then day trading is for you. Yes you'll make more money, and might loose more money too. I am back at trading demo because i have been burned in the past and came to wonder if making money on forex was really realistic. I can tell you that i have 3 demo account and i am respectively 54%, 57% and 57% swing trading only, in only 3 months. I want to quadruple at least one of these account or all tree before considering risking real money again. And all this swing trading. Yes it can be stressfull, but less then daytrading. And sleeping at night is a mater of position sizing. Never be more then 6% exposed in all your positions. i can trade 2% on 3 uncorrelated pairs. Anyway the conclusions to my story is trade the way that fit you. If you like me, having a life, consider not looking at anything under a 4 hr chart, and use proportionate stops. And use the weekly/daily charts to identify your trends. I am trying hard to just trade with the monthly/weekly and daily but it take wisdom to be able to do that. But somewhere inside i know i will do it one day. And pretty sure i will be as much profitable.
Thanks GreatYves, that really puts things in perspective. It might boil down to work/life balance and this is where personalilty comes into play I guess. 57% on demo account is fantastic! Making 400%? Now that might take a long time. The way I look at it is: if I put the money in bank today, I will probably get 3% return. So if I can get more than that elsewhere, that will be great. So, if I can get even 20% from trading that is fantastic acheivement for me. So I will be looking at increasing my demo account by half (50%) before I start live trading, wherein I will be looking for anything between 20 and 30%. Just a different way of looking at what we should set as our success factor in demo trading and live trading as well.
Extended Wave [5] and sometimes Wave [1] can also be extended is always longer than Wave [3]. There can only be ONE wave that is the longest.
Wave count depends on the date the GET and Elwave start their counting ie their setting.
For GET, it focuses on the last parts of the chart (how many days I do not know) for trading shorter time frame traders. They call their setting "Original". If on the other hand, I change GET's setting to "Long Term", it will then display the Wave Count also as Wave [3] same as Elwave.
In theory, Elwave's wave count is a closer one than GET. Elwave however is very fond of giving complex patterns even in Impulse moods such as in Waves [3] and [5] they give patterns such as XYZ and other such combinations. This is theoretically wrong because such patterns are for Waves [2] and [4], as these are corrective patterns.
So my conclusion is sometimes these guys are confused and they make users confused also. It is in the midst of chaos, the more intelligent users (aham) make the best use of it and the others are too confused to use it, and consider the GET and Elwave "useless".
KennethHonestly Kenneth, if I hadnt got your explanation, that would have driven me crazy and confused. Thanks for that. All these differences actually make it interesting! Might become a nightmare though when I start trading. But then you guys are around, and I can always rely on intellegent guidance
My views are always abnormally long-winded and as such I reserve it for Sat/Sun to do it, mate.
It gives me an excuse so I do not have to think of any new articles to write this weekend but to focus on yours, Ganesh. Thanks, buddy.
KennethMany thanks. Looking forward to it. Experiences are invaluable and helps shapes thinking and behaviour of new comers.
Thanks GreatYves, that really puts things in perspective. It might boil down to work/life balance and this is where personalilty comes into play I guess. 57% on demo account is fantastic! Making 400%? Now that might take a long time. The way I look at it is: if I put the money in bank today, I will probably get 3% return. So if I can get more than that elsewhere, that will be great. So, if I can get even 20% from trading that is fantastic acheivement for me. So I will be looking at increasing my demo account by half (50%) before I start live trading, wherein I will be looking for anything between 20 and 30%. Just a different way of looking at what we should set as our success factor in demo trading and live trading as well.
Soros goal was 30-40% a year, yet he broke BOE. I put my goal so high (400%) because i think it can be done, i plan within 2 years; also, to give me confidence to put real money on the grill, knowing i can be confident in my own capacity. This confidence will allow me to found an account sustentially (50k to 100K) to truelly make a confortable living out of it. I cannot fail, it would be too desastrous. So my system must be faliure proof. I need to be able to trade in all maket condition. Or at least know when to stay aside.
If 400% is to big for you, is 1% a week is too much?
