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Cable Update (GBPUSD)

  • #104,841
  • Dec 5, 2008 2:28pm Dec 5, 2008 2:28pm
Quoting Infinity
Everyone?
yup
When life gives you lemons, make lemonade
  • #104,842
  • Dec 5, 2008 2:28pm Dec 5, 2008 2:28pm
Quoting Infinity
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...


You will find my spelling is terrible I cant bloody spell.


Micho fxsol has been great for me. easy platform easy execution customer service sucks.
  • #104,843
  • Dec 5, 2008 2:29pm Dec 5, 2008 2:29pm
Quoting Infinity
Unless you are scalping for 10 or 20 pips, it is very risky to trade at this time on a Friday...
thanks on your experienced. but starting next week i'll be using 62ema full-time.
  • #104,844
  • Dec 5, 2008 2:30pm Dec 5, 2008 2:30pm
micho, cmc markets. no realy problems, just the standard it's far easier to deposit money than it is to withdraw.
  • #104,845
  • Dec 5, 2008 2:33pm Dec 5, 2008 2:33pm
Quoting spintrader
Navin, really it would be tragic for me if you give up.

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...
i know what u mean ...but i cant even stay in position even when i know there gonna work.example this week

the weekly low was broken, no brainer of a trade, enter sell 10 below the low stop above the high...but the drawdown when it occured make me lose confidence in my decision and i exit...even thou i knew the trade was good....if i remained in it like u do id have made 400 pips easy....just one one currency....in theory i should be making pips like crazy, it isnt hard but its impossible if yur head cant accept risk....

i need to change the way i think towards risk, i thought having a micro account would help but im doing the same old stuff all the time, u guys some think i sound like a broken record and its true...my head is just made for risk.i refuse trades all the time i know are going to be high probability all because of the risk

but thanks man ...
  • #104,846
  • Dec 5, 2008 2:33pm Dec 5, 2008 2:33pm
Quoting micho
guys can you please tell me who is your brokers?
all of you
fxpro, they've just cleared my withdrawal today...
  • #104,847
  • Dec 5, 2008 2:36pm Dec 5, 2008 2:36pm
Quoting nAVIN2007
i know what u mean ...but i cant even stay in position even when i know there gonna work.example this week

the weekly low was broken, no brainer of a trade, enter sell 10 below the low stop above the high...but the drawdown when it occured make me lose confidence in my decision and i exit...even thou i knew the trade was good....if i remained in it like u do id have made 400 pips easy....just one one currency....in theory i should be making pips like crazy, it isnt hard but its impossible if yur head cant accept risk....

i need to change the...
Patience bro.. you are going to get it right...
Patience + Discipline - Greed = Success
  • #104,848
  • Dec 5, 2008 2:37pm Dec 5, 2008 2:37pm
Quoting nAVIN2007
i know what u mean ...but i cant even stay in position even when i know there gonna work.example this week

the weekly low was broken, no brainer of a trade, enter sell 10 below the low stop above the high...but the drawdown when it occured make me lose confidence in my decision and i exit...even thou i knew the trade was good....if i remained in it like u do id have made 400 pips easy....just one one currency....in theory i should be making pips like crazy, it isnt hard but its impossible if yur head cant accept risk....

i need to change the...
I see what you are saying- hell the idea behind making winning trades coldn't be more simple- it's just human nature that makes it difficult, greed/fear/confidence etc.

I think you're just one blinding week away from regaining all you're confidence, at which point you will be able to accept risk no problem.

The trick is just to keep up the discipline long enough to keep winnings, and keep confidence.

Also don't feel you need to trade every week even, I spend a lot of time not trading, but watching and waiting for my pre-planned entries.

