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Cable Update (GBPUSD)

Quoting pjpipster
When i first began reading this thread I was amazed at how many great traders were making huge pips. Then something occurred to me that i read sometime ago. 95% of FX traders loose money, 5% are winners. The average Forex Trader will loose about $15,000 before giving it away.

So I thought 5% winners must be on this thread. Not possible. Everyone here is well aware who the good traders are, and from my limited time here i have identified maybe a dozen and we all know who they are so i won't mention names.

A little bit about myself>

I live...
thanks for sharing your story. I am sorry to hear about your loss.

I have noticed on the s&p eminis they are being played with alot , one news item can send them sky rocketing Not sure if the same gaMes are being played with on the ASX.
Blogging daily now at www.volume.zone
ofcourse there are exceptions; when it is do or die, then ofcourse the normal physics and math of the world dont hold.

Wish you best with your trading.

Quoting albchr
I agree to a point with your assessment about demos. In my case, being disabled, I have to make a living from trading so I treated every demo as the "real thing". Feeling the emotions of wins and losses and then gaining a handle on those emotions. I suppose it boils down to just how serious the need to learn is for each person. For me, it's a matter of survival so you can bet I beat myself up pretty hard over loosing...LOL

I'll also state that as of now, I do make a living from a 5k account. Although this is an "exception" to the rule and...
Its all in the mind.
Quoting 5abi
Demo trading is absolutely must when you start. If not anything else this will give you a sense which buttons to push, what is a spread, how is PIP calculated etc.

But a after a few months, it is nice to have a mini account with a few REAL dollars. That is because small gains (or losses) keep the interest built up and a few gains make you confident and ready to a bigger account which a demo cannot. When you are in demo, you are more in a gambling like frame of mind.
The mind set when trading demo to live are very different , nice to have a small live account , maybe $500 or so to start and trade micro lot.s. Even $5 you will hate to lose , but you will it is inevitable.

When i started trading I did well in demo , put 10 k in live account , 3 months later lost that. Over leveraged, trying to get even with market , not waiting for right set up , push buy button when I meant sell ..etc etc I did them all .

I have been in the trading game 7 years , took me 3 years to stop losing money . Another year to break even . and last 2 I am at last starting to get ahead and actually learning from all my past mistakes. About 1 year ago I just got back the 100 k I lost in trading the previous 6 years !!! My goal is to make 5% per month , more than that I am happy. I must expect some losing weeks as my mind will be tired , or something will be on my mind , or life stresses will be in the way of trading. Eventually I will come to know when my mind is ready for trading and when it is not and be able to stay out of the market and avoid those losing time. The thing about the losing weeks is to go back and ask yourself what went wrong. Do not blame market conditions (been there done that). The only thing to blame is yourself.

Trading is a journey , the most successful traders are either very gifted and have only been in market 2 years (very small percentage) or like me have had a journey and perseverance.
Blogging daily now at www.volume.zone
Quoting matjaz1982
What do you think the GBP / USD for the day of 29.06.2009 where to go or will go to the bay or sell thanks for your help?
Still up i think
Quoting malcolmb14
thanks for sharing your story. I am sorry to hear about your loss.

I have noticed on the s&p eminis they are being played with alot , one news item can send them sky rocketing Not sure if the same gaMes are being played with on the ASX.

I accept the losses i incur , part of the game, can not accept it, don't play. Was just annoyed at how i let it happen. I was making about 70 to 100 pips per week, using a 5min trendline break strategy, this was working well. One day about a month ago I started getting drawdown. Not knowing the reason, just thinking its part of it, albeit bigger than usual I contacted a friend in Australia, and made the comment, "to hard to trade today with all this volitility around" he responded what are talking about, its normal. Well, the candles on my charts are moving erratic as if a huge news release is due out. At this point we compared prices, and they were different. The reason was that here in Laos and other parts of Asia in the wet season which is now the Internet servers just fail due to the wet and poor construction. So my live data was very chunky to say the least. I then went to a longer Timeframe to compensate for this. By not changing things such as position size and thinking this system would work on a longer time frame, I was wrong. So traders comming to this part of the world remember the wet season. So now i am seeking a longer timeframe strategy without hurting my account to much, otherwise its rice for dinner again.....lol

I will get the losses back, just need to be patient.

