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

  • #24,241
  • Sep 10, 2007 11:43am Sep 10, 2007 11:43am
Dow is currently positive.. hmm.. my scenerio is playing out quite good so far ..
  • #24,242
  • Sep 10, 2007 11:45am Sep 10, 2007 11:45am
Quoting fourxtrader
Monarch

Taking back what Forex took from me when I was a hopeless Newbie.


MONARCH,

YOUR HUMOR IS REFRESHING.... MAYBE IT WILL TRIGGER A BULLISH TREND
IN THE MARKET.

AFTER WATCHING THE SOCIOECONOMIC VIDEO, I'M CONVINCED WE ARE IN
BECOMING ENTRENCHED IN A BEARISH CYCLE.. WITH ALL THE AGGITATION
AND ANGRY REMARKS TO NEWBIES HERE ON THIS THREAD. I'M ALMOST
AFRAID TO OFFER MY DAILY MEANINGLESS COMMENTS OR ASK SOME
THOUGHTLESS QUESTIONS.

I TOO WAS ONCE HOPELESS, NOW ONLY HAPLESS AFTER THIS MARKET HAS
BEAT ME SENSELESS.

SLEEPLESSINADUMPSTER
I suppose you used to be a poet before trading forex?? Anyway, I liked your post May the pips be with you!
If you lose, I will grab your pips away
  • #24,243
  • Sep 10, 2007 11:47am Sep 10, 2007 11:47am
Quoting Zoran
With all due respect, I would have to disagree. Firstly, to clear things up, I'm a spreadbetter here in the UK, which basically means I don't pay tax and I don't trade in lots. The smallest trade I have ever been able to make (from the very beginning) is £1 per pip. That is too large for a newbie.

Microlots are ideal for the following reason:

$0.01 per pip is the smallest possible trade. Here is a brief overview:

Stage 1: $0.01 per trade. Good start to learn a platfrom, enter and exit trades. $100 is 10,000 pips so lots of room for error at little expense.

Stage 2: Getting used to it now, learning to trade with multiples. Also to scale into a position and scale out. Could have 10 micro-lots on one trade. Learn to scale out and move stops for different entries. Good Money management skills are starting to develop. Learning this skill on a mini-account is too expensive.

Stage 3: Profitable. Start entering with higher multiples and move into the mini-lot area (possibly still in micro-lot denominations)

Trading with multiples is an essential part of my trading and Money Management system. It would be too difficult otherwise.

Zoran,

I have to agree with your comments.

In the beginning, I didn't have the sense, patience, self control or
discipline to search for and appreciate the value of using a micro
account and subsequently blew through 2 small mini accounts in
about 6 months time and almost gave up on this game.

If I had had the micro's and scaled in and out of these mulitiples you
talk about, my trading experience and learning would have been far
more positive.

In my opinion, micro's are the only way to keep the money management
and risk / reward ratios in check with accounts smaller than $10 - 20K,
particularly when sensibly trading the GJ with high S/L's.

Dr. D.
  • #24,244
  • Sep 10, 2007 11:48am Sep 10, 2007 11:48am
Quoting mktjong
Dow is currently positive.. hmm.. my scenerio is playing out quite good so far ..

I fully expect a push for 13200 by close of market. The bulls love to hit those nice round numbers. That should put us up in the 231 area for GJ. I might short at that point, depending upon how the charts look.
  • #24,245
  • Sep 10, 2007 11:54am Sep 10, 2007 11:54am
Quoting monarch
I would have to agree.

Bad news - Down
No news - Range

Fed Drop Rate - UP - UP - UP

That is the real move I will be watching for.

Till then, maybe just scalp again, Don't like taking trades that last all day long. LOL
I would add DOWN DOWN DOWN if they don't drop the rate
If you lose, I will grab your pips away
  • #24,246
  • Sep 10, 2007 11:56am Sep 10, 2007 11:56am
Quoting markam
I fully expect a push for 13200 by close of market. The bulls love to hit those nice round numbers. That should put us up in the 231 area for GJ. I might short at that point, depending upon how the charts look.

Hope you're right. I went long @230.07
  • #24,247
  • Sep 10, 2007 11:59am Sep 10, 2007 11:59am
I agree with Zoran, demo trading is not the same as trading with real money. Even if you put just a few cents to it, it's a totally different feeling and mindset. At Oanda, you can trade down to 1 unit increments (no lots). In my opinion, it's ideal for newbies, as one can put 100 pips SL with risking only a few cents.
Just joking..
  • #24,248
  • Sep 10, 2007 12:24pm Sep 10, 2007 12:24pm
Quoting markam
I fully expect a push for 13200 by close of market. The bulls love to hit those nice round numbers. That should put us up in the 231 area for GJ. I might short at that point, depending upon how the charts look.

13,200, just like I said. Those stock bulls are predictable if nothing else.
  • #24,249
  • Sep 10, 2007 12:28pm Sep 10, 2007 12:28pm
Quoting my2buoys
Well, no wonder so many newbies are screwed up. Even babypips.com doesn't have it right. For one thing, there is only a 4 hour difference between EST and GMT, not 5 as babypips claims. Believe me, London closed at 11AM EST.

