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Cable Update (GBPUSD)

  • #219,201
  • Apr 19, 2010 7:28am Apr 19, 2010 7:28am
Quoting 4xStar
Cool .. so there is the candle counter .. now, what do the numbers mean??
yeah kill, let me know!!! BTW, m30 starting to look bearish again

Cable boy... Mind sharing your story as to your road to full time trader!!!
@pawpaw1000 on Twitter
  • #219,202
  • Apr 19, 2010 7:29am Apr 19, 2010 7:29am
Quoting Nene
Well, it was tougher working for Fidelity back in the 90's trading for them and only getting a percentage, but that is where I got my big hunk of money to start Forex. I thought it was time to go into business for myself. So I slapped around $250,000 in 3 different accounts and started. It wasn't quite the same but it was close enough. I lost about $75,000 before my mentor told me what I was doing wrong and it changed overnight. LOL, I have had 4 different names here at FF and they have all been retired, Hard1head1, was my last one if you want to...
Interesting, thanks! I'm in a similar situation. I was a broker at a small company in the City of London, recently got made redundant when the firm went down, and now keen to set my own thing up. I run a couple of small businesses, but would love to become good enough at trading to go pro! It's just a case of finding the right method for you, and discipline.
What do you mean stay away from those three pairs? You mean for the first three years of training?
  • #219,203
  • Apr 19, 2010 7:30am Apr 19, 2010 7:30am
Quoting 4xStar
I haven't figured out how you count the candles .. the numbers do not make sense to me.
read

http://codebase.mql4.com/5685

http://www.forexfactory.com/showthread.php?t=8915
  • #219,204
  • Apr 19, 2010 7:32am Apr 19, 2010 7:32am
Here is the best tip I can give you: If you have less than $50,000.00 in your account, go to micros, ( because you can still trade standard on a micro account). Then trade off of no smaller than the 4 hr charts and keep your stop way the hell out of the way. Start learning how to scale in as the market goes against you, yes, I will say it again, learn how to scale in as the market is moving against you! Then you start to become a real trader and learn better because the larger charts respect trendlines and candle formations a lot better. Then you can compound your winnings and trade more when you learn.

P.S. And the best thing about this is, you place your trades and walk away, and come back in 24 hours.

JIm

Quoting Nene
Well, it was tougher working for Fidelity back in the 90's trading for them and only getting a percentage, but that is where I got my big hunk of money to start Forex. I thought it was time to go into business for myself. So I slapped around $250,000 in 3 different accounts and started. It wasn't quite the same but it was close enough. I lost about $75,000 before my mentor told me what I was doing wrong and it changed overnight. LOL, I have had 4 different names here at FF and they have all been retired, Hard1head1, was my last one if you want to...
  • #219,205
  • Apr 19, 2010 7:33am Apr 19, 2010 7:33am
Quoting 4xStar
Cool .. so there is the candle counter .. now, what do the numbers mean??
You can google (Tom) Demark Sequentials
  • #219,206
  • Apr 19, 2010 7:36am Apr 19, 2010 7:36am
Because the single candle drawbacks and retraces are more than a newer trader is willing to set a stop. What usually happens is, they pullback and stop them out and then go on without them. It pisses the hell out of them and they start chasing, R.I.P. after that. I have been there. The brokers know this, they also know that those pairs are attractive to a new trader, and its no coincidence thy get those big pullbacks.

Jim

Quoting The Magician
Interesting, thanks! I'm in a similar situation. I was a broker at a small company in the City of London, recently got made redundant when the firm went down, and now keen to set my own thing up. I run a couple of small businesses, but would love to become good enough at trading to go pro! It's just a case of finding the right method for you, and discipline.
What do you mean stay away from those three pairs? You mean for the first three years of training?
  • #219,207
  • Apr 19, 2010 7:36am Apr 19, 2010 7:36am
Quoting kill56
read

http://codebase.mql4.com/5685

Ah Ha! All is revealed... thanks
******************* I'd rather make money than be right.
  • #219,208
  • Apr 19, 2010 7:38am Apr 19, 2010 7:38am
finally she moves along with e/j and euro!
  • #219,209
  • Apr 19, 2010 7:39am Apr 19, 2010 7:39am
Quoting Nene
Here is the best tip I can give you: If you have less than $50,000.00 in your account, go to micros, ( because you can still trade standard on a micro account). Then trade off of no smaller than the 4 hr charts and keep your stop way the hell out of the way. Start learning how to scale in as the market goes against you, yes, I will say it again, learn how to scale in as the market is moving against you! Then you start to become a real trader and learn better because the larger charts respect trendlines and candle formations a lot better....
Thanks jim, will keep that in mind... Great, I'm learning soo much on this forum, loving it...

