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Cable Update (GBPUSD)

  • #810,181
  • Feb 17, 2024 9:14am Feb 17, 2024 9:14am
Quoting 7154Superman
{quote} You said, "Real money account traders usually have 1 or at most several especially if they're american." So, am I the exception with 11 real money accounts, and an American?

LOL...yes...most old timers who have been doing this for 10-20 years in america usually just have 1 -2 or three

when your accounts grow in the next few years youll consolidate them too


if you go with interactivebrokers you could have one account and trade everything from just that one.. stocks,futures and forex
theyll let you have subaccounts they call family and friends
short trump and go long the deepstate
  • #810,182
  • Feb 17, 2024 9:23am Feb 17, 2024 9:23am
Quoting Zebi
{quote} and the debt arguement is another dead end ...usually spouted by the bearish armageddon crowd who long to lock themselves away in underground bunkers cause their lives suck and they want to escape society LOL i made a post last month i think of how every other country owes the usa money so if you cancell out the debts between parties is a non starting argument....we give away alot of money to countries for useless shit but we also loan them money they have to pay us back LOL {quote} so please stop simplifing things to the textbook level...
Hi. Thanks for the reply. The 'debt thing' is real and a growing problem, in all Western economies. If the Keynesian theory of borrow to invest really worked then debt as a % of gdp (or more importantly as a % Govt income) wouldn't rise - it would at worst stay as as the same %, or even fall because the increase in gdp growth/govt income you get from investing, would at least pay for the extra borrowing. Now, the increase in these 2 metrics can partly be put down to changes in govt income, (ie different parties in power tax at different rates, and at different times/stages of an economic cycle,) and partly down to increases in population/changes in population demographics, but if you level the playing field on these to a constant time adjusted measure, then debt to gdp, and debt to govt income have both still grown. What makes it worse in the U.s, as I said in my post is the problems with your political system, (as I alluded to in my post above,) your status as the reserve currency, the sheer size of the debt piles, and the growing challenges to the current U.s hegemony. There will come a day of reckoning on debt but none of us can say when that will be, and this is not because the narrative that suggests this is from a '...bearish armageddon crowd who long to lock themselves away in underground bunkers cause their lives suck and they want to escape society...,' which is a purile argument.

On the subject of your assertion that I am '... simplifying things to the textbook level and try thinking for yourself..' I think we can leave the judgment of who is more capable of reasonable, balanced, informed, and logical analysis, to the readers of our respective posts.

I do agree though that we can agree to disagree, and I am sure readers of our posts already have a view on the subject we have been discussing.
Trader with an Edge.
  • #810,183
  • Feb 17, 2024 9:27am Feb 17, 2024 9:27am
Quoting Zebi
{quote} pretty much... currencies reflect the political climate of a country moreso than anything else
Interesting. Thanks!
I know Trump wanted to fire Powell already for keeping rates high, so if Trump was to be elected, then he would force Powell to start cutting rates faster which would actually bring the USD down under Trumps term.
  • #810,184
  • Feb 17, 2024 9:27am Feb 17, 2024 9:27am
Quoting Whatevs
{quote} You're basically bullish on USD until presidential selection then? If Trump wins, then sell USD is what you're saying?

this is the original chart i posted in an internet relay chatroom when biden won just to needle trumptards who kept saying dems will kill the dollar LOL

when biden or whichever dem wins in november or if trump goes to jail whichever is first ill go back there to needle them somemore cause politics are allowed to be argued after trading hours so it was so much fun LOL
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short trump and go long the deepstate
  • #810,185
  • Feb 17, 2024 9:39am Feb 17, 2024 9:39am
Quoting Whatevs
{quote} Interesting. Thanks! I know Trump wanted to fire Powell already for keeping rates high, so if Trump was to be elected, then he would force Powell to start cutting rates faster which would actually bring the USD down under Trumps term.
This is amazing where do you get your info from..
  • #810,186
  • Feb 17, 2024 9:51am Feb 17, 2024 9:51am
Quoting Whatevs
{quote} Interesting. so if Trump was to be elected, then he would force Powell to start cutting rates faster
The delusion is rife
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #810,187
  • Feb 17, 2024 9:54am Feb 17, 2024 9:54am
public delusion is off the scale from all that QE
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #810,188
  • Feb 17, 2024 9:56am Feb 17, 2024 9:56am
...probably just worth having a look @ Gbpusd Mthly chart, which is below. 2446 is a H (above the last LH,) 1802 a HL, 3142 a HH, 2038 a HL (2nd HL,) and 2828 a LH. So this t/f could be rangy, -or- @ start of a general uptrend. Time will tell which it is.

