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

  • #103,581
  • Jul 24, 2008 8:14am Jul 24, 2008 8:14am
Quoting pkimnyc
you are not the only one. i am too.
You've just got a glimpse of the holy grail, if there is indeed one: it's not a mechanical system, it's not how persistent you are, it's not cause the brokers/big guys/the FED/my aunt Lucritia is "manipulating" the market

it's changing your behaviour - not as easy as it sounds eh?
  • #103,582
  • Jul 24, 2008 8:14am Jul 24, 2008 8:14am
Quoting vinesh2
That's the thing I am stupid keep making the same dam mistakes over and over again
We are all making these mistakes. It is not a Question, that you can make a profitable trades, but to keep your pips is THE MOST dificult.

The best thread about traders Mindset on FF is: http://www.forexfactory.com/showthre...66#post1729266

you can go there, but start from Post#1 (3890 posts so far)
  • #103,583
  • Jul 24, 2008 8:16am Jul 24, 2008 8:16am
Quoting Vfforexlee
lilmoe, i got my short from 215.50...how long will this stop?
can anyone answer my question? i think it is going to stop at 213.09 but that's just my analysis...
  • #103,584
  • Jul 24, 2008 8:16am Jul 24, 2008 8:16am
Quoting vinesh2
That's the thing I am stupid keep making the same dam mistakes over and over again
Have a system,,that gives you winning trades,,u can find many systems here...
Have a journal,,,write it down the setups and reasons whenever u take a trade...

Winning trades : learn from it
Losing trades : learn from it, see what went wrong, and remember...

Most likly u will not make same mistake again....
Trading is a probability game, u will lose and win,,,U will make $$ as long as u win more than u lose!!


sonic
  • #103,585
  • Jul 24, 2008 8:18am Jul 24, 2008 8:18am
Quoting pr0spero
You've just got a glimpse of the holy grail, if there is indeed one: it's not a mechanical system, it's not how persistent you are, it's not cause the brokers/big guys/the FED/my aunt Lucritia is "manipulating" the market

it's changing your behaviour - not as easy as it sounds eh?
wow, i never looked at it in that way. thanks for makeing a good point.
  • #103,586
  • Jul 24, 2008 8:19am Jul 24, 2008 8:19am
anybody know why eur/yen would be droppoing?
  • #103,587
  • Jul 24, 2008 8:29am Jul 24, 2008 8:29am
Quoting pkimnyc
wow, i never looked at it in that way. thanks for makeing a good point.
The best point was made by Sonic: make a journal of your trades, note the why you are taking them

Study your profit and loss records. The mistakes that cost money over and over tend to be the same, a few types specific behavioural patters that are translated into trades we take - and just like they don't change, the results they bring don;t change either.

Keeping a record and studying your profitl and losses as they develop, you will identify exactly what those repeated mistakes are. Then the trick is to CHANGE them..cause changing them will seem almost heretic to you , it might go against axioms that people repeat over and over "buy low sell high" ( i.e. (trying to) pick tops and bottoms). What if you looked at places where you should buy high to sell higher! What would have happened?

"Eeeek, can;t do that! It's stupid" is the first thought, eh?

To the guy who lost £4k, pick yourself up and keep learning, do not give up.

I lost over £45k in my first year of trading. Took me another 1 1/2 year just to crawl myself back up. That's 2 1/2 years before i saw any profit. It could easily have been more, as it could have been less. It just took me that long to modify my behaviour cause am not particularly smart LOL
  • #103,588
  • Jul 24, 2008 8:33am Jul 24, 2008 8:33am
Quoting pr0spero
The best point was made by Sonic: make a journal of your trades, note the why you are taking them

Study your profit and loss records. The mistakes that cost money over and over tend to be the same, a few types specific behavioural patters that are translated into trades we take - and just like they don't change, the results they bring don;t change either.

Keeping a record and studying your profitl and losses as they develop, you will identify exactly what those repeated mistakes are. Then the trick is to CHANGE them..cause changing them will seem almost heretic to you , it might go against axioms that people repeat over and over "buy low sell high" ( i.e. (trying to) pick tops and bottoms). What if you looked at places where you should buy high to sell higher! What would have happened?

"Eeeek, can;t do that! It's stupid" is the first thought, eh?

To the guy who lost £4k, pick yourself up and keep learning, do not give up.

