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Cable Update (GBPUSD)

  • #209,561
  • Mar 24, 2010 6:06am Mar 24, 2010 6:06am
If you ask me, today's trading for me was simply gambling. No real fundamentals to support longs or shorts and the UK Budget release will reduce the significance of any sort of tech analysis. Throwing out the towel for the day... Good luck to all peeps still in the market...
  • #209,562
  • Mar 24, 2010 6:09am Mar 24, 2010 6:09am
Quoting Bitstream
If you ask me, today's trading for me was simply gambling. No real fundamentals to support longs or shorts and the UK Budget release will reduce the significance of any sort of tech analysis. Throwing out the towel for the day... Good luck to all peeps still in the market...
Probably one of the smartest call I've heard today... I've still got some Longs that I'm waiting to close.. hopefully soon then I'm out myself.

Cheers,
R
  • #209,563
  • Mar 24, 2010 6:10am Mar 24, 2010 6:10am
Quoting antic81
Thanks mate,

I really don't know what has come over me today, the only thing is I am placing a lot more trades lately, and used to a loss here and there, only to make up for it during the rest of the trading day, I am massively dissappointed in my knee jerk reaction to my trades today, as it invalidates everything I have learned in the last year, I think I was a bit shaken having been whipped out twice and then thought she was surely going to head south fast with possibly no good pullback for an entry, so I jumped on, without giving it the respect...
Well good thing you had the discipline to practice position sizing. Stop losses and Position Sizing... its the only two things that will keep you alive in trading...
  • #209,564
  • Mar 24, 2010 6:11am Mar 24, 2010 6:11am
Cant wait for the budget! if its bad for gbp I reckon we will really turn up the speed of decent! if its beter than expected, I'm not sure how lng it will keep cable floating...

so I guess its beter for all if its worse than expected as that will give us a clear Down where better will give us a up but no one knowing for how long...

Will be waiting!
@pawpaw1000 on Twitter
  • #209,565
  • Mar 24, 2010 6:13am Mar 24, 2010 6:13am
Quoting pawpaw1000
Cant wait for the budget! if its bad for gbp I reckon we will really turn up the speed of decent! if its beter than expected, I'm not sure how lng it will keep cable floating...

so I guess its beter for all if its worse than expected as that will give us a clear Down where better will give us a up but no one knowing for how long...

Will be waiting!
You know I have a feeling that the Bad news has been priced in the current value of GU. But then again may be there's still more to come.

Cheers,
R
  • #209,566
  • Mar 24, 2010 6:13am Mar 24, 2010 6:13am
Quoting pawpaw1000
Cant wait for the budget! if its bad for gbp I reckon we will really turn up the speed of decent! if its beter than expected, I'm not sure how lng it will keep cable floating...

so I guess its beter for all if its worse than expected as that will give us a clear Down where better will give us a up but no one knowing for how long...

Will be waiting!
Yup, I actually don't care if the cable goes up or down so long as it give me a clear indication of where it wants to go , then its party time
  • #209,567
  • Mar 24, 2010 6:16am Mar 24, 2010 6:16am
Quoting Bitstream
If you ask me, today's trading for me was simply gambling. No real fundamentals to support longs or shorts and the UK Budget release will reduce the significance of any sort of tech analysis. Throwing out the towel for the day... Good luck to all peeps still in the market...

I agree mate, and I think I have paid the price for not taking the day off, I am not a very good gambler!
  • #209,568
  • Mar 24, 2010 6:17am Mar 24, 2010 6:17am
quick question while we wait...

For those who have been trading for a year or more, would you say the most important thing in trading is guarding capital?

As I've found its not soo hard to make money but I do do alot of stupid things which lose me my gains. So, the question then is:

would you say the most important thing is to keep your money long enough to cash in on those once a week/month beeeeeeg moves/Scores?

Thats kinda what I'm seeing here. I make money but then I lose it and am back to square one. Kinda like moving forward a couple of steps then moving back alot and then leaping forward again?
@pawpaw1000 on Twitter
  • #209,569
  • Mar 24, 2010 6:18am Mar 24, 2010 6:18am
Quoting RChio
You know I have a feeling that the Bad news has been priced in the current value of GU. But then again may be there's still more to come.

Cheers,
R
very good point. I do believe we have alot more downside though...

1.4000 - 1.35000
@pawpaw1000 on Twitter
  • #209,570
  • Mar 24, 2010 6:19am Mar 24, 2010 6:19am
I'm with going long from 1.4940 TP 1.5076 SL 1.4910
  • #209,571
  • Mar 24, 2010 6:22am Mar 24, 2010 6:22am
Quoting pawpaw1000
quick question while we wait...

For those who have been trading for a year or more, would you say the most important thing in trading is guarding capital?

As I've found its not soo hard to make money but I do do alot of stupid things which lose me my gains. So, the question then is:

would you say the most important thing is to keep your money long enough to cash in on those once a week/month beeeeeeg moves/Scores?

