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

  • #6,301
  • Aug 10, 2007 9:36am Aug 10, 2007 9:36am
Quoting webstakes
I am not getting in now.... Don't want to screw my weekend...
my heart was almost in my mouth.

Hope u r from india. I am from mumbai. I read about your 25K loss. I am at 20K loss myself with my stupid no SL strategy....
Demo money right..?
  • #6,302
  • Aug 10, 2007 9:36am Aug 10, 2007 9:36am
Quoting karmostaji
Bull trap? we'll know in 28 mins
Karmo,

You know this question is coming.
What is bull trap?
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #6,303
  • Aug 10, 2007 9:37am Aug 10, 2007 9:37am
http://www.investopedia.com/terms/b/bulltrap.asp
Why do people only post a nice trending period chart?
  • #6,304
  • Aug 10, 2007 9:37am Aug 10, 2007 9:37am
Quoting trader8686
karmostaji,

Do you mind telling me, what is bull trap?
Thanks.
http://www.investopedia.com/terms/b/bulltrap.asp

I'm not sure, we'll know when the 1H candle closes.. in 22 mins
Trade what you see, not what you think.
  • #6,305
  • Aug 10, 2007 9:38am Aug 10, 2007 9:38am
Quoting VishalJ
Yep.. am Indian.. in California right now. I lost all that money just trading GBP/JPY.. I wonder what the hell I'm still doing trading it lol.
I am in new Jersey.. For the past few nights, Hooked on to my forex account and this forum as my lifeline.....

I must not worked so hard mentally even at my workplace or my education. But, this forex is giving me run for my money (every penny of it)..

When its so tempting to make money , it is equally tempting to lose money....

Thanks to Karmos & AusLanco.. What would i do without them ?
  • #6,306
  • Aug 10, 2007 9:41am Aug 10, 2007 9:41am
Quoting webstakes
I am in new Jersey.. For the past few nights, Hooked on to my forex account and this forum as my lifeline.....

I must not worked so hard mentally even at my workplace or my education. But, this forex is giving me run for my money (every penny of it)..

When its so tempting to make money , it is equally tempting to lose money....

Thanks to Karmos & AusLanco.. What would i do without them ?
I just feel like repeating this again and again, please do not risk more than 1-2% of your account per trade, becareful..

I don't want anybody losing their account, like I did when I first traded this beast

Use sound Money Management!
Trade what you see, not what you think.
  • #6,307
  • Aug 10, 2007 9:42am Aug 10, 2007 9:42am
DOW down -200 beast no more following wht da hell is going on
  • #6,308
  • Aug 10, 2007 9:42am Aug 10, 2007 9:42am
Quoting webstakes
I am in new Jersey.. For the past few nights, Hooked on to my forex account and this forum as my lifeline.....

I must not worked so hard mentally even at my workplace or my education. But, this forex is giving me run for my money (every penny of it)..

When its so tempting to make money , it is equally tempting to lose money....

Thanks to Karmos & AusLanco.. What would i do without them ?
Vishal and Webstakes,

I am from India too. Based out of MI. You want to my story. Lost 30 K in 6 months. Simply insane. Not sure what is going on in my mind. Not using SL is the main culprit.
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #6,309
  • Aug 10, 2007 9:42am Aug 10, 2007 9:42am
today the gy is not following the dow as it did yesterday. maybe because this drop in the dow today was allready priced in in the european session?
  • #6,310
  • Aug 10, 2007 9:43am Aug 10, 2007 9:43am
It's pretty easy to make money in forex.. I trade fundamentals.. in fact, 2 months ago.. I achieved a 100% gain on my account. Just got carried away with this pair.. wasn't ready for the 100-200 pip swings. Entered at the wrong times, exited at the wrong times - and then got pretty mad.. emotional.. (payback time bitch!!) and lost more money that way.

When you lose your head, you lose your money. You're not supposed to be excited about this .. you have to be logical.. and pretty clear about what you're doing. Right now I see no clear direction in the markets.. they should be going down, but with the Fed interfering.. you never know.. they may go back up.

