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  • EUR/USD bursts through 1.3750 barrier

    From fxstreet.com

    EUR/USD spiked higher in the Asian session, setting a new 6-week high at 1.3766 after tripping the 1.3750 reported barrier. According to Jim Langlands, Founder at FXCharts: "EUR/USD looks reasonably well underpinned", adding that "the dailies still point quite aggressively higher, so buying dips still look to be the way of it, with appropriate stops left in place."

Jim who? Boy, will he wish he never said that publicly...
So, WHY did it spike higher Any news?
This means "newbies place your longs" lol. Somebody it's waiting up ahead.....
I will stay out of this pair. I cannot see where it's going. I just leave it alone till all the madness comes to sense.
EURUSD is reacting like EURJPY. No big fall but price is rising.
  •  Guest
  • | IP XX.XX.174.213
more b.s., 3820 is the mark, maybe even 3800 even. go long go wrong past that, they will slam it down anywhere in that range, narrow channel the last few legs , this is a magnet move and will be heavily rejected soon. This jim clown prolly has the boat loaded on a short
Yes, I see the spike as a bait and to hunt SL's. It will back to 1.37 as Draghi shows his face. But watch out for him. I don't buy.
Its overbought now on both the 4hr and daily charts, so there is probably an easy short back to the ema for 50+ pips before it resumes its run higher, but the resistance at the year's high at 1.3820 will be formidable, and a double fail there will mean a break lower.
And imho the top of this run can only reach the large multi month downtrend channel, which currently sits around 1.3960, so trade long up to there and then go short. I'll be surprised if it reaches 1.40 - its disastrous for the EU with the the EUR up here, they will have to respond if the Fed doesn't taper.
this 'news' source was only a few days ago talking about EURUSD 'plummeting'

http://www.forexfactory.com/news.php?do=news&id=460168
Tracking the Specialists.
Yes after 3700, 3650, 3600, 3550, 3500 and every BURSTING done from 2750(1000 pips away) where 95-99% of traders were firm it was a down year for Euro

After all, it's a huge account burster move, right?
I guess when y'all agree to call it a monthly TREND and decide to ride it, it will come down like a rock....
Don't Fight Forces, Use Them.
Quoting Timetraveler
Yes after 3700, 3650, 3600, 3550, 3500 and every BURSTING done from 2750(1000 pips away) where 95-99% of traders were firm it was a down year for Euro

After all, it's a huge account burster move, right?
I guess when y'all agree to call it a monthly TREND and decide to ride it, it will come down like a rock....
Your comment about the article is quite accurate, and funny. Although the whole 95 -99% traders loosing is just not accurate. Those numbers are just a scare tactic put in place to help commercial bullshitters and PAMM managers to sell their services to noobs. Accurate numbers are more like 51-55% of traders are in the red.

Regarding Ivan's article. Well you got to feel sorry for the writers. He's employed and contracted to write articles on a regular basis. So its either rewording some rubbish he read else where. Or make up some BS like this to fill a quota.
Understanding macro fundamentals in FX is not easy, and neither is finding a reliable source of information. It takes years of experience to be able to take pieces of information from multiple sources and apply it to your trading. Being primarily a PA trader. I could trade comfortably without the news. But understand the bigger picture is vitality important, and this is where fundamentals come in.
  •  Guest
  • | IP XX.XXX.0.97
Do you imagine traders (even part time retail) stay wedded to a position when trend changes? Even using the most basic charting package and obvious set of indicator based trading method/rules plotted on a daily chart should have seen traders long EUR/USD since November 12th, and then another opportunity at the 19th if the first was missed. There is never any excuse to be the wrong side of the trend, ever.


Quoting Timetraveler
Yes after 3700, 3650, 3600, 3550, 3500 and every BURSTING done from 2750(1000 pips away) where 95-99% of traders were firm it was a down year for Euro

After all, it's a huge account burster move, right?
I guess when y'all agree to call it a monthly TREND and decide to ride it, it will come down like a rock....
  •  Guest
  • | IP XX.XXX.0.97
The failure rate data from brokers is always a bit tricky to decipher and there are simple ways of presenting it in a good light. For example brokers can state (honestly) that circa 50% of bets are successful and consequently retail traders can extrapolate that this equals 50% of traders are winning and it wouldn't be wrong.

