Cable Update (GBPUSD)

Quoting bullrock

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Actually I can do whatever I want to do during the week-end too My broker is OANDA so they allow me to trade and put orders. But you are right for example the week-end spread for GU is 10 pips while during the week most of the time is 2.5 pips. But thanks for the info. I remeber having GJ orders placed on Saturday and when on Sunday at 11 pm I checked my stuff I have seen that some TPs have been already executed

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Quoting Big Wave Rider

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TPs are the worst. I never use them for that fact alone, they get triggered and the market continues in your direction for another 100 pips that you could of had. My TP is a trailing stop loss. Why put a roof on your winners? let them go as high as they can. But I guess in ranging markets TP are necessary at S/R lines.

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Quoting bullrock

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Cool That was long time ago anyway. I like TPs to lock in stuff as I cannot watch the market all the time. Some units are left there without TP just in case the market will move forward.

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Quoting rizal1976

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No offense, but,
don't u guys ever go watching movies, fishing, reading, traveling
at weekend?

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Quoting rizal1976

Disliked

No offense, but,
don't u guys ever go watching movies, fishing, reading, traveling
at weekend?

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Quoting bullrock

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Nope.
Let me see.
Watching movie-> Waste of time, costs money. Deviates my thoughts from the markets, systems, etc.
Fishing-> Waste of time, costs money. Deviates my thoughts from the markets, systems, etc.
Reading-> Detrimental effect on my focus and concentration on markets, waste of time. Exception: Mathematics, probability theory, related news.
Travelling-> Waste of time, costs money.



The hunt for millions should never end and require focus.

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Quoting bullrock

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Well that is a bit more difficult and I always had a great pain to tell that... And I am trying to avoid the "we will see this and that sooner than everyone is expected to see this and that" thing

But maybe this can be the scanario
2.05-ish above (channel with low trendlien) and 1.97 -1.96ish below Two resistance lines around this area. Or smililar. If I look at this the upside potential is less than the downside potential. And that is what I am feeling as well. (IMHO I would not be surprised to see the GU in the 1.8 area in the coming months but we could see 2.2 area.. Helpful? nope. Just like the meteo forecast. I have no bloody idea!

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Quoting bullrock

Disliked

Nope.
Let me see.
Watching movie-> Waste of time, costs money. Deviates my thoughts from the markets, systems, etc.
Fishing-> Waste of time, costs money. Deviates my thoughts from the markets, systems, etc.
Reading-> Detrimental effect on my focus and concentration on markets, waste of time. Exception: Mathematics, probability theory, related news.
Travelling-> Waste of time, costs money.



The hunt for millions should never end and require focus.

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Quoting bohogirl

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Don't forget, Reading-> costs money - have you seen prices of books lately? And the library? Heck, driving alone ends up costing as much as buying books, and that's without the late fees one inevitably gets

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Quoting Qu|cksilver

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bullrock, i wrote this for you my friend... http://www.forexfactory.com/showthread.php?t=48234

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Quoting rizal1976

Disliked

No offense, but,
don't u guys ever go watching movies, fishing, reading, traveling
at weekend?

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Quoting Big Wave Rider

Disliked

If you want to be sucsesfull then you have to treat it as a full time buisness, because it is, plus you get more work done on the weekends as the market is not moving so you can study it more and backtest different methods.
I am a professional trader as I do own my own business.
Which requires alot of time and effort. Like posting here on FF. It's part of the job.

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Quoting SunTrader

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I beg to differ a little. You can burn up without other outside interests. I know because I have done it before. The markets are always there. A little downtime with a hobby or sport etc keeps a traders mind fresh. All in my opinion. Others may feel differently. But this is true regardless of the work occupation. Too much of anything is not good.

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Quoting bullrock

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sex, drug, alcohol, rock&roll... Just stop before trading, do not trade drunk and drugged otherwise you start to post insane PL and target numbers in size 7 characters

But otherwise I second that

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Quoting MPP

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Sex before trading - clears the mind and stops you using web for anything other than forex
Drugs - to keep you awake during the 24h marathons we accidently slip into
Alcohol- after trading with rock n roll if made pips
Walk dog - whether made or lost pips - stretch body from chair ready for next trading day and more sex.

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Quoting bullrock

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Well exactly everything you do must server ONE AND ONLY ONE thing the quest for millions thus the success in trading... Even when you relax they have the purpose to strengthen for the next 120 hours trading... This is 120 hours trading session you have to live with it, or leave it, or die...

To burn out... Oh yeah I would like to burn out after I have made say 2.5 million pouds out of nothing on my yacht holding a nice cocktail in one hand and a busty blonde in the other

ps just kidding

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Quote

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I have a wife and a beautiful and smart daughter who already watches the chart and says "daddy the bar is going up"... Pure and simple view... I follow it...

Quote

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TPs are the worst. I never use them for that fact alone, they get triggered and the market continues in your direction for another 100 pips that you could of had. My TP is a trailing stop loss.