Is forex trading really as good as it sounds

[EARTHY8]

Forex trading is the 'trickiest' trading market ever!

Size of your account matters the most,when all your trading discipline and margins slowly evaporate!(blowup your account in $,not rupees!)

For holding the open postions,maintaing free margin and wait till the open postions can be closed in the green.

Try and see, whatever timeframe you trade,there is going to be a whiplash and a drawdown on your account!

The only way to make money here seems to immediately close your open positions-be it by way of a stoploss or take profit or trailing stoploss method.

Even the best EA's in the market sometimes give a hard drawdown difficult to digest!
If hedging is not allowed by your broker,you sit on open positons 'one-way' till your margins get exhauted,again confirming the importance of account size!

earthy8

 

[4xpipcounter]

http://img688.imageshack.us/i/usdjp

Trading proportionality, not account size is important,but the trading discipline is a valid point. Sometimes discipline goes out the window as the account grows.

The methodology should be able to determine the total range of the move, so in just bailing out of the trade when it gets in the green can be costly over the long haul, because the wins were not maximized, and inevitably there will be some losers.

Good point on the EA's. I have never met anyone yet who can honestly tell me they ever worked. If they did, we'd all be trading of them. After all, plug it in, go for a long vacation, and come back to the big bucks.

Look at the chart I posted. There is nothing tricky about which way price was going to go from the black encircled area because of a very strong confluence of events. The future of the pair is also not tricky. The candle just entered the cloud, stochastics are wide open and pointing south, so the USD/JPY is headed further down.

I don't want this to look like I was trying to show anyone up. I just wanted to make some valid points.


TE=EARTHY8;505897]Forex trading is the 'trickiest' trading market ever!

Size of your account matters the most,when all your trading discipline and margins slowly evaporate!(blowup your account in $,not rupees!)

For holding the open postions,maintaing free margin and wait till the open postions can be closed in the green.

Try and see, whatever timeframe you trade,there is going to be a whiplash and a drawdown on your account!

The only way to make money here seems to immediately close your open positions-be it by way of a stoploss or take profit or trailing stoploss method.

Even the best EA's in the market sometimes give a hard drawdown difficult to digest!
If hedging is not allowed by your broker,you sit on open positons 'one-way' till your margins get exhauted,again confirming the importance of account size!

earthy8[/QUOTE]

 

[EARTHY8]

Where is the post/graph/chart?

 

[EARTHY8]

Which timeframe and what indicators you use?
Currently,the daily shows a downtrend and H1 shows uptrend-what is more(trickier) and confusing than this?



earhty8

 

[4xpipcounter]

Where is the post/graph/chart?

http://img84.imageshack.us/i/usdjpy.png/.
I don't know what happened, but I'm trying again.

 

[4xpipcounter]

Good question and a common one. First of all, I do not know where you see an uptrend on the hourly. It has gone the sideways the last 36 hours.

After a trend, and then there is a sideways movement such as what we see, the breakout is usually in the direction of the trend. The stochastics, though not OB, has turned sharply pointing downward. Price has also rested comfortably under the tenken and the kijun. The line yellow and red line you see at the bottom should be support, and an easy target, which is 82.54. That could be broken, and we will see a further drop to 82.19. Those 2 reference points comes from a proprietary formula that is mine. Watch price reaction when it gets to that point. You might be impressed or surprised. If we don't get the stated move, then I'll stand corrected. I am wrong 10-15% of the time.
If there was a conflict between the 2 TF's, it does not have to be confusing. What is would come down to is what is the most overriding obviations. When all is equal, the benefit of the doubt goes to the larger TF. After all, if a welterweight gets in the ring with a heavyweight, who do you think would win?
Let's say you tie the heavyweight's arm behind his back. Who do you think would win now. Let's say the hourly was UP, and the daily was DOWN. On the say DOWN, let's say the daily hit a key support, or became extremely OS. (You tied the daily's hand behind his back.) The hourly would wind up getting its way.
Also when you look at strong trends, what you will notice is the lower TF began the reversal. This is why in looking for an entry on a higher TF, you tone down to a lower TF in order to perfect the entry.
So, really, it does not need to be confusing.

Having said that, there are pairs I cannot ascertain a true entry on. I trade and monitor 28 pairs. If there is no deal on one, then I move to the next. There will always be something standing out in the cloud.

Which timeframe and what indicators you use?
Currently,the daily shows a downtrend and H1 shows uptrend-what is more(trickier) and confusing than this?



earhty8

 

[4xpipcounter]

Earthy, I forgot to answer one part of your question.

The chart about answers what indicators I use. They are the ichimoku cloud, a set of proprietary S&R's that are uncanny, stochastics that I use for OB/OS conditions, as well as a momentum indicator, and to show divergence patterns. I also use trendlines, but probably not in a conventional, stereotypical fashion.
All but the trendlines became a solidly ensconced part of my methodology in 2007, and it has been just recently I learned to use TL's.

Which timeframe and what indicators you use?
Currently,the daily shows a downtrend and H1 shows uptrend-what is more(trickier) and confusing than this?



earhty8

 

[4xpipcounter]

http://img96.imageshack.us/i/usdjpyx.png

Earthy, I wanted to post this just to show the USD/JPY made it to my W1--MS1 combo. Nothing complicated. Next stop should be my WS2, and then back in the UP.

BTW, notice the struggle at that level. That is nature of my S&R's.
At this point, I favor this area to eventually get broken and my WS2 to be hit just because of the momentum on the daily.
I traded the move to this point, but I got out only because it is not an absolute in my mind. I like to move on to other pairs to garner more sure pips once I have milked one pair.

 

[reddy142]

Which timeframe and what indicators you use?
Currently,the daily shows a downtrend and H1 shows uptrend-what is more(trickier) and confusing than this?



earhty8

In this case you must wait for hourly to turn down and then go short....always follow the trend of higher Time Frame.