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  • #3,121
  • Jan 22, 2007 10:38pm Jan 22, 2007 10:38pm
Quoting Zarul Shahrin
LOL! Yet, there is still a typo there . Well, Of course I don't trade like playing blackjack or I would stop trading the market and join the 95% losers, though I actually did gamble in my early forex days...
We all seem to start this way.

Hopefully throught mistakes, our course changes, and we find the true answer to our quest in knowledge and understanding of FOREX.
  • #3,122
  • Jan 22, 2007 10:45pm Jan 22, 2007 10:45pm
I think it's not neccessary that successful trader should be making million by now. In fact, I know a lot of traders who are doing well in the market yet they are trading small and enjoying their life. When I first started trading forex, I started with USD 30. That's all I have, I have screwed up my account before learning to become a good trader and how not to blow my account again. Though, I am doing OK right now. I still trade small, not because I am not confident of myself or my trading skill, but simply because I don't have that "much" money to put in. So, all I can do is take some of my profit and use the balance of my profit for the next day. It doesn't give me Ferrari, but atleast it gives me extra cash to spend everyday. God will, I will become a full time trader or perhaps start trading in bigger number. But, for now, the only thing that matter to me is how many pips I can make in average everyday and the total amount of winning trade. That will tell me how good is my trading skill. I trade to win, regardless the amount of cash I am putting in.
I am just here to talk nonsense =D
  • #3,123
  • Jan 22, 2007 10:51pm Jan 22, 2007 10:51pm
Quoting enzo2325
If I have made a million or make millions in the forex I would not be wasting my time in this thread. I would be too busy trading and spending money. Hopefully one day I will have that problem:

It's just something to do. I never passed judgement on anyone for participating in a chat room. I wonder if I have less money now because I joined here....http://www.forexfactory.com/images/icons/icon5.gif
  • #3,124
  • Jan 22, 2007 10:52pm Jan 22, 2007 10:52pm
Quoting Zarul Shahrin
I think it's not neccessary that successful trader should be making million by now. In fact, I know a lot of traders who are doing well in the market yet they are trading small and enjoying their life. When I first started trading forex, I started with USD 30. That's all I have, I have screwed up my account before learning to become a good trader and how not to blow my account again. Though, I am doing OK right now. I still trade small, not because I am not confident of myself or my trading skill, but simply because I don't have that "much" money to put in. So, all I can do is take some of my profit and use the balance of my profit for the next day. It doesn't give me Ferrari, but atleast it gives me extra cash to spend everyday. God will, I will become a full time trader or perhaps start trading in bigger number. But, for now, the only thing that matter to me is how many pips I can make in average everyday and the total amount of winning trade. That will tell me how good is my trading skill. I trade to win, regardless the amount of cash I am putting in.
Yes I agree, the million dollar mark is irrelevent, I only used this as example of success in terms of the prominent traders.

But in the words you speak, success is continually improving our trading skills, which in return will help our profits day by day.
  • #3,125
  • Jan 22, 2007 10:57pm Jan 22, 2007 10:57pm
PickensrulzQuote:
Originally Posted by enzo2325 http://forexfactory.com/images/buttons/viewpost.gif
If I have made a million or make millions in the forex I would not be wasting my time in this thread. I would be too busy trading and spending money. Hopefully one day I will have that problem:


It's just something to do. I never passed judgement on anyone for participating in a chat room. I wonder if I have less money now because I joined here....http://www.forexfactory.com/images/icons/icon5.gif


LOL its not that. Do you see any "big dogs" who are making millions of dollars in chats? Are they trying to help us in any of these chats? I dont think so. If we were in there shoes we probably would not either. We are in here to all learn from one another and see the different techniques one applies to trading and take bits from here and there.

If you have less money because you joined here then you def. dont want to look at my mini account....
trading on demo is not trading
  • #3,126
  • Jan 22, 2007 11:06pm Jan 22, 2007 11:06pm
Quoting enzo2325
PickensrulzQuote:
Originally Posted by enzo2325 http://forexfactory.com/images/buttons/viewpost.gif
If I have made a million or make millions in the forex I would not be wasting my time in this thread. I would be too busy trading and spending money. Hopefully one day I will have that problem:


It's just something to do. I never passed judgement on anyone for participating in a chat room. I wonder if I have less money now because I joined here....http://www.forexfactory.com/images/icons/icon5.gif


LOL its not that. Do you see any "big dogs" who are making millions of dollars in chats? Are they trying to help us in any of these chats? I dont think so. If we were in there shoes we probably would not either. We are in here to all learn from one another and see the different techniques one applies to trading and take bits from here and there.

