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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #203,761
  • Oct 15, 2009 4:47pm Oct 15, 2009 4:47pm
Quoting ewokuk
not at all, pouring more money into it enables people to still be here after endless losses.... until that runs out.

its the sheer determination not to have to spent the next x years in a normal day job that keeps em going.

what irritates me is the fact i have people in various places making lots of money from it, who i consider to be not particularly intelligent. I have an above average IQ (surprisingly) and generally pick things up very quickly, so I expect to be able to do anything that anyone else can (scalping, daytrading, or swing trading)...
Maybe you have and dont realise it just yet, You know the biggest part of trading has nothing to do with trading at all.
90+% of trading is about psychology, battling the demons within, greed fear patience, trust, self respect, expectations. conciously concurring self and its parts of make up. Self mastery
Can you state you dont care if you lose. Cuz if you cant be a loser you cannot be a winner, to know when to hold em, know when to fold em know when to walk away know when to run.
"Millionaires don't use astrology, billionaires do"
  • #203,762
  • Oct 15, 2009 4:48pm Oct 15, 2009 4:48pm
Quoting ukdaytrader
Ewok - stop 'thinking' about what 'should' happen and start trading what you see. You can never succeed if you put unrealistic pressures on yourself. Trade demo for the next 2 weeks and camp here on this thread.
thats surely wrong. you need to think and anticipate what might happen so that you can react according to plan if it does happen.

people are looking for retracements because things dont move in a straight line, due to news events, due to profit taking, and due to the desire to get in at a more reasonable price, instead of buying at the top of a 600 pip move. so for now i am waiting for a test of 146.30 before i consider long.

in the down moves people were shorting off retracements as well.

or am i missing something here?

i have 2 weeks off work after tomorrow, i will be camped here as usual but the idea is to have 2 marathon trading weeks
  • #203,763
  • Oct 15, 2009 4:54pm Oct 15, 2009 4:54pm
Quoting ewokuk
thats surely wrong. you need to think and anticipate what might happen so that you can react according to plan if it does happen.

people are looking for retracements because things dont move in a straight line, due to news events, due to profit taking, and due to the desire to get in at a more reasonable price, instead of buying at the top of a 600 pip move. so for now i am waiting for a test of 146.30 before i consider long.

in the down moves people were shorting off retracements as well.

or am i missing something here?

[b][u]i have...
You cant hurry Love, no you just have to wait, see Love dont come easy , its a game of give and take..
"Millionaires don't use astrology, billionaires do"
  • #203,764
  • Oct 15, 2009 4:55pm Oct 15, 2009 4:55pm
I remember Markam and Karmo had a bet on who would reach their extreme price first, i don't remember the exact price, i think Karmo wrote he was waiting for 210 and markam some way down price.

I think markam won in that case.

Looking at the Daily, we appear to have hit 50 MA and is now waiting for Asia to decide whether it will punch through it or not. but it seems we are losing steam and maybe friday is for a retrace, i wouldn't know yet. I wait for asia.

Looking at monthly overall, it does seem we still in a bear trend. So long term with all this fundies flying around and UK have mixed reccession news, we could look to still range lower to 118 or even as people have indicated sub 100.. I don't see this, but its all just the gut gumbling, hungry for longs so UK is not too bad as i am living here.

Been at this a long time, just doing okay, i won't be leaving my job for this yet. A lot to learn to understand direction and like Orion, hold and hold and hold and hold for payday (obviously putting more money into your direction) whilst dabbling for small profits (day trades) to spend on goods and services to enjoy life. that will be ideal if i could do this.
  • #203,765
  • Oct 15, 2009 4:56pm Oct 15, 2009 4:56pm
Quoting ewokuk
thats surely wrong....
you still don't get it, do you? By the way you said, you are expecting to have 2 weeks of daytrading with profit (compounding of course) but do you know that, if you are inexperience, the more you enter the market, the more chances for you to lose.. that is exactly what orionsway trying to tell you..
  • #203,766
  • Oct 15, 2009 4:56pm Oct 15, 2009 4:56pm
Hey malcomb, can you post a daily esignal chart with volume, does your volume look like this?
Attached Image (click to enlarge)
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  • #203,767
  • Oct 15, 2009 4:58pm Oct 15, 2009 4:58pm
q bro.
  • #203,768
  • Oct 15, 2009 4:58pm Oct 15, 2009 4:58pm
The daily swing is set at 145.90 (DPP) up to daily R1 @ 149. . . Might see a dip back down to support at 145.40/50 area. . .