Why bother getting in a market that can swing either way? Let the dust settle down.. there will always be other trades. I've already made up 10 k of that 25k that I lost.. I'll make the rest back trading fundamentals like I always do. I needed this loss to slap myself back to reality!
  • #6,311
  • Aug 10, 2007 9:43am Aug 10, 2007 9:43am
Nice pin bar on the 30M Chart. If the one forming on the 1H Chart holds until 1500GMT I must just go ahead and short the 'Sammy' out of that thing.

M2B
Attached Image (click to enlarge)
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  • #6,312
  • Aug 10, 2007 9:45am Aug 10, 2007 9:45am
Quoting TradeStar
Vishal and Webstakes,

I am from India too. Based out of MI. You want to my story. Lost 30 K in 6 months. Simply insane. Not sure what is going on in my mind. Not using SL is the main culprit.
Ok I think we indians suck at trading GBP/JPY.. One thing's for sure though.. no matter how much I lose.. I don't let it affect me (ok ok I do get minor heart palpitations, sweating and a little chest pain.. but it goes away after a few minutes) Whatever money is lost, we can always make it back.
  • #6,313
  • Aug 10, 2007 9:46am Aug 10, 2007 9:46am
Quoting VishalJ
Ok I think we indians suck at trading GBP/JPY.. One thing's for sure though.. no matter how much I lose.. I don't let it affect me (ok ok I do get minor heart palpitations, sweating and a little chest pain.. but it goes away after a few minutes) Whatever money is lost, we can always make it back.
until the account reads $0.00
Trade what you see, not what you think.
  • #6,314
  • Aug 10, 2007 9:46am Aug 10, 2007 9:46am
Quoting webstakes
I am in new Jersey.. For the past few nights, Hooked on to my forex account and this forum as my lifeline.....

I must not worked so hard mentally even at my workplace or my education. But, this forex is giving me run for my money (every penny of it)..

When its so tempting to make money , it is equally tempting to lose money....

Thanks to Karmos & AusLanco.. What would i do without them ?
Yeah, i know what you mean. I didn't loose money by going against the trend but rather do to money management.
Humble Lifetime Member
  • #6,315
  • Aug 10, 2007 9:48am Aug 10, 2007 9:48am
Quoting karmostaji
until the account reads $0.00
That's when you pump in some more funds.. just like the Feds :
  • #6,316
  • Aug 10, 2007 9:49am Aug 10, 2007 9:49am
Quoting c0nansbg
today the gy is not following the dow as it did yesterday. maybe because this drop in the dow today was allready priced in in the european session?
Or because the end of the carry trade will be the end of the system...
  • #6,317
  • Aug 10, 2007 9:54am Aug 10, 2007 9:54am
It looks like da big guns(Carry Traders) are back in action from 236.30 Its just a feeling
  • #6,318
  • Aug 10, 2007 9:56am Aug 10, 2007 9:56am
IMHO the best way to open positions, is to set your trading platform to put an automatic SL maybe 100 pips for GJ. And when the position is open, you can fine tune it by using a calculator. The one from Alex Douglas is pretty good and it's free: http://www.alexdouglas.com/_vti_bin/...dll/fxcalc.htm. Of course if one just jumps in and out of trades with no plans whatsoever, then this can't help.
Look who's talking
Just joking..
  • #6,319
  • Aug 10, 2007 9:57am Aug 10, 2007 9:57am
Quoting karmostaji
until the account reads $0.00
Think of the bright side. Your account can never reach $0 if you always risk a % of your account.

For example: take your account and multiply it by .98 (a 2% loss). Now, repeat, repeat, repeat....and so on. It is impossible to go broke in this business...right?
  • #6,320
  • Aug 10, 2007 9:58am Aug 10, 2007 9:58am
I think 'Karmo' could be right. This might be a Bull Trap. The Daily and 4H SI 's are still bearish. The 1H is kissing the RSI Line again but should still be considered bearish until it crosses. The 15M and 30M SI's are bullish at present and therein lies the potential trap. It's the same type of thing that caught some of us early this morning (morning over here in Michigan) trying to catch the retrace only to discover that a bottom hadn't yet occurred. Watch your step!

M2B
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