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  #1  
Old 11-08-2009, 16:40
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Default Ask Me Anything

Here is a great video to get you started. I'm here as a free resource to this forum. Ask me anything you like. I'll do my best to provide constructive responses.

http://www.4xtraderslive.com/video/l...day4.29.09.wmv

Last edited by ForexGuy; 11-08-2009 at 18:47.
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  #2  
Old 12-08-2009, 03:19
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Default Live charts

Hi... Could you please answer my post in "Metatrader Platform" section of this forum regarding displaying charts on a website that I posted yesterday... thanks in Advance.
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  #3  
Old 12-08-2009, 06:27
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I'd love to but I am not an expert on tech issues or metatrader. (I haven't used that charting software in a long time.)

What I can tell you is everyone I know who hosts live, interactive charts on thier sites pays a great deal of money to do so. Not just in licensing but also in tech support.

As you get into your research I think you may find the cost/benefit makes the idea unworkable.

Let me know how it goes.
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  #4  
Old 14-08-2009, 18:41
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Are you a proffesional trader? :D It seems that the guys who make money have a rigid set of rules by which they trade. There are a number of reasons for this and the most important ones seem to be that they have a strategy that works - for them anyhow - and the rules remove the emotions from trading.

Now I wonder about an apparent conflict. If proffesionals trade by a rigid set of rules, it must be possible to program an EA. Why then do you think so few EA's are profitable? It just does not make sense! The only explanation is that the really good guys don't give their strategies away and the guys who sell EA's are not good traders at all and attempt to supplement their income by selling these little programs.

Your ideas on this?? Are you a full time trader?

Last edited by Henry; 15-08-2009 at 01:44.
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  #5  
Old 15-08-2009, 10:33
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Quote:
Originally Posted by Henry View Post
Are you a proffesional trader? :D It seems that the guys who make money have a rigid set of rules by which they trade. There are a number of reasons for this and the most important ones seem to be that they have a strategy that works - for them anyhow - and the rules remove the emotions from trading.

Now I wonder about an apparent conflict. If proffesionals trade by a rigid set of rules, it must be possible to program an EA. Why then do you think so few EA's are profitable? It just does not make sense! The only explanation is that the really good guys don't give their strategies away and the guys who sell EA's are not good traders at all and attempt to supplement their income by selling these little programs.

Your ideas on this?? Are you a full time trader?
Henry that is a great question.

Yes, I am a full time trader. So I guess you could call me a professional.

It has always been my contention that any trader can come up with a system that is 80% as effective as the best trading system ever developed. This of course is not merely my own contention but that of Richard Dennis, the developer of the "turtle program" that I'm sure you are familiar with.

The premise of your question implies that most EA's don't work. Since I have never used an EA I'm not sure if that is true or not. What I am sure of is most EA developers pray on greed. They market to traders who are failing and then attempt to sell them on the promise of “riches while they sleep”.

What most fail to realize is they are losing money not because they don’t have the magic system, but be because they lack the emotional control and education to follow any system. (profitable or not.)

But, let’s assume you are right and most EA’s are flawed. Keep a few things in mind the next time someone promises to sell you an automated system that will make you millions for the low price of $99.

1. If the system is so good, why not charge a thousand dollars? If the sellers product works he is obviously a millionaire. He can sell the product for whatever he wants. One might claim it is about affordability, but then why not sell it for $1 or better yet for free. If you have a million dollar system is it really about the money?

2. Why not sell the rights to the system to a large fund or institution? If the EA holds up under scrutiny these firms would pay millions to control a product that produces the kind of returns most claim.

3. Why not raise money on your performance and start your own fund? You’d be the most profitable fund on earth.

4. I am a trader and educator. Many, many people ask me for performance data. I always refuse. It is a double edged sword. If I don’t provide the data they say I am being dishonest and hiding my losses. If I provide the data people ask, “how can I ensure you are not fudging your numbers”? I can’t win. The fact is, there are a million ways to fudge the numbers if someone wants to be dishonest.

My final word on EA’s. Be very careful. The FOREX industry is fraught with scam artists and greed mongers who will sell you the keys to the kingdom, 50 dollars at a time. But that does not mean there are not good systems out there for someone with the discipline to follow them.
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  #6  
Old 09-10-2009, 01:50
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Default can anyone tell me?

How can a part time trader be a proffesional trader?:cool:
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  #7  
Old 09-10-2009, 02:30
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Quote:
Originally Posted by walepdydy View Post
How can a part time trader be a proffesional trader?:cool:
It's interesting you should ask. I've been writing a little about that very subject recently. I am a firm believer that ANYONE can make a choice to act as a professional. In my opinion this is a matter of conduct, not one of occupation.