Keep in mind monthly pivot (MPP) @ 145.50 so there is now major support below us. . .

Also, if 148.50 is taken look for weekly resistance at 153 area. . .
Lets start here. . . 170 is a long way up but this may be the start of a new trend with UJ leading the way. . .
  • #203,769
  • Oct 15, 2009 4:58pm Oct 15, 2009 4:58pm
Quoting ukdaytrader
Honestly, there are a ton of books written which specialise in trading psychology. You should do some investigation. Intelligence has very very little to do with successful trading.

I did read some study which indicated that people with a lower self esteem learned to deal with the failures of trading easier than those with healthy ones. It helped them make money quicker.

You think too much of yourself. (jok)
this makes some sense. dumb people know they are dumb, have no self esteem and despite being a bit thick, they manage to win constantly and let their winners run for hundreds of pips because they are too dumb to lock in profit, which would stop them out for a fraction of what they end up getting

  • #203,770
  • Oct 15, 2009 4:59pm Oct 15, 2009 4:59pm
Quoting ewokuk
thats surely wrong. you need to think and anticipate what might happen so that you can react according to plan if it does happen.

people are looking for retracements because things dont move in a straight line, due to news events, due to profit taking, and due to the desire to get in at a more reasonable price, instead of buying at the top of a 600 pip move. so for now i am waiting for a test of 146.30 before i consider long.

in the down moves people were shorting off retracements as well.

or am i missing something here?

i have 2 weeks...
All well and good in theory, but....

  1. How do you know we're at the top?
  2. How do you react when you've been wrong?
  3. Is the market bullsh1t or could your mind have been clearer?
  4. Whose fault is it that you've lost money?
  5. Is your MM what it could be?

Sorry if this sounds harsh, but Goldman's have no interest in being your friend. The 5 questions above seem simple, but they hold the key to any trading success you wish to have.

  • #203,771
  • Oct 15, 2009 4:59pm Oct 15, 2009 4:59pm
Quoting USD-Bear
I'm short, but must confess 4730 would give me some confidence to go asleep, looks like it's doeing some basebuilding around 4734.... not good.....

Goodnight.....
Don't be a hero. Don't have an ego. Always question yourself
  • #203,772
  • Oct 15, 2009 5:03pm Oct 15, 2009 5:03pm
Quoting A-speculator
you still don't get it, do you? By the way you said, you are expecting to have 2 weeks of daytrading with profit (compounding of course) but do you know that, if you are inexperience, the more you enter the market, the more chances for you to lose.. that is exactly what orionsway trying to tell you..
naaa i didnt say i was rushing. the point is i get to trade on 2x 24" widescreen monitors on my own pc all day every day without interruptions or distractions. instead of taking a quick peek at a 10" netbook at work, which can lead to missing the correct entries, entering late and getting screwed. so i can take MORE time than usual on each trade, not make 50 trades a day.
  • #203,773
  • Oct 15, 2009 5:04pm Oct 15, 2009 5:04pm
Quoting quecee5
The daily swing is set at 145.90 (DPP) up to daily R1 @ 149. . . Might see a dip back down to support at 145.40/50 area. . .

Keep in mind monthly pivot (MPP) @ 145.50 so there is now major support below us. . .

Also, if 148.50 is taken look for weekly resistance at 153 area. . .
Lets start here. . . 170 is a long way up but this may be the start of a new trend with UJ leading the way. . .
i take this as a sign to go long. quecee always pops his head in just as the trend changes
  • #203,774
  • Oct 15, 2009 5:05pm Oct 15, 2009 5:05pm
Quoting USD-Bear
Goodnight.....
sleep well.

night all.
Timing is everything
  • #203,775
  • Oct 15, 2009 5:06pm Oct 15, 2009 5:06pm
Quoting ewokuk
this makes some sense. dumb people know they are dumb, have no self esteem and despite being a bit thick, they manage to win constantly and let their winners run for hundreds of pips because they are too dumb to lock in profit, which would stop them out for a fraction of what they end up getting

No, it means their self esteem does not get in the way of their trading decisions. They EXPECT to be wrong, whereas people with high self esteems had huge problems accepting it.

