Here's a little something that the after the fact posters will enjoy, because we know how they love to post profits ...
Cable Update (GBPUSD)
- #760,241
- Jul 21, 2023 2:53pm Jul 21, 2023 2:53pm
- Joined May 2020 | Status: Best trader ever to exist ever | 10,701 Posts
- #760,242
- Jul 21, 2023 3:00pm Jul 21, 2023 3:00pm
- Joined May 2008 | Status: I Loose, I Win, I Conquer | 1,834 Posts
Fools Rushing
- #760,243
- Jul 21, 2023 3:09pm Jul 21, 2023 3:09pm
- Joined May 2020 | Status: Best trader ever to exist ever | 10,701 Posts
{quote} Wow. You rich man. Nice Ain't it still sunny ?. U, Me in Same Time Zone.
- #760,244
- Jul 21, 2023 3:10pm Jul 21, 2023 3:10pm
- Joined May 2008 | Status: I Loose, I Win, I Conquer | 1,834 Posts
Fools Rushing
{quote}Bueno, sé que eres Jolita, una comerciante experimentada, y yo podría ser un poco nuevo. Pero siento que no ha pasado mucho en los mercados, excepto que los chinos han sido aplastados. żCrees que tocamos fondo en GBP? Siento que esto fue solo un movimiento correctivo. Podríamos tocar nuevos máximos.
- #760,247
- Jul 21, 2023 4:38pm Jul 21, 2023 4:38pm
- Joined Oct 2019 | Status: Trader | 2,448 Posts
Master your mind. Master Trading.
- #760,249
- Jul 21, 2023 6:33pm Jul 21, 2023 6:33pm
- Joined Oct 2010 | Status: Trader | 21,478 Posts
Intraday only.
- #760,250
- Jul 21, 2023 7:08pm Jul 21, 2023 7:08pm
- Joined Oct 2020 | Status: couldn't give a flying duck | 7,373 Posts
Emotions : I had this today. My experience. I signed up new 100 k eval phase 1 just yesterday. 1 ) Found an accurate entry long entry at 1 am est in gbp usd. Yesterday. ( Thursday ) Took long that time and booked my proffit 1123 $ before NY close at 5 pm est fearing wider spread at asia open. 2 ) Continued with gbpusd long entry after few hours in asia... and had 10.5 lots long entry in gbpusd. With stop in place There was news around 2 am est..( gbp news ) and price spiked as expected. I saw a very nice profit after news spike..close to 4000 Dollars....
- #760,253
- Jul 21, 2023 11:17pm Jul 21, 2023 11:17pm
- Joined Jun 2023 | Status: Net Free | 1,970 Posts
Went Long @ 70% that drama will happen over the weekend.
SL at 20%.
SL at 20%.
- #760,254
- Jul 21, 2023 11:25pm Jul 21, 2023 11:25pm
- Joined Nov 2021 | Status: Meeseeks | 1,890 Posts
{quote} Looking forward for you to share your analysis. Good man you are.
Face 'ur fears & tame 'ur greed
- #760,255
- Edited 3:15am Jul 22, 2023 12:49am | Edited 3:15am
Emotions : I had this today. My experience. I signed up new 100 k eval phase 1 just yesterday. 1 ) Found an accurate entry long entry at 1 am est in gbp usd. Yesterday. ( Thursday ) Took long that time and booked my proffit 1123 $ before NY close at 5 pm est fearing wider spread at asia open. 2 ) Continued with gbpusd long entry after few hours in asia... and had 10.5 lots long entry in gbpusd. With stop in place There was news around 2 am est..( gbp news ) and price spiked as expected. I saw a very nice profit after news spike..close to 4000 Dollars....
Been there and had my capital wasted. But used it as a jumping board to improve my approach. Now still at a loss but I have limited my losses to lack of understanding of the chart and the macro environment instead of blaming it to my greed.
Goodluck on your trades!
"No trade is still a trade." - Peter Borish
- #760,256
- Jul 22, 2023 12:57am Jul 22, 2023 12:57am
- Joined Jun 2023 | Status: Net Free | 1,970 Posts
{quote} excellent week for me as well Kareemfx...yeeeesssss indeeeeeeeeed!!!