If you have less money because you joined here then you def. dont want to look at my mini account....

It's pretty funny when new traders talk about "big guys" that control this market. Trust me, if anyone or group of individuals could control this market no one else would participate. Do a little research and find out how some of the biggest hedge funds did last year. Check on John Henry's fund (he owns the Red Sox)... There are not hedge funds, central banks or anyone else that "controls this market". It might appear that way when a small spike occurs because someone pushes through a yard but really it's a marketplace beyond the scope of any group of individuals. Too big, too many market forces.

As far as who has "millions" in a chat room..who knows? Maybe one of us has billions and sits around our mansion with kleenex boxes on our feet (Howard Hughes).

good trades mate
  • #3,127
  • Jan 22, 2007 11:15pm Jan 22, 2007 11:15pm
Wed 17th----97 pips

Thur 18th----143 pips

Fri 19th-----77 pips

Sun 21------23 pips

Mon 22------75 pips

Sundays Suck!!
trading on demo is not trading
  • #3,128
  • Jan 22, 2007 11:19pm Jan 22, 2007 11:19pm
Well Whoever has Billions, Millions or even hundreds of thousands and you have achieved this money through the Forex please help me to become great like you

All I know is Monarch no matter how much money he has made or lost is one smart Fx trader and I love listening to the guy.
trading on demo is not trading
  • #3,129
  • Jan 22, 2007 11:25pm Jan 22, 2007 11:25pm
Could you make a million in fx if you started with 5million? If you can, than reaching a mil with patience and saving should be a reasonable attainable goal. I have read some really amazing analysis on these threads, not just because of accuracy, but because of thought process as well. Dare I say it, with a little bit of patience and realistic goals, I believe there are many people on these threads that can reach 1 mil if they have not already done so.
Man who scratches ass should not bite fingernails
  • #3,130
  • Edited 11:49pm Jan 22, 2007 11:28pm | Edited 11:49pm
Wiped clean here.
  • #3,131
  • Jan 22, 2007 11:38pm Jan 22, 2007 11:38pm
monarch .. could you please inform me to where you see the cable ending this week? im currenty in a long position .. my opinion the cable doesnt sit this high for long and i would expect a short sometime in the near future.

i use sidus indicators and is new to trading, i enjoy your posts (and everyone else) as they are very informative. Thank you for your contribution.
  • #3,132
  • Jan 22, 2007 11:57pm Jan 22, 2007 11:57pm
Quoting Tatton
monarch .. could you please inform me to where you see the cable ending this week? im currenty in a long position .. my opinion the cable doesnt sit this high for long and i would expect a short sometime in the near future.
Quoting Tatton

i use sidus indicators and is new to trading, i enjoy your posts (and everyone else) as they are very informative. Thank you for your contribution.


Boy that is a hard question right now.

It just seems that everytime we turn the corner the Cable increases in value.

Each day it is gaining on the upward climb, and just when you think it is taking a plunge like last week at the 1.9690 area, it recovers, and up we go again.

By the look of the Weekly Candle and the Monthly, I would say we should retest the high at 1.9840-46 mark either this week, or maybe as soon as the Market opens this Sunday/Monday.

I am not currently in a Long Term Trade for this reason.

The Fibo Setup and Retracements have all been completed in the past move upwards from 1.9620 area to the 1.9747 mark.

There may be somebody else like Leugimp or Cesarnc, or Enzo. They may have a better call on this, but until I see some real sign of a turn around, or a Higher High above 1.9840, I am sitting tight.

This is the reason I am only scalping this week, I purposedly set this strategy while I wait for the results.
  • #3,133
  • Jan 23, 2007 12:06am Jan 23, 2007 12:06am
USA Dates

Friday London Open 1.9754
Monday London High 1.9753 (1st 5 Min Candle)

Today
Low 1.9716
High 1.9790

74 pip range
Middle of Range 37 pips

1.9790 - 37 = 1.9753 (1.9754 has been on my radar since the weekend)

This should play a part in the Frankfurt Hour, but possibly 1.9747 might be tested for the Low.

1.9762-63 is still a key price, and so is 1.9777.

