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Cable Update (GBPUSD)

  • #162,801
  • Sep 2, 2009 9:26am Sep 2, 2009 9:26am
dillan have a look at this...now nobody caan say this guy doesnt know what he is doing.....now D isnt it ironic u see the market as random...its because u trade randomness .....how priceless is that!



Quoted by jacko..

Anything under the 4H chart is "noise"... the smaller the time frame, the "noisier" it gets. What that means is that the rules of technical analysis plays less part in the trading. It is basically random...or put another way, you are gambling on a guess. The opposite expression is that "The longer the times, the stronger the lines"

I suggest that you do not listen to anyone who says that scalping and trading of anything less than 1H is profitable. Those types of traders are invariably aggressive and loud traders because they have usually lost their jobs and have just started trading to try to earn some money and are trying to tell you (and convince themselves) that they are successful.

I will let you in on some good advice. I have a friend who used to be an Executive at one of the large brokerage houses for many years. He has managed large teams of brokers. He has seen the trading results of literally thousands of traders. If a trader was consistently profitable, his staff would get the results and reverse engineer them to see how it worked. That is how him and I met. He now works and trades with me.

He has NEVER seen a scalper last more than 12 months as a fulltime trader. So when I read all the loud and aggressive traders here talk about how they are scalping their way to riches, I just have a quiet laugh with my friend.

..
  • #162,802
  • Sep 2, 2009 9:30am Sep 2, 2009 9:30am
Quoting nAVIN2007
dillan have a look at this...now nobody caan say this guy doesnt know what he is doing.....now D isnt it ironic u see the market as random...its because u trade randomness .....how priceless is that!

But.... I'm not trading any randomness, I'd be a gambler then not a trader.

I trade the current direction and know statistically wise I'll make more than I lose, if I stick to the plan.

Where as your just slapping a short on and it's a 50/50 game, yes you might get a good move, you already have, but your not taking profits cause your getting greedy.

Trading means getting in and out, not just hoping it'll keep going!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,803
  • Sep 2, 2009 9:31am Sep 2, 2009 9:31am
added quote:

hi nAVIN,

I am old and been involved in large businesses all my life...And I think that trading forex is the best business on the Planet.

I listed some of the reasons on the first page of this thread http://www.forexfactory.com/showpost...23&postcount=2

But, like in any business, you have to tilt the conditions in your favor. The reason brokers encourage faster and faster trading is because they are tilting the conditions in THEIR favor. The more you tend to scalp trading, the more you are putting yourself at a disadvantage. You are gambling on the guess of where the random noise is going to go. Don't play their game.

Having said that, if you do learn to trade properly, the profits from trading forex are beyond exceptional...
  • #162,804
  • Sep 2, 2009 9:31am Sep 2, 2009 9:31am
Quoting allserene
Yo bullfighter matadores !!!!

Que pasa hombres and what is happening today

I just whacked a short on and still want to ride it down forever not taking profits - and with a sl at be

ok scene 1 take 10 !

spin the wheel
Welcome to the party
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #162,805
  • Sep 2, 2009 9:32am Sep 2, 2009 9:32am
Quoting Turveyd
But.... I'm not trading any randomness, I'd be a gambler then not a trader.

I trade the current direction and know statistically wise I'll make more than I lose, if I stick to the plan.

Where as your just slapping a short on and it's a 50/50 game, yes you might get a good move, you already have, but your not taking profits cause your getting greedy.

Trading means getting in and out, not just hoping it'll keep going!!
read the whole thing...it shows why u shouldnt trade small time frame and yur trading 1 m
  • #162,806
  • Sep 2, 2009 9:35am Sep 2, 2009 9:35am
[quote=Turveyd;

Where as your just slapping a short on and it's a 50/50 game, yes you might get a good move, you already have, but your not taking profits cause your getting greedy.

[/quote]

no man its the other way round....every trading book sayes the higher the more accurate
  • #162,807
  • Sep 2, 2009 9:36am Sep 2, 2009 9:36am
Quoting nAVIN2007
read the whole thing...i shows why u should trade small time frame and yur trading 1 m

Navin, this isn't about TF, this is about the Bearish illogical attitude on here.

And 1 mans noise is another mans detail.


Good M1 traders make loads of money.
Bad M1 traders loser there account quickly.

Good H4 traders just about beat the odds and make small returns.
Bad H4 traders lose there account just it takes longer.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,808
  • Sep 2, 2009 9:37am Sep 2, 2009 9:37am
Quoting wormboy
Guess you won't come up with the goods then. All show but no go.
Welcome to the shitlist. *click*
Yo Wormy - I want to sooth you

It's all serene on this site really. I have been on a site over the weekend that was unbelievably nasty. A guy tracked me for 60 posts screaming things about my mother and children and a lot more. Its a breath of fresh air to come on here where everyone is nice in comparison.

You are a great contributor so just shrug when they wont have it and let the movements show who is wrong and who is right.

Nothing like a good $5k 'fine' on the opponents to get satisfaction.. The market does it for us and that's the nice thing.

The market establishes fairness so we don't have to

Anyway it's day one without my infected tooth canal so I am feeling like a nun in the sun - all lovey dovey

You are long ? I am trying for my huge short - in an hour we might both have reversed positions - it's great fun and a lot better than working

Good luck to all of us
  • #162,809
  • Sep 2, 2009 9:37am Sep 2, 2009 9:37am
Quoting Turveyd
But.... I'm not trading any randomness, I'd be a gambler then not a trader.

I trade the current direction and know statistically wise I'll make more than I lose, if I stick to the plan.

