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  • #10,901
  • Jul 18, 2008 3:22pm Jul 18, 2008 3:22pm
Quoting Warren Forex
My Posts here are shorter. I mainly post on "Knowledge Is Power"

Have A Great Weekend !!!

P.S. My Demo Account is Now at $126,698.40 US Dollars with 4 losses after 350 Plus FX Trades. I must be lucky I guess !!!


Bruce
¨
Hi Waren forex I am here first time,just I wanna ask.Are you working just with demo account?you are maybe lucky,but demo is not real.I wish you luck with real account. have good weekend
  • #10,902
  • Jul 18, 2008 4:43pm Jul 18, 2008 4:43pm
I think i made a big mistake, have sell positions at 105.18 and 104.09...
My capital is half now, should i execute this loss?
Im newbie so plz understand, dont say im stupid
  • #10,903
  • Jul 18, 2008 4:53pm Jul 18, 2008 4:53pm
Quoting Warren Forex

This part we differ on. Being an outsider is an edge in my opinion. They are way to close to the Forest to see the Trees. I know the game good and that is why I win at FX.

What you don't seem to understand is that they ARE the trees. You are more like a a little squirrel foraging for nuts to them. I'm not saying you can't win (which is a relative term). I hope you stuff your little cheeks with the nuts you find.

Come to my Home Thread "Knowledge Is Power" and I will teach you to make 10% profit a month or try to if you have the right requirements.

What exactly are all these "requirements"? Do they involve bowing to a certain person? A chant perhaps? Would I have to swear an oath or promise to name my first born son Bruce? I'm gonna have to respectfully decline your kind invitation. Unless of course there's a secret handshake - cause that would be cool!

I do not need to broadcast my wealth which I still am working on achieving.

Of course not that would be crass.

My Goal 18 Months from now is One Million Cash !!!

So much for maintaining good etiquette.

I am starting to manage a large fund on Wednesday and will have access to manage One Million Over The Next 15 Months.

One million what? I know you couldn't mean one million DOLLARS because you said "LARGE" fund. You must mean one million retirement accounts or pensions or something like that, because that would be "large".

I think this is pretty clear indication that you don't grasp the enormity of the market or understand the role that we play in it. We are like parasitic fish that swim alongside whales and eat the scraps that fall out of their mouths. We can eat well doing that but it doesn't make us whales. We won't control the longterm direction we swim. We just go along for the ride and try not to get ahead of the whales so we don't get eaten.

Bruce: That is why my students are only trading Demo Accounts now. We have 24 of US now. Come Over and be # 25

Tempting...... and I appreciate the offer, but no thank you.


Bruce


My responses are in red.

Oh, one thing you may be able to help me with Bruce....I can't seem to figure out what news caused the price to start climbing back up around the 106 mark today. Perhaps some people didn't hear about the Merrill Lynch situation? Maybe they are just hearing about it and that's what's keeping the price just below 107? Let me know when you find the reason please. I continue to be amazed at how all this information comes out about the same time my trend lines and indicators are hit. Wild! Thanks and best of luck!
  • #10,904
  • Jul 18, 2008 5:09pm Jul 18, 2008 5:09pm
Quoting connected191
I think i made a big mistake, have sell positions at 105.18 and 104.09...
My capital is half now, should i execute this loss?
Im newbie so plz understand, dont say im stupid
Usdjpy will come back down, How long can you wait? How much capitol do you have? Only you can answer those questions. I am a newbie, 6 months, Had a trade go south on me a 100 + pips and yes I just watched it. Killed it and then watched it retrace the next day half way and the following day past my entry point and into to profit if I would of stayed in. So what it going to do on Sunday, well, smiling big , It will go up or down, though I am biased with a Short view on the yens.

Darrell
  • #10,905
  • Jul 18, 2008 6:34pm Jul 18, 2008 6:34pm
Quoting goodstanley_2
¨
Hi Waren forex I am here first time,just I wanna ask.Are you working just with demo account?you are maybe lucky,but demo is not real.I wish you luck with real account. have good weekend
I agree with you since I started demo trading September 2003. My first live FX trade for a client was March 9, 2006 at Trade Freedom in Montreal.