Started Shorting CHF/JPY @ 107 last decade. Still going strong!
- #760,257
- Jul 22, 2023 1:11am Jul 22, 2023 1:11am
- | Membership Revoked | Joined Feb 2013 | 1,022 Posts
{quote} I had a great decade! Started Shorting CHF/JPY @ 107 last decade. Still going strong!
Trade at your own risk.
- #760,258
- Jul 22, 2023 1:17am Jul 22, 2023 1:17am
- Joined Jun 2023 | Status: Net Free | 1,970 Posts
What have I only now really realized after some time trading FX?
Trend is your friend, follow the trend and never go against it. Did you hear the word never? Never!
Problem with almost all of us here is:
1. we are trying to catch the moves up and the moves down, we try to catch everything instead of just identifying the trend and wait for trend to continue and disregard the moves that go against the trend
2. we don't know when price will start trending and so we lose most of the money in Range
3. we don't know when trend is about to end which will also result in a bad trade
Solution:
1. There is no ultimate trend! You can have an uptrend on 15M, but have a downtrend on H4 while having an uptrend on Weekly. So, one should pick one TF and go with it and not pay attention to other TF's in my opinion.
2. We have to be able to know when Range is about to kick in and stop trading that particular pair while Range is going on. Usually Range occurs due to no High-Impact News that day or there is some very big news coming up for that particular currency so everyone is out. There is another way of knowing when Range might occur and that is with the help of volume indicator.
3. One good sign that trend might be over is when Buys in an uptrend become weak and vice versa.
If trader can answer all of these questions then he will be highly profitable. This is that key to trading FX that everyone is looking for in my opinion.
Also, don't be greedy. Unknowns will never let you hold the trade for too long. If you were 100 pips in profit expect the price to drop 70,80 pips and then if you hold yes maybe you will end up being 150 pips in profit after some time, however you could also be at zero just as well. ATR should help you understand how much profit you should be looking at based on the TF you're trading on. Price extremely rarely goes up 300, 400 pips at once. Don't count on it. Adjust to the TF you're trading.
I never just talk, so expect to see me trading (or trying to trade) based on these "rules", starting next week. I'll post my trades live here and then we'll see if this is going to be profitable or not. See you soon!
Trend is your friend, follow the trend and never go against it. Did you hear the word never? Never!
Problem with almost all of us here is:
1. we are trying to catch the moves up and the moves down, we try to catch everything instead of just identifying the trend and wait for trend to continue and disregard the moves that go against the trend
2. we don't know when price will start trending and so we lose most of the money in Range
3. we don't know when trend is about to end which will also result in a bad trade
Solution:
1. There is no ultimate trend! You can have an uptrend on 15M, but have a downtrend on H4 while having an uptrend on Weekly. So, one should pick one TF and go with it and not pay attention to other TF's in my opinion.
2. We have to be able to know when Range is about to kick in and stop trading that particular pair while Range is going on. Usually Range occurs due to no High-Impact News that day or there is some very big news coming up for that particular currency so everyone is out. There is another way of knowing when Range might occur and that is with the help of volume indicator.
3. One good sign that trend might be over is when Buys in an uptrend become weak and vice versa.
If trader can answer all of these questions then he will be highly profitable. This is that key to trading FX that everyone is looking for in my opinion.
Also, don't be greedy. Unknowns will never let you hold the trade for too long. If you were 100 pips in profit expect the price to drop 70,80 pips and then if you hold yes maybe you will end up being 150 pips in profit after some time, however you could also be at zero just as well. ATR should help you understand how much profit you should be looking at based on the TF you're trading on. Price extremely rarely goes up 300, 400 pips at once. Don't count on it. Adjust to the TF you're trading.
I never just talk, so expect to see me trading (or trying to trade) based on these "rules", starting next week. I'll post my trades live here and then we'll see if this is going to be profitable or not. See you soon!
- #760,259
- Jul 22, 2023 1:18am Jul 22, 2023 1:18am
- Joined Dec 2022 | Status: Trader | 2,427 Posts
You have an IQ lower than 90 if you interact with this user.
- #760,260
- Jul 22, 2023 1:54am Jul 22, 2023 1:54am
- Joined May 2020 | Status: Best trader ever to exist ever | 10,701 Posts