Trading for a living!

[bunglungchingdong]

If your worried about the spread from OTC retail brokers trade the currency future's through a commodoties broker you pay commission per trade but no spread other than what market feed bid/ask gives.
As for scalping theres a couple of reasons most retail otc brokers dont allow it 1 being its very risky and 2 being it clogs up there servers and doesnt allow fair use for other non scalping traders.
Anything under H4 is scalping for me, the longer TF chart is more like investing not gambling especially for something like the dow which I trade the daily chart gives much better results with less broker commissions and stays out of the spikes which will whipsaw you to death.
Honestly have you ever seen a whipsaw spike on a daily chart?
One of my broker's is an ex cbot floor staff commodoties trader, specializing in futures options, who manages million in accounts per year, and he told me off the record that he never even looks at a chart under D1.

[hanz]

are you stating with tight spread scalping is more easier than position(swinger?) trading? <-- what im trying to say is u can always spot scalping opportunity 24/5

u can scalp all markets trending,flat,ranging

if it's too damn flat like christmas use 5second chart to scalp lol

[hanz]

Originally Posted by bunglungchingdong

If your worried about the spread from OTC retail brokers trade the currency future's through a commodoties broker you pay commission per trade but no spread other than what market feed bid/ask gives.
As for scalping theres a couple of reasons most retail otc brokers dont allow it 1 being its very risky and 2 being it clogs up there servers and doesnt allow fair use for other non scalping traders.
Anything under H4 is scalping for me, the longer TF chart is more like investing not gambling especially for something like the dow which I trade the daily chart gives much better results with less broker commissions and stays out of the spikes which will whipsaw you to death.
Honestly have you ever seen a whipsaw spike on a daily chart?
One of my broker's is an ex cbot floor staff commodoties trader, specializing in futures options, who manages million in accounts per year, and he told me off the record that he never even looks at a chart under D1.

great post!

i will trade swing/position when i have fat accounts...oh with no SL

[jgerousis]

Originally Posted by todd

Hi there,

What systems can you reccomend to achieve these results?

thanks.

Hi Todd. I used to trade Hans for the years 2005-2006 with great results. However since Feb 2007 it is in drawdown.

On the other hand I do recommend the Fozzy method. Now I am also testing another method, called daily 20 pip.

Thanks God, i made lots of cash from hans in 2006, and now, although I lost some money on hans in 2007, yet, I recovered them using Fozzy, and SIBKIS.

Now, I am using a protofolio of 4 systems together.

you can check my live results on my site.

[bossxero]

By the way, the daily 20 pips seems to be a nice consistent system with a high winning ratio. Best of all, its a FREE system !! People who share these kind of systems for free are real heroes. You can find about this system from their site -> Daily20pip official Site

If you are too lazy, the author gives free signals daily on his site

Originally Posted by jgerousis

Hi Todd. I used to trade Hans for the years 2005-2006 with great results. However since Feb 2007 it is in drawdown.

On the other hand I do recommend the Fozzy method. Now I am also testing another method, called daily 20 pip.

Thanks God, i made lots of cash from hans in 2006, and now, although I lost some money on hans in 2007, yet, I recovered them using Fozzy, and SIBKIS.

Now, I am using a protofolio of 4 systems together.

you can check my live results on my site.

[Donaldinvest]

Originally Posted by Libros

what you mean by 2-4%?

i know that fxcm statement.
i know what we got if we win is from loser. who is the loser? that what we must describe.
how bout if so many winner on forex? e.g:this just fantasy story. one man is very expert and can easily double up their account, what happen if this man is unstopable. he can make 1 billion 2 billion and unlimited money, he can make 1000 billion in a month. from where is that money????
i doubt if only from loser trader. if he have enormous money to trade, what he face now is not trader but the central bank itself.

i make this post because sometimes i see on my chart. who foolish one that want buy instead of selling on that time. i doubt any trading system buying instead of selling in that time.
i think posibility for this case is the buyer is not chart trader, only common people that make regular transaction on bank, they are who change their currency for business, export import, vacation, etc. they didn't care for just few or hundred pip movement. they do buy 'not' because of the price crossing ma, hit support resistance,their EA give signal or anything else but because they just need it, whatever price it is. they just do 'real' transaction. are you see chart first if you change your usd to your country currency? LOL

remember on forex 95% transaction is for speculation, like us. only 5% is real transaction. so the loser on the case above is 'real' transaction.

and, do you know if all people selling one thing, this thing price will go down.
that just market law. for this case who is the loser? who have this thing.
it should work on currency too i think. we trader didn't care what price now, just care it will up or down. it's possible if all trader take one direction on one time and the loser is who have this currency->the Fed and their people.

i give you beautifull example:
on my country on 1998, george soros and other speculant is crushing my country currency. so for this example who is the winner and who is the loser you already know it. the winner is speculator and the loser is the country and the people. there is so many people (who are not trader) on my country suddenly rich on that time,especially exporter. reversely, importer suddenly bankcrupt.

Mama mia! what the hell did you wanted to say here? I got no clue, because your english doesn't make any sense

[Libros]

sorry if my english isn't too good, especially if compare with native, and more particularly with england people.

just tell what you didn't understood.

[exni]

Originally Posted by bossxero

According to me, most who trade for a living does not scalp the market as we say, they usually trade on higher timeframes from H4 and over. You will be amazed how the simplest system works perfectly on higher timeframes. Most who trade for a living are therfore position traders.

