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

  • #24,201
  • Sep 10, 2007 11:52am Sep 10, 2007 11:52am
Quoting Zoran
Trading with real money is the only way to do it otherwise you never get the psycology. Newbies should use microlots ($0.01 per pip) and as they become more confident work up. When at the profitable level, a mini-lot ($1 per pip) is a good start. I have rarely used a demo account but when I have I was always lazy and didn't really care what happened. It's different with real money.

To tell you the truth I worked as a dealer at the fx desk of a national bank's treasury for three years(mostly hedging the position and fundamental based). Apart I had a limit of usd 5 mio and did not even think the emotional part then. But I remember my first live trade with my own money I coudn't face the charts. Entered the order put my limits shut down the pc and went to Starbucks.... Hehehe that was really something new for me
  • #24,202
  • Sep 10, 2007 11:52am Sep 10, 2007 11:52am
Those were some very wise words of peace & wisdom maite! If you happen to come up to the Bay area, do ping me, would love to catch a drink with your mighty soul!

Sincere Regards,
-A.

Quoting monarch
We are here to help each other, and the greatest help I received was the preparation of the mental state of a trader.

We can all press the button to buy or sell, but the true question is

What will you do once you press the button and it goes the wrong way at first?

Our minds play games with us, and usually you are making a good entry, but your mind says it is wrong because you have lost before, but remember, it was your mind that told you - that you were wrong then.

Get your Entry, put your Limit and Stop, and Let it do its thing.

I actually make my trades, then minimize my Trading Platform, and often times even the charts.

Read, Study, Listen to Music and Enjoy, if your trading a good strategy, it takes time to complete the process of the cylce before getting a payout.

Getting rich quick will not happen on FOREX, but we will get rich. LOL
  • #24,203
  • Sep 10, 2007 11:52am Sep 10, 2007 11:52am
Quoting Zoran
Trading with real money is the only way to do it otherwise you never get the psycology. Newbies should use microlots ($0.01 per pip) and as they become more confident work up. When at the profitable level, a mini-lot ($1 per pip) is a good start. I have rarely used a demo account but when I have I was always lazy and didn't really care what happened. It's different with real money.
YES U RIGHT MAN
kermo ROcks !
  • #24,204
  • Sep 10, 2007 11:54am Sep 10, 2007 11:54am
Quoting monarch
We are here to help each other, and the greatest help I received was the preparation of the mental state of a trader.

We can all press the button to buy or sell, but the true question is

What will you do once you press the button and it goes the wrong way at first?

Our minds play games with us, and usually you are making a good entry, but your mind says it is wrong because you have lost before, but remember, it was your mind that told you - that you were wrong then.

Get your Entry, put your Limit and Stop, and Let it do its thing.

I actually make my trades, then minimize my Trading Platform, and often times even the charts.

Read, Study, Listen to Music and Enjoy, if your trading a good strategy, it takes time to complete the process of the cylce before getting a payout.

Getting rich quick will not happen on FOREX, but we will get rich. LOL
Absolutely spot on with all of those views Monarch - Guys you newbies need to read and learn from the experts.
  • #24,205
  • Sep 10, 2007 11:57am Sep 10, 2007 11:57am
Quoting monarch
Take the time and treat yourself to much learning from so many very knowledgable traders here on the thread.

I have learned so much just reading and following along this thread, it's amazing once you start to interact with us here how much you will personally learn yourself.

Don't be afraid to post your entries, and watch what the masters do here, it will get you futher along faster then trying to figure it all out yourself.

Thanks to everyone who Posts on the thread, it is such a delight and pleasure to trade with a team.

ken
Thanks Ken. I'm usually a little shy on public forums for some reason lol. But I will report my short entry at 230.07 based on Aus's Main strategy. I couldn't wait for the 1hr retracement but did manage to get in just a tad late on the 30m retracement.

