Cable Update (GBPUSD)

actually it's no riddle depending on your familiarity with the idiom being suggested...

for anyone who wants to know more about Sherpas I suggest reading Into Thin Air: A Personal Account of the Mt. Everest Disaster by Jon Krakauer. Not only is it one of the most interesting and exciting books ever written, you will also learn the intimate details of what Sherpas are and exactly what they do.

having spent some time on this subject (although no, I've never climbed Mt. Everest) I find Mr. Magix's idiom to be quite apropos. My interpretation was not as a guide up and down the slopes up price action, but rather up the slippery slope of my equity curve

peace

Thank you. I only day trade GU and EU, whereas I am swing trading all other major pairs except for the Swissy, as you rightly pointed out with their intervention, and with EC the ugliest pair of the lot, I am staying well away from it. Just look at the EURCHF chart and you will see what I mean. I am neither a big fan of JPY because of volatility and again the BoJ like to intervene too. PM me with your results.

BBaker those are very good posts and should serve some people very well.. However... in terms of intraday traders, which, I think, is what we are talking about here...

I think it depends on a lot of things, especially where you live geographically. For example, people who live in Europe and the Middle East have a much better chance of doing well in a routine than, say, those of us (like myself) who live on the east coast of the US. Why?

If you live in London England, for example, you can get up each morning and start your trading day at 7 or 8am your time like a normal person, trade the Euro-London session until 4 or 5pm, and either knock off for the day if you feel like it, or go on and trade the Asian session until the wee hours of the morning if you so choose. And we all know that the most and best liquidity occurs during the overlap of the US Session and the Euro-London session, which is 1pm-5pm London time. And actually, some of the best trending moves are actually found during the morning hours of the Euro-London session before Londoners go to lunch, so there's your nice morning trend for you, when most "normal" people in my zone are asleep. Probably the worst and most disastrous time to trade is in the beginning of the NY session, which is around lunch time for Euro-Londoners -- there are so many false breakouts and reversals when NY starts to come on line, it is really difficult if one takes that as the start of their day.

However if you live on the east coast of the US, your absolute best chance of getting the nicest trending moves is to sleep weird hours and start trading around 1:30 to 2:30 am our time, and stay up all night and catch the London open at 3am and the NY follow through as it comes in at 8am. One of my earliest teachers told me at the beginning of my trading career that I should get up each morning my time and start trading at 8am my time and just trade the NY session. I tried that for several years, but the fact is that the schizophrenic personality of the NY session made me lose again and again -- NY just seems to go up and down and up and down with each news release, whereas the London session usually is much more directional, it will usually go one way before news and then one way after news (perhaps even the same way as before news) although of course there are exceptions this generally seems to be the rule. And -- that one teacher had some good ideas overall, but he happens to live in Vancouver so his advice to me wasn't exactly based on my needs, and certainly didn't serve me in the long run.

So... I definitely discovered as an east coast US person that routine has not helped me in the slightest, unless it means staying up all night every night to follow price action, and that ain't easy to do all the time. So some adjustment to routine was definitely necessary for me, in fact my hours are all over the place, while I am still quite successful. At least from my vantage point, there are times when price moves really well, and times when it is really confusing, and those times aren't always the same times of day every day -- one has to gauge the market volatility based on what's going on with fundamentals and everything else. In other words, the market itself doesn't exactly follow a fixed routine in order to make me profitable, at least not from here on the east coast US.

And regarding rules of giving yourself a fixed amount of trades per day, like two trades and then quit if unsuccessful -- that may be good for some people, but personally, I've found, after many years, that that rule did not serve me either -- I know many seasoned traders say to work into your plan that if you fail a certain number of times, then quit for the day. Funny thing is I've found that it's usually the trade I take right after I've reached the supposed limit of losers, that gets me exponentially ahead of the losers I would have been stuck with if I'd quit. I think that all depends on your level of maturity in your psychological outlook.

For example, if you are still the kind of trader who will freak out and lose the house if you keep going after two losing trades, then by all means quit when you're behind. If on the other hand, you can remain objective, and are able to ascertain a real opportunity even after you've had a couple of losses, then often that is the time when you will get a really good win.

So in conclusion I think perhaps the rules, discipline and routine, at the end of the day, are based on an extremely varied set of criteria, depending on your geographic location in relation to market sessions, your ability to remain objective in the face of loss, and your overall experience level.

