Mickey's Journal

[kiravon]

Hi Ray,
Perhaps Stop Hunting is not the right expression. But a mere glance
at the successful litigation against big time scammers prove that many
market makers or dealers are indeed out to stitch you up.

''In February and March 2011, a number of class actions lawsuits were
filed against FXCM, alleging fraud and racketeering from deceptive and
unfair trade practices ...In August 2011, the NFA fined FXCM $2M for
slippage malpractices. FXCM reached settlements with the NFA and the
CFTC of $2M and $6M respectively'' - Wikipedia

Technically they are not brokers even though they use that term.

I have personally proved beyond even a shadow of a doubt that FXCM
and so many other market makers will stop you even when price never
even comes within 20 pips of my Stop loss level! and not once but
continually.

Technically the difference between a true broker and market maker
is that brokers charge a commission and derive their income from
that and not from manipulating the spread.

That's not to say that all dealers ( market makers ) are dishonest.
Some are very good. I found Swissquote to be excellent even
though they are a market maker. XM are a good market maker
too, I have a live account with them

Another interesting observation that I recently learnt - was that
as a result of the recent SNB shock - it was the market makers
that were hit, many going out of business. The true brokers were
not affected as they are brokers in the true sense of the word, just
acting as the middleman.

So that really made me think seriously about who I would
trust with any large deposits

But your thoughts on Binary Options did make me smile

'Seems like gambling' - Binary Options IS gambling! pure and simple,
you are betting on an outcome

and of course you are right in that almost all of these outfits are a scam
and getting your money out is one of the biggest problems for punters.

Although I don't recommend gambling and as I already stated , '' I can't
recommend this as a serious financial vehicle as even 92% is poor RR ''

nevertheless with a decent platform they can be fun and they definitely
help to improve coordination. However, to be clear, and for the avoidance
of doubt I would never recommend anyone deposit real money with
them. The only exception that I know of is Markets World who are definitely
honest and regulated and certainly paid out my withdrawal immediately.

But at around 70% - 75% return why bother? The odds are stacked against you.

However I have found a Binary Options 'broker' that offers 92% payout which is very
high for Binary Options but still not good RR. IQ Options, again I am not recommending
them but at least the payout is the best, and they do seem decent but not regulated
so buyer beware.

Great for demo though. and if you can win consistently with Binary Options you will
likely do very, very well trading AIMS setup S1 and S2 on the M1 TF which is very fast
and intuitive.

I guess anyone reading this will either get the 'pinball wizard' analogy or they won't.

But having written this much, and in case anyone is actually interested, the secret
to winning on Binaries has much to do with understanding the crude jerkiness of
their charts. Its not enough to have a strong entry signal on MT4, you also have to
time your entry on Binary platform with precision. If you are long then you MUST
wait for the Binary price to spike lower than the previous immediate spike lows.

If that doesn't happen you MUST pass that trade by. There are plenty more. Once you get
really into this, you can find yourself 'in the zone' and winning more often than not.
I won 13/13 at my best but when out of the zone you will lose more often than not.
Someone who excels on the pinball machines will always beat a top trader such as Ray's
colleague. Its not like trading at all

But it is possible to win

Screenshot_10.png

Unfortunately my 13 consecutive winners were on demo and when I opened my live
account it replaced my demo account wiping all data.

It really can be a lot of fun and it does help improve coordination but as Ray rightly points
out - it is gambling and the industry per se is as scammy as it gets.

or you can buy a pinball machine and practice at home with that

[kiravon]

Hello John
Thanks for that! I might well do just that.

But the secret to my 'success' is - trial a new broker, carefully research
the market for no longer than five seconds on the Daily charts, place
the trade and then literally forget about it for two weeks only to
return to find you are +800 pips up

I have done this so many times now! I have made over 4,000 pips on a
single trade this way

I call it 'Tooth fairy trading'

How to convert this to live account trading?

One way is to become a multi millionaire and just trade with total
emotional detachment from the outcome

The second way is the same as the first but without being a
multi millionaire

Thats why its agreed that trading success is at least 80%
psychological and ebooks like 'Activating the Zone' and 'Trading in
the Zone' are invaluable

[kiravon]

I have very mixed feelings about Fruit set up.

