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

  • #106,261
  • Aug 8, 2008 8:01am Aug 8, 2008 8:01am
Quoting worlhin
Thks... btw, I would like to know is 50 pips stop loss for gj is good enough or too big/small since GJ spread is so big and it is volatile...

I think it must depend on each individual risk appetite, but I just want to see how i think compare to others, since i never set stop loss before...
I blew my first account because I knew nothing about risk management PLEASE read about it there are even posts on this site if you want I can give you an excel spread sheet.

Also watch and listen to these guys Karmo, Aus. Lilmoe, Malcolm, ect ect look at their charts I did this for 3 months before I even registered and also patience Karmo will tell you that it pays off
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File Type: xls risk.xls   16 KB | 351 downloads
  • #106,262
  • Aug 8, 2008 8:02am Aug 8, 2008 8:02am
Quoting worlhin
Regarding the babypips, i have to admit i have read it twice and can answer all the question it gave at the end of the class... but still end up like this... so i think it is something wrong with the way i trade not the knowledge i have...
you sound just like me after i had been trading for 1 year...

look baby..everything takes time..so baby steps first..ok

I not sure Geppy is the best pair to trade when learning why not try EUR/USD or EUR/GBP or summin like that that does not have massive volatile moves?

Baby steps first..ok..baby?

Also get yourself a Mentor if you really require direction
  • #106,263
  • Aug 8, 2008 8:02am Aug 8, 2008 8:02am
Quoting worlhin
Regarding the babypips, i have to admit i have read it twice and can answer all the question it gave at the end of the class... but still end up like this... so i think it is something wrong with the way i trade not the knowledge i have...
Then everything is about psychology my friend. Try to read some related sources and then try to see if you can overcome those problems in demo account or not. After some while come back to live trading. Otherwise every trade you take or every position you open will be a real pain and will make you lose your confidence.

Discipline + Patience - Fear - Greed = Success
  • #106,264
  • Aug 8, 2008 8:07am Aug 8, 2008 8:07am
Quoting worlhin
Thks... btw, I would like to know is 50 pips stop loss for gj is good enough or too big/small since GJ spread is so big and it is volatile...

I think it must depend on each individual risk appetite, but I just want to see how i think compare to others, since i never set stop loss before...
Arezab answered to your question and ill add a few extra lines. SL is set below/above some significant line/barrier that one believes wont be taken out by the price. This can be S&R level or/and TL (im keeping it simple as i can). Learn to identify significant lines/levels and ure on the right track, just dont forget to learn Price Action on your way. I would recommend starting with babypips and reading some nice TA books, and never never learn too much things at once.

Cheers!
  • #106,265
  • Aug 8, 2008 8:07am Aug 8, 2008 8:07am
no volume, everybody watching olympic games opening ceremony? WOW
  • #106,266
  • Aug 8, 2008 8:08am Aug 8, 2008 8:08am
what the heck happened to usd????? wait, don't tell me, i know... US economy rocks.
Nihil Sine Deo.
  • #106,267
  • Aug 8, 2008 8:19am Aug 8, 2008 8:19am
no volume, everybody watching olympic games opening ceremony? WOW
__________________


London cant match that surely
  • #106,268
  • Aug 8, 2008 8:20am Aug 8, 2008 8:20am
Quoting Scrat
what the heck happened to usd????? wait, don't tell me, i know... US economy rocks.
what happened to dollar , no thing , its big game from banks
Unemployment Rate is 5.7 , thats mean the EUR/USD must at 1.58xx
  • #106,269
  • Aug 8, 2008 8:35am Aug 8, 2008 8:35am
Quoting khaled22
what happened to dollar , no thing , its big game from banks
Unemployment Rate is 5.7 , thats mean the EUR/USD must at 1.58xx
Are you sure about your analysis ?
  • #106,270
  • Aug 8, 2008 8:38am Aug 8, 2008 8:38am
Quoting worlhin
Regarding the babypips, i have to admit i have read it twice and can answer all the question it gave at the end of the class... but still end up like this... so i think it is something wrong with the way i trade not the knowledge i have...
No-one ever learnt to trade from the info there but it does give you the basic foundations upon which you can build some wisdom.

About stop losses - dude, this is the one of the most important things about trading, not having one at all is crazy. The way I personally do it is place the stop at a point where if crossed I must reconsider the direction of the trend, that is - a reversal signal. If a trend is defined as a series of higher high and higher lows (uptrend, reverse for downtrend) then when this criteria is violated I exit and consider closing and reversing. Staying in a trade when everything is screaming at you that price is going in the other direction is plain stupid. Do not do it. Get out, eat the loss and put it down to experience/the random nature of the market. It doesn't matter how you do it, whether it be a proportion of average daily range, a moving average, a set number of pips (which is a bit naive IMO) etc., as long as you trade it with discipline.

