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The Swamp

  • #56,381
  • Mar 18, 2020 4:54am Mar 18, 2020 4:54am
Banks Take $36.3B In ECB 7-Day Dollar Funding Operation Banks Take $75.8B In ECB 84-Day Dollar Funding Operation
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,382
  • Mar 18, 2020 5:09am Mar 18, 2020 5:09am
Quoting KiwiTrada
UCad slicing through previous weekly high 1 43249 next high is 1 46891
pierce and rejection for now
If you are new to Forex? Say Goodbye to your account!!
  • #56,383
  • Mar 18, 2020 5:09am Mar 18, 2020 5:09am
Short EU here 1.1014
  • #56,384
  • Mar 18, 2020 5:23am Mar 18, 2020 5:23am
Quoting Boulder
Short EU here 1.1014
have to say its tough to short EU with FED 1 trillions repo operation each day...
Don't like to fight against FED... I will take it slow... not be aggressive shorting...
  • #56,385
  • Mar 18, 2020 5:36am Mar 18, 2020 5:36am
Oil now at 25.67
  • #56,386
  • Mar 18, 2020 5:40am Mar 18, 2020 5:40am
Quoting Boulder
Short EU here 1.1014
out 1.1002, +12
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  • #56,387
  • Mar 18, 2020 6:21am Mar 18, 2020 6:21am
[quote=Boulder;12820648]Morning all, I woke up late... short some here 1.0983[/quote]
closed at 0973 and more +20.. sideline for now..
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  • #56,388
  • Mar 18, 2020 6:48am Mar 18, 2020 6:48am
Quoting Boulder
{quote} Usually after I flat all my positions, I withdrew profits to reward myself and my family.. so my family will continue to support me in this trading journey... For me, trading is like in the casino..got to learn when to leave the table .... before the casino takes money away from me ... I can assure that you will feel good once you trade your accounts with free money, you will feel good about yourself....also no regrets if something happens ...
Since I talked about this topic yesterday... I would like to share this article.... worth reading if you have time

10 Keys to Being A Trader, Not A Gambler
Posted By: Steve Burnson: January 29, 2015
Click here to get a PDF of this post


here is a big difference between a trader and a gambler.
Many people think they are traders when they are really just gamblers that could get better odds in Las Vegas betting on the roulette wheel than what they get in the financial markets. The difference between a trader and a gambler is similar to the difference between a casino and a gambler. The casino paradigm for traders was introduced in “Trade like a Casino” by Richard Weissman and this thinking process can really help traders become profitable.
THE EDGE
Why would the casinos in Las Vegas be so big and luxurious and gamblers mostly just be broke? Casinos have a statistical edge in their games of chance against the players of those games. Time is the friend of the casino and the enemy of the gambler. The more someone tries to beat the casino the more their chances of losing in their attempt. The casino also has table limits so a gambler cannot keep doubling down to eventually win there is a ceiling to the bet size the casino is willing to take the risk on. The casino does not risk its business and profitability on any one trade it has table limits to make sure no one win makes any difference in its profit and loss statement. The casino allows its edge to play out over a huge amount of trades so the odds come back in its favor over a large sample size of bets.
Another huge edge that the casino has is that it has no emotions; the casino does not care about any player and whether that player is winning or losing. In contrast the gambler is filled with emotions wanting to win back all their losses so they trade with the odds against them and usually trade bigger and bigger wanting that one win to get them back to even when it usually just takes them into bigger and bigger losses. Another plague of the gambler is that even after winning streaks they do not take their profits and leave with their money, they stick around and lose it all either through getting arrogant and trading too big or losing their discipline in their strategy that was working for awhile. Gamblers are generally doomed to be losers.
Ten Ways to Be a Trader NOT a Gambler

  1. Trade based on the probabilities NOT the potential profits.
  2. Trade small position sizes based on your account NEVER put your whole account at risk of ruin.
  3. Trade a plan NOT emotions.
  4. Always enter a trade with an edge that can be defined DO NOT trade with entries that are only opinions.
  5. Trade based on quantifiable facts NOT opinions.
  6. Trade after extensive research on what works and what does not. Don’t trade in ignorance.
  7. Trade with the correct position sizing since risk management is your number one priority and profits are secondary concern.
  8. Trade in a way that eliminates any chance of financial ruin NOT to get rich quick.
  9. Trade with discipline and focus DO NOT change the way you trade suddenly due to winning or losing streaks.
  10. Trade in the present moment and DO NOT get biased due to old wins or losses.

The question is what side of the market are you operating on? Are you with the majority who gamble and lose their money or are you with the minority acting as the casino picking up the profits that the gamblers consistently lose?

  • #56,389
  • Mar 18, 2020 7:00am Mar 18, 2020 7:00am
things are out of control here.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,390
  • Mar 18, 2020 7:03am Mar 18, 2020 7:03am
manage to catch a short on GU not closing. yet.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,391
  • Mar 18, 2020 7:07am Mar 18, 2020 7:07am
Quoting DMA Trader
manage to catch a short on GU not closing. yet.
reduce leverage and trade small while you can

i expect crashes in FX markets again. think at your position if you cand handle it for 1000 pips against ? can you ? perfect leave it
you can't, there will be other times to make money . i expect huge panic today.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,392
  • Mar 18, 2020 7:07am Mar 18, 2020 7:07am
Quoting mars1
Oil now at 25.67

24.5
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,393
  • Mar 18, 2020 7:14am Mar 18, 2020 7:14am
on europe there are things that are not working
think about the shut down. here you still do a lot of things on paper
like to get my money need to send physical documents right now but no one is allowed to get out of country also Post offices not really working so .. )

cash is king
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,394
  • Mar 18, 2020 7:26am Mar 18, 2020 7:26am
Quoting DMA Trader
manage to catch a short on GU not closing. yet.
out
tks GU
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Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,395
  • Mar 18, 2020 7:30am Mar 18, 2020 7:30am
The U.K. government is keeping its school system open but some of the country’s most prestigious private schools are taking matters into their own hands
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,396
  • Mar 18, 2020 7:36am Mar 18, 2020 7:36am
Quoting DMA Trader
Trump may get into problems if today numbers jump. don't want to be disrespectful in any way - but thinking into history on time of crisis. wars,, USA wasn't more transparent compared to other nations. it will be hard for a president to keep things under control when they are not. just my 2c
jumping big time today for sure.

futures halted, expect a huge drop if the market opens at all. its getting very serious now.
  • #56,397
  • Mar 18, 2020 8:00am Mar 18, 2020 8:00am
What impact do you think the US stimulus package will have on the US dollar? USD is king....it just continues to rise as if nothing can slow it down.
  • #56,398
  • Mar 18, 2020 8:00am Mar 18, 2020 8:00am
Quoting DMA Trader
{quote} close below 1H for my bearish trend let's panic
EU 900 pips until parity !
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #56,399
  • Mar 18, 2020 8:06am Mar 18, 2020 8:06am
Quoting DMA Trader
{quote} Look into TARP !!
What is TARP??
Cancelled Membership, Accused By FF Member(i'll Be Back) of Being A Con Man
  • #56,400
  • Mar 18, 2020 8:06am Mar 18, 2020 8:06am
Quoting Boulder
{quote} none of my Russian numbers got hit... I wonder what's is in the card...either 1.1068 or 1.0939?? lets see...
RU 1. 1.0939 reached... next level 1.0874

adr 117 atm..
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