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Cable Update (GBPUSD)

  • #587,741
  • Apr 2, 2021 4:56am Apr 2, 2021 4:56am
My 10cents: skip the search for a working forex EA, there is none invented yet available to public with a decent R:R.

Use saved time (and money) to educate yourself, learn one pair behaviour in minute detail and start trading.

Never, ever add to a losing position and honor your stoplosses.

EDIT: Start small with intraday, learn market sessions dynamics, psychological aspects of stophunts/reversals. Keep the TP targets conservative. While many of us probably aspire to become masters of fruitful and easyrunning 300pip swing trades, its far more difficult to achieve than aiming for 25-50pips per day.

Enjoy the camel races, SR


Quoting Sang.Real
{quote} Cool Mysterio. I just would like to ask you one question. Everyone can join in and help me to find an answer to this question. The Question : " Many new traders want to know how best to approach trading. What would you do different or advise if you were just starting out again? " Thanks in advance to participate in contributing answering the above question. Sincerely Sang Real
  • #587,742
  • Apr 2, 2021 4:58am Apr 2, 2021 4:58am
Quoting Sang.Real
{quote} Cool Mysterio. I just would like to ask you one question. Everyone can join in and help me to find an answer to this question. The Question : " Many new traders want to know how best to approach trading. What would you do different or advise if you were just starting out again? " Thanks in advance to participate in contributing answering the above question. Sincerely Sang Real
Read "trading in the zone". It helps with the psychological aspect of trading which is the most important field in trading.
Patience.....
  • #587,743
  • Apr 2, 2021 4:59am Apr 2, 2021 4:59am
Quoting Forex.z1
{image} Is price going to 1.38 or breaking through to bottom of the channel?
being a good Friday with European and Uk markets closed it might drop a little bit only
Insane in the Brain..
  • #587,744
  • Apr 2, 2021 5:00am Apr 2, 2021 5:00am
Quoting zizoo
{quote} Personal experience, the cable is very volatile a day or two prior to NFP, but makes minimal movement at the time of the release. This is not how it was when I was new. Back then, NFP week is very slow for cable, Monday to Thursday, then cable moves a range of 150 - 300 pips in minutes! For a while, I am yet to see that happen. Older traders can confirm this
I am old in years and trading years, don't totally share your view, but each to their own, thanks for reply, so do you think it being Good Friday has anything to do with the slow market or just a coincidence
  • #587,745
  • Apr 2, 2021 5:01am Apr 2, 2021 5:01am
Quoting Waveskierrob
{quote} Spend 95% effort on money management and 5% on direction

Thanks Waveskierrob,


Must agree with your wisdom, as many new traders jump in without an understanding of risk and money management.

Focusing on unrealistic expectations and driven by slick promises of easy money they assume risks that they are not aware of.

Yet to meet a trader who didn't pass through that.

For all newbies, remember to learn. Be a student, not a follower. It's your path and you're ALONE there.

Sang Real.
  • #587,746
  • Apr 2, 2021 5:05am Apr 2, 2021 5:05am
Quoting BeeTogether
{quote} It’s going to be a sloooow day today. That retrace might not happen till Monday / Tuesday

I thought as much. Bank holidays here and there
  • #587,747
  • Apr 2, 2021 5:09am Apr 2, 2021 5:09am
Quoting Sang.Real
{quote} Thanks Waveskierrob, Must agree with your wisdom, as many new traders jump in without an understanding of risk and money management. Focusing on unrealistic expectations and driven by slick promises of easy money they assume risks that they are not aware of. Yet to meet a trader who didn't pass through that. For all newbies, remember to learn. Be a student, not a follower. It's your path and you're ALONE there. Sang Real.
Pipeasy ?
  • #587,748
  • Apr 2, 2021 5:11am Apr 2, 2021 5:11am
Quoting Theoak
Obvious resistance area. Long in at 1.3846 target 20 pips {image}
Hi Sweety
  • #587,749
  • Apr 2, 2021 5:16am Apr 2, 2021 5:16am
Quoting KevinZeng
{quote} Long?
This long is a line in the sand. Will be adding to longs
Don't trade what you think. Just what you see!!!
  • #587,750
  • Apr 2, 2021 5:20am Apr 2, 2021 5:20am
Quoting DailyChart
{quote} Pipeasy ?
The legend ---- Known as DC!!!!
Don't trade what you think. Just what you see!!!
  • #587,751
  • Apr 2, 2021 5:23am Apr 2, 2021 5:23am
Quoting Sang.Real
{quote} GU Add scalping position on minor pullback. Entry @ rejection of RBS candle with M5 Chart. Price is testing to break YH and last WH. Next target is to reach 22ndMarch WH, with SRF confluence. Slow progress until NFP. This is like two steps forward one step back what it looks like. H4 - Structure {image} M5 - SNR {image}

GU


Add one more scalp

Price retest the support zone.