Mthly below
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Trader with an Edge.
  • #810,189
  • Feb 17, 2024 10:03am Feb 17, 2024 10:03am
Quoting Zebi
{quote} this is the original chart i posted in an internet relay chatroom when biden won just to needle trumptards who kept saying dems will kill the dollar LOL when biden or whichever dem wins in november or if trump goes to jail whichever is first ill go back there to needle them somemore cause politics are allowed to be argued after trading hours so it was so much fun LOL {image}
Currency direction proves nothing, Labour overspends then Conservatives tightened, and these days everyone overspends.
If you really are a migrant it's not surprising you think Biden can win.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #810,190
  • Feb 17, 2024 10:05am Feb 17, 2024 10:05am
Quoting Zebi
{quote} LOL...yes...most old timers who have been doing this for 10-20 years in america usually just have 1 -2 or three when your accounts grow in the next few years youll consolidate them too if you go with interactivebrokers you could have one account and trade everything from just that one.. stocks,futures and forex theyll let you have subaccounts they call family and friends
Nah, I don't think so. I actually expect to maintain 20 live accounts on Oanda eventually as my total balance gets bigger, and keep it that way. LoL
(Oanda allows a maximum of 20 sub-accounts in my name.)
Less chance of a total loss because of a black swan event since I usually have only a minority of them on an open trade position at any given time. A super black swan event of instant hundreds or thousands of pips movement can drag your stop loss until your account is down to zero.
I function better to be able to compartmentalize my funds. It helps me to experience better clarity, be more flexible and hedge more efficiently when price action goes against my expectation like what happened on Friday. I've tried all kinds of other ways to manage my live funds during the last 4 and a half years. This current system seems to work the best for me consistently. And I'm done trying anything different or changing around. I love it the way it is right now.
I will eventually downgrade from full time to part time taxi driving / hauling once I start withdrawing consistent profits from my trading account that matches or exceeds my full time taxi net income/profit. Then get like a half dozen smartphones and/or computer screens to be able to manage my accounts more efficiently during New York session because the Oanda app on my smartphone is excruciatingly slow to switch between accounts. Like I want to be able to switch accounts within 5 seconds to scalp trades. But a lot of times it takes 10-30 seconds to make the switch. By that time, price can move several pips, making my scalping inefficient. I'm still doing ok with 2 smartphones despite that. But once I have 20 accounts and my total balance is more than $10-20k, then it's gonna matter more.
At that point, I still do expect to drive taxi in afternoons and evenings until my Forex income that gets deposited into my bank account is like 10 times more than my full time taxi net income/profit.
Once level 4 is completed (Live $1,500 to $3,000), I expect to withdraw around 35-50% of my trading profit as income.
My full time taxi net income/profit is generally about $2-3k per month after all expenses are paid like mechanic, gas, insurance, registration, and other overhead expenses.
That $2-3k per month is what I live on and use to save up and invest in Forex.
I have 2 minivans, 2 pickup trucks (1/2 ton and 1/4 ton), and 2 trailers (18' long / 10k lbs and 10' long / 3k lbs).
So, when my withdrawals from trading profits exceeds $20-30k per month, then I can retire from taxi completely if I want to. I expect to still do some long haul freight hauling for hire as a hobby with a 1 ton diesel truck and gooseneck trailer. It's what I love doing. I want to travel the USA through all 50 states, and eventually, the whole world, by car or truck with me behind the wheel.
I'm actually a nomad by heart. Always wanna keep moving, never sleep in the same place. LoL
You cannot fail if you never give up.
  • #810,191
  • Feb 17, 2024 10:22am Feb 17, 2024 10:22am
OK., If you think there's a magic button you can use to lower rates you're wrong.
How you lower rates beyond where the FREE market wants is by printing money, and for that, you need certain conditions.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #810,192
  • Feb 17, 2024 10:24am Feb 17, 2024 10:24am
Quoting Waveskierrob
{quote} This is amazing where do you get your info from..
Trust me bro!
  • #810,193
  • Feb 17, 2024 10:25am Feb 17, 2024 10:25am
Quoting Bones
{quote} The delusion is rife
I think you're right... Powell will cut faster even if Trump was or wasn't elected. I agree!
  • #810,194
  • Feb 17, 2024 10:27am Feb 17, 2024 10:27am
Quoting Zebi
{quote} this is the original chart i posted in an internet relay chatroom when biden won just to needle trumptards who kept saying dems will kill the dollar LOL when biden or whichever dem wins in november or if trump goes to jail whichever is first ill go back there to needle them somemore cause politics are allowed to be argued after trading hours so it was so much fun LOL {image}
USD was super strong under Biden... makes sense. I want to see weaker USD however, so I'd vote Trump, so Gold starts flying. Just my opinion...
  • #810,195
  • Feb 17, 2024 10:32am Feb 17, 2024 10:32am
Quoting Whatevs
{quote} I think you're right... Powell will cut faster even if Trump was or wasn't elected. I agree!
I'm saying inflation controls interest rates when high, not Powell or Trump, everything else is an illusion.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #810,196
  • Feb 17, 2024 10:33am Feb 17, 2024 10:33am
Quoting Waveskierrob
{quote} This is amazing where do you get your info from..
trumps authoritarian.. but what makes it so bad is hes an imbecile authoritarian LOL like the whole MAGA part of the republican party


