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Cable Update (GBPUSD)

  • #154,521
  • Aug 3, 2009 2:12pm Aug 3, 2009 2:12pm
Quoting Turveyd
That's what I like to hear

As WW3 starts and money becomes worthless LOL

Yeah, I hope its worth it too, cause Ive been watching and trying to trade the cable for 3 years now, only to be in the red by 6 grand.

I could easily say forget it and move onto something else than forex, but I just cant stop trying cause I just feel like with more discipline I can do this.

If I quit now, then watching the cable day in and day out for three years has been a waste.

I don't like to fail at things, and I have to keep trying.
  • #154,522
  • Aug 3, 2009 2:12pm Aug 3, 2009 2:12pm
I think its time to sell .
  • #154,523
  • Aug 3, 2009 2:14pm Aug 3, 2009 2:14pm
Quoting GlobalMacro
I used a million because you said "demo account millionaires"...take any benchmark you like...if a person can grow a small demo account in a CONSISTENT manner into a respectable level within a reasonable amount of time (6-12 months) with realistic risk parameters then there's a no doubt in my mind that there's VERY high likelihood of that person being able to replicate the same methodology in a real-money environment without psychology, emotions, what have you, interfering...
these factors serve only as a smoke screen for the inherent shortcoming...

Well I'm trying to turn a really small live account into Millions inside of the next few months which required huge gains


Okay not actually millions, 10K+ profits month of 3K-5K GBP is my target within 6months. While taking a wage I'll add, easy no maybe not but nothing worth doing ever is!!

I believe it's possible, I can do it on Demo, so we shall see!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,524
  • Aug 3, 2009 2:15pm Aug 3, 2009 2:15pm
Quoting rose
I think its time to sell .
I'd be careful selling at this price unless your willing to put your SL over 6990. I sold at 6968, I've booked some nice pippage and covered. It's your trade though. Good luck!
Just digging in the trenches like everyone else!
  • #154,525
  • Aug 3, 2009 2:16pm Aug 3, 2009 2:16pm
Quoting alex1976
Yeah, I hope its worth it too, cause Ive been watching and trying to trade the cable for 3 years now, only to be in the red by 6 grand.

I could easily say forget it and move onto something else than forex, but I just cant stop trying cause I just feel like with more discipline I can do this.

If I quit now, then watching the cable day in and day out for three years has been a waste.

I don't like to fail at things, and I have to keep trying.

It's only a loss when you close your account and give up trying, until then it's a works in progress!!

I can assure you of 1 thing, if you close your account and give up trying then you will never make it.

98% Quit before making it!! Or maybe die of old age but hey!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,526
  • Aug 3, 2009 2:18pm Aug 3, 2009 2:18pm
Quoting eohater
I'd be careful selling at this price unless your willing to put your SL over 6990. I sold at 6968, I've booked some nice pippage and covered. It's your trade though. Good luck!

I expected another down push to my 540sma then reverse back up into the close.

A short trap and SL hit session in short!!


Waiting patiently!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,527
  • Aug 3, 2009 2:19pm Aug 3, 2009 2:19pm
Quoting albchr
It's funny Nav, you know my story so, when I was demoing I had to try really hard to treat it as real because my family depends on it. I felt every win, every loss and rode the emotional roller coaster like mad. There were many times my wife had to to tell not to beat myself up so much.

Now that I'm live, I have to try really hard to think of it as a demo and forget the money aspect of it. (Not easy in my situation as you know) Especially with the huge risk I must take, but I try.
my view on it is this: if u trade long term when u go live u only have to worry about staying in the trade, so long as the decision for taking the trade is the same i should be ok..

i totally disagree with D cause on a smaller time frame..it aint realible at all compared to larger time frames IMHO

All demo has done for me is give me confidence boost in my method in that at least it appear to hold up in demo..i just need to replicate it in live..small steps
  • #154,528
  • Aug 3, 2009 2:22pm Aug 3, 2009 2:22pm
GU has fuck,,d my live account last night........
  • #154,529
  • Aug 3, 2009 2:23pm Aug 3, 2009 2:23pm
Quoting eohater
I'd be careful selling at this price unless your willing to put your SL over 6990. I sold at 6968, I've booked some nice pippage and covered. It's your trade though. Good luck!
I saw this on your thread EO and wondered what triggered you to take that. Was it the MA's, just the thought that at this bounce, it was time for a little retrace?

I started reading your thread this weekend and set up all the Ma's. I spent 14 hours ticking through one bar at a time (15M) and witting down trades, SL's, partial TP's and final TP's. I did about 50/50 win/loss and came out a few bucks ahead.
Ghost Rider - WWTBMD?
  • #154,530
  • Aug 3, 2009 2:24pm Aug 3, 2009 2:24pm
Quoting Turveyd
You've just got to DO IT!!! and Keep doing it, and keep asking yourself WHY it goes wrong ( sometimes even a perfect trade will fail ofcourse ), thats the only way to learn.

