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Cable Update (GBPUSD)

  • #61,401
  • Apr 11, 2008 10:16am Apr 11, 2008 10:16am
look at this...you do not need to hit homeruns every trade just be consistant and have sound money management...thats the key....MM

SET a daily pip target, when you reach it STOP and go enjoy the rest of the day
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Don't chase the market, Let the market come to you
  • #61,402
  • Apr 11, 2008 10:36am Apr 11, 2008 10:36am
Quoting Tmac
look at this...you do not need to hit homeruns every trade just be consistant and have sound money management...thats the key....MM

SET a daily pip target, when you reach it STOP and go enjoy the rest of the day

am trying and getting better....hopefully next week i can find good entries..
bad entry = stress and emotion =loss of money
good entry = happy = win
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  • #61,403
  • Apr 11, 2008 10:50am Apr 11, 2008 10:50am
Quoting nAVIN2007
am trying and getting better....hopefully next week i can find good entries..
bad entry = stress and emotion =loss of money
good entry = happy = win

IF your MM is sound AND you are trading in the correct direction then there will no stress, ya gotta trust yourself and once you do then everything changes
Don't chase the market, Let the market come to you
  • #61,404
  • Apr 11, 2008 10:55am Apr 11, 2008 10:55am
Yes,

but sometimes the market is really choppy

u got good entris, good MM, good trend

and u got profit at first still not to ur target, then price goes aginst u, u stick to ur plan,.... u're stopped out.

This is really frustrated.

But if u set a be, and many times, u watch ur pairs move long long way ago, this is another great frustration.

So, Tmac, according to ur experience, Which one is more acceptable to u?
  • #61,405
  • Apr 11, 2008 11:00am Apr 11, 2008 11:00am
I have a statement from a friend that let someone trade his account.

this person WON over 80% his trades both long and short

HE WON over 80%

now one would think, wow this man can trade and read charts good

BUT

he has NO MM skills and took a $30,000 down to $1100 winning 80% trades

it is all about MONEY MANAGEMENT

I have another shared by a dear friend when I first started forex and this man never won more then 38% of his trades

BUT he was highly secessful and still is to this day in forex because of a sound MM applied to EVERY trade

some people think WOW this is a perfect setup so I'm gonna double my lotand make a killin on this one............this person is not a trader because emotion has now entered the trade and will continue to do so more and more often.

trust your trade and if you cannot then demo until you do
Don't chase the market, Let the market come to you
  • #61,406
  • Apr 11, 2008 11:08am Apr 11, 2008 11:08am
Quoting Tmac
I have a statement from a friend that let someone trade his account.

this person WON over 80% his trades both long and short

HE WON over 80%

now one would think, wow this man can trade and read charts good

BUT

he has NO MM skills and took a $30,000 down to $1100 winning 80% trades

it is all about MONEY MANAGEMENT

I have another shared by a dear friend when I first started forex and this man never won more then 38% of his trades

BUT he was highly secessful and still is to this day in forex because of a sound MM applied to EVERY trade

some people think WOW this is a perfect setup so I'm gonna double my lotand make a killin on this one............this person is not a trader because emotion has now entered the trade and will continue to do so more and more often.

trust your trade and if you cannot then demo until you do
Most excellent advice to anyone and everyone. TMac, you my friend are the man.
I dream, therefore I become.
  • #61,407
  • Apr 11, 2008 11:09am Apr 11, 2008 11:09am
Quoting Tmac
I have a statement from a friend that let someone trade his account.

this person WON over 80% his trades both long and short

HE WON over 80%

now one would think, wow this man can trade and read charts good

BUT

he has NO MM skills and took a $30,000 down to $1100 winning 80% trades

it is all about MONEY MANAGEMENT

I have another shared by a dear friend when I first started forex and this man never won more then 38% of his trades

BUT he was highly secessful and still is to this day in forex because of a sound MM applied to EVERY trade

some people think WOW this is a perfect setup so I'm gonna double my lotand make a killin on this one............this person is not a trader because emotion has now entered the trade and will continue to do so more and more often.

trust your trade and if you cannot then demo until you do
its true what u say ..but i think its normal to be emotional at first, right! i just thing as time goes on it will slowly get kless and in time no emotion hopefully.....on demo im lethal but only because i give plenty of room to breath in a trade and this kinda goes against mm and this is where it all falls apart for....but saying this..i lost money this week because i didnt pay attention to my charts, drawing lines and now im posting them like crazy because this will make me aware of whats happening....
  • #61,408
  • Apr 11, 2008 11:11am Apr 11, 2008 11:11am
Quoting Zkf
Yes,

but sometimes the market is really choppy

u got good entris, good MM, good trend

and u got profit at first still not to ur target, then price goes aginst u, u stick to ur plan,.... u're stopped out.

This is really frustrated.

But if u set a be, and many times, u watch ur pairs move long long way ago, this is another great frustration.

