Strategies, Systems & Indicators

[Tavnaz]

Hello Edward,
I know the stop loss is psychological thing,but consider this, without having rules to place stops the decision lies in the traders hand.
Now Market moves by institutional moves and they follow pivot zones,now why decide the target for yourself when you could see the Max potential of the trade right away at S/R line.
I posted the bar chart for sequential exit.
Now Sumit and all entered with crossover, i saw Engulfing pattern and entered based on that now we both have the same entry different reasons,then why not the same exits,because in the end he was also using the same pattern that i was in some way.
As i saw every entry in lazy boy revolves around those 4 Patterns that i said earlier.
So if Price action trader and Crossover traders,Institutional traders enter based on the same pivot zone,why do the traders believe they can max out the trade above institutional buying/Selling.
Now this say that institutional traders place entry based on these levels is true,because i don't think so they place orders based on Mechanical system.
They have buy 1.25 sell 1.60 etc

Now i have examples of Lazyboy when after crossover the trade was setting up the price was going north it hit the level 12 pips away then headed south with the south going candle becoming the candle with the bearish crossover(ie another crossover in lazyboy) and the third candle from the first crossover as the new trigger.
So i say exit part is not that difficult.
Regards
Tavnaz

 

[ashish1802]

Hi friends,

have been missing action from this forum...cannot sit infront of my machine..hence going with the longer time frame..
thanks eddie for the help u have offered..

heres the latest performance of 3000$ started in july....

 

[Edward]

wow.. wow and wow.............. dude you rock.. and did you see that.. even though you were missing in action......... I always mentioned your name....... for having known you guys.. I am sure... you, sumit, madhav, sunny and raghav are going to rock... (Tavnaz you are already rocking.... animedia,
baufalo, devee, I want to see more results from you.... and others who are following Lazy boy silently.. I apologize)

One thing you remember........... this thread is taking a "HOLISTIC TURN".we are no longer discussing a thread here.. probably that transistion happened from the 10th post itself... but we are loooking at forex trading from a broader perspective... so guys bring on your success stories and also your queries.. if I am capable of handling them.......... I assure you I will answer.......

Some objections I don't answer... for a simple reason that you have your own perspective of looking at things..... and " I DONT WANT TO INFLUENCE A THOUGHT PROCESS WITH MY CONVINCING REASONS, FOR THEIR IS A ROOM FOR ALL SCHOOLS OF THOUGHTS TO SUCCEED"..

You all guys Owe me a BOTTLE OF SCOTCH WHISKEY.. for sure..

Hi friends,

have been missing action from this forum...cannot sit infront of my machine..hence going with the longer time frame..
thanks eddie for the help u have offered..

heres the latest performance of 3000$ started in july....

(

 

[biswajit2040]

Hi,
Mr Harsh here uses Price action that is i believe.
But i can't damn understand the fact that the people who use lazy boy,even using the most efficient system,the lazy boy, are worried about exits.
Exit when you know price is going to Reverse the FTA(First trouble area is Nearest S/R line)
Man i follow price action i havn't seen a single trade that did not reverse or stall at these points then why the hassle guys.
Regards
Tavnaz

Hi Tavnaz
Thanks a lot for detailed post.
How do u find support/resistance?High/low of last few candles.Please give sm example with chart
Though solution of exit might be easy and obvious.
It should be as seriously taken as entry itself.

 

[Edward]

Hello Friends,

I am completely down with Conjunctivits, an eye infection common after the offset of monsoon in India. Can't even open my eyes properly and can't keep idle for too long as well. So started listening to Anthony Robbins this two days and voila!!! he has given me words and phrases to address the most common problems that is encountered by traders. Anthony was more or less talking about success in general but being a trainer in forex, I can't help but see the similarity between the two.

What is a 'Success in Forex Trading'?

First of all lets define 'Success' or a 'Successful Trader' :
For me 'to be in profit week after week or preferably month after month is 'Success' and the one who does it is a 'Successful Trader'.

But how is it naturally defined or assumed to be defined is like ' to be in profit trade after trade, with almost nill negative trades is 'Success' and the one who does it is a 'Successful trader'.

This chasing of the wind has created a "Legion of Good but 'Unsuccessful' traders ". This wrong notion, a mistaken perspective has taken good traders for a ride all these years and guess what we are not even aware of it... how many of you ever sat down and thought or wrote what is success in trading for you, or how will your account look like after a month or say six months.... non.... nobody does that, including me...