However, let me tell you, as someone who worked in a retail brokerage, a tiny percent of traders make consistent 'serious' money, enough to be categorized as making a living. I'd suggested it's less than 2%, the vast majority of traders are 'playing at it' with tiny accounts of less than $500. I'd say that percentage is approx 80% of traders have accounts of less than $500. They're taking punts like young lads betting on football matches in the UK, they're not really serious, it's more of a hobby and like sports betting punters they'll lose approx $500 a year.


Quoting P3t3rjj
Your comment about the article is quite accurate, and funny. Although the whole 95 -99% traders loosing is just not accurate. Those numbers are just a scare tactic put in place to help commercial bullshitters and PAMM managers to sell their services to noobs. Accurate numbers are more like 51-55% of traders are in the red.

Regarding Ivan's article. Well you got to feel sorry for the writers. He's employed and contracted to write articles on a regular basis. So its either rewording some rubbish he read else where. Or make up some BS like this...
Quoting P3t3rjj
Your comment about the article is quite accurate, and funny. Although the whole 95 -99% traders loosing is just not accurate. Those numbers are just a scare tactic put in place to help commercial bullshitters and PAMM managers to sell their services to noobs. Accurate numbers are more like 51-55% of traders are in the red.

Regarding Ivan's article. Well you got to feel sorry for the writers. He's employed and contracted to write articles on a regular basis. So its either rewording some rubbish he read else where. Or make up some BS like this...
I would say 95-99 % is more close to the truth.

2-3 years ago Polish CB made a research regarding win percentage among Polish brokers. The outcome was like 85-90% lose(in the year of the research). Best broker had lose ratio around 80%.

It is very rare to find successful trader.
Quoting Kuba
I would say 95-99 % is more close to the truth.

2-3 years ago Polish CB made a research regarding win percentage among Polish brokers. The outcome was like 85-90% lose(in the year of the research). Best broker had lose ratio around 80%.

It is very rare to find successful trader.
Maybe if we distinguish what we consider a trader. If you newish trading a few thousand dollars, and trade a few hours a week. Still working on your system. Should you be counted, probably not. The stats I am talking about come directly from one of my brokers (Interactive Brokers). Seeing as they are audited and required by law to produce these stats, they need to be accurate. Possibly the fact they require a minimum 10k deposit to open an account, filters out alot of guys that are just fooling around in the market. Playing with EA's and all sorts of indicators. That sort of thing, so still in the infancy stage.
Forexmagnet put a few stats together a year back ,but it should still be an indication of whats going on. Towards the bottom of the list, the loosing percentage is much higher, but then they are brokers where you can open an account with a few dollars, so again. Just people fooling around or still developing a system. Not traders..

http://forexmagnates.com/q4-2012-forex-traders-profitability-report-us-forex-market-keeps-losing-brokers-and-accounts/
Well his prediction may be correct after all, period.
Quoting Timetraveler
Yes after 3700, 3650, 3600, 3550, 3500 and every BURSTING done from 2750(1000 pips away) where 95-99% of traders were firm it was a down year for Euro

After all, it's a huge account burster move, right?
I guess when y'all agree to call it a monthly TREND and decide to ride it, it will come down like a rock....

You are right on the money .
It is actually hilarious how everyone was so convinced that this will be a down year for euro. Do not understand why was this believed but then again all sorts of noise is incepted , it is not easy for average traders to differentiate.
Quoting Deano9999
Its overbought now on both the 4hr and daily charts, so there is probably an easy short back to the ema for 50+ pips before it resumes its run higher, but the resistance at the year's high at 1.3820 will be formidable, and a double fail there will mean a break lower.

Not that i am arguing that a short is on the cards or no.. but do these overbought/oversold things work ? and a trader with your experience thinks that a trade can be based on such analysis ?.... i am asking because very early in my career i realized that oversold or overbought is of little relevance watching how they work in pure trends .. when it comes down it just comes down regardless of overbought or not .... just a thought!
Quoting P3t3rjj
Maybe if we distinguish what we consider a trader. If you newish trading a few thousand dollars, and trade a few hours a week. Still working on your system. Should you be counted, probably not. The stats I am talking about come directly from one of my brokers (Interactive Brokers). Seeing as they are audited and required by law to produce these stats, they need to be accurate. Possibly the fact they require a minimum 10k deposit to open an account, filters out alot of guys that are just fooling around in the market. Playing with EA's and all sorts...

