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Cable Update (GBPUSD)

  • #244,061
  • Aug 6, 2010 2:59pm Aug 6, 2010 2:59pm
Quoting greyghost
I've been trading demo accounts for three years and real money for the last year....
Just checking in quickly on how the day is ending, looks like we are still at the barrier level.

The only thing that keeps a system from being profitable is you, period. There is nothing else that keeps you from making money, you can make any system work to make you a profit, especially on Cable, she moves about 100 pips a day in the summers and 150 in the winters, all you have to do is find the direction and enter anywhere with a large enough stop and you will be in profit, it is that simple. The only thing stopping you is you.

All you do is put up a 60 bar hourly, check the trend and buy the dips. Strategy sorted, now to work on your self could take weeks, months even years, and some will never get it.

Self analysis is the hardest thing to do, simpler and easier to blame the markets and the broker. Face your own demons and faults and you will succeed, guaranteed, identifying them is not easy.

Read some books regarding this, google phsycology in trading, get to know yourself and I mean really get to know yourself. Stop making excuses, stop avoiding your fears, stop blaming the markets, stop looking for entries here.

A good start is Mark Douglas, I would recommend him to all new traders.
  • #244,062
  • Aug 6, 2010 2:59pm Aug 6, 2010 2:59pm
Quoting greyghost
I've been trading demo accounts for three years and real money for the last year....
the issue with FX market is the wrong perception of becoming a millionaire over night (short span of time). 40-50% ROI annually is considered great performance for a top investment manager, that's 3-4% a month. but unfortunately, newbies been scammed to believe you can make a living trading fx with minimal capital. trading with high leverage is double edge sword, one can get lucky to double or triple the account, but how many times we can do that?! we should have reasonable expectation trading forex if we want to survive for long. we tend to get emotional once we over leverage ourselves on a trade, this is not something you would experience on demo. so, I would suggest to develop a sound money management that prevent you from getting emotional if a trade goes against you.

once I knew how this market works, I keep 2 accounts: an account well capitalize with low risk money management ( leverage of 1:1, means trading one lot for every 100k in Ac) & target of 5-10% a month, the other account with small capital of 1k-5k (money can afford to lose) and play with high risk, turning it to 20-25k and run. do that every 2-3 months and don't mind to lose that small capital.

so, set a reasonable target, develop a sound money management system & you'll trade with less emotion and hopefully you would turn successful.

Hope that helps
  • #244,063
  • Aug 6, 2010 3:03pm Aug 6, 2010 3:03pm
Quoting cloggie

..All you do is put up a 60 bar hourly, check the trend and buy the dips. .
...
Anyone know if there is a way to view a MT4 chart by bar count?
******************* I'd rather make money than be right.
  • #244,064
  • Aug 6, 2010 3:04pm Aug 6, 2010 3:04pm
is there an indicator/custom mt4 thing to draw these river boxes of which you people speak?
  • #244,065
  • Edited 3:07pm Aug 6, 2010 3:05pm | Edited 3:07pm
do you think its best to ever leave a profitable trade open for weekend with stops place under the barrier@5945 .................some time ACM my broker spread goes 6 to 8 points at closing of newyork,,,,,
We cannot direct the winds but we can adjust our sail.
  • #244,066
  • Aug 6, 2010 3:06pm Aug 6, 2010 3:06pm
Quoting gotpips92
is there an indicator/custom mt4 thing to draw these river boxes of which you people speak?

Are you for real, we have been talking for over a week to stop using Indy's and here you are. Ah well.

How bout you go read the last 100 pages in this thread, it is all there, it is the least you can do to become a trader, just read, nothing scary about it, people been doing it for 1,000's of years. Put a little effort in it.
  • #244,067
  • Aug 6, 2010 3:07pm Aug 6, 2010 3:07pm
Quoting posterboy
do you think its best to ever leave a profitable trade open for weekend with stops place under the barrier@5945 .................some time ACM my broker spread goes 6 to 8 points at closing of newyork,,,,,
Do you know there is not going to be any adverse news over the next 2 days that could stop out your trade?
  • #244,068
  • Aug 6, 2010 3:10pm Aug 6, 2010 3:10pm
Take the money and run spend some save some ...Y leave on the platter market might take it from me....



Quoting cloggie
Do you know there is not going to be any adverse news over the next 2 days that could stop out your trade?
We cannot direct the winds but we can adjust our sail.
  • #244,069
  • Aug 6, 2010 3:11pm Aug 6, 2010 3:11pm
Quoting posterboy
do you think its best to ever leave a profitable trade open for weekend with stops place under the barrier@5945 .................some time ACM my broker spread goes 6 to 8 points at closing of newyork,,,,,
depends on your entry & stop, but it's safe to close if you want to sleep with a peace of mind
  • #244,070
  • Aug 6, 2010 3:11pm Aug 6, 2010 3:11pm
Quoting posterboy
Take the money and run spend some save some ...Y leave on the platter market might take it from me....

