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  • #76,741
  • Mar 18, 2009 4:23am Mar 18, 2009 4:23am
Quoting psiholog
thanks although i have mixed feelings about this. the way i see it is...if i get stopped out it will be a strong reminder of what not to do if i want to survive in the bussiness. if i do get out at my target areas in the profit...it will be a negative reinforcement of habits of what i should not do (which suggests i may do it again in the future). winning and losing have pros and cons...which is better is the question


Edit: well i just closed both positions and am currently -12 pips for the week. donno how to feel about this...some...
After cranking out 50 pips a day, finding one's self down 12 pips for the week can be disconcerting. But only for an instant. The highly manipulated and non-instinctual PA moves over the past week or so has likely left a lot of traders in far worse condition! ....too much focus on "why" and "where next" and trying to posture for good pip moves, when due to the whipsawing the shorter pip moves become less risky. If the professional trade desks needed lots of short positions to take advantage of whatever is coming next, then they needed to coax and manipulate, so lots of other traders would get on the long side during all this crap. Just a thought.
  • #76,742
  • Mar 18, 2009 4:25am Mar 18, 2009 4:25am
Quoting realjumper
Thank you. My thinking is, and hopefully will remain, is to remember the story about the tortoise and the hare. Slow and steady will win over fast and furious every time.
easier said then done although i agree with this 100%. It relates to what chicky said a while ago about "all the successful people she knew had relatively large starting accounts".

the turtle in that case would do splendid....there is no financial pressure as the money is already there. its kind of the same principle as the "rich get richer".

however if your account is small to start with and the financial pressure is there...you want to be the hare...you need to build your account fast as the financial pressure is a constant reminder of how good you need to do.

in the end it comes down to one thing only....conviction. it doesnt matter whether one is the hare or the tortoise (im a 22 year old hare)....its all about the motivation to go further ahead without taking too many steps back. In my scenario...since i dedicated my full time for over a year in perfecting my strategy and have almost mastered my emotions I think I can be the hare...I do know when enough is enough now..whether losing or winning. I will become that odd variable in chicky's equation. Still if you have the luxury to be the tortoise..embrace it as you are one step ahead of me from the starting line
Different opinions highly valued, ignorant to slander.
  • #76,743
  • Mar 18, 2009 4:31am Mar 18, 2009 4:31am
Quoting traderathome
After cranking out 50 pips a day, finding one's self down 12 pips for the week can be disconcerting. But only for an instant. The highly manipulated and non-instinctual PA moves over the past week or so has likely left a lot of traders in far worse condition! ....too much focus on "why" and "where next" and trying to posture for good pip moves, when due to the whipsawing the shorter pip moves become less risky. If the professional trade desks needed lots of short positions to take advantage of whatever is coming next, then they needed to coax...
yeah... im gonna set another entry at 3065.. just for the hell of it.. and some further north...gb just published some employment numbers that suck.. it may move euro also
those who can, do. those who cant, talk about those who can
  • #76,744
  • Mar 18, 2009 4:32am Mar 18, 2009 4:32am
Quoting psiholog
easier said then done although i agree with this 100%. It relates to what chicky said a while ago about "all the successful people she knew had relatively large starting accounts".

the turtle in that case would do splendid....there is no financial pressure as the money is already there. its kind of the same principle as the "rich get richer".

however if your account is small to start with and the financial pressure is there...you want to be the hare...you need to build your account fast as the financial pressure is a constant reminder of...
If the markets were the same each and every day or each and every week, it would be easy to be a "Hare," but they change. Sometimes slowly over time or sometimes violently overnight.

It is even more important for you to keep your powder dry and not risk too much so that you can remain in the game.

I started trading full time at just about your age, nearly 30 years ago. It was a battle for the first two or three years. I never had a losing month, but it always seemed as if it was a battle. Then one day I noticed that it was getting easier and easier. My mentor informed me that I had "been there done that" enough that it was becoming second nature to me.

It sounds as if you are well on your way and it will just take some more patience.

Good luck.
  • #76,745
  • Mar 18, 2009 4:34am Mar 18, 2009 4:34am
[METALS] [GOLD] continuing capped by profit taking with mkt chatter of some shift back into equities. However, ETF demand remains solid with holding at the record level.


gu is taken an ass whippen
those who can, do. those who cant, talk about those who can
  • #76,746
  • Mar 18, 2009 4:37am Mar 18, 2009 4:37am
Some double top on 1H ?
  • #76,747
  • Mar 18, 2009 4:38am Mar 18, 2009 4:38am
We get the 100k-plus jobless claims change and the [POUND] is even lower as a result. We suggested this could be key and believe it will be, but players will also be digesting BOE minutes. Some key levels have already been breached through 1.3865 and the 0.9360 fibo in Eur/Gbp. The Pound now likely to remain broadly pressured. Low so far is 1.3844 and little in the way of real support until the 1.3650/55 region. Keep selling any signs of intraday strength. Last at 1.3885/90.
those who can, do. those who cant, talk about those who can
  • #76,748
  • Mar 18, 2009 4:40am Mar 18, 2009 4:40am
Damn tricky to call the Euro here, stuck between 4hour SMA and 24hour SMA, with the GBPUSD tanking.

