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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #225,961
  • May 23, 2010 9:34pm May 23, 2010 9:34pm
Quoting Raza
Some one Posted 10 Rules for Trading... This weekend on this forum

Whenever I dont follow those rules I have Lost Money even Blown Accounts..I remind my self everyday not to get over confident..and Cocky...

Treat this like a Business.... Need to be right and be always in the MARKET is not important...Take precise entries with good money management..

When Market is messy...study your charts ..and have a Game Plan..and trade that plan...right or wrong..

Most important thing is have a Game Plan...when you are right or when things go wrong.....
Agreed for the most part.
1 rule I strongly disagree with though:
"Never add to a losing trade"
That is simply not a good rule, here in USA our whole retirement money system is based on averaging and it used to be a winning strategy (except for the last few years probably)
My NAV is up this year over 50% and I can honestly say that half of my profits come from averaging down.

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #225,962
  • May 23, 2010 9:38pm May 23, 2010 9:38pm
Quoting KillerWhale
Agreed for the most part.
1 rule I strongly disagree with though:
"Never add to a losing trade"
That is simply not a good rule, here in USA our whole retirement money system is based on averaging and it used to be a winning strategy (except for the last few years probably)
My NAV is up this year over 50% and I can honestly say that half of my profits come from averaging down.

Shamu
Yes... But it all depends on How Big of a Trade you Are adding on... How much you want to risk...

What is your DAILY LIMIT FOR GAIN OR LOSS...

If you are adding too much to your already loosing position than you are up for disaster..

its nice you are up 50%...imagine if down 50% of your account...it will be very hard to recover... Trust me I know the Feeling...

The Burden of money lost is not Pleasent...Thats why they say Think before you Leap...
Markets are not Random, they are designed!
  • #225,963
  • May 23, 2010 9:53pm May 23, 2010 9:53pm
Quoting Raza
Yes... But it all depends on How Big of a Trade you Are adding on... How much you want to risk...

What is your DAILY LIMIT FOR GAIN OR LOSS...

If you are adding too much to your already loosing position than you are up for disaster..

its nice you are up 50%...imagine if down 50% of your account...it will be very hard to recover... Trust me I know the Feeling...

The Burden of money lost is not Pleasent...Thats why they say Think before you Leap...
RAZA,

My whole secret is:
Trade smaller than you can afford.
I can put in a trade and be 300 pips down and still add money and even if that goes wrong I can add when I'm 600 pips down.
And I never lose money with wrongly placed stops, because I don't use stops. I don't need them.
I average them or I hedge them.

I only use stops with a huge opportunity where I put in bigger money.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #225,964
  • May 23, 2010 9:59pm May 23, 2010 9:59pm
Quoting KillerWhale
RAZA,

My whole secret is:
Trade smaller than you can afford.
I can put in a trade and be 300 pips down and still add money and even if that goes wrong I can add when I'm 600 pips down.
And I never lose money with wrongly placed stops, because I don't use stops. I don't need them.
I average them or I hedge them.

I only use stops with a huge opportunity where I put in bigger money.
Thats the way to do it.......Awesome...
Markets are not Random, they are designed!
  • #225,965
  • May 23, 2010 10:22pm May 23, 2010 10:22pm
your tp is fine, but sl should be 131.55...

Quoting karimfx
agreed, that's why right now i moved my sl at 130.36 ( just 3 pips gain )
but i keep my tp @128.90
if it'll be, i'll be very happy, if not i'll tried but no lose
Nihil Sine Deo.
  • #225,966
  • May 23, 2010 10:26pm May 23, 2010 10:26pm
Quoting Scrat
your tp is fine, but sl should be 131.55...
already sl was hited at 130.29.. i wanted just to see if 129.70 will be broken and i set sl at +10pips... wasn't to be... this time.. i'll try another short from 131-131.50 area...
LOL
  • #225,967
  • May 23, 2010 10:31pm May 23, 2010 10:31pm
Expecting 134 then 136 and above this week.
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  • #225,968
  • May 23, 2010 10:33pm May 23, 2010 10:33pm
I'm going long. No news today too. Looks good for a reversal to 132 maybe.. lets see london and usa today...
  • #225,969
  • May 23, 2010 10:44pm May 23, 2010 10:44pm
Quoting availdollars
I'm going long. No news today too. Looks good for a reversal to 132 maybe.. lets see london and usa today...
There is no bank today. possible will going up
  • #225,970
  • May 23, 2010 10:47pm May 23, 2010 10:47pm
Quoting Raza
Some one Posted 10 Rules for Trading... This weekend on this forum

Whenever I dont follow those rules I have Lost Money even Blown Accounts..I remind my self everyday not to get over confident..and Cocky...

Treat this like a Business.... Need to be right and be always in the MARKET is not important...Take precise entries with good money management..

When Market is messy...study your charts ..and have a Game Plan..and trade that plan...right or wrong..