Plan the trade, trade the plan.
  • #106,271
  • Aug 8, 2008 9:11am Aug 8, 2008 9:11am
Quoting birdt
No-one ever learnt to trade from the info there but it does give you the basic foundations upon which you can build some wisdom.

About stop losses - dude, this is the one of the most important things about trading, not having one at all is crazy. The way I personally do it is place the stop at a point where if crossed I must reconsider the direction of the trend, that is - a reversal signal. If a trend is defined as a series of higher high and higher lows (uptrend, reverse for downtrend) then when this criteria is violated I exit and consider closing and reversing. Staying in a trade when everything is screaming at you that price is going in the other direction is plain stupid. Do not do it. Get out, eat the loss and put it down to experience/the random nature of the market. It doesn't matter how you do it, whether it be a proportion of average daily range, a moving average, a set number of pips (which is a bit naive IMO) etc., as long as you trade it with discipline.

Plan the trade, trade the plan.
Thanks guys... was expecting a series of laugh... i agree, owning a tool and using the tool is different matters... I believe i shld go back and revised what is taught in babypips... Though I know but i never practice... that's the problem... a lot of ppl know how to drive but not everyone can be racer...

Regarding the stop loss, there is this quote, "without stop loss, you are just one trade away from bankrupt", i heard it before, but never listen to it. In fact I had 3 mth plus profitable trade before today burst... As birdt pointed out, maybe one of the reason i dont like to use stop loss is i feel naive to use it (I only know fixed stop loss instead setting using moving average, reversal signal...) can you kindly tell me where to learn setting stop loss in a more intelligent way?
Lost...
  • #106,272
  • Aug 8, 2008 9:26am Aug 8, 2008 9:26am
Quoting khaled22
what happened to dollar , no thing , its big game from banks
Unemployment Rate is 5.7 , thats mean the EUR/USD must at 1.58xx
Hi khaled are you sure EU will continue bearish ?

Are you there ?
  • #106,273
  • Aug 8, 2008 9:30am Aug 8, 2008 9:30am
imho, the 4hr closed below the major trendline on my chart, we're still in the downtrend channel started yesterday, we are still in a downtrend I am talking about cable yen
  • #106,274
  • Aug 8, 2008 9:33am Aug 8, 2008 9:33am
I came out of my gbp/usd short, however possible turning point for gbp/usd, may be the monthly 50 fib/ trendline.
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  • #106,275
  • Aug 8, 2008 9:36am Aug 8, 2008 9:36am
Hey guys I think that we will break the support up trend on the weekly next week. What do you guys think?
I will enter short when this weekly support gets broken. This is gpb/yen.
  • #106,276
  • Aug 8, 2008 9:41am Aug 8, 2008 9:41am
Worlhin, observe the chart. I am not recommending you trade this system (certainly not the entry method unless you have investigated it fully) but it is a simple method of placing your stops so you stay with the trend. There are loads of books out there and many trading systems that each have their own take on exit strategy, chose one that works for you.
Attached Image (click to enlarge)
Click to Enlarge Name: gjpstoplosses.gif Size: 31 KB
  • #106,277
  • Aug 8, 2008 9:41am Aug 8, 2008 9:41am
Quoting daanman3
Hey guys I think that we will break the support up trend on the weekly next week. What do you guys think?
I will enter short when this weekly support gets broken. This is gpb/yen.
I think that's a fabulous thought
  • #106,278
  • Aug 8, 2008 9:48am Aug 8, 2008 9:48am
fannie is skint
  • #106,279
  • Aug 8, 2008 9:51am Aug 8, 2008 9:51am
Hi, try to make some comment on GJ, let me know if 'm right...

The chart is weekly GJ chart with fibo... I can see the high ard 216 area was actually 38.2% of the retracement of a downtrend since 1 year ago...

After hitting the 38.2% it did not manage to break through it and start moving downward. if the downtrend resume, the first support might be 23.6% which is somewhere around 206.xx
Attached Image
Lost...
  • #106,280
  • Aug 8, 2008 9:51am Aug 8, 2008 9:51am
Quoting GodfreyH
I came out of my gbp/usd short, however possible turning point for gbp/usd, may be the monthly 50 fib/ trendline.
agree with u
cable have hard for break the monthly %50 fib
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