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Cable Update (GBPUSD)

  • #532,941
  • Jul 4, 2020 10:54am Jul 4, 2020 10:54am
[quote=navk;13041722]{quote} I use good leverage. I do not have big money as others, so I use leverage only to my advantage. As I do daily trading, I know the daily range AND when to take a trade. At times, it runs even 10 % floating loss before turning to my side. However, this is not applicable to new traders. Maximum 1 / 50 leverage can be used with 3 to 5 % floating loss. IMO. And most importantly, when you feel, you made reasonable money ( say 2 to 4 % of your capital ) quit trading for that particular day. If you are day trader. There are statements, take losses, but allow profits to run. While the first statement is true, take losses, but also do not bother to book profit too. This is specially applicable if you are day trader.

Hi Navk, you and i have very similar outlooks on capital management, though i look for 1% minimum per day compounded and anything on top is a bonus but i don't chase it, that's when mistakes pile up
  • #532,942
  • Jul 4, 2020 11:19am Jul 4, 2020 11:19am
Quoting Qu|cksilver
Hi, Does anyone agree cable may go up to 1.9050 area? or will continue bearish when the market open on monday?
I really do agree but I think patience is a definitely play
I'm a new trader too... I don't mind being shown around
  • #532,943
  • Jul 4, 2020 12:20pm Jul 4, 2020 12:20pm
Quoting navk
Monday, I expect price to hit 1.2500 before dropping 2440. Let us see.
Yes around 1.2525 I shall start selling
  • #532,944
  • Jul 4, 2020 12:33pm Jul 4, 2020 12:33pm
As traders we should have 3 goals, and these are;

1. Capital preservation through risk management - this is the primary and most important goal without which the other 2 cannot be achieved.

2. Grow the capital [sustainably.]

3. Learn from each trade and get better.
Trader with an Edge.
  • #532,945
  • Jul 4, 2020 1:50pm Jul 4, 2020 1:50pm
Quoting sartu
{quote} Yes around 1.2525 I shall start selling
i dont think it can go to that level.

2502 is R1 level.

So fingers crossed until it happens.

I will not risk more than R1 if I am long.
Intraday only.
  • #532,946
  • Jul 4, 2020 4:09pm Jul 4, 2020 4:09pm
Looks like a double top forming.
The price might visit the week's high again before falling.
Just my thought.
Attached Image (click to enlarge)
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Le$$ I$ More
  • #532,947
  • Jul 4, 2020 5:46pm Jul 4, 2020 5:46pm
Looking at the last 3 major swings during May/June, and their associated Fib levels.
I'm seeing Pound building levels and breaking TL's/Patterns.

Targeting the fib gap above
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Compulsions can be hard to resist
  • #532,948
  • Jul 4, 2020 6:04pm Jul 4, 2020 6:04pm
Quoting despichtt
{quote} Nice to read some insides on profit making. I also saw navk mentioning some of his goals and when he was happy As you both have short game like me I wonder money management you are doing!? I forgot to ask him I have short stops usualy below candle of outbreak or some previous low ro just below some pivot if its nearby. Usually I stuff halve of my capital for the technical reasons. When I have extreme feeling for discounting on some story Im often all in(minus 10% of my capital something) Think I also heared him saying traders inside banks...

Traders inside bank having a max daily loss of 20% ?! Lol, I don’t know where you’ve heard that but it is simply impossible.
LDFX Trading Ltd
  • #532,949
  • Jul 4, 2020 6:09pm Jul 4, 2020 6:09pm
?
Attached Image
not euphoria follower
  • #532,950
  • Jul 4, 2020 6:11pm Jul 4, 2020 6:11pm
Quoting LDFX
{quote} Traders inside bank having a max daily loss of 20% ?! Lol, I don’t know where you’ve heard that but it is simply impossible.
Exactly. Banks don't use leverage. Well, they kind of do, but in a different meaning...they trade with our money, thats all they have, anyway.
Everyone can see the chart, but only a few can actually read it.
  • #532,951
  • Jul 5, 2020 12:57am Jul 5, 2020 12:57am
Quoting iqyu5an
? {image}
Attached Image (click to enlarge)
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yes yes yes
  • #532,952
  • Edited 4:08am Jul 5, 2020 3:47am | Edited 4:08am
Quoting LDFX
{quote} Traders inside bank having a max daily loss of 20% ?! Lol, I don’t know where you’ve heard that but it is simply impossible.
Someone wrote it down over here; I forgot name. It didnt sound that odd to me honestly. I asume they have individual accounts. Perhaps you think they dont trade or always make gains right lol!?

Banks dont use leverage?

You must be from another world, dear(..)
Attached Image
Life is great!!
  • #532,953
  • Jul 5, 2020 4:01am Jul 5, 2020 4:01am
12
Compulsions can be hard to resist
  • #532,954
  • Jul 5, 2020 4:15am Jul 5, 2020 4:15am
Quoting despichtt
Banks dont use leverage? You must be from another world, dear(..) {image}
Go try trading beyond a couple thousand...even if you want to trade with a few million, directly through a bank(big clients don't use regular fx shops), they will cut your leverage to minimum. At one bank I got a max leverage of 1:5 for some majors, and the amount there was far from a few million. And that is still "retail". A bank itself, is trading with hundreds of millions, so no, they don't use leverage, dear. Leverage is a loan...you can get a trading loan when you trade with thousands...not millions or billions, dear.
Everyone can see the chart, but only a few can actually read it.
  • #532,955
  • Jul 5, 2020 4:28am Jul 5, 2020 4:28am
I remember the reason why ignoring you again. Perhaps you never heard of the main reason Goldman Sachs is still out there; I think you have to Google for it asuming you are still a bit green in the world

I can imagine banks not offering you more than 1:5 btw )

Did you ever hear of futures trading and saw the tape running during high volume events!? Perhaps someone else should tell you more about leverage..
Life is great!!
  • #532,956
  • Jul 5, 2020 4:43am Jul 5, 2020 4:43am
Quoting despichtt
I remember the reason why ignoring you again. Perhaps you never heard of the main reason Goldman Sachs is still out there; I think you have to Google for it asuming you are still a bit green in the world I can imagine banks not offering you more than 1:5 btw ) Did you ever hear of futures trading and saw the tape running during high volume events!? Perhaps someone else should tell you more about leverage..
If Goldman Sachs is a regular bank, show me your checking account with them.

You don't know the difference between a bank and an investment bank? GS operates as a hedge fund, dear.
Everyone can see the chart, but only a few can actually read it.
  • #532,957
  • Jul 5, 2020 5:00am Jul 5, 2020 5:00am
11
Compulsions can be hard to resist
  • #532,958
  • Jul 5, 2020 5:06am Jul 5, 2020 5:06am
Quoting Moty
{quote} {image}
Are they 50sma high and low Moty?
Compulsions can be hard to resist
  • #532,959
  • Jul 5, 2020 5:59am Jul 5, 2020 5:59am
10
Compulsions can be hard to resist
  • #532,960
  • Jul 5, 2020 6:31am Jul 5, 2020 6:31am
Quoting trumps
12
Are you counting the hours before the open?
Patience and Discipline.
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