Thursday, May 13, 2010
Re-entries
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"When i trade at home, I often watch the sparrows in my garden. When I feed them bread, they take just a little piece at a time and fly away.They keep on flying back and forth, taking small bits of bread. You will never be able to shoot a sparrow, it is just too fast. That is the way I day trade". M. Weinstein.
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3 comments:
hello forexbird,I see that you use ninja trader as do I. how can I set up my charts with the moving average rainbow that you use? is it a custom code? thank you for your time......
SALAMANDER,
WMAs 48,54,60,and 80,90, 100 ...150.
Ema 21.
That is for the main chart. Indicators are a common CCI 50 and 2 others I cannot share because they contain intellectual property of some friends. But I don't rely much on indicators any more..
When it comes to re-entry, it is absolutely crunch that we do it when there is genuine opportunity arises, it should never be done on just wish list, and it will only make us lose badly. I am lucky enough to have OctaFX broker at my corner with their superb low spreads of 0.2 pips for all major pairs yet they got beautiful rebate program where I am able to earn 15 dollars profits per lot size trade even on the losing trades too.
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