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Cable Update (GBPUSD)

  • #215,641
  • Apr 10, 2010 4:22pm Apr 10, 2010 4:22pm
Quoting bbakker
I am missing the golf on the telly and two Englishmen in the lead, although Tiger is hunting them down!

Great post Magix with excellent reasoning as to why one should not leave positions open over the weekend!

Now back to the golf and see you on Sunday evening as I will be very busy tomorrow.

Goodnight peeps!

enjoy bro
  • #215,642
  • Apr 10, 2010 4:27pm Apr 10, 2010 4:27pm
read with me

Trading Mistakes

The following list contains the most common trading mistakes that we will cover in this article.

1. Not using a “trading plan”
2. Not having a money management game plan
3. Not using protective stop loss orders
4. Closing winning trades early and letting losing trades run
5. Overstaying your position
6. Averaging a losing trade
7. Increasing your risk with success
8. Overtrading your account
9. Failure to take profits from your account
10. Changing your trade plan in mid-trade
11. Not having patience
12. Not having discipline
  • #215,643
  • Apr 10, 2010 4:32pm Apr 10, 2010 4:32pm
This is the biggest mistake, PERIOD!!!! Especiallly when trading G/U. I was taught very early in my career.....DO NOT TRADE G/U UNLESS YOU HAVE AT LEAST 4 YEARS TRADING EXPIERIENCE!!!!!


Not having patience!!!!!!



Quoting kill56
read with me

Trading Mistakes

The following list contains the most common trading mistakes that we will cover in this article.

1. Not using a “trading plan”
2. Not having a money management game plan
3. Not using protective stop loss orders
4. Closing winning trades early and letting losing trades run
5. Overstaying your position
6. Averaging a losing trade
7. Increasing your risk with success
8. Overtrading your account
9. Failure to take profits from your account
10. Changing your trade plan in mid-trade
[size=5][b]Not...
  • #215,644
  • Apr 10, 2010 4:59pm Apr 10, 2010 4:59pm
Quoting Nene
This is the biggest mistake, PERIOD!!!! Especiallly when trading G/U. I was taught very early in my career.....DO NOT TRADE G/U UNLESS YOU HAVE AT LEAST 4 YEARS TRADING EXPIERIENCE!!!!!


Not having patience!!!!!!
can u explain more plz
  • #215,645
  • Apr 10, 2010 5:17pm Apr 10, 2010 5:17pm
Quoting Nene
This is the biggest mistake, PERIOD!!!! Especiallly when trading G/U. I was taught very early in my career.....DO NOT TRADE G/U UNLESS YOU HAVE AT LEAST 4 YEARS TRADING EXPIERIENCE!!!!!


Not having patience!!!!!!
Your point 10 screwed me up on Friday. Should have stuck to my original strategy, changed on the back of Malcolms words, lived to regret.

I have a lot of time for his words and I have read up a lot about Hulls Moving Average today. But if I had let my strategy play out and THEN taken Malcolms thoughts on board I would have been up 80 pips instead of down 100 pips on the day.

Anyway, I want to run a program using MS VBA but need some statistical data first to run with. Does anyone know where I can get price data for currency pairs to download into excel (What I want is Open/High/Low/Close price information for each time frame, preferable down to as low as 5 or 10 minute time frames, so I can run my program through to back test a new trading strategy I want to adopt which involves calculating how many trades I would have lodged, how many I would have won, lost etc and how long I would have had to hold the losing trades open for and the account balance I would have needed to see the losing trades turn into winning trades)

I've had a good trawl through the internet and the best I could find was down to daily level. Although helpful, it did not really enable me to test my strategy, because you don't know how the price action panned out through each trading day. ie did it go up a small amount from the opening price before dropping massively and then recovering through til close.

I realise I could do this visually by running reports in Marketshot via FXCM, but I really just want the numbers downloaded into excel as I could knock up a program really quickly in VBA and this would save me a shed load of time.

Thanks in advance to anyone who can help.
  • #215,646
  • Apr 10, 2010 5:25pm Apr 10, 2010 5:25pm
TO Forexlion
I use to be member of zulutrade and have to say biggest crap that exist in forex market.
Are u a trader on zulu trade?
  • #215,647
  • Apr 10, 2010 6:00pm Apr 10, 2010 6:00pm
Quoting kill56
read...
After more then a year trading (mostly GJ) most of those points I acknowledge.