Ostensibly it is very simple but in actuality it is far from that!

Where do you start measuring the price from? How can you
draw a line between two Gator lines if they are not parallel?
and where does the Gator line start from and end at? The majority
of Fruit signals are false, how can I know which ones are likely to be
genuine? There are no strict mechanical rules.

So I imagine a river

On one side of the river is an alligator walking along the river bank

On the other side of the river is a man also walking along the riverbank,
he doesn't see or hear the alligator so he just keeps walking straight

Then someone shouts out a warning and the man moves sharply away
from the river

But after a while he sees the Alligator is quite tame so he resumes
his original course alongside the river bank

But then someone shouts out another warning and the process
keeps on repeating - calmly strolling parallel to alligator, suddenly
wild deviation from direction alligator is taking, then reverting
back to riverside and sometimes crossing over river by bridge
and following a direction 90 degrees to the river

A child could understand this and even paint us a picture to
stick on our Fridge

So the only question I now ask myself is -

When I look at the price ( the man ) on the charts, what
story do I see?

Screenshot_11.png

Screenshot_12.png

[kiravon]

[center]'' Consistency is not a milestone, its a process
and life long enjoyable process.''[/center]

[kiravon]

Sequence 13
C1 DS 1 +6 EU
C2 DS 1 -27 EU
C3 DS 1 +22 EU

Today

C4 DS 0 +10 -5 = +5 ( DS Zero for even thinking about trading on a London Bank Holiday!! )

[kiravon]

"The degree by which you THINK you KNOW,
Assume you know, or in any way NEED to know about whatever is going
to happen next = The degree to which you will fail as a trader."

[kiravon]

Starting to get quite interested in the Daily charts
Looking to get and out on the hourly time frames.
and completely stress free.

This is my pepperstone Dax on Daily, still doing well,
reversed a bit but that just gave the Fruit signal on the
hourly which I just took

My first entry over two weeks ago was a Fruit on the
Daily Dax ( see chart on the left )

and Today I took the Fruit on the Hourly chart on the right

In actual fact it is an Add on but not according to the usual
Fruit rules,an add on in that I merely thought I would add on largely
for the reasons John kindly suggested, and I used the
quite decent Fruit signal on the hourly TF as my cue

So I haven't actually broken the rules, I've just taken two
concurrent Fruit trades on different time frames but in the
same direction the second

Screenshot_14.png

[kiravon]

Here's another good un coming along - you may recognize
the set up from Immy's 'Simple but Powrful Technique '
Thread.

Screenshot_15.png

[kiravon]

Dax so wicky and choppy this morning.
I caught the short break out at LO but
reversed and stopped me for BE,

C4 DS 1 BE

guys in Skype were persevering with it
but I decided to give it a miss today.

Nevertheless I am having a lot of joy
on the higher time frames

With confluence of 5M and 1H ie when
both have broken out of AIMS -This is
Immy's 'Simple but Powerful Technique'

It really is just that! Its stress free and
no elliott wave mumbo jumbo which
I have amazingly little aptitude for

I might just call it 'SPT' for short

Also same SPT on 1H 1D is even better -

Since Yesterday -

Screenshot_24.png

Screenshot_22.png

The EU trade was Fruit on Daily and Breakout on hourly

Screenshot_21.png

[kiravon]

''Plan the Trade and Trade the Plan!''

Ok I'll try anything once

It hasn't done Michael any harm after all

and looking at my higher time frame trades I was contemplating
exactly what would be my Exit Strategy and I wrote it all down
in my notebook

Then it occurred to me - I've never done that on the 1M time frame
- I've never planned the trade and so there has been no plan to
trade!

Currently my trades are thus since Yesterday ( not counting 1M Dax
at LO )

GBPUSD Short Already Closed for -6
EURJPY Short Already closed for -7

Open Trades
DAX ( on Pepperstone ) Short currently up around +600 pips
I will exit at close above Daily Green

EURUSD Short Close above H1 Blue currently up +40

GBPAUD Short Close above H4 Green currently up +68 TP at Support level for +160

USDJPY Long Close below AIMS (SL in place) currently up +11