I made 75 FX trades for clients there. I never took a loss. I doubled one account from $25,000 US to $50,000 between March 9, 2006 and June 5 of the same year. I then went to Man Financial Canada where I did finally lose my first FX trade. I have managed as much as $250,000 US Dollars at one time for abour 12 clients. I do not manage funds anymore for small clients. I have entered into an agreement to manage One Million US Dollars for a foreign entity. I expect by the end of the year to have under management the full amount of the fund. I am starting in stages of $250,000 US Dollars next week.

Since I started trading FX with live funds I have blown up a few accounts. My worst blowup was on October 10, 2006 when by trading too many positions at one time while I was asleep overnight the EUR/USD went down 100 PIPS or so and the last 5 positions that I put on had no stop put on.

I managed to bring the account balance from $45,000 US Dollars to $15,000
on all of 5 minutes. When I woke up I had to deal with it. It took me from October 11, 2006 to March 15, 2007 to bring the account balance to $55,000
US Dollars. In the 5 months that it took to do that I learned much more about FX trading. To his credit my client never said a word about the loss. He left me do my job and I did.

We remain good friends today.

I now trade FX as Introducing Broker with a large US Firm.

On the last 6 months of FX trading I have learned much more about my profession. My goal is to become the Number One Currency Trader in the world. I recently have made arrangements with Barclays to have my monthly trading records submitted to them. Once I reach the Million Dollar level they will start to rate my FX trading. Look for my name to appear as number one there in about two years. Just before my 67TH birthday, G-D willing.

Have a great Weekend. I know this post will invite replies. Please do not clutter this Forex Factory Forum USD/JPY thread with your comments. It does not matter what anyone posts both good and bad. In two years or so if you do not see my name as Number One, then feel free to start a thread on Forex Factory and say that I am and was full of BS.

Until then just let me get down to business.

I am off for supper soon and then going to see Batman. When I was growing up, I loved watching Superman.


Bruce
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  • #10,906
  • Jul 18, 2008 6:46pm Jul 18, 2008 6:46pm
Quoting Camel Trader
My responses are in red.

Oh, one thing you may be able to help me with Bruce....I can't seem to figure out what news caused the price to start climbing back up around the 106 mark today. Perhaps some people didn't hear about the Merrill Lynch situation? Maybe they are just hearing about it and that's what's keeping the price just below 107? Let me know when you find the reason please. I continue to be amazed at how all this information comes out about the same time my trend lines and indicators are hit. Wild! Thanks and best of luck!

The USD/JPY pair moves on supply and demand for that currency. Today was option expiry. Monday new rules are in order for shorting for a few BIG financial stocks like Fannie Mae and Freddie Mac.

Look at the price of the EUR/JPY !

It is at or near an all time high. The BOJ minutes created a perception in the market last night that they would hold at .50% funds rate. The Dow was calm today. The buying of Euro and the selling of Yen as a carry trade FX currency pair is what kept the USD/JPY near 107.00

It might go higher. It might go lower. The odds favor it going lower. Some Big Houses have called a return towards 100

My opinion is that it is going down to 105.00 well before it goes to 109.00

I was right last time on 106.00 or 109.00 as you all know and I expect to be right again.

Time will tell.

Have A GREAT Weekend.

Bruce

Lucky At FX ... Lousy at Love !!!
{Promotion Removed}
  • #10,907
  • Jul 18, 2008 6:56pm Jul 18, 2008 6:56pm
But Bruce we can all see that you love trading forex so your lucky at love too!
  • #10,908
  • Jul 18, 2008 7:09pm Jul 18, 2008 7:09pm
Someone in this forum sounds like they may be holding a BIG short position and need others to SELL SELL SELL.

At any rate, it goes up, it goes down, it goes up it goes down.
"I spilled spot remover on my dog. He's gone now." - Steven Wright
  • #10,909
  • Jul 18, 2008 9:32pm Jul 18, 2008 9:32pm
Quoting connected191
I think i made a big mistake, have sell positions at 105.18 and 104.09...
My capital is half now, should i execute this loss?
Im newbie so plz understand, dont say im stupid
Is this a demo account or real funds? I pray it is a demo!

