The Captains Chest - Naked Trading & Other Stuff

[kwanann]

LOL now this is gonna get exciting!

Anyway small foxology 101, asian session

Going back home from office, so closing all my trades, will be back later for more

Edit: Updated the EU chart with some markings

[Jemook]

Over time, you will develop a feel for the market. It's when that primal sixth sense kicks in, the one that makes the hair stand up on the back of your neck, the one that gives you the feeling that you are being watched. It's there and you will feel it. Your confidence and conviction in your trades will increase 10 fold or more. You will take a small loss because you know you are wrong and you also know the next trade is just minutes away. It's uncanny at times. When in doubt, trust your gut feel. It's usually right.

^ This is what I can't wait for. Thanks so much CJ .. Time to knuckle down!

[Captain Jack]

CJ,

thanks a lot (again) for sharing your insights..... Very much appreciated....

I spent some time to locate the "Trading Coach" newsletter - could you confirm that you actually meant Lance Beggs (http://www.yourtradingcoach.com/) and not the NFL player Briggs....

Cheers / Mop

LOL, nice catch Mop....yes that's it. I guess I've been studying the NFL too much getting ready for the Fantasy Football season.... I've edited the OP to correct his name.

John

[Captain Jack]

Over time, you will develop a feel for the market. It's when that primal sixth sense kicks in, the one that makes the hair stand up on the back of your neck, the one that gives you the feeling that you are being watched. It's there and you will feel it. Your confidence and conviction in your trades will increase 10 fold or more. You will take a small loss because you know you are wrong and you also know the next trade is just minutes away. It's uncanny at times. When in doubt, trust your gut feel. It's usually right.

^ This is what I can't wait for. Thanks so much CJ .. Time to knuckle down!

The sooner you become independent of external indicators the sooner this will take place.

The advice given by Xrismak on saving charts should be taken to heart. I probably have every chart example I have posted some place, saved on one pc or another here. At times in the past, I have had as many as 10 platforms open, across several pc's, with every time frame of every currency open.

Xrismak has also put forth some things that I was thinking about when I wrote the long post but left out.... in a short time, you will have that facepalm moment and this market will never look the same to you again. When it happens, don't dwell on all the past time that was spent on the "old ways" because that is what you were herded into. Every tool you have used was created by the very people you are trying to outwit. It's like going to war and buying your weapons from the enemy. It's just another step in learning how devious the powers in the FX market really are.

CJ

[pips400]

Time I also took another look at this. I tried before but was in the unsuccessful group, however persistance may yet pay off. I'm trying out a few things on the go at the moment, as the trend is definately not your friend. I believe in everything so comprehensively explained here, it's getting past the hurdle from theory to reality, but I'm really encouraged with others who have mastered price action enough to be profitable consistently. That's a huge plus, because right now every other system I know is failing or breaking even. Thanks to CJ, Xrismak, Kwannan and every other contributor.

[Ingot54]

Time I also took another look at this. I tried before but was in the unsuccessful group, however persistance may yet pay off. I'm trying out a few things on the go at the moment, as the trend is definately not your friend. I believe in everything so comprehensively explained here, it's getting past the hurdle from theory to reality, but I'm really encouraged with others who have mastered price action enough to be profitable consistently. That's a huge plus, because right now every other system I know is failing or breaking even. Thanks to CJ, Xrismak, Kwannan and every other contributor.

I can echo those sentiments exactly, Pips400.

Other strategies are indeed having their quiet days, and that's OK if you are a great trader of certain strategies. At least you know that your turn will come again, as conditions return.

But I'm NOT a good trader of anything.

I want more than that - I want consistency, and I want control of my trading.

I am fed up with getting ahead with my trading, only to have it all taken off me again.

And if I am right about what I am seeing and hearing here, I am doing it to myself, or allowing it to happen to me, by continuing to play the indicators and trend game.