Unfortunately this statistic shows only quarter tendency without showing the whole "life" of an account.

What is more, there is no survivorship bias in this research. This means closed or bankrupt accounts are not included in the statistics.

All in all, I am still for 10% (max.!!) winning accounts. (As our CBs research)
Quoting Connected
this 'news' source was only a few days ago talking about EURUSD 'plummeting'

http://www.forexfactory.com/news.php?do=news&id=460168


Hahahhah it is their job .. this is what they do .... little do they know about how market moves !
Forex is just like anything else in the world. There are only a few at the top. Then there are marginally successful. Then come the ones who are on borderline successful and not. At the very bottom are who never make it at all.

For 1 successful entrepreneur, there are 10 who are not. That's not very surprising.
Quoting Guest
Do you imagine traders (even part time retail) stay wedded to a position when trend changes? Even using the most basic charting package and obvious set of indicator based trading method/rules plotted on a daily chart should have seen traders long EUR/USD since November 12th, and then another opportunity at the 19th if the first was missed. There is never any excuse to be the wrong side of the trend, ever.

Please go back to these dates and check the posts here on this forum .. everyone with their expert analysis and the interest rates issue were convinced that euro is headed lower. Also the guy you quoted is talking about a year long trend from 1.27/28 which was actually a bottom of a big range so i don't understand what you mean but yes there is no excuse to be on the wrong side of the trend lol
Quoting Deano9999
And imho the top of this run can only reach the large multi month downtrend channel, which currently sits around 1.3960, so trade long up to there and then go short. I'll be surprised if it reaches 1.40 - its disastrous for the EU with the the EUR up here, they will have to respond if the Fed doesn't taper.

Please someone tell me why it's disastrous for EU with the EUR up there ?
Quoting Fx Hiflyer
Please someone tell me why it's disastrous for EU with the EUR up there ?
Depends who you are. As a trader it makes no difference. But in the real world, it can be a major issue. Look at Germany, or any of the northern European countries, that fit the bill for the southern European countries. Germany as an example won't tolerate the Euro above 1.3700 for very long. The service section contributes about 70% of there GBP. Can we spell export, we all love our German cars don't we. So ofcource its not going to bounce of 1.3700 and tear down, the market will do what the market does. But from a marco fundamental point of view, these levels wont be sustained. So we keep trading the PA and let the market do what it does.
  •  Guest
  • | IP XX.XXX.0.97
The poster's peculiar style of writing made very little sense. Is he posting that in support of someone, are you, in support of someone who told his 'group' to go long at 13800, when price subsequently fell to 13300? Possilby the worst live call ever made on FF.


Quoting Fx Hiflyer
Please go back to these dates and check the posts here on this forum .. everyone with their expert analysis and the interest rates issue were convinced that euro is headed lower. Also the guy you quoted is talking about a year long trend from 1.27/28 which was actually a bottom of a big range so i don't understand what you mean but yes there is no excuse to be on the wrong side of the trend lol
Quoting P3t3rjj
Depends who you are. As a trader it makes no difference. But in the real world, it can be a major issue. Look at Germany, or any of the northern European countries, that fit the bill for the southern European countries. Germany as an example won't tolerate the Euro above 1.3700 for very long. The service section contributes about 70% of there GBP. Can we spell export, we all love our German cars don't we. So ofcource its not going to bounce of 1.3700 and tear down, the market will do what the market does. But from a marco fundamental point of view,...
Actually the less you are developed the more you are dependent on currencie rate. You gave wrong example of Germany, they produce hi tech products. If you buy BMW 7 series it doesnt really matters(so much) if it costs 100K wheather 90k.

However center-eastern countries in Europe depend a lot on rate as we sell moslty raw materials and cheap workforce. We compete by low price and your example is competition in quality.
  •  Guest
  • | IP XX.XXX.0.97
Oh really, and do you know how the marekt moves? Please enlighten us.


Quoting Fx Hiflyer
Hahahhah it is their job .. this is what they do .... little do they know about how market moves !
Quoting Kuba
I would say 95-99 % is more close to the truth.

2-3 years ago Polish CB made a research regarding win percentage among Polish brokers. The outcome was like 85-90% lose(in the year of the research). Best broker had lose ratio around 80%.

