The Thief of Wall Street
- | Joined Jul 2011 | Status: Jesus is the way. | 1,450 Posts
Don't just beat the markets, leave bruises.
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DislikedLook at this chart. It still hasn't made a higher high. Jesse entered after it made two higher highs and one lower high at minimum. He also focused on bigger charts (his black red lines in Upward / Downward Trend column). But we are focusing only on one 1H trend. We should at least make sure it starts moving in the opposite direction. This is least we can do.
Ps. Somone knocked at the door couldn't finish.
You can see those green dots are the Lower Highs. We still have not made a Higher High. The last level marked with Yellow Arrow seems...Ignored
DislikedBE Order in place. Going for a smoke. Will be back after few minutes. Daily bar will close before I return,.Ignored
DislikedRe-entered longs. It should stall either at 1.2825 or 1.2850 just before London open.Ignored
Dislikeddon't touch your key boards. You may disturb the pa a little. I have very tight sl on this oneIgnored
DislikedTrading is a business.
You can run it like a dollar store.
You can run it like a Louis Vuitton store.
Or you can do something in between.
The difference between running it like a dollar store or like a Louis Vuitton store is the profit margin per item sold. (Margin = Sales - Cost of Goods Sold)
If you're running a dollar store you're making very little margin per sale but looking for a high volume of sales.
If you're running a Louis Vuitton store you'll have few sales but your margin will be incredibly high. Only a few sales will give you a lot of revenue.
What are the risks to these kinds of businesses?
Dollar Store (elastic demand)
- Competition reduces your selling price
- Cost of goods sold increases
- Sales volume decreases
Louis Vuitton (inelastic demand)
- Sales volume decreases
Luxury retailers do not compete on price therefore selling price pressure is unlikely. Your major worry as a luxury retailer is that you go through a period where there isn't demand for your goods and you can't pay your overhead.
How does this relate to trading?
- Dollar Store = scalper
- Louis Vuitton = longer term position trader
Why?
- Dollar store: Quick sales and plenty of them over a year
- Louis Vuitton: Very few sales over a year
This tells you how often you should be entering the market giving the kind of profit per trade you're looking to capture....
I'm on my way to become successful in this business and I know it. I've already gotten what I needed from this forum to make money.
If you're unsuccessful and you can't understand the analogies I've made well.... I don't know what to tell you.
Love
MarkoIgnored
DislikedI n'know Chicky, maybe no means no
But on a serious note I saw a nice post the other day which would likely track an appropriate mind set to what you're trying to do: maybe? not sure
love cindy lolIgnored
DislikedI have been running this $ store for quite some time. That is no fun and tiring. I now want to make a sale, a very big sale with moderate risk. Still 30% left before I drop back to my Loonie store tactic.Ignored
DislikedTemporarily removed sl. Will place them back once market normalizes after week start.Ignored
DislikedLooking at the break of these two yellow lines on either side. If it breaks the bottom one, will have to wait and watch. But if it breaks the top one, a trend reversal is confirmed. At the moment, going for a trend reversal.
My revised BE order at 1.2965 was short by few pips. Should not have moved that order from 1.2953. But you don't know until it happens. My job is to take chances, both, obvious and longshots. Taking a long shot up to 1.3200.Ignored
DislikedI have been running this $ store for quite some time. That is no fun and tiring. I now want to make a sale, a very big sale with moderate risk. Still 30% left before I drop back to my Loonie store tactic.Ignored