Cable Update (GBPUSD)

Quoting wormboy

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nice going
sorry i forgot about you mate. There were so many who were positioning right under the big resistance calling for higher numbers I only remember the ones who were persistently doing the opposite.

btw, you're a nutjob like us now

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Quoting wormboy

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you're surprised? lol
one fella today talking bout cable going back to 1.42 by end of this month. How's that for a surprise
We not short of entertainment here tho.

328 is fantastic. nice trading bro

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Quoting ukdaytrader

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Anyone who follows anyone else on FF deserves to lose their money. It's natural selection.
We shouldn't ever discourage people from making calls or providing their analysis, however wild they may seem.

Not many GU shorts here last week and look what they might have missed.

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Quoting wormboy

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true. I think we were the only 2 nutjobs shorting off 970 since Monday last week. But we're rich nutjobs now

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Quoting cloggie

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I remember you now we were discussing the merits of scaling into losing trades, I still stand by my earlier comment, anybody who needs to hold on to trades while they are 1,000 pips in the red may want to sharpen up their trend spotting skills a bit. I don't care, it's your money.

Some of the noobs thinking about scaling into losers may want to read back over this conversation.

And I love the guys that post 500 pip gains after the fact. Really convincing....

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Quoting wormboy

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Now that price is 300 pips away from 5970, nobody talks bout 6xxx anymore.
let's buy now!

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Quoting cloggie

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The PhD in math is the only way to go, that's where the money is and no-one will touch you without it. Also you need to get fluent in Matlab, Gauss and C++. A good school for your PhD will lead to job offers. Most big Quants will have recruitment drives there.

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Quoting 4xStar

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Agree completely .. a higher degree in Math is like a key that opens any door. Go for the PhD if you can...

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Quoting bablo

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Oh! Hey, look Cloggie's here...

Once again you clearly don't get my comment about breathing room. I guess that this old dog is not willing to learn new tricks. So be it.

At any rate your massive following from last week seems to have thinned a bit. I guess your assertiveness left some followers licking their wounds.

Keep it up.

As for the "after the fact comment" ask 4xstar, she knew.

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Quote

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Scaling into losers is a noob strategy. Look up 3 guys who scaled into losers and see their results: LTCM, Barings Brothers and Sumitomo Copper.

If you get caught scaling into a loser on any trading floor in the world you will not only lose money, you will lose your job.

Take your loss and move on.

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Completely dissagree.

The key is in the method used. Even a bad trade can be exited at BE if you scale in properly.

In the past 12 months I have taken about 80 positions with about 10 losers. Had I simply taken loses and moved on I would be less advanced than I am today.

My longest trade lasted 4 weeks and because of scalling I was able get out of a bad trade with a profit.

MM is everything in scalling. I leave my self a 1000 pips of breathing room. This takes the emotion completely out of the game.

Quoting bablo

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No prob. I respect your conviction. I tend to be more reserved in my posting.

For example last week a poster displayed a pic of a rocket launcing from its launch pad.

My reply was simple.

The rest of the story.

Attachment

Be good.

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Quoting Elite_trader

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WB, if you check my post a few min after Friday close, warned of reversal. someone replied not to worry as we get to .65 before FED's meeting....!!

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Quoting primzvicious

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we might head back to 750 area if this current low hold

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Quoting cloggie

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Sorry buddy, but the nice thing about this board is that your posts stay.

Here was mine:

And here was your answer:

So you still think that carrying a 1,000 pip loss and keep scaling in the d@rn thing is a worthwhile strategy? I am now even more convinced then ever that you are a total id!ot. But then again we need muppets like you to provide liquidity.

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Quoting bablo

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Sorry that you missed my point while trying to prove your trading ability.

Key takeaway:

Money Management: I never have contracts in excess of 10% of my balance.

Look for only very high probability trades: Wait for the trade to come to me and don't chase the trade.

Don't dump all your eggs into one position: Scale into a trade. Sometimes the trade goes a little negative and that's OK. Just don't panic and evaluate the trade. If your down 100 pips and the trade still looks good to you then scale in some more.

More often than not my scaling...

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Quoting wormboy

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we might. But i'm not interested tbh. Done for the day. Need to see how the D1 close later before taking any new trades.

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Quoting bablo

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And the remainder of the discussion:


Once again, you read what you wan't.

I guess I peg you right the first time. KIA PITA.

Hope you don't destroy too many lives before you fizz away.

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Quoting cloggie

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I do like the origin of your username: BABLO very appropriate.

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Quoting cloggie

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Big difference between "a little negative" and 1,000 pips. Sorry buddy, but the proof is in the pudding, you can't take away your posts and now attempt to justify them.

Like I said, we need guys like you to provide liquidity, keep sticking around and keep topping up your account.

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Quoting cloggie

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Big difference between "a little negative" and 1,000 pips. Sorry buddy, but the proof is in the pudding, you can't take away your posts and now attempt to justify them.

Like I said, we need guys like you to provide liquidity, keep sticking around and keep topping up your account. And do please continue to provide part of the entertainment here.

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