Where as your just slapping a short on and it's a 50/50 game, yes you might get a good move, you already have, but your not taking profits cause your getting greedy.

Trading means getting in and out, not just hoping it'll keep going!!
Your not taking profits cause your getting greedy - whatta nut!

Do you understand Risk / Reward ?

Where as your just slapping a short on and it's a 50/50 game - whatta nut!

Do you understand support / ressistance, trend trading to put probability in your favour?
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #162,810
  • Sep 2, 2009 9:38am Sep 2, 2009 9:38am
Quoting nAVIN2007
no man its the other way round....every trading book sayes the higher the more accurate

Every trade book, you realise if you can't make money trading plan B is right a book and sell that don't you.

Plan C is to charge for trading tips.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,811
  • Sep 2, 2009 9:40am Sep 2, 2009 9:40am
Quoting Bull_Bear
Your not taking profits cause your getting greedy - whatta nut!

Do you understand Risk / Reward ?

Where as your just slapping a short on and it's a 50/50 game - whatta nut!

Do you understand support / ressistance, trend trading to put probability in your favour?

Do you not understand your telling people to stick to the plan and hold there shorts regardless and you've sat through how many obvious retraces ??

I do, but it seems you don't.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #162,812
  • Sep 2, 2009 9:43am Sep 2, 2009 9:43am
Quoting Turveyd
Do you not understand your telling people to stick to the plan and hold there shorts regardless and you've sat through how many obvious retraces ??

I do, but it seems you don't.
Regardless, have you seen my charts and reasoning for staying short. I don't stay short at all cost - Whatta nut!

You obviously don't understand - Whatta nut!
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #162,813
  • Sep 2, 2009 9:44am Sep 2, 2009 9:44am
I think this should end here so we can get back to talk about market. Comparison between 2 totally different trading styles have no direction, and if one can master a technique both the systems can be profitabile, on m5 (m1 maybe too) if you watch bigger timeframes too you can scalp and be profitable.
"Hate the sin, love the sinner." - Gandhi
  • #162,814
  • Sep 2, 2009 9:45am Sep 2, 2009 9:45am
I would just like to make this point.

I trade position, swing and scalp.

My position was added at 141 and off loaded at 166. New position was taken at 170 for a ride down (my posts can verifiy this if anyone needs to check). I have started to add long positions for a probable ride North again.

I also swing trade during this range, ie took 164 to 170, 170 to 165, 163 to 16178, 16178 to 16350, and back in at 16162 holding North again. (approx figures, check posts for absolute values)

As for scalping, well this is hard work, but needed as I trade for a living, so when the market is flat I can still grab a few here and there.

Scalping is, like I said hard work, but provides plenty of opportunities, sometimes very profitable ones. I take a good 10-15 scalps a day during times like these.

All three methods work, but when you tape read to confirm swing trades, if these turn into position trades with minimal drawdowns then I can't see why some traders think this is wrong.

As for scalping being slated by traders, well this is just wrong in my experience.

All 3 styles work, it just depends on the style of trader, availability of trading time and mental agility.

I dont mean to throw a cat amongst the birds here, but arguing about which style is correct is not really worth it.

I'll get off my soap box now lol.

Lets just trade
  • #162,815
  • Sep 2, 2009 9:45am Sep 2, 2009 9:45am
Quoting ashukla1980
I really like people of your sorts...why so...coz there are so many pros here that in front of them i feel dumb..everyday i just sit read their comments and charts and improve my own charting skills

but now after your appearance i suddenly feel so intelligent...please keep commenting often
...I LOVE it!
Ghost Rider - WWTBMD?
  • #162,816
  • Sep 2, 2009 9:47am Sep 2, 2009 9:47am
Quoting GlobalMacro
Buying more at 1.6120... AvgPrc : 1.6152
Sorry to interrupt the commotion!

I just would like to make a quick update:

Price's being extremely resilient.
I am continuing to carry my longs at 1.6152...in the money 88 pips here @ 1.6240....
Attached Image
Hear the music before the song is over ...
  • #162,817
  • Sep 2, 2009 9:49am Sep 2, 2009 9:49am
Time to hit the hay....

LAter guys
Trade well

PS: Don't be a nut!
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #162,818
  • Sep 2, 2009 9:50am Sep 2, 2009 9:50am
Dow down 12

Not a charty thing but I think if it loses its grip on 9300 then it could slide

I am scaled in some yesterday and ready to whack some more on at 9000 and then the kitchen sink at 8700

cable either a great sell point or off up to 1.6365 - take your pick
  • #162,819
  • Sep 2, 2009 9:51am Sep 2, 2009 9:51am
Quoting allserene
Yo Wormy - I want to sooth you

It's all serene on this site really. I have been on a site over the weekend that was unbelievably nasty. A guy tracked me for 60 posts screaming things about my mother and children and a lot more. Its a breath of fresh air to come on here where everyone is nice in comparison.

You are a great contributor so just shrug when they wont have it and let the movements show who is wrong and who is right.

Nothing like a good $5k 'fine' on the opponents to get satisfaction.. The market does it for us and that's the nice...
Hi alan,

you're like the Gandalf of this thread. I apologise for what I said earlier, point taken sir. Good luck to you

p/s : not long btw, flat atm looking for a short opportunity.
Thank You
  • #162,820
  • Sep 2, 2009 9:53am Sep 2, 2009 9:53am
Quoting Bull_Bear
Time to hit the hay....

LAter guys
Trade well

PS: Don't be a nut!
have a good one bb
Thank You
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