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Cable Update (GBPUSD)

  • #147,581
  • Jul 19, 2009 4:14am Jul 19, 2009 4:14am
I understand what he's saying is more of a "metaphor" for bookmaker. No need to be so aggressive.

I'm just saying in this line:

"One is punter (fool who bets and loses money) and the second is the bookmaker (person who takes the bets and makes money)."

Two ways to interpret this;

Either the broker or market maker (IMO/correct me if i'm wrong).

I understand he is trying to diversify risk by using different lengths of trades but this does not mean he is a bookmaker (which was my point).
  • #147,582
  • Edited 6:18am Jul 19, 2009 5:06am | Edited 6:18am
Quoting wormboy
don't you guys take a break?
Tell me abt it...... man you guys go hard......
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #147,583
  • Jul 19, 2009 5:13am Jul 19, 2009 5:13am
www.netdania.com is the website I'm using atm (not for live trading though, since it's probably 1minute delayed).

It's free ofcourse for anyone who's interested.

Anyways, I'll plop this here and I have to go up north now. Enjoy today, there's a long week ahead.
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  • #147,584
  • Jul 19, 2009 5:18am Jul 19, 2009 5:18am
Quoting wormboy
Then stay out.

This is an excellent post :
http://www.forexfactory.com/showpost...2&postcount=80

Number 5 in that particular post is an example of how carrying trade over the weekend is not a gamble.
Good stuff. An eye opener.
Great Bodies are Engineered not Born
  • #147,585
  • Edited 6:07am Jul 19, 2009 5:52am | Edited 6:07am
Hi all,

I don't usually post online, but I've been reading FF for many years now.
One of my personal rules is not to use communication software while I'm working, (email, blogs, forums, etc.) because it is not possible for me to multitask and do a good job at the same time. I need to concentrate on my trading. The rest of the time I'm having fun with my friends.

This is what works for me.

This thread was started in 2006. How many original people are still around?
Turveyd, dobbie11, and tathlynq to name some. They have put the time and hard work in on their trading for years, and have been posting here for years.
They have manners in how they speak to other traders and have always been gracious. They are entitled to an opinion, or to correct others, even though they don't.

Threads seem to go through a cycle.

1.Experienced traders share excellent analysis on a thread.

2.The thread attracts a lot of people.

3.some newbie, know it all, bully shows up and making the thread unbearable.

4.The experienced traders go away, or just post intermittenly, and the place slides downhill.

5.The person who trashed the thread inevitably blows out their account and disappears.

6.The experienced traders come back and have an intelligent discussion again.


Here are the first 2 FF rules, just in case anyone here is unaware.

Rule #1: Respect Thy Fellow Trader

As a Forex Factory member, you are expected to treat others with respect and kindness.
Mean-spiritedness, fighting, hostility, racism, offensive comments, and slander are all subject to removal. Healthy debate is welcome.

Additionally, all members have the right to trade in peace - you should not harass, attack, or disrupt another trader's thread.
If you dislike or disagree with someone's ideas, it's fine to say so, but you should move on shortly thereafter.


Rule #2: Trading Only

Forex Factory is all about trading. Anything focused on the pursuit of trading profits is welcome - anything focused on something else is subject to removal. Keep in mind that Forex Factory is a global community, so controversial discussions (i.e., politics, religion, nationalism) should be kept to an absolute minimum.
Additionally, the site should not be used to for personal agendas such as ego, drama, attention or revenge.

Good things to keep in mind.
  • #147,586
  • Jul 19, 2009 6:02am Jul 19, 2009 6:02am
Great post and completely agree.

I have noticed that this thread often has slang matches at the weekends, call it a cycle if you will!

Agree with using forums while you trade. The problem is unless you are self commited, others traders you respect can get you to second guess your own analysis.

IMO ego is and always will be the downfall of a trader(s bank account) or thread - as every post is conveyed with arrogance. It is very funny reading some people's first 10 posts on forums before they got the ego!

