Mp -- Reality Based Manual Trading - page 2
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"I've been trading for 3 months and I'm constantly losing money. Do you have any advice for a newbie who is rapidly beginning to look like road kill ?! WHERE TO BEGIN WITH THIS QUESTION ????For a newb, the best trading system would fall into the realm of "swing" trader, a term from the world of equities and simply meaning one who holds a currency for a number of days (which can turn into years and then you are called an "investor") and based on the simple concept of moving average crossovers. Please note that there are MANY systems, using MA's or not, that do the same thing, but MA's are pretty visible things and one line crossing another is not brain surgery !MA crossovers are best in a "trending" market, which is a market that is moving strongly in an upside or downside movement and are not very good in a "ranging" market, where the price is just fumbling around, showing no clear picture of moving up or down. This is often referred to as a "consolidating" market or a "congested" market and each has a different look and feel, but I do not have the time or space to go into that lesson here !SO, for the best results, we work with a trend following system, where trend is determined by the DAILY charts (they going UP or they going DOWN -- that determines your trend. When I see the WEEKLY and DAILY chart both agree that the currency is going up, I feel secure in placing a longer term LONG trade. (yes, I know you dont yet know how to see if up is up or sideways or down or anything, but that shall come !)Having placed our trade, you now sit back and witness a HORRIBLE situation --- your currency price is DROPPING like flies at a DDT party ! (AND THIS here situation IS WHAT SEPERATES THE TRADERS FROM THE WANNABEES !)Understand that each day, every day, constantly ---- the price reverses at fairly uniform times on ANY currency UNLESS there is such strong momentum that this action is prevented, at least until 5pm, est in the US !Using a variety of methods, a trader can usually pinpoint where the currency will drop to and has prepared for the drop which we call DRAWDOWNS !
WHAT WILL KILL YOUR ACCOUNT GRAVEYARD DEAD is if the price of the currency hits your stop loss point, which will then take all the money youve lost out of your account, hand it to the daughter of the owner of the brokerage and help her buy her new Maserati !Of course, if you have never met this princess, you just might not want to buy her a new car without her giving you something bac (after all, we are speaking capitalism here !), but i leave that to your own desires and imaginations !But, if you desire not to buy her a new car, you could have approached this situation in a manner UNHEARD OF by you at any time in your trading life ---- DONT USE A STOP LOSS !
How often have you been stopped out of a position, only to watch that position shoot up later in the day or tomorrow, pass your purchase price and provide a very decent profit (IF ONLY you had held on !!!!!!)
This technique requires TWO important considerations ---- FIRST is that you trade with the TREND and SECOND, that you rigorously watch your money management techniques, so as not to strain your margin on the most certain drawdowns.
NOW DO NOT RUSH OUT AND TRY THIS AT HOME, at least not until Ive finished teaching how it is done which should begin this weekend (maybe friday)Ive been trading for 36 years and am still alive and well and wish to simply show a bit of what I refer to as "reality trading" which is nothing more than trading the REALITIES of the forex market, not what YOU WANT, but what REALLY EXISTS !!! I'm a MANUAL trader, so ive got no new EA's for you to glomm onto, but I can show you what the banks are doing and how they do it, which should give you one step up in the contest !
enjoy and trade wellmp
I agree with your thoughts. As beginners, most forex traders want to make a kill overnight. So they result to EA's that promise to deliver insane returns but more than often that doesn't happen. What follows is a lot of disappointment. Here is an invaluable piece of advice for beginners, learn and master the basics of forex trading before you plunge into forex trading. Money can be made and money can be lost in forex trading. It takes practice, lots of practice. this is what separates novices from experts. Manual trading is rewarding. I am working on a simple manual trading strategy posted elsewhere in this forum. I hope to provide results when I go live.
T2W Day Trading & Forex-Foren
"Trading With MP6140" ... das Schlimmste, das ich je gemacht habe
@bros:
Thanks for the very insightful link to the storyteller "Michael Parker" aka mp6140. Such people cause great harm to people who are new to currency trading and are looking for serious tips.
The babblers, the long texts about how great and good they are, should be blocked by the forum administrator. I searched for the person "michael parker" for a short time on the internet and in other forums he seems to have been banned.
Everywhere he writes long texts, how good his knowledge should be. Everyone else should be stupid and have no idea about acting. Only he has the ultimate knowledge, but he will not share it with others.
(Probably because he does not succeed in the markets behind all this talk.)
Writes long texts about what everyone understood after a short while, when someone was informed about Forex via Google. "Michael Parker" believes that he is the ultimate super teacher who has eaten the wisdom with the very big spoon and everyone else is ignorant and go the wrong way.
Such scams are bad and cost many people a lot of money and courage to stay in currency trading.