Baruch's Forex System Journal
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Quote from Scientist:
Yes, little has changed in that department.
That's OK though, because on the other side of the deal, I've managed to take much bigger winners.
Hint: The quality / skill of a trader is determined by the amount of money it takes him to find out if he's wrong...
Scientist,
I agree.
Or as Soros' says it: The important is not if you are wrong or right, but how much you lose, when you are wrong, and how much you win, when you are right.
Sort of. I wait for shit to hit the fan, and prices to settle out a bit, maybe a half hour or so. I don't trade the intitial breaks unless they were at key spots already (like right at a 60 min channel for example).
Big news events usually result in one of the following:
1) market blasts off and doesn't come back, in which case I go all the way down to 5 min charts and trade retracement to:
a) a trendline
b) a HLMA (high low MA channel), 10 period, Taking the trade at the low MA if market is rallying, and visa versa. This is only situation in which I use MA's.
2) market goes one way, then reverses hard. I will then trade in direction of reverse for rest of the session in this case.
Most news I ignore and trade off the charts. Employment, GDP, sentiment at times, and big events such as bombings being the exception.
Baruch, from what I can see so far, you are doing exceptionally well with your system. Just follow it, and tweak as necessary.
The big challenge will be when we get into sideways chop. If you can recognize that quickly, you are going to make serious cash I think. I may start trading your system with single contracts as a test, just as long as it doesn't go vs my other methods. I currently win on an OK %, but you take more pips than I. Important.
Jay
Jay
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