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Cable Update (GBPUSD)

  • #235,581
  • Jul 5, 2010 8:42am Jul 5, 2010 8:42am
Quoting gotpips92
YEs one of my many mistakes in that trade.
#2 didn't follow plan
#3 failed to tp when I had 70 pips

There are different approaches to taking profits of the table, turning a 70 pip winner into a 200 pip loser is not one of them.

Look into either the 50/50 rule or the 33/33/33. Either way take some off, hard stop a bit and let the rest run.

The least you need to do is move your stop to BE once you are 70 up. Don't be greedy.
  • #235,582
  • Jul 5, 2010 8:45am Jul 5, 2010 8:45am
Okay, thank you for the advice.
  • #235,583
  • Jul 5, 2010 8:45am Jul 5, 2010 8:45am
Quoting gotpips92
Okay, thank you for the advice.

Thank you for having the guts to share your predicament. You are not alone, the hardest thing to learn as a trader is knowing when to admit that you are wrong, hard stops at appropriate levels can take the emotions out of it a bit. So your next trade setup should be as much about entry and targets as about a hard stop, a point somewhere where you will admit that your belief is wrong, where you are no longer going to put money on your belief. (and don't go fiddle with it or average down) And think of intermediate targets that you will move your stop to once the trade progresses as planned.
  • #235,584
  • Jul 5, 2010 8:51am Jul 5, 2010 8:51am
Cloggie, cable is now in the lower channel and heading to S-line ; is that were you step out and wait for another confirmation ? I entered short at 51185 when it broke out off the channel ? Thx
  • #235,585
  • Jul 5, 2010 8:52am Jul 5, 2010 8:52am
Quoting cloggie
Global HF AUM at its peak was 5 trillion with about 30% of that in currencies so HF's alone traded over 1 trillion in FX only 2 years ago. Right now global AUM is around the 2 trillion mark so still lots dabble in FX.
IMO HF trading is unethical. US slack in operating laws has spawned this - not easy to see how this "pebble affects the ocean" (Pascal) but has the potential to become as devastating as "over-lending" and CDS was to world economy the effects of which have not yet been overcome.

In fact the scuppering of finance around the globe began a long time ago with Money-transfers made "lightining-fast" and 3-day settlement replacing the 24 hour settlement for transactions - giving ample time for big speculators to sell in one market, get the money transferred to another, build a bubble there and decamp just as easily after performing the pump and dump operation there.
Too turgid........... Another time. Let us concentrate on survival -- what can't be cured has to endured !
  • #235,586
  • Jul 5, 2010 8:52am Jul 5, 2010 8:52am
Quoting huskyboy
Cloggie, cable is now in the lower channel and heading to S-line ; is that were you step out and wait for another confirmation ? I entered short at 51185 when it broke out off the channel ? Thx

Well, I have been in this trade since Friday so I look at my TL's differently, took 1/3 of on the first touch, will hard stop the next 1/3 at this TL and will TS the rest to wherever it takes me.
  • #235,587
  • Jul 5, 2010 8:56am Jul 5, 2010 8:56am
Quoting cloggie
They make 2/20 so they only make anything significant when their clients do.
The bulk of their income comes from commissions - spreads. The incentive may not be high - sorry I do not understand what "2/20" stands for.
  • #235,588
  • Jul 5, 2010 8:58am Jul 5, 2010 8:58am
Quoting vilas
The bulk of their income comes from commissions - spreads. The incentive may not be high - sorry I do not understand what "2/20" stands for.
2% management fee, 20% performance
  • #235,589
  • Jul 5, 2010 8:58am Jul 5, 2010 8:58am
Quoting vilas
The bulk of their income comes from commissions - spreads. The incentive may not be high - sorry I do not understand what "2/20" stands for.

