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Cable Update (GBPUSD)

  • #116,181
  • Jan 29, 2009 8:09am Jan 29, 2009 8:09am
Quoting PipLand
bad news seems to be effect the dollar less and I think everyone over did the dollar buying in anticipation of the news
great call earlier buddy ...welldone!!
this is the first trade i have had where i had 160 pip winner which likely turn out to be a losser..i need to develop a plan to prevent this on live
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  • #116,182
  • Jan 29, 2009 8:10am Jan 29, 2009 8:10am
It hit 1.4407 and also hit my TP. Where it will go now ?
Give me patience
  • #116,183
  • Jan 29, 2009 8:12am Jan 29, 2009 8:12am
Quoting FxMatt
Feeling pretty miserable today after finally blowing my account. Started trading June 08 part time and by November thought that I had it cracked (account building nicely). January has been pretty torrid though with too many bad decisions and stopped out too many times. Finally killed my account today.

How do you guys get over the patch where it just all seems to go the wrong way what ever you do? Time for a break perhaps?

I am not a quitter but January has certainly tested my perserverance and made me question if trading is for me.
Always pay yourself daily or weekly - i keep my account to what my initial payment was. Money Management is KEY.
  • #116,184
  • Jan 29, 2009 8:16am Jan 29, 2009 8:16am
Quoting nAVIN2007
great call earlier buddy ...welldone!!
this is the first trade i have had where i had 160 pip winner which likely turn out to be a losser..i need to develop a plan to prevent this on live
Nice one glad it worked out ive got 1.5000! firmly in my sights now gonna see how it gets through the traffic 4415 is next
  • #116,185
  • Jan 29, 2009 8:19am Jan 29, 2009 8:19am
Quoting Madonher
Always pay yourself daily or weekly - i keep my account to what my initial payment was. Money Management is KEY.
This is really good advice helps to keep your leverage and goals in check.
  • #116,186
  • Jan 29, 2009 8:27am Jan 29, 2009 8:27am
Quoting PipLand
This is really good advice helps to keep your leverage and goals in check.

Thanks - I really appreciate all your comments. I won't give up but will take a break for a day or two to regroup!

How long has it taken you guys to get to the stage where you are consistently profitable?

Appreciate your support.
  • #116,187
  • Jan 29, 2009 8:28am Jan 29, 2009 8:28am
Quoting FxMatt
Feeling pretty miserable today after finally blowing my account. Started trading June 08 part time and by November thought that I had it cracked (account building nicely). January has been pretty torrid though with too many bad decisions and stopped out too many times. Finally killed my account today.

How do you guys get over the patch where it just all seems to go the wrong way what ever you do? Time for a break perhaps?

I am not a quitter but January has certainly tested my perserverance and made me question if trading is for me.
id say to u ...its just a question of knowledge...i have been trading since april last year and the world knows ( i will tell the world...given the chance..) that i been battling just to keep my money and lossing it!

been a tough fight to say the least.

u got to come to terms that yur trading is based on direction, the best place to enter the market is where a barrier is (support and resistance) u then just gotta pick where u think it will go....AND UNDERSTAND YUR SIMPLY SPECULATING..when yur wrong it wont kill u cause u knew u can get it wrong..u will automatically use good mm because u realise this.....

read trading in the zone....fight and conquer yur demons to gain the resolve needed to remain with your convictions....find the answers to this on demo and u will trade like a new man...

its all in the head bro, u can read and read but all that does from a mental point of view is gives u this complex of being right is important...

i stripped myself of all indicators and am hitting home runs left, right and center...i think the difference is in the thinking side of trading..u will fight another day! happy comeback already
u only have to work on yur mind and a descent edge always helps
  • #116,188
  • Jan 29, 2009 8:31am Jan 29, 2009 8:31am
Quoting nAVIN2007
id say to u ...its just a question of knowledge...i have been trading since april last year and the world knows ( i will tell the world...given the chance..) that i been battling just to keep my money and lossing it!

been a tough fight to say the least.

u got to come to terms that yur trading is based on direction, the best place to enter the market is where a barrier is (support and resistance) u then just gotta pick where u think it will go....AND UNDERSTAND YUR SIMPLY SPECULATING..when yur wrong it wont kill u cause u knew u can get it...
hey man long time no speak
how r u
good to know ur hitting home runs
fx local how r u buddy
any sign of bones and the others
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #116,189
  • Jan 29, 2009 8:32am Jan 29, 2009 8:32am
Quoting Bullfx
It hit 1.4407 and also hit my TP. Where it will go now ?
I hope you took your pips off the table... The last 20 mins has been pretty rivetting stuff, I must say !!! Up 100 pips and then down almost the same amount !!!

Then not forgetting the 200+ pips upward movement earlier after a 200+ down earlier in the day... WOW !!!

