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Cable Update (GBPUSD)

  • #212,681
  • Apr 2, 2010 11:17am Apr 2, 2010 11:17am
Quoting pawpaw1000
Hi guys,

got a quick question for ya...

I have now been trading live for 4 weeks and ended the month on 7% gain. My max drawdown was 5% (1st week) and max up was 18%. I have learnt alot and seen that it is when I trade without thinking about it that I make my mistakes...

I sometimes think "maybe a quick scalp for 10 pips, double my normal trade size and make a quick profit" which turns bad 75% of the time. When I trade using s/r i make good trades and profits...

So guess the question is whether I am on track or whether I should be concentrating...
PawPaw,

Consistency is the key. Get a trading plan and stick to the plan. Don't try to get rich quick, it won't happen. 7% per month is very good. Think of it this way. If you start with $300 and get 10% gain per month, in 85 months you will have made $1,000,000. How many jobs can you do that with. The more you learn the better you will get. The better you get, the better you will be able to recognize good trades, but do not ever overstretch the MM. Once you have good trades just ride the winners longer.

C.
  • #212,682
  • Apr 2, 2010 11:22am Apr 2, 2010 11:22am
Quoting Ctic
PawPaw,

Consistency is the key. Get a trading plan and stick to the plan. Don't try to get rich quick, it won't happen. 7% per month is very good. Think of it this way. If you start with $300 and get 10% gain per month, in 85 months you will have made $1,000,000. How many jobs can you do that with. The more you learn the better you will get. The better you get, the better you will be able to recognize good trades, but do not ever overstretch the MM. Once you have good trades just ride the winners longer.

C.
thanks guys...

Well, I think I am trading too large for my account which causes me to have tight s/l's...

85 months you say? sounds great!
@pawpaw1000 on Twitter
  • #212,683
  • Apr 2, 2010 11:26am Apr 2, 2010 11:26am
Since the market is now dead..... A general interest question.

If you won a really big lottery say over 10 million,

How many of you would open a large account and keep trading?
Ghost Rider - WWTBMD?
  • #212,684
  • Apr 2, 2010 11:29am Apr 2, 2010 11:29am
Quoting pawpaw1000
thanks guys...

Well, I think I am trading too large for my account which causes me to have tight s/l's...

85 months you say? sounds great!
Then that would be a problem. If your trades are too large, that is a sure sign of a future disaster. That is the single biggest mistake I see new traders make, trading too large for account. I made that same mistake starting out myself, and I am sure most (if not all the experienced traders in here did the same at one point). I blew out several accounts before I realized that my trades were too big.
  • #212,685
  • Apr 2, 2010 11:29am Apr 2, 2010 11:29am
Quoting albchr
Since the market is now dead..... A general interest question.

If you won a really big lottery say over 10 million,

How many of you would open a large account and keep trading?
i would..try make some bucks
I think that is the difference many do this cause they wanna make money i do as well but i actually enjoy it!!! i have learned heaps about myself from doing this..and i feel it has made me a stronger individual
  • #212,686
  • Apr 2, 2010 11:30am Apr 2, 2010 11:30am
Quoting albchr
Since the market is now dead..... A general interest question.

If you won a really big lottery say over 10 million,

How many of you would open a large account and keep trading?

chris me
  • #212,687
  • Apr 2, 2010 11:31am Apr 2, 2010 11:31am
Quoting albchr
Since the market is now dead..... A general interest question.

If you won a really big lottery say over 10 million,

How many of you would open a large account and keep trading?
Chris,

You could just give some of it to your good friend CTIC. lol. But to answer your question, I would use some of it to trade and some I would put in other areas. Real estate, stocks, bonds, (shopping spree for wife I am sure would have to be in there). And also pay off bills.

C.
  • #212,688
  • Apr 2, 2010 11:33am Apr 2, 2010 11:33am
Quoting albchr
Jeff!

Have a happy bro! Headed to Virginia beach for the weekend. Then the Jersey shore and then some weird place in PA...LOL

Taking the bike and meeting a lady friend who drives a truck OTR.

