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  • #1,041
  • Mar 20, 2022 3:29am Mar 20, 2022 3:29am
Quoting ryuryu
{quote}
Zero.
Your chart contains only open, close, high and low data, formed as candles.
Magical thinking at its best zero knowledge, zero sense, but a lot of magic.


Hi ryuryu,
Sorry mate I was just nibbling on some dinner (6.15pm here in Brizzie).
And you "know" my posts take a while, that's just me lol .

Look 9 pips is nothing in the bigger scheme of things, I understand. I do like to pick them up though when the market gives them up freely,
or at least be aware of them sitting there waiting. (5-10 pips is an okay trade for me & my style of scalping).


Here we go.


Magicians & magic

Real magicians, market magicians … or just plain old magicians


Everyone has seen a magic act.
Some know how the magic trick is done.
Some are mesmerised by the trick, and they gasp lol.

I believe there was once a magicians trick where they made
an elephant disappear
from in front of our very eyes

How is that possible lol


Well apart from the “BLIND SPOT" that EVERY person has in their own eye
Where if you put a small dot on a piece of A4 paper and then move the paper slowly from your far right to your far left across your eyes 6 inches out maybe
At some point
the dot will disappear and you will not see it on the piece of paper

Is that magic, hardly, it is physiological


Is that why some folks see things (on a chart), that others don’t ? I do not know.

This is up to each trader to work out for themselves
(AND please, traders, dont PAY any folk to show you some trading, you will be prouder of yourself when you work it all out, yourself)

So,
Is there that elephant (above) that disappears on our charts, at any point in time,
I don’t see all the elephants lol, but I do see some. And I can just see them now, I don't look all too hard for them anymore.

Back to the old GBPJPY chart from last Friday, cherry-picked today, because it was such a perfect example
of Market Mechanics & behaviour that it SHOULD be studied over & over, maybe.


The solid GAP from Thursday, was just hanging there, like a pink elephant in the room I guess, on our charts for ALL of us to see, should we "look"

for 24 HOURS it sat there and was going to be taken out by close of business Friday on the final run up = Gold !

We must all acknowledge how easy is it to miss, what is right there in front of our very eyes.
And we must work hard to remove our own blind spots (physical AND logical).


What some people think is MAGIC, is usually and OFTEN just our own … UNUSED HUMAN OBSERVATION.

I hope just this one bit of magic will do, it was sitting there in plain sight.

.
Attached Image (click to enlarge)
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  • #1,042
  • Mar 20, 2022 4:50am Mar 20, 2022 4:50am
I propose a good thread name: "Harry Potter and the prisoners of Azkaban"
  • #1,043
  • Mar 20, 2022 5:47am Mar 20, 2022 5:47am
Quoting ryuryu
{quote} Market mechanics is market orders, they move the market. Red and green rectangles called candles don't move the market, they show history. Could you show please complete logical chain, how after seeing the sequence of red and green candles you came to conclusion that price will go higher or lower. Step by step please I want to learn so much!

Identical market structure on multiple pairs occurring concurrently on a sample day is simply pareidolia?
  • #1,044
  • Mar 20, 2022 6:13am Mar 20, 2022 6:13am
Sir, any one can add email alert AND push notification for this indicator

rules
if only M1 to H4 .(avoid D1,W1, MN) JPY in Lowest ,, alert SELL ALL JPY

if only M1 to H4 .(avoid D1,W1, MN) JPY in Highest ,, alert BUY ALL JPY

this is strength index indicator for basket trading
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2022-03-16 200437.png Size: 20 KB
Attached File(s)
File Type: mq4 MTF index.mq4   28 KB | 433 downloads
  • #1,045
  • Mar 20, 2022 3:40pm Mar 20, 2022 3:40pm
Off Topic

Real trading.... Live... or Prop Trading such as FTMO on demo.....

Just interested in personal thoughts, for and against!

Andy
  • #1,046
  • Mar 20, 2022 4:11pm Mar 20, 2022 4:11pm
Quoting moodybot
Off Topic Real trading.... Live... or Prop Trading such as FTMO on demo..... Just interested in personal thoughts, for and against! Andy
There are pro and con in using prop fund. You can read all about it over at Prop Firm Hub.
The challenge requirements are not for gamblers, your trading skills or your trading strategy/system must be good.
At the moment these 2 firms - FTMO and MFF have the highest payouts (in the millions) for their traders (contractors).

bilal1947 summed it up nicely -
Quoting bilal1947
{quote} Why i emphasize prop fund is rather loosing your own 2k in real account split into 10 chances and buy a prop firm challenge account of 25K equity every time at nominal price of 100-155$. Upon meeting he required monthly profit target of 10% maintaining the 5% daily draw down, if achieved which will be 2500$ will be shared 80/20 so you will still get 2K by investing a small fee of 155$ (refundable upon first withdrawal) to get 25K equity at FTMO (which is even less at MFF).
  • #1,047
  • Edited 6:34pm Mar 20, 2022 6:05pm | Edited 6:34pm
Quoting mixedbags
{quote} There are pro and con in using prop fund. You can read all about it over at Prop Firm Hub. The challenge requirements are not for gamblers, your trading skills or your trading strategy/system must be good. At the moment these 2 firms - FTMO and MFF have the highest payouts (in the millions) for their traders (contractors). bilal1947 summed it up nicely - {quote}
Qualified two accounts with FTMO but wanted to get the general feeling.

