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Cable Update (GBPUSD)

  • #591,221
  • Edited 11:42am Apr 23, 2021 11:21am | Edited 11:42am
Quoting ChiForex
{quote} Are you live trading? What's your account size?
Relatively small account : USD 127,540

In comparison to other traders in Dubai.

Live

Small change for my dad oil money.

How about you ?

Live or demo

What is your account size ?
  • #591,222
  • Apr 23, 2021 11:37am Apr 23, 2021 11:37am
Looks very much like an ABCD in progress for next week-now did we make the low at 61.8 retrace or lower into the demand area 1.3779
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  • #591,223
  • Apr 23, 2021 11:51am Apr 23, 2021 11:51am
Quoting Sang.Real
{quote} USD 127,540 Live Small change for my dad oil money. How about you ? Live or demo What is your account size ?
Ofcourse live, or else you wouldn't see me that passionate in my posts about trading and helping others.
Account size in the multi hundreds of thousands per 3 accounts and brokers, without mentioning the exact numbers I don't trust any broker for more than that amount!
Just asked to check your MM, now I can say your lot size is too low, you can pump it a little still you'll be trading on low risk.
Don't worry with such lot size vs account size, even without sl price would go back to your order as long as your trades are somehow rational.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #591,224
  • Apr 23, 2021 12:01pm Apr 23, 2021 12:01pm
Quoting ChiForex
{quote} Ofcourse live, or else you wouldn't see me that passionate in my posts about trading and helping others. Account size in the multi hundreds of thousands per 3 accounts and brokers, without mentioning the exact numbers I don't trust any broker for more than that amount! Just asked to check your MM, now I can say your lot size is too low, you can pump it a little still you'll be trading on low risk. Don't worry with such lot size vs account size, even without sl price would go back to your order as long as your trades are...
Thanks Bro.

Your words really makes me feel good on MM.

My trade limit is always 5 lot, but tried to minimized the risk to less than 1% on open trades.

This is borrowed money. Have to repay my Dad ( interest free). Profit is all mine. lol.

Maybe it will take another six months or so for me to pump up the trade size and expose to bigger risk ( around 2%).

Meanwhile, I'm comfortable at this rate and will try to repay my dad asap...lol

Look forward for your views and posting in this thread.

Thanks for your help

Sincerely

Sang Real
  • #591,225
  • Apr 23, 2021 12:02pm Apr 23, 2021 12:02pm
A quiet day for me, the morning was pretty good and then I decided to sit out the afternoon as I couldn't read the price action and tend to avoid difficult decisions.
Very happy to stay within my circle of competence.

Have a great weekend all!

“Listen, business is easy. If you’ve got a low downside and a big upside, you go do it. If you’ve got a big downside and a small upside, you run away. The only time you have any work to do is when you have a big downside and a big upside.” —SAM ZELL, NEW YORKER, 2007
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  • #591,226
  • Apr 23, 2021 12:06pm Apr 23, 2021 12:06pm
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yes yes yes
  • #591,227
  • Apr 23, 2021 12:11pm Apr 23, 2021 12:11pm
Quoting Sang.Real
{quote} GU current position about to pee in my pant now both trade are about to be taken out. the new trade are bad entry. may take the loss (min) for these two trades. {image}

GU

update position

now don't feel like to pee in my pants anymore.

May have to close all trades (except one) for the weekends.

Will wait for the price progress.

Have nice weekends all

Thanks for your help.

Appreciate all the view and comments

Sincerely

Sang Real

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  • #591,228
  • Edited 12:33pm Apr 23, 2021 12:17pm | Edited 12:33pm
Quoting ChiForex
{quote} Ofcourse live, or else you wouldn't see me that passionate in my posts about trading and helping others. Account size in the multi hundreds of thousands per 3 accounts and brokers, without mentioning the exact numbers I don't trust any broker for more than that amount! Just asked to check your MM, now I can say your lot size is too low, you can pump it a little still you'll be trading on low risk. Don't worry with such lot size vs account size, even without sl price would go back to your order as long as your trades...
Hi Chi Forex,

do you think I should keep the marked trades over the weekends ?

I'm going to keep only one trade to carry over next week. (bottom, yesterday trade)

Still thinking about it.

Appreciate your view, but I take final responsibility on the decision made.

Just to have some experienced traders view on this.

Sang Real

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  • #591,229
  • Apr 23, 2021 12:30pm Apr 23, 2021 12:30pm
GU

If the Daily Candle closed (when nearing to closing time) appear to be like Inverted Hammer

I will have to close all these trades.

Will restart next week with new entry.

Meanwhile, lets wait for the candle to develop and shows its true face.

