Baruch's Forex System Journal
- Thread starter Baruch
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well i must say that i have only been there a few weeks but the one guy D. Johnson is very good. he follows the indexes and is extremely knowledgeable. i thought that his insights were very good. i wish he stayed on longer though. but i can't complain because it is free. what more could you ask for?
as for the other 'mentors' there i cant speak on because i happened to have stumbled across this guy 1st and have not yet tried the others.
i will let you know.
Quote from Guardian Angel:
well i must say that i have only been there a few weeks but the one guy D. Johnson is very good. he follows the indexes and is extremely knowledgeable. i thought that his insights were very good. i wish he stayed on longer though. but i can't complain because it is free. what more could you ask for?
as for the other 'mentors' there i cant speak on because i happened to have stumbled across this guy 1st and have not yet tried the others.
i will let you know.
OK. Yes, please keep us informed. Any forex mentors?
Quote from TRADERguy:
I trade between 10 and 100 round turns per day (per lot). I trade less on trend days and more on days when there is less directional movement (or I am less sure of where it is headed). On trending days I try to exit when the price becomes over-extended and I get back in at a better price when it has retraced (either to the Bollinger band for really strong trends and to a moving average (whatever period ave. it's pulling back to) during less violent trends). When I'm less sure of the directional movement for the next few hours I trade short term. If there is directional movement, on average I bank (after transaction costs) about 110% of the range that occurred during the hours I trade. The nice part about trading shorter term is that you can make $$$ during the days when it's sideways trading; sometimes banking twice the range even when the price finishes within a few pips of where it started. The negatives for trading this way: (1) it is stressful, requiring your undivided attention during every second of the time that you trade; (2) it is daytrading and you will not bank any of the movements that happen during the hours that you are not staring at the screen. On the positive side you can sleep like a baby knowing that you are flat.
TRADERguy,
I saw in a thread that you don't like to take partial profits. Why not?
P.S. Which charts do you use?
Yes, no one ever accused the T-note market of being exciting.
I sold the notes after the prices paid ism component came out (near the bottom of the range) and the notes continued to march south. I was surprised at the strength of the move, but I'm not complaining. Glad you got your feet wet. There's potential for a lot more fun & profits on Friday. During regular trade I hold losses to 4 1/2 tics in T-notes but after a number if it's choppy you have to give it a little more room.Quote from TRADERguy:
Yes, no one ever accused the T-note market of being exciting.
TRADERguy,
T-notes (and bonds) are a little bit confusing - because they don't trade in "normal prices". But right now in September T-notes: 108 8/256 - 108 12/256. So what do you mean with 1/2 tics?
Partial profits reduce your expectancy (see Van Tharp's Trade Your Way to Financial Freedom). It reduces your profits and leaves your risk the same (loss between entry and stop loss).
I use CQG. Bar charts with the little tics for the open and close of each bar. 5min, 15min, 60min, and daily. Also I sometimes look at a 1 minute for number releases and to see more detail of what has transpired if I have taken a break.
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