And you'd NEVER guess who that lady friend is...
Great to hear back Chris...
sorry i was looking at the next vacA spots...
-That sound's good... I tell you i was thinking Myrtle looks,
just like Va beach (downtown area)!
Sounds like fun,

-Just don't tell me she's the one who's...
got a Stick of Butter w/her!!! ~!
Have a great time Chris,

Jeff !
I will work to Objectively Identify my Edges
  • #212,689
  • Apr 2, 2010 11:34am Apr 2, 2010 11:34am
interesting trendline we sitting above..on my demo account
Attached Image (click to enlarge)
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  • #212,690
  • Apr 2, 2010 11:35am Apr 2, 2010 11:35am
Quoting pawpaw1000
Hi guys,

got a quick question for ya...


So guess the question is whether I am on track or whether I should be concentrating on something else. Most of you in here have seen how I trade or know how I think...

ANY suggestions would be great before I start my 2nd month...





U are doing quite well. Won't u like to be like Cloggie? And with him by ur side, the sky is ur limit
  • #212,691
  • Apr 2, 2010 11:46am Apr 2, 2010 11:46am
Quoting albchr
Since the market is now dead..... A general interest question.

If you won a really big lottery say over 10 million,

How many of you would open a large account and keep trading?





Do u know what makes forex trading interesting? Its unpredictability. It tests everything in u: knowledge, wisdom, patience, intellect, judgement, precision, etc.

It means far much more than money
  • #212,692
  • Apr 2, 2010 11:49am Apr 2, 2010 11:49am
Quoting kidspips
Cable just broke this level. What is your target now? And how you calculate price so exactly? (like 1.6011, 1.5182
Lion mean @ 1.5177

NFP is big news, if a big news can't break that little support, so that mean for next week we will going up till 1.56xx - near 1.5700...

bad trader will enter market now, good trader will wait till next week begin, which one is your choice, that is you...,i enter now,,,
I will be the number one Manager.
  • #212,693
  • Apr 2, 2010 11:55am Apr 2, 2010 11:55am
Quoting Bydyke
Do u know what makes forex trading interesting? Its unpredictability. It tests everything in u: knowledge, wisdom, patience, intellect, judgement, precision, etc.

It means far much more than money

Perhaps to those who already have money. For me it's about trying to live.
Ghost Rider - WWTBMD?
  • #212,694
  • Apr 2, 2010 11:58am Apr 2, 2010 11:58am
Quoting pawpaw1000
Hi guys,

got a quick question for ya...

I have now been trading live for 4 weeks and ended the month on 7% gain. My max drawdown was 5% (1st week) and max up was 18%. I have learnt alot and seen that it is when I trade without thinking about it that I make my mistakes...

I sometimes think "maybe a quick scalp for 10 pips, double my normal trade size and make a quick profit" which turns bad 75% of the time. When I trade using s/r i make good trades and profits...

So guess the question is whether I am on track or whether I...
If you want to scalp, learn to scalp.

There is more than one way to skin the cat and definitely a way to play the counter-trends profitably.

Looking at doing this is, if you have a fair concept of trends and analysis on the longer time frames, apply it to the shorter term time frames.

I watch all lower time frames and apply direction to the longer, and vice versa. Doing this helps me hedge the longer plays, scalp the shorties, and take profit all way around.

What I would suggest is 2 accounts.
1. Keep this your main trade account, funded and working with some skin in the game. This keeps you in the trades and taking profit.
2. Open a demo account. When you get that urge to get your scalp on, see if you can learn to do it for demo dollars before handing back your hard earned cash on "Oopsiedaisical" plays.

The value of the 24SMA and 200EMA are fantastic tools for scalping.

Check what the scalpers use, try Turvey's thread here:
http://www.forexfactory.com/showthread.php?t=187854
Or have a looksie at my now closed MTF trade system here:
http://www.forexfactory.com/showthread.php?t=208103

Lastly, scalp in the direction of the MAJOR TREND while you are getting to find your way around, this way, even if you misfire, you will still most likely end up in the green in a shorter amount of time.

Most importantly, Trade what you see on the charts, not what you read on the forum, but this rule should be applied to all of your trades.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #212,695
  • Apr 2, 2010 12:00pm Apr 2, 2010 12:00pm
Quoting Ctic
Hey Jeff,

I was wondering what happened to you. SO you visited my great state of Florida huh? At least we are finally warming up. Have a good weekend and see you next week.