We keep on trading, this insatiable and urealistic perspective makes us wanderers from one forum to another, from one system to another, from one strategy to another, from one indicator to another..... I have seen people forget 50 consecutive positive trades and focus on a couple of negative trades so much that they just leave the system or strategy that gave them 50 positve trades for those handful negative trades. They once again are searching for that 'elusive' secret or indicator or system that will give them 100% success ratio.

What happens when we chase something that is impossible, we ourself become 'impossible' to handle. And my dear friends, failure is envitable.

A close friend of mine who knows my entire journey in Technical Analysis, will vouch that the system that I have given here in traderji is the one that has been an integral part of all my trading strategies for the past at least 3 years. The Lazy boy that I have given to you, is something that I have been using on my charts irrespective of what else I try or buy.

I have tried this Lazy boy version for scalping to daily charts and trust me it works like a charm. And so will other systems if you have the patience, perseverance to go through the system for such a long time... so as to understand it's nuances and rhythm, be it your own stochs or rsi or macd or any other system.... if you just stick to them and study them for such a long time, success is inevitable.

One of traderji's member here has sent me a pm (as he has sent me a pm, I would not reveal his identity), and he has confided that in one of my posts I wrote that to become a successful trader you don't need to know english or age or skill sets or any other special ability. And inspired by this, he started forex trading with lazy boy, and mind you he is a senior citizen.... today he is not only confident to go live but his daughter who has no idea what trading is also very consistent and successful in making profits week after week.
(Sumit was our hero, by whose results this gentlemen got impressed and started trading: So Sumit you have started inspiring people with your zeal and skills already, and miles to go dear friend)

So the first thing to do is 'DEFINE SUCCESS REALISTICALLY" and be contended once you achieve consistency.

Anthony Robbins says that ' Repetition is the mother of Perfection and Success'.

Now this is the second but most common stumbling block for people in trading....

Almost everyone one of my students who are successfully trading... have asked me this question, " now what's next"?
I am like, what do you want more, you have more than 80% of trades positive, week after week, month after month, what else do you want?
They are like, teach us deeper truths, complicated systems, hidden secrets... and I say , I have non... just keep on doing what you do... which seldom makes them happy....

People want to add more fibs, ganns, SRs, pivots, trends,Sars, heikenshi or few complicated indicators and systems, etc etc... even when they get 80 to 90% for one simple reason..........

'Repetition Becomes Boring'
Bruce Lee once remarked, 'I don't fear the one who has practiced ten thousand different kicks, but I dread the one who has practiced 'One kick ten thousand times'.
So success comes after repetition, perfecting the same thing again and again and again...

Few of you have already pulled your triggers on me... wait friends... I am not against trying something new... or learning...

Just ask yourslef this simple question:
Which system or strategy did I practice for six months, persistently? If you can answer this with at least one system, then you are on the right path... if there is none then you are on the path that I have travelled, and am warning here not to.

So define success.... realistically, zero in on a good system that seems easy to you and suits you, then simply practice it for a year... success will be at your door step.

(some are already scared when I said 'practice it for a year'... those who are scared, remember, you dreamed of making millions through trading forex, one year is too less to ask for)

Happy trading guys.. and sorry for such a long and boring post.... have nothing to do right know... and thought this might help you guys in some way... take care and have a great weekend...

 

[preetksgill]

 

[saivenkat]

Down with Conjunctivitis

Down with Conjunctivitis, and yet , Edward bro has come up with a beautiful and valuable post.. That shows his love towards this TJ and to its Forum members. Body unwilling, but mind unwilling to give up..

Cheers.

Saivenkat

 

[Tavnaz]

Great Post

Hello My dear friend,
Great Post My dear Edward,even in pain you have always showered upon us words of wisdom.:clap:
I myself don't trade the system you have given here but when i see sumit and others making successes,the thought which strikes me is without edward,it wasn't Possible.
And of course it's there hardwork.
Interested in learning more here.
By the way who's the one pulling trigger at lazy boy.
Regards
Taz

 

[sanjoy_roy]

Hello All,

have been missing action quite for some time. was searching the holy grail

nah, actually tied up in certain things and was trying to learn more, implement them and see if I am making sense or not. fighting against myself.

also somehow was not able to make new version of lazy boy work because of Norton. installed it successfully today. read all the posts for the last 15 days. gud to see success all around.

