New Cable Thread & Other Pairs

gbp/usd ..... this is like pullingfuckin teeth, gimme some more pips Shouldnt really moan been a great day other than gbp/cad

NZD/USD ..... had a decent short on this from last night then long near bottom today.... Wanna try get some shorts on tomorrow when i take longs off. target 150-200pips. Could be pushing my luck tho but need to trade what i see

good short on UJ

EUR/JPY
I really feel good about this one:

Would be nice to buy lower @156 155.50 area for a swing to 160..... itsa wait n see game

If anyone wants to jump on zoom sometime let me know and i will arrange something

I would probably be interested. I am in Cali, so west Coast time. I am going thru this entire post now, so please give me a little time to catch up. 1st few posts were awesome..."the Scottish Accent" thing was comedy. I actually played American Football for the Scottish Claymores back in 96' there...we won it all for Scotland. Man that place is Gods Country...beautiful.

No probs, just DM me when you want and we can work out a day and time

https://dailypriceaction.com/blog/ne...-forex-market/

Why New York close Matters to Forex Traders

https://www.fxstreet.com/education/w...t-201705240853

Why New York close Matters to Forex Traders

THE ONE QUESTION everyone wants to know is -- Can i as a retailer make a living trading forex ....... Youll be glad to know you can and make so much more than just a living. But before we get that you all need a GamePlan. And the simpler the better. But, you need to know why the markets move the way they do. if your relatively new to trading you probably wont know. Im a very slow typer and it would be much quicker and more effective to do this on Zoom. Im not sure if im allowed to offer zoom sessions on FF. i will see what @Twee says or maybe one of you could send him a dm.

All newbies imo make the same mistakes over and over again. wether jumping from one system to system , strategy to strategy . Im no different , i did the same. But when i started there werent any mentors, coaches etc around. They started to appear in the late 90s early 2000. So i started off with Technical Analysis, Market Structure, Price Action and EW. And thats all i use today, the only indicator i have used in the last 20yrs is the macd.

Newbie Mistakes ---- The Big Sins ----

ADDING TO LOSERS ------- im guilty, did this a lot believing price would turn and id make a killing STUPID MISTAKE, STUPID THINKING.

NOT HAVING A TARGET ---- Yup, did that too. took trades off way before i should have so the small profits from the trade didnt even cover half my losses from previous trade . You need to have a Target or a % target . If you dont have a target its gambling.

FEAR ------ After a few losing trades you start to lose belief in your own ability. Usually caused by your size being too big. Every trade must a percentage of account your willing to lose. if you lose it should not piss you off you just move onto the next trade. if your new i would advise starting with 0.5% of account balance or even less till you gain experience

GREED ----- Greed will blow your account far quicker than you can refund it, Respect Risk at all times

THE HOLY GRAIL ------ the good news is there is one. its RISK RISK RISK. think of yourself as a Risk Manager First, Trader 2nd


WIN RATE ------ doesnt need to be great to make money as long as you respect risk on the losing trades


INDICATORS ----- i tried every Indi i could find My trading platform used to look like a Vegas Slot Machine. i had so many indicators i could barely see the price chart. like i said i now only use macd but remember all indicators lag price. price is King


GET RICH QUICK ----- be realistic. you wont turn a 2k account into 2mill anytime soon unless you have a shitload of experience. Play the odds, Play the Long Game

Quoting deekay4x
Thank you for sharing your experience, if you can add something on psychology, even after knowing all these we keep making mistakes. How you control that. Thanks
Psychology --- very good question Deekay. Let me put it this way. What angers me may not anger you or anyone else. Everyones wired differently and one has to know and control there response to circumstances. Im talking about life circumstances here. Trading is a different area of Psychology and was difficult for me at the start of my trading, mainly because i lacked the discipline and had no experience. I lost a ton of money, had no mentor but eventually figured it out.

What helped me was my position size. So now i use multiple small positions and i can sleep all night without having to get up every 2 or 3hrs to check whats going on. Sometimes i dont get all my positions on but if i get 6 or 8 positions instead of my usual 12 - 15 and price goes 2-300pips at least im in and can add on pullbacks. POSITION SIZING helps your Psychology more than anything else imo.

Anytime you take a trade ask yourself first --- how much do i want to lose on this trade and Most important is -- will the loss make much difference to my account. Most think the other way ie if this trade moves 100pips in my direction HOW MUCH WILL I MAKE. i thought like this for 4yrs, Huuuge mistake

Im not professing anything here and make no claims of being a Guru etc, im not. Im just a regular guy trading for a living but also like to help others avoid the losses i took. Just pointing out what has helped me.

Psychology is about knowing yourself and trading will teach you that. Read Trading in the zone or The Disciplined Trader, both good reads. But at the end of the day you need to understand your own emotions when a trade is placed and thats the hard part. Smaller multiple positions was what worked for me.

Ask yourself this --- If i put this position on can i sleep like a baby tonight. Hope this helps

your job is to try and make 1000pips per quarter, trust me this isnt a lot. Think of it this way --- If you cant make 1000pips with £200 account you wont make 1000PIPS WITH 1MILL ACCOUNT

Trade for pips first 4get about the ££££, you need to have a profitable system b4 going for the money

HOW MUCH DOES A PRO TRADER MAKE ???

the answer isnt that complicated. Bank traders, institutional traders are making a lot. Some millions -- these are the Bank traders, they get a monthly wage and a bonus eoy.

But as a retailer how much do you need to make ?? ---- Lets put it this way, if the weekly average wage is lets say 500 £ $ or euro then at the end of the week you have to pay yourself that amount every Friday even if you have a bad week. If you are working in Starbucks they pay you 500 for your 45hrs (maybe a bit less) So as a Professional retailer you need to pay yourself. YOU HAVE TO.

I have bad weeks, everybugger does. Dont let anyone tell you different. So if i lose 2k this week i still have to pay myself today. Next week i dont go chasing the 2k i lost last week + the wages. I just focus on the new week. If i lose 2k this week i still have to pay myself again on Friday. and again i dont go chasing those losses the next week. But i only need 1 good week to put me ahead

Now if your a beginner then obviously you have a job and trading in your spare time trying to figure this shit out. Its bloody hard but keep at it. Yes your gonna blow up accounts. Thats how you learn. So keep your balance small because you will lose it. Then at least you can refund and start the process again. WINNERS DONT QUIT.

TRADE FOR PIPS NOT MONEY WHEN YOUR STARTING --- IF YOU CANT MAKE 1000pips at 0.01 YOU AINT GONNA MAKE IT WITH A MILLION DOLLAR ACCOUNT