That's it, day traders don't leave anything running, only position traders. A good rule is to close everything at a sensible point of the day, whether in profit or not. I use NY close.
  • #244,071
  • Aug 6, 2010 3:12pm Aug 6, 2010 3:12pm
Quoting cloggie
That's it, day traders don't leave anything running, only position traders. A good rule is to close everything at a sensible point of the day, whether in profit or not. I use NY close.
well said
  • #244,072
  • Aug 6, 2010 3:13pm Aug 6, 2010 3:13pm
Quoting cloggie
Do you know there is not going to be any adverse news over the next 2 days that could stop out your trade?
yeah check out ES ... all the bears were hit hard into close jus when they though ah 1115 gave way we are safe now... when OB said well we lost 137 k censous jobs and gained 77 k private sector jobs.

Oh so this month another 60 k hit the unemployment line but it is all good lets rally es 15 points in 45 min ...
Blogging daily now at www.volume.zone
  • #244,073
  • Aug 6, 2010 3:15pm Aug 6, 2010 3:15pm
Target reached and i exited 1.60..reached!!!!
  • #244,074
  • Aug 6, 2010 3:16pm Aug 6, 2010 3:16pm
have great weekend enjoy

i'am done great week...clooggie thank you..i made over 1222 pips just in week on cable and gold together ...box 5min trigger exit larger tf..


new start next week
Quoting cloggie
That's it, day traders don't leave anything running, only position traders. A good rule is to close everything at a sensible point of the day, whether in profit or not. I use NY close.
We cannot direct the winds but we can adjust our sail.
  • #244,075
  • Aug 6, 2010 3:38pm Aug 6, 2010 3:38pm
Quoting cloggie
Just checking in quickly on how the day is ending, looks like we are still at the barrier level.

The only thing that keeps a system from being profitable is you, period. There is nothing else that keeps you from making money, you can make any system work to make you a profit, especially on Cable, she moves about 100 pips a day in the summers and 150 in the winters, all you have to do is find the direction and enter anywhere with a large enough stop and you will be in profit, it is that simple. The only thing stopping you is you.

All you do is...

Thanks Cloggie. You are indeed the Man! What time frame are you using to calc your pip movage, is 2amEST London open your staring point?
  • #244,076
  • Aug 6, 2010 4:22pm Aug 6, 2010 4:22pm
analyzing the charts after close, the fact that daily chart closed below previous resistant line of .5970 is a calls for caution next week. would be interesting to see if she breaks through psychological level of 1.6 by Monday
  • #244,077
  • Aug 6, 2010 4:26pm Aug 6, 2010 4:26pm
Quoting Elite_trader
analyzing the charts after close, the fact that daily chart closed below previous resistant line of .5970 is a calls for caution next week. would be interesting to see if she breaks through psychological level of 1.6 by Monday
do not worry ... by the time Thursday comes around and feds change wording on minutes to ' economic recovery slow ' and ' fiancial stimulus required ' GU will be 6500 ....

lol

mind you there is a lot of uncertainity in the overall us stock market as shown by todays extreme volatility in ES
Blogging daily now at www.volume.zone
  • #244,078
  • Aug 6, 2010 4:49pm Aug 6, 2010 4:49pm
Quoting 4xStar
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...
Coooooooooooool!
All systems of divination, like music itself,work through patterns.
  • #244,079
  • Aug 6, 2010 4:50pm Aug 6, 2010 4:50pm
Quoting malcolmb14
when us markets go down money flows out of stocks and into usd / bonds. This makes usd stronger typically.

the correlation is about 65%.

This is why the gu and eu took a shit kicking in the 2008 market crisis
Malc,
I know you told me this last month, so i was wondering if todays bad NFP will give USD some strength next week, and USDX also hit 80.00 psych level.
GU been climbing 9 weeks straight, and todays unable to break 1.60, u think its time for a sizeable pullback ?
  • #244,080
  • Aug 6, 2010 5:06pm Aug 6, 2010 5:06pm
Quoting gotpips92
is there an indicator/custom mt4 thing to draw these river boxes of which you people speak?
Nothing that does it automatically. To make the boxes in MT4 go to Insert>>Shapes>>Rectangle

They should never be drawn automatically because they are only a VISUAL AID to learn to identify price consolidations & breakouts, they will be slightly different for each person but the object is to learn to draw them so you learn to what to watch for as price moves. If it were done automatically, you would learn nothing, just be dependent on the boxes....
******************* I'd rather make money than be right.
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