It is very rare to find successful trader.
No disrespect my friend, but I don't think a point of view of a few polish brokerages are any indication of the market as a whole.

But yes I agree the stats are difficult, that's why accounts under 10k should be disregarded. If lets say FXCM pulled stats on there standard account, and then there active trader accounts. The profitable percentages will be significantly different.

Also depending where you trade from, again I mean no one any disrespect here. But if you trading from India or Pakistan you can live of a few thousand dollar account. But my hometown is Sydney an there is no way to live even an average lifestyle unless you extract at least 100k a year out the market. That basically minimum wage for skilled labour. Sure there are burger flippers that live in shared accommodation, but that's not a world I relate to.
  •  Guest
  • | IP XX.XXX.0.97
A respected member of another forum based site came up with this data.

The 8000+ accounts are not, actually, the survivors. It includes everyone who did at least one trade in a 3+ year period. There is survivorship involved in the % profitable each quarter (I think that will be the next post), but not in the quarterly figures.

So just to check I've understood, of the survivors, 3% (241) were profitable every month in the data, but only 0.4% (30) were profitable every quarter for more than a year, the other 211 may or may not have been.




http://www.trade2win.com/boards/forex/164594-forex-trader-success-rates-some-real-data.html#post2049720
Quoting P3t3rjj
No disrespect my friend, but I don't think a point of view of a few polish brokerages are any indication of the market as a whole.

But yes I agree the stats are difficult, that's why accounts under 10k should be disregarded. If lets say FXCM pulled stats on there standard account, and then there active trader accounts. The profitable percentages will be significantly different.

Also depending where you trade from, again I mean no one any disrespect here. But if you trading from India or Pakistan you can live of a few thousand dollar account....
Actually our market is well developed, you have fx brokers in each bank and many local brokers. Ofcourse I am not telling as it is for global market but it gives good view.

I showed that there are big holes in this data which make them look better. Size of account doesnt matter here. Again, this data is made to look good.

Ok, it true that there is different PPP in each country, but what it has to do with lose/win ratio?
Quoting P3t3rjj
Depends who you are. As a trader it makes no difference. But in the real world, it can be a major issue. Look at Germany, or any of the northern European countries, that fit the bill for the southern European countries. Germany as an example won't tolerate the Euro above 1.3700 for very long. The service section contributes about 70% of there GBP. Can we spell export, we all love our German cars don't we. So ofcource its not going to bounce of 1.3700 and tear down, the market will do what the market does. But from a marco fundamental point of view,...

Ok i see your point but my argument is that i have seen this 'public opinion' since ever now...by that i mean this opinion was stated when price was at 29 30 31 32 and this opinion remains....some believed that price could not sustain over 35 and now you think 37 so really concepts such as these only misguide us as traders .. don't you think ?....Not saying that these levels and prices above these levels do not provide shorting opportunities but i say that for completely different reasons.
Quoting Guest
Oh really, and do you know how the marekt moves? Please enlighten us.

Haha are you some suspended member trying to get smart with me ?
anyway please go the the link the guy suggested and read through the posts and you will see what i mean


Quoting Connected
this 'news' source was only a few days ago talking about EURUSD 'plummeting'

http://www.forexfactory.com/news.php?do=news&id=460168
Quoting Kuba
Actually our market is well developed, you have fx brokers in each bank and many local brokers.

I showed that there are big holes in this data which make them look better. Size of account doesnt matter here.

Ok, it true that there is different PPP in each country, but what it has to do with lose/win ratio?
Look its human nature for you to find and use sources that agree with your opinion. Its not your fault, but as a trader your must not have an opinion just be open to what you see and trade it accordingly.

