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Why did you start trading and what do you expect from it? 19 replies

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Trade what you see NOT what you expect

  • #15,661
  • Jun 17, 2009 6:59am Jun 17, 2009 6:59am
looking like an inverted hammer H1 close here
  • #15,662
  • Jun 17, 2009 7:06am Jun 17, 2009 7:06am
on the sidelines there Ken, what do you make of it and how is the 10k sprint going?
  • #15,663
  • Jun 17, 2009 7:12am Jun 17, 2009 7:12am
Any of you Brits have a take on the news release numbers and the MPC vote?

All better then expected economic numbers and MPC voted 9-0 to hold rates unchanged.....and cable tanked!

Were traders looking for a rate increase statement and didn't get it?

  • #15,664
  • Jun 17, 2009 7:14am Jun 17, 2009 7:14am
Quoting BenScoobert
on the sidelines there Ken, what do you make of it and how is the 10k sprint going?
I was doing real well yesterday.. Then last night it all went to s*#t. I made a few blunders in a row. Shouldn't have been trading I have been sick with a fever and throat crap. No excuse just facts now have to play catch up.

I agree this could be a bottom .. I have taken 3 longs off it but I scalp. also 1 of the E/J. Your stop could be to tight if they decide to run stops on the 00. But it would also be big . Just remember to re-enter if that happened.
Good Trading To All ; Ken Lee
  • #15,665
  • Jun 17, 2009 7:17am Jun 17, 2009 7:17am
Quoting Shilva
Any of you Brits have a take on the news release numbers and the MPC vote?

All better then expected economic numbers and MPC voted 9-0 to hold rates unchanged.....and cable tanked!

Were traders looking for a rate increase statement and didn't get it?


LONDON (Dow Jones)--Sterling is falling heavily Wednesday after an earlier spike as the Bank of England sounded a note of caution on sterling's recent climb and nerves build over a speech by U.K. Chancellor of the Exchequer Alistair Darling later in the day.
The pound shot 0.3% higher against the dollar as labor market data showed a significant taming in the pace of job losses and the minutes of the last BOE meeting revealed tentative optimism about the U.K. economy.
The euro fell by the same degree against the pound as the two pieces of news were released simultaneously.
Since then, however, the pound has plunged, dropping 1% from its post-data spike to hit $1.6281 against the dollar, while the euro has jumped by a similar degree to GBP0.8522.
The move was partly down to the BOE's observation that further sterling strength would "reduce the boost to net trade arising from the (pound's) depreciation since summer 2007." Sterling's recent climb "might reflect the unwinding of some excess pessimism" about the U.K., the BOE said.
"Central banks are trying to prevent markets from getting ahead of themselves and buying into growth, as stronger currencies can be destabilizing," said Geoffrey Yu, a currencies analyst at UBS AG in London.
In addition, "people are expecting some comments from [Darling's] speech tonight. He might say something about tighter financial regulation," Yu added.

-By Katie Martin, Dow Jones Newswires; +44 (0) 207 842 9346; [email protected]

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?...kVEqU5nw%3D%3D. You can use this link on the day this article is published and the following day.


(END) Dow Jones Newswires
June 17, 2009 06:00 ET (10:00 GMT) Copyright (c) 2009 Dow Jones & Company, Inc.




(DJ) DJ Sterling Slides After BOE Minutes, Ahead Of Darling Speech


http://live.gftforex.com/news/dow_jones_logo.gif




LONDON (Dow Jones)--Sterling is falling heavily Wednesday after an earlier spike as the Bank of England sounded a note of caution on sterling's recent climb and nerves build over a speech by U.K. Chancellor of the Exchequer Alistair Darling later in the day.
The pound shot 0.3% higher against the dollar as labor market data showed a significant taming in the pace of job losses and the minutes of the last BOE meeting revealed tentative optimism about the U.K. economy.
The euro fell by the same degree against the pound as the two pieces of news were released simultaneously.
Since then, however, the pound has plunged, dropping 1% from its post-data spike to hit $1.6281 against the dollar, while the euro has jumped by a similar degree to GBP0.8522.
The move was partly down to the BOE's observation that further sterling strength would "reduce the boost to net trade arising from the (pound's) depreciation since summer 2007." Sterling's recent climb "might reflect the unwinding of some excess pessimism" about the U.K., the BOE said.
"Central banks are trying to prevent markets from getting ahead of themselves and buying into growth, as stronger currencies can be destabilizing," said Geoffrey Yu, a currencies analyst at UBS AG in London. In addition, "people are expecting some comments from [Darling's] speech tonight. He might say something about tighter financial regulation," Yu added.
Good Trading To All ; Ken Lee
  • #15,666
  • Jun 17, 2009 7:18am Jun 17, 2009 7:18am
Quoting KENNETH lEE
I was doing real well yesterday.. Then last night it all went to s*#t. I made a few blunders in a row. Shouldn't have been trading I have been sick with a fever and throat crap. No excuse just facts now have to play catch up.

