Cable Update (GBPUSD)
yes for sure but only if yur experienced and u can hold trades....this is my major problem ..now im entering
determine SL and atrget and leaving it alone....only thing is now im using really small stops and this is why im getting burnt.....on demo i didnt have a SL and this meant no matter what i do, the position would turn into a winner..if i do this now then i might lose my account totally.....
Eek, with 117 Target Loss, and Target Profit at resistance. Keep in mind we got Feds speaking from NY and Benny Fed Talking, I feel a massive short coming up. I don't forsee cable breaking 1.9850 at this point. Becareful dude, I hope I am wrong for your sake
Your never going to cover your losers unless you let your profits win, but thats not saying sometimes it's not wise to bail for 5pips or even -5pips, but only do it when it's wise
Yes there is a chance your small profit will turn into a loss, but there is a equal or better chance ( depending on trade quality ) that'll it'll keep going your direction and pay enough to make it count!!
He says bailing for 66p earlier on
Hi Moe:
I missed a lot of opportunities last night and currently the pair is at 1.9715/21. I was just thinking and thinking and never get a very good entry point. It is currently 1:20 am and US stocks is in closing within 3 hours. I currently do not have any position related to G/U. I checked my analysis and According to Fibo 61.8% the rate could go down as below as 1.96 and according to 161.8 Fibo the rate could go down as below as 1.95.
I am thinking to wait for this evening GBP news (Rics/BRC retail sales) and try to get in at the best entry point between 12:00 am - 1:00 am Eastern time.
What do you think? I can now get in to the market with Short, no doubt about it but I am thinking the market might be in range between 1.9690-1.9720 until the Pre-UK trading market basing on 7:00 pm Rics uk news.
sounds like a plan to me bro
yeah u have to let the winners ride in this game, it doesnt matter how good u are u just have to let the trade ride it itself out..otherwise u will get a lose and it will wipe out the wins...
the problem isnt the trading but the displine to remain in the trade whether it take a day, week or a month.. and a damn good SL
only thing is the more u lose the more safe u trade and the more likely u will lose...killing emotion is like killing the nerves in the brain.....lol
Yep Catch 22 creates a never ending circle of hell for traders
http://en.wikipedia.org/wiki/Lobotomy
That'll sort you out Navin