Only you have the answer man.
  • #203,776
  • Oct 15, 2009 5:08pm Oct 15, 2009 5:08pm
Quoting ewokuk
naaa i didnt say i was rushing. the point is i get to trade on 2x 24" widescreen monitors on my own pc all day every day without interruptions or distractions. instead of taking a quick peek at a 10" netbook at work, which can lead to missing the correct entries, entering late and getting screwed. so i can take MORE time than usual on each trade, not make 50 trades a day.
if that is the case, I think it is better for you to trade on a 10" laptop rather than 2 24" monitor.. well at least the trade from the laptop more profitable at the end of the day.. Now that you have the luxury of time to trade, but u ended up losing.. what went wrong? I think you have to sit down and calm yourself before you get the answer.. I have to jet.. see you later bro..
  • #203,777
  • Oct 15, 2009 5:11pm Oct 15, 2009 5:11pm
Quoting ukdaytrader
All well and good in theory, but....

  1. How do you know we're at the top?
  2. How do you react when you've been wrong?
  3. Is the market bullsh1t or could your mind have been clearer?
  4. Whose fault is it that you've lost money?
  5. Is your MM what it could be?

Sorry if this sounds harsh, but Goldman's have no interest in being your friend. The 5 questions above seem simple, but they hold the key to any trading success you wish to have.

hmmm ok I shall take your test

 

  1. i dont know we are at THE top, but I do know that going long off a retracement of some kind carries a lot less risk than going long where it is now
  2. when ive been wrong i usually get pissed off and open trades in random directions without looking very closely, and lose again
  3. the market is bullshit but that doesnt matter since the market is never wrong. I should ignore all fundamental BS and avoid any bias about where it should be going and only use the chart.
  4. its the markets fault ive lost money because it should go where *I* expect it to!!!! or maybe its my fault for constantly picking the wrong direction and bad entries
  5. my mm improved recently (only got 50:1 leverage anyway so not like im using all my margin at 400:1 and getting margin called after 30 pips), but still got screwed on the up move.

  • #203,778
  • Oct 15, 2009 5:13pm Oct 15, 2009 5:13pm
Quoting A-speculator
if that is the case, I think it is better for you to trade on a 10" laptop rather than 2 24" monitor.. well at least the trade from the laptop more profitable at the end of the day.. Now that you have the luxury of time to trade, but u ended up losing.. what went wrong? I think you have to sit down and calm yourself before you get the answer.. I have to jet.. see you later bro..
no no, NEXT week I am off work and have more time, not this week.
  • #203,779
  • Oct 15, 2009 5:17pm Oct 15, 2009 5:17pm
Ewokuk,

Good luck bro. I did this kind of thing, i sat and watch the markets all day and night. Its really tiring.

I now just trade when i can, i don't mind missing any moves now. I trade when i see an opporunity, i am not a swing trader although i try to be, i would say i just wait for a setup whether its long term or short term, all the same to me, i just want the pips, don't mind if it takes a 5 minutes or 2 days, just as long as the PA gets there.

Trading every day is tiring, so hopefully you achieve a good plan at the end of it to return back to work and trade on your netbook again with that plan.

I would get lots of videos to watch on a third screen and start watching those 24's, heroes, movies etc..

I am looking forward to your experience (if you are willing to post it).

  • #203,780
  • Oct 15, 2009 5:24pm Oct 15, 2009 5:24pm
Quoting cullian
Hey malcomb, can you post a daily esignal chart with volume, does your volume look like this?
Cullian, Your broker looks like they made some sort of change around Sept 1 (such as changed liquidity provider) or some other change. Check your other currencies to see if you see that type of stark difference in volumes. Check H4 too. Not sure if it's some sort of bad broker trick. Definitely contact your broker & ask. Here's my view, CollectiveFX broker, who uses Deutsche Bank as LP:
Attached Image (click to enlarge)
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