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Cable Update (GBPUSD)

  • #244,041
  • Aug 6, 2010 12:28pm Aug 6, 2010 12:28pm
Quoting mdiz2
4xstar is a lady
Sorry
  • #244,042
  • Aug 6, 2010 12:42pm Aug 6, 2010 12:42pm
Quoting egkid
1-There are some of few best traders on FF u can make u r view and check their view if agree with u that great if not review your plan but don't follow anyone.
2- MM is your Tank of oxygen while u diving on sea forex

3- Always check Higher TF what it says and remember higher TF better view

This video i Like so much I maybe listen to it 5 time before
http://www.youtube.com/watch?v=jf_mH...layer_embedded

Wish u All the best
Happy weekend to ALL
Thanks for the vid, Jim Rogers is visionary & roll model for many traders!
  • #244,043
  • Aug 6, 2010 12:47pm Aug 6, 2010 12:47pm
Lechidi .. with only 4 posts here it is understandable you have a ton of questions. Many will be answered by reading Cloggies posts since last Friday (July 30). If you click on the paperclip icon at top right, then click HIde Images from the popup box, you will see the document I uploaded "Conversation with Cloggie" something like that .. download it & there will be that Friday conversation plus some of my notes.

The rest is just wait & watch ... pro traders like Cloggie, Wormboy, EGKid, Kill & many others will comment & post charts. It will take you weeks to start to understand it all, there are no shortcuts and no 'book' that can explain what Cloggie has learned to do over years of trading. But following the charts & posts of the senior traders here will give you the answers. If some traders use a different style, like Malcolmb uses VSA, he has his own thread for that where you can learn more. You need to find your style. If you like the 'riverbox' trading (and that is my term for it, not Cloggies) then just focus on posts that talk about that & ignore the ones that speak of Elliott waves, RSI, MACD or other indys as they will throw you off track.

No shortcuts, but stick around & you will soon learn.


Quoting lechidi
Good day to you Cloggie. sorry to bug you but i find your posts awesomely educative. unfortunately, i am still "this year" new to trading and dont understand a lot of things you say (terminologies can be confusing). please help guide me like a noob on that riverbox trading style that you mentioned about last friday. i personally think it makes more sense to trade using price action and that sounds like what you are saying and teaching. i also asked earlier if there is any article or book you can recommend for me to read to be better able to understand...
******************* I'd rather make money than be right.
  • #244,044
  • Aug 6, 2010 12:49pm Aug 6, 2010 12:49pm
Quoting egkid
Sorry
Everyone gets it wrong .. I type like a guy, hittin' those keys too hard
******************* I'd rather make money than be right.
  • #244,045
  • Aug 6, 2010 12:50pm Aug 6, 2010 12:50pm
Quoting Elite_trader
I am not sorry egkid, that was part of learning the rules of the game. I never spend a day demo trading and that's just my personality to learn thing the hard way. Have been trading for 3 years now, I was down the first but was profitable last 2 years.
This is interesting, thanks for your honesy. I've been trading for 10 months and chose to trade real money from day one because of my personality...cant take things seriously, and therefore learn,unless i'm commited in heart, mind and pocket...i have only recently started going into consistent profit ,not much ,but i feel i am making progress. However i doubt that i would be making the progress that i have without the existence of this thread. I.ve not once "followed a call" but click back and forth as much as possible to find out were i've gone wrong and in doing so have and always will feel priveledged in learning from the "key" people here. .
All systems of divination, like music itself,work through patterns.
  • #244,046
  • Aug 6, 2010 1:05pm Aug 6, 2010 1:05pm
Quoting kaspopsicle
This is interesting, thanks for your honesy. I've been trading for 10 months and chose to trade real money from day one because of my personality...cant take things seriously, and therefore learn,unless i'm commited in heart, mind and pocket
I completely agree .. and this is an area of contention almost as bad as the broker debate . Some senior traders go postal when they hear of newbies trading real money accounts. However I am convinced, once the absolute basics are mastered, you need to have real money on the line because so much of successful trading is psychological.
I can double a demo account in 2-3 weeks, any size, no problems whatsoever.
But when there is real money involved, I start to learn a LOT of things about myself & my attitude about money.

WAY too greedy and impatient

One needs to trade real money and enough money that losing it will hurt .. not too much, not enough to throw you out of the game, but you have to feel it.

Then you start to find out who you really are & what psychological factors deep within you may be blocking your success .. even after you know 'how' to trade.

