DislikedGOd, I think cable looks disconnected from the world.. what is going on!!!! aaarrrgghhh
stop me overtrading... arrgghhIgnored
- #7,383
- Mar 1, 2007 5:17am Mar 1, 2007 5:17am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
- #7,386
- Mar 1, 2007 5:25am Mar 1, 2007 5:25am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
9640.... henrycarol busy fingers now... 
Hey patricio, I'm the king of overtrading here... Hope that I finally lost my crown since I'm successifuly not overtrading for days...
What I learn about that on my experience follows:
- never, I mean, never jump in a 15M candle that is moving fast and is already 30pips wide. You are going to get caught on the whipsaw that will happen. If you missed the move, be thankful that you haven't missed you cash and wait for the next wave.
- Don't feel the obligation of having a position in the market. Staying out is as valid a position in the market.
- Give time for the trades to work out. Specially during choppy markets, a 30 pips drawdown can easily be B/E ou turn into - at least - a modest profit.
- Jump off the market on modest profit when price stalls. You'd better bank what you have and miss a possible continuation than see you "modest profit" turn into a "lousy drawdown".
Doing that I started make some $
Ive been trading for nearly a year now and it never changes.. emotion making me jump into a trade after its broken, and then it retraces, I jump out, in, out, shake it all about..
Then when im feeling good about catching 50 pips on a run, I dont get out.. watching it totally retrace.. usually losing me pips..
I am my own worst enemy
One thing I have learnt.. Nothing is a certainty.. Especially when you think it is!!
Im trading on 30 min charts at the min, watching the 5mins to get me out early enough.. but most times I ignore the direction change, believing it will turn..LOL..
OH..onwards and so very much upwards..
Thanks once again for the advice.. it is sorely needed!!!
- #7,389
- Mar 1, 2007 5:32am Mar 1, 2007 5:32am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
No problem, patricio...
Gosh, gonna go out for a while, I'm too tempted to long Cable and Euro right now....
Be back later on....
Gosh, gonna go out for a while, I'm too tempted to long Cable and Euro right now....
Be back later on....
Hey Cesarnc, I appreciate the words of advice..
Ive been trading for nearly a year now and it never changes.. emotion making me jump into a trade after its broken, and then it retraces, I jump out, in, out, shake it all about..
Then when im feeling good about catching 50 pips on a run, I dont get out.. watching it totally retrace.. usually losing me pips..
Remember, you can only eat an elephant in small bites at a time !
Great advise cesar ... our new counselor... for forex.
jump out when stall, is the one I forget to do... sometimes retrace is what I do to b/e and or have to wait it out and that is hard.I'm learning
ps your right henry carol is selling now ... sneaky guy,
thanks
Scalping
- #7,393
- Mar 1, 2007 6:23am Mar 1, 2007 6:23am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
Great advise cesar ... our new counselor... for forex.
jump out when stall, is the one I forget to do... sometimes retrace is what I do to b/e and or have to wait it out and that is hard.I'm learning
ps your right henry carol is selling now ... sneaky guy,
thanks
Another important point that I missed is Stop Loss. I was being constantly stopped out before, not anymore...
What I do now is going in when my SL can be placed behind a support or resistance AND WITHIN the range I'm confortable with.
For instance, 9580 looks like a very good place for SL, but going long now it would be 60 pips far from the price and I don't see price going 60 pips in the next few hours. So, no thank you.
Now, If I was intending to short, 9640 would be a nice place to do so and SL could be placed at 9570, which is a good resistance figure and it is 30 pips from the price with the possibility of profiting 30 pips too...
Still on Stop loss, I learned to use it for safety purposes only, so many times I put it at 40-50 pips from the price for contingency but my "real" stop is far smaller and I trigger it manually. That works fine to avoid being stopped out during stop hunting. If the move is really going against you you'll have some time to get out during the stop hunting pullback for smaller losses...
I'm far from being counselor, here, man. Was just sharing what works fine for me...
Another important point that I missed is Stop Loss. I was being constantly stopped out before, not anymore...
What I do now is going in when my SL can be placed behind a support or resistance AND WITHIN the range I'm confortable with.
For instance, 9580 looks like a very good place for SL, but going long now it would be 60 pips far from the price and I don't see price going 60 pips in the next few hours. So, no thank you.
Now, If I was intending to short, 9640 would be a nice place to do so and SL could be placed at 9570, which is a good resistance figure and it is 30 pips from the price with the possibility of profiting 30 pips too...
Still on Stop loss, I learned to use it for safety purposes only, so many times I put it at 40-50 pips from the price for contingency but my "real" stop is far smaller and I trigger it manually. That works fine to avoid being stopped out during stop hunting. If the move is really going against you you'll have some time to get out during the stop hunting pullback for smaller losses...
Just a quick question.
If on the short which I think we all did now at 9640, with the SL at 9670, where would you be looking to take your profit?? and would you totally close your position at that level or just reduce your stake??
- #7,395
- Mar 1, 2007 6:34am Mar 1, 2007 6:34am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
For the upcoming news, if confirmed as forecast (mixed-to-positive for USD) I'm planning to buy dips here, close to 9600 -9590. Then SL can be put at 9560-9570 and price is likely to pull back to where it is ranging now or go higher just to give henrycarol another scalping window...
Everybody goes home happy this way
Everybody goes home happy this way
- #7,396
- Mar 1, 2007 6:38am Mar 1, 2007 6:38am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
- #7,398
- Mar 1, 2007 6:45am Mar 1, 2007 6:45am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
Thanks for the help.. Im not this useless all the time.. honest!!!
I just love Forex and want to make it my full time job.. seen as I sit any my pc at home all day now anyway!!
Have you noticed the GBPJPY is on a charge south again.. could be some useful areas to short or long coming up..
Bad news is that stalls the eurosisters/usd big time...
But my moto is: "I don't leave the electric chair to trade GBPJPY"
- #7,399
- Mar 1, 2007 6:52am Mar 1, 2007 6:52am
- | Commercial User | Joined Oct 2006 | 1,158 Posts
Yes. It is sinking again. Both GBP and EURJPY are chasing their historical lows these days.
Bad news is that stalls the eurosisters/usd big time...
But my moto is: "I don't leave the electric chair to trade GBPJPY"
lol! The only more profitable cross is XAGUSD... but i won't leave the electric chair to trade GBPJPY!!! lol!
Yes. It is sinking again. Both GBP and EURJPY are chasing their historical lows these days.
Bad news is that stalls the eurosisters/usd big time...
But my moto is: "I don't leave the electric chair to trade GBPJPY"
maybe 201 is