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

  • #72,941
  • Apr 11, 2008 3:00pm Apr 11, 2008 3:00pm
Quoting Ash
No brother, we're both small fry. We're hyena's. Part of Cesar's pack.
You're damn skippy!!
Patience + Humility + Study = Success
  • #72,942
  • Apr 11, 2008 3:04pm Apr 11, 2008 3:04pm
I'm out, shutting it down for the weekend. The trendline survived, I'll be back to assault it again on Sunday.
Patience + Humility + Study = Success
  • #72,943
  • Apr 11, 2008 3:09pm Apr 11, 2008 3:09pm
have a good time 4 all
bi bi
  • #72,944
  • Apr 11, 2008 3:13pm Apr 11, 2008 3:13pm
looks like i'm takin a beatin today.
  • #72,945
  • Apr 11, 2008 3:13pm Apr 11, 2008 3:13pm
Thanks all for your comments and helping me stay awake.
  • #72,946
  • Apr 11, 2008 3:16pm Apr 11, 2008 3:16pm
Quoting DutchTrader
I'm just a small fry compared to you bro. I'll be happy with my couple of hundred pips for the week.
I think 1000 is 10 mini x 100 (which is still awesome) something like that . Some trader caluclate their pips this way,
Blogging daily now at www.volume.zone
  • #72,947
  • Apr 11, 2008 3:17pm Apr 11, 2008 3:17pm
Quoting malcolmb14
I think 1000 is 10 mini x 100 (which is still awesome) something like that . Some trader caluclate their pips this way,
Ahhh, either way like you said Pips are Pips! FWIW I don't think we're going to get that trend line break. Might see a higher open on Sunday then bukkake.
Patience + Humility + Study = Success
  • #72,948
  • Apr 11, 2008 3:23pm Apr 11, 2008 3:23pm
Quoting Dmac
looks like i'm takin a beatin today.
As long as you learn from it it's not for naught.
Patience + Humility + Study = Success
  • #72,949
  • Apr 11, 2008 3:37pm Apr 11, 2008 3:37pm
Quoting DutchTrader
As long as you learn from it it's not for naught.

Make this same mistake over and over again. Don't understand what happened to me. Traded a year in profit and now all of a sudden I'm like a newbie again. Too greedy. Hade already made money earlier. Ended up giving back todat and yesterdays profit that was very big. Maybe I got burnt out over the past year. Don't seem to have that control anymore. Maybe I can't do it. They say you find out who you are by trading. Maybe I mentally don't have what it takes. Over traded again and lost 30% of account. That's the second time in a month I've done that. Any advice on how to get my head straight again. Tried stayin away for a week but here I am makin the same stupid mistakes .HELP HELP HELP PLEASE. FEEL LIKE I'M DROWNING MYSELF.
AT THIS RATE MY ACCOUNT WILL BE BLOWN UP IN NO TIME.
  • #72,950
  • Apr 11, 2008 3:44pm Apr 11, 2008 3:44pm
Quoting Dmac
Make this same mistake over and over again. Don't understand what happened to me. Traded a year in profit and now all of a sudden I'm like a newbie again. Too greedy. Hade already made money earlier. Ended up giving back todat and yesterdays profit that was very big. Maybe I got burnt out over the past year. Don't seem to have that control anymore. Maybe I can't do it. They say you find out who you are by trading. Maybe I mentally don't have what it takes. Over traded again and lost 30% of account. That's the second time in a month I've done that. Any advice on how to get my head straight again. Tried stayin away for a week but here I am makin the same stupid mistakes .HELP HELP HELP PLEASE. FEEL LIKE I'M DROWNING MYSELF.
AT THIS RATE MY ACCOUNT WILL BE BLOWN UP IN NO TIME.