These are a few prices I am watching for the upcoming 2 hours.
  • #3,134
  • Jan 23, 2007 12:21am Jan 23, 2007 12:21am
Well, I'm glad I got an early evening nap because the market has been like watching paint dry all day. There are some B.S. EU numbers coming out tonight and that's it. I'm looking for a decent move but there's really light range right now, maybe it will pick up after UK GDP tomorrow night. Good God, that comes out at 3:30AM!
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,135
  • Jan 23, 2007 12:21am Jan 23, 2007 12:21am
My Outlook Long Term is for a test of 1.9398 within the next 2 weeks

Short Term im looking at a test of 1.9694 within 48 hrs.
Mono
  • #3,136
  • Jan 23, 2007 12:22am Jan 23, 2007 12:22am
I feel like there is much risk either way other than just a scalp type setup where the risk would be same as usual. As for opportunity, I feel that right now it lies in the short trade, although with opportunity comes risk. If we have a breakout of dec high, I will be looking to fade it with larger timeframe confirmation. The COT report has been extreme to the long side and although it has turned slightly, I believe that we need to unload a good amount of weak longs before we can have decent follow through. Commercials have been net short, and although there have been slight fluctuations to the longside, I can't see why they would shift their views at this particular juncture. I believe a false breakout would be ideal followed by a breakdown below a two to three day low to shake off some weak longs and create a buying opportunity for commercials(which seemed to have been buyers in the 9300 - 9600 level).

This sort of scenario may take time to develop.

As for short term plays, this confusing market may be ideal in terms of shorter term setups. I am too uncertain about the prospects for any directional long term play right now without follow through confirmation and so I will look to pick off those 10 pip trades within the ranges that establish themselves as opportunistic.

Just an opinion
Man who scratches ass should not bite fingernails
  • #3,137
  • Jan 23, 2007 12:24am Jan 23, 2007 12:24am
Quoting dukeofdents
Well, I'm glad I got an early evening nap because the market has been like watching paint dry all day. There are some B.S. EU numbers coming out tonight and that's it. I'm looking for a decent move but there's really light range right now, maybe it will pick up after UK GDP tomorrow night. Good God, that comes out at 3:30AM!
And by 3:30 am Eastern Time, I plan on sleeping my little head off.

Why watch the paint, when you can sleep while it dries.

  • #3,138
  • Edited 12:58am Jan 23, 2007 12:33am | Edited 12:58am
Quoting Leugimp
I feel like there is much risk either way other than just a scalp type setup where the risk would be same as usual. As for opportunity, I feel that right now it lies in the short trade, although with opportunity comes risk. If we have a breakout of dec high, I will be looking to fade it with larger timeframe confirmation. The COT report has been extreme to the long side and although it has turned slightly, I believe that we need to unload a good amount of weak longs before we can have decent follow through. Commercials have been net short, and although there have been slight fluctuations to the longside, I can't see why they would shift their views at this particular juncture. I believe a false breakout would be ideal followed by a breakdown below a two to three day low to shake off some weak longs and create a buying opportunity for commercials(which seemed to have been buyers in the 9300 - 9600 level).

This sort of scenario may take time to develop.

As for short term plays, this confusing market may be ideal in terms of shorter term setups. I am too uncertain about the prospects for any directional long term play right now without follow through confirmation and so I will look to pick off those 10 pip trades within the ranges that establish themselves as opportunistic.

Just an opinion
These are my thoughts exactly.

Why throw profits away trying to predict which way from here.

Make little advances, and there will be plenty of larger moves down the road.

I am sure we will still be here talking about it when it arrives!

It is 10 pips for me in goal #1, and we will see if there is a goal #2 today.

Coming up on the Frankfurt Open 1/2 hour away.
  • #3,139
  • Jan 23, 2007 12:34am Jan 23, 2007 12:34am
Quoting monarch
And by 3:30 am Eastern Time, I plan on sleeping my little head off.

Why watch the paint, when you can sleep while it dries.

thats exactly how i felt on thanksgiving rally
Man who scratches ass should not bite fingernails
  • #3,140
  • Jan 23, 2007 12:34am Jan 23, 2007 12:34am
The COT report has been extreme to the long side and although it has turned slightly, I believe that we need to unload a good amount of weak longs before we can have decent follow through.

I'm waiting for a shakeout as well. Gbp/jpy 20 year high is at 240.89 and is currently making a double top. This pair has, for now, ignored my short signal and continues to forge on. A retracement is far overdue and would, almost certainly, drag gbp.usd lower with it. It's a good level to watch for now.
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