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Cable Update (GBPUSD)

  • #106,781
  • Dec 15, 2008 2:27pm Dec 15, 2008 2:27pm
Quoting Infinity
Two things:

1. Risk Management
2. Money Management

You must know before you enter a trade how much you are willing to risk and one you ascertain what that amount is, you implement a stop loss. Also, if you entered short at 1.4908 with price going up almost 400 pips and your account is almost blown, that means you are overleveraging. You should not risk more than 2-4% on a single trade. If you are just learning, use 1% per trade.

Good luck on your journey but you must educate yourself properly and maintain the discipline.
Wise words! Very wise!!
Just digging in the trenches like everyone else!
  • #106,782
  • Dec 15, 2008 2:31pm Dec 15, 2008 2:31pm
Quoting eohater
Wise words! Very wise!!
Thanks bro!!!
Patience + Discipline - Greed = Success
  • #106,783
  • Dec 15, 2008 2:31pm Dec 15, 2008 2:31pm
I took a small 60 pip loss today I dont know what to do with myself I think I will stop trading. For good
  • #106,784
  • Dec 15, 2008 2:32pm Dec 15, 2008 2:32pm
Quoting determined
i am licking my wounds today instead of smiling to the bank for not following my own analysis which i gave on EU thread this morning at the beginning of euro session, i lost virtually all my money today following a "respected" voice on this thread and twas really painful as i have to start building my account from the meagre amount remaining in it with 0.01 lot,learn from me as you are on your in this,learn all u can and develop your own system
rule 1 dont believe respected voices (except mine as i never recommend)

rule 2 - see rule 1

I learned my lesson from listening to justin urquhart stewart - big girl's blouse who was ceo of barclays stockbrokers

He recommended loading up with BT shares if they ever got down to £14

they dropped to £2 straight away

I NEVER listen to overblown idiots with red braces (suspenders if you are american). I never listen to men with suspenders (Garter belts if you are american)

being CONTRA to opinion is the way to go

EVERY FOREX SITE on the net said cable was going DOWN to at least 1.36 only two weeks ago

I sort of believed them but didnt bet on it
  • #106,785
  • Dec 15, 2008 2:33pm Dec 15, 2008 2:33pm
Quoting steelhead
I took a small 60 pip loss today I dont know what to do with myself I think I will stop trading. For good
I'll send the ambulance to rescue your ass!!
Just digging in the trenches like everyone else!
  • #106,786
  • Dec 15, 2008 2:34pm Dec 15, 2008 2:34pm
Quoting steelhead
I took a small 60 pip loss today I dont know what to do with myself I think I will stop trading. For good

Your having a laugh right?

Ive been kicking myself all day for jumping off the train too early, thats life though.
  • #106,787
  • Dec 15, 2008 2:36pm Dec 15, 2008 2:36pm
maybe a double top 1.5376?

any thoughts?
  • #106,788
  • Dec 15, 2008 2:37pm Dec 15, 2008 2:37pm
Quoting PipLand
Your having a laugh right?

Ive been kicking myself all day for jumping off the train too early, thats life though.

Yes it was tongue and cheek my friend losses are apart of the game. I dont care as long as im up mad pips everyweek.
  • #106,789
  • Dec 15, 2008 2:39pm Dec 15, 2008 2:39pm
Quoting nAVIN2007
i hope so bro..good know i want to do well at this..my job sucks
LOL.

I have been following your banter on this thread for a couple of months now. Respect to you who do this for a living. I hope this works out for me too. I'm sick of working for idiots. I'll only have myself to call an idiot..

was just in a short when my broker took me out for the end of day. still made a few tho.

Thanks for the tips on the forum guys.

Still lookin and learnin'
  • #106,790
  • Dec 15, 2008 2:40pm Dec 15, 2008 2:40pm
Quoting eohater
I can understand that! You'll get there bro!! Let me know if I can help you with your roadmap.
thanks brother
  • #106,791
  • Dec 15, 2008 2:43pm Dec 15, 2008 2:43pm
Quoting Kyen
If I may add...