Not for the faint hearted...
  • #116,190
  • Jan 29, 2009 8:35am Jan 29, 2009 8:35am
Quoting salah k.
hey man long time no speak
how r u
good to know ur hitting home runs
fx local how r u buddy
any sign of bones and the others
hey salah, im good thanks, trying to get my head around cable!! fast and furious of late isnt it....

hows things in lebanon? ustill studying?
Trading is 80% Emotional, 20% Technical
  • #116,191
  • Jan 29, 2009 8:35am Jan 29, 2009 8:35am
i miss the train to north. still holding short to target .4120... mmm.. or it will go to north again...
  • #116,192
  • Jan 29, 2009 8:36am Jan 29, 2009 8:36am
sorry a bit off topic question

I was meant to close my short on EURGBP with an order at 0,9143

my broker gives me a 0,91412 low but the position has not been filled

do you have any idea why and how to deal with this??
  • #116,193
  • Jan 29, 2009 8:38am Jan 29, 2009 8:38am
Quoting fx local
hey salah, im good thanks, trying to get my head around cable!! fast and furious of late isnt it....

hows things in lebanon? ustill studying?
its good
little political tension as always
going to start my masters hopefully
as for cable well yeah its been quite difficult lately
im still overall bearish until we hear some changing fundamentals
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #116,194
  • Jan 29, 2009 8:39am Jan 29, 2009 8:39am
Quoting fammira
sorry a bit off topic question

I was meant to close my short on EURGBP with an order at 0,9143

my broker gives me a 0,91412 low but the position has not been filled

do you have any idea why and how to deal with this??
was the 0.91412 quote their bid, mid or offer?
  • #116,195
  • Jan 29, 2009 8:41am Jan 29, 2009 8:41am
Quoting fammira
sorry a bit off topic question

I was meant to close my short on EURGBP with an order at 0,9143

my broker gives me a 0,91412 low but the position has not been filled

do you have any idea why and how to deal with this??
I have EUR/GBP low at 0.9142, but to buy it was 3 pips higher, did u include your spread?
  • #116,196
  • Jan 29, 2009 8:41am Jan 29, 2009 8:41am
Quoting fx local
dnt wry blown acc part of the learning curve....

go on demo for lil while, realise what u doing wrong, what u can do better and go back live when u rebuild confidence...

try a bit of reading always helps, market wizards good read
Sorry to hear a fellow trader losing funds, but worst part is losing spirit.
Best thing to do is:
1. Go back to your winning months and then go through January.
2. Identify all your good trading entries and define style and approach
3. Now, go back test in the month of January in January
4. Identify if this would have been a winning month if so
5. Now get on demo account and stick to a consistent approach
6. Once it is a winning month..get back on the horse..

Dont loose your spirit..its only a matter of learning experience = (time, sweat, blood, tears, wisdom, stupidy and determination)

best of luck and work!
  • #116,197
  • Jan 29, 2009 8:44am Jan 29, 2009 8:44am
Quoting cikos
i miss the train to north. still holding short to target .4120... mmm.. or it will go to north again...
I really really hope that those of you who were LONG 30 mins ago got your pips filled !!!


N O W... can we ALL agree that the trend (next 30 min, next 4 hour, next day ) is D O W N ???

No more this flights to the North pls, OK, Kapish, Comprehendeh ?

  • #116,198
  • Jan 29, 2009 8:44am Jan 29, 2009 8:44am
I have a 3.5 points spread here, that must be the reason

what a pity, I am short from 0,9477....
  • #116,199
  • Jan 29, 2009 8:46am Jan 29, 2009 8:46am
Quoting JammerJams
Sorry to hear a fellow trader losing funds, but worst part is losing spirit.
Best thing to do is:
1. Go back to your winning months and then go through January.
2. Identify all your good trading entries and define style and approach
3. Now, go back test in the month of January in January
4. Identify if this would have been a winning month if so
5. Now get on demo account and stick to a consistent approach
6. Once it is a winning month..get back on the horse..

Dont loose your spirit..its only a matter of learning experience = (time, sweat, blood,...
Good advice, apart from the bit about going back to demo account. Trading with demo prevents you from learning to conquer the emotional side of trading.

I would advise trading micro lots, and stick with these until you are consistent over a period of months, then slowly start scaling up. Write down your rationale behind entering and exiting every trade, then go back to this at the end of each week and learn from your successes and, more importantly, your losses.

Take a break for a few days before you do anything else.

Good luck
  • #116,200
  • Jan 29, 2009 8:48am Jan 29, 2009 8:48am
Quoting blurrcow
I really really hope that those of you who were LONG 30 mins ago got your pips filled !!!


N O W... can we ALL agree that the trend (next 30 min, next 4 hour, next day ) is D O W N ???

No more this flights to the North pls, OK, Kapish, Comprehendeh ?

sorry dont agree mate were going back up again to 1.5
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