M2B
M2B

You may wish to check the upper left menu box here:

http://www.forexfactory.com/index.php?page=calendar
  • #24,250
  • Sep 10, 2007 12:37pm Sep 10, 2007 12:37pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting winterwhite
M2B

You may wish to check the upper left menu box here:

http://www.forexfactory.com/index.php?page=calendar
learn something new every day, many thanks.

also just to add, click on the clock at the top of page next to your login, you can select any time zone.

regards

MPP
  • #24,251
  • Sep 10, 2007 12:43pm Sep 10, 2007 12:43pm
got a nice little scalp from the dow bounce off 13200.
  • #24,252
  • Sep 10, 2007 12:44pm Sep 10, 2007 12:44pm
Quoting Zoran
With all due respect, I would have to disagree. Firstly, to clear things up, I'm a spreadbetter here in the UK, which basically means I don't pay tax and I don't trade in lots. The smallest trade I have ever been able to make (from the very beginning) is £1 per pip. That is too large for a newbie.

Microlots are ideal for the following reason:

$0.01 per pip is the smallest possible trade. Here is a brief overview:

Stage 1: $0.01 per trade. Good start to learn a platfrom, enter and exit trades. $100 is 10,000 pips so lots of room for error at little expense.

Stage 2: Getting used to it now, learning to trade with multiples. Also to scale into a position and scale out. Could have 10 micro-lots on one trade. Learn to scale out and move stops for different entries. Good Money management skills are starting to develop. Learning this skill on a mini-account is too expensive.

Stage 3: Profitable. Start entering with higher multiples and move into the mini-lot area (possibly still in micro-lot denominations)

Trading with multiples is an essential part of my trading and Money Management system. It would be too difficult otherwise.

.
Attached Image
  • #24,253
  • Sep 10, 2007 12:48pm Sep 10, 2007 12:48pm
Quoting markam
got a nice little scalp from the dow bounce off 13200.
Markam, you think Geppy is gonna keep going up?
  • #24,254
  • Sep 10, 2007 12:51pm Sep 10, 2007 12:51pm
Quoting markam
got a nice little scalp from the dow bounce off 13200.
why didn't you share with your brothers?
Congrats!
If you lose, I will grab your pips away
  • #24,255
  • Sep 10, 2007 12:53pm Sep 10, 2007 12:53pm
Quoting Basmati
Markam, you think Geppy is gonna keep going up?
no, but I am the eternal bear. However, I don't think it is going to drop either. There is nothing to drive the market right now.
  • #24,256
  • Sep 10, 2007 12:54pm Sep 10, 2007 12:54pm
Quoting hodoman
why didn't you share with your brothers?
Congrats!
I pointed out that we hit 13200. You are supposed to know that we would hit a ceiling there and pull out your scalpel.:
  • #24,257
  • Sep 10, 2007 12:56pm Sep 10, 2007 12:56pm
Quoting markam
I pointed out that we hit 13200. You are supposed to know that we would hit a ceiling there and pull out your scalpel.:
I will, next time... Cheers!
If you lose, I will grab your pips away
  • #24,258
  • Edited 4:11pm Sep 10, 2007 1:05pm | Edited 4:11pm
Quoting fourxtrader
Zoran,
In the beginning, I didn't have the sense, patience, self control or
discipline to search for and appreciate the value of using a micro
account and subsequently blew through 2 small mini accounts in
about 6 months time and almost gave up on this game.
I have not met a newbie that started off as a winner. I believe most of us have come here with huge expectations only to experience the complete opposite. I once met someone who sold his house and traded 90% of it away, holding onto 10% to use on a signal provider. I wouldn't be surprised if that has now gone. It amazes me what some newbies would risk! There are also a lot of failed traders that turn into snake oil salesmen. This place is full of traps and unfortunately a lot people fall for them.

It's not a game for the faint hearted

Z
  • #24,259
  • Sep 10, 2007 1:11pm Sep 10, 2007 1:11pm
Quoting markam
I pointed out that we hit 13200. You are supposed to know that we would hit a ceiling there and pull out your scalpel.:

Whatever man .. as long as I make pips .. that's count http://www.forexfactory.com/images/icons/icon10.gif
I missed exit at the high 'coz was in a meeting. But so far with more than +30 pips is not a bad thing either.
  • #24,260
  • Sep 10, 2007 1:16pm Sep 10, 2007 1:16pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Zoran
I have not met a newbie that started off as a winner. I believe most of us have come here with huge expectations only to experience the complete opposite. I once met someone who sold his house and traded 90% of it away, holding onto 10% to use on a signal provider. I wouldn't be surprised if that has now gone. It amazes me what some newbies would risk! There are also a lot of failed traders that turn into snake oil salemen. This place is full of traps and unfortunately a lot people fall for them.

It's not a game for the faint hearted

Z

someone once asked me a question-

if you had a $1 and doubled it every day how many days to $1mill

Answer 21days

when i first came to forex i thought easy $1, $2, $4. if i doubled my $ each month i would be a miilonaire next year.

having started trading i realised after a great lose 40% of my account that my MM would not allow this and the reality set in, MM is the most important thing to survival of the loses.

In time i will make a million but my wife will spend it first. MM only let her know half of what i earn. LOL
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