If we think about it, what actually is the advantage for the standard bloke/gal in the street of having a live account.
Of course its kudos, "look at me, my account/s are live"..... but then, who's going to see that.
How many traders on here, live trading, who actually show their accounts. Practically zero. And good reason, its private information.
So take away the kudos of having a Live account but compare Live with having a prop account on demo.

Ok, prop account, this assumes the prop firm pays out, FTMO certainly does, so I'll use that as my example.

Most probably the next excuse used is "well its not real money, the profit payout comes from initial deposits from those who lost their challenges.... so ethically that's wrong.
Really! Where does the standard Live account payouts come from. Traders who have lost. So what's the difference, none.
Who cares where the payout comes from, no one forces the trader to deposit either with a broker or who takes an attempt with a prop firm. Besides which a prop firm may very well trade, but most likely hedged however that's just another way for the prop firm to mitigate risk.

Now having jumped that hurdle of not worrying about the kudos of having live vs the embarrassment of trading demo with a prop firm, lets look at the safety issue.

Know anyone who has lost money through a broker folding...yep, I do. Two of my closest trading buddies.
So hold that thought.

With me so far, great... bored yet, disagree with me, fine move on.

Lets take a scenario... Live trader has $50,000 to deposit, has pots of money so can lose it, makes no odds to family or life style ... in that case lucky you, move on.

Lets take the average joe in the street, may have $50,000 to deposit into a live account. Feels confident, traded for a while, has sound money management, kudos for trading live, but losing the deposit may sting, could cause family problems, so perhaps should set a 10% $5,000 maximum loss, a 5% $2,500 loss in any one day, so if he loses $5000, shut down remove money, re-evaluate. A sensible plan.
By the way, who is joe giving $50,000 to, is it as safe as some would have us believe! Know anyone who has lost money on a folded broker!

Lets take the average joe in the street, may have $50,000 to deposit, has considered a live account, but decides on a prop firm, isn't concerned that it's on demo. Confident, traded for a while, has sound money management. Purchases a $50,000 prop account for $380.
Has a daily loss limit of 5% $2,500 and a maximum loss of 10%, $5000. Fails the evaluation, the account shuts down having lost $380!
How many more attempts can he take before he blows the same amount as the live trader who lost $5,000.!!!
And of course who is joe giving $380 to, is it as safe as some would have us believe..... well its damn sight better than losing $50,000.

Next issue.

Joe with a live $50,000 account if he wins, he keeps all of his profit. The prop account only keeps 80%..............
What is the limiting factor in this....... for me it's the loss, it's more important that the loss is kept small so only gaining 80% of the profit works for me.
Besides which with the prop firm the deposit is returned on completion of evaluation, so now no risk, the profit can purchase further challenges, at no risk, and the account is scalable.

Think of the 20% split as insurance, once qualified, you run no risk.

Don't break the rules finish, above starting capital, free go if you haven't qualified. What's not to like.

So getting back to live or demo.

Who is more the fool!
  • #1,048
  • Mar 20, 2022 6:47pm Mar 20, 2022 6:47pm
In some countries it is actually illegal to show private financial statements.
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #1,049
  • Mar 20, 2022 6:53pm Mar 20, 2022 6:53pm
Quoting moodybot
{quote} Qualified two accounts with FTMO but wanted to get the general feeling. If we think about it, what actually is the advantage for the standard bloke/gal in the street of having a live account. Of course its kudos, "look at me, my account/s are live"..... but then, who's going to see that. How many traders on here, live trading, who actually show their accounts. Practically zero. And good reason, its private information. So take away the kudos of having a Live account but compare Live with having a prop account on demo. Ok, prop account,...
@moodybot -- you have no idea how much it pains me to give you a "like", but this post definitely deserves it. And congrats on your multiple prop accounts...

And, if you don't mind, I'd like to mention a couple more benefits:

(1) There are very few forex brokers who accept US clients (due to NFA regulations). But when trading with a prop firm then that is not an issue because you, the individual, are not the broker's client. The prop firm is the broker's client.

(2) To survive the prop challenges I had to change my focus from signal-generation to Draw Down. It took awhile to adapt but it made me (and my EAs) better traders. Now, even when trading my smallish personal account I still apply the same approach used in my prop accounts -- with the emphasis being to minimize draw down.
  • #1,050
  • Mar 20, 2022 7:12pm Mar 20, 2022 7:12pm
Quoting robots4me
{quote} @moodybot -- you have no idea how much it pains me to give you a "like", but this post definitely deserves it. And congrats on your multiple prop accounts... And, if you don't mind, I'd like to mention a couple more benefits: (1) There are very few forex brokers who accept US clients (due to NFA regulations). But when trading with a prop firm then that is not an issue because you, the individual, are not the broker's client. The prop firm is the broker's client. (2) To survive the prop challenges I had to change my focus from signal-generation...