I'll give you a personal example. I consider myself a full time trader. Virtually my entire work day is spent in the market. I also work with a handful of clients and do things like write for this forum. But I also have other business interests. I own two other companies. I have set up my life in such a way that allows me to do what I love most....trade. Does the fact that I have other revenue streams in addition to my trading mean I am not a professional trader? Of course not.

When most people think "professional" they think of someone in a prop room or on the floor of an exchange making millions a year. While this is certainly true, there are just as many traders making modest livings trading from home or in conjunction with some other business venture.

To use just one more example, I know a man who has a full time job in a field unrelated to the trading industry who also trades. He has been wildly successful and could easily quit his job any time he wanted. I think he stays because he loves his day job. But you would be hard pressed to convince me he is not a professional. We had a discussion a few weeks ago about the currency market and the condition of the dollar. I have a huge respect for him and his opinion.

Professionalism for me is defined by ones actions in the market. It is the only measure I use. I don't care if you make a dollar a week or a thousand. If you can do it consistently, your a professional in my book.

Hope that helped.
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  #8  
Old 12-10-2009, 10:19
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Hi

been looking around everywhere like babypips, I can't understand what is the difference of swing trader and day trader?
And what is swing high and swing low in chart? Maybe give me an example in charts. Thanks!

edit.
and also, how to backtest systems? manually or is there some sort of simulator out there.

Last edited by agent0711; 12-10-2009 at 11:48.
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  #9  
Old 12-10-2009, 13:02
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Quote:
Originally Posted by agent0711 View Post
Hi

been looking around everywhere like babypips, I can't understand what is the difference of swing trader and day trader?
And what is swing high and swing low in chart? Maybe give me an example in charts. Thanks!

edit.
and also, how to backtest systems? manually or is there some sort of simulator out there.
A day trader is typically defined as someone who closes out all positions at the end of every trading day. Swing trader would be someone who holds trades for 2 days to 2 weeks.



I'll cover back testing next week in my trading article on this forum. Be on the lookout.
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  #10  
Old 12-10-2009, 13:48
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I see
thanks for the explanation
looking forward for your next articles :)
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  #11  
Old 12-10-2009, 22:05
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No problem. New article will be out next week.
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  #12  
Old 12-10-2009, 23:25
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so whens the profit taking in gold coming, perhaps along with USD short covering. What will DOW do?
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  #13  
Old 13-10-2009, 01:30
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Quote:
Originally Posted by frito View Post
so whens the profit taking in gold coming, perhaps along with USD short covering. What will DOW do?
I don't trade gold,

You assume USD shorts will move to cover, and that the move in gold is somehow tied to the dollar.

I don't trade the DOW.

If you have data that suggests the recent move in gold is somehow linked to an inflation fear I'd be interested to see it. But I don't think one has anything to do with the other.
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  #14  
Old 13-10-2009, 03:33
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Hi ForexGuy, do you have any insight on estimating in which direction the big guys are (banks & institutions) going?

Thanks:)
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  #15  
Old 13-10-2009, 03:50
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No, and neither does anyone else. (including the "big guys")

But ask yourself a question. What benefit would knowing provide?

You are making an assumption. That assumption is this; The "big guys" know something I don't, and therefore if I can know what they are going to do (or are doing) I can trade with them and make money.

I disagree with that assumption. If you are honest with yourself I think you will find what you really want is to find a way to avoid the hard work necessary to be a profitable trader.

I may be wrong, but your question causes me some concern.
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  #16  
Old 13-10-2009, 12:44
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Well the main factors for gold making new highs is mainly due to the week dollar, that is gold has been used as a safe haven + there is a large number of speculators that see no technical resistance in gold(the sky is the limit).
But it has had a nice long way up so as the dollar has had(the other way), so the correction is in order,taking profit in gold and short covering in $.

Similar shift from usd is seen in the move into stocks on the back of optimism about economical recovery. i think similar signs of moving out from $ is seen in treasuries. And the fast dollar weakening must trigger inflation in the US as well.

Quote:
Originally Posted by ForexGuy View Post
I don't trade gold,

You assume USD shorts will move to cover, and that the move in gold is somehow tied to the dollar.

I don't trade the DOW.

If you have data that suggests the recent move in gold is somehow linked to an inflation fear I'd be interested to see it. But I don't think one has anything to do with the other.
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  #17  
Old 13-10-2009, 12:59
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If you have a plan, trade it. That is the best advice I could give anyone.
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  #18  
Old 13-10-2009, 16:13
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what would be ur comment on(regarding development of the current ashes call) http://forexmoments.com/forums/forex....html#post5524

cheerz
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  #19  
Old 13-10-2009, 17:18
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Quote:
Originally Posted by frito View Post
Regarding current Ashes call, the price is currently at 61.8 fib retracement (from the recent low 1.5245 and high 1.5325 ). I hope it holds and bounces. Maybe Ill add to my position.... what do you think guys?