I lost over £45k in my first year of trading. Took me another 1 1/2 year just to crawl myself back up. That's 2 1/2 years before i saw any profit. It could easily have been more, as it could have been less. It just took me that long to modify my behaviour cause am not particularly smart LOL
Thanks for your advise, and Sonic.
  • #103,589
  • Jul 24, 2008 8:34am Jul 24, 2008 8:34am
Quoting Dmac
anybody know why eur/yen would be droppoing?
by reason this weekly pattern
Attached Image (click to enlarge)
Click to Enlarge Name: 5.gif Size: 14 KB
  • #103,590
  • Jul 24, 2008 8:36am Jul 24, 2008 8:36am
Quoting pr0spero

I lost over £45k in my first year of trading. Took me another 1 1/2 year just to crawl myself back up. That's 2 1/2 years before i saw any profit. It could easily have been more, as it could have been less. It just took me that long to modify my behaviour cause am not particularly smart LOL
Looks very familiar,... (LOL dejawo)..
BRAVO pr0spero, good advice..

btw you can look at your £45k as an investment in your education.. (just compare the prices)
  • #103,591
  • Jul 24, 2008 8:36am Jul 24, 2008 8:36am
1hr 200 ema approaching. closing another pos.
  • #103,592
  • Jul 24, 2008 8:36am Jul 24, 2008 8:36am
Quoting hussin naiji
by reason this weekly pattern
we will see EJ below 165.50
  • #103,593
  • Jul 24, 2008 8:45am Jul 24, 2008 8:45am
Quoting mktjong
Same thing here .. I shorted it since in the area of 213.xx
I think it would come back soon to 209.xx area .. if not this week then maybe next week ..
Quoting vinesh2
That's the thing I am stupid keep making the same dam mistakes over and over again
You need to have faith bro, trust your system. Trend is not always your friend in Forex, don't follow and trust it blindly. If you happen to be in against the trend, don't get scared by it.
All my trades come back to positive. If I averaged another position yesterday, I could make a whole lot more.
  • #103,594
  • Jul 24, 2008 8:47am Jul 24, 2008 8:47am
Quoting Piters
Looks very familiar,... (LOL dejawo)..
BRAVO pr0spero, good advice..

btw you can look at your £45k as an investment in your education.. (just compare the prices)
Lol, Piters, you read my mind. That's exactly how I always viewed those losses, even in my "darkest hours"

Others spent the same or more (both in terms of money and time) on MBAs, CFAs etc. I just found those boring and having nothing to offer me (my University education was in accounting and finance, and I already worked at an investment bank and in consulting firms afterwards. Those papers are little more than "entrance passes" to this world, so I didn't need them. On the other hand, I do find capital markets and economics fascinating, which is why i chose to work on something related. Just didn't want to submit myself to 2 yrs of useless canned stuff)

Like I said before, many people who could be successful traders, just run out of capital before they cross the threshold of success..and thus they never realise that potential. This is why one should start small and make sure sufficient capital can be re-accumulated
  • #103,595
  • Jul 24, 2008 8:47am Jul 24, 2008 8:47am
prior long closed @ 87 new long taken @.37
"Millionaires don't use astrology, billionaires do"
  • #103,596
  • Jul 24, 2008 8:51am Jul 24, 2008 8:51am
Quoting hussin naiji
by reason this weekly pattern
  • #103,597
  • Jul 24, 2008 8:57am Jul 24, 2008 8:57am
Quoting OrionsWay
prior long closed @ 87 new long taken @.37
Wheres your TP and SL. I'm in at .35 and TP 214, SL 212.80
Craazy
  • #103,598
  • Jul 24, 2008 9:05am Jul 24, 2008 9:05am
Quoting craazy
Wheres your TP and SL. I'm in at .35 and TP 214, SL 212.80

sl prolly the close of the pinbar 15m target whatever it yeilds, maybe 50% of 15.84 to lo

presure is selling definately just trying to catch a pullback maybe if there is one, if not, not gonna let her run away with me
"Millionaires don't use astrology, billionaires do"
  • #103,599
  • Jul 24, 2008 9:07am Jul 24, 2008 9:07am
Who the hell is selling the AUD????? its tankin sorry not the right thread but wanted to throw it out there
  • #103,600
  • Jul 24, 2008 9:10am Jul 24, 2008 9:10am
Quoting vinesh2
Who the hell is selling the AUD????? its tankin sorry not the right thread but wanted to throw it out there

Historically this always happens. Takes a huge run up over a period of 1-2 months than tanks within a week or two.

AUD will go back into the 92.00 region by end of next week for sure. Check the other threads. Or PM me your email addy and I will send you an article a friend of mine sent. Interesting stuff.
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