The Captains Chest - Naked Trading & Other Stuff

[pips400]

http://www.zerohedge.com/news/2014-03-1 ... 38-days-tr

This is just one thing retail traders are up against in the forex markets....

Ever since the PFGBest bankruptcy, where I lost close to a six figure sum, I've tried to keep my trading funds safe, but in the US, that's hard to do. I've grown tired of trading small sized accounts into larger ones and drawing money from them. The manipulation and the risk of having large sums of money in an account that can disappear in a day have soured me on trading forex. I've been fortunate to make a sum of money from these crooks and I don't want to give them the smallest chance of stealing it back.

Most of my trading capital is now in FDIC or SEP protected accounts and the majority of my trading has moved back into equities, options and ETF's.

While I will continue to monitor this thread in the future, my participation will be limited at best. I've tried to open up some eyes as to the methods these clouts use to fleece the money from hard working people all over the world. I hope some eyes have been opened and good trading to all who decide to continue in this rigged market. Still don't think it's rigged? It has been the whole time...

http://www.reuters.com/article/2014/03/ ... KO20140311

CJ

Hi CJ a huge thanks from me for the monumental contribution you've made to this forum - for me it was a vital piece of the jigsaw that transformed my forex journey. All the best. Pips400

[intcust]

CJ
do you think the same set ups happen with stocks i.e. options are basically 100 to 1 contracts. If the same set ups happen then boom a two dollar move becomes a 200.00 move. What is your take. Another bonus is they close everyday but gaps can be killer. You have help me see and I appreciate that

all the best and may all your out of the money options hit

intcust

[Captain Jack]

CJ
do you think the same set ups happen with stocks i.e. options are basically 100 to 1 contracts. If the same set ups happen then boom a two dollar move becomes a 200.00 move. What is your take. Another bonus is they close everyday but gaps can be killer. You have help me see and I appreciate that

all the best and may all your out of the money options hit

intcust

Yes, the markets are very similar. As in Forex, "news" events tend to move the markets and the "news" in not new to everybody here either. Many times, you will see large volume changes in options before a big move in the underlying. Gaps are tested and sometimes filled but it the equities, the rate of change is somewhat slower than in the currencies. Patterns are similar and the equity market is where I "borrowed" the BARF pattern from, and applied it to currencies. Candles are candles no matter what type the underlying.

The patterns are all the same. You can make good money by just using a few of them like flags, wedges and triangles. Shorting parabolic patterns or buying puts on those is another favorite. Look at PLUG today - made over 330% on my puts with that one today. Played it to the upside and then went long puts. Looking for a bounce on Wednesday....

The tools are little different and most of my work is done in the off hours. Running scans and looking for patterns every night after the market closes. The scans I look for are oversold, overbought and continuation. During market hours, new high's and lows, and unusual volume are things I watch.

Now I don't have to stay up all night trading the setups..

CJ

[FlyHighDrifter]

CJ,

I do hope you continue to stop buy now and then with nuggets of wisdom like your last two posts, and to let us know how you're getting on. I have learnt so much from you and every post is utterly thought provoking. You converted me along time ago and although I have not posted for a while, I continue to try and take what I've learned from you and apply it in my own style. Massive thanks for everything and please don't be a stranger.

Ps: I've said it before and I'll say it again: if you're ever in the uk, do get intouch - the beers are on me! :hi:

[kwanann]

There was a time when I was playing around with bitcoin and they conform to the 3 pushes and levels too

Anyhow thanks Cj and all the best!

[intcust]

CJ
I started trading options. Then switched to forex because of work. I could trade Asian live. Lots of ways to play the options. Best is out of money and for home run again lots of reward little risk for me. Don't know if you can stack trades that way because the price changes so much as they start to get into the money causes reward to go down. I know I am telling Noah about the flood. Glad to hear price action works there as well. I have not looked at those charts in a long time. Maybe I should now that my blinders are pretty much off.

incust

[intcust]

There was a time when I was playing around with bitcoin and they conform to the 3 pushes and levels too

Anyhow thanks Cj and all the best!

hope you got out of the bitcoin. Our money is back by good faith which is questionable but bitcoin was back by nothing as far as I know.

intcust

[kwanann]

There was a time when I was playing around with bitcoin and they conform to the 3 pushes and levels too

Anyhow thanks Cj and all the best!

hope you got out of the bitcoin. Our money is back by good faith which is questionable but bitcoin was back by nothing as far as I know.

intcust

thanks intcust

thats on demo purely for the fun of it.

The spread is ridiculous though 500pips, imagine you are in 50$ DD directly with a 0.01 lot

[botrak]

What is your opinion guys?

[intcust]

What is your opinion guys?

I am short this pair. Your stop looks tight if there is stop hunt. Don't know your target hope for at least 100 pips good entry