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Cable Update (GBPUSD)

  • #778,061
  • Sep 26, 2023 5:07am Sep 26, 2023 5:07am
Quoting knkie
{quote} thats quite the comment for someone just starting maybe post a chart of your trade?
I believe he ment ONE can never become ... Not sbdy specific.
  • #778,062
  • Sep 26, 2023 5:11am Sep 26, 2023 5:11am
Quoting eyefeelsix
{quote} respect own decision, stop-out and get out! {image}

back to the track for short

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https://breakpullback.com
  • #778,063
  • Sep 26, 2023 5:12am Sep 26, 2023 5:12am
Quoting iusman23
{quote} I posted a few, but nobody pays attention.
C'mon. That is just not true.
Plenty of traders offered their wiev on your SL problems.
FX has a steep (often expensive) learning curve. Go baby steps.
I started some 12 years ago. And although I was successful overall (20x profit) I got burned on last AUD position (remember Fukushima?).
That was such an emotional burden for me, that I started again only few months ago.

Again - babysteps.
If you reach too much, higher the chances to get burned.
Have you tried to reduce the leverage? My firs stint had 100y leverage, now I use only 30x and I believe that is enough.
  • #778,064
  • Edited 12:33pm Sep 26, 2023 5:17am | Edited 12:33pm
I realize that I am employing my strategy wrong so I pulled my last buy order. But I still believe that the market is due for a rebound so I'm instead waiting for the formation of a consolidation before mapping my next move while keeping my existing losing positions open....
"No trade is still a trade." - Peter Borish
  • #778,065
  • Sep 26, 2023 5:17am Sep 26, 2023 5:17am
Leverage is only useful when trade is 99% certain. Then you go in with big lot size, take some pips and get out.

Leverage IS NOT for normal trading in my opinion and should never ever be!

With leverage, it's only time when you'll lose everything and that is 1/1.
  • #778,066
  • Sep 26, 2023 5:27am Sep 26, 2023 5:27am
Quoting iusman23
{quote} You never become pro in trading your entire life.
The goal isnt pro or win all trades you put on but have a consistent results which you are satisfied with.
More time in the market, does not mean you trade better!
  • #778,067
  • Edited 6:06am Sep 26, 2023 5:28am | Edited 6:06am
Quoting JereMi256
{quote} All closed manually @1.2183
Re-entry short

SL 1.2196
TP 1.2140

Quoting JereMi256
{quote} Re-entry short SL 1.2196 TP 1.2140 {image}
That was a nice trap but added 1.2193
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Face 'ur fears & tame 'ur greed
  • #778,068
  • Sep 26, 2023 5:34am Sep 26, 2023 5:34am
Quoting TheWraith
Leverage is only useful when trade is 99% certain. Then you go in with big lot size, take some pips and get out. Leverage IS NOT for normal trading in my opinion and should never ever be! With leverage, it's only time when you'll lose everything and that is 1/1.
Respectfully disagree.
If I have (let's say) 1 t€ account. 100x leverage gives a change to operate with 100 t€. If I use it in full, error margin is tiny. On the other hand - if I trade only 2 t€ at time, margin for error is significantly lower, but the trade gives me option to grow faster.

Disclaimer: I am not a day trader. My goal for position is 50-100 pips.
  • #778,069
  • Sep 26, 2023 5:38am Sep 26, 2023 5:38am
Quoting Lenart
{quote} Respectfully disagree. If I have (let's say) 1 t€ account. 100x leverage gives a change to operate with 100 t€. If I use it in full, error margin is tiny. On the other hand - if I trade only 2 t€ at time, margin for error is significantly lower, but the trade gives me option to grow faster.
Yes, one can grow the account faster.

HOWEVER!

One can lose the account faster also!

Not to mention there is a huge psychological pressure on the trader that uses leverage. You are basically glued to the screen and put unnecessary pressure on yourself which will very likely end up in making a mistake of closing the trade too soon, because trader won't be able to endure the pressure of trading with bigger lot size.

One is also focusing on how much one can win, when one should be focusing on how much one can lose.

I don't advise it at all. Respect the opinion though!
If it works for you, that's great, keep it up!

