liberalminority

I've just got to say, you mystify the hell out of me, I either love your posts, or hate them. There is no middle ground it seems. And I can't draw a bead on you.

For what it is worth, thanks.

hey LM , have some pizza .....[IMG]

I've been trading forex for a few years. I started out in stocks but I liked the flexibility of forex better, so I switched. Plus there's only so many pairs to keep track of, as apposed to scanning thousands upon thousands of stocks for setups.

I don't use Fibonacci too much, mostly just out of curiosity. Not sure if a top is in place, for now I'm just assuming it's range bound until it makes an obvious move one way or the other. One thing I've learned is to just trade what I see, and not listen to the talking heads on CNBC. LOL

No, I didn't risk that much. I've scaled back my risk on the Euro because of everything going on in the EU. I figure it's best to play small when things are uncertain.

And while I was busy with a losing Euro trade I completely missed this trade on AUD/USD. LOL Too bad too, since it was EXACTLY what I look for. Trend line break, and MACD cross going in the direction of the prevailing trend.

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Well... stopped out of that one. LOL Back to watching and waiting.

I like the Euro session. I'm usually in bed by the time U.S. opens. Too late for me. LOL

Went short EUR/USD btw...

Yeah, I use FXCM. I also have an account with MB Trading. Haven't funded it yet though, but will soon.

I was AFK on that last EUR/USD move to the downside, but I'm watching for a break of the lower trend line tonight. If it happens I'll go short.

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AUD/USD- Watching for a break of the trend line.

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I day trade, but I also swing trade, and if conditions allow I let my trades develop into position trades. No point in letting go if it goes on a long, sustained move. I wouldn't say all millionaire traders scalp. Some do, but many swing trade or position trade. You really don't have to trade very often to make good money. Scalpers make a lot of trades, but they're for smaller profits. Longer term traders take fewer trades, but make a lot more on their trades. It's really a matter of personal preference. Some people like to be in the trenches, others, like me, like to sit back and relax while the profits grow. As for stop hunting, it is something that happens, and if you're a scalper you're more at risk for it because you have a tighter stop. It also depends on your broker. If you trade through a reputable broker it's not as bad, but some of the lesser known and unscrupulous brokers can show some pretty wild spikes on their charts... I've seen charts posted on Forex Factory that make you say "WTF!?!?!" LOL

I have no idea how long it will last. LOL The beauty of trading is that you don't need to know what's going to happen in order to make money. Just trade what you see. If you're in short just manually trail your stop to the last swing high and let it ride. That's what I'd do anyway... I'm also watching USD/CAD for a potential bottom. Trying to defend parity, and there's positive divergence on MACD (12,26,9) and Stochastics (9,3,3). I'm watching for a break of the upper trend line, or a convincing break of parity before firing off a trade.

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I follow Alexander Elder's 2% rule. I start each trade by deciding where my stop will be, and then trading the appropriate position size so that if I get stopped out, I lose no more than 2% of my account. By following this rule you don't even need to be right most of the time to come out ahead, but obviously having a good system will take care of that for you. I've found that trading is mostly psychological. Coming up with a winning system was the easy part, having the guts to pull the trigger and hold until your profit target or stop is hit is another thing altogether.

No. There's too many guys that compete that turn 5k into six figures in one month. LOL Plus, since it's a worldwide competition, we in the U.S. have a disadvantage because we can't leverage to 400:1. Wouldn't want to anyway though... LOL

I have a standard account and a micro account.

Looks like sitting on hands was a good choice. LOL

I keep it cranked all the way up to 50:1. If I want less risk I just trade a smaller position.

Well it did have a nice bearish pin bar on the last daily candle, and stochastics are overbought on the daily chart, but I don't like trying to pick tops either. LOL What I do is draw Tom Demark style trend lines and note support/resistance levels, and take note of weekly and monthly pivots. If the lower trend line breaks and price breaks a support area or a pivot, then I think it's safe to assume a top is in place. Personally I think if it breaks 1.3050 (previous resistance, and just below weekly R1 pivot of 1.3066) and heads lower then it would be safe to say that a top is in place. But being that it's Thursday night (Here In Hawaii anyway), I'm sitting on my hands until next week.

I cannot solicit any services on a public forum. Thanks have a good day.

I have no website, nor reviews. Use the private message function here if you want to discuss anything.

Yes. 10char

Merry Christmas LM . [IMG]

well , don't give up yet , it'll pick up the first big storm front we have . everyone will be inside where it's warm . ;-)

Thanks for the invite.
I don't join groups, but wish you all the best with your.
Btw, I am an independent Con, for what its worth.

well , I know how ya feel , started a few threads myself that didn't exactly skyrocket at first , but hang in there and not be discouraged ... but's slow now on PF , prolly will be until after Christmas and past New Years ,,, but things will heat up real fast about Easter next Spring ... until then , we're left the Republican Circus to entertain us . . . gosh , I can't wait till Baseball season ... crying here , wah-wah.....;-) Hillbilly

thanks for the invitation , just made a post there :-)

gonna make Guru tonight , L&M , glad you're here and a friend .