Maybe its the environment or how you where introduced into trading. Mine started in London years ago. Not some website selling something, I never went through the indicator EA phase. I got a mentor, studied for years and became lucky with hundreds of hours of practice.
I discuss the markets and socialize with a number of traders, some from banks and others whom like myself manage their own private funds. The whole everyone is a looser except a tiny few is defiantly not the general consensus. Even on this forum the old group James16 or something like that, has produced a number of traders and stood the test of time. Now I have nothing to do with them and only know they trade price action, but you get the point. Maybe thinking everyone is a looser, might make us feel better but its just not accurate. Are 90% of the trainee traders in the early stages of their career loosing, sure. They paying school fees, but they not traders yet.
Quoting Fx Hiflyer
Ok i see your point but my argument is that i have seen this 'public opinion' since ever now...by that i mean this opinion was stated when price was at 29 30 31 32 and this opinion remains....some believed that price could not sustain over 35 and now you think 37 so really concepts such as these only misguide us as traders .. don't you think ?....Not saying that these levels and prices above these levels do not provide shorting opportunities but i say that for completely different reasons.
We'll yeah, if the douche publicizing he's opinion new anything about trading and the markets. He would be trading, not trying to generate traffic to a website and earn a living with ads.
  •  Guest
  • | IP XX.XXX.0.97
The other critical issue with the profitability figures published by the likes of Interactive Brokers is that the figures lack the nec detail to make an informed decision as to the validity. The data I provided above is far more valid, only 3% were profitable and only 0.4% profitable for 4 Qs. IMHO there's the answer right there as to how many are consistently profitable and earning what could be considered a salary or decent investment income from trading FX each year.
  •  Guest
  • | IP XX.XXX.0.97
"What you mean"? You appear confused, I asked what method you have to read the market. I think you're still at that dizzy stage, blinded and somewhat giddy as to the huge possibilities that (you think) exist in this industry. Go away and have a quiet word with yourself regarding how much you've actually made in 2013, and what you've actually achieved.

Then ask yourself why you've become dependent and devoted to an internet stranger you'll never meet for your future FX prosperity. The aim you should have for 2014 is to stand on your own two feet and attempt to move into some real tangible profitability.


Quoting Fx Hiflyer
Haha are you some suspended member trying to get smart with me ?
anyway please go the the link the guy suggested and read through the posts and you will see what i mean


Quoting Connected
this 'news' source was only a few days ago talking about EURUSD 'plummeting'

http://www.forexfactory.com/news.php?do=news&id=460168
When price was at 29 - 30, the focus news was very different. It's not about taper, but about Greece default, Italian debt, and Spanish unemployment.

The focus news now shifts to the FED and Taper.

It was about Euro weakness, nowadays is about USD strength.

If you know how our brains work, there are limited of things we can focus on. When the focus was on Euro weakness shift to USD strength, our brains still focus on the former. Suddenly the market surprises us. We still think that 1.35 is a strong resistant. We have never thought that it has become strong support until now.
Quoting P3t3rjj
Look its human nature for you to find and use sources that agree with your opinion. Its not your fault, but as a trader your must not have an opinion just be open to what you see and trade it accordingly.

Maybe its the environment or how you where introduced into trading. Mine started in London years ago. Not some website selling something, I never went through the indicator EA phase. I got a mentor, studied for years and became lucky with hundreds of hours of practice.
I discuss the markets and socialize with a number of traders, some from...
I just told you how the data looks like in Poland and how wrong is your opinion based on your data. It is a fact not my opinion, this data is not meaningful. You see in this data what you want to see.


You write to much "maybe", seems like you want to fit me into your thinking.
Quoting Kuba
I just told you how the data looks like in Poland and how wrong is your opinion based on your data. It is a fact not my opinion, this data is not meaningful.

You write to much "maybe", seems like you want to fit me into your thinking.
No need to over analyze my wording, there is no cryptic meaning. What I'm providing is the data from my broker that executes over a million trades a day and has $4.8 billion in equity capital. So theses are stats from traders all over the planet. Your data is from a few polish banks. Now I know the polish banking is a highly developed industry, but it is build around coal, textile, chemical, machinery, iron, and steel sectors. Which would indicate the industries most of the countries people are involved in. Too make a long story short, trading in Poland is very new to the masses. With minimal expose to an industry initial success will be low, and take time to reach the levels of other countries. So all in all, its better to take a global view..
  •  Guest
  • | IP XXX.XXX.238.35
Quoting P3t3rjj
No need to over analyze my wording, there is no cryptic meaning. What I'm providing is the data from my broker that executes over a million trades a day and has $4.8 billion in equity capital. So theses are stats from traders all over the planet. Your data is from a few polish banks. Now I know the polish banking is a highly developed industry, but it is build around coal, textile, chemical, machinery, iron, and steel sectors. Which would indicate the industries most of the countries people are involved in. Too make a long story short, trading...
I would rather believe an analysis based on a wider range of data taken from international sources than a small one based on a localised area.
Lol these guys are so dramatic, last week it was the Euro "Plummets," through x.xxxx

