Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#57,281
Mar 5, 2008 3:44pm Mar 5, 2008 3:44pm

salah k.
Joined Apr 2007 | Status: Trader | 2,387 Posts

Quoting karmostaji

Disliked

The majority in forex blow up their first/second account before they learn, no matter how much you trade on demo, LIVE is different.

I can't explain it better, you've got to try it and then you'll realize.

Ignored

i know wat u mean my friend u dont have to explain anymore.
may i ask were do u c cable tomorrow as u have been right in earlier times.

"what doesn't bankrupt me, makes me stronger" modern nietzche

#57,282
Mar 5, 2008 3:47pm Mar 5, 2008 3:47pm

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting karmostaji

Disliked

trading live is a totally different ball game, psychologically, mentally, emotionally, it'll be a wild rule but you need to adapt to the situation.

Experience is the best teacher.

Ignored

education has it price i will remeber this when i lose in trades ..yes experience is the best teacher!!!! excellent saying

#57,283
Mar 5, 2008 3:52pm Mar 5, 2008 3:52pm

nAVIN2007
Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts

Quoting Bones

Disliked

Yes Nav my friend my fingers will be firmly crossed and as I said you have a big advantage over other guys starting out and that’s everyone on this thread will be there to talk to.
Now my main loss has been from say my first year and I really have had bad days chasing them losses. I believed I could just do this and I was proved wrong. It’s always the same when you start something new it seems daunting but as time goes on things unravel and become easier. When you do decide to go live you must trade the smallest lots you can for the first few months as the experience will change from demo.

Ignored

thx man ...i certainly will place the smallest lot size availible ...i think this is key cause i have a tendancy to place poor trades at high risk ..so mm rules are very impt to me otherwise i might blow my first account on live experience.

#57,284
Mar 5, 2008 4:11pm Mar 5, 2008 4:11pm

mazdaz
| Joined Nov 2007 | Status: Watch Half Naked Charts | 202 Posts

Quoting nAVIN2007

Disliked

thx man ...i certainly will place the smallest lot size availible ...i think this is key cause i have a tendancy to place poor trades at high risk ..so mm rules are very impt to me otherwise i might blow my first account on live experience.

Ignored

I remember when I first started out, I actually risked my entire account on every trade. I was thinking to myself, if I make a few pips risking 100% of my account leveraged at 1:50 everyday, I could be well on my way to financial freedom. How wrong I was!!

Eventually, after losing about $6000, I found the light at the end of the tunnel. Now, trading is no longer an emotional roller-coaster, but a regular day at the office.

#57,285
Mar 5, 2008 4:29pm Mar 5, 2008 4:29pm

karmostaji
Joined Nov 2006 | Status: Dubai | 11,493 Posts

Quoting salah k.

Disliked

i know wat u mean my friend u dont have to explain anymore.
may i ask were do u c cable tomorrow as u have been right in earlier times.

Ignored

Daily close above .9900 , it'll be bullish to me and next target would be 2.0055 area

Trade what you see, not what you think.

#57,286
Mar 5, 2008 4:30pm Mar 5, 2008 4:30pm

Carrera
Joined Jun 2007 | Status: Forex is my jungle | 540 Posts

Quoting nAVIN2007

Disliked

if someone with your skill and knowledge has lost more than u have gained thats scary for me ...damn.
I really pray that live trading isnt so difficult to demo, i think and like to think id only be more cautious and apply mm rules which i dont now..this can only help. keep fingers crossed for me m8

Ignored

Trading demo is like be a virgin...
Trading live is like break your viginity a became a MAN or WOMAN whatever the case is.
Totally difference experience. In live you have the sense of the real deal.
In live when you loose your emotions when have good or bad trades, then you could do better trading. You are getting more experience and mature trading skills.

To be successfull in this market, what do we need?
Serenity: to stay calmed in difficult moments.
Concentration so you could take desiciones correctly.
Dedication, to reach your successes.
Seriousness because live trading is not a game.
Education, to extend knowledge to the next level.
Dicipline: to keep your plan as planned.
These are qualities that a trader needs to have success in live trading.
I hope this could help for those whom are thinking to go live.

My best desires to all traders in this forum.

#57,287
Mar 5, 2008 4:30pm Mar 5, 2008 4:30pm

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

im long in again tp 2.0160

On-site guru & also FF member's' psychiatrist, when not drinking tea

#57,288
Mar 5, 2008 4:33pm Mar 5, 2008 4:33pm

Turveyd
| Membership Revoked | Joined Aug 2006 | 11,977 Posts

Navin, remember we've all been there, Demo I can trade the trend, Live for somereason upto last week, unable to, constantly waiting for reversals, but demo just fine.

It's all too easy with 6K in the pot, to take a few losses small ones, pride kicks in so you up your lot size, get slapped again and before you know it you've blown the entire account.

Watch out for the lose $200 on a trade, then take $20 profit and forget about the losers, another common trading error people make.

Nothing to it, but to do it!!! Stick to the plan FOOL!!!!

#57,289
Mar 5, 2008 4:35pm Mar 5, 2008 4:35pm

karmostaji
Joined Nov 2006 | Status: Dubai | 11,493 Posts

Quoting Turveyd

Disliked

Navin, remember we've all been there, Demo I can trade the trend, Live for somereason upto last week, unable to, constantly waiting for reversals, but demo just fine.

It's all too easy with 6K in the pot, to take a few losses small ones, pride kicks in so you up your lot size, get slapped again and before you know it you've blown the entire account.

Watch out for the lose $200 on a trade, then take $20 profit and forget about the losers, another common trading error people make.

Ignored

Hahahaha that just reminded me when I first started trading

Trade what you see, not what you think.

#57,290
Mar 5, 2008 5:00pm Mar 5, 2008 5:00pm

Turveyd
| Membership Revoked | Joined Aug 2006 | 11,977 Posts

I think it'll be a popular story of how we all started trading and like Navin all said, yeah no worries I won't do anything stupid

Why I was trying to keep his account really small, to stop himself physically from falling for the old trap.

The old, you need 100K ( use various large numbers ) to start to trade is so they can take your 100K plain and simple.

I actually started off, trading stocks profitably from the get go, cause i was keeping it simple, then I had a mate ( Barsteward ) who was making loads ( well he forgot / ommited his losers which where x's3 his winners ), who got me into indicators and yahoo boards and trade this kinda high stock and bla bla bla, took me years to undo his bad teachings after HUGE losses ( well $3K ).

Nothing to it, but to do it!!! Stick to the plan FOOL!!!!

#57,291
Mar 5, 2008 5:34pm Mar 5, 2008 5:34pm

Abu-Rami
Joined Jul 2007 | Status: Senior Member | 1,553 Posts

06-03-2008

Attached Image

#57,292
Mar 5, 2008 5:57pm Mar 5, 2008 5:57pm

abuzant
| Membership Revoked | Joined Jan 2008 | 99 Posts

Thank you AbuAwad, H-lines applied to chart and Pendings placed based on your strategy/analysis.. i really feel like testing your analysis efforts i see here daily..

Good luck both of us

{Promotion Removed}

#57,293
Edited 6:46pm Mar 5, 2008 6:35pm | Edited 6:46pm

TraderJR
| Joined Jun 2005 | Status: Trader | 383 Posts

They are still in conflict.

Helps explain why price fell sharply yesterday then recovered, no doubt helped by good GU news, back to the ~1.98-2 channel.

Might do the same today, depending on the 2 news announcements later, though ultimately price should go UP.

Attached Image(s) (click to enlarge)