Today after the euro show down trend at the open
i took short near the moving averages after price made the first retrace
i took 5 ticks of scalping profit
Mar 16, 2010
EC - Short on first retrace
Today after the euro show down trend at the open
i took short near the moving averages after price made the first retrace
i took 5 ticks of scalping profit
Mar 15, 2010
EURO - short on retrace
Hello all today i took short on EURO
after EC changed trend to the downside i waited for entry at the first pullback
near the upper area of the channel, i took 5 ticks profit.
Mar 10, 2010
EC - long on retrace
Today i took long scalping on the retrace to the area
of the lower band took 6 ticks profit.
Mar 8, 2010
The 12 Golden Rules for Successful Trading
1. Adopt a definite trading plan.
Because of the emotional stress that is inherent in any trading situation, you must have a predetermined method of operation, which includes a set of rules by which you operate and adhere to, thus protecting you from yourself. Very often, your emotions will tell you to do something totally foreign or negative to what your market trading plan should be. It is only by adhering to your trading plan that you can resist the emotional temptations and stresses that are constantly present in a speculative situation.
2. If you're not sure, don't trade.
If you're in a trade and feel unsure of yourself, take your loss or protect your profit with a stop. If you are unsure of a position, you will be probably end up taking a loss.
3. You should be able to be right 40% of the time and still show handsome profits.
In trading, you can't expect to be right every time. An individual with the proper trading techniques should be able to cut his losses short and let his profits run so that even being right less than half the time will show excellent profits. This point is re-emphasized in Rule Four.
4. Cut your losses and let your profits ride.
The basic failing of most traders is that they put a limit on their profits and no limit on their losses. A man hates to admit he's wrong. Therefore, an individual will often let his loss ride, becoming larger and larger in hopes that eventually the market will turn around and prove him correct. Then after a while, he begins hoping for a small loss and gives up hoping for a profit. Human nature also dictates that an individual wants to take his profit right away and thus prove himself correct. There is an old saying, "You never go broke taking a small profit." But you'll certainly never get rich that way. Being satisfied with small profits is the wrong mental approach for making money in trading. If you are correct when entering a position , you will know it almost immediately and will show a profit quickly. However, if you are wrong, you will show a loss and you should remove yourself from the situation quickly. Taking a small loss does not necessarily mean you were wrong in your thinking. It simply means that your timing was perhaps incorrect and that you should wait for the correct timing and situation to allow you to reenter the market. Remember, in any trade, the market is the final judge. Trader should let the market tell him when he is wrong and when he is right. If you show a profit, ride it until the market turns around and tells you that you are no longer right, and, at that time, you should get out...but not before! On the other hand, the market will also tell you if you are wrong and it would be a serious mistake to argue with what it is saying.
5. If you cannot afford to lose, you cannot afford to win.
Losing is a natural part of trading. If you are not in a position to accept losses, either psychologically or financially, you have no business trading.You should be trading with extra money that not vital to your daily expenses.
6. Don't trade too many markets.
It is difficult to successfully trade and understand a specific market. It is next to impossible for an individual, especially a beginner, to be successful in several markets at the same time. The technical, and psychological information necessary to trade successfully in more than a few markets is more than the individual has either the time or ability to accumulate.
7. Don't trade in a market that is too thin.
A lack of public participation in a market will make it difficult, if not impossible, to liquidate a position at anywhere near the price you want.
8. Be aware of the trend. ("The Trend is your friend")
It is vitally important that a trader be aware of a strong force in the market, either bullish or bearish. When this force is at its height, it would be folly to attempt to fight against it. However, Trader must learn to recognize when a trend is near a period of exhaustion. By an ability to recognize the early signs of exhaustion, the trader will protect himself from staying in the market too long and will be able to change direction when the trend changes.
9. Don't attempt to buy the bottom or sell the top.
It simply can't be done unless you have the aid of a crystal ball or some other tool which could be peculiar to the mystic. Be content to wait for the trend to develop and then take advantage of it once it has been established.
10. Do not allow your position to control you.
You must control of the situation and yourself. It is a mistake to find yourself in a position larger than you can reasonable handle. When this occurs, you will find that the sheer size of the position, rather than the facts of the situation itself, affects your judgement.
11. You can usually sell the first rally or buy the first break.
Generally, a market which has just established a trend either up or down will have a reaction and good profits can be made by recognizing this reaction and taking advantage of it. For example, in a bull market, the first reaction will generally be met by investors waiting to buy the break. This support generally causes the market to rally. The reverse is true of a bear market.
12. Never straddle a loss.
A loss by itself is difficult enough to accept.
The market does not know that you own it. You must remain impersonal in your trading. When you take a position and you are wrong, remember it is better to get out immediately! The market will not feel badly about it if you do, but you will if you don't.
One final note:
The market always looks its worst at its bottom, and the best at the top. It is important to remember that before the market turns around, it is at its very worst. Therefore, be prepared to treat each day objectively by not allowing the emotional fever to carry over and cloud your judgment.