This is just my opinion (and opinions are like.... anyway):
Things might not be as hopeless as they appear. This thing may throw you a life line by heading back down. I personally would hang on a little bit longer. Srikanth posted his chart (post #10837 of this thread) which is still holding up (with help from Merrill Lynch of course!).

It moved up as Srikanth's charting skills predicted and is now at the top. To me it seems we are poised to start another nice trend. I believe it will be back down as I think most on here do. So I would give it a little more room. Others can chime in but I think 107.15 and I'm starting to get really worried and think we may be heading north for more than a minute or two. I think I would hold until 107.51 and then I'd be out no matter what. That gives it a chance to hit a few roadblocks and hopefully turn around.

Normally I would say get out but this is kind of a special situation. When you think you have made the wrong move you probably have. Here though it's like a no limit Texas hold'em poker game. You're "pot committed" as they say. You are getting good odds because you will only be risking a few more pips with the chance to win back all your pips. You're getting 5-1 (you could lose 100 pips between the two positions if it goes to 107.50 or win 500 pips back if it heads back down. You could be getting even better than that since some are speculating about it heading to the 103 or even 100 range.

If you do get out of this alive you have to promise yourself never to let this happen again! I think you have better than a 50/50 chance. Good luck!
  • #10,910
  • Jul 18, 2008 9:38pm Jul 18, 2008 9:38pm
It appears that a new downtrend channel has formed from the highs from 7/9, 1/17 and lows from 6/30 and 7/16 (gold down channel).
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 21 KB
  • #10,911
  • Jul 18, 2008 9:49pm Jul 18, 2008 9:49pm
Quoting Warren Forex
I agree with you since I started demo trading September 2003. My first live FX trade for a client was March 9, 2006 at Trade Freedom in Montreal.

I made 75 FX trades for clients there. I never took a loss. I doubled one account from $25,000 US to $50,000 between March 9, 2006 and June 5 of the same year. I then went to Man Financial Canada where I did finally lose my first FX trade. I have managed as much as $250,000 US Dollars at one time for abour 12 clients. I do not manage funds anymore for small clients. I have entered into an agreement to manage One Million US Dollars for a foreign entity. I expect by the end of the year to have under management the full amount of the fund. I am starting in stages of $250,000 US Dollars next week.

Since I started trading FX with live funds I have blown up a few accounts. My worst blowup was on October 10, 2006 when by trading too many positions at one time while I was asleep overnight the EUR/USD went down 100 PIPS or so and the last 5 positions that I put on had no stop put on.

I managed to bring the account balance from $45,000 US Dollars to $15,000
on all of 5 minutes. When I woke up I had to deal with it. It took me from October 11, 2006 to March 15, 2007 to bring the account balance to $55,000
US Dollars. In the 5 months that it took to do that I learned much more about FX trading. To his credit my client never said a word about the loss. He left me do my job and I did.

We remain good friends today.

I now trade FX as Introducing Broker with a large US Firm.

On the last 6 months of FX trading I have learned much more about my profession. My goal is to become the Number One Currency Trader in the world. I recently have made arrangements with Barclays to have my monthly trading records submitted to them. Once I reach the Million Dollar level they will start to rate my FX trading. Look for my name to appear as number one there in about two years. Just before my 67TH birthday, G-D willing.

Have a great Weekend. I know this post will invite replies. Please do not clutter this Forex Factory Forum USD/JPY thread with your comments. It does not matter what anyone posts both good and bad. In two years or so if you do not see my name as Number One, then feel free to start a thread on Forex Factory and say that I am and was full of BS.

Until then just let me get down to business.

I am off for supper soon and then going to see Batman. When I was growing up, I loved watching Superman.


Bruce
Hey Bruce, goodluck with the adventure. Sounds very interesting. I've turned a $50,000 demo account into $400,000. I currently live trade a $5,000 account. My goal with the $50,000 account is $1,000,000. I've lost big and have won big. Exciting!
  • #10,912
  • Jul 18, 2008 9:51pm Jul 18, 2008 9:51pm
Quoting Warren Forex
The USD/JPY pair moves on supply and demand for that currency. Today was option expiry. Monday new rules are in order for shorting for a few BIG financial stocks like Fannie Mae and Freddie Mac.