On the weekend, I backtested the Main strategy for the last 6months with excellent results as well as applying the same strategy to the 1hr and 30m TFs for the last 3months with even better results. So i'm a lot more confident with the system which has taught me more patience and restraint today. Note to self from the last couple of weeks. Best to grow account by tiny pip increments than to lose a whole bunch of pips quickly! lol

Thanks for your wisdom Ken.
  • #24,206
  • Sep 10, 2007 11:58am Sep 10, 2007 11:58am
Currently, as the DOW goes . . . we go. Post lunchtime in NY coming up (1:00PM)
  • #24,207
  • Sep 10, 2007 11:58am Sep 10, 2007 11:58am
Quoting monarch
I agree 100%, I do not recommend demo's, but if there are newbies that want to just try to follow this thread and the entries, I would recommend maybe 2 weeks max on demo, then the micro is the way to go.

Once the confidence and understanding comes (2-3 years - LOL), then put a mini lot on.

Do not jump in with big lots till you know yourself and how you will react to the market.

Add a mini lot slowly, that way you get use to the change, then when you start trading 20-50 mini lots, you will be like "I know what this is doing, it goes like this before I get a payout"

Nice Z, thanks

i agree to the part where someone would need to put money into forex to learn, just like zoran said, however i don't think micro lots would do. it won't put the pressure on a trader like a mini or a standard account. one has to put effort into learning first, then after that a small amount of money 1000-2000 (if they're thinking about this seriously of course, it might not be a small sum for many)

the fact that u are risking real money is your only teacher, and micro accounts aren't really considered real money, at least not a big loss.

i think whoever is serious about this stuff should first invest in education, then chat on forums like this very one, and try to understand how the game is played, then start with a small mini account, that's how things should be done, micro accounts are just rubbish....
  • #24,208
  • Sep 10, 2007 11:59am Sep 10, 2007 11:59am
Quoting apume
Those were some very wise words of peace & wisdom maite! If you happen to come up to the Bay area, do ping me, would love to catch a drink with your mighty soul!

Sincere Regards,
-A.
Thanks mate.

Do you go to the San Jose Spartan Football games there.

I have been to most of the old Silicon Valley Bowls there, always a great time in San Jose, just a short ride from Milpitas Eh?

Will have to catch a game sometime.

Ken
  • #24,209
  • Sep 10, 2007 12:03pm Sep 10, 2007 12:03pm
Quoting wilson
hi mktjong,

haven't you been following the Treasuries 10-yr bills you taught? it's been declining and it's in the red now
Sorry .. slip into 'wise' discussions a bit http://www.forexfactory.com/images/icons/icon10.gif
Closed my short minutes ago. Remember also on Japanese's one as it closed very weak last nite. Until then we may not see much move downward from here. But I could be wrong
  • #24,210
  • Sep 10, 2007 12:04pm Sep 10, 2007 12:04pm
Quoting kally
Thanks Ken. I'm usually a little shy on public forums for some reason lol. But I will report my short entry at 230.07 based on Aus's Main strategy. I couldn't wait for the 1hr retracement but did manage to get in just a tad late on the 30m retracement.

On the weekend, I backtested the Main strategy for the last 6months with excellent results as well as applying the same strategy to the 1hr and 30m TFs for the last 3months with even better results. So i'm a lot more confident with the system which has taught me more patience and restraint today. Note to self from the last couple of weeks. Best to grow account by tiny pip increments than to lose a whole bunch of pips quickly! lol

Thanks for your wisdom Ken.
Actually your entry at 230.07 was around our entry point, you never know if it will go to the hourly retrace, and somewhere you have to pull the trigger and get in.

Even a drawdown will be present, you have to believe your entry was the best possible point for you, I got in lower then you, and also higher, but I was pleased with the lower entry, and fortunate with the higher entry.

Now we let the New Hour Candle move and watch and learn.

Keep up the backtesting, it will help you understand so much more.

Ken
  • #24,211
  • Sep 10, 2007 12:06pm Sep 10, 2007 12:06pm
Quoting mktjong
Sorry .. slip into 'wise' discussions a bit http://www.forexfactory.com/images/icons/icon10.gif
Closed my short minutes ago. Remember also on Japanese's one as it closed very weak last nite. Until then we may not see much move downward from here. But I could be wrong
noted. thanks
  • #24,212
  • Sep 10, 2007 12:06pm Sep 10, 2007 12:06pm
Quoting musicman007
Absolutely spot on with all of those views Monarch - Guys you newbies need to read and learn from the experts.

experts - WHERE???

