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Cable Update (GBPUSD)

  • #12,481
  • May 10, 2007 5:48am May 10, 2007 5:48am
Quoting RJF
As the learned, professional trader, Tom Williams once wrote:

"Good traders develop a disciplined trading system for themselves. It can be very sophisticated or very simple, as long as you think it will give you the edge you will certainly need.

A system that is strictly followed avoids the need for emotion because, like a trained soldier, you have already done all the 'thinking' before the problems arrive.

This should then force you to act correctly while under trading duress.

Of course, this is easy to say, but very difficult to put into practice."

MORAL: Spend less time trying to develop the perfect system, and more time trying to develop the discipline to adhere to whatever system you're currently using.


Well said fellow trader, well said...

A
  • #12,482
  • May 10, 2007 5:51am May 10, 2007 5:51am
Quoting RJF
When GBP went below the 1.9900 level down to 1.9890, I waited for the retrace and entered short at 1.9910. I will close my trade when it reaches the 1.9850 area.

Bingo! I'm out at 1.9850 - an easy 60 pips.
I'll close my long trade when it reaches 1.9880 for another 30 pips.
  • #12,483
  • May 10, 2007 5:53am May 10, 2007 5:53am
Quoting RJF
When GBP went below the 1.9900 level down to 1.9890, I waited for the retrace and entered short at 1.9910. I will close my trade when it reaches the 1.9850 area.

Bingo! I'm out at 1.9850 - an easy 60 pips.

I'll close my long trade when it reaches 1.9880 for another 30 pips.
I'm out at 1.9880 (before the next news announcement).
  • #12,484
  • May 10, 2007 5:56am May 10, 2007 5:56am
Quoting RJF
I'll close my long trade when it reaches 1.9880 for another 30 pips.
Great RJF, you nailing it today. Can you post your trades as you execute them? That would be fantastic. Show us entry point, stoploss and take profit.

Would be very much appreciated
  • #12,485
  • May 10, 2007 6:05am May 10, 2007 6:05am
"But the margin of spare capacity in firms appears limited and there are signs that businesses are more able to push through price increases. Relative to the 2% target, the risks to the outlook for inflation in the medium term consequently remain tilted to the upside." - BoE statement


Hawkish. hehe
  • #12,486
  • May 10, 2007 6:05am May 10, 2007 6:05am
Bank of England Raises Bank Rate by 0.25 Percentage Points to 5.5%
  • #12,487
  • May 10, 2007 6:06am May 10, 2007 6:06am
I am staying out of Interest rate battle as there are no surprises and I made +40 earlier today on Trade balance.
  • #12,488
  • May 10, 2007 6:09am May 10, 2007 6:09am
Quoting Make a Million
Great RJF, you nailing it today. Can you post your trades as you execute them? That would be fantastic. Show us entry point, stoploss and take profit.

Would be very much appreciated
Funny that you should ask me that, just when I'm sitting here wondering why I posted my trades - something I never do.

I think I just wanted to demonstrate the power of psychological levels, and the power of strictly adhering to your rules.

I will not do this again, because you can't learn how to trade by taking someone else's calls. If I did this for a week or a month, and you made some money, would you be any further ahead in your training when I'm no longer here?

Additionally, I NEVER place stop losses; therefore I've never been stopped out, and I don't remember the last time I was victimized by a spike.

I don't recommend that you follow my style. I can't be you and you can't be me. I'm the best 'me' in the trading world, and you can be the best 'you' also.

With all due respect, I hope you understand.
  • #12,489
  • May 10, 2007 6:12am May 10, 2007 6:12am
Quoting RJF
I'll close my long trade when it reaches 1.9880 for another 30 pips.
stop bragging about all the good trades you made

either you post calls b4 trading or you post statement confirming the trades

other than that you re just spamming the forum
  • #12,490
  • May 10, 2007 6:17am May 10, 2007 6:17am
Thanks, understood. Thanks for the advise on those important levels though
  • #12,491
  • May 10, 2007 6:20am May 10, 2007 6:20am
helo all, i have make buy position at price 1.9958 and TP at 1.9988, can hit tp?
  • #12,492
  • May 10, 2007 6:29am May 10, 2007 6:29am
to everyone that trade based on calls from internet foruns: give me your money cause soon you ll give it all away to brokers

GET A SYSTEM AND TRADE FOR YOUR OWN RULES

use the foruns as a chill out or to share your views and actual positions, never to BASE YOUR OWN TRADES!
  • #12,493
  • May 10, 2007 6:34am May 10, 2007 6:34am
Also if you have a solid system you should never never share it, don't ever give something away that makes you money.
If I Go Broke Trying Then I Will die happy.
  • #12,494
  • May 10, 2007 6:40am May 10, 2007 6:40am
15 seems tough ...

where is the bulls now??
Attached Image
  • #12,495
  • May 10, 2007 6:44am May 10, 2007 6:44am
Quoting benssol
15 seems tough ...

where is the bulls now??
don't get emotionally attached to one side... you can be a bull today and a bear tomorrow, so no more bulls vs bears argument, your side must be what makes you money wether it be long or short in every cirncumstance
  • #12,496
  • May 10, 2007 6:46am May 10, 2007 6:46am
Quoting camisa
to everyone that trade based on calls from internet foruns: give me your money cause soon you ll give it all away to brokers

GET A SYSTEM AND TRADE FOR YOUR OWN RULES

use the foruns as a chill out or to share your views and actual positions, never to BASE YOUR OWN TRADES!
Exactly!

I would also add, be aware of people who is trying to teach you something. There are, of course, those who have credibility and their advices are much appreciated, but there are those who present them as Gods, but in reality they just made a few successful trades on a demo account.
  • #12,497
  • May 10, 2007 6:49am May 10, 2007 6:49am
Quoting benssol
15 seems tough ...

where is the bulls now??
i like the picture!....
its just money
  • #12,498
  • Edited 11:29am May 10, 2007 6:52am | Edited 11:29am
there is a chance provided the current low holds out
jmo



Quoting dakwah
helo all, i have make buy position at price 1.9958 and TP at 1.9988, can hit tp?
  • #12,499
  • May 10, 2007 6:53am May 10, 2007 6:53am
Quoting benssol
where is the bulls now??
heheh meaby they still getting in to the "mood" ! .)
  • #12,500
  • May 10, 2007 6:53am May 10, 2007 6:53am
Quoting de123
i like the picture!....
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