I started early May of this yr, without any experience in forex. I was trading 1m and 5m with a pretty poor success rate. blew away two $10k account. Opened another and went down to $4200 but I persisted and somehow took it to $27000 but then blew it too. :lol:

Opened one more alongwith learning Lazy Boy and got initial success but then again made losses. lost interest. got bz with ofc work. now at $5520.

though I was not trading or active at TJ, I was experimenting. would not shy away to say tried other systems too mostly around MA and MACD. saw Peter Bain's forex home study course video. not much take away.

what I have learned though is that I would not be able to trade 1m or 5m. I have now shifted to 4h and 1D. wud close all open positions (yea have 2 open positions from 17th and 18th Aug resp.) and will start afresh. will watch Steve Nison's Candlestick course alongwith.

I look a confused soul. isn't it? yea, I am at times. I am either patiently impatient or impatiently patient. My problem is that I want to do a lot many things at the same time and end up doing nothing at times.

I plan to go live with approx $2k but since that wud not be possible before Jan. I will keep on demo trading to get into the habit and to set my own rules (borrowed from others and tweaked for myself) according to my personality.

I have to be successful with forex. thts my destination. my target hopefully is very realistic. 50 pips a week for initial 6 months and then 75 pips per week for the next 6 months and 100 pips per week thereafter. Will open account with ECN and not MM.

wish me luck and the right sense to succeed.

Thanks,
Sanjoy

 

[Edward]

To answer Sanjoy Roy I will give an apt example here...
I have a student in Surat from the first batch we had there. He is first year BE student.. a young and very shy guy in the beginning... He was forced to attend the training by his elder brother who wanted to start fund management in Surat city. This guy was not interested but was sitting there just for the heck of it... I understood that and gave him some special attention and opportunity to get him exited. Finally he started participating, and in the first 2 weeks, he had more than 125 trades out of which only 5 were negative... and he gave a very powerful testimony in the next seminar too...

the following weeks I saw that he got bored doing the same thing... waiting for signals... following the system, waiting for the highs and lows to be broken.... By now he had almost doubled his account.... He thought that trading was taking too much time and became boring.....
I asked him a simple question, when he comes out of Engineering, what is the initial salary that he would be happy to work for... he said anything between 10 - 15 k is fine...

I said isn't it dumb to study for 16 to 18 years and then to get only 10k for a nine hour job? He got the point I was trying to make...

If practiced properly and with patience even a one year study in trading forex is enough to get you a life time of luxury..... but we are not ready to give that much time....

Now people say, I have been trading forex for 3 years still unsuccessful....
For them, the answer is which system did they check for more than 6 months.. persistently.... which time frame and which pairs...
Till tenth the subjects are general, after tenth science, commerce or art is to be decided... once twelfth is over, you get into specialization... that should be the course for all forex traders.

I suggest the following who are struggling with forex trading right now.

1. Mentally be Prepared to give min 6 months to 1 year
2. Go through babypips.com for this entire week
3. Then go through babypips.com and experiment live on mt4 with all the indicators that you have studied in babypips.com for a week
4. Start trading demo with the indicators that's best suited to you for a week
5. Tweak them, turn them, understand them properly, dont worry about results
6. Now you are ready for the ready made systems available online....
7. choose the one that suits you and practice....
8. If possible buy books, attend seminars, video tutorials etc etc.... to gain knowledge.... remember, you grow mushrooms in your home you need 35000 investment... to make tube light chokes you need 50000 investment.... there is no business which doesnt require time and investment...
9. Take one system which by now you should be comfortable with and strat demo trading on eurousd, eurojpy and usd jpy... don't touch the other pairs yet....
10. Show at least 4 weeks of consecutive positive result
11. Open an account with an ECN or STP with min 2000 dollars
12. start trading only 0.10 lots.... if you can't do this... trading is not for you... atleast successful trading is not for you... don't yeild to the temptation of trading anything above this
13. The Secret, ' Trade your Demo account like a real account, and trade your real account like that demo account'. (If anyone can elaborate this sentence I will be happy and if it's confusing... i will explain later)
14. The 2000 dollars should be the ones that you can afford to loose.... and it should not be the only saving you have...
15. And God forbid you could not handle the pressure and lost 1000 $ stop trading and post here,... may be if one of my students are willing, they will trade that and try to recover lost money...
16. Try again. Every successful trader has blown up their account at least 3 times in their early days... this is a truth which applies to 99% of people, except extremely talented guys like Preet