Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#604,721
Jun 24, 2021 7:57am Jun 24, 2021 7:57am

eugenerated
| Joined Nov 2020 | Status: Trader | 34 Posts

Quoting AlfieSolomon

Disliked

If 1hr candle closes above 1.390 i think i should close my short trades

Ignored

You should close it already my long distance relative..

We love him, because he first loved us.

#604,722
Jun 24, 2021 8:06am Jun 24, 2021 8:06am

dimitricss
Joined Mar 2017 | Status: american cichlid lover | 1,302 Posts

Quoting dimitricss

Disliked

took long 1.3915

Ignored

closed 1.3925.. 10 pips

now short 1.3922

Trade with prediction = witch with her visions lol

#604,723
Jun 24, 2021 8:07am Jun 24, 2021 8:07am

Pat Chiko
| Joined Dec 2008 | Status: MMA Pro Wrestler | 17,549 Posts

In trading, a trader blows account after account because he can't follow his plan and he thinks just like that --
that it can't be his head...

Once again -- if I give ten traders the same plan and tell them to execute it precisely, they will all get different results.
The lack of them failing to follow the plan has nothing to do with the lack of knowing how to trade.
It's because they have bad habits and start using their head thinking they know where the market is going next... and they don't...
If it was as easy as you think it is from a "know-how" perspective, then everyone would be successful, because trading isn't hard;
You have a chart, and a buy and sell button.

Learn to master your rage, or rage will be your master.

PAT

I come from the future.

Karen X Mas Bonus 2025 All Time Profit: $15,104

#604,724
Jun 24, 2021 8:12am Jun 24, 2021 8:12am

ntk
Joined Dec 2018 | Status: Trader | 1,271 Posts

Quoting Pat Chiko

Disliked

{quote} GU The Damage The Target {image} {image}

Ignored

is it metaquote chart you are using? it should be but why I can zoom in or out as much I want, I can not get such a graph like yours

I got it . thanks

#604,725
Jun 24, 2021 8:13am Jun 24, 2021 8:13am

19monza64
Joined Jan 2019 | Status: Trader | 1,189 Posts

GU Renko.
close buy + 55 pips. React to 50% fibo + demand + RN

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#604,726
Jun 24, 2021 8:13am Jun 24, 2021 8:13am

Moty
Joined Dec 2017 | Status: Trader | 30,688 Posts

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yes yes yes

#604,727
Jun 24, 2021 8:17am Jun 24, 2021 8:17am

Pat Chiko
| Joined Dec 2008 | Status: MMA Pro Wrestler | 17,549 Posts

I believe that psychology comes into play in everything where ownership is involved.
Humans hate losing anything that they deem as their's...

Studies suggest that the reason for road rage is that people feel that the space within their car is their personal little domain.
It's their's... so a loss of control, or a loss of personal space, causes ill will towards others.

Trading, like any business, is the same, that it's all centered around people who own trading businesses who don't have a clue what is wrong, even though it's staring them right in the face.

They don't have a clue because they can't accept that they're wrong.
That they are the problem... they think they have all the answers, and when someone comes along and proves that they are wrong, they go into denial and refuse to acknowledge their own shortcomings.

This is the same with trading and why psychology is so important.

I come from the future.

Karen X Mas Bonus 2025 All Time Profit: $15,104

#604,728
Jun 24, 2021 8:26am Jun 24, 2021 8:26am

19monza64
Joined Jan 2019 | Status: Trader | 1,189 Posts

MICHAEL MARKUS: Legendary trader.

I think that, in the end, losing begets losing. When you start losing, it touches off negative elements in your psychology; it leads to pessimism. I am very open-minded. I am willing to take in information that is difficult to accept emotionally, but which I still recognize to be true. Gut feel is very important. I don’t know of any great professional trader that doesn’t have it. Being a successful trader also takes courage: the courage to try, the courage to fail, the courage to succeed, and the courage to keep on going when the going gets tough. I would sometimes think that maybe I ought to stop trading because it was very painful to keep losing. In ‘Fiddler on the Roof,’ there is a scene where the lead looks up and talks to God. I would look up and say, ‘Am I really that stupid?’ And I seemed to hear a clear answer saying, ‘No, you are not stupid. You just have to keep at it.’ So I did. Trading has two types of capital that must be managed – financial capital and mental capital. In this case, losing a lot or being unsure of your system drains you of your mental capital. You don’t want to do that. Losing either your financial or mental capital will knock you out of business. So protect both equally well.

#604,729
Jun 24, 2021 8:32am Jun 24, 2021 8:32am

Pat Chiko
| Joined Dec 2008 | Status: MMA Pro Wrestler | 17,549 Posts

Quoting ntk

Disliked

{quote} is it metaquote chart you are using? it should be but why I can zoom in or out as much I want, I can not get such a graph like yours I got it . thanks

Ignored

I use tool called Rectangle Reader to scale the chart.

Configure this . Active : False

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RectangleReader.ex4 111 KB | 373 downloads

I come from the future.

