Auslanco - GBP/JPY and GBP/USD (newstrade)

Quoting musicman007

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Hi Aussie, just ignore my last pm cept the bit about messenger.
Andy

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Quoting auslanco

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Nice to have you here mike I will soon organize my startegy runner system to accept forex.com (gain) demo accounts. So everyone could get forex.com non expiring demo to watch my live trades side by side with your current platform. Once everything is up running I will inform this thread

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Quoting auslanco

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Hi tradercheif,Hereafter My focus is mainly on trend analysis @ the start of every session rather than giving you signals. That will help everybody to learn or re confirm their views on the market

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Quoting auslanco

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Dear traders....
I decided to start my own thread because there are some other great traders who can provide very valuable analysis of GBP/JPY on the other thread , and I feel that my trade calls are overshadowing those good analysis contributed by other experienced traders.
This thread is mainly focused for new traders who want to learn my trading methods.

Money Management & Trading habits:
Maximum 2% risk per pair. What that means is when you calculate your stop losses your stop loss amount has to be within 2% of your account .If the trade goes against you, the maximum you will loose is 2% of your account. This way it also prevents you from getting panic attacks when the trade retrace against you resulting you close the trade pre maturely. If your desired stop losses do not come within 2% of your account don’t take that trade. As I always say, you may miss one trade but there are millions more to come.
You always have to calculate your risk every time before you enter your trades.
Your risk to profit ratio has to be minimum 1:1. That means if you are taking a 2% risk on a trade make sure your profit target would be at least 2%.
Always have realistic targets. My aim is 300 % capital growth per year. The lesser your target is lesser the risk of losing your own money. Even if you have 50% capital growth per year you are doing better than 90% of the worlds biggest hedge funds.
More trades you take the more you expose your account for losses. No trader in this world can profit from every single market move.
Patience plays a big part in trading. Take the trades only if you are at least 90% sure of profiting from it. If you are not sure stay away from the trade. Staying on the sideline is as good as winning.
Never trade against the trend. Specially with a high volatile pair like GBP/JPY. It may give you couple of winning trades. But it’s going to get you in the long run.
Always have a trading strategy ... make a habit to stick to it doesn’t matter how desperate you are. Always trust your strategy but not bloomberg or some statement from citibank. Don’t go with your gut feeling because 95% of the time your gut feeling is wrong.
Your charts are your forex bible. Everything what you need to know about forex is on your charts. You will learn something new everyday from you charts.
Specialize in one or two pairs. Every single pair has it’s own characteristics. No two pairs are the same. Don’t trade all the pairs your broker can offer. If you specialize in one or two pairs very soon you will be able to read the pair like a road map .
Stay away from the ranging markets. There will be enough of trend break outs on this pair than you ever want. Why take any extra risks trying to chase 20 pips on a ranging markets when you can grab 200 pips on a break out.
As Monarc mentioned traders are a greedy bunch. Less greedy once are the most successful once.
Don’t try to chase every single pip or market movement. Have a realistic weekly or monthly target as a percentage of your account . Not the number of pips. If you have already achieved that target stay away from the market. As I mentioned before.. the more you trade there is more risk of losing your money.
The losses are part of the game. Do not try to cover all your previous losses from your next trade. First your trading plan has to include at least 50% of losing trades. Then you can cut down on the number of losing trades while you gain experience and confidence.
When you start you must demo trade at least for the first 3 months to build a trading strategy. Then for the next 3 months trade on a demo account or a micro account and test your strategy coupled with a good money management strategy. When you are fully confident then trade with your real account.
Use minimum account leverage. Don’t abuse it. My recommendation for new traders is maximum one mini lot for every $2500 or one full lot for every $25000.
At last ... remember there is no easy way to become a good consistently profitable trader. No one can become a profitable trader overnight. As everything else in life it takes time, patience lots of sacrifices and learning. Don’t be afraid of mistakes.
It took me 8 months to make my first consistent $100 per week. Since then making money is like a walk in the park.

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Quoting NewstraderFX

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Sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell sell

GBP/JPY to the lower 230's

sell sell sell sell sell sell sell sell sell

Article: http://forexfactory.com/news.php?do=news&id=40547

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Quoting musicman007

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Hi Aussie, just ignore my last pm cept the bit about messenger.
Andy

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Quoting newjersey24

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Hey, Aussie just know that GAin Capital, although its good, doesnt allow Hedging which I notice you use sometimes!!!

Just a heads up

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Quoting 59fender

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do you use the 5 day sma on all time frames? I noticed the monthly chart has retraced and is sitting right on top of it looks like strong support what are your thought on this

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Quoting ns_karthik

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guys,
have a look at my article too and vote for it!!

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Quoting Tarsyk

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May I also suggest that you make it clear here how much PM/messengering/yahooing you are willing to take on you? Otherwise by this time tomorrow 2/3rd of the posts will be "omg please add me", like in the gbp/jpy thread. No offense intended toward the posters, of course.

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Quoting kevinsw

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auslanco,

This is going to be one heck of a ride, lots of reading, 100+ pages after we wake up..lol

But after last week we have one GREAT teacher.

although some hints on trades would be nice for those of us who are still trying to build up our accounts might also be a good thing? I too have a FXCM account should you choose to send me any details, but I also really Really wish to learn this stuff, just not go broke at the same time..lol

kevin

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Quoting bluerose

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Dear Auslanco,

So happy to see your own thread . We should call this People's Thread as Auslanco is teaching the newbies in spite of calls to take him away from us, the mass of folks who are still learning and wanting to make $ (and what wrong with it?, even the experts are following Auslanco's calls to make $ too). I bet that some traders who insulted others as as "dumb traders" "moronic" also flock to this thread. I have not seen the truly bright traders, such as Bravado, Fixme1too, Glenn, Karmostaji, NORTHPRO, Monarch and other kind traders too numerous to name, proven by their deeds in helping others to learn and make $, call anyone as "dumb traders" . We keep learning and making $ from you, Auslanco. Don't forget that I am your first student in learning to use your magic "momentum indicator" . I have been under the weather and hope to get well soon to participate more often.

Happy Trading to all
BR

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Quoting ns_karthik

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auslanco,
can u give a clear definition of your strategy (indicators that u use, the settings TF and the actual strategy) so that we can evealuate the strategy ourselves.

as u profess, it is important for everyone to learn to fish for themselves, so it would be better if you let us know the strategy that u use.

Thanks.

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