I agree this could be a bottom .. I have taken 3 longs off it but I scalp. also 1 of the E/J. Your stop could be to tight if they decide to run stops on the 00. But it would also be big . Just remember to re-enter if that happened.
when you say scalp, what is your target pippage?
  • #15,667
  • Jun 17, 2009 7:20am Jun 17, 2009 7:20am
Quoting Shilva
Any of you Brits have a take on the news release numbers and the MPC vote?

All better then expected economic numbers and MPC voted 9-0 to hold rates unchanged.....and cable tanked!

Were traders looking for a rate increase statement and didn't get it?

Newswire was saying there were a couple of big names selling before the news, and then when it came out, I think it initially spiked on the jobless news, but then selling continued as bears saw an opportunity for a good entry, stops got hit on the way up, and the MPC's concerns about sterling strength were digested by the market.
  • #15,668
  • Jun 17, 2009 7:20am Jun 17, 2009 7:20am
Quoting Shilva
Any of you Brits have a take on the news release numbers and the MPC vote?

All better then expected economic numbers and MPC voted 9-0 to hold rates unchanged.....and cable tanked!

Were traders looking for a rate increase statement and didn't get it?

always best to ignore knee jerk price action when dealing with UK data, trade opposite to the news releases becos majority of them are a crap shoot....
Trading is 80% Emotional, 20% Technical
  • #15,669
  • Jun 17, 2009 7:26am Jun 17, 2009 7:26am
Quoting BenScoobert
when you say scalp, what is your target pippage?

I am trying to increase them But normally around 10 , But this is really not good. I lose a lot of good pips by being in the right place at the right time and just grabbing a few and getting out. I try to keep it to countertrend trades at S/R levels. I am trying to take more trades from the ma areas. Then let them run longer. It is hard to change when you have developed a habbit.

I make money this way as long as I don't let any stops run to far. My stop is generally as big as my last 3 trades. or around 30. I know this sounds crazy but you can't have a 10 pip stop. But going for min pips I take profit on 8 or 9 out of 10 trades.

So in summary don't do what I do.
Good Trading To All ; Ken Lee
  • #15,670
  • Jun 17, 2009 7:31am Jun 17, 2009 7:31am
Quoting KENNETH lEE
I am trying to increase them But normally around 10 , But this is really not good. I lose a lot of good pips by being in the right place at the right time and just grabbing a few and getting out. I try to keep it to countertrend trades at S/R levels. I am trying to take more trades from the ma areas. Then let them run longer. It is hard to change when you have developed a habbit.

I make money this way as long as I don't let any stops run to far. My stop is generally as big as my last 3 trades. or around 30. I know this sounds crazy but you can't...
sounds like what i did on those 87 consecutive i did, but got caught out with the long losses, tough to make it pay long term

i thought you were only trading with the trend? not against it
  • #15,671
  • Jun 17, 2009 7:32am Jun 17, 2009 7:32am
Quoting KENNETH lEE
I am trying to increase them But normally around 10 , But this is really not good. I lose a lot of good pips by being in the right place at the right time and just grabbing a few and getting out. I try to keep it to countertrend trades at S/R levels. I am trying to take more trades from the ma areas. Then let them run longer. It is hard to change when you have developed a habbit.