I realise that most of my losses occured when I am over-active trying to get 10-30 pip winners. Now I mostly trade when more then 100 pip moves are expected, which works a lot better.

There are just 2 things I still have troubles with:

1. Too often I reach BE with trades first reaching 80% of expected move (limit) and then going back. Solving this by changing stops to assure part of profit mostly doesn't solve this because little retraces not changing the trend unwillingly wipes me out of my trades too early which is mentaly far more difficult for me then to be closed at BE and accepting a wrong trade idea.
2. When placing SL's with GU/GJ minimum is mostly 100 pips and depending on expected level and degree of confidence even 200 pips below trade-level.
Still struggling with the question of proper SL-distance. Levels of 10-15 pips I see often here in forum are sure killing me, but on the other hand a 200 pips loss (not often seen) would wipe out 7% of my account.

Appreciating any ideas..........
Don't be a hero. Don't have an ego. Always question yourself
  • #215,648
  • Apr 10, 2010 6:31pm Apr 10, 2010 6:31pm
Quoting USD-Bear
After more then a year trading (mostly GJ) most of those points I acknowledge.

I realise that most of my losses occured when I am over-active trying to get 10-30 pip winners. Now I mostly trade when more then 100 pip moves are expected, which works a lot better.

There are just 2 things I still have troubles with:

1. Too often I reach BE with trades first reaching 80% of expected move (limit) and then going back. Solving this by changing stops to assure part of profit mostly doesn't solve this because little retraces not changing the trend...
I understand the principle of stops fully and I do agree to an extent with one of the mantras on here which is stop loss or lose it. However, There are alternative strategies that can be adopted which remove the need for stops completely.

Personally two other strategies that can be used are:

Strategy 1

1. Averaging: We are all familiar with support and resistance. Therefore, if these are fairly reliable indicators of when prices will turn, why not use these as your entry points for adding to your trades.

Example: Initiate a short entry when price is at R1. If trade goes against you, you add to your shorts at R2 and the same at R3.

Assume R1 at 15100 R2 at 15200 and R3 at 15300 you would have 3 x 1 lot in play. The price only needs to go back down to R2 and you would be at breakeven (profit of 100 R3 to R2, and loss of 100 R1 to R2) you can then make a decision whether to bail out and start again from R2 level or close your R3 to R2 trade and take any additional profits from there downwards.

You can reduce the amount of pips the trade needs to retrace by before you land in profit by scaling up your lot size at each support resistance point.

Example: at R1 lodge 1 lot R2 lodge 2 lots and at R3 lodge 4 lots.

Assuming again 15100, 15200 and 15300 you would then end up with an average short price of 152.43 meaning the price would only have to return just over half way to R2 level before you start making your profits.

This is high risk, but if you use small lot sizes to start and have good equity in the account you can manage the process.

I have introduced a "safety net" process which if the trade after R3 level continues to go against me, I repeat the above, but in the opposite direction. This slows down the losses until such time as the trend turns back in favour.

Strategy 2

Book trading pairs in opposite directions:

Eg GU and GJ tend to follow the same trading pattern in that they rise and fall together (broadly) If you book sale in GU book long in GJ. This helps to "mop up" your losses in one currency by taking gains in another.

When you feel that the loss making trade is about to turn, close the profit making trade and use the profits from that to add to you loss making trade during it's retracement. You would not obviously book another trade on your previously profit making currency.

I personally use a mixture of the two strategies together.

I have not been trading for long and I cannot say hand on heart that this works all the time (I have had to bail out a few times with losses incurred) but my account balance has grown rather than shrunk, so it must be doing something right.

Hope this helps
  • #215,649
  • Apr 10, 2010 6:49pm Apr 10, 2010 6:49pm
Quoting USD-Bear
After more then a year trading (mostly GJ) most of those points I acknowledge.

I realise that most of my losses occured when I am over-active trying to get 10-30 pip winners. Now I mostly trade when more then 100 pip moves are expected, which works a lot better.