This week its the Euro "Bursts," through x.xxxx.
Quoting Effex
Lol these guys are so dramatic, last week it was the Euro "Plummets," through x.xxxx

This week its the Euro "Bursts," through x.xxxx.
agree.
although if you are looking at live chart, it is taking step up then 2 down, then 3 up an one down. it appears coming down while going up. nasty high frequency trading systems at work in classic bear squeeze.
Quoting P3t3rjj
Understanding macro fundamentals in FX is not easy, and neither is finding a reliable source of information. It takes years of experience to be able to take pieces of information from multiple sources and apply it to your trading. Being primarily a PA trader. I could trade comfortably without the news. But understand the bigger picture is vitality important, and this is where fundamentals come in.
Quoting Fx Hiflyer
Please go back to these dates and check the posts here on this forum .. everyone with their expert analysis and the interest rates issue were convinced that euro is headed lower. Also the guy you quoted is talking about a year long trend from 1.27/28 which was actually a bottom of a big range so i don't understand what you mean but yes there is no excuse to be on the wrong side of the trend lol
The guy quoted is talking about 1.20 Grexit trend. You know... When I had to vote for the euro too instead of just buying it... Then syrtaki all the way up. I guess I'm just... macrotrading Grexit

The truth is out of 100 regulars or so willing to offer their view back then chanting for PARITY or even ROTATING MONITORS and by disregarding major fundamentals such as WHATEVER IT TAKES(rofl) and other nonsense only one puts himself on the line for the up direction since then. The rest play safe but you can tell from their anger or their submarine silence they're not happy.
Quoting Guest
Go away and have a quiet word with yourself regarding how much you've actually made in 2013, and what you've actually achieved.
You go away and come back with your membership alias, if you can, to slap you again for not asking politely.
Quoting frx_trader
Forex is just like anything else in the world. There are only a few at the top. Then there are marginally successful. Then come the ones who are on borderline successful and not. At the very bottom are who never make it at all.

For 1 successful entrepreneur, there are 10 who are not. That's not very surprising.
Quoting frx_trader
When price was at 29 - 30, the focus news was very different. It's not about taper, but about Greece default, Italian debt, and Spanish unemployment.

The focus news now shifts to the FED and Taper.

It was about Euro weakness, nowadays is about USD strength.

If you know how our brains work, there are limited of things we can focus on. When the focus was on Euro weakness shift to USD strength, our brains still focus on the former. Suddenly the market surprises us. We still think that 1.35 is a strong resistant. We have never thought that...
You have spoken well naming not traders but enterpreuneurs. In the end each and every man inside WALL Street FAIL to achieve the ROI of the man selling hotdogs outside. Ultimately What relevance and what significance each and every *brainwashed* finds? Who has the superbrain to balance all factors including focus shift? Efficiency has to be simple but not simplistic.
Don't Fight Forces, Use Them.
Ahhh! SB is back. Very nice :-)
Ego or not, is not of any importance to agree on. My understanding is still solid in that ego do has an important role in how we react and respond to certain things..

And its a pity of you dont care anymore. I beleive a lot of traders really appreciate your point of view in here. I am one of them.
Maybe some emotions could be left outside in the future though.

See ya around and GL with trading and communication :-)
BC
Hey, I'll still post, just less and only on news items, if this ickle section turns into a zoo wtf, none of my business Have you taken on board the opportunities the Volcker rule will create in 2014? Wow, I mean wow. Right place, right time, fingers crossed


Quoting braincooler
Ahhh! SB is back. Very nice :-)
Ego or not, is not of any importance to agree on. My understanding is still solid in that ego do has an important role in how we react and respond to certain things..

And its a pity of you dont care anymore. I beleive a lot of traders really appreciate your point of view in here. I am one of them.
Maybe some emotions could be left outside in the future though.

See ya around and GL with trading and communication :-)
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
Quoting braincooler
Hi Fx Hiflyer, biig congrat to your improvement in trading, managing small fund etc..
You seem to be a rather nice and wise guy. Actually i think dudes like SB and LG also qualify to that. Problem is ego, different perpectives on how to think and act in trading and the way we choose to communicate.

Although the critisim about LG that i had, was about his recommendation around end of october:
The eur/usd was around 1.38 and LG stick out his head and recommend that we all go long for 1.4xx area. What happend there was a move south to 1.3300 area...