Yes you've got to pay to learn, but IF and this is a IF you crack it, the gains are worth the effort ( well better had be after all the time I've put in )
  • #154,531
  • Aug 3, 2009 2:26pm Aug 3, 2009 2:26pm
Quoting nAVIN2007
from what u know of me...how now would u think id perform on live account..do u think now i could be ready?..tips, what i can improve on plz suggest good or bad yur view is wellcome ..
You don't need to trade big money to start. You can trade mini lots. A 100 dollar live account trading 10 cents a pip is 1000 pips to play with, but it'll give you a feel for live trading.
  • #154,532
  • Aug 3, 2009 2:26pm Aug 3, 2009 2:26pm
Quoting nAVIN2007
my view on it is this: if u trade long term when u go live u only have to worry about staying in the trade, so long as the decision for taking the trade is the same i should be ok..

i totally disagree with D cause on a smaller time frame..it aint realible at all compared to larger time frames IMHO

All demo has done for me is give me confidence boost in my method in that at least it appear to hold up in demo..i just need to replicate it in live..small steps

You've got a lot to learn, okay M1 might not be for you, but if you dropped H4 for H1 or M30 you could get in on moves while there happening rather than missing them all then playing a guessing game.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,533
  • Edited 2:40pm Aug 3, 2009 2:26pm | Edited 2:40pm
Quoting nAVIN2007
from what u know of me...how now would u think id perform on live account..do u think now i could be ready?..tips, what i can improve on plz suggest good or bad yur view is wellcome ..
I'd get two demo accounts one for experimenting ideas the other I'd treat it as my "simulated real-money" account.
Now first set yourself a monetary objective you want to attain
second define your risk parameters: your equity line should have as low a volatility as possible
third and this is absolutely important: a minimum buffer time is needed to stress-test the viablility of the performance. I would go for a minimum of 6 months.but you could also go for shorter periods, however not below three months and let's say you achieved your goal within three months
now comes the critical part
see if you can continue that perfermance for another three months with same risk vola, objective etc.

you do that my friend you're ready for the real deal and you have high likelihood of success with your real money however any one the above conditions are not met you gotta go back and repeat from step 1.

usually the problem is people get tired and switch in the middle of the way to real account even though those conditions are unfulfilled, that's a vicious circle and that spells disaster.

Also check out this related reply I posted a few moments ago:

http://www.forexfactory.com/showpost...stcount=154520
Hear the music before the song is over ...
  • #154,534
  • Aug 3, 2009 2:27pm Aug 3, 2009 2:27pm
Quoting ssaqeel
GU has fuck,,d my live account last night........
I mean this with the best of intentions but, GU did nothing to your account. You did. You have to look in the mirror for all your wins, AND losses my friend.

Blaming anything else will simply keep you from learning what went wrong...

I wish you the very best....
Ghost Rider - WWTBMD?
  • #154,535
  • Aug 3, 2009 2:28pm Aug 3, 2009 2:28pm
Quoting Turveyd
It's only a loss when you close your account and give up trying, until then it's a works in progress!!

I can assure you of 1 thing, if you close your account and give up trying then you will never make it.

98% Quit before making it!! Or maybe die of old age but hey!!

Yeah, I agree, if I give up now, then its like me stopping the race 3/4 through!


I just try to look at the money that I am down, as my tuition fees for my trading degree....

Most degrees take about 4 years, so hey maybe I'll graduate in forex within the next year or so.

Also, knowing me, cause Im stubborn, I wouldnt quit before making it, but die of old age, LOL.
  • #154,536
  • Aug 3, 2009 2:31pm Aug 3, 2009 2:31pm
Quoting albchr
I mean this with the best of intentions but, GU did nothing to your account. You did. You have to look in the mirror for all your wins, AND losses my friend.

Blaming anything else will simply keep you from learning what went wrong...

I wish you the very best....
GU has blown my account by 300% this week already. GU did it not me thats almost triple
  • #154,537
  • Aug 3, 2009 2:34pm Aug 3, 2009 2:34pm
Quoting alex1976
Yeah, I agree, if I give up now, then its like me stopping the race 3/4 through!


I just try to look at the money that I am down, as my tuition fees for my trading degree....

Most degrees take about 4 years, so hey maybe I'll graduate in forex within the next year or so.

Also, knowing me, cause Im stubborn, I wouldnt quit before making it, but die of old age, LOL.

Look at it as a business, my business cost me £22K+ to setup, didn't really make any money for 2years and barely made any money after that for 13years before being terminated recently
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,538
  • Aug 3, 2009 2:34pm Aug 3, 2009 2:34pm
Quoting albchr
I saw this on your thread EO and wondered what triggered you to take that. Was it the MA's, just the thought that at this bounce, it was time for a little retrace?

I started reading your thread this weekend and set up all the Ma's. I spent 14 hours ticking through one bar at a time (15M) and witting down trades, SL's, partial TP's and final TP's. I did about 50/50 win/loss and came out a few bucks ahead.
I took the price because of the time of day it was. We had started to flatten out on the m15. Price was rejected everytime it went up into the 696x-697x area after the 6990 run. So, I set a PO, following the PA on the m15 and using the h1 pin we got as well. I like to sell/buy on the wicks of pins. Sometimes I'll miss the boat by waiting, others, I just get a better price with less draw down. I think I had a 5pip draw down on my current short on GU. If I get taken out now, so beit, I've made good pippage and covered at BE on the remaining position.
Just digging in the trenches like everyone else!
  • #154,539
  • Aug 3, 2009 2:34pm Aug 3, 2009 2:34pm
Quoting Turveyd
It's only a loss when you close your account and give up trying, until then it's a works in progress!!

I can assure you of 1 thing, if you close your account and give up trying then you will never make it.

98% Quit before making it!! Or maybe die of old age but hey!!
99% of success is showing up. And the other 1% is being a tough as nails bastard!
  • #154,540
  • Aug 3, 2009 2:36pm Aug 3, 2009 2:36pm
Quoting GlobalMacro
I'd get two demo accounts one for experimenting ideas the other I'd treat it as my "simulated real-money" account.
Now first set yourself a monetary objective you want to attain
second define your risk parameters: your equity line should have as low a volatility as possible
third and this is absolutely important: a minimum buffer time is needed to stress-test the viablility of the performance. I would go for a minimum of 6 months.but you go for shorter periods, however not below three months and let's say you achieved your goal within three months
now...
thanks bro!..
i think im doing that now....check out my equity curve in my journal ...its kinda stable..lol
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