Karen X Mas Bonus 2025 All Time Profit: $15,104

#604,730
Jun 24, 2021 8:33am Jun 24, 2021 8:33am

Bainbrito
Joined Apr 2021 | Status: Trader | 383 Posts

Quoting Pat Chiko

Disliked

{quote} GU The Damage The Target {image} {image}

Ignored

Nicely done Pat!!

May I ask what your thoughts are on increasing position sizes?

I currently risk about 0.25% on each trade, even across split positions, and yet my win rate is very high and I have a reasonable funds - I mostly trade mini lots and yet my capital would allow for full size lots and maybe several if I was really serious. However I cannot bring myself to do it, and I haven’t lost a single trade this week. Every time I increase positions I overthink what I'm doing and it negatively affects my trading. When I separate my trading from money I just focus on the trades and do well, but really struggle to achieve that level of objectivity when even 0.5% is at risk. Is it just experience?

#604,731
Jun 24, 2021 8:37am Jun 24, 2021 8:37am

MTF Test
Joined May 2008 | Status: I Loose, I Win, I Conquer | 1,834 Posts

Quoting Pat Chiko

Disliked

{quote} GU The Damage The Target {image} {image}

Ignored

I am irresistible to your compounding/pyramid method. Wish I can do the same.

Fools Rushing

#604,732
Jun 24, 2021 8:40am Jun 24, 2021 8:40am

Vincent1
Joined Aug 2019 | Status: Trader | 598 Posts

Quoting Vincent1

Disliked

{quote} {quote} {quote} And this is the entry based on the analysis. I really like this signal and structure. Sell stop under last Bulls action. The size of the entry splitted in 2 positions, 1 with tp at 1.3830, the other without tp. Market will tell us the target day by day. SL at 1.4010 to move in profit asap, but it also depends on the BOE news tomorrow {image}

Ignored

Stop loss moved at the BE
Free trade...the best way to make trading, risk = 0

Second TP set at 1.3730

#604,733
Jun 24, 2021 8:42am Jun 24, 2021 8:42am

dimitricss
Joined Mar 2017 | Status: american cichlid lover | 1,302 Posts

Quoting dimitricss

Disliked

{quote} closed 1.3925.. 10 pips now short 1.3922

Ignored

closed 3915.. 7 pips.

26 total.. way enough for to day

Trade with prediction = witch with her visions lol

#604,734
Jun 24, 2021 8:46am Jun 24, 2021 8:46am

Pat Chiko
| Joined Dec 2008 | Status: MMA Pro Wrestler | 17,549 Posts

Quoting Bainbrito

Disliked

{quote} Nicely done Pat!! May I ask what your thoughts are on increasing position sizes? I currently risk about 0.25% on each trade, even across split positions, and yet my win rate is very high and I have a reasonable funds - I mostly trade mini lots and yet my capital would allow for full size lots and maybe several if I was really serious. However I cannot bring myself to do it, and I haven’t lost a single trade this week. Every time I increase positions I overthink what I'm doing and it negatively affects my trading. When I separate my trading...

Ignored

Dear Bainbrito

The incompleteness of our knowledge regarding the market is what makes us feel emotions.
What leads us, myself included,to feel some kind of psychological pressure when trading.

I will answer it myself.
There are sometimes that you'll open a position and the market will jump directly to your SL then retrace back.
You short again and it bounces back up and never looks back.

It's possible to initiate a massive position and then watch the market move against you for in a matter of minutes if not seconds.
In this business(don't be mistaken ,trading is a business and a very risky one)you can get wiped out pretty easily and fast if you are not careful.

That's why you need emotions' control.

Every time someone earns has to remain calm without becoming overconfident and every time someone loses he has to be able to recover and pull the trigger on the next trade as if nothing had happened. - This is hard !

If and I say if we had a system that could break market's symmetrical nature then I would have no fear to trade freely all of my account on every single trade knowing that there is no chance that I could ever lose.

Unfortunately, we don't have that.

Hence for me:
1) mastering the DISCIPLINE and all the psychological aspects of trading.
2) building a system that really suits a trader goals and has positive expectancy.

All the best in your trading. Trade Safely

PAT

I come from the future.

Karen X Mas Bonus 2025 All Time Profit: $15,104

#604,735
Jun 24, 2021 8:48am Jun 24, 2021 8:48am

maheeee
Joined Nov 2017 | Status: Trader | 450 Posts

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news stopped today's upside move....

be patience it will go up....

#604,736
Jun 24, 2021 9:03am Jun 24, 2021 9:03am

Forexmint
| Joined Jun 2012 | Status: Trader | 218 Posts

Quoting Pat Chiko

Disliked

{quote} Dear Bainbrito The incompleteness of our knowledge regarding the market is what makes us feel emotions. What leads us, myself included,to feel some kind of psychological pressure when trading. I will answer it myself. There are sometimes that you'll open a position and the market will jump directly to your SL then retrace back. You short again and it bounces back up and never looks back. It's possible to initiate a massive position and then watch the market move against you for in a matter of minutes if not seconds. In this business(don't...

Ignored

you are one very learned person my friend. You have rightfully spent your time with the markets which are always changing. Thank you for all your insights. If only people like us can chalk up the energy and the effort to absorb half of what you say.

kudos to you! Keep posting.

My Currency is Urgency