You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Baruch's Forex System Journal
- Thread starter Baruch
- Start date
- Status
- Not open for further replies.
Quote from mdl060374:
Baruch, excellent job so far and good luck with it..
As you mentioned, you might hit a wall once the market goes sideways or gets choppy.
Have o developed a plan yet to stay out of these markets/trade them.?
MOre importantly, IDENTIFY when a market is changing?
just curious.
Hi mdl,
1. Yes: Just stay out.
2. Look at the charts.
Quote from Jayford:
16 years, full time.
If you are pulling the trigger on those trades (vs paper trading them), you have a hell of a future I think.
Jay
PS I have traded just about everything (Equities at Bright, physical commodities, etc), and think currencies are probably the best way to make money, although I daytrade ES also, pretty much every day.
Hi Jay,
Thank you. I agree with you: currencies are the best.
Quote from Baruch:
My system did catch the up-move, but I did'nt trade it, because I slept. You need to trade the system 24 hours a day to get all the pips it makes...
No trades today. Did'nt catch the down-move, because I was not before the screen (had other things to do).
But there will come other signals...
Sorry Baruch . I read most of the thread but could not find any reference to entry on retests, you talk about 'crosses".
Why do you think currencies are the best? Do you really think one can make a living just in FX ? I had a very tough time in FX until recently almost gave up, made it all back but still I think this is an usually good time in FX.
Why do you think currencies are the best? Do you really think one can make a living just in FX ? I had a very tough time in FX until recently almost gave up, made it all back but still I think this is an usually good time in FX.
Quote from Kicking:
Sorry Baruch . I read most of the thread but could not find any reference to entry on retests, you talk about 'crosses".
Why do you think currencies are the best? Do you really think one can make a living just in FX ? I had a very tough time in FX until recently almost gave up, made it all back but still I think this is an usually good time in FX.
Hi Kicking,
1. Yes, I also trade retests (new crosses). A signal is a signal.
2. Yes, I agree with Jay: currencies are the best - if you want to earn at lot of money. Better than index-trading.
3. You don't need a system to earn money in currencies, but if you have a good system, you will make money.
4. Maybe this is a usually good time, but currencies trend more than indexes (I don't know gold, oil, pork bellies etc. very good). But even when currencies are in a trading range you can make money scalping - but you need a different system.
Overall, currencies have always been one of the most trending markets, and they have large ranges.
That said, they have choppy periods as well. As Baruch says, use different techniques for these periods. (I just stand aside).
I love his explanation of how to determine non trending periods "look at the charts".
That's how I do it too. I just eyeball it. Usually associated with a drop in volume as well.
I disagree with the statement that you will make money with a good system however. A crappy trader won't make money with any system. They won't follow the signals. It is often very tough to take all the signals, especially after losses. Easy to do paper trading, but completely different with real money on the line. New traders never get this concept until they actually try it. MOST traders cannot follow their own signals. Sounds insane, and it is. The psychology of trading is most of the game.
Our buddy Baruch seems to have a good grip on this, and I believe it has much to do with his recent success.
Jay
That said, they have choppy periods as well. As Baruch says, use different techniques for these periods. (I just stand aside).
I love his explanation of how to determine non trending periods "look at the charts".
That's how I do it too. I just eyeball it. Usually associated with a drop in volume as well.
I disagree with the statement that you will make money with a good system however. A crappy trader won't make money with any system. They won't follow the signals. It is often very tough to take all the signals, especially after losses. Easy to do paper trading, but completely different with real money on the line. New traders never get this concept until they actually try it. MOST traders cannot follow their own signals. Sounds insane, and it is. The psychology of trading is most of the game.
Our buddy Baruch seems to have a good grip on this, and I believe it has much to do with his recent success.
Jay
Quote from Jayford:
Overall, currencies have always been one of the most trending markets, and they have large ranges.
That said, they have choppy periods as well. As Baruch says, use different techniques for these periods. (I just stand aside).
I love his explanation of how to determine non trending periods "look at the charts".
That's how I do it too. I just eyeball it. Usually associated with a drop in volume as well.
I disagree with the statement that you will make money with a good system however. A crappy trader won't make money with any system. They won't follow the signals. It is often very tough to take all the signals, especially after losses. Easy to do paper trading, but completely different with real money on the line. New traders never get this concept until they actually try it. MOST traders cannot follow their own signals. Sounds insane, and it is. The psychology of trading is most of the game.
Our buddy Baruch seems to have a good grip on this, and I believe it has much to do with his recent success.
Jay
Hi Jay,
I agree with you: The psychology of trading is most of the game.
If you don't use a system, you blame yourself, if you make a loss. (We all hate to be wrong). You make a new (bad) trade to get the money back, and lose more money.
If you use a system, and make a loss, you blame the system, not yourself. You don't make a new (bad) trade, but look at your system to make it better.
I think you need to be a very good trader (or scalper?) to make money in forex without a system. Before you could also trade the news, and be sure to make money, but not anymore, I suppose.
Quote from Jayford:
I trade, in order of preference, Euro, Pound, Yen. The Yen is not nearly as good technically speaking, most of the time. But it is often easier when the European markets are sideways.
I trade for targets in Yen. Don't let it run.
I also trade CD, and Aussie, but only position trades, and not very often.
Jay
Hi Jay
How can you trade so many markets?
- Status
- Not open for further replies.