EURUSD

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On more serious news, that bigass trade I was in got it's S/L.

Bought at 1.2827 and the S/L got hit at 1.3416

I thought it was going to go higher. But I was wrong and as such I suck at Forex.

Now I want to cry in my cups.

,

Wooo Hooo. Does that mean we get busy tonight?

I usually get busy during the fireworks. Helps me convince her I still know what I'm about.

She's such a sweetheart & tells me....

Only 600 pips jay? I feel your pain bro.

This is for all those who want to succeed as a forex trader.

First you have and need to understand that the learning curve for forex trading is akin or quite similiar to peeling a big onion. You have to fully understand the first layer before you can progress to the next layer which will automatically happen once you have grasped it. There is no such thing as going straight for the core to get hold of the gem that is waiting for you once you understand it all.
You cannot learn and trade live at the same time. Trading Demo can only be put to practise and honed once you have a good grasp of a certain level of technical efficiency, basic fundamentals and trading knowhows and strategy. You will only start trading live after you have done well on your Demo !! And for someone like me not knowing about the others, this is when you start to learn how to lose your money. And as you get better in cutting down the losses (risk management, mm, position sizing, scaling in/out ,hedging,etc) you will automatically also at the same time learn how to maximise your profits.
Once you have reach this level, then you are very close to reaching the innermost core(gem) of the sweet smelling onion which will carry you and your family for as long as forex survives. Believe me, it is hard, long, frustrating. self-beating, process. BUT if you know the onion analogy, you will automatically know what to learn. how to learn, etc..then your learning curve will be much more pleasant and exciting. This is the stage when you can confidently question some of the more seasoned traders trading methodology and know how to disseminate garbages from effective trading method. You will also noticed how much more you need to know and master as every layer slowly unfold itself and you will be amazed of the intricacy and the complexity of what the forex trading is all about. The moment you think that you have arrived, you will discover that there is yet another layer you need to peel.... Interestingly energy sapping exercise both spiritually and mentally, enough to bust the egos of the most macho of the machos leaving them totally humiliated and a sense of inadequacy. Most will fail at this stage and just fade away with all sort of conspiracy ideas and misguided fallacy.

It really shook and shocked me when I see someone who declare he is a beginner/newbie/novice confidently making all sorts of trade calls based on their newly found "knowledge" with all kind of twists and turns which will put S. Spielberg to utter shame.

Please remember that while it is perfectly okay to be wrong, But if you want to succeed, know the wrong and right it. I know just too well the heroic feelings of picking the right top/bottom. And also the cyberistic feeling of highs which is technically and financially not there in the first place..

I know that this post will pinch some nerves out there but this is as much as you can get.. thats forex for you to begin with. I only try to mean well to you and your pockets and to put you on the right track to learn forex just like what BABYPIPS is doing.

GL and learn well....... A successful trader is not all about being right or wrong all the times but is to always right his every wrongs.....

Thanks.

Should have been at least 6000. At least.

Oh well, maybe Timmy Geithny will open will say a few words next week before switching the foot in his mouth.

http://i40.tinypic.com/2w3awqu.jpg

I am watching too, and then there will be another day.

Hey Jay: I don't mind bending over backward to give you some but it draws the line when you invite me to bend over forward.

We're both out of or Longs.

Bemac, I will always stand beside you... But never behind.

Thanx, I've jotted that mental note!

"Sire! There are Pretenders afoot that would abscond with the Jewel!"

"Then let loose the dogs and put them to the mire."

U never fail to brighten my day, regardless of those remarks!

Someone said pa has elephant memory. Pa proved him right today (Friday March 27, 2009). Yet to see if it again proves him right on Monday. I don't know how many of us see what I see on daily chart. Two spikes down then up Oct 10 and Jan 06. I noticed but didn't consider them today. Won't do the same mistake on monday.

Will appreciate an expert opinion.

Debated about where to post this but sticking it here for now...

Try as I might here... I can't stop thinking about this EJ pinbar on the weekly with regard to EU next week... Probably will be a wait and see but it is nagging on me.

I had really anticipated seeing EU somewhere near the 39xx level at least ((mostly based on projections on the Daily)) before any signs of breakdown. I'm still on the fence here and will not be surprised by a continuing move north, but not sure how much of a zigzag could be involved. On the other hand, losing momentum at a crtical time like happened today is a real factor to consider as well.

My target range is only a couple hundred pips higher than what we did reach so it may not be that big of a deal... but I still thought we'd see it a little higher. I thought we'd get a retrace earlier as well, but the lack of one could as easily be a clue in itself if it plays out like the last surge up. Lots to ponder...

I'm standing aside during the G20 stuff, as I have some other projects to conclude ((online testing and certification stuff)) and that's as good a time as any to do it.

Well, I'm done here or scarce at least for a few days. Tread lightly guys.

The price of E/J is always dependent of EU divide by UJ as in the of all other jpy crosses... Hope it helps....

Then which way does EJ go if EU goes up and UJ goes down, in other words the Euro and Yen both strengthen at the same time?

The price of EJ is always the price of UJ multiply the price of EU simultaneously at all times consistantly....up or down.

Hope it helps

Divide should read as multiply...sorry