My 2 pips worth

PS That's why this 'river box' trading is working out so well .. it forces me to control greed & learn patience as I can only enter a trade once the river current is flowing, and as the signals are crystal clear, only need to WAIT for them to set up properly.
It suits me better than anything I have used before because it challenges my weakest areas & has shown me that consistent pips will be made when I overcome my.... self.
******************* I'd rather make money than be right.
  • #244,047
  • Aug 6, 2010 1:06pm Aug 6, 2010 1:06pm
Quoting 4xStar
Also I find it difficult to believe she will not get past that 1.60 psychological level after having gotten so close .. first time since February...
I see at least one more try at 1.60+ but am not trading it until 5 min confirms.
HELLO fxstar, sorry about the noob question but what do you exactly mean when you say you wont trade until 5min chart confirms. how does it confirm. thanks in anticipation of your help
  • #244,048
  • Aug 6, 2010 1:10pm Aug 6, 2010 1:10pm
Read my post to you below (or above, depending on how you have FF configured)

Quoting lechidi
HELLO fxstar, sorry about the noob question but what do you exactly mean when you say you wont trade until 5min chart confirms. how does it confirm. thanks in anticipation of your help
******************* I'd rather make money than be right.
  • #244,049
  • Aug 6, 2010 1:27pm Aug 6, 2010 1:27pm
Quoting kaspopsicle
This is interesting, thanks for your honesy. I've been trading for 10 months and chose to trade real money from day one because of my personality...cant take things seriously, and therefore learn,unless i'm commited in heart, mind and pocket...i have only recently started going into consistent profit ,not much ,but i feel i am making progress. However i doubt that i would be making the progress that i have without the existence of this thread. I.ve not once "followed a call" but click back and forth as much as possible to find out were i've gone...
I guess we have something in common I started 10 months ago also. I have traded real money since the second week. I've lost about $5100 but don't mind. I would have blown more than that in the bar or something if I wasn't on the computer learning forex. I spend 12 to 14 hours a day and am seeing some light at the end of the tunnel.
  • #244,050
  • Aug 6, 2010 1:35pm Aug 6, 2010 1:35pm
Quoting 4xStar
Read my post to you below (or above, depending on how you have FF configured)
dunno where your post to me is. please guide. thanks
  • #244,051
  • Aug 6, 2010 1:41pm Aug 6, 2010 1:41pm
Quoting mdiz2
I guess we have something in common I started 10 months ago also. I have traded real money since the second week. I've lost about $5100 but don't mind. I would have blown more than that in the bar or something if I wasn't on the computer learning forex. I spend 12 to 14 hours a day and am seeing some light at the end of the tunnel.
Make sure it's not an oncoming freight train....

But seriously .. wer're gonna' make it
******************* I'd rather make money than be right.
  • #244,052
  • Aug 6, 2010 1:50pm Aug 6, 2010 1:50pm
Quoting 4xStar
Make sure it's not an oncoming freight train....

But seriously .. wer're gonna' make it
I've never doubted making it. The question has been when.
With generous people like Cloggie sharing his experience I feel it will be sooner than it was going to be. I really like the idea of using no indicators. I have looked at so many indicators and so many systems it makes my head spin.

Sadly the first week I traded a live account I used mostly just candlestick patterns along with IMACD and did well. To well, I made $225 the first day $275 the next $563 the third and thought it was easy. The fourth day I lost $693 and freaked out and decided I needed more indicators and a special system.

I have been looking for that special system sense then. Thanks to you and Cloggie discussing PA I realalize it doesn't need to be that complicated and if I get back to basics I can do fine. I am already doing better than I was.

Wishing you much success
Mike
  • #244,053
  • Aug 6, 2010 1:55pm Aug 6, 2010 1:55pm
Quoting 4xStar
Price has entered new box, I just put on top of previous one. Stop moved.

So far I'm in love with this new methodology ....
kindly guide me to how you make the boxes. thanks
  • #244,054
  • Aug 6, 2010 2:04pm Aug 6, 2010 2:04pm
Quoting lechidi
kindly guide me to how you make the boxes. thanks
If you are so frickin lazy you can't even spend a minute looking for a file how are you going to learn to trade.

Go here http://babypips.com and get the basics and I have included the link to the file 4xstar has told you to get multiple times.