I got involved in this earlier and let it go, because it was all too much to take in. Too much going over my head. You've got to remember this is like learning a new language.

Count me in to try again.

[Captain Jack]

Time I also took another look at this. I tried before but was in the unsuccessful group, however persistance may yet pay off. I'm trying out a few things on the go at the moment, as the trend is definately not your friend. I believe in everything so comprehensively explained here, it's getting past the hurdle from theory to reality, but I'm really encouraged with others who have mastered price action enough to be profitable consistently. That's a huge plus, because right now every other system I know is failing or breaking even. Thanks to CJ, Xrismak, Kwannan and every other contributor.

Again, spend some time in the charts. Look at the patterns that persist across all pair and all time frames. Larger patterns as well as the basic "M", "W" and "RRT". Understand that when you see a "W" or "M" pattern on a smaller time frame, that this represents a "RRT" on a larger time frame. Easy to see, just switch to a higher time frame when you see them on the lower ones. Once a RRT pattern prints, how often does price go back and exceed the high or low set by the pins? Higher time frame signals present larger TP targets in pips and take longer to complete. Smaller time frame signals present lower TP targets in pips and complete much faster. Trade the ones you are comfortable with.

Market makers trade both ways, they have to in order to clear their books, book their profit and begin a new cycle of trades.

I can't say this enough - take what they give you. Become accustomed to 50 pip profit targets. get used to using a larger order size, with a smaller SL. Your risk is the same, but your reward is far greater. Layer on additional trades when price is moving in your direction. When you have found that one trade that is going in your direction, leverage it instead of looking at other pairs for additional trades.

When you are confident of a trade setup, you can place a SL that is very close to your entry. Instead of setting a SL of 100 pips with a .01 lot size, you can place a SL of 10 pips and use a .1 lot size. Compare the difference in reward when price moves 50 pips with each. Each trade offers you the same risk, but the reward is much higher with the larger lot and tighter stop.

Get used to trading to make money and grow your capital instead of trading to not lose money.

Learn to adapt and change quickly. If you are looking for 50 pips but the trade conditions change, take what is given, be it 40-30-20 or 10. Any trade that provides green pips is better than one in the red.

A winning trade of 50 pips with a .1 lot size provides the same profit as a .01 trade of 500 pips. Ho many times do you see 500 pips on a trade?

Once you close a trade, win or lose, move to the next. It will come. They are on all time frames on every pair. Just look.

CJ

[kwanann]

I am doing it to myself, or allowing it to happen to me, by continuing to play the indicators and trend game.

Ingot54,

think about this, when i was doing naked trading, there was an ENTIRE week where i just traded using the ipad. My ROI, about 2%, at most 3 pairs at any one time, no stacking of trades

Time looking at charts: 2 to 3 hours, and thats on and off.

the ipad Empty4 has nothing but price and volume.

So does it work? Yes of course.

Can i repeat it? Seriously don;t see why not

[kwanann]

Over time, you will develop a feel for the market. It's when that primal sixth sense kicks in, the one that makes the hair stand up on the back of your neck, the one that gives you the feeling that you are being watched. It's there and you will feel it. Your confidence and conviction in your trades will increase 10 fold or more. You will take a small loss because you know you are wrong and you also know the next trade is just minutes away. It's uncanny at times. When in doubt, trust your gut feel. It's usually right.

^ This is what I can't wait for. Thanks so much CJ .. Time to knuckle down!

LOL i second that, if u were to follow my threads, many times i mention a gut feel or a sixth sense. Saved my ass quite a few times and got me green pips many a time as well.

[Captain Jack]

Time I also took another look at this. I tried before but was in the unsuccessful group, however persistance may yet pay off. I'm trying out a few things on the go at the moment, as the trend is definately not your friend. I believe in everything so comprehensively explained here, it's getting past the hurdle from theory to reality, but I'm really encouraged with others who have mastered price action enough to be profitable consistently. That's a huge plus, because right now every other system I know is failing or breaking even. Thanks to CJ, Xrismak, Kwannan and every other contributor.

