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Cable Update (GBPUSD)

  • #225,761
  • May 11, 2010 3:40pm May 11, 2010 3:40pm
Quoting TheCatsPJs
very true shame he didnt work out a equation to warp the markets to my whim
  • #225,762
  • May 11, 2010 3:43pm May 11, 2010 3:43pm
yeah I think Peter Bain himself is kind of old news, but they have a guy named Frank Paul who continually puts out high quality material. A bit verbose, but very well thought out and covers market logic in great detail. He has courses in MACD and COT and just released a new one called Forex Blueprint that pretty much covers everything. I give him a thumbs-up

and another one is forexmentorpro.com not to be confused with forexmentor.com

Quoting Ineedpips9
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.
"The real genius is knowing when to stop." - Marc Faber
  • #225,763
  • May 11, 2010 3:45pm May 11, 2010 3:45pm
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!
Thanks for this. Something I can work with tonight.
  • #225,764
  • May 11, 2010 3:46pm May 11, 2010 3:46pm
Quoting hhitch
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...
My philosophy revolves around the fact that human nature in forex is often to bite off more than you can chew earlier on therefore getting into a destructive cycle when you have a large ammount of capital in your account can be very costly!

So keep it seperate! I fully respect and appreciate that leverage is a double edge sword and should be closely monitored.

So by only putting say 2% to 5% of your working capital into a trading account you can learn safer and build an account over a shorter timeframe

I might be bucking the general consensus but this has worked for me.

at the end of the week I often epmty my account and put $500 back in to start again.

Each to their own and thanks for showing interest>

Good Luck with your trades my friend.
Trade what you see never what you think!
  • #225,765
  • May 11, 2010 3:49pm May 11, 2010 3:49pm
thanks for explaining, I think that's a very valid point, and one each trader needs to decide for him/herself.

of course you need to become a net winner before you can even make that decision!!

Quoting TheCatsPJs
My philosophy revolves around the fact that human nature in forex is often to bite off more than you can chew earlier on therefore getting into a destructive cycle when you have a large ammount of capital in your account can be very costly!

So keep it seperate! I fully respect and appreciate that leverage is a double edge sword and should be closely monitored.

So by only putting say 2% to 5% of your working capital into a trading account you can learn safer and build an account over a shorter timeframe

I might be bucking the general...
"The real genius is knowing when to stop." - Marc Faber
  • #225,766
  • May 11, 2010 3:52pm May 11, 2010 3:52pm
Quoting hhitch
yeah I think Peter Bain himself is kind of old news, but they have a guy named Frank Paul who continually puts out high quality material. A bit verbose, but very well thought out and covers market logic in great detail. He has courses in MACD and COT and just released a new one called Forex Blueprint that pretty much covers everything. I give him a thumbs-up

and another one is forexmentorpro.com not to be confused with forexmentor.com
Yea one of the complaints is that Bain's stuff is not for this new world of trading we are in now. Hoping to get some good stuff for a good price. As of now I'm using my oanda to scalp fibre to pay my monthly credit card bills, but I still just ordered the book you recommended.
  • #225,767
  • May 11, 2010 3:58pm May 11, 2010 3:58pm
Lib Dems entering government with the Tories will be "like vegetarians who've got jobs at McDonald's - they'll be chewed up and spat out", Labour MP Stephen Pound



Sore loser!
  • #225,768
  • May 11, 2010 4:00pm May 11, 2010 4:00pm
cool

Quoting Ineedpips9
Yea one of the complaints is that Bain's stuff is not for this new world of trading we are in now. Hoping to get some good stuff for a good price. As of now I'm using my oanda to scalp fibre to pay my monthly credit card bills, but I still just ordered the book you recommended.
"The real genius is knowing when to stop." - Marc Faber
  • #225,769
  • May 11, 2010 4:04pm May 11, 2010 4:04pm
after you read Mark Douglas Trading in the Zone you might change your username to IDontGiveACrapAboutPips -- better psychology

Quoting Ineedpips9
Yea one of the complaints is that Bain's stuff is not for this new world of trading we are in now. Hoping to get some good stuff for a good price. As of now I'm using my oanda to scalp fibre to pay my monthly credit card bills, but I still just ordered the book you recommended.
"The real genius is knowing when to stop." - Marc Faber
  • #225,770
  • May 11, 2010 4:06pm May 11, 2010 4:06pm
Quoting usernamehere
I' be more interested how the ForexLion gets around a 5-7pip spread on the beast, and how he feels about being stereotyped? ...respectfully of course.
6.6 spread at the moment on cable. Not good. Alpari UK.
Attached Image (click to enlarge)
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Do not focus on making money; focus on protecting what you have.
  • #225,771
  • May 11, 2010 4:14pm May 11, 2010 4:14pm
Quoting hhitch
after you read Mark Douglas Trading in the Zone you might change your username to IDontGiveACrapAboutPips -- better psychology
If it helps me to trade don't think I won't
  • #225,772
  • May 11, 2010 4:27pm May 11, 2010 4:27pm
Quoting hhitch
well then I'm glad you said that... hey let us know if you do, but... psychologically, the best way to trade is to do it in a way that it doesn't matter if you win or lose. that is the end goal of a professional trader.