Look at the price of the EUR/JPY !

It is at or near an all time high. The BOJ minutes created a perception in the market last night that they would hold at .50% funds rate. The Dow was calm today. The buying of Euro and the selling of Yen as a carry trade FX currency pair is what kept the USD/JPY near 107.00

It might go higher. It might go lower. The odds favor it going lower. Some Big Houses have called a return towards 100

My opinion is that it is going down to 105.00 well before it goes to 109.00

I was right last time on 106.00 or 109.00 as you all know and I expect to be right again.

Time will tell.

Have A GREAT Weekend.

Bruce

Lucky At FX ... Lousy at Love !!!

Does anyone have an opinion on Japan's dollar reserves being over $1Trillion? I would think this currency would be much more balanced from that figure alone. Would Japan be a major player if they would just raise their rates?
  • #10,913
  • Jul 18, 2008 10:06pm Jul 18, 2008 10:06pm
I'm with you tullid. It is a little fuzzy though and as you know it's an art not a science since everyone sees different things. Price seems very indecisive and may push past a little before heading back down. I will be ready to turn my position around though at a moments notice when/if it happens. Tight stops right now for me.
  • #10,914
  • Jul 18, 2008 10:13pm Jul 18, 2008 10:13pm
Quoting Warren Forex
IMy goal is to become the Number One Currency Trader in the world. I recently have made arrangements with Barclays to have my monthly trading records submitted to them.
What do you mean by that? You want to trade more than Deutche Bank, i.e more than 600-700 billion per day? You want to trade more than any individual trader?
  • #10,915
  • Jul 18, 2008 10:15pm Jul 18, 2008 10:15pm
I think he means track record (wins vs losses) or % of positions that resulted in a positive outcome. Not amount of funds traded. Although he'd like that more I'm sure!

Bruce I hope you reach your dream. I really do! Good luck to you!
  • #10,916
  • Jul 19, 2008 12:46am Jul 19, 2008 12:46am
Quoting Camel Trader
I think he means track record (wins vs losses) or % of positions that resulted in a positive outcome. Not amount of funds traded. Although he'd like that more I'm sure!

Bruce I hope you reach your dream. I really do! Good luck to you!
I will keep giving it my all. Every day I learn something new. Sometimes it gets hard since I usually go against the consensus opinion. When it is 100 PIPS above where it might have been because of data out correct or not it matters not. Short term the markets rule based on the present perception. The one big improvement in my FX trading has been patience and not putting on all my positions too soon.

Understanding how one currency pair affects another is also important. I have learned some of that here. Knowing EUR/USD going up helps USD/JPY go down helps. The you need to watch the other side because if EUR/JPY goes up because Yen is weak there are conflicts there. When and If EUR/JPY unwinds it will help USD/JPY go down. Sometimes it mighr appear that I am negative about Technicals. I am not. They are also very important to understand. I improve my Technical knowledge every day.

Have A Nice Weekend. I will take off Saturday and start doing reading and research most of the day on Sunday.

I had a nice night and ended up in a Strip Club with my lady.

I know that I am not usual and I think that is my strength. Although dating an intelligent 21 Year old might be a strech. It must be my good looks that attracts her ?

Nite !!!


Bruce
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  • #10,917
  • Jul 19, 2008 7:15am Jul 19, 2008 7:15am
Quoting Camel Trader
Is this a demo account or real funds? I pray it is a demo!

This is just my opinion (and opinions are like.... anyway):
Things might not be as hopeless as they appear. This thing may throw you a life line by heading back down. I personally would hang on a little bit longer. Srikanth posted his chart (post #10837 of this thread) which is still holding up (with help from Merrill Lynch of course!).

It moved up as Srikanth's charting skills predicted and is now at the top. To me it seems we are poised to start another nice trend. I believe it will be back down as I think most on here do. So I would give it a little more room. Others can chime in but I think 107.15 and I'm starting to get really worried and think we may be heading north for more than a minute or two. I think I would hold until 107.51 and then I'd be out no matter what. That gives it a chance to hit a few roadblocks and hopefully turn around.