DOES THAT SOUND LIKE A PANIC ATTACK OR WHAT?
  • #72,951
  • Apr 11, 2008 3:44pm Apr 11, 2008 3:44pm
Quoting Dmac
Make this same mistake over and over again. Don't understand what happened to me. Traded a year in profit and now all of a sudden I'm like a newbie again. Too greedy. Hade already made money earlier. Ended up giving back todat and yesterdays profit that was very big. Maybe I got burnt out over the past year. Don't seem to have that control anymore. Maybe I can't do it. They say you find out who you are by trading. Maybe I mentally don't have what it takes. Over traded again and lost 30% of account. That's the second time in a month I've done that. Any advice on how to get my head straight again. Tried stayin away for a week but here I am makin the same stupid mistakes .HELP HELP HELP PLEASE. FEEL LIKE I'M DROWNING MYSELF.
AT THIS RATE MY ACCOUNT WILL BE BLOWN UP IN NO TIME.
Trade very small lots (0.5% of account or less) until you regain your confidence if you cannot stay out of market for a week. The best thing though is to avoid the market for a while, dont even check the prices on the net or tv, and then come back fresh and unbiased.

Bless
Patience + Discipline - Greed = Success
  • #72,952
  • Apr 11, 2008 4:05pm Apr 11, 2008 4:05pm
Quoting Infinity
Trade very small lots (0.5% of account or less) until you regain your confidence if you cannot stay out of market for a week. The best thing though is to avoid the market for a while, dont even check the prices on the net or tv, and then come back fresh and unbiased.

Bless
Set the amounts low enough where you wouldn't even care if you were stopped out. You will be surprised at how much tension that will release. Also,make good use of the weekend breaks that this business gives us. Like I've read over and over again. There will be more trades. P.S. I think you'll be in good standing when the market opens back up.http://www.forexfactory.com/images/icons/icon10.gif
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All that is left in FF is just plain garbage. "Cloggie"
  • #72,953
  • Apr 11, 2008 4:39pm Apr 11, 2008 4:39pm
DMAC,

Since this thread & trading is over for the week, i'll gladly reply here.
I wholeheartedly can concur, w/you DMAC -as I'm sure we all can.

You know,
It's taken me some very bad losses, being cut to bleeding, angry,
etc. to respect even (1) mini lot.

On the flipside...
Equally, I've made from 8 to 22 thousands in one weeks time,
only to loose it in the next two asking myself,
"Why...? Why me God?... What is my stinking Problem? -!!"

All 'can say is...
Maybe it takes that "back up against the wall" to respect
Even the one-little mini-lot trade to see what we're freely given
as Traders.

Strategy:
For me, we all know the terms of money mgmt, etc. etc.,
But it comes down to playing that one little mini lot starting w/London
@2-3am and letting it ride all the way down, or up to get
The plethora of pips to build it back -SLOW, little by little.

Or- in the daytime taking a retrace even if it's only a bakers dozen,
to get 10 20 40 or more. -collect what you can, again and again,
and again... to regain the confidence and the wins,
I'm sure you've had before.

Wishing you the best DMAC
Terrapin Pipper,

Jeff !
I will work to Objectively Identify my Edges
  • #72,954
  • Apr 11, 2008 4:47pm Apr 11, 2008 4:47pm
Quoting Dmac
Make this same mistake over and over again. Don't understand what happened to me. Traded a year in profit and now all of a sudden I'm like a newbie again. Too greedy. Hade already made money earlier. Ended up giving back todat and yesterdays profit that was very big. Maybe I got burnt out over the past year. Don't seem to have that control anymore. Maybe I can't do it. They say you find out who you are by trading. Maybe I mentally don't have what it takes. Over traded again and lost 30% of account. That's the second time in a month I've done that. Any advice on how to get my head straight again. Tried stayin away for a week but here I am makin the same stupid mistakes .HELP HELP HELP PLEASE. FEEL LIKE I'M DROWNING MYSELF.
AT THIS RATE MY ACCOUNT WILL BE BLOWN UP IN NO TIME.
Look at the two things I underlined. Get that bullshit out of your head. Period. You hit a speedbump. So what? How many years have you ben trading so far? If it's under 4 or 5, then your still new and your going to face this kind of thing. EVERYTHING that is worthwhile doesn't happen overnight or happen for free. You have to understand to stick it out and realize that you really CAN make profit. Shit, a while ago I lost about 800 pips on a single trade from the 208 area. The next week I came back and made it all back from the 192-193 area. It's the perseverence that will make you or break you. So my question to you is this, are you willing to take a beating in order to gain something that can change your life? Because, mroe often than not, that's what it will take. Nobody got where they are with 1 or 2 years of experience and no pain in getting there (and I'm sorry if that's not you and if you have more, disregard that last piece).