1. Trend is your friend
2. Risk management
3. Money management

There will be times for the big bets, I cant stress how many times I've been wrong but with good money management, a 1 out of 3 trade success can put some real nice grade A steak on the table.
Patience + Discipline - Greed = Success
  • #106,792
  • Dec 15, 2008 2:45pm Dec 15, 2008 2:45pm
Quoting steelhead
Yes it was tongue and cheek my friend losses are apart of the game. I dont care as long as im up mad pips everyweek.
all pigs fuelled and ready to fly
  • #106,793
  • Dec 15, 2008 2:45pm Dec 15, 2008 2:45pm
Quoting PipLand
Your having a laugh right?

Ive been kicking myself all day for jumping off the train too early, thats life though.
You cant win all bro
  • #106,794
  • Dec 15, 2008 2:49pm Dec 15, 2008 2:49pm
Quoting ferndog
Wait till it gets to 1.5400 & go long. Make some money back. Of course always use a SL!
Why would you wait til 5400 to go long if you don't mind me asking?
Just digging in the trenches like everyone else!
  • #106,795
  • Dec 15, 2008 2:51pm Dec 15, 2008 2:51pm
Quoting steelhead
I took a small 60 pip loss today I dont know what to do with myself I think I will stop trading. For good
let me give you a small advice from someone who have more lost than your lost today.
first off all don't enter a trading without any stop lost or target pips don't keep following the trend if you are a short term trader.
don't add more losing to the open losing trading.
if you close the trade in one day with a lost try to avoid the trading in the same day, trust me no one can cover the lost in the same day, instead you will have more loss...
  • #106,796
  • Dec 15, 2008 2:55pm Dec 15, 2008 2:55pm
Quoting eohater
Why would you wait til 5400 to go long if you don't mind me asking?
Very good question...
Patience + Discipline - Greed = Success
  • #106,797
  • Dec 15, 2008 2:55pm Dec 15, 2008 2:55pm
Quoting Abuawad
let me give you a small advice from someone who have more lost than your lost today.
first off all don't enter a trading without any stop lost or target pips don't keep following the trend if you are a short term trader.
don't add more losing to the open losing trading.
if you close the trade in one day with a lost try to avoid the trading in the same day, trust me no one can cover the lost in the same day, instead you will have more loss...

thanks my friend it was kinda a joke my comment. I dont enter without stop losses and im not a short term trader.

I do add to losing positions and do just fine with it. I have been around the block 3/4 times before so i know the block really well.

Again comment was a joke. I couldnt care less about a 60 pip losing trade.
  • #106,798
  • Dec 15, 2008 2:57pm Dec 15, 2008 2:57pm
Quoting eohater
Why would you wait til 5400 to go long if you don't mind me asking?

Cause he wants serious drawdown and wants to buy in no mans land.
  • #106,799
  • Dec 15, 2008 2:59pm Dec 15, 2008 2:59pm
Quoting allserene
rule 1 dont believe respected voices (except mine as i never recommend)

rule 2 - see rule 1

I learned my lesson from listening to justin urquhart stewart - big girl's blouse who was ceo of barclays stockbrokers

He recommended loading up with BT shares if they ever got down to £14

they dropped to £2 straight away

I NEVER listen to overblown idiots with red braces (suspenders if you are american). I never listen to men with suspenders (Garter belts if you are american)

being CONTRA to opinion is the way to go

EVERY FOREX SITE on the...
If there is only thread that worth the attention. This is the one and only one.
~*~You are only one trade away from humility~*~
  • #106,800
  • Dec 15, 2008 2:59pm Dec 15, 2008 2:59pm
Quoting eohater
Why would you wait til 5400 to go long if you don't mind me asking?
Waiting for an indication that it will stay long before i jump in. Right now the pound is long. Day is winding down. If i get in right now & this starts going down then i lose. I will wait until i can see a higher high & jump in a few pips above.
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