Most losers are those who sit and keep staring at the monitor for hours and hours thinking that they would make their first million next week. They are always looking for a system to catch each and every move. A totally false perception...

Just try even the simplest systems on the H4 and see for yourself how at the end you are able to come up with some pips. Try using MA crosses, stochastics, adx, pivots, all of these work great of higher timeframes. Thats my two pips

All the best.

Good thoughts BossXero !

dayTrd, scalping or even scaling are to be compared with F1 ; you do NOT start driving an F1, you start with F3 or whatever : that is one of the quaility a trader need to have, that s a pre-req! and it s called Patience! >> if you cannot watch a position develop, which means taking time to understand what is happening, then if you want to start scalping you are just living in "random city" / you bound to lose. Trading for a living is possible : but what the pros dont say is that when they scalp, scale or so they also keep some positions Long-term, bcz they know it is this one they will play around with or this one they will get the most from ! By "playing around with" i mean protecting it : when u have a swing or a LT posi° you manage it, you hedge it even! (only hedge when u in profit, rule #5)), you play around...although it s not a play....thus short term techniques are for people who understand the markets "perfectly" (way of saying) : know why u enter a trade, if you dont, stay in cash, understand what s behind the "price zone", understand why you have put the trigger, when you will exit and why you will....understand your strategy : this why you can t buy a strategy, nor a system, because this is you! not the guy trying to sell his c*** to you : psycho. is #2 pillar in trading.

As for account : what happen when you enter a trade? >> you also enter a statistical run, or serial, call it as u wish : you think the stat run will spare you, noway! you are part of it, or you dont trade! that is why losses are part of the business and small accounts are bound to fail, as well....anyone saying otherwise has been part of an extrem lucky stat run, but long term will prove him wrong ... as it always has. If you start with a nice account size and a good system (that mirrors your expectations and features) you have the "chance" to weather the storm ... think "tidal wave", keep this image : you measure its strength only when it s up on you....too late ))

now drawdown : like we said they are part of the game ... "tidal wave" again ... limit them >> more than trading books, buy stat books, physics and so on, you ll understand what neg streaks are.

Indicators : BossXero said it ... i want to add : if you understand risk and position mangement you will need one or two....trust me they all come back to the same thing.

simple things work best ; BUT you need to treat them as a Pro ; to do this you need to understand simple things can be complicated for us, human beings : example : no trader can understand completly what fibonaci's are untill he/she s been into quantic physics or so....do NOT just read what you find on the web abt Fibo's ... fibo's are part of something bigger than this ; that s what i mean by "simple complicated things" ... life is a paradoxal entity, why would trading escape this rule ... all of us are in direct contact with a swarming chaotic universe ... can you pick your run? ))
good luck to you all

exni

[jgerousis]

Originally Posted by exni

Good thoughts BossXero !

dayTrd, scalping or even scaling are to be compared with F1 ; you do NOT start driving an F1, you start with F3 or whatever : that is one of the quaility a trader need to have, that s a pre-req! and it s called Patience! >> if you cannot watch a position develop, which means taking time to understand what is happening, then if you want to start scalping you are just living in "random city" / you bound to lose. Trading for a living is possible : but what the pros dont say is that when they scalp, scale or so they also keep some positions Long-term, bcz they know it is this one they will play around with or this one they will get the most from ! By "playing around with" i mean protecting it : when u have a swing or a LT posi° you manage it, you hedge it even! (only hedge when u in profit, rule #5)), you play around...although it s not a play....thus short term techniques are for people who understand the markets "perfectly" (way of saying) : know why u enter a trade, if you dont, stay in cash, understand what s behind the "price zone", understand why you have put the trigger, when you will exit and why you will....understand your strategy : this why you can t buy a strategy, nor a system, because this is you! not the guy trying to sell his c*** to you : psycho. is #2 pillar in trading.

As for account : what happen when you enter a trade? >> you also enter a statistical run, or serial, call it as u wish : you think the stat run will spare you, noway! you are part of it, or you dont trade! that is why losses are part of the business and small accounts are bound to fail, as well....anyone saying otherwise has been part of an extrem lucky stat run, but long term will prove him wrong ... as it always has. If you start with a nice account size and a good system (that mirrors your expectations and features) you have the "chance" to weather the storm ... think "tidal wave", keep this image : you measure its strength only when it s up on you....too late ))

now drawdown : like we said they are part of the game ... "tidal wave" again ... limit them >> more than trading books, buy stat books, physics and so on, you ll understand what neg streaks are.

Indicators : BossXero said it ... i want to add : if you understand risk and position mangement you will need one or two....trust me they all come back to the same thing.

simple things work best ; BUT you need to treat them as a Pro ; to do this you need to understand simple things can be complicated for us, human beings : example : no trader can understand completly what fibonaci's are untill he/she s been into quantic physics or so....do NOT just read what you find on the web abt Fibo's ... fibo's are part of something bigger than this ; that s what i mean by "simple complicated things" ... life is a paradoxal entity, why would trading escape this rule ... all of us are in direct contact with a swarming chaotic universe ... can you pick your run? ))
good luck to you all

exni

Excellent post exni. I have always thought of the market as a chaotic random market, but one should always know how to deal with that.

Yanni

[exni]

Thx Yani,
i read a lot of stuff that are scaring me here on this post ... like people are really sure of what kind of startegy should be applied ... they gonna learn the hard way, that s too bad. I hope they wont suffer too much damage--

cheers