Auslanco - GBP/JPY and GBP/USD (newstrade)

just wait for 4h close after 2hours before shorting cause it could close at 136

Great words of advice.

What are the other 2 steps?
Step Four: Unconscious Trading
Step Five: Retire, buy a helicopter

http://forexforums.dailyfx.com/blogs/auslanco/ did any one hir this sound untruly

Good Piece!
The trader becomes the system. Don't have an opinion, just trade what you see.

Just curious, why choose Rob Booker as the Guru?

Well... almost lol

Step 4 - Conscious Competence

You are making trades whenever your system tells you to. You take losses just as easily as you take wins You now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it looses and when you're on a loser you close it swiftly with little pain to your account

You are now at a point where you break even most of the time - day in day out, you will have weeks where you make 100 pips and weeks where you lose 100 pips - generally you are breaking even and not losing money. You are now conscious of the fact that you are making calls that are generally good and you are getting respect from other traders as you chat the day away. You still have to work at it and think about your trades but as this continues you begin to make more money than you lose consistently.

You'll start the day on a 20 pip win, take a 35 pip loss and have no feelings that you've given those pips back because you know that it will come back again. You will now begin to make consistent pips week in and week out 25 pips one week, 50 the next and so on.

This lasts about 6 months

Step Five - Unconscious Competence

Now we’re cooking - just like driving a car, every day you get in your seat and trade - you do everything now on an unconscious level. You are running on autopilot. You start to pick the really big trades and getting 200 pips in a day doesnt make you any more excited that getting 1 pips.


You see the newbies in the forum shouting 'go dollar go' as if they are urging on a horse to win in the grand national and you see yourself - but many years ago now.

This is trading utopia - you have mastered your emotions and you are now a trader with a rapidly growing account.

You're a star in the trading chat room and people listen to what you say. You recognise yourself in their questions from about two years ago. You pass on your advice but you know most of it is futile because they're teenagers - some of them will get to where you are - some will do it fast and others will be slower - literally dozens and dozens will never get past stage two, but a few will.

Trading is no longer exciting - in fact it's probably boring you to bits - like everything in life when you get good at it or do it for your job - it gets boring - you're doing your job and that's that.


Finally you grow out of the chat rooms and find a few choice people who you converse with about the markets without being influenced at all.


All the time you are honing your methods to extract the maximum profit from the market without increasing risk. Your method of trading doesnt change - it just gets better - you now have what women call 'intuition'

You can now say with your head held high "I'm a currency trader" but to be honest you dont even bother telling anyone - it's a job like any other.


I hope youve enjoyed reading this journey into a traders mind and that hopefully youve identified with some points in here.


Remember that only 5% will actually make it - but the reason for that isnt ability, its staying power and the ability to change your perceptions and paradigms as new information comes available.


The losers are those who wanted to 'get rich quick' but approached the market and within 6 months put on a pair of blinkers so they couldnt see the obvious - a kind of "this is the way i see it and thats that" scenario - refusing to assimilate new information that changes that perception.


Im happy to tell you that the reason i started trading was because of the 'get rich quick' mindset. Just that now i see it as 'get rich slow'

If youre thinking about giving up i have one piece of advice for you ....

Ask yourself the question "how many years would you go to college if you knew for a fact that there was a million dollars a year job at the end of it?

Take care and good trading to you all.

... Not sure lol

See that. That GU H4 gann needs to give tho.

yep! and e/u holding its own, for the most part. I was thinking of going long e/g 2 hours ago, wish I had

I believe that Dr.Janice Dorn wrote that. Google

the trading doctor.. [she is good]

http://www.forexfactory.com/news.php...80#post2439020

Is anyone else finding the FF servers a little flaky today?

[quote=GodfreyH;2528125]Good reading when you have the time:

Author: Unknown

The 5 Steps to becoming a trader

Step One: Unconscious Incompetence.


Hi GodfreyH,

I believe The Five Steps were originally penned By Soultrader 'The learning cycle for a newbie trader' over on Moneytec.

http://www.moneytec.com/forums/f14/l...-trader-12879/

Came across this when he first posted the thread and I was very green, still have it pinned to my office wall.

Like to think of myself as solidly at stage four (Thought that before though only to drop back to stage two several times) and stage five nearly.
__________________

Very flaky..lol

Yesterday was the first day since 30 Jan that the US Session was not a buying session.

Read into it what you want, but I won't be buying or selling anything substantial till I see how price reacts to either 137.00 or 129.00 regions.

Scalps in that range will be the plan. H4 Gann has now crossed.

I'm going to bed, someone wake me if the big boys start trading anything more than minilots.

what does it mean?
what do you think will it be a short ? from134.5?

see the black line ... that is a simple mid point of linear regression right now gj almost seems to be in a 400 pip channel ...

as quecee says gj is still in an overall uptrend till 133.60 is taken out.

the place to go short was at top of channel . I would be careful going short here unless the indexes start tanking today . If you go short here you may have just picked a bottom

how ever looking at 15 min we have a simple flag ... bear flag and break of this at 134.60 and the indexes breaking their open range low then the sell may well work out for a test 133.60.

Right now i am standing aside till us market opens

E/G has H&S with neckline broken to the downside, but the best long setup around

wrong chart .. posted 15 min twice

what happened to your earlier bull flag and bullish breakout, it never happened.

YET ..lol

I am a day trader Karmo .. you know that ... loving the volatility we have got last 48 hours even though i got my rear end kicked on Sunday ...since then got it together and loving these 100 pips up and down movements.

we still have not broken 133.60 last pivot low and symmetry of moves is about 380 up and down ... that to me makes channel 380 pips wide.

The 4 hour does look like it is rolling over and on the doji in the middle we had one of the highest volume bars we seen this month , so for sure sellers at 137 ish

Today / tomorrow will be determining days as to the true direction of the gj and the markets .

This stimulus package is causing alot of indecision in the market ... hence the crazy volatility boths ways right now