Trading The Yen

Quote from DrawDown:

You no look right. You looka but you no seeya.

I tell you again...

Everybody they trada only two ways, up or down. They alla lose!

So, I come along and take the other sida. Thatsa the bottom lina.

I taka the other sida of everyone who losa, guess whata? I wina!

No need da numbers, da chartsa, da techsa... just taka da other sida.

Take it lightly,

dRaWdOwN
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Man, thank you. Thanks for that. You are a serious trader these days, I can see the difference in you from your coinzy days to now. You just seem a lot more mature now.

By the way... last time you were here on ET, before you got banned, you were looking for someone to give you a million dollars based on your paper trading results. You even sent me a PM about it, remember? I still have that PM in my in-box, actually.

So what happened? Who did you get the $$ from?

(PS - remember, you fired the first shot, coinzy!! You should have known better than to engage me again, buddy. I was willing to leave you alone. To be honest it's kind of fun having you around again).
 
Quote from ImamicPH:

I trade the yen and euro. I caught the big run up in the dollar last week.

I'm flat right now. I never want to go into the weekend with a position. Besides I've been having a couple of rough weeks, sleeping through a trade with no stop in, etc. just be careless.


Oh what charting software is that graph on?
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You equate sleeping through a trade with no stop in, "careless?"

Just want to make sure I understand you right.

"Besides I've been having a couple of rough weeks,...."

What happened then?

dd
 
Quote from DrawDown:

You equate sleeping through a trade with no stop in, "careless?"

Just want to make sure I understand you right.

"Besides I've been having a couple of rough weeks,...."

What happened then?

dd
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It's just that my account declined by about 20%. Had a bunch of losers. I trade forex purely discretionally so it wasn't a system. Just got on the wrong side of some big moves.

The sleeping thing. I like to wake up and put around 3 and trade the euro. Found out the night before I fell asleep short.


What's the chart on?
 
Quote from traderNik:

If you're a technical trader you are trading the moves you see, whatever they might be based on, you don't care. So why the need to state that you trade fundamentals when they fall in your favour??
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Despite the ever-changing aliases, I think the original coinzy principle still holds true: if the fundies happen to go my way, I book the profit; if they don't, I hold on and pray.

Anwyays, wb coinz. May the fundamentals happen to coincide with your biases for a stretch longer than last time. :)
 
Quote from downrivertrader:

Coinzy/Skalpz,

While I agree the YEN is headed up to 120 and beyond, there is a good chance it will go to 114.75 first.

It may start on Sunday night.
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Based on what?

the drawdown
 
Quote from illiquid:

Despite the ever-changing aliases, I think the original coinzy principle still holds true: if the fundies happen to go my way, I book the profit; if they don't, I hold on and pray.

Anwyays, wb coinz. May the fundamentals happen to coincide with your biases for a stretch longer than last time. :)
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Absolutely.

Indicating you don't need to trade Jack cheese in order for "highly sophisticated tech and fundamental trading models" to plop the whole market right into your lap simply by your positioning yourself for them to do so.

1. You need to show up.
2. You need to open a trade.
3. You need to stick with it! Meaning, your position is gonna get beat to hell - expect that!
4. You may not always be right, but the "highly sophisticated tech and fundamental trading models" are not right nearly as much as they'd like to be.

Hence, there's plenty of opportunities to trade profitably simply by taking the other side of the "pros."

Example will be in the next post....

dRaWdOwN
(can he ever stop once he gets going?) :D
 
This example is from several months ago.

I had stopped trading EUR/USD for a number of months.

Didn't have the spare capital to plunk down, plus I was already stretched to the max in my cap trading other pairs.

EUR/USD had been trading in the 1.1600s to the 1.2200s range. I saw no point of entering just to get see-sawed back and forth, so I stayed flat.

Then, I think it was April, I clicked open my monitor and saw EUR/USD sailing upwards past 1.2250....

Well, that was a change in the market, I knew something was going on with the t/f trader guys.

I opened a short @ 1.2301.

Turns out I was right. From April 15th I had just caught the bottom of a 700-pt spike.

From that point I opened and closed 4 positions (total 4) - maintaining them - as I rode the rates (note: I did not trade the rates, just rode them) booking cash to 20-pts shy of 1.3000. Even though I was pointing in the opposite direction.

I still have 2 of the original positions open - one is in the money - one is not. Both draw interest 'round the clock. My average is 93-pips away from market.

Later I opened a long(s) and made some money there, too - different story.

Principle of the example is, I took the other side - bottom line - it's all I had to do.

The rest of the world did all the fancy trading based on rocket-science type indicators and analysis.

I got in. Worked my average price up higher and higher... when the market turned and tumbled 500-pts from the top to 1.2475, guess who made the money?

Me.

Guess who lost money?

Them.

Did my first short position opened at 1.2301 get beat to hell? Sure it did. But, I expected that to happen, and wired by money management structure to handle it so the pounding did not wipe me out.

How much did I lose since April? Zero.

How much did I make? Plenty.

dRaWdOwN
 
Clarification.

"How much did I make? Plenty."

That "plenty" so far is approximately 75% profit on the money I have exposed to market (margin) in that account since April 15th (70-days), that is 5.748% gain on the entire balance of that acct.

So, as you can see, my efforts in this trade have not been in vain.

dd
 
I think the yen will only appreciate, and here's why...

First, expect a rise in Japanese rates. That's a no brainer. But the real effect from this will be all the tons and tons of liquidity out there that has been the Japanese John Q. Public's life for the last how many years will now start to drain out and back into the Japanese economy, returning to the Yen.

Everybody and their brother in Japan took money out of the free money market and put it in other things. Everyone. Soon that will change and they'll all pull it back (it's already happening now). Expect appreciation long term on the yen.
 
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