Attached Image (click to enlarge)
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  • #591,230
  • Apr 23, 2021 12:35pm Apr 23, 2021 12:35pm
Quoting Benton
{quote} I made several mistakes in the past few days. I realize that the root reason is "I traded what I think,not what I see"! I have changed my mindset and focus on what I see now. Expectation and prediction are useful tool, but should not dominate your decision! When I change my mindset, I change the result! In the past 24 hours I have won about 80 pips!
Through the film Billions(Season 5) i learnt that MENTAL CLARITY is a vital tool for a trader, a daily essential i must say so since then have been trying to know more
about it, food that can help, supplement and what ever it takes to have a very high level of MENTAL CLARITY and since then am seeing things better in the way
they should be seen so i think we all need this as TRADERS
THE TRUTH IS SIMPLE,ACCEPTING THE SIMPLICITY OF THE TRUTH IS WHAT IS HARD
  • #591,231
  • Apr 23, 2021 12:54pm Apr 23, 2021 12:54pm
Quoting martinez1
{quote} Through the film Billions(Season 5) i learnt that MENTAL CLARITY is a vital tool for a trader, a daily essential i must say so since then have been trying to know more about it, food that can help, supplement and what ever it takes to have a very high level of MENTAL CLARITY and since then am seeing things better in the way they should be seen so i think we all need this as TRADERS
I totally agree that mental clarity is a must for daily trading...
Just out of curiosity: what kind of food or/and supplements would you recommend? (Maybe this should be another thread...)
I'll appreciate if you could share some references ... Thanks!
  • #591,232
  • Apr 23, 2021 12:54pm Apr 23, 2021 12:54pm
Quoting Sang.Real
{quote} Hi Chi Forex, do you think I should keep the marked trades over the weekends ? I'm going to keep only one trade to carry over next week. (bottom, yesterday trade) Still thinking about it. Appreciate your view, but I take final responsibility on the decision made. Just to have some experienced traders view on this. Sang Real {image}
Bro, close all orders now 1.3869 good exit take profit and go relax through the weekend. Always have a daily target earn it and relax....
Nobody can guarantee weekend to new week no change in price. Besides GU weekly close is anyways not bullish for sure but more bearish.
My technical analysis leading trades depend on Daily/Weekly/Monthly Chart
  • #591,233
  • Apr 23, 2021 1:01pm Apr 23, 2021 1:01pm
Quoting ChiForex
{quote} Bro, close all orders now 1.3869 good exit take profit and go relax through the weekend. Always have a daily target earn it and relax.... Nobody can guarantee weekend to new week no change in price. Besides GU weekly close is anyways not bullish for sure but more bearish.

Respect your opinion.

you're right man.

Better attend to my camel. Bring the Calvary to race tomorrow.

Tomorrow another qualifying time race a track.

Thanks Chi Forex, have a nice weekends Bro.

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  • #591,234
  • Apr 23, 2021 1:04pm Apr 23, 2021 1:04pm
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yes yes yes
  • #591,235
  • Apr 23, 2021 1:06pm Apr 23, 2021 1:06pm
Quoting mysterio
{quote} It's a constant battle-sometimes feels like you're fighting against yourself, it's not as easy as flicking a switch. Bad habits can easily slide back
Agreed. The biggest challenge to a trader is to overcome its own weakness! It is hard and easy. In my experience, the most important thing is open-minded. One must admit that we can make mistakes and be ready to learn from own mistakes. We have to pay for own mistakes and learn the lessons. If you can learn a lesson, the price you have paid is always worth it, no matter how high it is! If you can not learn a lesson, the price you paid is just wasted!

It is fortunate for me to meet so many smart traders in this forum. I learnt a lot from them and I really want to thank you!

The lessons we learn are not only success stories but also failure of trading!
  • #591,236
  • Apr 23, 2021 1:27pm Apr 23, 2021 1:27pm
next week we will see 1.40
closed all positions

Happy weekend!!
  • #591,237
  • Apr 23, 2021 1:28pm Apr 23, 2021 1:28pm
Quoting martinez1
{quote} Through the film Billions(Season 5) i learnt that MENTAL CLARITY is a vital tool for a trader, a daily essential i must say so since then have been trying to know more about it, food that can help, supplement and what ever it takes to have a very high level of MENTAL CLARITY and since then am seeing things better in the way they should be seen so i think we all need this as TRADERS
Agree 100% with you and Benton.

The Polish philosopher Alfred Korzybski said "The map is not the territory"

To quote his Wikipedia page:

"Korzybski maintained that humans are limited in what they know by (1) the structure of their nervous systems, and (2) the structure of their languages. Humans cannot experience the world directly, but only through their "abstractions" (nonverbal impressions or "gleanings" derived from the nervous system, and verbal indicators expressed and derived from language). These sometimes mislead us about what is the truth. Our understanding sometimes lacks similarity of structure with what is actually happening."

I like to train myself by looking at an object or image for a few minutes in mental silence, refusing to identify it with whatever words, descriptions and inferences come to mind. The object is nonverbal and defies labels as there is always information left out, the same applies to charts/analysis.

To look at a chart with a strong attachment to your interpretation is the surest way to cloud your judgment.
I'm interested in the bigger picture, the fundamentals, related commodity, bond and equity markets, and dominant trends, but never to make predictions. They help frame the price action and that is all. For my breakouts I will trade false breaks and real breaks, the only difference is strategy.. for which I need clarity of mind and detachment, not clouded by what I think and hope to be the case.

I don't know about food but a decent breakfast always helps settle the nervous system, while sugar and caffeine dysregulate it.

Sleep helps too!
  • #591,238
  • Apr 23, 2021 1:36pm Apr 23, 2021 1:36pm
Quoting shandt
{quote} I totally agree that mental clarity is a must for daily trading... Just out of curiosity: what kind of food or/and supplements would you recommend? (Maybe this should be another thread...) I'll appreciate if you could share some references ... Thanks!
Definitely amps, adderall, or just street whizz if you're having a bad trading month and down on cash. Keeps you up for those all night asian sessions. Then benzos, xanax etc for the stressful margin calls and to bring you down after you blow yet another account. Then just repeat for London open
  • #591,239
  • Apr 23, 2021 1:44pm Apr 23, 2021 1:44pm
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yes yes yes
  • #591,240
  • Apr 23, 2021 1:49pm Apr 23, 2021 1:49pm
Quoting Sang.Real
{quote} Relatively small account : USD 127,540 In comparison to other traders in Dubai. Live Small change for my dad oil money. How about you ? Live or demo What is your account size ?

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