We are talking apples and oranges here, HF's make their income using the 2/20 rule 2% management and 20% performance, there is no spread. Once even a retailer gets to a decent size there is no spread to worry about. And the prop trading desk and book of any bank is far larger then their order desk.
  • #235,590
  • Jul 5, 2010 9:03am Jul 5, 2010 9:03am
Quoting vilas
This is very interesting, Navin, - woundn't mind a little info re. this. I do avoid Psycho stuff but since this is your personal experince, it could be more meaningful. My Technique is sound so I am able to come out ahead but another arrow in the quiver won't hurt !

basically mediation and visualization techniques..Hemi-Sync the gateway experience ..type of stuff..
  • #235,591
  • Jul 5, 2010 9:07am Jul 5, 2010 9:07am
Quoting gotpips92
2% management fee, 20% performance
Thanks !!!!!!!!!!!!! Most firms 1% + -- . Some charge 1% + 50. The short-hand baffled me.
  • #235,592
  • Jul 5, 2010 9:09am Jul 5, 2010 9:09am
Quoting nAVIN2007
basically mediation and visualization techniques..Hemi-Sync the gateway experience ..type of stuff..
Visualization does wonders - one US surgeon - billionaire class - used this successfully in his methods !
  • #235,593
  • Jul 5, 2010 9:10am Jul 5, 2010 9:10am
Quoting vilas
Thanks !!!!!!!!!!!!! Most firms 1% + -- . Some charge 1% + 50. The short-hand baffled me.

Sorry buddy, there is not a single fund out there that charges 1+50, not in todays climate. Even the biggies out there like Griffin and Simons could not charge that.
  • #235,594
  • Jul 5, 2010 9:12am Jul 5, 2010 9:12am
Quoting cloggie
We are talking apples and oranges here, HF's make their income using the 2/20 rule 2% management and 20% performance, there is no spread. Once even a retailer gets to a decent size there is no spread to worry about. And the prop trading desk and book of any bank is far larger then their order desk.
My basic objection is as stated in Post 2355935.

Thanks. I have to go now - leave PC on but will be away after a short while - I am GMT + 7 !!!!!!!!!
  • #235,595
  • Edited 9:16am Jul 5, 2010 9:15am | Edited 9:16am
Quoting cloggie
Sorry buddy, there is not a single fund out there that charges 1+50, not in todays climate. Even the biggies out there like Griffin and Simons could not charge that.
It is not a Fund! Private Look up Steve Cohen
  • #235,596
  • Edited 9:24am Jul 5, 2010 9:17am | Edited 9:24am
Quoting cloggie
Sorry buddy, there is not a single fund out there that charges 1+50, not in todays climate. Even the biggies out there like Griffin and Simons could not charge that.
True Simmons does not charge that ! Simmons is not accepting new money.

Anyway, I would ! LOL.
  • #235,597
  • Jul 5, 2010 9:24am Jul 5, 2010 9:24am
is anybody familiar with this ? The trendlines and the cloud were there at exaxt the same time. The lower off the cloud is at 1.5050, should that be a target?
Sorry but couldn't get the chart posted? And i got out at sl, put it too close.
Attached Image (click to enlarge)
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  • #235,598
  • Jul 5, 2010 9:30am Jul 5, 2010 9:30am
Quoting vilas
There is ONE good thing about accounts posted by good traders - it gives you the confidence that it can be DONE. You must have a vision - see it in your mental eye if you have to succeed in accomplishing something.
well, actually there is nothing wrong with post an acc (if the acc owner is 'ok' too). you know jemmy? he ever post his acc (complete with graph, max lose, win, drawdown, etc) and we have good talk about that, cos from that we could see how jemmys psychology when trading, that could be a good lesson for us.
but it will be different if someone post his acc to be 'cocky', (well some peoples do that), you know it's just like a kid that 'show off ' in front of his friends "look look, did you see that? i could ride a bicycle,...whoohaa..nananana.." (well he doesn't know that some of his friends already ride motorcycle, some drive a car, and maybe some could drive a big truck)
so it back, what for he do that...
I will be the number one Manager.
  • #235,599
  • Jul 5, 2010 10:10am Jul 5, 2010 10:10am
Quoting cloggie
He is still stocking up on donuts and beer.....

i cleared the shorts @5103 cloggs.
reversed small long @5094 with 15 pips stop
Thank You
  • #235,600
  • Jul 5, 2010 10:14am Jul 5, 2010 10:14am
hi all

hope all had a green day

ema 200 iin sight lets wait and see might close befor time will tell
best of luck to all
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