Mastering your method means you're the star

http://www2.oanda.com/cgi-bin/msgboard/ultimatebb.cgi?ubb=get_topic;f=16;t=001149#000000
It seems to me that the new traders (Novices) get a lot of crap here. I don't want to sound conceded but i was a 40 year professional floor trader in the S&P pits. now (retired) now days i only trade forex.
when i feel like it.


Honestly, if you were to have total freedom to design the most ideal market for short-term trading, your dream market would probably fall short of what the forex has to offer the day trader.


No pit or floor broker involvement.
Tight spreads.
Minimal slippage.
No accounting mine fields.
Hedging opportunities.

Plus, these markets are, and always will be, totally fair. No corruption, no manipulation, no inside trading and no scandals to deal with. That alone is worth the switch from futures and stocks.


I can't understand what all these at home traders are thinking about, it's really amazing to me. I'm not really sure how they think they can buy some trading system, or attend a seminar and instantiy start making money. I've been on the trading floor for a lot of years and i made a lot of money, (I know the trading pits and forex are not the same) If some guy off the street thinks they are going to read some book or attend a seminar over the weekend and be able to take money from me, they are sadly mistaken!


Every guru who told you that their system or methods would make you a lot of money has been lying to you. they promise they can make you a successful trader overnight. How can that be true?? It took me a good solid five years before i started making really good money! And that was on the trading floor being exposed to many profitable traders. How are you going to learn to be successful in a couple of days or weeks with some book or trading system?


All i can say is find your own trading method, and KEEP IT SIMPLE. mastering your method means you're the star. You're in total control of your trades and your financial destiny.


What works for some people may not work for others. this is what works for me.
I am a Day Trader. I use a 1 minute chart of the EUR/USD, because of the tight spread.
2 moving averages. and some times a stochastic. Most traditional methods of trading use multiple time frame charts. the 5-, 10-, and 30 minute charts are all supposed to somehow give us some magical power and accuracy when these charts confirm a certain price movement. The biggest disadvantage of those methods, general, is missing a lot of opportunities.


Take a look at a one-minute chart of the EUR/USD, and you'll notice something. The vast majority of the time, the EUR/USD moves up and down at least 10 points or more every 5 to 20 minutes. For instance, if we have a total 10 point move on a 1 minute chart. I can get in and outof that move and make a 10 points with ease. But,if i wait for a 5 minute chart, etc., by the time it shows the confirmation, guess what? the 10 point move is over! Even if i use a single, five-minute chart, 90% of our signals are never seen.


With multiple time frames, I miss a lot of opportunities to catch the small movements, that could mean a substantial gain, depending on how many pips are being traded.

A single, one-minute chart and two tuned indicators combine forces seek out even the slightest moves in the market and lets me turn them into quick, in-and-out trades.


I don't use pattern recognition methods. candlesticks. I don't try to predict trends or the future, or resistance and support levels, or pivots, when the market moves i move with it.


The best trading hours for me are the first and last two hours of the market. (the london session and New York session).


Thanks for reading my stuff, now maby my wife will get the Hell off of my back.