Discussion in 'Forex' started by oldtime, Jan 27, 2012.

  1. well, just like I promised, if I came up with a system that just traded AUD I would let you know. So far, it is like taking candy from a baby.

    The system? well, that's the problem, so far it is just 100% discretionary, other than just using the oldtime principles of cutting losses before they get too out of hand.

    other than that adding to winners and adding to losers and closing out and taking the other side.

    the biggest problem has been sleeping. Sometimes I wake up with a profit and sometimes with a loss.

    From now on I will either go to sleep spread or flat. (with maybe a slightly long or short bias.)
  2. Thanx for this contribution to making us all better tradors.
  3. no kidding, the real crux of the matter comes down to discretionary vs system. I keep watching myself and trying to figure out how to reduce it to a system, but it seems for the most part it is programmable, and then for no good reason I do just the opposite of what a system would do.

    that's why I said the only programmable thing I've noticed is the oldtime rule not to let any loss get so out of hand that it could bring you down.

    but thanks for the compliment, you are welcome, glad to have been some help to you, good luck

    don't hesitatae to post any comments or questions

    I am here to serve (and to be perfectly honest with you, I usually learn a thing or two when I hang out on ET.)
  4. at anyrate, it's 1600 est on a friday, and who khows what could happen before the close, but as it stands I have a nice profit for the week and am long AUD against everything except CHF and EUR and all six positions of various sizes are showing a paper profit.

    of course that could all go to hell on the usual sunday afternoon gap.

    but I think I'll hold over the weekend
  5. rule :

    never take crap home over the weekend.

    when they puke em out, be short.....


  6. the sunday gap didn't hurt me, it was what happened monday morning while I was sleeping

    better advice would be "don't ever sleep"
  7. ...................................

    that is why forex is for us old guys...........:)

  8. yeah, it's not really keeping me from much

    otherwise, AUD been all over the place today, depending on where you got in

    I've been on so many different sides of AUD/USD I can't remember if I want it to go up or down
  9. 90% is just money management
    10% is reading the market
    30% is a wash, just breaking even minus the spread and commissions
    30% is breaking even, overcoming the spread and commissions
    and 30% is catching a trend which pays for it all

    5% is guessing what it's going to do based on fundamentals
    and 5% is guessing what it's going to do right now
    (and they may not be the same)
  10. well, I have to walk to the store to buy a steak, some bread and beer (dinner) so since I am 100% spread and like ususal I have 3 losses and 3 paper profits I'll just do it the old time way and close out the losers and set breakeven stops for the winners until I get back.
    #10     Feb 2, 2012