Everyone here is rooting for you, I know I am. I want to see you succeed but you have to realize that if you think you lost, then you already did. You are a winner and the only time you fail is when you don't get back up. I've personally fallen a bunch of times, but I've never stayed down nor do I EVER plan to. Get back up and do what you do man.
I dream, therefore I become.
  • #72,955
  • Apr 11, 2008 4:52pm Apr 11, 2008 4:52pm
Quoting mike w
Look at the two things I underlined. Get that bullshit out of your head. Period. You hit a speedbump. So what? How many years have you ben trading so far? If it's under 4 or 5, then your still new and your going to face this kind of thing. EVERYTHING that is worthwhile doesn't happen overnight or happen for free. You have to understand to stick it out and realize that you really CAN make profit. Shit, a while ago I lost about 800 pips on a single trade from the 208 area. The next week I came back and made it all back from the 192-193 area. It's the perseverence that will make you or break you. So my question to you is this, are you willing to take a beating in order to gain something that can change your life? Because, mroe often than not, that's what it will take. Nobody got where they are with 1 or 2 years of experience and no pain in getting there (and I'm sorry if that's not you and if you have more, disregard that last piece).

Everyone here is rooting for you, I know I am. I want to see you succeed but you have to realize that if you think you lost, then you already did. You are a winner and the only time you fail is when you don't get back up. I've personally fallen a bunch of times, but I've never stayed down nor do I EVER plan to. Get back up and do what you do man.
*stands up and applauds*

Trading is all mental. Period.

BTW Mike, your analysis for next week would be welcomed. I think this is the break we have been looking for to get to 185
Patience + Humility + Study = Success
  • #72,956
  • Apr 11, 2008 4:55pm Apr 11, 2008 4:55pm
Thanks Mike...

Helps all of us to learn.

Heck it was just yesterday 'remember staring GBP/JPY,
at the 240-241 level holding 250 pips thinking... "Yeah,
I'm gonna become a Position Trader"... NOT... Down she went!

Great advice out here...
Thanks again,
Terrapin Pipper,

Jeff... P.S. "He who can be trusted with very little,
Can also be trusted with much". You can do it DMAC!
I will work to Objectively Identify my Edges
  • #72,957
  • Apr 11, 2008 4:55pm Apr 11, 2008 4:55pm
Quoting mike w
Look at the two things I underlined. Get that bullshit out of your head. Period. You hit a speedbump. So what? How many years have you ben trading so far? If it's under 4 or 5, then your still new and your going to face this kind of thing. EVERYTHING that is worthwhile doesn't happen overnight or happen for free. You have to understand to stick it out and realize that you really CAN make profit. Shit, a while ago I lost about 800 pips on a single trade from the 208 area. The next week I came back and made it all back from the 192-193 area. It's the perseverence that will make you or break you. So my question to you is this, are you willing to take a beating in order to gain something that can change your life? Because, mroe often than not, that's what it will take. Nobody got where they are with 1 or 2 years of experience and no pain in getting there (and I'm sorry if that's not you and if you have more, disregard that last piece).

Everyone here is rooting for you, I know I am. I want to see you succeed but you have to realize that if you think you lost, then you already did. You are a winner and the only time you fail is when you don't get back up. I've personally fallen a bunch of times, but I've never stayed down nor do I EVER plan to. Get back up and do what you do man.
Very well said
Patience + Discipline - Greed = Success
  • #72,958
  • Apr 11, 2008 5:00pm Apr 11, 2008 5:00pm
Quoting DutchTrader
*stands up and applauds*

Trading is all mental. Period.