When I started live I'd trade too large, s/l too small and expect too much... All of that is slowly but surely starting to correct itself...

Loving forex and am truly addicted!
@pawpaw1000 on Twitter
  • #219,210
  • Apr 19, 2010 7:42am Apr 19, 2010 7:42am
Inserted Video
  • #219,211
  • Apr 19, 2010 7:42am Apr 19, 2010 7:42am
although i think the Dax is dead
  • #219,212
  • Apr 19, 2010 7:43am Apr 19, 2010 7:43am
Quoting Nene
Here is the best tip I can give you: If you have less than $50,000.00 in your account, go to micros, ( because you can still trade standard on a micro account). Then trade off of no smaller than the 4 hr charts and keep your stop way the hell out of the way. Start learning how to scale in as the market goes against you, yes, I will say it again, learn how to scale in as the market is moving against you! Then you start to become a real trader and learn better because the larger charts respect trendlines and candle formations a lot better....
would you explain 'scale' farther sir?
thanks you.
I will be the number one Manager.
  • #219,213
  • Apr 19, 2010 7:43am Apr 19, 2010 7:43am
Quoting Nene
Because the single candle drawbacks and retraces are more than a newer trader is willing to set a stop. What usually happens is, they pullback and stop them out and then go on without them. It pisses the hell out of them and they start chasing, R.I.P. after that. I have been there. The brokers know this, they also know that those pairs are attractive to a new trader, and its no coincidence thy get those big pullbacks.

Jim
Can't agree more
Don't be a hero. Don't have an ego. Always question yourself
  • #219,214
  • Apr 19, 2010 7:44am Apr 19, 2010 7:44am
She cant get by the weekly pivot S2. Niether can the E/U. I was banking on that. Just pulled my 1st profit so I can rebuy if it comes back.
  • #219,215
  • Apr 19, 2010 7:45am Apr 19, 2010 7:45am
I wish I had met you & gotten this advice 2 years ago when I started .. I did figure it out on my own but not without pain...
the advice about having a well funded account but then only trading micros to start is excellent! Problem is most traders see the big bucks potential and watching a trade earning a dime a pip seems unbearably slow. But that is the key to success. And even with a $10k account, if you trade micros while learning you'll be able to cost average down until the trade goes your way. Another rule, no more than 3% on any one trade .. harder to blow an account that way.
Great advice!

Quoting Nene
Here is the best tip I can give you: If you have less than $50,000.00 in your account, go to micros, ( because you can still trade standard on a micro account). Then trade off of no smaller than the 4 hr charts and keep your stop way the hell out of the way. Start learning how to scale in as the market goes against you, yes, I will say it again, learn how to scale in as the market is moving against you! Then you start to become a real trader and learn better because the larger charts respect trendlines and candle formations a lot better....
******************* I'd rather make money than be right.
  • #219,216
  • Apr 19, 2010 7:45am Apr 19, 2010 7:45am
And up she goes!!!
  • #219,217
  • Apr 19, 2010 7:45am Apr 19, 2010 7:45am
Quoting Nene
Here is the best tip I can give you: If you have less than $50,000.00 in your account, go to micros, ( because you can still trade standard on a micro account). Then trade off of no smaller than the 4 hr charts and keep your stop way the hell out of the way. Start learning how to scale in as the market goes against you, yes, I will say it again, learn how to scale in as the market is moving against you! Then you start to become a real trader and learn better because the larger charts respect trendlines and candle formations a lot better....
JIM, agreed mate but ONLY scale in with the TREND, NEVER against the trend.

Understand your comfort zones and how many positions u can scale in. mine is max of 3.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #219,218
  • Apr 19, 2010 7:46am Apr 19, 2010 7:46am
You can always Martingale to compound your profits when you see a no brainer.

Quoting 4xStar
I wish I had met you & gotten this advice 2 years ago when I started .. I did figure it out on my own but not without pain...
the advice about having a well funded account but then only trading micros to start is excellent! Problem is most traders see the big bucks potential and watching a trade earning a dime a pip seems unbearably slow. But that is the key to success. And even with a $10k account, if you trade micros while learning you'll be able to cost average down until the trade goes your way. Another rule, no more than 3% on any...
  • #219,219
  • Apr 19, 2010 7:47am Apr 19, 2010 7:47am
Quoting Nene
She cant get by the weekly pivot S2. Niether can the E/U. I was banking on that. Just pulled my 1st profit so I can rebuy if it comes back.

enjoy the ride
  • #219,220
  • Apr 19, 2010 7:47am Apr 19, 2010 7:47am
But I do both, but I don't advise it unless you got $$$$$$$$

Quoting Bull_Bear
JIM, agreed mate but ONLY scale in with the TREND, NEVER against the trend.

Understand your comfort zones and how many positions u can scale in. mine is max of 3.
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