I can echo those sentiments exactly, Pips400.

Other strategies are indeed having their quiet days, and that's OK if you are a great trader of certain strategies. At least you know that your turn will come again, as conditions return.

But I'm NOT a good trader of anything.

I want more than that - I want consistency, and I want control of my trading.

I am fed up with getting ahead with my trading, only to have it all taken off me again.

And if I am right about what I am seeing and hearing here, I am doing it to myself, or allowing it to happen to me, by continuing to play the indicators and trend game.

I got involved in this earlier and let it go, because it was all too much to take in. Too much going over my head. You've got to remember this is like learning a new language.

Count me in to try again.

I'm glad to see you all wanting to make a positive change and it's great to see people beginning to recognize what is actually transpiring in this market.

Not a good trader you say? Well neither am I to tell you the truth. What I am good at is watching what is happening on my screen, on the hard right edge as they say and reacting to what a "good trader" is doing. That good trader is the market maker or the Fox as I call them. They know exactly what they are doing. This is their world, their business and this is how they make their living. My goal is to follow the Fox and make the same trades that he does. When price is moving his direction, he is laying on the orders, one after another. That is my goal. To do the same as he does, as he is doing it. I only need follow along, I do not have to lead.

We have all been there, seeing profits that take time to build up taken back in short periods of time. But in saying that, we also KNOW what they are doing to us. Give a little and take a lot back. How do they do? Easy, by leading you to into a bad position and locking you into it. They do this with various tricks and most are easy to spot. Have you ever seen price linger in a range then explode out in a violent burst which lasts several candles? It gets our attention and we join the crowd who jump into a trade, because as humans, we are greedy and we want to make up for that last loss so we jump in, only to see the next candle reverse, taking away the all of the gains of the previous ones and leaving us in a bad way yet again as price moves away from us.

We want to be the ones who watch price explode for 3 candles then enter when it turns and moves away from the trapped "traders". We want to follow the true trader, the Fox, as he leaves those stuck traders.

When you trade with indicators and base your trades on those indicators, you are trading in the past. On events and prices that have already occurred. In essence, you can not trade today, using yesterdays prices. The areas of support that most trade are actually areas of false support that are created to draw both buyers and sellers to. In order for price to move, transactions must take place. The more buyers and sellers that can be brought together, the greater price can be moved because
more transactions can take place. A deer hunter can wander through the woods, and if he gets lucky, he may find his prey. A smart deer hunter will lay out salt blocks and feed corn, maybe even some apples to draw his prey to him as he sits and waits and his success rate increases exponentially. Support areas are the "feed corn and salt blocks" that the Fox uses to draw his prey into a confined area. Somebody is going to get slaughtered there and we don't want it to be us.

Recognition of the fact that you are allowing this to happen is a great start. The fact that 10's of thousands of people allow this to happen is why the price patterns repeat over and over. It works to make money for the Fox. Time and time again, so they repeat what they do. And people allow it to continue to work.

God bless each and every member here who have spent countless hours trying to program an EA, indicator or develop a system that works consistently. Try to imagine, possibly, the millions of hours that have been poured into these efforts here. To this date, I don't think anybody can show me one that works, day in and day out. Think about all of the great utilities that have been created here along with useful scripts. They work as intended. The people who create them are smart people, but with all that talent, we still don't have that system of EA that can grind out the profits. That's why we see so many systems and EA's being sold. People can't make money by using them, because they don't work but they can make tons of money selling them to people in search of a working solution.

When you start trading in this manner, stay with small lot sizes and demo trade. In time, and as your success rate starts climbing, increase the lot size as well as adding the additional trades. Don't waste your capital as you learn, save it for when it can be put to good use.

Nice to see some new faces here, welcome aboard.

CJ