You can do it. end of!
  • #104,849
  • Dec 5, 2008 2:37pm Dec 5, 2008 2:37pm
Quoting nAVIN2007
i know what u mean ...but i cant even stay in position even when i know there gonna work.example this week

the weekly low was broken, no brainer of a trade, enter sell 10 below the low stop above the high...but the drawdown when it occured make me lose confidence in my decision and i exit...even thou i knew the trade was good....if i remained in it like u do id have made 400 pips easy....just one one currency....in theory i should be making pips like crazy, it isnt hard but its impossible if yur head cant accept risk....

i need to change the way...
navin, when you want to enter a position your RR must be higher than 1.5... if you find the stop loss big.. just scale to the smaller time frame and you get a smaller trend with smaller take profit and smaller stop loss... you just scale it the way you want man... come on, trade demo again and get disciplined into a system for a while and see the results then judge if you want to stay or leave. you say you made mistakes and you want to stop trading, you have to say i have followed my system but it lost so i want to stop trading but thats not the case, you didnt really follow your system!! give it a try come on
When life gives you lemons, make lemonade
  • #104,850
  • Dec 5, 2008 2:40pm Dec 5, 2008 2:40pm
Quoting spintrader
I see what you are saying- hell the idea behind making winning trades coldn't be more simple- it's just human nature that makes it difficult, greed/fear/confidence etc.

I think you're just one blinding week away from regaining all you're confidence, at which point you will be able to accept risk no problem.

The trick is just to keep up the discipline long enough to keep winnings, and keep confidence.

Also don't feel you need to trade every week even, I spend a lot of time not trading, but watching and waiting for my pre-planned entries....
whats bold is gold

trading is not logical when you think about the price moving rapidly one way, you say oh its going long while in reality its not, its just deceiving and fooling your mind thats why 90% of people lose money. you have to use your system, just trade like a robot, start with demo again, come on!!!
When life gives you lemons, make lemonade
  • #104,851
  • Dec 5, 2008 2:42pm Dec 5, 2008 2:42pm
as we speak, target 1 1.4753
When life gives you lemons, make lemonade
  • #104,852
  • Dec 5, 2008 2:49pm Dec 5, 2008 2:49pm
Quoting nAVIN2007
i know what u mean ...but i cant even stay in position even when i know there gonna work.example this week

the weekly low was broken, no brainer of a trade, enter sell 10 below the low stop above the high...but the drawdown when it occured make me lose confidence in my decision and i exit...even thou i knew the trade was good....if i remained in it like u do id have made 400 pips easy....just one one currency....in theory i should be making pips like crazy, it isnt hard but its impossible if yur head cant accept risk....

i need to change the way...

i have the same problem; however, i worked it out by by the following:

1) take only high probability trades
2) use small lots (e.g. using 1000K trades i.e. 10 cents a pip)
3) if the trade goes against you 50 pips, before it turns your direction; double up and ride it down (or up)

if you are good a picking the direction; your trades will be all profitable because if the timing is off; you just hold till it is right go in again and double up the profit.

with move like this week where it move amost 900 pips in one direction, you are bound to pick up 500 and if you sell on the rallies, you make even more

end of the week you could end up with:
trade 1) 500
trade 2) 400
trade 3) 300
etc...

when it adds up you made a lot because you didnt have any loses.

once you get confortable, then you can add more lots (i.e. 2000k)... soon it will be back up to 10k and 100k trades


never give up...and learn from eohater and steelhead and it will come
  • #104,853
  • Dec 5, 2008 2:51pm Dec 5, 2008 2:51pm
[quote=nAVIN2007;2400018]i know what u mean ...but i cant even stay in position even when i know there gonna work.example this week

Navin...... Ur logo says he who dares wins.... i dare u to try steelheads offer ull be a winner
  • #104,854
  • Dec 5, 2008 3:13pm Dec 5, 2008 3:13pm
Quoting micho
yup
I use fxclub for fixed spread and fxcm for variable...Fxcm sucks..Fxclub are not the best either but they are fine by me..
Quoting micho
consistent pip average per week/month.. that is what i meant
like average pippage and maximum drawdown...
I know what you mean bro... Everyone has their stlye but the system that I use which is virtually identical to that of my brother EO can yield anywhere between 1000 and 2000 pips per week trading short term both long and short... no joke... It is pretty simple but it requires patience, discipline and experience as well.

I don't risk more than 2-4% on a single trade at any time and I wouldn't recommend anyone to trade with anything higher. Forex is a very profitable business if you are patient and disciplined but you must take to time to learn it properly.

