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Cable Update (GBPUSD)

  • #225,741
  • May 11, 2010 3:14pm May 11, 2010 3:14pm
don't worry, I did lose a fortune in the real estate market too... and in Florida of all places. So... there you have it.

Quoting Ineedpips9
Seriously, I'm about as thick-skinned as it comes to business in general. It's just when I get frustrated I'm not the type to keep my mouth shut. It's just you talk about fundamentals then try to bring up how five years ago when you were starting out you were going to all the seminars and reading books and spending money and time to learn. Yeah five years ago where you live in Florida people were doing things like putting down payments for houses on credit cards so they could flip them two weeks to a month later. I know, I did it to pay for undergrad....
"The real genius is knowing when to stop." - Marc Faber
  • #225,742
  • May 11, 2010 3:14pm May 11, 2010 3:14pm
Ok so, we sold last night, bought @ S1 and closed at the daily pivot.

Now what? I`m tempted to see it again at least untill daily pivot.... where it might bouce, but i`m somewhat sure it will go as low as that at least.

Any opinions?
  • #225,743
  • May 11, 2010 3:15pm May 11, 2010 3:15pm
Quoting TheCatsPJs
Here is something to make this Game a little sweeter.

Dont get greedy with a trade! its better to take 2 shots of 10 pips than hang on for the huge move. If you see a profit take it! It will do wonders for your self belief that your making the right decisions and are making some money from them.

Trade what YOU see! and dont worry if you miss it. If things start to go against you GET THE F**K out of the trade.

learn the times your particular pair moves and trade those times ( means you can have a life outside of trading) GBP/USD is pretty...


Bring on the spreadsheet!
  • #225,744
  • May 11, 2010 3:15pm May 11, 2010 3:15pm
yeah I was checking this out too... calls for an up move? interesting indicators.

Quoting kill56
and this
"The real genius is knowing when to stop." - Marc Faber
  • #225,745
  • May 11, 2010 3:16pm May 11, 2010 3:16pm
Quoting hhitch
wow bbaker, looks good. I don't know them, but they look pretty comprehensive.

I believe (almost) any type of education one can get for oneself can only work to one's benefit, as long as they are not the rip-off type who charge an arm and a leg (and there are a few out there !) But I wish you the best of luck and I'm sure it can only benefit you.

congrats!
Cheers matey
  • #225,746
  • May 11, 2010 3:17pm May 11, 2010 3:17pm
Quoting hhitch
wow bbaker, looks good. I don't know them, but they look pretty comprehensive.

I believe (almost) any type of education one can get for oneself can only work to one's benefit, as long as they are not the rip-off type who charge an arm and a leg (and there are a few out there !) But I wish you the best of luck and I'm sure it can only benefit you.

congrats!

bro sho me a trader who is going by the book

its crazy the only way learning is losing u own money go back see what u did wrong correct and back again to the grave yard

after six years hit and run is the best sl a must
  • #225,747
  • May 11, 2010 3:18pm May 11, 2010 3:18pm
I still spend a couple hundred dollars every two months or so on trading education literature... forexmentor.com has a lot of good courses among other places I could name...

Quoting Ineedpips9
Seriously, I'm about as thick-skinned as it comes to business in general. It's just when I get frustrated I'm not the type to keep my mouth shut. It's just you talk about fundamentals then try to bring up how five years ago when you were starting out you were going to all the seminars and reading books and spending money and time to learn. Yeah five years ago where you live in Florida people were doing things like putting down payments for houses on credit cards so they could flip them two weeks to a month later. I know, I did it to pay for undergrad....
"The real genius is knowing when to stop." - Marc Faber
  • #225,748
  • May 11, 2010 3:20pm May 11, 2010 3:20pm
I don't know who would be position buying Sterling here, look at this monthly chart. Biggest deficit in Europe, Tories will attempt to cut everything I suppose, but as the recent article in the FT said - Europe is not ready for austerity measures. And that's true, if Tories attempt to cut in a big way they will have to deal with same riots as they have in Greece. Sterling can't see growth IMO.
Attached Image
Prices oscillate, trends persist. Trend is your friend.
  • #225,749
  • May 11, 2010 3:20pm May 11, 2010 3:20pm
Quoting TheCatsPJs
Here is something to make this Game a little sweeter.

Dont get greedy with a trade! its better to take 2 shots of 10 pips than hang on for the huge move. If you see a profit take it! It will do wonders for your self belief that your making the right decisions and are making some money from them.

Trade what YOU see! and dont worry if you miss it. If things start to go against you GET THE F**K out of the trade.

learn the times your particular pair moves and trade those times ( means you can have a life outside of trading) GBP/USD is pretty...
Thanks man. That would be great. You're right about time. I've been either staying up late or getting up super early to trade london time for cable, and always have better setups during the overlap.
  • #225,750
  • May 11, 2010 3:22pm May 11, 2010 3:22pm
Quoting bbakker
http://www.tradingacademy.com/