Normally I would say get out but this is kind of a special situation. When you think you have made the wrong move you probably have. Here though it's like a no limit Texas hold'em poker game. You're "pot committed" as they say. You are getting good odds because you will only be risking a few more pips with the chance to win back all your pips. You're getting 5-1 (you could lose 100 pips between the two positions if it goes to 107.50 or win 500 pips back if it heads back down. You could be getting even better than that since some are speculating about it heading to the 103 or even 100 range.

If you do get out of this alive you have to promise yourself never to let this happen again! I think you have better than a 50/50 chance. Good luck!
Thank you for your response. I will follow your advice and wait a bit more...
Im operating a real account, not a demo. my capital is $4000, i get automatic stop loss when it reachs 40% of my capital...so i would get a stop at 108.xx...i really need it to go back...

If i had knew this forum before i would not had made so many mistakes,
now learning much with Camel Trader, Warren Forex...

Sorry for my english
Thanks
  • #10,918
  • Jul 19, 2008 9:27am Jul 19, 2008 9:27am
From: " Knowledge Is Power" Thread ...

Today 10:18am
Warren Forex http://www.forexfactory.com/images/s...ser_online.gif
Warrenforex
Member Since Sep 2006
Posts: 1,282


http://www.forexfactory.com/images/icons/icon14.gif The Weekly Review - Action Forex !
http://www.actionforex.com/action-in...2008071953427/

Snippet:

Investors' sentiments had a drastic turn last week, trigging much volatility in the financial markets. Markets were still pessimistic even after Fed and Treasury's plan to rescue Fannie Mae and Freddie Mac. But a couple of factors boosted the confidence later on in the week, including better than expected financial results in the banking sector. Citgroup, JPMorgan Chase and Wells Fargo reported better than expected quarterly results, raising the hope that the worst in credit market crisis is coming to an end. In addition, oil retreated sharply during the week, giving another boost to dollar and the stock markets. Indeed, crude oil had the biggest weekly decline in more then three years and fell 11% to below $129 a barrel
A few things to note. Firstly, while dollar recovered after making a new record low against Euro and 25 year low against Aussie, the down trend against both currencies are still intact. Secondly, though, note that strength in the greenback is much more apparent against Swissy and yen. Thirdly, note that sterling performed best in carry trade pairs as seen in GBP/JPY and GBP/CHF topping the top movers chart.
More importantly, the impact of such switch in investors sentiments were indeed most seen in the Japanese yen which had a strong rally early last week but then gave up all the gains by the equally sharp selloff afterwards. The corrective nature of GBP/JPY and USD/JPY's prior fall is taken as a signal that prior rebound in yen was just a correction. In other words, such development argues that more upside downside should be seen in the Japanese yen, at least in the near term.
Currency Heat Map Weekly View
USDEURJPYGBPCHFCADAUDUSDEURJPYGBP
Bernanke's semiannual testimony on monetary policy was one of the highlights of the week. Bernanke gave Capitol Hill an assessment of the dual threat of recession and inflation during the testimony noting that "upside risks to the inflation outlook have intensified lately". On the other hand, there is still "significant downside risks to the outlook for growth". The minutes of June 24-25 FOMC meeting were also released last week. The information in the minutes were largely redundant to those from Bernanke's testimony btu one interesting point to note was the committee member's growing discomfort on inflation as "members believed that the next change in the stance of policy could well be an increase in the funds rate,": even though "the timing and magnitude of future policy actions was quite unclear."

Enjoy !!!


Bruce
Last edited by Warren Forex, Today 10:22am Reason: To Add Snippet:
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  • #10,919
  • Jul 19, 2008 10:20am Jul 19, 2008 10:20am
WF

Have you ever made any pips when a currency went UP?

Warm regards,

Bristol
"I spilled spot remover on my dog. He's gone now." - Steven Wright
  • #10,920
  • Jul 19, 2008 2:15pm Jul 19, 2008 2:15pm
Quoting bristolxyz
WF

Have you ever made any pips when a currency went UP?

Warm regards,

Bristol
Look at my PDF file of FX trades. I took some nice profits on EUR/USD long.

Regards

Bruce
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