Thats kinda what I'm seeing here. I make money but then I lose it and am back to square one. Kinda like moving forward a couple...
From everything I have learned I would say you are spot on mate, capital preservation is everything.

Those who want to make a millions in a few months starting on a few grand, I suspect dont last through one month of trading before they have either wiped themselves out or decided they dont like trading anymore.

I always say to people that say they want to be Forex millionaires its really simple...start with a billion.
  • #209,572
  • Mar 24, 2010 6:24am Mar 24, 2010 6:24am
the answer is simple. its because of bad money and emotion management.
There are several cases according to your story,, first. he gain so much day by day. until someday he loses big.. why? either he gets greedy and greedy along with the profit or, its just simply luck and then u think, oh i got this losing position then i should hold this losing position by add more room to sl. then your trade chasing your sl rapidly. u know whats next.

or

damn. i got my sl. i know this action i must not wrong. i'll add more position a lot more than before with the same direction.

or

its just luck.. simply luck..
  • #209,573
  • Mar 24, 2010 6:25am Mar 24, 2010 6:25am
Quoting pawpaw1000
quick question while we wait...

For those who have been trading for a year or more, would you say the most important thing in trading is guarding capital?

As I've found its not soo hard to make money but I do do alot of stupid things which lose me my gains. So, the question then is:

would you say the most important thing is to keep your money long enough to cash in on those once a week/month beeeeeeg moves/Scores?

Thats kinda what I'm seeing here. I make money but then I lose it and am back to square one. Kinda like moving forward a couple...
In order of importance :
1)Stop Loss. This is your safety so you don't get stuck in a bad trade like a deer in headlights. Do not move this once in place.
2)Position sizing. This prevents you from over-exposure of risk

I can relate to your situation. I'd used to win some pips, do something stupid and give it all back and sometimes more. I only managed to overcome this (after a long long time) by position sizing, stop loss, and reading my entry and exit rules like a bible day in and day out.
  • #209,574
  • Mar 24, 2010 6:26am Mar 24, 2010 6:26am
Quoting mloistianto
the answer is simple. its because of bad money and emotion management.
There are several cases according to your story,, first. he gain so much day by day. until someday he loses big.. why? either he gets greedy and greedy along with the profit or, its just simply luck and then u think, oh i got this losing position then i should hold this losing position by add more room to sl. then your trade chasing your sl rapidly. u know whats next.

or

damn. i got my sl. i know this action i must not wrong. i'll add more position a lot more than before...
Oh yeah and I forgot, greed! Another factor why I was loosing in the market.
  • #209,575
  • Mar 24, 2010 6:28am Mar 24, 2010 6:28am
Quoting pawpaw1000
quick question while we wait...

For those who have been trading for a year or more, would you say the most important thing in trading is guarding capital?

As I've found its not soo hard to make money but I do do alot of stupid things which lose me my gains. So, the question then is:

would you say the most important thing is to keep your money long enough to cash in on those once a week/month beeeeeeg moves/Scores?

Thats kinda what I'm seeing here. I make money but then I lose it and am back to square one. Kinda like moving forward a couple...


man hit and run then dont risk more than %2 of the money u made dont rush in take u time put a target if y get it get out and wait
  • #209,576
  • Mar 24, 2010 6:30am Mar 24, 2010 6:30am
1 hour to go... tick, tock, tick, tock!
  • #209,577
  • Mar 24, 2010 6:31am Mar 24, 2010 6:31am
fxrambo


man i am out of town i will hook up the 2 laptop soon i will post the h4
  • #209,578
  • Mar 24, 2010 6:33am Mar 24, 2010 6:33am
Quoting bbakker
1 hour to go... tick, tock, tick, tock!

easy bro darling will fart soon hope he will kill king with the smelllll
  • #209,579
  • Mar 24, 2010 6:46am Mar 24, 2010 6:46am
where u guys gonna get the budget news?

or just watch pa?

http://www.dailyfx.com/real_time_news/
@pawpaw1000 on Twitter
  • #209,580
  • Mar 24, 2010 6:46am Mar 24, 2010 6:46am
Quoting pawpaw1000
quick question while we wait...

For those who have been trading for a year or more, would you say the most important thing in trading is guarding capital?

As I've found its not soo hard to make money but I do do alot of stupid things which lose me my gains. So, the question then is:

would you say the most important thing is to keep your money long enough to cash in on those once a week/month beeeeeeg moves/Scores?

Thats kinda what I'm seeing here. I make money but then I lose it and am back to square one. Kinda like moving forward a couple...

Like anything in life... Making Money is Easier than Keeping it.... Most people irrespective of profession are relatively rich in terms of the income they bring in etc.... Keeping the money or investing it instead of spending it is harder...

So in trading, there are ample of opportunities to make a living out of it.... Choosing the right timing everytime is really hard specially if there are some really tempting price action that does not fit your trading plan.... it's easy to lose it and just jump in without thought. Much like tonight.

Cheers,
R
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