Man this is a boring weekend.
  • #147,587
  • Jul 19, 2009 6:22am Jul 19, 2009 6:22am
I also agree. I've been here since March 09 which in my book, places me firmly in the newbie category.

I'm a long standing member in several other forums (not FX related) and always respect others. I apologize if I've added to any inappropriate content here. For example my little exchange with Phil. It was both inappropriate and not my place to comment. If WB had any objections, it's his place to say so.

So, Phil, I apologize and I'll remove the two posts this morning. Thanks for the reminder Fudomyo. It's both correct and well taken.
Ghost Rider - WWTBMD?
  • #147,588
  • Jul 19, 2009 6:26am Jul 19, 2009 6:26am
No hard feelings buddy, I did misinterpret it until I realised it was a metaphor!

Righty, better not waste a sunny day!
  • #147,589
  • Jul 19, 2009 6:26am Jul 19, 2009 6:26am
Think of this thread more as a social thread to fight the boredom while trading having a laugh and posting your current trade thoughts.


No one should following any trade advice anyway as most of us are sadly just guessing.

And analysis wise, for every person who's charts says it'll go up there is another saying it'll go down anyway.

Bull Bear seems okay to me, you may not like him but don't stop others who do like him, just click IGNORE on him if you must.


And remember " we are all alone in the dark "
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #147,590
  • Jul 19, 2009 6:31am Jul 19, 2009 6:31am
Quoting wormboy
Then stay out.

This is an excellent post :
http://www.forexfactory.com/showpost...2&postcount=80

Number 5 in that particular post is an example of how carrying trade over the weekend is not a gamble.

This seems to be a recurring theme on ff.

FWIW lets not kid ourselves trading Forex is a gamble period.

It took me a long time to realise it but we are betting on the outcome of PA and thats gambling.

Simply put price can and does go anywhere it likes and we cannot know beforehand where it will go.

BUT we can stack the odds in our favour and thats where this is different to the casino or horse-racing where the bookmakers stack the odds against us.

An analogy I prefer is of trains going in opposite direction.

We can get on either train and there are loads of signals which tell us which train to board if we can read the signs. And the good bit is that if we get on the wrong train we can get off straight away and save the fare.

Even the market maker vs bookmaker doesn't stack up - they are just the drivers and they can't stop us boarding either train.

So yes IMO its gambling but all that means is that we are prepared to invest money in an endeavor of unknown outcome.

Now what else in life does that apply to????

Marriage is a gamble with far deeper implications for our well-being if it fails.
Business start-up.
House purchase
Crossing the road.

Sorry now I'm rambling.

Lifes a gamble from day 1 and some of our gambling pays off and some doesn't but its still a gamble if we can't guarantee the outcome and how many FX traders can do that. I would suggest that not even the CB's can guarantee PA.

Ramble over
  • #147,591
  • Jul 19, 2009 6:38am Jul 19, 2009 6:38am
Quoting stewrigh
This seems to be a recurring theme on ff.

FWIW lets not kid ourselves trading Forex is a gamble period.

It took me a long time to realise it but we are betting on the outcome of PA and thats gambling.

Simply put price can and does go anywhere it likes and we cannot know beforehand where it will go.

BUT we can stack the odds in our favour and thats where this is different to the casino or horse-racing where the bookmakers stack the odds against us.

An analogy I prefer is of trains going in opposite direction.

We can get on either train...

Well said, our main strength is simply we can pick the time to gamble, picks the times when the odds are in your favour ( like crossing a road ) and wait patiently the rest of the time.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #147,592
  • Edited 8:23am Jul 19, 2009 7:00am | Edited 8:23am
Quoting stewrigh
This seems to be a recurring theme on ff.

FWIW lets not kid ourselves trading Forex is a gamble period.

It took me a long time to realise it but we are betting on the outcome of PA and thats gambling.

Simply put price can and does go anywhere it likes and we cannot know beforehand where it will go.

