The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

I don't know why you folks TRY to make this harder than it has to be....if you don't understand 3 levels maybe you can follow 1-2-3-4-5 easier....

CJ

[intcust]

CJ,

I think you just defined naked trading in one post. MEMORIZE those set ups and trade them stack the trades watch acct. grow. SIMPLE SIMPLE SIMPLE SIMPLE keep it that way. This repeats REPEATS and then REPEATS repeats

But what do I know I am always wrong.

incust

[xrismak]

Hello xrismak ; )

Hi Daggerfall,

Wonderful You Nailed that One, that's how you do it, when you Snag the Fox it just Builds your Confidence and with that comes the Confidence to Stack trades when you know the Most Likely Level the FOX is Heading for....

Great Trade,
n

Happy Trading Y'all,

xrismak

[HannesJoubert]

Sheesh, you guys make it look so easy, my hat goes off to you...


I am still learning this way and still find myself switching between the two sides of the screen, coupled with my complete lack of confidence and my fear of losing profits, I am costing myself lots of green.

As a result of the above I found trading live very difficult yesterday, whilst in hindsight it should have been one of the better days, GBP & USD news notwithstanding.

Thanks to everyone who takes the time to so patiently post examples. I will try to take these and study them in the attempt to switch on the light...I think getting there by studying examples is by far the better way to learn than to have someone explain it...that way you can pick up the nuances.

Cheers

H

[dudest]

Wow!! It must be my BIRTHDAY!!

Thank you El Capitan!, Xrismak!, you just made my day

So looking forward to practising this!

Cheers!

[Captain Jack]

Hi.
I'm new user. I started read this thread a few days ago.
So I don't have a lot of expertise.
I am watching USD/JPY.
Can look on my screens ?
is it good thinking?

Is it chance for a good trade?

Sorry for not posting earlier....look at the other chart examples I posted yesterday as well....same pattern.

CJ

[pips400]

Hope I'm not speaking out of turn here, but reinforcing what CJ has said already, there's no crystal ball here, and it's as much about money management as it is picking the entry. The bottom line is that you can get into a W and everything looks good, but price drops again, or into an M and the setup is sound, but price rises higher, or you can enter a long (W) position (or short M), for price to go sideways, this is the reality of trading forex, and that's why what CJ has said is soooo important, you cut the losers quickly, or those that have gone into a trading range, but for those that are moving as predicted, you scale it as much as your risk appetite allows. So if you trade an M or W and it doesn't work out, you need to figure out whether you missed something ie. human error, or it was just the unpredictability of the markets. Both holding onto a losing position and taking profits too early tip the balance against you.

[Pedigree]

Hope I'm not speaking out of turn here, but reinforcing what CJ has said already, there's no crystal ball here, and it's as much about money management as it is picking the entry. The bottom line is that you can get into a W and everything looks good, but price drops again, or into an M and the setup is sound, but price rises higher, or you can enter a long (W) position (or short M), for price to go sideways, this is the reality of trading forex, and that's why what CJ has said is soooo important, you cut the losers quickly, or those that have gone into a trading range, but for those that are moving as predicted, you scale it as much as your risk appetite allows. So if you trade an M or W and it doesn't work out, you need to figure out whether you missed something ie. human error, or it was just the unpredictability of the markets. Both holding onto a losing position and taking profits too early tip the balance against you.

Quite true.

And the amazing part of it is how you can find some set-ups that you are 90% or more certain about! You get in and, all through the twists and turns and manipulation that occur, you watch quite calmly KNOWING how it's all going to end. And there's just nothing like that feeling you get when finally, as if in an angry outburst, price takes off in the expected direction! .....like EURJPY not long ago!

[pips400]

Yeah here's the EJ, for the purists please ignore my use of volume, but to illustrated the point of the first W looking good, but actually the move came later

EURJPY-H1-6-Feb-14.jpg

[botrak]

Is it BARF? USDCAD D1