My $.02 :nerd:

edit: one thing I have learned for sure is that if you have some kind of catastrophic loss, like a really huge loss due to unforeseen circumstances, then you should definitely walk away, because psychologically one wants to recoup, but really that's just impossible at that point and the new equity level must be accepted psychologically and adjusted within the trader's mind going forward. But I am not referring to that kind of loss in the above.

It is time for me to say 'au revoir'!

My to do list is growing and spending time on here is not conducive to getting them done. That is not to say I won't be back and I will check for any PMs once in a while, but I won't be posting on here for a while until things are ship shape and shine.

I would like to thank the following people for the generosity and help in guiding me and showing me the path to successful trading -

Magix, Digger1, Fourxtrader, Cloggie, Wormboy and last but not least Kill56, a true gentleman!

If it wasn't for these people, I would still be completely clueless. I am a long long way from being a successful trader, but my plans are coming slowly (too slowly) together and success will come with practice and sticking to the rules which I am putting together.

I have also met some other lovely people on this thread, which makes this thread a real community with like minded people and in general people's generosity has been amazing. Of course there are also others who joke in bad taste, abuse and even mislead, but lets not dwell on the negativity as the positives make up for that.

If you are new to trading, please take the time to research and don't take calls blindly from any forum, web site or service. You can learn a lot from here with a huge variety of different systems, but the best advice I can give is to keep it simple, put together a trading plan and stick to the rules in your plan.

For anyone starting out you should check out Magix's thread http://www.forexfactory.com/showthread.php?t=208103 and James16 thread http://www.forexfactory.com/showthread.php?t=2331

I wish you all success with your trading.

Tot de volgende keer!
Brian

An excellent response with valid arguments, reasoning and your conclusion is second to none. You have just been vouched my friend! Take it easy buddy and good luck with your trading.

Thank you very much and see you soon bro.

BBaker I am extremely honored. Thank you so much, sincerely!!!

bro u cant run away from us u are needed here

best of luck

and hit the darn hole

The GU is a certainly a prettier pair than any of the pairs with the Euro or Swissie in it. There is to much trouble in Europe now.

Jimbo, either you are a complete idiot, or you believe that anybody who hasn't already added you to an ignore list, is.

Your statement above is so steeped in bullshit that beyond needing my regular hip waders and shovel, not only insults me, but my unborn grandchildren as well. (Jim likes to exaggerate, so my implication that underdeveloped semen in my children are smarter then he is, is just that, a little exaggerated.)

Did you bother to proof read any of the tripe you tried to pass off?
Did you even ponder the math and probabilities of your statement?

Goes a little like this, (maybe Mal could join in and give us a little better analysis of this, he really is a lot smarter then me...)

From top of market to close, depending on your broker was just over 300 pips. To generate 100k from that, it would assume that somebody would have had to have 30+ standard lots from top.

Let's move into a little assumption.

Going with the fact that you stated that this Advisor was SCALING, means he never got 30+ trades off the top, meaning he was into what 40-50 standard lots? Given anybody with HALF A BRAIN and money management skills that would mean that he never breached any sort of realistic 3% stop loss on this single trade. Now, in your little fantasy world here Jim, does this guy only trade the one pair or is the value of his account in the bazillions?

Either you are gullible enough to believe this, you are not completely informed of the situation, or you are TOTALLY FULL OF SHIT, really doesn't matter one way or another, because if you were thinking, you would DEMAND proof before even relaying this stupidity.

-300+ to +4 risk/reward? Listen up son, there isn't anybody that would step up and tell you this is a good trade.

EVEN if you can provide the spread sheet where this "Actually" happened, perhaps you should have your friend read through the forum, there are a few of us that could really help him along in his ability.

You seriously call this trading? Are you totally retarded?

Okay Jimbo, now that hopefully everybody understands how small your ability to comprehend reality actually is, let's move on to the rest of your diatribe.

I have seen your most recent analysis, complete with your own personal lines on the chart, (which I think most of us have come to realize are a total waste of time), to realize that long term trading is the way for you to go. You really have no idea where the money is going, so, throwing a trade into market and waiting until it is green is probably your best strategy.