C.
Hey CtiC,

Sorry i "dropped off" here... for a bit...
'Was gandering @other "Ritz" Local's to stay @in your great state!

Yeah,
-Your weather was beautiful, and warm just enough to get a great
round of golf in @your Amelia Island Local! -Pretty nice course.
I had an "Five O'-clock Charlie," piper-plane doing circles,
of "Touch & Go's" over the 16th hole, while i hacked about 5 shot's
to get it over the jagged swamp brush! -What a hole! !

I think i'll try your OrlandO spot next,
-Or the Sarasota area one, if i'm able...
We did the Naples Golf & Ocean Local &- (Loved them).

Maybe i'll swing bye somewhere down there & visit,
Thanks for all your insights & comradeire,
-Have a Great Wk'd CtiC,
W/The Wife & Family,

Jeff
I will work to Objectively Identify my Edges
  • #212,696
  • Apr 2, 2010 12:02pm Apr 2, 2010 12:02pm
closed my position..13 pips..LOL

this just is to slow
  • #212,697
  • Apr 2, 2010 12:08pm Apr 2, 2010 12:08pm
Quoting Magix
The value of the 24SMA and 200EMA are fantastic tools for scalpingMost importantly, Trade what you see on the charts, not what you read on the forum, but this rule should be applied to all of your trades.

Magix,

I know this was your reply to Pawpaw & i'm sorry
to "Rudely" interrupt the two of you, but...
I wanted to catch you last time you were in here,
but missed you.

Hey,
i wanted to say thanks for the use of the 24 & 200,
I use it as an indicator on all time frames for ALot of
things now.
It has really come in useful.
And it's funny how on a Retrace Fib, -or a profit taking
ATR of sort(s) How, One if not either of these two get "Hit",
and profit is taken there- or stops & reverses, etc, etc...

Pawpaw, this is "Good Gouge", as we'd say in the Navy,
Thanks Magix,
Have a great wk'd,

Jeff
I will work to Objectively Identify my Edges
  • #212,698
  • Apr 2, 2010 12:10pm Apr 2, 2010 12:10pm
Quoting nAVIN2007
closed my position..13 pips..LOL

this just is to slow


Given the current range of trade, and the first attempt at the 200ema on 1m chart...good trade.

Depending on speed, we should retest bottom, or possibly retrace the 200ema on 5-15m charts, range play to between 1.5213-1.5239, maybe even a touch of both, drop down and buy back up.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #212,699
  • Apr 2, 2010 12:16pm Apr 2, 2010 12:16pm
Quoting TerpFan2
Magix,

I know this was your reply to Pawpaw & i'm sorry
to "Rudely" interrupt the two of you, but...
I wanted to catch you last time you were in here,
but missed you.

Hey,
i wanted to say thanks for the use of the 24 & 200,
I use it as an indicator on all time frames for ALot of
things now.
It has really come in useful.
And it's funny how on a Retrace Fib, -or a profit taking
ATR of sort(s) How, One if not either of these two get "Hit",
and profit is taken there- or stops & reverses, etc, etc......
There are many more secret weapons that these 2 lines have to offer that I never quite got into on my thread.

A couple of quick hints...
Watch what happens when the cross the first time on any timeframe.
When we have confirmed and played from a 1m 200ema to the 5m 200ema, where do we retrace to? See this on all time frames.
If we close above the 200 but not the 24, is the trade still valid?
What happens when we confirm and then cross confirm? WHIPSAW????
Do these rules also apply to other pairs, Eur/USD?

Currently, we have played from the hourly 200ema to the 4hr 200ema, can you see where my target is?

Happy trading Jeff, and a Happy Easter to you and yours.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #212,700
  • Apr 2, 2010 12:20pm Apr 2, 2010 12:20pm
Quoting Magix


Given the current range of trade, and the first attempt at the 200ema on 1m chart...good trade.

Depending on speed, we should retest bottom, or possibly retrace the 200ema on 5-15m charts, range play to between 1.5213-1.5239, maybe even a touch of both, drop down and buy back up.

dailly not looking healthy for up.. i think this is looking to go to 1.50 possibly
thanks buddy..
Attached Image (click to enlarge)
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