Cable Update (GBPUSD)

That was a monster stop hunt!

Currently short like Pat, however I would like to see how price responds at 1.21250. If price respond then I will go long

Little hammer on eu .

GU

Setting up TP/SL.
In few, High impact data from USA.

if weekly finished below 1.20 yes, else i doubt it

but at some point we'll see a massive risk off move, with equity and vix leading the way

Patience

Well, I am currently trying to sell a pair of shoes. I mean, if I can't sell GU now, I should be able to sell another pair of something else
Just kidding!

Trying to scalp some exotic

1.22 my sell limit.
ADR high / R2 / complete bearish butterfly

What is exotic, maestro?

Any pair or instrument that's not amongst major pairs like EU, GU etc.. Oh boy, I hope I got that right lol.. You can get more details using google.

Dear Indiara.
Absolutely right about that.

"An educated guess", systematic, fundamental, sign provided, technical, inside, or otherwise.
No one knows where the price will go guaranteed and someone has to win, or lose based off that speculation.

In trading, in this case. BOTH, you and the opposite party are speculating against each other on the simple concept of moving prices.
You may be good at what you do, and you may know how to profit very well and know a few of the ropes.

Since this is a prediction game, based off speculation and smart guessing,
As you've said it "here is no right or wrong way to do this trading stuff"


However if you reproach Forex as a business (like real estate investment) then it is classed as speculation.
It is just like buying any other item with a potential of price changing.

Think real estate.
You buy a lot with the hope of the price going up (we are not talking improvements here).
We are used to land prices always going up around here but every now and again they go down.

We could loose money here.
That is speculating.

Yes we are taking a risk.
Some people are so risk averse that they call any risky behavior "gambling", yet those same folks will jump into their car and blaze down the freeway at breakneck speed.

Trade Well and please put up a short video ,as many fan here would like to see your guitar cover.

Thank you

pat CHIKO

major's: EUR GBP JPY CAD AUD NZD CHF against the USD
cross's: major's without the USD like EUR/GBP
exotic's: the rest of currencies

Looking for 1.2200

Time flies, it's already the final month of the year. I've been refrain from posting until I achieved my full potential, it's not as easy as it seem to be.
Started to get serious about trading since July, of course there is obvious difference between live and paper trading, I summary it as below:

July - follow basic system rules, have some success, but when things started to go against me, my confidence shaken, started to make rookie mistakes like over-trading, a bit of revenge trade, switch bias due to shaky confidence, but somehow towards end of July, I have more clarity in my mind and turned it into profitable month.

Aug - more or less the same situation as July, but with more live experience and clarity.

Sep - my first bad month, but it is the month that had taught me the most lessons, thanks to the drawdown I learnt to fine tune my system to be better.

Oct - pretty much doing well, but the price action this month is not as good as previous months, coupled with a few careless mistakes, this is the result I got, also learnt a little bit more lesson

Nov - more or less same situation as Oct, just fewer careless mistake, I made a new record in Gain % despite being a shitty price action month, also my confidence is much less susceptible to be shaken, I'm as emotionless as possible now

Dec - i achieved about 50% of full potential in Nov, how do I know I'm at 50%? Because I keep a record of the result of the ideal trades I've taken vs the Live trades I taken, if no mistakes made, that's 100% potential. Here's to hope I get closer to 100% in this month, it could be the month where I finally made it and start making bigger bucks?

Trading is a marathon, not a sprint. Most traders blow their account, I'm glad I'm still standing and not one of them, plus still making profit.
Cheers to all.

Thanks, K, You definitely explained it way better than I could.

you were on point I just added the others to compare.

cheers,

Reload 1.2160

looks like the next 2 hours will be the key with the US data

At this current point Gbpusd trend is long. We should get a retracement within the next hour and then price should in my opinion head up again

This is a great read Pat. Thank you. To those who think that trading is 'gambling' (and I am not saying that they're wrong), I will argue that the biggest 'investment' they may make in their life is buying a house. They may have to borrow $500k from their bank and that loan has to be repaid, plus a big interest amount. They may argue, 'but it's ok, it is an 'investment'. I will argue, maybe it is an investment, once you have repaid the loan. But you borrowed $500k (plus interest) and you NEED to keep a job for perhaps the next 15 to 25 years in order to repay the loan. As we know, jobs can vanish in the blink of an eye under the heading of 'restructuring'. Suddenly, there is no income to repay the loan and (worst case) the bank will foreclose on the loan and the buyer lost it all. The buyer borrowed the money and gambled that he would be able to repay the loan. So borrowing the $500k is a gamble that he has the continued ability to service the loan.

Everything in life can be categorised as a gamble if we want to see it that way.

With trading, the price can go up, down, or just mess about in a range. If we look at GU today, so far it has moved about 120 pips, all in one direction overall depending on the time frame that we look at. So the 'probability' that if I choose carefully a spot to enter in that same direction for (say) 20 or 30 pips, looks less of a gamble to me and more a high probability 'investment'.

However, given that we know that the price can go up, down or range, we could write those 3 options on separate pieces of paper and glue them to the wall. We can then throw a dart at the wall and (assuming we hit one of the options), whichever option gets hit, we take that trade on the market. Up, down or do nothing. There is a 33.333% chance that we would be correct. THAT is gambling!!

This is an interesting discussion, but I think that a lot of people use the word 'gambling' in the wrong context because they don't understand the details of the project, no matter if the project is trading, buying a house, or speeding down a wet road on their motorbike!!

When I can play my guitar to a decent level, I will make a video, but at the moment it's just not good enough. But I keep practicing. I did buy a new T-Shirt for trading this week though....I think I have all the cat T-Shirts I can use now!! Maybe I will post a picture for you

Time for one last coffee before sleepy time.

Indiara

Get ready a short is anticipated.