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Cable Update (GBPUSD)

  • #801,761
  • Jan 11, 2024 2:20am Jan 11, 2024 2:20am
Quoting birdland
my zones today...big resistance zone overhead {image}
High nervousness about the CPI figures later
trading is like dancing, don't think and just listen to the music!
  • #801,762
  • Jan 11, 2024 2:28am Jan 11, 2024 2:28am
Quoting fontu
{quote} yeah and at a last leg up towards 2800 +- to down 2743 to 13 ok whenever may breakout . so following bull with sl and ready take breakout opportunities as well . signal failure top 2764/66 and 1`st confirmation 2758. 2763 may try another leg up !
got early confirmation failure , so next limit down for up 2743 , waiting retest 2755 , 2745. to decide for bounce , even breaks may get support at 2739/2722 still , if not taking about 2696 sr ! watching
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #801,763
  • Jan 11, 2024 2:39am Jan 11, 2024 2:39am
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yes yes yes
  • #801,764
  • Jan 11, 2024 2:43am Jan 11, 2024 2:43am
SELL GBPUSD

135 pips take profit

35 pips stop loss
ryoiki tenkai : Blue Juggernaut
  • #801,765
  • Jan 11, 2024 2:50am Jan 11, 2024 2:50am
Quoting voeltoez
{quote} im 2011 ,first trade with marketiva/agaea, instaforex,, trade alone, no mentors, no friends, just following FF signal and if i summarize total money im burn about $600.000..lost 2 house , cars, wife, family. and in past 5 years have return it just 300.000,, and glad im happy now.
Thanks for sharing your story and WOW, well done on that comeback
  • #801,766
  • Jan 11, 2024 2:52am Jan 11, 2024 2:52am
Quoting Advice777
{quote} No I don't have. I am not confident trading tiny capital. The mental torture, internet subscription and other expenses is not worth it. Lost over 10k in personal life capital and that affected my psychology. 10k then is over 25k in today's value. Wished I listened to my instinct. I feel unhappy because there is no spared cash on me. Lost trading appetite Expressing myself here may help cool off my nerves. Didn't sleep all night. Not even eyes closed. Feeling heavy eyes reddishness
Hi Advice,
When I began my trading in 2006 I had the same mental phsycology. I wanted to make it big and quick so I could quit my job. I scalped big lots. I quickly realised that I was losing but kept on going and dipping into my savings. It was in 2008 that my wife said I must give up this shit. I was $30K down and that is alot of money in South Africa. I had very little money left in my trading account and opened a small lot .01 trade and left it and checked up on it once a day after work. I realized that I was completely relaxed and could not care less if I lost the money. I don't think there were many articles on trading phsycology in those days, but thats when the light bulbs came on for me. I started scalping small and few times a week only. Whenever I had spare money I would invest more and increase my lot size accordingly. It was only in 2012 that I came to breakeven, 4 years later. To this day I scalp only a few times a week and only when price comes to me on my standard account.

In 2015 I wanted to explore short term trading and like every one else I was concerned about swap fees. I saw that my broker offered trading accounts in my own currency and cent accounts. It felt like a breeze from trading dollar lots and i felt completely relaxed. I quickly fell into the short term trading mode which lasts up to 5 days for me. My swap fees were small and I could scale into my trades up to 40 trades with margin levels never dropping below 3000%.

In 2017 I decided to explore long term trading on a standard dollar account and you will never see me trade more than .05 lots on a trade. Some say I should go higher but thats where the mental phsycology comes in. I think it will be and adjustment and could take me out of my relaxed mental state which will affect my trading adversely.

The moral of the story is that you should never trade more than .01 lots for every $300 invested and only when you feel relaxed will you progress in your trading. It took me many years to figure out this simple rule. There is no better advice and this is the one and only way. Trust me. Trading will never be a get rich quick scheme. If you are young enough and working. Keep your job and trade small on the side lines. You will get there one day. Dont sell everything you own to invest big. A big mistake and recipe for disaster. Only invest money you can afford to lose. There is no other way.

If you are stuck for money invest in a cent account in your own currency and trade accordingly, untill you get the hang of things. This is what I would have done if I could turn back the clock.