See what they are like!
Don't spend too much money to learn forex. They will teach you general forex education and technical analysis. Nothing special.
You can get the same training from http://www.globalfxsignal.com with 1/4 of their charge. Also, you will get personalized chart setup for your trade.
Compare both before you make your decesion.
{Promotion Removed}
  • #225,751
  • May 11, 2010 3:22pm May 11, 2010 3:22pm
Clay Marafiote of the AIME system has a super excellent trading methodology for trading GBPUSD... also Marc over at ForexMentorpro.com has a wonderful way of approaching trading... I have spent money learning all these systems, I don't use any one of them exclusively but they all become part of my trading arsenal.

that's just a couple of the things I've learned. Great book I highly recommend is 28 Trading Rules that Work by Jankowsky... dude if you haven't read Mark Douglas Trading in the Zone, run, don't walk to the store and get it....
"The real genius is knowing when to stop." - Marc Faber
  • #225,752
  • May 11, 2010 3:26pm May 11, 2010 3:26pm
here's Clay

http://www.screencast.com/users/cwma...e-e31256da37f2
"The real genius is knowing when to stop." - Marc Faber
  • #225,753
  • May 11, 2010 3:28pm May 11, 2010 3:28pm
see some of us semi-seasoned traders will first laugh at the conundrums we encounter on this board... then when you push us hard enough we will open up with something good to share...
"The real genius is knowing when to stop." - Marc Faber
  • #225,754
  • May 11, 2010 3:28pm May 11, 2010 3:28pm
Forex Training Link:
http://globalfxsignal.com/forex_training.html
{Promotion Removed}
  • #225,755
  • May 11, 2010 3:29pm May 11, 2010 3:29pm
Quoting bbakker


Bring on the spreadsheet!
make sure you adjust it for your leverage at the top. 3 trades to double your risk 20 loosers to anhaliate it. at the bottom you can put in you gain or loss and it will calculate your next number of lots also it will depend what type of account your using Main account = 10 midi= 1 micro =0.1

starting with like $500 of risk and getting 3 correct trades a day for like 20 odd pips do that 10 days on the bounce and see where it gets you!
Attached File(s)
File Type: zip Lot sizes FOREX.zip   27 KB | 386 downloads
Trade what you see never what you think!
  • #225,756
  • May 11, 2010 3:30pm May 11, 2010 3:30pm
Quoting hhitch
I still spend a couple hundred dollars every two months or so on trading education literature... forexmentor.com has a lot of good courses among other places I could name...
Thanks for that. I use to go to real estate seminars all the time. Funny how you can't find them anymore, or those crazy late-night infomercials. I'm still down a s%&tload from taking a bath on the last pre-forclosure deal I took. I'm gonna look into finding a good seminar. It's just knowing how most of the real estate seminars were crap and only a handful are worth the money, I have to be careful.

Anyways, I'm not whining, just more or less venting because of my frustrating patterns.I'll live. Off my credit cards because I have no money and currently in debt, but I'll live.


Back to Cable, Just closed my short for 40 pips so I'm on the sidelines for now.
  • #225,757
  • May 11, 2010 3:32pm May 11, 2010 3:32pm
I recall Albert Einstein quoted as saying that compound interest is the most powerful force in the universe

Quoting TheCatsPJs
make sure you adjust it for your leverage at the top. 3 trades to double your risk 20 loosers to anhaliate it. at the bottom you can put in you gain or loss and it will calculate your next number of lots also it will depend what type of account your using Main account = 10 midi= 1 micro =0.1

starting with like $500 of risk and getting 3 correct trades a day for like 20 odd pips do that 10 days on the bounce and see where it gets you!
"The real genius is knowing when to stop." - Marc Faber
  • #225,758
  • May 11, 2010 3:35pm May 11, 2010 3:35pm
Quoting hhitch
I recall Albert Einstein quoted as saying that compound interest is the most powerful force in the universe
very true shame he didnt work out a equation to warp the markets to my whim
Trade what you see never what you think!
  • #225,759
  • May 11, 2010 3:37pm May 11, 2010 3:37pm
may I ask what you mean by "peeps on here will say to use 2% - 5% of your balance but i say dont hold your money in your trading account put your risk cap into it and use it!" ???

one of my downfalls in the past has been that I have been addicted to leverage but I'd like to hear you elaborate on your philosophy. Thanks in advance!

personally I trained myself as a guide to try not to risk more than 1.5% (although I still do sometimes) and to start with a large enough account size that I am satisfied with a winner (who feels good about winning $100, even if that is a 50% gain?)

Quoting TheCatsPJs
Here is something to make this Game a little sweeter.

Dont get greedy with a trade! its better to take 2 shots of 10 pips than hang on for the huge move. If you see a profit take it! It will do wonders for your self belief that your making the right decisions and are making some money from them.

Trade what YOU see! and dont worry if you miss it. If things start to go against you GET THE F**K out of the trade.

learn the times your particular pair moves and trade those times ( means you can have a life outside of trading) GBP/USD is pretty...
"The real genius is knowing when to stop." - Marc Faber
  • #225,760
  • May 11, 2010 3:38pm May 11, 2010 3:38pm
Quoting hhitch
see some of us semi-seasoned traders will first laugh at the conundrums we encounter on this board... then when you push us hard enough we will open up with something good to share...
If I've learned one thing in this economy over the past 2 years it's this: the apples of widsdom are no longer gonna just fall to your feet. You might have to just shake the tree!!

Thanks for those suggestions. I keep coming accross forexmentor as well. Mixed opinions, but alot of them.
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