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Cable Update (GBPUSD)

  • #117,421
  • Feb 3, 2009 11:06am Feb 3, 2009 11:06am
I would like to know....

Level of traders..

1. Trading accounts..more then your own..and levels... 6 or 7 figure usd
2. Trading accounts...6 figure or less..
3. Trading your account only
4. Trading small personal account
5. Trading demo account..

I would like to know the level of commitment..and responsibility..

I am hearing lots of trade entries that would scare me...I am seeing people chasing each pip as if it were gold nuggets..but..I am not seeing focus on entry nor limit of gains.

Nor do I hear what really matters to customers is daily % of accounts. Pip count is nice and important..but really..at the end of the day..customers look at % profit. couldnt care less about pips.

thanks for your patience...
  • #117,422
  • Feb 3, 2009 11:07am Feb 3, 2009 11:07am
Quoting JammerJams
Sofia...

did you double-up on your previous short entry..or did it close at a loss?

curious..
Yoo are right I just open one more short,but I locked my 1.4320 0n the way up so I made money going up closed and now I am only short
  • #117,423
  • Feb 3, 2009 11:10am Feb 3, 2009 11:10am
Quoting sofia101
Yoo are right I just open one more short,but I locked my 1.4320 0n the way up so I made money going up closed and now I am only short
so you straddled your short with a long..and then closed the long..and entered new short.

thanks Sofia..
  • #117,424
  • Feb 3, 2009 11:10am Feb 3, 2009 11:10am
Quoting sofia101
Yoo are right I just open one more short,but I locked my 1.4320 0n the way up so I made money going up closed and now I am only short
so far I am up 185 pips but I have floating loss will see
  • #117,425
  • Feb 3, 2009 11:11am Feb 3, 2009 11:11am
Quoting JammerJams
so you straddled your short with a long..and then closed the long..and entered new short.

thanks Sofia..
yes you are right
  • #117,426
  • Feb 3, 2009 11:14am Feb 3, 2009 11:14am
I trade 9 personal accts including my own(not forex though).....S&P minis thru Openecry.

3 of those personal accts are in low 6 figures....others are 50-75k

My forex acct thru MB Trading is my small personal acct(not demo)...still learning, but so far doing well(in the black)....with a few bruises along the way....lol
  • #117,427
  • Feb 3, 2009 11:14am Feb 3, 2009 11:14am
h1....
Attached Image
Patience + Discipline - Greed = Success
  • #117,428
  • Feb 3, 2009 11:14am Feb 3, 2009 11:14am
Quoting sofia101
so far I am up 185 pips but I have floating loss will see
I am starting Feb slowly..hoping to get a better feel about this current consolidation of g/u and e/u...

the news today..seems to have shaken up the immediate..but we will see more fallout for g/u and e/u...things will go back to long term trend..will see..

I am focused on % as I need to report daily to customers..on %...stating pips has no meaning to them...on $$$$

So..my measure is keeping risk to 1% and gaining on $ along the way..with minimum number of entries.

My daily target is 1% but sometimes hit higher..but not intended..I will walk away when target is reached...
  • #117,429
  • Feb 3, 2009 11:19am Feb 3, 2009 11:19am
Quoting JammerJams
I would like to know....

Level of traders..

1. Trading accounts..more then your own..and levels... 6 or 7 figure usd
2. Trading accounts...6 figure or less..
3. Trading your account only
4. Trading small personal account
5. Trading demo account..

I would like to know the level of commitment..and responsibility..

I am hearing lots of trade entries that would scare me...I am seeing people chasing each pip as if it were gold nuggets..but..I am not seeing focus on entry nor limit of gains.

Nor do I hear what really matters to customers is...
i started off with a 3k account in april(live) and lost around 1.2k of the initail capital and thought i better stop here b4 i lose the lot.
Now because i moved home and needed the remainder of my money and ploughed it into the cost of moving and as a result im on demo, trying to develop myself the best i can without real money behind me.
  • #117,430
  • Feb 3, 2009 11:20am Feb 3, 2009 11:20am
Quoting JammerJams
I am starting Feb slowly..hoping to get a better feel about this current consolidation of g/u and e/u...

the news today..seems to have shaken up the immediate..but we will see more fallout for g/u and e/u...things will go back to long term trend..will see..

I am focused on % as I need to report daily to customers..on %...stating pips has no meaning to them...on $$$$

So..my measure is keeping risk to 1% and gaining on $ along the way..with minimum number of entries.

My daily target is 1% but sometimes hit higher..but not intended..I will...
Nice but I don't want to manage accounts why do this if I make a good living trading my own
  • #117,431
  • Feb 3, 2009 11:20am Feb 3, 2009 11:20am
Quoting joemiami
I trade 9 personal accts including my own(not forex though).....S&P minis thru Openecry.

3 of those personal accts are in low 6 figures....others are 50-75k

My forex acct thru MB Trading is my small personal acct(not demo)...still learning, but so far doing well(in the black)....with a few bruises along the way....lol
thanks joe...

appreciate the info..it gives weight in your trade views...

I have seen many people trade demo accounts and do well..but then jump on live accounts and fail horribly. Demo accounts are forgiiving...spreads are locked and entries are always no problem.