I was following you on this short bro.

About your dinner time EH?
  • #24,213
  • Sep 10, 2007 12:06pm Sep 10, 2007 12:06pm
Look at the 30min chart - that damn 5sma is right on the nose of this short
  • #24,214
  • Sep 10, 2007 12:10pm Sep 10, 2007 12:10pm
Quoting monarch
experts - WHERE???

I was following you on this short bro.

About your dinner time EH?
Hahaha - done tea - Im on a keep fit regime and the shoulder is coming along suberb so none for me - off for a swim in a while.

This level is proving harder to crack than I expected , there is a 23.6% fib close by around 80 from the 4 hr charts last major run down. Still feel we could break it but the longer we stall the more likely we will get a retrace and then we have to wait a while for more punters to join in.
  • #24,215
  • Sep 10, 2007 12:13pm Sep 10, 2007 12:13pm
Hey Ken (as I gather form the insiders is your name ),

Well, haven't been to those games but do go to events like the downtown car race, the air races this week in Reno ... I mite go for the finale on the Sunday... one of my colleagues used to be a judge for those Reno air races...

Sure, SJC is a very short ride from Milpitas... do come by ... would be a good excuse to catch a game for sure!

KIT,
-A.



Quoting monarch
Thanks mate.

Do you go to the San Jose Spartan Football games there.

I have been to most of the old Silicon Valley Bowls there, always a great time in San Jose, just a short ride from Milpitas Eh?

Will have to catch a game sometime.

Ken
  • #24,216
  • Sep 10, 2007 12:15pm Sep 10, 2007 12:15pm
Quoting musicman007
Hahaha - done tea - Im on a keep fit regime and the shoulder is coming along suberb so none for me - off for a swim in a while.

This level is proving harder to crack than I expected , there is a 23.6% fib close by around 80 from the 4 hr charts last major run down. Still feel we could break it but the longer we stall the more likely we will get a retrace and then we have to wait a while for more punters to join in.
I have so many Fibs I couldn't tell you which one I want to use. LOL

Swimming EH, well that sounds like great therapy.

Your shoulder would do better if you would quit leaning on the keyboard there.

I still haven't gotten my morning coffee and it is already 10am here, guess it is too much fun watching the paint dry on these charts.

Still watching "Auslanco's" 229.64 on the Hourly Bar, was hoping to breach that here this hour, still downtrend for now, but E/J wants to climb a bit.
  • #24,217
  • Sep 10, 2007 12:15pm Sep 10, 2007 12:15pm
I have just quit at 83 and taken my profit for now, This is starting to cause me concern.
  • #24,218
  • Sep 10, 2007 12:20pm Sep 10, 2007 12:20pm
my last trade (still going). bearish divergence on cci, macd. 100+ pips. will add more as soon as i see another divergence.
http://img74.imageshack.us/img74/548/gjlc6.th.gif
Nihil Sine Deo.
  • #24,219
  • Sep 10, 2007 12:20pm Sep 10, 2007 12:20pm
Quoting monarch
Actually your entry at 230.07 was around our entry point, you never know if it will go to the hourly retrace, and somewhere you have to pull the trigger and get in.

Even a drawdown will be present, you have to believe your entry was the best possible point for you, I got in lower then you, and also higher, but I was pleased with the lower entry, and fortunate with the higher entry.

Now we let the New Hour Candle move and watch and learn.

Keep up the backtesting, it will help you understand so much more.

Ken
Thanks Ken, I certainly will.
  • #24,220
  • Sep 10, 2007 12:24pm Sep 10, 2007 12:24pm
Quoting musicman007
I have just quit at 83 and taken my profit for now, This is starting to cause me concern.
Nice exit there bro, it took off norht right after that, and looks to be trying to gain some upward momentum.

Will remain in short here for now, and see what the next couple of hours hold.

Thought of taking a hedge, but that is not my style of trading.
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