BUT we can stack the odds in our favour and thats where this is different to the casino or horse-racing where the bookmakers stack the odds against us.

An analogy I prefer is of trains going in opposite direction.

We can get on either train...
ABSOLUTELY ..i could not have chosen better words..loved the analogy with trains..when i first got involved in trading i actually thought it wasnt gambling..had i have known i wont have touched this with a barge pole..maybe why im still on demo ( hate losing money..hehe)
but its a case of rewiring the way i think and now i see this exactly how u have written..cant tell the future but i can speculate using probability

ones life is a gamble
  • #147,593
  • Jul 19, 2009 7:01am Jul 19, 2009 7:01am
Quoting Turveyd
Well said, our main strength is simply we can pick the time to gamble, picks the times when the odds are in your favour ( like crossing a road ) and wait patiently the rest of the time.
in theory
  • #147,594
  • Jul 19, 2009 7:08am Jul 19, 2009 7:08am
Quoting nAVIN2007
in theory
Putting theory into practice on a constantly changing market is where it gets abit tricky though.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #147,595
  • Jul 19, 2009 7:22am Jul 19, 2009 7:22am
Quoting Turveyd
Think of this thread more as a social thread to fight the boredom while trading having a laugh and posting your current trade thoughts.


No one should following any trade advice anyway as most of us are sadly just guessing.

And analysis wise, for every person who's charts says it'll go up there is another saying it'll go down anyway.

Bull Bear seems okay to me, you may not like him but don't stop others who do like him, just click IGNORE on him if you must.


And remember " we are all alone in the dark "
I wasn't singling out any one person. It was a general observation. People definitely seem more rational here then on another thread on FF that melted down this month. I was sad to see it fall apart.

Things can escalate, and everyone has very different perspectives, so it's good to maintain a baseline level of respect. That's all I was saying.

I agree, everyone should trade their own chart. It's why I don't read forums while I trade, I don't want to second guess what's been working for me being influenced by others. I like doing a weekly roundup.
  • #147,596
  • Jul 19, 2009 7:33am Jul 19, 2009 7:33am
Quoting KillPhil08
@ Wormboy linked post


He's not really the bookmaker if he's not a market maker.
Understood.
This statement from Chicky however should not have missed the eye as it holds absolute truth. "5. This Market offers plenty of opprotunities to make book. For example if you have moved your stoploss above breakeven, you cannot lose no matter where PA goes. This is bookmaking, a win win situation"
Thank You
  • #147,597
  • Jul 19, 2009 7:36am Jul 19, 2009 7:36am
Quoting nAVIN2007
maybe why im still on demo ( hate losing money..hehe)
Nav buddy, you're not trading live? With the time you've been here and the amount of posts and vouchers you have, I simply assumed you were.

Just to goes to show me, never assume....LOL
Ghost Rider - WWTBMD?
  • #147,598
  • Jul 19, 2009 7:42am Jul 19, 2009 7:42am
Quoting albchr
Nav buddy, you're not trading live? With the time you've been here and the amount of posts and vouchers you have, I simply assumed you were.

Just to goes to show me, never assume....LOL
Nav is a very honest person & I respect him for that.
I vouch for him for the amount of work he puts in learning the business, sharing his thoughts & never afraid to admit his mistakes. Too many people do the opposite - not learning to trade & splurt bs lol.
Thank You
  • #147,599
  • Jul 19, 2009 7:47am Jul 19, 2009 7:47am
Good Morning Guys
Its all in the mind.
  • #147,600
  • Jul 19, 2009 7:48am Jul 19, 2009 7:48am
Quoting wormboy
Nav is a very honest person & I respect him for that.
I vouch for him for the amount of work he puts in learning the business, sharing his thoughts & never afraid to admit his mistakes. Too many people do the opposite - not learning to trade & splurt bs lol.

Amen....
Ghost Rider - WWTBMD?
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