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MrCharts, how many years did you wander in the trading wilderness before you found the light (as I understand, your light was shown to you by the strange people).? Also, do you think you would have gotten there eventually on your own?

Mr Charts, your writing reminds me a lot of Nysestocks. Especially the part about meeting with some strange people.

I see that you are using 15min bars. Now I am not saying that it cannot be done, but short time frames in forex is about as tough as it gets. I have found 4 hour bars easier to work with. If you like to get in on the action daily you may find 4 hour bars too slow though. Find a timeframe...

I'm sure you know this but I have to say that you are playing a very dangerous game trading forex without stops. I hope you don't find yourself in the situation where the market moves quickly against you, leaving you stuck like a deer in the headlights as it continues to move farther and farther.

An impulse trade is not necessarily bad, if it looks good, why not take it. If you are always swift to take a small loss if the trade is acting 'right' then you need not worry about losing much money.

Cut your losers quickly and let your winners run. Now go make your millions

I'm not going to explain where I get this from but I would suggest that commissions plus spread on a trade should not be more than 10% of the risk on that trade. Ideally much less than 10%.

Here are my questions: 1.How would you rate these in importance (percentages): 1. Trade Entry, 2. Trade Management, 3. Trade Exit 2.Do you believe an entry strategy that is based on breakouts (buy high sell higher ...) or pullbacks (buy low sell high ...) to be more profitable? 3.Do...

When the retailers are getting back in it will be time to jump ship. Got to feel sorry for the retailers, they got out at the bottom in sheer panic and with all the recent doom and gloom they are now having to endure watching the bull run from the sidelines. The feelings of regret and of...

so far 2 posters in this thread have hinted at what a real edge is.

The market is in control of the price, that's all. Everything else is up to you, but you know that already :)

There is a real nugget in there, one that has been written a million times on ET. It will mostly be ignored.

Keep your position as long as it is correct. You need to decide yourself how you would define when a position is correct. Whenever you find that your postion is not correct move your stop in tight. Thanks POP.

Just my opinon. Successful trading is all about making the right decisions. No one can predict the future with certainty so often you are going to be wrong. The right decisions go against human nature and that is why this game is so hard for most.

I hear that the moving average(10,20) crossover is HOT at the moment.

From what I have seen of ET (not talking about this thread btw) a major obstacle to struggling traders is a lack of common sense and being able to look at trading for what it is really is in simple terms and not what they read in a book.

Yep, in the really small timeframes there is little to no time for managing a trade by price action. An exit strategy that relies on a statistical average optimal exit would be preferable (in my opion).

Well said. I think that a lot of ET'ers miss the point of timeframe in the entry vs exit debate.

Do trendlines work? Does a screwdriver work? Well that depends on who is using it and what for.

Don't you mean: it's anitBrazilian terror laws Shouldn't that be