I'm assuming this is the comment you are referring to. I find your request a bit odd and somewhat concerning.

Since I don't trade ash's system, have no idea what the rules are, and do not follow his trading calls it's somewhat odd you would ask for (and I assume value) any opinion I might give.

But what I find more concerning is the fact that you are trying to make decisions about what to do with a position while your money is at risk. Words like "hope", "pray", "sometimes" and "maybe" should never enter your vocabulary as a trader. You should already know what you are going to do before you ever risk a dollar.

So to answer your question......."what do you guys think?"

My Response: What does your trading plan say?
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  #20  
Old 13-10-2009, 17:33
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Quote:
Originally Posted by ForexGuy View Post
I'm assuming this is the comment you are referring to. I find your request a bit odd and somewhat concerning.

Since I don't trade ash's system, have no idea what the rules are, and do not follow his trading calls it's somewhat odd you would ask for (and I assume value) any opinion I might give.

But what I find more concerning is the fact that you are trying to make decisions about what to do with a position while your money is at risk. Words like "hope", "pray", "sometimes" and "maybe" should never enter your vocabulary as a trader. You should already know what you are going to do before you ever risk a dollar.

So to answer your question......."what do you guys think?"

My Response: What does your trading plan say?
Thx for ur comments appreciated.

Well, my plan said add to the poss at the 61.8 retracement keeping the initial SL.

Of cause there is a hope (system or no system) + also ash sys + my fib understanding + appropriate SL in place. (not trading on hope alone of course hehe)
now am laughing...
Attached Thumbnails
Ask Me Anything-eurcad.gif  

Last edited by frito; 13-10-2009 at 17:37. Reason: addin chart
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  #21  
Old 13-10-2009, 17:37
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Then you have your answer already and don't need to seek the advice of strangers you've never met on a web forum.:D (Think about that one for a moment.)

Best of luck to you.
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  #22  
Old 13-10-2009, 18:50
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Quote:
Originally Posted by ForexGuy View Post
Then you have your answer already and don't need to seek the advice of strangers you've never met on a web forum.:D (Think about that one for a moment.)

Best of luck to you.
yes master yoda u r right.

u know people like to seek confirmation from more adv traders (ehm i dont know where u stand thou in that respect :D )

all good
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  #23  
Old 13-10-2009, 22:59
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when do you think audusd will hit .9600
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  #24  
Old 13-10-2009, 23:41
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the ATR of the daily candle for audusd is about 116 pips right now. So you can figure at least a week if all we do is climb.

But could go the other way. I have no way of knowing.
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  #25  
Old 20-10-2009, 02:40
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Default if dollar is replaced as reserve currency, what happens to price of gold, audusd?

sure the dollar will sink short run, but what happens to the commodity boom?
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  #26  
Old 20-10-2009, 03:04
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I don't attempt to dissect "what-if" fundamentals. There are far to many factors at play.
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  #27  
Old 26-10-2009, 14:07
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what is your goal in helping others?
Are you a broker or promoting some kind of broker?
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  #28  
Old 26-10-2009, 20:36
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My goal in helping others is to see them succeed. I am not a broker and I don't represent a broker. I do have a consulting business but I am not currently accepting new clients. Other than my website which can be found on my profile page or at the bottom of my articles, I am not promoting or soliciting anything.
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  #29  
Old 27-10-2009, 09:32
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What book/s had the most impact on you to develop your trading pyschoilogy and better understand yourself?
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  #30  
Old 27-10-2009, 13:53
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Quote:
Originally Posted by FXSnipe View Post
What book/s had the most impact on you to develop your trading pyschoilogy and better understand yourself?
That is a great question FxSnipe

Number 1. would be Anthony Robbins: Awaking the Sleeping Giant Within.
His work with NLP and NAC really helped open my eyes to my own problems.

Another great book is "Think and Grow Rich" A classic but still good.

MARKET WIZARDS! If you do not own this book it is a must read.
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  #31  
Old 27-10-2009, 14:28
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Quote:
Originally Posted by ForexGuy View Post
That is a great question FxSnipe

Number 1. would be Anthony Robbins: Awaking the Sleeping Giant Within.
His work with NLP and NAC really helped open my eyes to my own problems.

Another great book is "Think and Grow Rich" A classic but still good.

MARKET WIZARDS! If you do not own this book it is a must read.
Thanks I haven't read Anthony Robbins' book but I heard from a friend that its very good. I will get it. I am working on myself as I know that I am the weak link in this trading process, lol!
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