Ask Bob Forex Questions-no banning allowed

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nanningbob
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Ask Bob Forex Questions-no banning allowed

Post by nanningbob »

Well no banning unless you start talking about dinosaurs coming back in a spaceship. That actually happened in a thread at FF. :shock:

Anyway my name is Bob and my moniker is nanningbob. I used that name because I lived and worked in Nanning, China for 12 years. My wife and I started an American private tutoring center in Nanning in the Fall of 2002 for the foreigners children whose parents worked there. We operated grades 1-12 and grew to 58 students by 2008. After the Olympics there was a decline in foreigners working in that area so by 2014 my wife and I retired from teaching, sold the school and moved back to the USA. When taking care of parents didn't work out and we didn't want to use what assets we had left on buying a house and settling in, we decided to become truckers and see the country. I quit trading after 7 years and took a long break. We live out of our truck and bank all our money. We now have enough to almost pay cash for our retirement house here in Florida. A couple of weeks ago I downloaded a Empty4 and got hooked again so I started trading a 400 dollar account I had set up for a friend who lived in Vietnam. He hadn't touched it in years so here I go again. Gonna warm up and then add some serious funds. That's the plan.

I started Forex trading in 2006 when a guy I had lunch with talked me into trading Forex. After one day I was hooked. I was also green and ignorant and saw my 500 dollars wiped out in a matter of days. He was a news trader and I soon learned trading a dollar a pip caused you to lose your money very quickly. After a couple of blown accounts and forays into Martingale trading I took 6 months off and just watched charts I began developing my own theories of trading Forex but found out later they all were out there already. Nothing new under the sun. I did learn that Forex gurus were full of Sh...,.. And had no idea what they were talking about. I also learned that 2/3 of traders lost money and only the top 5-10% made serious money. It's an exclusive club, the successful long term trader. So I went through the learning curve and learned how to countertrend trade, range trade and finally trend trade. It was a long haul but made many friends including some Brit named Steve Hopwood. What a journey.

Anyway I became famous by spending one year posting and and showing my trades for one year at FF. You can still see them in my 4.0 and 5.0 threads there. Eventually I ended up asking a simple question, What the heck is a trend anyway? I mean everyone talked about it but I could not find a definition for a trend. No Forex Forum seemed to have one. So started my quest with the 10.0 series. The first thread started at FF factory and when Steve started his own forum I eventually left and continued with 10.2 to 10.9, 10.Edsel and finally the ultimate HGI. With Baluda, Milanese, Elixe, Steve, and thousands of others in the Forex world we had come up with the ultimate indi. It tells you to range, trend, and reversal trades and gives you an idea whether to hang on or close out a trade. Nothing like it on the market.

Anyway that's a short version of my life. I trade as a hobby. I love it and enjoy it. My goal has always been to retire and use trading to give me a nice side investment along with other things I do. I know a bit about this business from the school of hard knocks and hope to help you with your questions and goals. Feel free to ask the most mundane of questions and I have only barred 4 people from my Threads in 10 years. They were broker moles and one big headache. I also invite other experienced traders to join in and answer questions in case I'm tied up and can't get to them right away.

Nanningbob
June 18, 2016
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
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nanningbob
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Ask Bob Forex Questions-no banning allowed

Post by nanningbob »

In answer to a very common question, my official Indis, scripts, etc. are always found page one post one. Variants are often found in the thread but the official ones are page one post one.
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
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woodlands
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Ask Bob Forex Questions-no banning allowed

Post by woodlands »

Dear Bob,
From your intuitive and perceptive response to my post in your CSS+HGI thread I can see why you were a very successful teacher.
As you surmise my problem is now discipline and management more than the mechanics of trading.
I am finding the psychological aspect of trade management is a subject little dealt with or I have not researched it sufficiently whilst focussed on learning the mechanics.
I have read several of the common books and taken on board the 'trade another day' advice.
I am able to close out trades going the wrong way on the basis of 'would I enter now into this trade, are the conditions still valid?'
My question is then, do you have a method to manage your own approach to taking a trade, is it time to write everything down with a reason for the action? I have heard it said that 'all' successful traders keep these records to analyse there own shortcomings after closure.
Any advice would be welcome.
On a $1,000 account what is the lot size that represents you 10c and nickel trades, I am novice enough not to follow this calculation.
Regards and thanks.
Tony
trader689
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Joined: Thu Nov 17, 2011 12:53 am

Ask Bob Forex Questions-no banning allowed

Post by trader689 »

Hey Bob

many thanks for opening up this thread for questions. I want to trade using the daily charts manually due to work constraints. In that case can you recommend a timeframe to put the CSS indicator on? ie do i leave it on daily charts as per 4h trading or should i use the weekly chart?

many thanks

trader
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nanningbob
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Ask Bob Forex Questions-no banning allowed

Post by nanningbob »

trader689 » Sat Jun 18, 2016 2:00 pm wrote:Hey Bob

many thanks for opening up this thread for questions. I want to trade using the daily charts manually due to work constraints. In that case can you recommend a timeframe to put the CSS indicator on? ie do i leave it on daily charts as per 4h trading or should i use the weekly chart?

many thanks

trader
If you trade daily charts I have great admiration for you. I have never been able to hold onto trades for very long even though I know the trend runs a long time. I've never been that patient. I did do daily charts for easy forex and doubled my account in less than three months. I really did not like trading that way.