Because of the emotional stress that is inherent in any trading situation, you must have a predetermined method of operation, which includes a set of rules by which you operate and adhere to, thus protecting you from yourself. Very often, your emotions will tell you to do something totally foreign or negative to what your market trading plan should be. It is only by adhering to your trading plan that you can resist the emotional temptations and stresses that are constantly present in a speculative situation.
2. If you're not sure, don't trade.
If you're in a trade and feel unsure of yourself, take your loss or protect your profit with a stop. If you are unsure of a position, you will be probably end up taking a loss.
3. You should be able to be right 40% of the time and still show handsome profits.
In trading, you can't expect to be right every time. An individual with the proper trading techniques should be able to cut his losses short and let his profits run so that even being right less than half the time will show excellent profits. This point is re-emphasized in Rule Four.
4. Cut your losses and let your profits ride.
The basic failing of most traders is that they put a limit on their profits and no limit on their losses. A man hates to admit he's wrong. Therefore, an individual will often let his loss ride, becoming larger and larger in hopes that eventually the market will turn around and prove him correct. Then after a while, he begins hoping for a small loss and gives up hoping for a profit. Human nature also dictates that an individual wants to take his profit right away and thus prove himself correct. There is an old saying, "You never go broke taking a small profit." But you'll certainly never get rich that way. Being satisfied with small profits is the wrong mental approach for making money in trading. If you are correct when entering a position , you will know it almost immediately and will show a profit quickly. However, if you are wrong, you will show a loss and you should remove yourself from the situation quickly. Taking a small loss does not necessarily mean you were wrong in your thinking. It simply means that your timing was perhaps incorrect and that you should wait for the correct timing and situation to allow you to reenter the market. Remember, in any trade, the market is the final judge. Trader should let the market tell him when he is wrong and when he is right. If you show a profit, ride it until the market turns around and tells you that you are no longer right, and, at that time, you should get out...but not before! On the other hand, the market will also tell you if you are wrong and it would be a serious mistake to argue with what it is saying.
5. If you cannot afford to lose, you cannot afford to win.
Losing is a natural part of trading. If you are not in a position to accept losses, either psychologically or financially, you have no business trading.You should be trading with extra money that not vital to your daily expenses.
6. Don't trade too many markets.
It is difficult to successfully trade and understand a specific market. It is next to impossible for an individual, especially a beginner, to be successful in several markets at the same time. The technical, and psychological information necessary to trade successfully in more than a few markets is more than the individual has either the time or ability to accumulate.
7. Don't trade in a market that is too thin.
A lack of public participation in a market will make it difficult, if not impossible, to liquidate a position at anywhere near the price you want.
8. Be aware of the trend. ("The Trend is your friend")
It is vitally important that a trader be aware of a strong force in the market, either bullish or bearish. When this force is at its height, it would be folly to attempt to fight against it. However, Trader must learn to recognize when a trend is near a period of exhaustion. By an ability to recognize the early signs of exhaustion, the trader will protect himself from staying in the market too long and will be able to change direction when the trend changes.
9. Don't attempt to buy the bottom or sell the top.
It simply can't be done unless you have the aid of a crystal ball or some other tool which could be peculiar to the mystic. Be content to wait for the trend to develop and then take advantage of it once it has been established.
10. Do not allow your position to control you.
You must control of the situation and yourself. It is a mistake to find yourself in a position larger than you can reasonable handle. When this occurs, you will find that the sheer size of the position, rather than the facts of the situation itself, affects your judgement.
11. You can usually sell the first rally or buy the first break.
Generally, a market which has just established a trend either up or down will have a reaction and good profits can be made by recognizing this reaction and taking advantage of it. For example, in a bull market, the first reaction will generally be met by investors waiting to buy the break. This support generally causes the market to rally. The reverse is true of a bear market.
12. Never straddle a loss.
A loss by itself is difficult enough to accept.
The market does not know that you own it. You must remain impersonal in your trading. When you take a position and you are wrong, remember it is better to get out immediately! The market will not feel badly about it if you do, but you will if you don't.
One final note:
The market always looks its worst at its bottom, and the best at the top. It is important to remember that before the market turns around, it is at its very worst. Therefore, be prepared to treat each day objectively by not allowing the emotional fever to carry over and cloud your judgment.
6E - short on first retrace
Hi all , today i entered classic retrace setup on the Euro
after range was broken to the downside i waited for first retrace
price pulled back to the 50% fib level i entered short and took 10 ticks profit.
Mar 3, 2010
6E-long on retrace
Today 6E changed it's trend to the upside
i waited for the first retrace to the lower band and entered long for nice scalping , i took 5 ticks profit as you can see this trade made much more.
Mar 2, 2010
6E-long on retrace
Trend was changed to the upside i waited for first retrace
to the lower band area and entered long, i took 10 ticks
profit.
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