There are just 2 things I still have troubles with:

1. Too often I reach BE with trades first reaching 80% of expected move (limit) and then going back. Solving this by changing stops to assure part of profit mostly doesn't solve this because little retraces not changing the trend unwillingly...
let me ask first what is u target daily and when u enter the trade
are u a long term trader day trader
  • #215,650
  • Apr 10, 2010 7:11pm Apr 10, 2010 7:11pm
Quoting OldReigatian

Anyway, I want to run a program using MS VBA but need some statistical data first to run with. Does anyone know where I can get price data for currency pairs to download into excel (What I want is Open/High/Low/Close price information for each time frame, preferable down to as low as 5 or 10 minute time frames, so I can run my program through to back test a new trading strategy I want to adopt which involves...
Have you looked at:
http://www.forexrate.co.uk/forexhistoricaldata.php

They have M1, M10, H1, D, W & M on a fair selection of the pairs, plus the major equities, indexes and commondities. Goes back 2000 data points - perhaps not enough for your needs. Save to csv and import into Excel.

Good luck. If you find something better - I'm always looking for better data.
The market is always right.
  • #215,651
  • Apr 10, 2010 8:04pm Apr 10, 2010 8:04pm
Quoting wormboy
When I joined this thread over a year ago, there were many decent traders, not posters but real traders who share their experience here. Most benefitted from the likes of gammase1, allserene, galation, abuawad, orionsway, eohater, infinity, pipland, sofia101 posting here. Most of them chose to stay away from posting here now. I can now see why.
[font=Georgia]I think I'll stop participating in this thread as well as I find very little reason to post here nor the motivation to do so. Shame to see how a particularly good thread...
Wormie mate, as long as I can remember been on this forum I've made only friends, you been one buddy. I have NOT made many foes except for that character BOB & now MAGIX, which we both experience first hand.... LOL

Its ashame that the moderator has extracted most of the post from history on this saga but mate you know how i roll. For light reading its still in my past post...

Fresh week next week mate, back on the band wagon.

Later mate
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #215,652
  • Apr 10, 2010 8:29pm Apr 10, 2010 8:29pm
Quoting Bull_Bear
Wormie mate, as long as I can remember been on this forum I've made only friends, you been one buddy. I have NOT made many foes except for that character BOB & now MAGIX, which we both experience first hand.... LOL

Its ashame that the moderator has extracted most of the post from history on this saga but mate you know how i roll. For light reading its still in my past post...

Fresh week next week mate, back on the band wagon.

Later mate
I posted a supporting statement to you mate.....
I dont have anything against anyone
Let Price determine your future!
  • #215,653
  • Apr 10, 2010 8:41pm Apr 10, 2010 8:41pm
Quoting Magix
A lot of mind stimulating conversation over the weekend, some stirred up by my bicker session with Bull_Bear, some just general chat.

It's all good.

I want to properly address my bone of contention with Bull_Bear, not to fuel the fire, but for you to perhaps realize a little bit about who I am, and what I stand for.

Let me say this first, you are 100% responsible for every trade you take.

For those of you new to market or have forgotten as far back as March 1st, let me bring you to an upswing from Friday into a massive gap down for Sunday...
MAGIX this will be the last time I will reference you, as long as you don't throw the first punch I won't be force to counter.

You can help Newbies around here as its definitely encourage by the FF and its positive contribution. However your ideals and methods are different from mine and my reasons for holding. My point is how can you come out telling me I'm wrong to hold over the weekend when I'm holding +50'pip advantage on my trade and my plan? You have no idea on my trading plan which makes you look very ignorant and arrogant, clear as day. I'm sure everyone will agree with that, not attacking you so don't turn this into another pissing contest. Not to mention 200+ pips on my last 4 calls is leading lamb to the slaughter for Newbies. These are facts i speak off, do not mistake them for WILD accussations.

Finally, I apologise to the FF and everyone here for lowering my standards. I will now sign off on this topic.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #215,654
  • Apr 10, 2010 8:46pm Apr 10, 2010 8:46pm
Quoting Geppyg
I posted a supporting statement to you mate.....
I dont have anything against anyone
I know bro, I replied to your post but the moderator has extracted most of the post which is in the midst of it.

How you doing mate?
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #215,655
  • Apr 10, 2010 8:52pm Apr 10, 2010 8:52pm
Quoting bbakker
I am missing the golf on the telly and two Englishmen in the lead, although Tiger is hunting them down!

Great post Magix with excellent reasoning as to why one should not leave positions open over the weekend!

Now back to the golf and see you on Sunday evening as I will be very busy tomorrow.