However to answer your question the daily reads of the CSS should give you the info you need. I would glance at a weekly CSS chart but they react so slowly to trend changes. Basically you will be trading monthly candles so take a look at them and remember most of the big moves/trend happen the second and third weeks of a month after the NFP news on the first Friday of every month. NFP usually sets the direction for the usd for the month. The other is the FOMC when it happens. Once those reports hit the USD goes into a trend. To help you with those directions the CAD and USD go in opposite directions most of the time. So if USD is trending up look to sell the CAD. CSS is great for getting those reads. Then use HGI to get your entrance either 4h or daily chart. Good luck.
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
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nanningbob
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Posts: 4560
Joined: Sun Dec 04, 2011 1:23 pm

Ask Bob Forex Questions-no banning allowed

Post by nanningbob »

woodlands » Sat Jun 18, 2016 1:37 pm wrote:Dear Bob,
From your intuitive and perceptive response to my post in your CSS+HGI thread I can see why you were a very successful teacher.
As you surmise my problem is now discipline and management more than the mechanics of trading.
I am finding the psychological aspect of trade management is a subject little dealt with or I have not researched it sufficiently whilst focussed on learning the mechanics.
I have read several of the common books and taken on board the 'trade another day' advice.
I am able to close out trades going the wrong way on the basis of 'would I enter now into this trade, are the conditions still valid?'
My question is then, do you have a method to manage your own approach to taking a trade, is it time to write everything down with a reason for the action? I have heard it said that 'all' successful traders keep these records to analyse there own shortcomings after closure.
Any advice would be welcome.
On a $1,000 account what is the lot size that represents you 10c and nickel trades, I am novice enough not to follow this calculation.
Regards and thanks.
Tony
Hey don't feel bad it took me years to discipline myself not to overextend myself so it's a battle. Yes it's spectacular to double your account in a couple of weeks or months but you can also lose an account twice as fast. My experience, and this is not scientific, is that if I can double my account in a month I can lose an account in less than two weeks. In other words I can lose money at a rate of two to three times the rate I can gain it. So MM it accordingly.
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
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nanningbob
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Posts: 4560
Joined: Sun Dec 04, 2011 1:23 pm

Ask Bob Forex Questions-no banning allowed

Post by nanningbob »

woodlands » Sat Jun 18, 2016 1:37 pm wrote:Dear Bob,
From your intuitive and perceptive response to my post in your CSS+HGI thread I can see why you were a very successful teacher.
As you surmise my problem is now discipline and management more than the mechanics of trading.
I am finding the psychological aspect of trade management is a subject little dealt with or I have not researched it sufficiently whilst focussed on learning the mechanics.
I have read several of the common books and taken on board the 'trade another day' advice.
I am able to close out trades going the wrong way on the basis of 'would I enter now into this trade, are the conditions still valid?'
My question is then, do you have a method to manage your own approach to taking a trade, is it time to write everything down with a reason for the action? I have heard it said that 'all' successful traders keep these records to analyse there own shortcomings after closure.
Any advice would be welcome.
On a $1,000 account what is the lot size that represents you 10c and nickel trades, I am novice enough not to follow this calculation.
Regards and thanks.
Tony
I will post a script this weekend that will help you analyze your trading. I love it and is quite detailed. Look for it in post 1.
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
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nanningbob
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Posts: 4560
Joined: Sun Dec 04, 2011 1:23 pm

Ask Bob Forex Questions-no banning allowed

Post by nanningbob »

Just remember this formula. 10% a month triples your money every year. Put in some losing months and you double your money. So start with 1000
Y1 2000
Y2 4000
Y3 8000
Y4 16000
Y5 32000
Y6 64000
Y7 128000

Hmmmmmmmm you did what in one week????
I trade http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3964,
I talk about my philosophy of trading here.
http://www.stevehopwoodforex.com/phpBB3 ... =38&t=3627
"The key to converting something useful to others is simplicity. Complexity is the enemy to execution." Tony Robbins
trader689
Trader
Posts: 644
Joined: Thu Nov 17, 2011 12:53 am

Ask Bob Forex Questions-no banning allowed

Post by trader689 »

many thanks for your swift and detailed answer. I will copy and paste that into my trade documents.

as a footnote please reserve the admiration until after I start becoming consistently profitable which is a way off yet i think :)
nanningbob » Sat Jun 18, 2016 7:19 pm wrote:
If you trade daily charts I have great admiration for you. I have never been able to hold onto trades for very long even though I know the trend runs a long time. I've never been that patient. I did do daily charts for easy forex and doubled my account in less than three months. I really did not like trading that way.

However to answer your question the daily reads of the CSS should give you the info you need. I would glance at a weekly CSS chart but they react so slowly to trend changes. Basically you will be trading monthly candles so take a look at them and remember most of the big moves/trend happen the second and third weeks of a month after the NFP news on the first Friday of every month. NFP usually sets the direction for the usd for the month. The other is the FOMC when it happens. Once those reports hit the USD goes into a trend. To help you with those directions the CAD and USD go in opposite directions most of the time. So if USD is trending up look to sell the CAD. CSS is great for getting those reads. Then use HGI to get your entrance either 4h or daily chart. Good luck.
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tomele
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Location: Germany, Forest of Odes, Defending the Limes

Ask Bob Forex Questions-no banning allowed

Post by tomele »

Hi Bob,

first I want to say many thanks for all the work you are doing and for your permanent willingness to share and help. We all owe you many many many :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap: :clap:

From your trading experience, what would you say are the most valuable trendfilters: CSS, TNaviMa, BobDoubleMA, SingleMA, Maddy, ... others?

Thanks a lot, Thomas
Happy pippin, Thomas :-BD

It ain't what you don't know that gets you into trouble.
It's what you know for sure that just ain't so.
(Mark Twain)

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