Originally Posted by dc_publius
Can you take a step back and tell us who you are and what your trading background and results are?
Can you release your trades for the last year, or whatever?
These sorts of screencaps are easy to do after the fact when everyone knows which direction the market went. To me, they mean nothing and I'm not sure why so many traders post them up...
Sam I am. I've been trading forex live for 4+ years.
I'll be posting live throughout the thread. It's the weekend, the market is closed. With the amount of hindsight-harry "traders" out there, I applaud your caution. I've been posting setups in the March/April/May trading thread but most of posters are stock oriented and I see little relevance.
I eeked out a 15% return in 2011. I'm at 18% roi for 2012.
I encourage you to get a demo account and I'd be happy to review my trade setups with you tomorrow.
Originally Posted by WiltOnTilt
I'm curious what you would say to those who argue that forex is a suckers game and unbeatable long term for individuals. I really know little to nothing about it but I've been advised to stay away because of the knowledge asymmetry compared to the big boys.
Also what sort of sample size is needed to determine your edge? Is it like poker in that by the time you get a decent sample your win rate is pretty meaningless since the games and edge changes?
I think with a lot of things in life, when people can't do it themselves, they revert blame to outside factors...anything or anyone but themselves.
FX is a tough gig, especially for those who don't understand it. Is it more difficult than trading stocks, futures, etc? Perhaps. I originally went to FX because I couldn't get around the pattern day trader rule w/stocks (min. 25k account size).
Regarding sample size, it isn't as big of a factor IMO. There are a ton of methods out there that you can trade and are profitable. The mental hoops that you need to get through to stick to said edge is the most difficult aspect.
Originally Posted by vetiver
How is the S&R line/zone determined before the fact?
The S&R lines are pretty standard. If you know what support and resistance is & you take a look at the charts posted, it should be pretty obvious. If you don't understand S&R, I can't help you right now but as the week progresses, you'll see the levels I'm picking in my charts.
These are no-brainer levels that can usually be spotted on the 1hr - daily charts.
**If anyone doesn't want to go through the demo process but still wants a quick look at the charts/setups I'm looking at, visit: http://www.fxstreet.com/rates-charts/live-charts/
I use these charts when I'm on the road and/or need a quick look. Good stuff.
Originally Posted by VictorChandler
background and results plz so we can determine if its legit/worth the time. I hope so tho, looks interesting.
Patience guys, please. If I could go back and modify my original post, I would organize things a little differently and include clearly that I will be posting throughout the week as the market is open.
As far as determining if this is legit and/or worth your time via my account balance, PnL, etc, I can't help you there.
Keep reading though, I think you'll find the thread interesting & worth your time.
Originally Posted by cwar
Trading is not poker you won't define your edge the same way, forex most defintely *can* be profitable. It's not the greatest if you trade intraday because the spread you pay would be quite larger compared to say forex futures for example (1 tick spread). Forex I think is ideal for 60min bars at the minimum but I've seen smaller done profitably.
OP, I would be interested to see examples of entries + exits based on your methodology and explain the rational for why you entered/exit when and where. Bonus points if you can can show the hard right edge when you got in (or would get in) and then the resulting exit.
As posted above, this will be coming. The first few posts will be helpful when the thread gets rolling & new readers are coming several pages deep and wondering what a setup looks like, etc.