Alright Grumpy, how’s it going?

I went through the same stages regarding drawdown control. Really had to refocus. Perhaps not such a bad idea!

You have no idea how much it pains me to accept an accolade from a cantankerous old f*^;er, however, cheers.

The post was penned in support of those attempting to better themselves with a prop firm, for having common sense of mitigating risk, and finally to BWilliam who took some undeserved flack from what George would call an…..

Andy
  • #1,051
  • Mar 20, 2022 9:23pm Mar 20, 2022 9:23pm
Quoting moodybot
{quote} Qualified two accounts with FTMO but wanted to get the general feeling. If we think about it, what actually is the advantage for the standard bloke/gal in the street of having a live account. Of course its kudos, "look at me, my account/s are live"..... but then, who's going to see that. How many traders on here, live trading, who actually show their accounts. Practically zero. And good reason, its private information. So take away the kudos of having a Live account but compare Live with having a prop account on demo. Ok, prop account,...
Handling drawdown is wonderful.
Please share your experience in controlling drawdown. That would be very useful for the risk-averse retirees.
Particularly the pre-emptive or precautionary methods to handle drawdown. As well as post-drawdown moves.
Thank you.
Practice makes a person perfect
  • #1,052
  • Mar 20, 2022 9:37pm Mar 20, 2022 9:37pm
me run no risk, even if MFF and FTMO disappeared in thin air.
Attached Image (click to enlarge)
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This will be my 2 months' salary of my day job -- asking customers if they want fries with their burger?
  • #1,053
  • Mar 20, 2022 10:55pm Mar 20, 2022 10:55pm
Quoting mixedbags
me run no risk, even if MFF and FTMO disappeared in thin air. {image} This will be my 2 months' salary of my day job -- asking customers if they want fries with their burger?
Nice. Zero risk. Fancy joining Simnz on his quest to gain more clients??
  • #1,054
  • Mar 20, 2022 11:18pm Mar 20, 2022 11:18pm
Quoting moodybot
{quote} Alright Grumpy, how’s it going? I went through the same stages regarding drawdown control. Really had to refocus. Perhaps not such a bad idea! You have no idea how much it pains me to accept an accolade from a cantankerous old f*^;er, however, cheers. The post was penned in support of those attempting to better themselves with a prop firm, for having common sense of mitigating risk, and finally to BWilliam who took some undeserved flack from what George would call an….. Andy
Quoting moodybot
cantankerous old f*^;er
old firetrucker??? I've never worked for the fire department. I work behind the counter selling burgers and fries, and on the side post pictures of other people's account in public forums in the hope to drum up support for my new trading academy.
  • #1,055
  • Mar 21, 2022 12:16am Mar 21, 2022 12:16am
Quoting robots4me
{quote} {quote} old firetrucker??? I've never worked for the fire department. I work behind the counter selling burgers and fries, and on the side post pictures of other people's account in public forums in the hope to drum up support for my new trading academy.
  • #1,056
  • Mar 21, 2022 12:26am Mar 21, 2022 12:26am
Quoting moodybot
Qualified two accounts with FTMO but wanted to get the general feeling.
Another prop firm advertisement thread. May be you should move to commercial section?
Observer effect
  • #1,057
  • Mar 21, 2022 1:29am Mar 21, 2022 1:29am
Quoting ryuryu
{quote} Another prop firm advertisement thread. May be you should move to commercial section?
Thankyou for the response but you fail to see the irony.
I said to Bluesteele that you’ll answer to the name of Joe. And here you are.

But which one?

Your thread post 648.
  • #1,058
  • Mar 21, 2022 1:53am Mar 21, 2022 1:53am
Quoting moodybot
{quote} Thankyou for the response but you fail to see the irony. I said to Bluesteele that you’ll answer to the name of Joe. And here you are. But which one? Your thread post 648.
If I post something you blame we that I do commercials. If you post direct advertisement it is just an irony.
Okay, okay. Sure

p.s. Bluesteele, Joe. Who they are? Bluesteele is the guy who draw lines and earn millions? And think that candles are not indicators? Aha, remember him.
Anyway didn't get what you are talking about.
Observer effect
  • #1,059
  • Mar 21, 2022 2:03am Mar 21, 2022 2:03am
Quoting ryuryu
{quote} If I post something you blame we that I do commercials. If you post direct advertisement it is just an irony. Okay, okay. Sure p.s. Bluesteele, Joe. Who they are? Bluesteele is the guy who draw lines and earn millions? And think that candles are not indicators? Aha, remember him. Anyway didn't get what you are talking about.
I don’t remember advertising them, just using them as real world example that I had used them but not the others. I think my post 1047 trumps your thread post 648!
Still waiting for the link to the magic mush… indicator?
  • #1,060
  • Mar 21, 2022 2:48am Mar 21, 2022 2:48am
Quoting robots4me
{quote} @moodybot -- Now, even when trading my smallish personal account I still apply the same approach used in my prop accounts -- with the emphasis being to minimize draw down.
would you pls explain bit more. You use tight SL cut or hedging?very selective excecution?
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