I make money this way as long as I don't let any stops run to far. My stop is generally as big as my last 3 trades. or around 30. I know this sounds crazy but you can't...
This is also why I am trying to start trading of longer frame charts. This way you have to pick Profi areas and let them run. This shoiuld help with my day trading also as you come to trust your choices and know it is going to hit.
Good Trading To All ; Ken Lee
  • #15,672
  • Jun 17, 2009 7:38am Jun 17, 2009 7:38am
Quoting BenScoobert
sounds like what i did on those 87 consecutive i did, but got caught out with the long losses, tough to make it pay long term

i thought you were only trading with the trend? not against it

I am taking more from the MA's which is normally with the trend but old habbits. Fading the 00's and reversing momentum candles. Bounces at fib levels or S/R area's. That is the scalping I used to do. I don't do as much and now look for area based off the 1 hr and 4 hr charts which is part of this strategy. Now just to stay in them when I get in right .. I don't want to say but I was in right at the top last night and took 10 pips. URGGGH !!

Who has that stick ??? ( I am Blaming The Illness.)
Good Trading To All ; Ken Lee
  • #15,673
  • Jun 17, 2009 7:46am Jun 17, 2009 7:46am
I am pissed cause my trade off the 6460 area from yesterday was up 100 and then was stopped out +20!

Accused my broker of cheating......cussed cable.....and generally threw a tantrum like a 2 yr. old!

I will be OK shortly!
  • #15,674
  • Jun 17, 2009 7:51am Jun 17, 2009 7:51am
Quoting Shilva
I am pissed cause my trade off the 6460 area from yesterday was up 100 and then was stopped out +20!

Accused my broker of cheating......cussed cable.....and generally threw a tantrum like a 2 yr. old!

I will be OK shortly!
Wow, why didn't you tighten your stop? Ah well, on the plus side, you're alive to trade another day.
  • #15,675
  • Jun 17, 2009 7:52am Jun 17, 2009 7:52am
Quoting BenScoobert
sounds like what i did on those 87 consecutive i did, but got caught out with the long losses, tough to make it pay long term

i thought you were only trading with the trend? not against it
I agree mostlly but it isn't the small profits we take it is the large loses we accept that hurt us. This can be detrimental to any trading strategy. I believe if I took longer profits the stops would not be a issue as they are normally less than most people standard stops for long term trades. Even when I have a bad one as long as it wasn't added to $ wise or I don't follow it with another bad trade . I can make them up easilly. So to me it is hard to say scalping in itself is bad. I have followed a few people who only scalp and do very well with it.

But some have very crazy stop ideas. One guy uses a 1000 pip stop on any combined opened orders. he post his charts wich show all his entries and exits as that is a feature of Oanda. he averages 3000 to 4000 pips a month. Another guy never takes a lose if he is ever over +4 and use 80% of his account .

I guess what I am trying to get at is it all boils down to Discipline. I like this startegy and I will be able to pull off the trades as described at some point. But there are many ways to make money in forex. Just as long as you can have a money mannagemnet system that works for you.
Good Trading To All ; Ken Lee
  • #15,676
  • Jun 17, 2009 7:56am Jun 17, 2009 7:56am
Ben; You still Long ?
Good Trading To All ; Ken Lee
  • #15,677
  • Jun 17, 2009 7:59am Jun 17, 2009 7:59am
Quoting KENNETH lEE
Ben; You still Long ?
I am 70 pipparoos in the bank so far.
  • #15,678
  • Jun 17, 2009 8:00am Jun 17, 2009 8:00am
Quoting KENNETH lEE
Ben; You still Long ?
i closed and reversed, then shat it as i bust through where i planned for it to go, shorted again higher up

EDIT: Covered and got stopped out, maybe long off the 200MA now. Or back south, unsure
  • #15,679
  • Jun 17, 2009 8:03am Jun 17, 2009 8:03am
Quoting BenScoobert
i closed and reversed, then shat it as i bust through where i planned for it to go, shorted again higher up

I just shorted here when it closed below the 1.6300 Now to see if I am still with the trend ?


Way to go Pippin
Good Trading To All ; Ken Lee
  • #15,680
  • Jun 17, 2009 8:07am Jun 17, 2009 8:07am
Quoting daffy
Wow, why didn't you tighten your stop? Ah well, on the plus side, you're alive to trade another day.
Had a tight stop but moved it back and went to bed......just to prevent getting stopped out!

Wanted to carry that trade for a home run!

Greedy cause i wanted more.....not greedy enough for not taking the profits .......so i just shot myself in the foot instead!
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