Goodnight peeps!
Westwood seems unflappable, but how about those
three holes by Mickelson: eagle, eagle, birdie... and
4 birdies by Tiger down the stretch to tighten up the mix.
Tomorrow should be fun.

Dr. D.
voodooboodoodoc
  • #215,656
  • Apr 10, 2010 10:09pm Apr 10, 2010 10:09pm
Quoting Ctic
Forex is boring because it has become a process. Once you become so comfortable with what you do, the excitement factor is gone.
...
That is when you know that you have become a good trader. The gambling factor is gone so the rush is gone. If I told you that I was going to deal you Royal Flush would you get excited when you won the hand.... No, you already knew you were going to win.

C.
My sig line says it all....
******************* I'd rather make money than be right.
  • #215,657
  • Apr 10, 2010 10:29pm Apr 10, 2010 10:29pm
My biggest challenges marked in red:
I suggest everyone who is not making money consistently print out this list, mark YOUR biggest challengess in red & tape it to your monitor .. or to your forehead ...facing inward.

Trading Mistakes

The following list contains the most common trading mistakes ...

1. Not using a "trading plan"
2. Not having a money management game plan
3. Not using protective stop loss orders
4. Closing winning trades early and letting losing trades run
5. Overstaying your position
6. Averaging a losing trade
7. Increasing your risk with success
8. Overtrading your account
9. Failure to take profits from your account
10. Changing your trade plan in mid-trade
11. Not having patience
12. Not having discipline
__________________




Quoting kill56
read with me

Trading Mistakes

The following list contains the most common trading mistakes that we will cover in this article.

1. Not using a “trading plan”
2. Not having a money management game plan
3. Not using protective stop loss orders
4. Closing winning trades early and letting losing trades run
5. Overstaying your position
6. Averaging a losing trade
7. Increasing your risk with success
8. Overtrading your account
9. Failure to take profits from your account
10. Changing your trade plan in mid-trade
11. Not having...
******************* I'd rather make money than be right.
  • #215,658
  • Apr 11, 2010 1:53am Apr 11, 2010 1:53am
Quoting fourxtrader
Westwood seems unflappable, but how about those
three holes by Mickelson: eagle, eagle, birdie... and
4 birdies by Tiger down the stretch to tighten up the mix.
Tomorrow should be fun.

Dr. D.
voodooboodoodoc
Westwood in the past has always fallen at the last hurdle. Saying that he has aged like a fine wine and I do hope that he can go on and win his first major. He deserves it as he is such a decent bloke and knows how to have a laugh, like on the 18th with Poulter's caddy after sinking his putt for a great par (He had a poor lie in the fairway bunker). It has been a while since an Englishman has won the Masters (Sir Nick Faldo was the last one in '96)

Back to back Eagles and then a birdie from Mickelson was awesome! I like Leftie, he always has a smile on his face. KJ has been up there in recent years and playing with Tiger for the 4th consecutive day. I think the winner will come from one of those four! Augusta is an awesome course and it will be a fantastic final day. The Open at St Andrews in July will also be fantastic and I am hoping to play the course next Summer (2011)
  • #215,659
  • Apr 11, 2010 1:57am Apr 11, 2010 1:57am
For the traders who think forex is boring. HMmm Maybe u should go back to work , job that u did before u start trading.
  • #215,660
  • Edited 3:49am Apr 11, 2010 2:28am | Edited 3:49am
Attached Image (click to enlarge)
Click to Enlarge Name: gu_110410_daily.gif Size: 12 KB


I'm keeping it simple. Looking at the daily we have just breached the long-term resistance line at 1.5351, but not convincingly, although we are in an uptrend. The daily candle does have a solid finish above this resistance line, so 1.5534 will be the new target, but we are at a crossroads and it all depends how much fight the bears have left in them at this resistance line of ~1.5351. and we could go back to 1.5122.

There is no major economic news coming out of the UK this week, but we do have US unemployment claims on Thursday and Bernanke is also speaking again (These boys including King and the man with his van do blabber a lot!)

UK economic figures last week were surprisingly good, so I have changed my sentiment to mild bullish until the election.

Have a great trading week and I will see you back here later this evening after feeding the masses that are coming round after the my daughter's 4th birthday party as we have hired a venue for today's event. I just hope my BBQ can take the strain!
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