Most important thing is have a Game Plan...when you are right or when things go...
mine..that partially is right and look agreed with u. If we have a good entry, regardless what ever price will go, then we just monitor that +ve float. That it. That is why I like swing more instead of scalping.

But the problem is not many people know what is the best entry point and when to out or even the overall trend. That should be more important to me as what I am right now.

and the best part is not every time or every day we need to have an entry to avoid an error in our trade. Then we can trade peacefully with emotionless and able to think rationale without stressing and messing out head. Then greed or no greed will take part accordingly.

but yes sometime when we at the retrace/breakout area, then we may have this mess situition and this forum is the place where we can discuss about it.

anyway going to continue my vacation till next NFP
  • #225,971
  • May 23, 2010 10:57pm May 23, 2010 10:57pm
Looking at the GBP/JPY 1hr and 4hr, there is a master candle formation if you don't count the wicks.
  • #225,972
  • May 23, 2010 10:58pm May 23, 2010 10:58pm
Quoting grashid
mine..that partially is right and look agreed with u. If we have a good entry, regardless what ever price will go, then we just monitor that +ve float. That it. That is why I like swing more instead of scalping.

But the problem is not many people know what is the best entry point and when to out or even the overall trend. That should be more important to me as what I am right now.

and the best part is not every time or every day we need to have an entry to avoid an error in our trade. Then we can trade peacefully with emotionless and able to...
Rashid ah .. where are you now .. long time no news ahh ..
How is trade? I've been in Indo for more than 2 mos now .. enjoy it .. love it ..
  • #225,973
  • May 23, 2010 11:02pm May 23, 2010 11:02pm
Quoting mktjong
Rashid ah .. where are you now .. long time no news ahh ..
How is trade? I've been in Indo for more than 2 mos now .. enjoy it .. love it ..
hey mike...damm bloody miss u bro..sorry did not pick up ur msg b4 but i did send u my PM....

my trade dun ask la..check la ur self...not yet 0.5M but almost there..soon maybe

am going to London this Sunday for some of my business trip ( did told you that b4 )...n come YM...am free right now...possible am going to be full time soon (even part time/full time look no diff to me atm)...maybe this year
  • #225,974
  • May 23, 2010 11:02pm May 23, 2010 11:02pm
now i'm long on gj @ 130.40 sl 129.50 tp 132.70
LOL
  • #225,975
  • May 23, 2010 11:15pm May 23, 2010 11:15pm
Quoting grashid
hey mike...damm bloody miss u bro..sorry did not pick up ur msg b4 but i did send u my PM....

my trade dun ask la..check la ur self...not yet 0.5M but almost there..soon maybe

am going to London this Sunday for some of my business trip ( did told you that b4 )...n come YM...am free right now...possible am going to be full time soon (even part time/full time look no diff to me atm)...maybe this year
Thanks bro, miss u too
Pls check my pm.
  • #225,976
  • May 23, 2010 11:37pm May 23, 2010 11:37pm
Quoting karimfx
now i'm long on gj @ 130.40 sl 129.50 tp 132.70
Wish I would not have closed for 100 pips from 129.50.
Now I have to find a new good entry point.
Bullish this week, that's what I believe in. So I'm looking for a good dip to buy in.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #225,977
  • May 23, 2010 11:39pm May 23, 2010 11:39pm
Quoting KillerWhale
Wish I would not have closed for 100 pips from 129.50.
Now I have to find a new good entry point.
Bullish this week, that's what I believe in. So I'm looking for a good dip to buy in.
Should go up this week, price try to go above 131.10.
  • #225,978
  • May 24, 2010 12:06am May 24, 2010 12:06am
Looking to buy on dips down to 129.50 for first target of 132.20 and longer-term 133.40-60... We have a bull channel that has form on the 30 minute chart and as long as we stay above the LTL then intraday bias will be buy the dips...
Traderdesk -
  • #225,979
  • May 24, 2010 12:09am May 24, 2010 12:09am
Quoting KillerWhale
Wish I would not have closed for 100 pips from 129.50.
Now I have to find a new good entry point.
Bullish this week, that's what I believe in. So I'm looking for a good dip to buy in.
Bullish This Week.....!!!

If it gets Bullish it will stay Bullish For a LONG Time...

I myself looking to go long..Believe Market may Give us a Chance to get in From the Bottom...Then keep on adding to it as long as 126.73 holds...I had left an entry there 2-3 months Ago to go long from.....Missed it by 3 pips...
Markets are not Random, they are designed!
  • #225,980
  • May 24, 2010 12:26am May 24, 2010 12:26am
Quoting Raza
Bullish This Week.....!!!

If it gets Bullish it will stay Bullish For a LONG Time...

I myself looking to go long..Believe Market may Give us a Chance to get in From the Bottom...Then keep on adding to it as long as 126.73 holds...I had left an entry there 2-3 months Ago to go long from.....Missed it by 3 pips...
did you read my pm?
New voice message: Why are you calling me? If I need you, I'll call you!
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