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  • #429,421
  • Apr 27, 2011 8:07am Apr 27, 2011 8:07am
I guess the market's dead until the Fed has its first press conference in a century.

Any chance that Ben's gonna use this to announce the US interest hike?
  • #429,422
  • Apr 27, 2011 8:07am Apr 27, 2011 8:07am
Quoting cloggie
And spend the weekends reading everything you can get your hands on to get your head around the fundies and news. Spend days off looking back at correlation and spend a few hours on the weekends running your simulator to see how price behaves, find the levels and see how you can improve spotting them and papertrade them.

If you can find the time, and you'd be surprised how easy it is to find it if your heart is set on it, you can manage this business in about a year, even with a job. You just need to give up a lot to get there, the end is well...

cloggie may i ask, when you are trading intraday inside the flag, do u trade only one direction incase the breakout happens when ur scalping? isnt it risky to scalp both direction?
  • #429,423
  • Apr 27, 2011 8:08am Apr 27, 2011 8:08am
Quoting cloggie
Belt and Braces, belt and braces.


I read you're using the time for teaching, nice. Very wise posts.
  • #429,424
  • Apr 27, 2011 8:08am Apr 27, 2011 8:08am
Everyone and their brother knows that today is Fed day but keep in mind the new schedule is:

statement at 1230pm EST and news conference at 215pm EST.
  • #429,425
  • Apr 27, 2011 8:10am Apr 27, 2011 8:10am
Quoting EdgarNg
cloggie may i ask, when you are trading intraday inside the flag, do u trade only one direction incase the breakout happens when ur scalping? isnt it risky to scalp both direction?

ON range days like the last few, I trade in both directions. On days where there is no obvious range I only trade in a single direction, the trend is your friend, I know it is corny, but it is so true. Very few traders in the world can counter a trending day profitably, I have never met a retailer that can manage it consistently.

The problem with the majority here is that they cannot identify a trending day from a ranging one.
  • #429,426
  • Apr 27, 2011 8:10am Apr 27, 2011 8:10am
You are right. The problem with trading forex is that is so easy to loose money. When you start a business and go to the bank you have someone (not always the brightest person) to review your business plan. When I started a business we couldn't even open a bank account without a business plan, we didn't need any loans. This is not the way the average broker works they just want a lot of trades (at best).

Of to get the kids.

Quoting paul1
10,000 hours learning .
90% failure rate .
These are pretty much used in most business attempts .

some seem to think its only traders,but any business venture you attempt is highly likely to fail within 12 months to 2 years .

Generally for much the same reasons .

The perception that you start a business and become rich .

Rarely works like that, the businessman with the big house and nice car most likely worked his bollocks off and took a few risks .
  • #429,427
  • Apr 27, 2011 8:11am Apr 27, 2011 8:11am
Quoting mercy seat
Well ... I must say I would be surprised if cuts lower than this levels you mentioned without FOMC Statement and FOMC Press Conference ...

Unless those two ... I would tend to buy at first ...

Anyway ... time for some small position adjustments ...
a +r-bounce on fomc always expected. i will not be here at announcement. i cant buy here. and walk away.. not with usdx on support. and euro just below yearly r1.
those who can, do. those who cant, talk about those who can
  • #429,428
  • Apr 27, 2011 8:12am Apr 27, 2011 8:12am
Quoting frevd


I read you're using the time for teaching, nice. Very wise posts.

I am not a teacher, I have no patience to teach. Just sharing some common sense really. Trying to focus those that want to listen on some levels and their interaction and sharing what it takes the average person to make it in this business.

They are still just my own opinions and observations, anyone can do whatever they want with them.
  • #429,429
  • Apr 27, 2011 8:12am Apr 27, 2011 8:12am
Quoting Larseg
Back from 60, crap usd news coming up

All closed, 40+


for 8 hour work....


Hmm... God night..
  • #429,430
  • Apr 27, 2011 8:13am Apr 27, 2011 8:13am
one more chart to look at back to cam's

we are in between WH3 and WL3 either we play in between or if we break above WH3 it will fly for sure most of the time it will revisit the WL3 might be wrong lets see
Attached Image (click to enlarge)
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  • #429,431
  • Apr 27, 2011 8:13am Apr 27, 2011 8:13am
Tuff love and you're right, plus it keeps us entertained when the markets are slow.



Quoting cloggie
Spot on Pauly, now you know why I come down so hard on the !d!ot noobies here that portray this business in the wrong light.

Few here know what it takes to get there, but the few that have managed know there is no business in the world like it.
  • #429,432
  • Apr 27, 2011 8:13am Apr 27, 2011 8:13am
Quoting Larseg
All closed, 40+


for 8 hour work....


