an idea

Hiya Folks :)

It's been Brill to be back n communicating here again.

The quality of posts and sense of community in my opinion are right up there, n it was almost worth going away for a bit just so I could come back n get in touch with the "crew" again :)

Anyways... dunno if it comes through but i am going through what I think is a very important phase in FOREX trading at the mo, a lot chiller when I am at the frontline of the market, a heck of a lot more patient n the bizzarrest of bizzarre... for the first time in my trading career I am happy to take losses.

Particularly as just now I have looked at my trading record for the week and tho for all I know this may be a fluke amongst flukes... 6 losing trades, 11 wins, total pips up after the week 130.

I think this is the smallest number of Live trades I have EVER made in a week, and by golly it was one of the calmest weeks ever.

(Monday, Not so calm, n thanks be that I hauled myself out of the market early as beleive me I wanted to belt a few things, and felt the market was just "wrong"... Danger Danger whoop whoop, walk away and as 10cents sig keeps reminding us.. the markets will be there tomorrow)

All trades made during the London session 6pm thru to midnight.

One absolute DRIP of a day on Monday that cost me 50 pips, and the rest averaging to roughly 30 pips positive a day.

now from the outside, 30 pips a day might seem like sweet nothing... but when one considers that this, if it were single full sized contracts (rather than micros that I trade at my juvenile stage) would be $300 ish a day mmmm that's almost a wage (tax makes it less so... without tax, that WOULD be a wage :) )

"proper risk management" tho, sugggests that max risk per trade at the juvenile stage should be no more than 1 percent of account size, and on a single contract. coupled with a max stop disatnce of 50 pips for the style of intraday trading that this week has been the subject of, means that max risk on a 50 pip stop loss on a full sized contract == $500, so would need a $50,000 trading account to risk manage correctly. Not yet my league.

Now, several of the winning trades made would have won a darn sight more than they did, if I had let them run (frader's pearler of a 180 pip trade is a prime example, which I was on beside him, and closed off at 40 pips... Frader made 180... :) :) who da Man There!)

How bloody grouse is that :) I had a good clean week, made my minimum acceptable profit of 15 pips a day and on just one of those days, (frader's example) there was the potential to like DOUBLE my entire weeks gain in a day... How good does that make me feel.. FREAKIN Ecstatic! it is not that hard to take the leap n see that I have not even reached anything like the potential the market is offering, maybe taking 10 or 20% of what's on offer during a quarter of the market's open times....

No wonder trading FOREX is so attractive eh?

I am only crawling... there's walking n possibly a bit of jogging ahead :)

Anyways...

The particular style of trading I have done this week is purely and simply intraday trading, using simple methods to start a trade and simple methods to exit... not rocket surgery or brain science. and only one set of methodologies to eke (or eek LOL) out profits.

There's still swing trading, larger timespans all that shizzle to go.

but anyways... I don't want to pump up the excitement too much.. the hope and dreams are a big part of my previous losses despite some pearlers of gains, and this stuff is day in day out discipline, doing the pre market research, sticking to plans and learning to chill n not give two hoots about the money.

The IDEA as per the thread title is thus...

Preamble

for me, FOREX trading is a lot more than seeing a setup and getting on it... anyone who has traded forex will know that not all setups are born equal and sometimes a perfect set up can be a perfect place to take a loss.

Mitigation of incorrect assumptions is helped incredibly by looking at larger timespans of pairs prior to hitting the frontline of the markets on lower timespans, finding the larger scale trends, and points of resistance and support so one has trade plans in place PRIOR to price getting there.

Fundamental information such as market moving economic news, correlation of particular currrencies to commodities (for EG...CAD to oil, AUD to Gold)and even correlations between pairs are significant.

Identifying trends in higher timespans (daily weekly even Monthly) helps put one on the right side of the market.

I think amongst the crew here we have a number of awesome resources.
Idea
I want to try running an information style thread that starts the week off with pertinant info with maybe a midweek or even (heaven forbid) a daily update so we can all work together to get and keep "the crew" informed... an edge on top of an edge so to speak.

starting off with...

Important economic news, and time of release for the week.

Current larger timespan trends for specific pairs

I do a lot of this work for myself at the mo, It has made a difference to me spending a couple of hours each Sunday compiling the info and setting it out for each day. Part of the reason this week was so smoothe for example was that I was FULLY PREPARED each night. but I have my limitations... and would love to get others running with me (so I can use YOUR work to increase MY account LOL!)

it may not work

It may peter out due to lack of enthusiasm

But I recon it's worth a try...

So are you with me?

;)