BTW Mike, your analysis for next week would be welcomed. I think this is the break we have been looking for to get to 185
Hey DT, I agree entirely. This week panned out exactly like I thought it would. I wish I could find my old post saying we would see an initial bounce from the 190 area to 205 before falling lower to the 180's.
The weekly chart is more or less a double high lower close and that's spelling bearishness for next week for starters. On the daily, we're in the third wave down now, and so I would look for this to move us down to 197 before another upsurge to around 198, then like you said before, straight down to the previous lows.
There IS a solid chance we will see 200 again before falling however based on the daily 5 sma placement and the fact that we're probably already eshausting this move. I'm thinking 197 will be in order first before 200, then down, but the PA will tell us when and IF it gets there. I'll post charts on sunday evening with charts that are showing the new week's placements.
I dream, therefore I become.
  • #72,959
  • Apr 11, 2008 5:04pm Apr 11, 2008 5:04pm
Quoting TerpFan2
Thanks Mike...

Helps all of us to learn.

Heck it was just yesterday 'remember staring GBP/JPY,
at the 240-241 level holding 250 pips thinking... "Yeah,
I'm gonna become a Position Trader"... NOT... Down she went!

Great advice out here...
Thanks again,
Terrapin Pipper,

Jeff... P.S. "He who can be trusted with very little,
Can also be trusted with much". You can do it DMAC!
Sure thing!
Oh, I do remember that 240 level too lol I remember placing a few buy orders up there! haha Definitely wrong on that one! I finally came to my senses in the 230's! :surprised

Alrighty ladies and gents, I'm out for the night. Have a great weekend everyone!
I dream, therefore I become.
  • #72,960
  • Apr 11, 2008 5:10pm Apr 11, 2008 5:10pm
Quoting Dmac
Make this same mistake over and over again. Don't understand what happened to me. Traded a year in profit and now all of a sudden I'm like a newbie again. Too greedy. Hade already made money earlier. Ended up giving back todat and yesterdays profit that was very big. Maybe I got burnt out over the past year. Don't seem to have that control anymore. Maybe I can't do it. They say you find out who you are by trading. Maybe I mentally don't have what it takes. Over traded again and lost 30% of account. That's the second time in a month I've done that. Any advice on how to get my head straight again. Tried stayin away for a week but here I am makin the same stupid mistakes .HELP HELP HELP PLEASE. FEEL LIKE I'M DROWNING MYSELF.
AT THIS RATE MY ACCOUNT WILL BE BLOWN UP IN NO TIME.
Ah greed .... our old freind.

Use ONLY 1 % of your account .. if that is 1 mini lot it is 1 mini lot.

Even some profitable trades on small positions will get you back on track in your mind and get your confidence back .

I day trade mostly , once i have one trade with decent profit ... even only 40 pips I stop trading for the day.

Today i did 2 trades , one from overnight 200.33 to 199.5 (as per my posting yesterday), and then another from a retrace to daily pivot at 200 , from 199.8 to 199 . There was another 60 pips trade to be had using my technique but i did not take it as i do not like over trading.

If you are finding you are getting burnt out it is because you are spending to much time trading ..... it is very demanding mentally to day trade. try swing tradinh on a 4 hour chart.... every 4 hours ONLY check on your trade ... say 6 times per day x 10 minutes per time to look at chart. Cause you are trading on a 4 chart does not mean sit there and watch the price action for hours on end.

I day trade forex for 4 hours per day. Futures I trade from 6:30 to 9am and then 11 am to 1pm my time. Pick the time that you are in the market to get maximum reward.

i guess you have to go back to basics ... basics being Money Management. The most successful trader and the ones that stay in the game the ongest and the ones that become the wealthiest are the ones that manage their risk. That means do not trade with more than 1 % of your account for swing trades , or 2% for day trades. Manage the stops .. 400 pip stops that I see some traders using are ridiculous.

i hope thais may have helped some.

You made money before consistantly .... go back in your mind and try to work out what you were doing then that made you successful .
Blogging daily now at www.volume.zone
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