Hmm... God night..
depending on lotsize this might be an awesome hourly pay off

anyway you call trading work?
Hero calls followed by margin calls...
  • #429,433
  • Apr 27, 2011 8:13am Apr 27, 2011 8:13am
Quoting cloggie
ON range days like the last few, I trade in both directions. On days where there is no obvious range I only trade in a single direction, the trend is your friend, I know it is corny, but it is so true. Very few traders in the world can counter a trending day profitably, I have never met a retailer that can manage it consistently.

The problem with the majority here is that they cannot identify a trending day from a ranging one.

Thanks cloggie your post made me realize i can make more money and not just sitting here waiting for break out. God it tires me to watch prices all day hovering and not going anywhere. i realized i could have taken more pips right there and i know its not gonna break today while we await FOMC. thats how we identify range or trending day right? How do u identify range or trend days?
  • #429,434
  • Apr 27, 2011 8:13am Apr 27, 2011 8:13am
Quoting paul1
10,000 hours learning .
90% failure rate .
These are pretty much used in most business attempts .

some seem to think its only traders,but any business venture you attempt is highly likely to fail within 12 months to 2 years .

Generally for much the same reasons .

The perception that you start a business and become rich .

Rarely works like that, the businessman with the big house and nice car most likely worked his bollocks off and took a few risks .
Hey Paul,

The success in Forex market in my humble opinion is RISK MANAGEMENT. Its not HOW MANY pips u make, its about MINIMIZING the LOSSES.

Cut the losses to the minimum and Keep the profits running. My friend told me a tale about a famous Russian trader who was excellent trader. He got over 1.3 millions. He made an EA and he LOST everything in one single night. The EA opened about 1000 trades. Most of his losses were due to a spread.

Traders need to control the risk and cut the losses.
  • #429,435
  • Apr 27, 2011 8:15am Apr 27, 2011 8:15am
Quoting cloggie
ON range days like the last few, I trade in both directions. On days where there is no obvious range I only trade in a single direction, the trend is your friend, I know it is corny, but it is so true. Very few traders in the world can counter a trending day profitably, I have never met a retailer that can manage it consistently.

The problem with the majority here is that they cannot identify a trending day from a ranging one.
All you have to do is crank up the range
When there are obvious levels, I'm playing the range even if there is a longer term trend. I don't even see a difference, just the time[frame] it needs to get to each side.
  • #429,436
  • Apr 27, 2011 8:15am Apr 27, 2011 8:15am
Quoting cloggie
Oh and get yourself the good papers, FT and WSJ, and some good magazines. Do not underestimate fundie/news triggers. Most here have no clue and miss out on very easy trades with humongous r/r ratio and little to no risk.

And as a last hint ignore about 35,700 members here, find the dozen or so good ones and pay attention to them.
Cloggie, you have considered WSJ as a good paper?
  • #429,437
  • Apr 27, 2011 8:15am Apr 27, 2011 8:15am
Quoting T@rantula
Hey Paul,

The success in Forex market in my humble opinion is RISK MANAGEMENT. Its not HOW MANY pips u make, its about MINIMIZING the LOSSES.

Cut the losses to the minimum and Keep the profits running. My friend told me a tale about a famous Russian trader who was excellent trader. He got over 1.3 millions. He made an EA and he LOST everything in one single night. The EA opened about 1000 trades. Most of his losses were due to a spread.

Traders need to control the risk and cut the losses.
should have tried it on a practice account first. imho that is.
The dreamers are the saviors of the world.
  • #429,438
  • Apr 27, 2011 8:16am Apr 27, 2011 8:16am
Quoting T@rantula
Hey Paul,

The success in Forex market in my humble opinion is RISK MANAGEMENT. Its not HOW MANY pips u make, its about MINIMIZING the LOSSES.

Cut the losses to the minimum and Keep the profits running. My friend told me a tale about a famous Russian trader who was excellent trader. He got over 1.3 millions. He made an EA and he LOST everything in one single night. The EA opened about 1000 trades. Most of his losses were due to a spread.

Traders need to control the risk and cut the losses.
...if he made 1.3 mio by trading i guess he's smart enough not to install a non tested EA on a 1,3 mio account overnight

anyway.... ---> lol ^^
Hero calls followed by margin calls...
  • #429,439
  • Apr 27, 2011 8:17am Apr 27, 2011 8:17am
Hi Clogg,

I don't know if that's correct but I have 62 as 23.6% retracement No. from yesterday's low.
If rejected I would look at 123.6% extension) from yesterday as possible target.
Is this correct?

However I can't understand where the 76 is coming from...
Any hint most welcome

Quoting cloggie
And Gator had 63, now look at your charts and see where we get these from and why they are so important, then watch the PA around them and remember that for the next time.
  • #429,440
  • Apr 27, 2011 8:17am Apr 27, 2011 8:17am
Quoting xjames26
Cloggie, you have considered WSJ as a good paper?

I use it to flag issues that papers on this side of the pond don't cover. Of all the US papers I do find it the most informative and I agree with loads of points raised in it.
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