Have spent 20yrs trading ASX and do very well. My knowledge is mainly small cap mining stocks. I am sure games are being played everywhere.
Quoting pjpipster
I accept the losses i incur , part of the game, can not accept it, don't play. Was just annoyed at how i let it happen. I was making about 70 to 100 pips per week, using a 5min trendline break strategy, this was working well. One day about a month ago I started getting drawdown. Not knowing the reason, just thinking its part of it, albeit bigger than usual I contacted a friend in Australia, and made the comment, "to hard to trade today with all this volitility around" he responded what are talking about, its normal. Well, the candles on my charts...
sorry for ur loss man , am sure that u will gain it all back but be patient as u said .. wish u all luck the coming week
[quote=pjpipster;2833905]I accept the losses i incur , part of the game, can not accept it, don't play. Was just annoyed at how i let it happen. I was making about 70 to 100 pips per week, using a 5min trendline break strategy, this was working well. One day about a month ago I started getting drawdown. Not knowing the reason, just thinking its part of it, albeit bigger than usual I contacted a friend in Australia, and made the comment, "to hard to trade today with all this volitility around" he responded what are talking about, its normal. Well, the candles on my charts...[/quotewelcome to the real world bro..].HOLLA
CAPTAIN Sycho..
Imanuel Parsifal
Quoting wormboy
The only thing to learn is self control

Okay buddy you have a good one, be back later.
Quite right. When it just hangs around or bounces around, it's so easy to put a position on which is just a guess when it comes right down to it

I just go away and play with my shares to distract myself. I usally run around 20 different shares with steady/volatile profiles - so most days I adjust it. If my mcdonalds goes down 3% and my BHP Billington goes down 10%, I sell the mcdonalds and buy BHP - and vice versa . Sector rotation

So there is always something to do

on forex I often trade contra to the latest big move - but only when its gone up or down in TWO big moves. I have been caught out with a contra trade after 1 big move. 2 massive 1 hour candles and then severe volatility around the extreme of the second candle is good. I wait for it to get into an overbought/oversold state and try to 'feel' the nervousness with volatilty setting in. If the market is still confident or stable and 'waiting', I stay away

If these conditions are supported by technical analysis then all the better

Not very scientific -more of a touchy feely thing - but technical analysis is meant to represent human behaviour patterns rather than physics - so its not so different - just less detailed
blame game wont get no one anywhere. and this is a game that becomes fine with experience.

Though I dont understand what you mean by saying good traders have been in market only 2 years?

Quoting malcolmb14
The mind set when trading demo to live are very different , nice to have a small live account , maybe $500 or so to start and trade micro lot.s. Even $5 you will hate to lose , but you will it is inevitable.

When i started trading I did well in demo , put 10 k in live account , 3 months later lost that. Over leveraged, trying to get even with market...
Its all in the mind.
very nice brkout constalation for the next week
i think a huge potential

http://img188.imageshack.us/img188/5679/ucf.gif
Next week is NFP week, and we can makes money from it

_____________________________

S + R = $$$

.
srry , wt's NFP refers to ?
Quoting roreki
srry , wt's NFP refers to ?

Non-Farm Payrolls, NFP, Employment Change;

Go to FF calender have a look at Thursday and read.
Quoting pjpipster
Non-Farm Payrolls, NFP, Employment Change;

Go to FF calender have a look at Thursday and read.
thank u so much
Quoting roreki
thank u so much
Mai Pen rai, No problem.
Hi all here together.

To ask for your help.
What do you think where to go this week, GBP / USD sell or bay?
Thanks for your help.

Matjaz
Quoting matjaz1982
Hi all here together.

To ask for your help.
What do you think where to go this week, GBP / USD sell or bay?
Thanks for your help.

Matjaz
We don't know till it happens, you got a 50/50 shot at it. I think we will go where the market takes us.
Quoting malcolmb14
nope not profit taking.. could be sellers hitting thre market. Look at the 4 hour

what did you get day before, it seems like a low volume test of support? vsa is all about the background. Now we have to wait to see if we get follow thru of todays buying


on a 4 hr there is intention to sell 1.6550 zone. We have to get a solid daily close above this level for a real breakout if this is to go higher. We may just range abit more

There is a major battle between buyers and sellers going on in this range.

Attachment
I'm not sure. Most likely is a test support as you said. Important to determine whether they are in the process of distribution or in a phase of accumulation well masked. At the beginning of this movement was almost certain that we are in a phase distribution but now no longer so sure.
Usually the movement of the day Monday is the opposite movement of the day on Friday the previous week. I am interested to know what is your opinion on this stage where we are.Thanks .
i think ill like to enter around 1.6550 area. we should see at least 150 pip fall but the the weekly chart is making me nervous is it classic fib. or another brake out coming up..
Quoting tjhimself
i think ill like to enter around 1.6550 area. we should see at least 150 pip fall but the the weekly chart is making me nervous is it classic fib. or another brake out coming up..
IF I WHERE you,i will bother more about the smaller tf's,that will play out 1st b/4 the much older weekly once...HOLLA
CAPTAIN Sycho..
Imanuel Parsifal
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