huh, i see it going down from 1h 62ema. EO works his magic again. just a reminder we have I think about 50minutes left on the clock right?? it's my first time trading at closing of the week. just trying.
Cable Update (GBPUSD)
- #104,823
- Dec 5, 2008 2:12pm Dec 5, 2008 2:12pm
- | Commercial User | Joined May 2008 | 1,334 Posts
dont speak in dollars man, speak in pips
Lets see how do i answer that question. You might be surprised I probably dont bring home the most pips everyweek, but everyweek i bring hom consistant pips.
I bring home anywhere from 500-1000 pips a week. most weeks in 3-4 trades. Some weeks maybe a bit more. Some on here might make more during a week, but I would bet that on a consistant basis my numbers would be hard to beat. I could be wrong not trying to be boastful just trying to answer the question.
Its not about money or pips its about consistancy. Once you get consistant money and pips will take care of themselves.
if you can master that the game is over. I mastered it a while ago 3 years one losing month later things are very good.
My time in forex is actually coming to an end the next year or two. Long hours sleepless nights not good for the health. Also would like to spend more time with wife and my three boys. One is 3 other is 5 and other is due in april. So before I go I dont mind passing on some knowledge to the next group of traders trying to find their way.
- #104,824
- Dec 5, 2008 2:12pm Dec 5, 2008 2:12pm
- Joined Mar 2008 | Status: Fooled by randomness | 8,362 Posts
yeah, maybe that would have been a better way of phrasing it.
But I don't think that a pip is a pip.
In my experience, pips worth only £1 are far easier to trade than the ones that are worth £100
When life gives you lemons, make lemonade
- #104,827
- Dec 5, 2008 2:15pm Dec 5, 2008 2:15pm
- | Joined Dec 2006 | Status: o_O | 1,511 Posts
bring on 1.5 in 50 minutes 
i have no idea where its gonna go next.
i have no idea where its gonna go next.
My advice is trade larger timeframes- before touching any trade, have an idea of where the price is going in terms of the next couple of months- base that idea on fundamentals/general opinion/forecasts/economic news anything that is relevant. Then you know where the risk is.
I'll give you an example, when last week (or whenever it was) cable reached 1.5450- I went short.
My reasons being- I did not believe the dollar rally was over, I thought that at least we would revisit the lows if not make new ones.
thus I set a stop loss at 1.5600, in case I was wrong. That was the risk and loss I was ready to accept. For the first week it looked like it could go either way, but then it broke to the downside. bingo- risk eliminated.
Always try and eliminate risk as soon as possible, from the point that it did break downwards the pressure was completely off. Stress free trading- it's beautiful.
I'm still short on the yen from 99.00 - I'm expecting it to break into the 80's maybe even the upper 70's in the coming months.
I had a stoploss set at 101.00
As soon as it broke 96, the pressure was completely off- it's just a case of watching the computer and seeing my balance increase by the day.
Give it a try. I'm not saying I'm always successful- but it would be no fun if I was- loss is part of the game.
Know the risk, set a stoploss, if you're right the risk is quickly eliminated.
- #104,830
- Dec 5, 2008 2:20pm Dec 5, 2008 2:20pm
- Joined Feb 2008 | Status: Trader | 5,732 Posts
me too, i am short from 4714 ... see what happens... it may go up ... but the h1/62 ema worked 2 other times for me... see if i go 3 for 3 :-)
Patience + Discipline - Greed = Success
- #104,832
- Dec 5, 2008 2:20pm Dec 5, 2008 2:20pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
- #104,833
- Dec 5, 2008 2:21pm Dec 5, 2008 2:21pm
- Joined Mar 2008 | Status: Fooled by randomness | 8,362 Posts
When life gives you lemons, make lemonade
- #104,834
- Dec 5, 2008 2:21pm Dec 5, 2008 2:21pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
- #104,835
- Dec 5, 2008 2:23pm Dec 5, 2008 2:23pm
- Joined Feb 2008 | Status: Trader | 5,732 Posts
Its not about money or pips its about consistancy. Once you get consistant money and pips will take care of themselves.
Ok...ok... I found something to disagree with you about..... the spelling of consistency........ gotcha...
Patience + Discipline - Greed = Success
- #104,836
- Dec 5, 2008 2:24pm Dec 5, 2008 2:24pm
- Joined Mar 2008 | Status: Fooled by randomness | 8,362 Posts
guys can you please tell me who is your brokers?
all of you
all of you
When life gives you lemons, make lemonade
- #104,838
- Dec 5, 2008 2:26pm Dec 5, 2008 2:26pm
- Joined Feb 2008 | Status: Trader | 5,732 Posts
guys can you please tell me who is your brokers?
all of you
Patience + Discipline - Greed = Success
- #104,839
- Dec 5, 2008 2:26pm Dec 5, 2008 2:26pm
- Joined Mar 2008 | Status: Fooled by randomness | 8,362 Posts
I agree with you twice in one day .... something is wrong..
Ok...ok... I found something to disagree with you about..... the spelling of consistency........ gotcha...
like average pippage and maximum drawdown...
When life gives you lemons, make lemonade
guys can you please tell me who is your brokers?
all of you