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Cable Update (GBPUSD)

  • #768,901
  • Aug 21, 2023 3:27am Aug 21, 2023 3:27am
Long 1.2715 SL 1.2705
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #768,902
  • Aug 21, 2023 3:29am Aug 21, 2023 3:29am
Holding my shorts as the forecast predicts
  • #768,903
  • Aug 21, 2023 3:29am Aug 21, 2023 3:29am
stay gold
  • #768,904
  • Aug 21, 2023 3:32am Aug 21, 2023 3:32am
Cognitive Dissonance

The best way for your rational mind to resolve the discomfort of a profitable position is to close it. The best way for the rational mind to resolve the discomfort of a losing position is to let it run.
----------------------------------------------------------------------------------------------------------

This book is amazing and explains in the detail why so few people are profitable.

It seems that the author is suggesting that unless we can control our emotions, we will never be profitable. This seems to be the key to trading. This is why so many people fail, because they cannot control their emotions and we all like to think we are. Results suggest the opposite is true. Amazing book! This is definitely a book you need to read as a trader.
  • #768,905
  • Aug 21, 2023 3:37am Aug 21, 2023 3:37am
Quoting TheWraith
{quote} I shorted from 166.000. However, I don't know if that will be the top. One buy will get to that price in no time.
As planned more or less
POSTMASTER
  • #768,906
  • Aug 21, 2023 3:41am Aug 21, 2023 3:41am
What is very, very interesting to me is the following statement:

"Our clients actually have 65% of winning trades on average."

So why do they lose?

"The thing is, even though our clients have higher win ratio to lose ratio, when they win they win on average about 45 pips, however when they lose they lose on average about 70 pips"
--------------------------------------------------------------------------------

So, it seems entries are, as I expected without even reading this book, the least important thing trader should be concerned about.
  • #768,907
  • Aug 21, 2023 3:43am Aug 21, 2023 3:43am
Quoting voeltoez
testing short 2740 sl 2757..will add later..
closed.scalp
Attached Image (click to enlarge)
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  • #768,908
  • Aug 21, 2023 3:45am Aug 21, 2023 3:45am
Coudnt post earlier as i lost connection, 12694 is my target
Attached Image (click to enlarge)
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  • #768,909
  • Aug 21, 2023 3:47am Aug 21, 2023 3:47am
Quoting TheWraith
What is very, very interesting to me is the following statement: "Our clients actually have 65% of winning trades on average." So why do they lose? "The thing is, even though our clients have higher win ratio to lose ratio, when they win they win on average about 45 pips, however when they lose they lose on average about 70 pips" -------------------------------------------------------------------------------- So, it seems entries are, as I expected without even reading this book, the least important thing trader should be concerned about.
Do you really believe that statement? Maybe 99% at least
POSTMASTER
  • #768,910
  • Aug 21, 2023 3:48am Aug 21, 2023 3:48am
Quoting Robinhood1
{quote} Do you really believe that statement? Maybe 99% at least
Sorry. Thought you were talking about something else
POSTMASTER
  • #768,911
  • Aug 21, 2023 3:51am Aug 21, 2023 3:51am
Quoting navk
{quote} Hourly... I see some resistance around 2750 to push the price down. I look to 9 PM est... for buy . The longs should be effective if it breaks 2750. IMO
The price first expected to dip below friday low and then reverse.

Probably from s1 to reverse.
Intraday only.
  • #768,912
  • Aug 21, 2023 3:56am Aug 21, 2023 3:56am
Quoting Konichiwhaat
{quote} Nice. Now to see how far the second halfs can both go
Hypothetical areas to close shorts and look for longs
Attached Image (click to enlarge)
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Emotional Control. Process, not outcome.
  • #768,913
  • Aug 21, 2023 3:57am Aug 21, 2023 3:57am
Quoting voeltoez
{quote} closed.scalp {image}
well done congrats. i ve banked too and now waiting H1 close to see if there s continuation
chaos is just unknown order
  • #768,914
  • Aug 21, 2023 3:57am Aug 21, 2023 3:57am
There are not a lot of things that I agree on with PeterCaleb, far from it.

