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

  • #24,261
  • Sep 10, 2007 3:16pm Sep 10, 2007 3:16pm
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
Agree man .. this business is not an easy thing to have. All kind of people you can find in here, just like lions prowl at road side waiting for prey. Trade between the line .. is a very tricky thing and need a lof of discernments. At least from my own experience.
  • #24,262
  • Sep 10, 2007 3:41pm Sep 10, 2007 3:41pm
Guys do you think it's possible to tes the 231.40-50 again due to the Japan session!!!
  • #24,263
  • Sep 10, 2007 3:53pm Sep 10, 2007 3:53pm
Quoting I.Y.I
Guys do you think it's possible to tes the 231.40-50 again due to the Japan session!!!
I think we might see a small bounce with the Nikkei which would drive it up a little.
  • #24,264
  • Sep 10, 2007 3:58pm Sep 10, 2007 3:58pm
Quoting bmwboyee
I think we might see a small bounce with the Nikkei which would drive it up a little.
Yeah i told the same!
  • #24,265
  • Sep 10, 2007 4:02pm Sep 10, 2007 4:02pm
Guys, where do you ussually watching the Nikkei?I ussually do it at yahoo!
  • #24,266
  • Sep 10, 2007 4:10pm Sep 10, 2007 4:10pm
Stocks Up After Fed Speeches
Link:
http://www.forbes.com/feeds/ap/2007/...ap4101255.html
  • #24,267
  • Sep 10, 2007 4:21pm Sep 10, 2007 4:21pm
Quoting mktjong
Stocks Up After Fed Speeches
Link:
http://www.forbes.com/feeds/ap/2007/...ap4101255.html

Btw, I already closed my long. Be careful in when Japan session opens.
  • #24,268
  • Sep 10, 2007 4:29pm Sep 10, 2007 4:29pm
Quoting I.Y.I
Guys, where do you ussually watching the Nikkei?I ussually do it at yahoo!
yahoo is too delayed. this is better

http://www.nni.nikkei.co.jp/CF/FR/MKJ
  • #24,269
  • Sep 10, 2007 4:32pm Sep 10, 2007 4:32pm
Quoting MPP
someone once asked me a question-

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

Answer 21days
Someone tried to sell a personal trading course to me and said "You are only 10 trades away from $1million". I told him I could understand the mathematics but not the probability. Lots of snake oil salesmen here.
  • #24,270
  • Sep 10, 2007 4:44pm Sep 10, 2007 4:44pm
Quoting Zoran
Someone tried to sell a personal trading course to me and said "You are only 10 trades away from $1million". I told him I could understand the mathematics but not the probability. Lots of snake oil salesmen here.
usually when I hear these kind of things my general response is "If your method works so well why are you trying to sell it to others instead of using it?"

heck I even hear Donald Trump on the radio selling some wealth builder system for realestate. makes me wonder what tanked on him.
  • #24,271
  • Sep 10, 2007 4:47pm Sep 10, 2007 4:47pm
I am a newbie so I have a question for those experienced traders. Do you believe it's possible with a good system and proper money management to average 10-15 pips per day?

Thanks
Spent1
  • #24,272
  • Sep 10, 2007 4:52pm Sep 10, 2007 4:52pm
Quoting Spent1
I am a newbie so I have a question for those experienced traders. Do you believe it's possible with a good system and proper money management to average 10-15 pips per day?

Thanks
Spent1
if you read any of the posts you would realize that 10-15 is easy.
filtering and learning what to look for is the hard part.

my average trade is at least 30 pips/day. (using the tools I learned from Auslanco that is increasing) do not get me wrong there are bad days and there are days you just open your chart and say to heck with this, and go play golf.

anyways keep learning.
  • #24,273
  • Sep 10, 2007 4:55pm Sep 10, 2007 4:55pm
Quoting Spent1
I am a newbie so I have a question for those experienced traders. Do you believe it's possible with a good system and proper money management to average 10-15 pips per day?

Thanks
Spent1
If I may answer it first. The answer is absolutely without a doubt. Good MM and trading plan can get you there. You may have bad trades but more good trades, thus averaging them is still profitable.
  • #24,274
  • Sep 10, 2007 4:59pm Sep 10, 2007 4:59pm
Just wanted to share todays GBP/JPY channel..i am short from 230.75..

just waiting to see if it respects todays lowere trendline@ 230.11....

Does anyone use treadlines/channels on such shorttime frames?

Attached Image
  • #24,275
  • Sep 10, 2007 5:07pm Sep 10, 2007 5:07pm
Thanks guys that's encouraging. I have read most of this thread and I am absorbing everything like a sponge. I'm currently trying to understand this 15 min strategy. It'll come I hope.

Thanks
Spent1
  • #24,276
  • Sep 10, 2007 5:32pm Sep 10, 2007 5:32pm
Quoting markam
yahoo is too delayed. this is better

http://www.nni.nikkei.co.jp/CF/FR/MKJ

Thanks buddy!
  • #24,277
  • Sep 10, 2007 6:05pm Sep 10, 2007 6:05pm
[quote=Zoran;1585679] There are also a lot of failed traders that turn into snake oil salemen.

OR IN MY CASE, THE REVERSE.

I happen to have this potion and lotion to change your notion.

Dr. D.
  • #24,278
  • Sep 10, 2007 6:09pm Sep 10, 2007 6:09pm
here is some more intersting news


ECONOMIC REPORT: U.S. Consumer Credit Rises By 3.7% In July

Mon, Sep 10 2007, 22:41 GMT
http://www.djnewswires.com/eu
ECONOMIC REPORT: U.S. Consumer Credit Rises By 3.7% In July

By Robert Schroeder

WASHINGTON (Dow Jones) -- An increase in credit-card debt again pushed up outstanding U.S. consumer debt in July, at a 3.7% annual rate, or by $7.5 billion, the Federal Reserve reported Monday.

Consumer credit outstanding rose to $2.46 trillion in July, up from a revised $2.45 trillion in June, the Fed said.

It's the smallest gain for consumer credit since April, according to the Fed's data.

In July, revolving debt such as credit-card debt rose at a 6.6% annual rate, or by $5 billion. Credit-card debt rose by a revised 6.4% in June.

Non-revolving debt such as auto, student, personal and others rose at an annual rate of 2% in July after climbing by 5.6% in June.

The Fed data do not include mortgages or other loans backed by real estate.

Federal Reserve officials are scrutinizing economic data ahead of their Sept. 18 meeting about interest rate policy.

As of midday Monday, futures markets expected the Federal Open Market Committee to lower the federal funds rate to 4.75% by the end of the month, down from 5.25% currently.

On Monday, San Francisco Fed President Janet Yellen said the U.S. faces increased risks of a significant economic slowdown from worsening conditions in the housing sector and from tight financial markets, while another Fed official said the economy has "weathered the storm" well.
  • #24,279
  • Sep 10, 2007 6:25pm Sep 10, 2007 6:25pm
I have a question to the experienced traders who trade for living: How did you start? Did you trade from work or like a second shift after work? Time management proves to be pretty hard for me.
Just joking..
  • #24,280
  • Sep 10, 2007 6:26pm Sep 10, 2007 6:26pm
mornin ya'all
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