Study this material and practise a bunch. If you have problems using your trading platform to make boxes use the help section of your software and it will tell you how.
Attached File(s)
File Type: doc Cloggie-4x-Conversation07-30-10.doc   25 KB | 346 downloads
  • #244,055
  • Aug 6, 2010 2:18pm Aug 6, 2010 2:18pm
Quoting 4xStar
I can double a demo account in 2-3 weeks, any size, no problems whatsoever.
But when there is real money involved, I start to learn a LOT of things about myself & my attitude about money.
...
I've been trading demo accounts for three years and real money for the last year. I've taken several demo accounts to +300k in the 30 day trial. When applying my strategy to real money it all goes wrong. I'm kinda lost at the moment and spend days reading and reverting back to my demo. There is an extreme wealth of knowledge here and as one can see, I'm never signed off. I read, reread, and read again. I'm just here trying to make it happen. Just don't know why I can't do my real account like I do my demo. Maybe its the emotions, that which I try like hell to suppress.
  • #244,056
  • Aug 6, 2010 2:21pm Aug 6, 2010 2:21pm
Quoting mdiz2
If you are so frickin lazy you can't even spend a minute looking for a file how are you going to learn to trade.

Go here http://babypips.com and get the basics and I have included the link to the file 4xstar has told you to get multiple times.

Study this material and practise a bunch. If you have problems using your trading platform to make boxes use the help section of your software and it will tell you how.
Thanks mdiz2, I had given up on this person... some just want to be spoon-fed.

BTW .. for those needing a positive outlook before starting the trading day, just watch & learn from this little girl:
http://www.facebook.com/?ref=home#!/...v=393561765678
******************* I'd rather make money than be right.
  • #244,057
  • Aug 6, 2010 2:27pm Aug 6, 2010 2:27pm
Quoting greyghost
I've been trading demo accounts for three years and real money for the last year. I've taken several demo accounts to +300k in the 30 day trial. When applying my strategy to real money it all goes wrong. I'm kinda lost at the moment and spend days reading and reverting back to my demo. There is an extreme wealth of knowledge here and as one can see, I'm never signed off. I read, reread, and read again. I'm just here trying to make it happen. Just don't know why I can't do my real account like I do my demo. Maybe its the emotions, that which I try...
It is the emotions. In a demo account where you know the money is not 'real' you lose all emotional connection to it & just trade. If there is a drawdown, you have no real feeling about it, you'll just stay in the trade as long as it looks like it will eventually go your way. Or if you decide to close and are down several thousand, you just find another trade & make it all back.... you are trading mechanically, devoid of emotional attachment to the outcome.

Now .. the trick is to transfer that to the real money world. If you have taken several demos to 300k you don't need to keep reading books ... you already know how to trade. Now you just need to conquer yourself. I think the Cloggie-Riverbox method is idea because it strips the charts of all data (emotions) and just leaves raw price & some simple rules. You are forced to overcome greed (because you are not allowed to get in at the beginning and out at the end, just catch the middle 'flow'). You are forced to learn patience, waiting for the setups to occur, not trying to make 2 milion indys tell you what you want them to say.
All that is left to overcome is fear .. but that will diminish as confidence builds.

Onward .. next week!
******************* I'd rather make money than be right.
  • #244,058
  • Aug 6, 2010 2:28pm Aug 6, 2010 2:28pm
Quoting 4xStar
Thanks mdiz2, I had given up on this person... some just want to be spoon-fed.

BTW .. for those needing a positive outlook before starting the trading day, just watch & learn from this little girl:
http://www.facebook.com/?ref=home#!/...v=393561765678
She's got the right attitude.
  • #244,059
  • Aug 6, 2010 2:32pm Aug 6, 2010 2:32pm
Quoting greyghost
Just don't know why I can't do my real account like I do my demo. Maybe its the emotions, that which I try like hell to suppress.
It is the emotion. This is the truth. Trading system is the easy part. Take a look around the factory, almost every different system, when done right, yields almost the same positive results.
But not everyone is succesful. Statistics claims most people fail.
Trading is mostly self mastery & it is the most difficult aspect of trading. It takes a few years to be consistently profitable. I do mean that. You'll find yourself be put to the test once you face a losing month or a few losing months.
Take it easy, trade slowly & don't rush yourself. For starters, whenever you want to start to trade, be prepared to part with your money & calculate how much you're willing to lose on the trade. Most people just think about how much they want to make. Try not to. Take the best probable setup & be prepared to lose. You'll amaze yourself by the end of every month when you make those withdrawals.

Good luck & have a great weekend.
Thank You
  • #244,060
  • Edited 2:48pm Aug 6, 2010 2:43pm | Edited 2:48pm
i still have a long open from 5868 for almost 6 hrs now stop is set at 5945 i did not book profit @almost 6000 i was looking at w3 just under 5 8 pips tp so i left it floating
i am a newbie but confident now...so read the conversation between 4X and cloggie it will help
We cannot direct the winds but we can adjust our sail.
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