Hey braincooler .. i respect your opinion and thanks a lot for raising your concern.
I will try to keep it simple to make sure you follow.

In his call to 1.4 around the 1.37 area he mentioned how price had already deviated to the upside from the market mean and he said that prices are not high enough to possibly reverse BUT he mentioned how it was the end of the month and it was still possible that profiteers could close their positions which would result in a drop in prices and that is what happened ..the market reverted back to it's current mean so there is always an element of risk trading in the middle or end of a range ( if you are still following the trend at the end of the current range that is)
So my argument is very simple ..
You talk about his shouting for 1.4 but you do not talk about his call to 1.37/8
You do not talk about his call to 1.34 from where he expected retracement and so it did back to the market mean around 31 from where it bounced to 37.
You do not talk about his call for euro turning to the upside to possibly 1.37 when it was around 1.28/9
(you can check his posts to cross check if you want)

The range can be tricky and 100% accuracy is not possible but there is a way to approach the market.
I have been trading the pair up from 1.28 where we had mentioned that it was an important barrier and and failure of a breach would result in a big rotation to the upside and then He even stated that it had turned .
The approach i am talking about is simple .. I have not closed all my longs from the 28 area and i still have a few longs from 29 to 31 which give me the liberty to dance around with the pair buying/selling at where it is right now.. the approach helped me to be in business at all times but i was well equipped thanks to our team and our understanding of ranges and how price moves in a range and i understand and apologize how you may have lost money with that call but suicide is when you bet the farm on one trade .. even we don't do that .. stops are a necessity ! but all i am saying is that point is to be green over all and after consistent successful swings and scalps even if i get a couple wrong it hurts less so i hope you understand what i mean but i take full responsibility for the call and i sincerely hope that it never happens again .. when we go wrong which is rare .. we are more shattered than anyone else ..
Please let me know if this reply was satisfactory and i will get back to you tomorrow . Goodluck and Cheers
The biggest barrier to success in any form of trading is lack of capitalisation, you'll never have enough in order to trade correctly, but let me guess, you're still in the "compounding to the moon" mindset and using the bucket shop market makers that love you dreamers, excellent! long may it continue


Quoting Fx Hiflyer
What the fuck are you on about old man ? how is trading FX in Pakistan challenging and frustrating ? and so what if you haven't met any Pakistanis in the industry where you live ? how does the affect anything at all ? what has that got to do with trading anyway ?


And what the hell do you think Pakistan is ? lol
We might have the richest people in the world ... only the divide between the rich and poor is huge and the middle class is dying.
But my point is if you are well connected .. you can live king size here ..
It is not a surprise...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
Quoting Fx Hiflyer
Wrong ! Chaos is the best way to approach the market and i can say that for sure for it has done wonders for me .
I am sure you are just looking to argue which is something i am not up for so please stay away guest

We'll you don't even believe that. There is no best way for anything, theirs just your way and how you interpret it.

As an experiment, why don't we open a page in the forum here and let everyone show what big swinging dicks they are. When you post something in the news forum explaining how your single point of view is the only view. Paste a link to the forum page which contains a screenshot of your current trade. Just basic, showing entry, stop loss and profit targets... its all “all retch and no vomit” here.
Quoting Fx Hiflyer
Wrong ! Chaos is the best way to approach the market and i can say that for sure for it has done wonders for me .
I am sure you are just looking to argue which is something i am not up for so please stay away guest
Yes, the market is in chaos when USD becomes toilet paper.
Quoting frx_trader
Yes, the market is in chaos when USD becomes toilet paper.

lol
O the bickering from the chaos gang all over again!!!!

The one thing I learnt about chaos theory is - it must definitely not a holy grail as the gang claimed it is, otherwise why the chaos gang are ALWAYS filled with so much ANGER? The only time when people are filled with anger is when they are submerged in their account.

O by the way, just stop brushing off other people's comments and hold on and claiming holie grain is the reinvented CHAOS. If the chaos gang can go for some anger management course to recoup their pace in trading, and stop being so ignorant and annoying - most likely others will passed them off as nothing, therefore no more bickering with them!
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  • Posted: Dec 9, 2013 9:19pm
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     Newsstand
    Category: High Impact Breaking News
    Comments: 52  /  Views: 12,316