The markets often tries to shake many out before it makes its move.



Attached Image (click to enlarge)
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  • #587,752
  • Apr 2, 2021 5:23am Apr 2, 2021 5:23am
Quoting DailyChart
{quote} Hi Sweety
What you eating today... bound to get a picture !!!Good Friday here ... should not eat meat today.

What are you long or short???
Don't trade what you think. Just what you see!!!
  • #587,753
  • Apr 2, 2021 5:32am Apr 2, 2021 5:32am
Quoting mysterio
{quote} I would say the most important aspects are commitment and time. Commit to success, enjoy what you're doing and make an effort to learn as much as possible. Focus on some basic principles and spend 10k hours practicing until you get it right. Be aware of your psychological limitations as a human being and try to rise above any emotional state and remain as objective as possible. Do more of the stuff that makes money and less of the stuff that doesn't, journal everything and analyse your mistakes more than your successes. And actually...

Thanks mysterio,

That's profound you've said "psychological limitations as a human" - This is key , you can know all the stats , if you cannot control yourself its just a matter of time until you see the end .

We are emotional beings. It’s about understanding our emotional responses and adjusting behaviour.
  • #587,754
  • Apr 2, 2021 5:43am Apr 2, 2021 5:43am
Quoting Theoak
{quote} What you eating today... bound to get a picture !!!Good Friday here ... should not eat meat today. What are you long or short???
its going DOWN on a good Friday
dont always go with the crowd, be exceptional
  • #587,755
  • Apr 2, 2021 5:52am Apr 2, 2021 5:52am
Quoting EngrTetle
{quote} its going DOWN on a good Friday
If it does go down... It wont be a good Friday for me!!!!!
Don't trade what you think. Just what you see!!!
  • #587,756
  • Apr 2, 2021 5:53am Apr 2, 2021 5:53am
Quoting Theoak
{quote} What you eating today... bound to get a picture !!!Good Friday here ... should not eat meat today. What are you long or short???
Long and short .. small losses here and there until 1 h 2 runner cover it all from Europe Open Till London Close

I have noodles and bee hoon today ice cream ?
  • #587,757
  • Apr 2, 2021 6:01am Apr 2, 2021 6:01am
Can’t see it going down I’m tightening my s/L
Insane in the Brain..
  • #587,758
  • Apr 2, 2021 6:02am Apr 2, 2021 6:02am
Quoting Theoak
{quote} If it does go down... It wont be a good Friday for me!!!!!
its probably gonna be another situation where predictability goes wrong or u could just be right, who knowsanyway happy Easter and its the weekend so Yipee!!!
dont always go with the crowd, be exceptional
  • #587,759
  • Apr 2, 2021 6:09am Apr 2, 2021 6:09am
Quoting Ilvez
My 10cents: skip the search for a working forex EA, there is none invented yet available to public with a decent R:R. Use saved time (and money) to educate yourself, learn one pair behaviour in minute detail and start trading. Never, ever add to a losing position and honor your stoplosses. EDIT: Start small with intraday, learn market sessions dynamics, psychological aspects of stophunts/reversals. Keep the TP targets conservative. While many of us probably aspire to become masters of fruitful and easyrunning 300pip swing trades, its far...

Yes Ilvez, absolutely insightful thought.

I must agree with we have to learn and create a trading plan with a proven system, follow it religiously, and let the system do its job.

Sooner than later, we become a bot, zero emotions. Ha ha ha ... Joking ok. Don't take it seriously.

But, it is not easy but it is possible.

You've given a fantastic advice.

Definitely needed.

About the Camel race, yeah. looking forward for it this weekend. Local Darby.


The Adrenalin.
Attached Image (click to enlarge)
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  • #587,760
  • Apr 2, 2021 6:14am Apr 2, 2021 6:14am
Quoting Moty
if today was a normal day , i was already took profit on my trade i am staying with my trade no matter what
I also keep to sell now, i still trust my thinking
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