However, there is one thing in which he is definitely right.
When we post trades here, we make trading at least somewhat harder on us as a result.

Why?

Well, because we are human beings, we tend to seek confirmation from others to feel better about ourselves.

Now, what this does to our emotions and consequently our trades isn't something to be taken lightly.

As we seek for confirmation, we will get ourselves involved much more in the trade then we're supposed to, because we're trying to prove we understand how the FX works and that we are profitable. This will lead to closing the trade prematurely and perhaps not closing it soon enough. It seems to me, it is easier when your trade isn't in the spotlight of other people and when you have nothing to prove. This should lead to less emotions and consequently better judgement on the current trade. Less emotions = better outcome.
  • #768,915
  • Aug 21, 2023 4:07am Aug 21, 2023 4:07am
Quoting Luxyus
{quote} well done congrats. i ve banked too and now waiting H1 close to see if there s continuation
H1 rejected by lower bands..seems wanna test high again..
  • #768,916
  • Aug 21, 2023 4:07am Aug 21, 2023 4:07am
Quoting TheWraith
Cognitive Dissonance The best way for your rational mind to resolve the discomfort of a profitable position is to close it. The best way for the rational mind to resolve the discomfort of a losing position is to let it run. ---------------------------------------------------------------------------------------------------------- This book is amazing and explains in the detail why so few people are profitable. It seems that the author is suggesting that unless we can control our emotions, we will never be profitable. This seems to be the key to trading....
Bingo.
Trade at your own risk.
  • #768,917
  • Aug 21, 2023 4:14am Aug 21, 2023 4:14am
Quoting TheWraith
There are not a lot of things that I agree on with PeterCaleb, far from it. However, there is one thing in which he is definitely right. When we post trades here, we make trading at least somewhat harder on us as a result. Why? Well, because we are human beings, we tend to seek confirmation from others to feel better about ourselves. Now, what this does to our emotions and consequently our trades isn't something to be taken lightly. As we seek for confirmation, we will get ourselves involved much more in the trade then we're supposed to, because...
You remind me of myself when I was younger. How old are you?

Well done.

Confirmation bias - Wikipedia
Trade at your own risk.
  • #768,918
  • Aug 21, 2023 4:15am Aug 21, 2023 4:15am
Quoting voeltoez
{quote} H1 rejected by lower bands..seems wanna test high again..
actually testing OC/2 of previous candle, have to check conditions once and if regains 30ies.
chaos is just unknown order
  • #768,919
  • Aug 21, 2023 4:17am Aug 21, 2023 4:17am
Quoting Fx3423454
{quote} Bingo.
This book reminds of one book I read about chess (I play chess).

Title of the book is Chess for Zebras, Thinking Differently About Black And White.

Despite the title being somewhat random and talking about chess and zebras, it was the most thought-provoking book I ever read on chess and thinking about chess in general.

Not long after, the book was praised by grandmasters left and right, international master's who became grandmasters thanks to this book.

Best Loser Wins is exactly the same. The title is also random, but it is the most thought-provoking book I came across about trading.

One chapter I remember from Chess for Zebras was called: thinking about thinking. Basically, why we think what we think in a current situation and where did it come from and why. He explained this is the method by which he was able to eliminate the weaknesses and faulty knowledge that was hindering his progress. When you think you understand something, but actually you really do not.

Aight, I'm done for now. Trading it taking place, so I leave you fellas at peace!
  • #768,920
  • Aug 21, 2023 4:20am Aug 21, 2023 4:20am
Quoting Konichiwhaat
{quote} Hypothetical areas to close shorts and look for longs {image}
adding
Emotional Control. Process, not outcome.
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