Another thing that I must add that helps as well is targets. You should set yourself weekly and monthly targets. You should set them conservatively at levels that are reachable for YOU. Start low and as your confidence grows you can increase your targets.. When you reach your goal for the week/month.. take it easy and try not give back your pips and get back below your goal. Trust me when I tell you that it helps with your mental state when trading and it provides extra motivation..

I attached an excel spreadsheet where you can enter your targets and track your performance. I put in a monthly target of 10% to start, you can adjust that by changing the amount in that cell.
Attached File(s)
File Type: xls Forex Targets.xls   39 KB | 374 downloads
Patience + Discipline - Greed = Success
  • #104,855
  • Dec 5, 2008 3:19pm Dec 5, 2008 3:19pm
Quoting Infinity
I use fxclub for fixed spread and fxcm for variable...Fxcm sucks..Fxclub are not the best either but they are fine by me..


I know what you mean bro... Everyone has their stlye but the system that I use which is virtually identical to that of my brother EO can yield anywhere between 1000 and 2000 pips per week trading short term both long and short... no joke... It is pretty simple but it requires patience, discipline and experience as well.

I don't risk more than 2-4% on a single trade at any time and I wouldn't recommend anyone...
yep, i totally find that logical
my have several problems though, no time for trading (like seeing the candles and getting signals which requires alot of observation) although im here at forex factory alot but not all the time on my pc... second is im still not taking all trades in my live account but im liking the result of the new system... third, i am having lots of problems with this broker now and i want to change them!!!!!

also you can say im still under some kind of a shock after august... i didnt really think that the system will stop working so soon... i just needed few months to make a fortune...
When life gives you lemons, make lemonade
  • #104,856
  • Dec 5, 2008 3:29pm Dec 5, 2008 3:29pm
micho i have a problem in that i see the setup and the trends but i find i dont have the balls to pull the trigger and miss trades because of this. this is due to my blowing the account before and scared of repeating it. i mean come on idoubled my demo acc easy but putting my money on the table and i freeze
  • #104,857
  • Dec 5, 2008 3:37pm Dec 5, 2008 3:37pm
Quoting micho
yep, i totally find that logical
my have several problems though, no time for trading (like seeing the candles and getting signals which requires alot of observation) although im here at forex factory alot but not all the time on my pc... second is im still not taking all trades in my live account but im liking the result of the new system... third, i am having lots of problems with this broker now and i want to change them!!!!!

also you can say im still under some kind of a shock after august......

Micho you really have to share with us at some point this infallible system you keep referring to that stopped working...

I know I am very curious...
  • #104,858
  • Dec 5, 2008 3:38pm Dec 5, 2008 3:38pm
Quoting behram
micho i have a problem in that i see the setup and the trends but i find i dont have the balls to pull the trigger and miss trades because of this. this is due to my blowing the account before and scared of repeating it. i mean come on idoubled my demo acc easy but putting my money on the table and i freeze
thats me.when u find a solution to that let me know and when u in the trade its like yur scared right? but on demo theres no fear and u totally do everything right....thats exactly the problem i have
  • #104,859
  • Dec 5, 2008 3:38pm Dec 5, 2008 3:38pm
Quoting behram
micho i have a problem in that i see the setup and the trends but i find i dont have the balls to pull the trigger and miss trades because of this. this is due to my blowing the account before and scared of repeating it. i mean come on idoubled my demo acc easy but putting my money on the table and i freeze
u have to be ready to take risk to lose x to win 2x
thats the idea... stop profit... dont close the trade until u hit the profit... set it as BE when u reach a certain level... and accept the stop loss when u get it

2x - x -x +2x +2x -x = 3x
with even 50% percentage you win 3x
When life gives you lemons, make lemonade
  • #104,860
  • Dec 5, 2008 3:40pm Dec 5, 2008 3:40pm
Quoting Vourvoul
Micho you really have to share with us at some point this infallible system you keep referring to that stopped working...

I know I am very curious...
maybe later

sorry vourvoul
When life gives you lemons, make lemonade
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