As virus roils markets, Trump again threatens Fed chairman
https://apnews.com/article/2a21e92ed...13495c9ef50050

Trump rails against Powell a day after the Fed cuts rates for a third time this year
https://www.cnbc.com/2019/10/31/trum...this-year.html

Trump says he would not reappoint Fed Chair Jerome Powell
https://www.cnn.com/2024/02/02/econo...ell/index.html


trump wanted QE and rate hikes and thats why he kept threatening powell since he thot the chairman was against him and he prolly was LOL
short trump and go long the deepstate
  • #810,197
  • Feb 17, 2024 10:38am Feb 17, 2024 10:38am
The weekly before has only broken one way and that's what made me think the low would hold & daily was right, I've had to enlarge the range which we never escaped yet.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #810,198
  • Edited 11:02am Feb 17, 2024 10:40am | Edited 11:02am
Quoting 7154Superman
{quote} Nah, I don't think so. I actually expect to maintain 20 live accounts on Oanda eventually as my total balance gets bigger, and keep it that way. LoL (Oanda allows a maximum of 20 sub-accounts in my name.) Less chance of a total loss because of a black swan event since I usually have only a minority of them on an open trade position at any given time. A super black swan event of instant hundreds or thousands of pips movement can drag your stop loss until your account is down to zero. I function better to be able to compartmentalize...
when your account gets big maybe consider leaving a shitbag broker like oanda for a real one like interactivebrokers where your money is protected and insured

theyll let you have subaccounts to trade for friends and family...thats what they call em

youre american so think like one and stop thinking like a foreigner trading with bullshit brokers ...let them get screwed and fleeeced of their lifes savings

i use oanda but just to trade in and out on hourly or 4H while keep my longerterm trades and money in insured accounts
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short trump and go long the deepstate
  • #810,199
  • Edited 3:45pm Feb 17, 2024 10:44am | Edited 3:45pm
Quoting Zebi
{quote} when your account gets big maybe consider leaving a shitbag broker like oanda for a real one like interactivebrokers where your money is protected and insured theyll let you have subaccounts to trade for friends and family...thats what they call em youre american so stop thinking like a foreigner trading with bullshit brokers ...let them get screwed and fleeeced of their lifes savings i use oanda but just to trade in and out on hourly or 4H while keep my longerterm trades in a futures account {image}
Huh, I didn't know that. Thanks!
In that case, then yes, it would be advisable to spread my funds into other brokers, preferably insured ones.
You cannot fail if you never give up.
  • #810,200
  • Feb 17, 2024 10:45am Feb 17, 2024 10:45am
Quoting Zebi
{quote} trumps authoritarian.. but what makes it so bad is hes an imbecile authoritarian LOL like the whole MAGA part of the republican party As virus roils markets, Trump again threatens Fed chairman https://apnews.com/article/2a21e92ed...13495c9ef50050 Trump rails against Powell a day after the Fed cuts rates for a third time this year https://www.cnbc.com/2019/10/31/trum...this-year.html Trump says he would not reappoint Fed Chair Jerome Powell https://www.cnn.com/2024/02/02/econo...ell/index.html...
Trump wanted cuts,
Trump TWEET 1
Just last week, Trump tweeted, “The Federal Reserve is derelict in its duties if it doesn’t lower the Rate and even, ideally, stimulate.”
Trump wants the Fed to push interest rates down to zero or even into negative territory. Trump argues that the current rates put the U.S. at a competitive disadvantage to other countries, and touts the historically low levels of inflation as evidence that the economy is well-positioned to handle such low borrowing rates.
On-site guru & also FF member's' psychiatrist, when not drinking tea
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