Given the fact that you have stated that you have been around here for 6 years, but yet your NENE handle is historical back to May 2009 means that it took you 5 years to figure out how to create an account, (in which time you wasted and never learned anything about the forex market), or that you have a second user name that is already spent. If the latter of the 2 is correct, perhaps I could suggest Pinocchio_Trader for your next nick.

Now, when you decide to attack me here Jim, you best be prepared with a little more then a couple of big words and fairy tale gains or perhaps your own personal statement of account telling everybody how good you really are.

Until then, you best just STFU, sit back, try to learn a little about markets from those of us kind enough to lend our efforts and stay away from your Keyboard when your sniffing modeling glue, or whatever drug takes you to your personal fantasy land.

And Jim, next time you put something in print, perhaps email it to a friend first for a quick proofing, that way you won't come off as the same unbelievable moron that you have with this last one.

I think starting with 2% risk per trade is too much.
If you start with a loosing streak (starting with real money for the first time can cause it easily). Coming back is hard and emotions (fear) take over quickly, and it can take you to PNR (Point of No Return).
I say, if you start with $1000. start with no leverage. Trade 1000 units only.
1 pip is $0.10. for e.g SL is 20 pips i.e $2.0 which is 0.2% risk. IF gain is 40 pips i.e $4.0 So, keep trading this way until you add another $56.0. So your total is $60+. Now you have $60 to take risk with.
Now start with 1:10 leverage and trade with 10000 units. 1 Pip is $1.0 SL is 20 pips i.e $20. Gain is $40.0 You have 3 risk taking trades in your pocket. If you blow all three come back to previous stage and start again.
Or else the next stage is 1:20 leverage. Raise your asset equal to 3 risk trades or if you blow all three chances fall back to previous level of 1:10.
Maximum leverage should not exceed 1:50 which is our final stage.
There is a saying over leveraging can kill a trader i.e really true.
Bottom line is to protect our initial equity.
And if you prove you are a good trader and you attain 1:50 leverage successfully. Put more money in and trade with 1.0 lot.

I have done lot of mistakes in trading and I don't want others to do the same. If you think I am wrong, please correct me. I think this can be a quick guide for those who are starting to trade live.

I wish you all the best. What goes around comes around.

It will take you 10 years to make any significant progess...with 0.2% risk. why trade ? start some other business which gives more profit.

If you sink your head in what I have written. This is for beginners. And if you keep reading further than 2 lines you will find out that you can trade with 1:50 leverage maximum. Initial money management helps you not to blow your account like so many traders do. My point is to protect your initial investment.

If you start with the rules of this MM you will never suffer a Margin Call. Later you can start with trading big if you start becoming successful.

Thanks for your reply anyway.

Newbie_fx

totally right, because it's not about the money, it's about the psychology (which eventually leads to money). your numbers add up well because once you are ahead 6% then you can risk that much without feeling that you're going backwards if you lose it. The whole idea is to keep going forwards. Starting off with a catastrophic loss only leads to more of the same, but starting with a winning edge puts you at a vantage point of moving forward, which is what you want to do at all times. Make a nice gain, then keep your risk within the previous gain cycle. fluctuate only within the gain range of the last cycle and try not to go below the previous low of the equity curve cycle as you go forwards.

does anybody know where i can get the crack for advanced get 9 or 10

looks like you are not a newbie sir, you have a good MM, do you have that MM in excel Sir? please share with us...,
if you have good MM (mostly) you have interesting strategy too, so why not teach us? (me i mean, cos the others person here already pro)

all the info and files are here

http://www.forex-tsd.com/news-signal...tml#post345452

Guys, my strategy is 5-8% every day (compound).

I have lost very much already.

Could you explain me please, is it safe if I'm making 5% when I catch 45 pips?

*I'm ONLY gbp/usd trader and usually shut off my orders if I see minus 70 pips.

I have to say I am only 27. I don't have any experience under my belt. I was demoing till last month and have just started live from the 1st of this month. I know odds are heavily stacked against me. It's only my commitment that has got me up to here. I have started with a humble 1 mini lot.
The MM stuff is just my logic regarding how to not to blow my account. Take it with a pinch of salt and think deeply you will get the plot. Its simple. I am trying to cover my backside before firing. I have heard of people blowing their multiple accounts and then realizing. This way that stage will not come.
When starting trading don't care about the money, care about the success, which comes with MM.
That's all I have to share. I think guys/gals here are pretty helpful.