So, Tmac, according to ur experience, Which one is more acceptable to u?
if this happens to you a lot then you are trading the smaller TF's I am assuming ??

depends on the TF you are trading off from but always when in doubt,take profit there are 3 trillion more pips to be had everyday.
Don't chase the market, Let the market come to you
  • #61,409
  • Apr 11, 2008 11:14am Apr 11, 2008 11:14am
Quoting nAVIN2007
its true what u say ..but i think its normal to be emotional at first, right! i just thing as time goes on it will slowly get kless and in time no emotion hopefully.....on demo im lethal but only because i give plenty of room to breath in a trade and this kinda goes against mm and this is where it all falls apart for....but saying this..i lost money this week because i didnt pay attention to my charts, drawing lines and now im posting them like crazy because this will make me aware of whats happening....
you are well on your way, youy see where you are not doing well and are working on it..this is the sign of a dedicated trader determined to fix it and make it work..congradulations
Don't chase the market, Let the market come to you
  • #61,410
  • Apr 11, 2008 11:19am Apr 11, 2008 11:19am
Quote
on demo im lethal but only because i give plenty of room to breath in a trade and this kinda goes against mm and this is where it all falls apart for....

then lower your lot size and MM % and trade like you do in demo
slowly
steadly
llittle by little
Don't chase the market, Let the market come to you
  • #61,411
  • Apr 11, 2008 11:20am Apr 11, 2008 11:20am
Quoting Tmac
if this happens to you a lot then you are trading the smaller TF's I am assuming ??

depends on the TF you are trading off from but always when in doubt,take profit there are 3 trillion more pips to be had everyday.
I trade minimal 1HR, but I got ur meanings. Maybe I need sharpen my chart readings, coz 1hr is already so long for those gurus
  • #61,412
  • Apr 11, 2008 11:58am Apr 11, 2008 11:58am
Have a great weekend!!
USD Est Non Mortuus
  • #61,413
  • Apr 11, 2008 1:32pm Apr 11, 2008 1:32pm
Quoting Tmac
you are well on your way, youy see where you are not doing well and are working on it..this is the sign of a dedicated trader determined to fix it and make it work..congradulations
i really hope so buddy, im very determined and will make this work one way or other only because of guys like u and the post u make it all helps and puts people on the right track..be lucky with the pips u deserve them...
  • #61,414
  • Apr 11, 2008 1:37pm Apr 11, 2008 1:37pm
With TMAC totally on what he's saying.

Easiest Pair to watch from what I trade ( GU UJ EU ) is the USDJPY for sure at the moment, much less random better defined moves.

Although I took a bath Monday AM being stupid greedy and getting carried away, I learned alot this week -$200 $600 left plenty of room yet to turn profitably in a big sense.

I've been profitable for abit, but so marginally just standing still really, so needed to kick it into gear abit Made more trades in the last 2 days than the last 2 months, which i class a improvement, no longer scared to trade.


Well all have a good weekend, no more trades for me, closing on a profitable 1


Stay cool people!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #61,415
  • Apr 12, 2008 9:50am Apr 12, 2008 9:50am
Quoting Turveyd
no longer scared to trade.
When you reach that stage, know you have made it.
  • #61,416
  • Apr 12, 2008 1:14pm Apr 12, 2008 1:14pm
Quoting forexmoments
When you reach that stage, know you have made it.
i have been reading a pdf and it said we need to focus away from the fear, look at a loss as success because hopefully u would have gain knowledge from it...if we do this it will take away the fear....
I never realise this would ever be a big issue and absolutely is ...

very impt
1) trust yourself in a trade
2)market dont care about us , we need to accept market moves and be one with it
3)MM
4) cutt losses and let profit run high
5) attain knowledge education just started
must work on no fearing market..seems its the reason 90% fail..
goodluck to us all..good weekend all
  • #61,417
  • Apr 12, 2008 3:09pm Apr 12, 2008 3:09pm
I think I scored a victory or 2 over fear in this last week, okay the war likely isn't won and never will be but I'm fearless enough to trade on logic without the fear holding me back, currently.

Beat the fear of trading and you can trade like it's a demo account and anyone can double there demo account in a short period of time.


Fear of entering a trade and taking a loss.
Fear of Exiting a trade and leaving pips on the table.
Fear of cutting your loss in the hope of it doing okay, even when you know it likely won't.


That is why 98% of us fail!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #61,418
  • Apr 12, 2008 6:58pm Apr 12, 2008 6:58pm
If the 98% which is 100's of millions of people didn't fail, then the funds wouldn't be able to exist, the markets wouldn't exist and the 2% that do profit would have no where to profit from.

Praise be to the 98%, even if I am in that 98% cause I'm helping to fund the 2% if nothing else, which most of us dream of being.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #61,419
  • Edited 2:47am Apr 13, 2008 1:20am | Edited 2:47am
Quoting Turveyd
If the 98% which is 100's of millions of people didn't fail, then the funds wouldn't be able to exist, the markets wouldn't exist and the 2% that do profit would have no where to profit from.

Praise be to the 98%, even if I am in that 98% cause I'm helping to fund the 2% if nothing else, which most of us dream of being.

thats a interesting point!!!!!!
anyway i lost money but im still a success cause i learnt from it ..infact if i paid someone £550 to gain the knowledge i did at that cost id consider it bargain..Initally back in decemeber i paid £500 for a weekend course in stockmarket trading, I didnt learn nothing really other just a introduction to the market and opened my eyes towards forex....this seemed easier which gives a idea what i learned...LOL
I would have loved to be at this stage when i firsted started live, i realise now that fear is the enemy and the market is yur friend.
Fear will result in u losing yur money because it will become your focus and therefore be a distraction and this will lead to lack of attention to trades..lead to loss...

lets break this puppy in half.....and make a packet
  • #61,420
  • Apr 13, 2008 3:50am Apr 13, 2008 3:50am

Hi all

What about cabel this week??
Grasp all lose all
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