of course we all want to make money but in order to do it you have to divorce yourself from the "want" or "need"

it's sort of like in eastern religions, managing your "Kundalini"
Sooo true. I think that kinda ties in with when a trader goes from demo to live. Just before I went live, I was getting an average of 40 pips per day on demo. That was just trading when the pa crossed the 200sma. I would leave it overnight sometimes and make good gains. I couldn't wait 'til non-farm came in! Live you start looking for reasons you take a loss like "stop-hunting." Weather stop-loss is real or not, to me, when I was on demo 2-4 pips didn't matter if you're closing a 20-50 pip win.
  • #225,773
  • May 11, 2010 4:29pm May 11, 2010 4:29pm
exactly that's why they say you have to trade with real money in order to really learn -- because it's not the market you need to master, but yourself. Ahh Grasshopper, soon it will be time for you to leave the temple..

Quoting Ineedpips9
Sooo true. I think that kinda ties in with when a trader goes from demo to live. Just before I went live, I was getting an average of 40 pips per day on demo. That was just trading when the pa crossed the 200sma. I would leave it overnight sometimes and make good gains. I couldn't wait 'til non-farm came in! Live you start looking for reasons you take a loss like "stop-hunting." Weather stop-loss is real or not, to me, when I was on demo 2-4 pips didn't matter if you're closing a 20-50 pip win.
"The real genius is knowing when to stop." - Marc Faber
  • #225,774
  • May 11, 2010 4:42pm May 11, 2010 4:42pm
Hi guys, now that Cameron is prime minister and no more indecision etc can we expect ftse and cable to rally tomorrow?
  • #225,775
  • May 11, 2010 4:43pm May 11, 2010 4:43pm
Quoting thinkman
Hi guys, now that Cameron is prime minister and no more indecision etc can we expect ftse and cable to rally tomorrow?

There is still a lot of indecision as the joint policies have not been published, neither have the postholders.
  • #225,776
  • May 11, 2010 4:53pm May 11, 2010 4:53pm
Quoting cloggie
There is still a lot of indecision as the joint policies have not been published, neither have the postholders.
Ah right thanks Cloggie, I know the markets don't like indecision! Very volitile at the minute - wish I knew where to get in and more importantly out!
  • #225,777
  • May 11, 2010 5:04pm May 11, 2010 5:04pm
Quoting thinkman
Ah right thanks Cloggie, I know the markets don't like indecision! Very volitile at the minute - wish I knew where to get in and more importantly out!

Don't put too much emphasis on the fundamentals, they are probably priced in already and entering trades based on that is just guessing, unless they are biggy items like NFP and interest rates.


Buy the rumour and sell the news applies surprisingly in most cases.

Sydney only just opened and we will be threading water until Tokyo
  • #225,778
  • May 11, 2010 5:06pm May 11, 2010 5:06pm
dixy 84.77 new highs
  • #225,779
  • May 11, 2010 5:09pm May 11, 2010 5:09pm
Cloggie I am just learning about Brit politics, I did follow along the election coverage on BBC thanks to BBaker's link... from what I can see from here on out it seems like it might be ho-hum reaction (or lack thereof) would you concur? it's more like now we're weighted down with the sheer volume of "difficult" (Cameron's word) work ahead of us and perhaps all other bullishness may already be priced in? I find it hard to imagine anyone is going to get all excited about buying the GBP now... would that make sense to you? I'm not asking for market predictions, however I have appreciated your ongoing analysis of the political situation in the UK seems to have been spot on so far thanks

Quoting cloggie
Don't put too much emphasis on the fundamentals, they are probably priced in already and entering trades based on that is just guessing, unless they are biggy items like NFP and interest rates.


Buy the rumour and sell the news applies surprisingly in most cases.

Sydney only just opened and we will be threading water until Tokyo
"The real genius is knowing when to stop." - Marc Faber
  • #225,780
  • May 11, 2010 5:12pm May 11, 2010 5:12pm
Quoting cloggie
Don't put too much emphasis on the fundamentals, they are probably priced in already and entering trades based on that is just guessing, unless they are biggy items like NFP and interest rates.


Buy the rumour and sell the news applies surprisingly in most cases.

Sydney only just opened and we will be threading water until Tokyo
Thanks Cloggie. Yes that makes sense, I guess it knowing the rumors are my problem -could do with knowing someone in the City! What is your sentiment when Tokyo opens? (apols for all the questions!)
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