Trading a demo account means you can kill it and try again with no pain.
no so easy with live accoounts..

So..you are more cautious..and should be...

thanks
  • #117,432
  • Feb 3, 2009 11:24am Feb 3, 2009 11:24am
Quoting nAVIN2007
i reckon 1.48 is almost sure thing as long as today we close bulish, the charts are screaming long to me

which is always dangerous
Hi nAVIN, I very rarely comment on these trades here because I believe we all see things very differently.

But out interests, will it not be better waiting for another cycle before making an entry? Afterall, the market has a pulling back, don't you think?

This was my trade earlier. I made an entry at 1.4280 and the trailing stoploss took me out on the second pullback at 1.4370. That was it for the day.
http://www.siriusforex.com/gbp-breaks-range.gif

Sometimes, it's better to wait if the entry is not right. Have a great day.
  • #117,433
  • Feb 3, 2009 11:25am Feb 3, 2009 11:25am
By the way I am trading live for almost 5 years and this year I quit my day job so forex now full time
  • #117,434
  • Feb 3, 2009 11:27am Feb 3, 2009 11:27am
Quoting JammerJams
thanks joe...

appreciate the info..it gives weight in your trade views...

I have seen many people trade demo accounts and do well..but then jump on live accounts and fail horribly. Demo accounts are forgiiving...spreads are locked and entries are always no problem.

Trading a demo account means you can kill it and try again with no pain.
no so easy with live accoounts..

So..you are more cautious..and should be...

thanks
this is why im developing a method where i place a stop loss and target and the minute i have done this, pretty much walk away till one or the other happens
i have improved on the emotional side of trading by 60% and looking to build so when i do have the money i can make it last and grow if it isnt asking to much
  • #117,435
  • Feb 3, 2009 11:28am Feb 3, 2009 11:28am
Quoting sofia101
Nice but I don't want to manage accounts why do this if I make a good living trading my own
that is everyones dream...but I have not acquired 2 million of my own money yet..

in this business..
1. more capital is best..
a. higher lot size entries for 1% risk at 100 pip travel..means..for a mill..
$10,000 risk max... Lot size = 10 ($10/lot) and risk max at 100 SL
2. Using other peoples capital is nice way to increase your capital too
b. my fee here in states is 30% of profit..in asia it is a bit higher.
3. Trading others money is a great way to keep your trades safe..and caution is the focus..

So..that is my reason...

oh..higher lot size means nicer rebate as well
  • #117,436
  • Feb 3, 2009 11:28am Feb 3, 2009 11:28am
Quoting JammerJams
I would like to know....

Level of traders..

1. Trading accounts..more then your own..and levels... 6 or 7 figure usd
2. Trading accounts...6 figure or less..
3. Trading your account only
4. Trading small personal account
5. Trading demo account..

I would like to know the level of commitment..and responsibility..

I am hearing lots of trade entries that would scare me...I am seeing people chasing each pip as if it were gold nuggets..but..I am not seeing focus on entry nor limit of gains.

Nor do I hear what really matters to customers is...
I have been trading since the early eighties as a local in the pits for twelve years with ten years off to pursue other business interests. For the last five years back in the saddle from my home office. Manage mid 7 figures for family and friends with high 6 figures in forex.
  • #117,437
  • Feb 3, 2009 11:31am Feb 3, 2009 11:31am
Quoting JammerJams
thanks joe...

appreciate the info..it gives weight in your trade views...

I have seen many people trade demo accounts and do well..but then jump on live accounts and fail horribly. Demo accounts are forgiiving...spreads are locked and entries are always no problem.

Trading a demo account means you can kill it and try again with no pain.
no so easy with live accoounts..

So..you are more cautious..and should be...

thanks
mind you..... the vast majority of the great returns Ive gotten off the S&P market are trades made off the bad economic news data typically coming out at 8am NY time...lots of shorts on the bad news..... $$$
  • #117,438
  • Feb 3, 2009 11:32am Feb 3, 2009 11:32am
This pair still can go to 1.4476 just heads up
  • #117,439
  • Feb 3, 2009 11:33am Feb 3, 2009 11:33am
Quoting Nardino
Hi nAVIN, I very rarely comment on these trades here because I believe we all see things very differently.

But out interests, will it not be better waiting for another cycle before making an entry? Afterall, the market has a pulling back, don't you think?

This was my trade earlier. I made an entry at 1.4280 and the trailing stoploss took me out on the second pullback at 1.4370. That was it for the day.


Sometimes, it's better to wait if the entry is not right. Have a great day.
yes i do agree, however on the 1hr i need to see something which tells me price wants to falls when i see this......i may exit...the trade i placed im monitoring on small time frame but entry and exit is based on weekly and this will be the method of trading id adapt when i go live as i wont be able to manage the trades

yellow line resistance should form support when it breaks i will exit especailly if 4hr is a pin but so far its looking bullish to me
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  • #117,440
  • Feb 3, 2009 11:35am Feb 3, 2009 11:35am
Quoting sofia101
This pair still can go to 1.4476 just heads up
Hmmmm.... 15 min salivating to head down...we'll see.

Sophia, why you say it could to 1.4476?...based on what?
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