Hope this helps you or someone else.
Cheers.
Trade to trade another day
  • #801,767
  • Jan 11, 2024 2:52am Jan 11, 2024 2:52am
2730/2740 day open area and yesterday resistance hourly.
Just info
90% of traders use TA, indicators and prediction
  • #801,768
  • Jan 11, 2024 2:58am Jan 11, 2024 2:58am
Went short on GU. For 10-15 pips.
#Stay blue. /swinger/scalper/
  • #801,769
  • Jan 11, 2024 2:58am Jan 11, 2024 2:58am
Quoting fontu
{quote} yeah and at a last leg up towards 2800 +- to down 2743 to 13 ok whenever may breakout . so following bull with sl and ready take breakout opportunities as well . signal failure top 2764/66 and 1`st confirmation 2758. 2763 may try another leg up !
yep, around 2740ish for support looking at the 4hr chart. I’m only on my phone looking at the FF feed, so my view is a bit sketchy.
Compulsions can be hard to resist
  • #801,770
  • Jan 11, 2024 2:59am Jan 11, 2024 2:59am
Quoting Wavegarrick
{quote} Hi Advice, When I began my trading in 2006 I had the same mental phsycology. I wanted to make it big and quick so I could quit my job. I scalped big lots. I quickly realised that I was losing but kept on going and dipping into my savings. It was in 2008 that my wife said I must give up this shit. I was $30K down and that is alot of money in South Africa. I had very little money left in my trading account and opened a small lot .01 trade and left it and checked up on it once a day after work. I realized that I was completely relaxed and could...
Just slipped into a coma....
  • #801,771
  • Jan 11, 2024 2:59am Jan 11, 2024 2:59am
SL set to b/e 12754 plan is if we drop below will look to reenter if we do resume the north trend I will look to take profit either TP1 128 or TP2 12850. Assuming this happens before the data release. Idea is not to trade the data release unless im in decent profit and I have moved the SL up.
Insane in the Brain..
  • #801,772
  • Jan 11, 2024 2:59am Jan 11, 2024 2:59am
Quoting sharingan9
{quote} LOL imagine being held responsible for another trader following your trade recommendations on a trading forum where we share trade recommendations. No one forced the guy to follow Zebi's advice. Zebi isnt his financial adviser. What are we even talking about here lol. This is a risk game and as it pertains to a traders account the person who should assert the highest degree of risk assessment and caution is the trader clicking the buy/sell button on the account. If you follow someone else's recommendation it is your decision at the end of...
I get that, yet responsibility goes both ways. If you are going to predict price direction and basically "guarantee" that you are right and everybody else is wrong, then you are also responsible for misleading rookies who don't have the know-how to prevent losing with good money management. Because no one is ever right all the time, and rookies don't know better. I am no longer a rookie. But I used to be, and did lose $$ because of such calls. I felt misled. And I also took responsibility for choosing to be led by someone I didn't know.
Now today, I refrain from making such "concrete" calls as per price direction or targets, so as to not mislead rookies. But instead, I am transparent in the way I trade, and also seek to find the possibility of price action going against my position, and consequently, have a plan B in case that does happen. So, if anybody does follow me, they are not doing so blindly. I feel much better being this way. Otherwise, making a sure prediction in any one direction, causing someone who "trusts" me to go all in, only for price action to turn around and hurt them, it would weigh on my conscience. Especially if I can prevent myself from losing. I have over 4 years experience. And a head on my shoulders. Some people are just not that good at it.
Words do have the power to hurt or to do good. And we are responsible for the outcome of our own words. So, it behooves us to be careful what we say, lest we cause another to stumble and fall. It's a lesson I am trying to learn, and would like it if others would have the same consideration. Thank you.
You cannot fail if you never give up.
  • #801,773
  • Jan 11, 2024 3:03am Jan 11, 2024 3:03am
Quoting Pat Chiko
{quote} GOLD Gold is undergoing a short-term pullback after reaching its recent peak. This aligns with PA, which suggests a period of consolidation before the next leg down. This time, I've included a detailed chart. The previous two charts I posted on gold just a glimpse of where price is in relation to overall trend. A more detailed setup chart included. I have take a corrective trades as believe sufficent gap for the trades. BTW, this is just my foresight based on PA, not a guaranteed prediction, based on my analysis. I know I might not always...
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  • #801,774
  • Jan 11, 2024 3:07am Jan 11, 2024 3:07am
SL hit, taken a short for 12740 area
Insane in the Brain..
  • #801,775
  • Jan 11, 2024 3:09am Jan 11, 2024 3:09am
come on mister eu
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yes yes yes
  • #801,776
  • Jan 11, 2024 3:12am Jan 11, 2024 3:12am
Quoting BeeTogether
SL hit, taken a short for 12740 area
127540 you mean.
#Stay blue. /swinger/scalper/
  • #801,777
  • Jan 11, 2024 3:12am Jan 11, 2024 3:12am
Quoting Waveskierrob
{quote} Just slipped into a coma....
If you can stay in that coma, I have done my job......
Trade to trade another day
  • #801,778
  • Jan 11, 2024 3:12am Jan 11, 2024 3:12am
I will not share my whole story.
but as maybe everyone I lost big money in trading.
and as maybe everyone, I tried to get it big and quick.

still today after 2 decades I have not recovered the whole I lost in the past.

What I lost hits also on the psychological part: I am not able to deal with drawdown. And I am not anymore able to deal with prediction.
I find it useless to work with probabilities. 1:3 or 1:5 risk to reward thing means nothing to me.
I find it even more useless in trying to figure out if price will be going up or down 500 pips. Because if I do, that will install a bias in my brain.

over the years I found my edge as the simplest shit in the whole trade industry, being repeated by almost all seasoned traders I know, and it is as follow:

I need to know what’s happening around an instrument.
i need to know where are main supports and resistance.
i need to wait price to show a direction.

once it moves from 2 levels, I wait an entry in fast timeframes.
i get it, and target quick, depending on the instrument could be 20 to 50pips.
sometimes on a move I get 2/3 or even 4 entries.
sometimes none or just 1.

that’s it.

staring at charts with the idea for price to go down, and see it rising or of course the opposite scenario, means to me living in hope. And with hopes I don’t make any money, I just add frustration and stress.

i did in the past, and tried to force myself in getting better dealing with drawdowns and swing trading,
but that’s completely not in line with my personality.

Trading is best job in the world. You can decide whatever you want.
so the key is to work based upon your personality. There is no one forcing you in doing things in a way or in another.

and this is probably the best lesson to learn and the most expensive one (in my case)

hope it helps
90% of traders use TA, indicators and prediction
  • #801,779
  • Jan 11, 2024 3:18am Jan 11, 2024 3:18am
Quoting Ehminiz
Went short on GU. For 10-15 pips.
go out.

hoping to close today above 1%.
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#Stay blue. /swinger/scalper/
  • #801,780
  • Jan 11, 2024 3:19am Jan 11, 2024 3:19am
Quoting Ehminiz
{quote} 127540 you mean.
nope 12740 area is the target
Insane in the Brain..
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