Coundpond 1% a week to say 1000 initial deposit, would make 1.644.63 after 50 weeks, 2704 after 100 weeks, 4448.42 after 150 weeks or 3 yers. Ouf 444% in tree years. Ouf! At this rate 5,000 would turn into 1,000,000 in 10.5 years. Open your account in a tax free country ( i think England is tax free on forex???)
Of course 95% of forex traders kill there account in no time because they don't understand, or haven't take the time to understand those maths, they want the quickest biggest outcome as fast as possible, taking huge risk trading the smallest time frame with 400:1 leverage, on underfunded account. I know i have done it. Several times.
So if really your goal is 20% a year, the best way for you is to apply your trading method to daily chart, use appropriate stops and target and let it go stress free. The pros is that you never have to worry about news releases.
Just closed my eur usd short for -34 pips as it broke true resistance. Technically i am out of trade. Going to bed. ..
I lost real money trying to daytrade while i was not able to day trade because of work, wife, children, dog, house, lawn, car, mother, brothers and sisters, you get the picture. I broked a toe kicking on a sink because i answered the phone while i was waiting for nfp to come out and missed my entry, enter too late and lost a lot of money. My neck and back have started hearting a lot because of too long screen hours. I literally lost 110 pounds because i was not eating properly ( i gained back 55!!) all this in my first 2 year of day trading. If you can commit to your chart all day then day trading is for you. Yes you'll make more money, and might loose more money too. I am back at trading demo because i have been burned in the past and came to wonder if making money on forex was really realistic. I can tell you that i have 3 demo account and i am respectively 54%, 57% and 57% swing trading only, in only 3 months. I want to quadruple at least one of these account or all tree before considering risking real money again. And all this swing trading. Yes it can be stressfull, but less then daytrading. And sleeping at night is a mater of position sizing. Never be more then 6% exposed in all your positions. i can trade 2% on 3 uncorrelated pairs. Anyway the conclusions to my story is trade the way that fit you. If you like me, having a life, consider not looking at anything under a 4 hr chart, and use proportionate stops. And use the weekly/daily charts to identify your trends. I am trying hard to just trade with the monthly/weekly and daily but it take wisdom to be able to do that. But somewhere inside i know i will do it one day. And pretty sure i will be as much profitable.
Thanks, GreatYves, for sharing your trading experience with us. I really admire you for your toughness in going through those tough times in your early years of trading. It is a nightmare. You have lived up to the saying “when the going gets tough, the tough gets going”. It is this type of attitude that constitutes a vital component of success.
And I admire you again – this time for your resolute and determination to make a comeback (a wiser man now), and I can see your present trading style works well for you in terms of profitability, robustness and psychologically much less stress (which is equally imporant).
And all of us (especially myself) wish you continued success in your trading activities and there will come a time when you will be well rewarded for all your time and efforts. And that will be the moment we all look forward to with you. "I have made it" - that will be your resounding joy.
Kenneth
Hello, Kenneth:
Like to point out the chart for USDJPY does not show the Entry, Exit and Target Points and the Reward, Risk, etc.
Can you please attach it for our study. It is very kind of you to plot these out in the GBPJPY chart. Hope you can do this in future when it is convenient.
Thanks
JoeHi, Joe
Thanks for highlighting this to me.
I am attaching herewith the chart for USDJPY with all the calculations that were mentioned in my earlier posting.
My apologies.
Kenneth
If today we follow GET's signal to sell EURUSD, we will be losing money. This is a tricky currency pair to play, Although it is in an Extended Wave [5] with imminent termination, yet it is well supported by a Weekly Wave [3] up. I was lucky to made a 20 pip gain yesterday when I short it. At the of writing, it is up by 83 pips.
Again, GET's signal to Sell GBPJPY has failed alhtough the day has not ended. At time of posting, it is up by 61 pips. If you are a position trader and holding it for 2-5 days it is still ok, but for day trading it does not look good. That was why I mentioned in my morning posting - the odds are against me of making another win on this currency pair and I stayed aside.
For USDJPY, the downward pressure is losing steam and it looks like it is going to move up. For position trading, it is still ok.
Kenneth