The last thing trader needs is to get emotions involved and by using leverage, it's 1/1 that will happen which will ultimately lead to a mistake sooner then later.
  • #778,070
  • Sep 26, 2023 5:42am Sep 26, 2023 5:42am
Quoting Yngwie
Long 1.2176
many fail attempt. closed this 14p
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #778,071
  • Sep 26, 2023 5:43am Sep 26, 2023 5:43am
Quoting iusman23
{quote} ... I got myself a prop account with a $600 loss margin total ... ...I started making profits with a 0.05 lot size. Later I increased the size to 0.2 and 0.3 (Which currently I am using)... ...my first trade was with 0.3 lot size and got me $29.60... .
You made almost 5% in one trade.
Dude, that should be OK for anyone. Don't overtrade.
If you'd manage that every single day, you'd turn your 600 USD into over 10 milion (bilion for USA) USD in 200 work days (yes, that's 10.000.000 USD).

Get it?
  • #778,072
  • Sep 26, 2023 5:45am Sep 26, 2023 5:45am
Quoting Lenart
{quote} You made almost 5% in one trade. Dude, that should be OK for anyone. Don't overtrade. If you'd manage that every single day, you'd turn your 600 USD into over 10 milion (bilion for USA) USD in 200 work days (yes, that's 10.000.000 USD). Get it?
Exactly!
  • #778,073
  • Sep 26, 2023 5:48am Sep 26, 2023 5:48am
Quoting TheWraith
{quote} Yes, one can grow the account faster. HOWEVER! One can lose the account faster also! Not to mention there is a huge psychological pressure on the trader that uses leverage. You are basically glued to the screen and put unnecessary pressure on yourself which will very likely end up in making a mistake of closing the trade too soon, because trader won't be able to endure the pressure of trading with bigger lot size. One is also focusing on how much one can win, when one should be focusing on how much one can lose. I don't advise it at all....
Agreed. I feel the difference from 100x to 30x.
Slower growth of equity, but more room to correct mistakes.
I totally agree that lower leverage means stable business, so as my equity grows (fingers crossed) I plan to use relatively smaller orders and keep my fingernails.
  • #778,074
  • Sep 26, 2023 5:50am Sep 26, 2023 5:50am
Back to trading.
I don't trade GU at the moment as I have other positions open and I want to have some equity in reserve.
However I watch GU closely and I (as IUS) also expect price to get to 1.21.
Here is my educated guess (fib retracements and fib extension confluences):
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  • #778,075
  • Sep 26, 2023 5:57am Sep 26, 2023 5:57am
Quoting Jolita
12250 / 12050 / 11720 We also need a reversal, just don't see one yet. Upside down weekly chart, possible 12050{image} 50% Fib 1.1720 {image}
Thats a Solid Chart

Talks about the Trend well
  • #778,076
  • Sep 26, 2023 5:57am Sep 26, 2023 5:57am
Tripple top bottom pattern at M1 and M5 chart developing. GU going below 1.216* soon.
Entry point should be 1.21770.
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Secret to the Price Action is Liquidity.
  • #778,077
  • Sep 26, 2023 5:59am Sep 26, 2023 5:59am
Quoting Lenart
{quote} You made almost 5% in one trade. Dude, that should be OK for anyone. Don't overtrade. If you'd manage that every single day, you'd turn your 600 USD into over 10 milion (bilion for USA) USD in 200 work days (yes, that's 10.000.000 USD). Get it?
So, basically I'm going good. It's okay to bear some loss too.
Secret to the Price Action is Liquidity.
  • #778,078
  • Sep 26, 2023 6:05am Sep 26, 2023 6:05am
Quoting iusman23
{quote} So, basically I'm going good. It's okay to bear some loss too.
You are trading R and S right?
  • #778,079
  • Sep 26, 2023 6:10am Sep 26, 2023 6:10am
Quoting TheWraith
{quote} You are trading R and S right?
For now yes, I look for previous resistance and wait for the chart to reach there and I hit a sell.
Like previously I mentioned that the GU made another lowest so it won't retest, it should go to 1.2120/40. I had a sell limit at that point and I got profit out of it.
Again I have 2 sell active at 1.21769 and 1.2757.
TP 1.21673 for both.
Secret to the Price Action is Liquidity.
  • #778,080
  • Sep 26, 2023 6:10am Sep 26, 2023 6:10am
Green volume seems to be surrender up move now, fall until it hit's around price level
Attached Image
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