That and ill, never trade ill it just ends up being a nasty down day.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #76,749
  • Mar 18, 2009 4:41am Mar 18, 2009 4:41am
Quoting Driver55
Good Morning /Evening @ all
Ciao Driver,

I have no hedging in progress for today,my positions are all shorts T/P 1.2950
what about you?
  • #76,750
  • Mar 18, 2009 4:41am Mar 18, 2009 4:41am
Quoting psiholog
glad to be of help. my recommendation to you is when you go live...start with small pip sizes. there is another beast to trading you have yet to discover. when you go live....emotions will be your strongest obstacle. You will understand when you have your first losing trade...or lets say 3-5 losing trades in a row.....if you manage to keep your cool after up to 10losing trades in a row...you will go far in this bussiness.
Thanks for sharing psi. Over time, discovered the beauty of trading. It beings out the BEST and WORST in us. When direction goes against us, the monster within us rages. We see ourselves in the worst. But when we slowly tame the monster by not depending on luck but rather patience, discipline and wisdom, we become a much better person. I am learning to grow better in other areas of my life through trading.

Good health and wealth to all !
  • #76,751
  • Mar 18, 2009 4:41am Mar 18, 2009 4:41am
Quoting oldman
Some double top on 1H ?

Yes it is and the second top is also shooting star, what makes us think it can go down pretty much.
  • #76,752
  • Mar 18, 2009 4:45am Mar 18, 2009 4:45am
Quoting dotweb.pl
Yes it is and the second top is also shooting star, what makes us think it can go down pretty much.
i hope!
  • #76,753
  • Mar 18, 2009 4:46am Mar 18, 2009 4:46am
Quoting Legio_Ulpia
Ciao Driver,

I have no hedging in progress for today,my positions are all shorts T/P 1.2950
what about you?

I'm holding shorts too TP 1.25
  • #76,754
  • Mar 18, 2009 4:46am Mar 18, 2009 4:46am
Quoting SmoothTrader

I started trading full time at just about your age, nearly 30 years ago. It was a battle for the first two or three years. I never had a losing month, but it always seemed as if it was a battle. Then one day I noticed that it was getting easier and easier. My mentor informed me that I had "been there done that" enough that it was becoming second nature to me.
Good luck.
wow...very interesting...it seems i am walking along the same path you did except i never had a mentor....i am 99% self taught. I have some personal questions if you dont mind. Now my ultimate goal is to live off forex for the rest of my life....that is why i dropped school and the job i had...sacrificed a social life until i can become self sufficient off forex. To not worry about a job and be able to do whatever i please whenever...whether its to travel or buy that BMW that i been dreaming of all along. This is no easy thing to do (started in the worst recession in almost a century)...anyways...have you lived the good life since you started?..no bosses..no work..no need for diplomas or credentials...are you now and have been living the "dream life" as i wish to do? The reason i ask this is because every day i am reminded of the 90% fail rate in this bussiness and how difficult it is for me to accomplish what i dream of....i have no one i can compare myself to...if there is at least one person out there who made it (you)...it will mean alot to me. Now i am not looking for an extremely lavish lifestyle..just enough to get by...at first a couple grand a month..maybe later on enough to buy a nice house or w/e...have you done this?
Different opinions highly valued, ignorant to slander.
  • #76,755
  • Mar 18, 2009 4:48am Mar 18, 2009 4:48am
Quoting Legio_Ulpia
Ciao Driver,

I have no hedging in progress for today,my positions are all shorts T/P 1.2950
what about you?
Ciao Legio,

I think we missing a leg up.
We are waiting for external factors to complete this picture.
But perhaps I am wrong...

The best thing that can happen to you is to find out where you're wrong.
  • #76,756
  • Mar 18, 2009 4:49am Mar 18, 2009 4:49am
nap time.. alarms set
those who can, do. those who cant, talk about those who can
  • #76,757
  • Mar 18, 2009 4:53am Mar 18, 2009 4:53am
Quoting SmoothTrader
If the markets were the same each and every day or each and every week, it would be easy to be a "Hare," but they change. Sometimes slowly over time or sometimes violently overnight.

It is even more important for you to keep your powder dry and not risk too much so that you can remain in the game.

I started trading full time at just about your age, nearly 30 years ago. It was a battle for the first two or three years. I never had a losing month, but it always seemed as if it was a battle. Then one day I noticed that it was getting easier and...
Hi
I am newbie 13 months in forex but sometimes i think that I am as I was first month. looking for the different sistems and...
Please if you would help to give me some directions what to do and how to start and to impruve my trading, and to explain which sistem do you use.
Thank you
  • #76,758
  • Mar 18, 2009 5:02am Mar 18, 2009 5:02am
I cashed my profit didn't wait to 3047 and my order which was pending buy at 2988 was just perfect

good thing to start the day
I SEE YOU !!
  • #76,759
  • Mar 18, 2009 5:04am Mar 18, 2009 5:04am
Adding shorts.
  • #76,760
  • Mar 18, 2009 5:05am Mar 18, 2009 5:05am
I guess we are now back on the uptrend on all charts

the divergence appeared to be minor so far.


I believe that we should look for longs not shorts .
I SEE YOU !!
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