Cable Update (GBPUSD)

Yup around that area.

Here is a MT4 EA that makes your SL invisible to your brokers SL scripts ..

I don't use SL personally .. but research it first and see if it still works ..

The same mistakes do crop up on this thread again and again

1. Flawed / wrong analysis
2. Folk marrying their positions in spite of all the evidence to the contrary..such that they turn into 'hope trades'
3. Folk trading what they think, not what they see,...particularly tech traders taking fundamental viewpoints and hoping for a market turn.

G/L

Bro I am with fxsolutions using their online platform which means the file will not work with it. My comp has an issue therefore the mt4 downloaded version doesnt work.
Thanx anyways

Hmm, I'd hate to say it...but if your equity/nav is below your balance by a factor of 50% (i.e. 50% drawdown) then your nearing the point of no return. (at this point irrationality becomes the order of the day)

At this stage your suffering from delusion, you cant believe the market went against your trading plan so hard, your ego has gotten the best of you. The best you can do is, close off positions and not attempt any revenge trades, hedge if you can to unload at a better price or hope as hard as you can that you picked a top (least likely to work)


My apologies for being cynical but its the only way some things get absorbed into peoples skull. And if your account does blow up...at least you know why.

(A lot of us have been in your position...so its not a holier than thou thing)

Remember this: Market>Ego .... your ego (persistence to hold unto loosing trades) wont make you any money, respecting the market will.

Hell, with me as scalper...if a trade goes 2-5 pips in the red i get nervous. I cant imagine +100 ... then again it all depends on your trading style.

Good luck...on the bright side you might survive your trade and live to brag about it ....but don't expect the "big boys" to hand you back your money without an emotional fight.

The same mistakes do crop up on this thread again and again

1. Flawed / wrong analysis.
2. Folk marrying their positions in spite of all the evidence to the contrary..such that they turn into 'hope trades'
3. Folk trading what they think, not what they see,...particularly tech traders taking fundamental viewpoints and hoping for a market turn.
4. bad risk managemnet and over-leverage/over-trading

G/L

Agree with everything....and of course with Salieri......not everyone is Mozart.....same in trading

We have new members everyday and is not an issue to remind them. Is a forum and that what forum do!

Sorry don't agree....It's an issue to help them not to suicide their accounts......that's also what forums are for....to help others....if they wish....

Before you guyst start having a go at these traders...
It is not going to make a difference to them at this point when they are under the phsychological stress of a loss. They posted as they needed help. I will never judge any trader in that position as 5 years ago i was in the same position and till date some times I take advice from some of my senior traders here on Forex factory...that does not make me a bad trader....

For new trader:
Be honest state your actual position and there are some good traders here that will actually help you .

BBmac I totally agree with your thoughts...
so this comment was not for you brov...

Have a nice day

Right now I have 2 longs at 1.6602 and another one at 1.6613.
The short are at 1.6428, 1.6470, 1690.
FF is more than a community. Its a family.
Thanx geppyg for all the support. And the rest of the traders too.

We already saw so many self-pretended traders, crowding this thread with their chanting exploits.....who completely disappeared last weeks......

We love our newbies and want to keep them alive....provided they are ready to work hard and learn every day....

Hi Mate,

I have advised you already on exactly what to do...matey...
Hopefully this has helped you clear all your long positions at break even or what little profit you may get...also close half your short lots at 1.6560 or there abouts if we get there minimize your risk.... Stops in play are at 1.6740 that is it...

Good Luck
GeppyG

Good day to you all,

Hope things are progressing. Here is something to read:

There are 2 kinds of traders. Those who have experienced a trading slump, and those who will. Any experienced trader who says he's never been through a slump is a liar. The majority of good traders have gone through flat periods at some point in their career. Many slumps have a psychological reason behind them. Your belief and confidence in yourself are going to be your main tools in pulling yourself out of a slump. Let's say you've found a trading method that works for you. You've also developed good money management rules. Everything is in place, yet you find yourself still not pulling the trigger. You still don't feel comfortable following your rules, you have trouble exiting losing trades, and in general, you've lost your "rhythm" with the market.

What's missing? The psychological part of trading is the most important, yet that is the side that people spend the least time on. How many people are willing to admit that the battleground isn't the market itself, but what's going on inside them? The more you talk with other traders, the more you'll learn that they all go through common experiences. Speaking personally, most traders have run the gamut through all the classic mistakes, and back again.

But what distinguishes those who can overcome them? The markets are an exciting game, but at the same time, they are also emotionally, and sometimes physically challenging. The mental side can be summed up as 1/3 beliefs, 1/3 concentration, and 1/3 managing the stress. Learn how to deal with distractions, because they're going to be present almost every single day. You will have more confidence if you're following a defined method. You must feel like you're making the right play, rather than worrying about the outcome.

It's OK to make the right play and not have the trade work out. Don't worry if the price goes a little bit higher after you sell it. I always say to treat trading mistakes like cheating on a diet. There is nothing you can do to undo the damage except get back to exercising to work it off. Stress impairs your judgment, so learn to recognize when your thinking is being clouded by stress. Your mental state outside market hours will affect your decision-making ability during market hours. A person can have all the knowledge in the world, but if he doesn't have the presence of mind to handle a stressful situation, where does that knowledge go? Straight out the window.

It's easier to be flexible and change your mind when you're relaxed. If you're all tensed up, it blocks the flow of thought. Unfortunately, human beings are creatures of emotion. Intelligence with regards to trading is not about knowing the names of every company in the S&P 500, but more about reacting the right way under pressure and making the right decisions when they need to be made. Experience is learning how to recognize your mistakes when you make them. However, speaking personally again, experience doesn't always keep you from making the same mistakes.

Quit thinking about ways you can lose money. It's better to put the trade on and assume some risk than it is not to try at all. Once you've made it back after a drawdown, your confidence will triple. You will quickly get a "feel" for the market when you have a trade on. However, you're always going to be the most objective when you don't have a trade on. Funny how that works.

Wish you all success

Regards

1. We have closed above the 4 Hourly Trend line at 480
2. If the weekly closes above 480 we are definately looking for it to go higher
3. As we have been playing above 480 I consider this as accumalation of volume I could be wrong...
4. The dow and ES are frantically trying to close above 10000 and 1060 respectively

I am being patient for any new trades...I posted my take on any new trades yesterday and will play the trades I suggested yesterday...

Good Luck
Just wait you only need 5 Good trades a month

very good anaysis bro!!
nicely thought out...now thats a chart!!

Anyone think about sell 1.66?

I cant read your document.

Maybe you should copy and paste it into the thread?

Thanks brov....still learning matey still learning...

Hope your trading is going well...

Take care
GeppyG

I just want to say BE CAREFULL GUYS NFP
if news are bad then Risk aversion may Limit GBP/USD up move,
btw im still holding my shorts from 1.6530
looking for 16260 as first target and 1.6050 for 2nd target
trade your analysis domt blame me ^^

Choose.Wisely