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  • #35,061
  • Oct 28, 2011 2:40am Oct 28, 2011 2:40am
in other news, ftse just turned south. and s&p and nasdaq futures are in the red. interesting to see how equities go about sustaining yesterdays rally
  • #35,062
  • Oct 28, 2011 3:41am Oct 28, 2011 3:41am
just accidentally closed my short position. lost 181 pips...

i thought i was never going to remove my sl after blowing up my account so many times...

i always repeat my gravest mistake.
  • #35,063
  • Oct 28, 2011 5:08am Oct 28, 2011 5:08am
Quoting happytrader
just accidentally closed my short position. lost 181 pips...

i thought i was never going to remove my sl after blowing up my account so many times...

i always repeat my gravest mistake.
Wow, are you taking a lot of risk?

My biggest mistake when starting out in forex was taking a lot of risk, yes I was trading my whole margin, so I either make it big or fail big time.

Sure at the start I was seeing 150% returns in just a few weeks but it wasn't long til I went into a bad streak and lost everything, put some more money in without learning my lesson.

Got margin called a couple of times.

Stopped for a period to demo trade, taking proper risk. I've never had this much fun with forex, watching my account slowly grow and not being glued to the screen.
  • #35,064
  • Oct 28, 2011 5:38am Oct 28, 2011 5:38am
im sensing from equity markets that the skepticism over the eu solution is starting to prevail. im going short if i can get a little spike during ny
  • #35,065
  • Oct 28, 2011 5:40am Oct 28, 2011 5:40am
Quoting taxe91
make that 4.. ominous
mmmmm.......looking like it could be about to head north.Question is,how long for.??? Not very long I suspect. Wouldn't be surprised if we see 1.0620 before the close today.
FXsniper Pips This Month: -844
  • #35,066
  • Oct 28, 2011 5:51am Oct 28, 2011 5:51am
Quoting paulw
mmmmm.......looking like it could be about to head north.Question is,how long for.??? Not very long I suspect. Wouldn't be surprised if we see 1.0620 before the close today.
if 0660 holds again we're going back to 1.07 before ny. ny might bring us back down again though

edit: it held....for the 5th time. here comes trouble

06488 is the 23.6% retracement on the move up. im looking more towards a 38.2% or 50% retracement though which are at 05881 and 05409 respectively
  • #35,067
  • Oct 28, 2011 5:55am Oct 28, 2011 5:55am
Quoting jayjb
Wow, are you taking a lot of risk?

My biggest mistake when starting out in forex was taking a lot of risk, yes I was trading my whole margin, so I either make it big or fail big time.

Sure at the start I was seeing 150% returns in just a few weeks but it wasn't long til I went into a bad streak and lost everything, put some more money in without learning my lesson.

Got margin called a couple of times.

Stopped for a period to demo trade, taking proper risk. I've never had this much fun with forex, watching my account slowly grow and not being...
Hi jayjb,

are you still doing demo? i've actually never done demo practice before. i started out with big lots, and lost my annual salary.... it's devastating....

i really hope i can trade like a pro one day... i've lost too much but i still see earning potential in forex
  • #35,068
  • Oct 28, 2011 6:47am Oct 28, 2011 6:47am
Quoting happytrader
Hi jayjb,

are you still doing demo? i've actually never done demo practice before. i started out with big lots, and lost my annual salary.... it's devastating....

i really hope i can trade like a pro one day... i've lost too much but i still see earning potential in forex
Currently i'm trading live.

Annual salary is a lot of money, i suppose u put everything on the line for 1 trade?

Check your strategy, your time frame.

My break came when a forummer told me to look at higher tf, now i don't trade anything less than h4, found myself more at ease when i didn't have to monitor the charts constantly.
  • #35,069
  • Oct 28, 2011 6:52am Oct 28, 2011 6:52am
Quoting taxe91
you'll be a hero if you could pull that off in todays market. out of curiosity did you set a short SL or give yourself some room ?

on a side note ive taken a short scalp on the euro, hoping it can get down to 1.397!

edit: just closed that trade for -2 pips. entered too late, wasnt good risk/return
Nope, tragic hero more like it. I got stopped out. The upside momentum was unstoppable.
  • #35,070
  • Oct 28, 2011 6:54am Oct 28, 2011 6:54am
Quoting jayjb
Currently i'm trading live.

Annual salary is a lot of money, i suppose u put everything on the line for 1 trade?

Check your strategy, your time frame.

My break came when a forummer told me to look at higher tf, now i don't trade anything less than h4, found myself more at ease when i didn't have to monitor the charts constantly.
hi jayjb,

i guess good things come at the very end for me. i was planning to look at high tf in my new strategy as well. been trading every single business day for 8 months and it burns a lot of my energy making 10 -30 pips a day then, EVERY month, there'll be a day where i would lose 1000 pips.

it feels that the whole is against me! everytime i don't trade with sl...(cos of emotion n expectations) the market run a 1000km marathon against me.

no, i lost my annual salary..over the course of 7 months... it's shit isn't it... i don't think there are anyone stupider than me in this forum.

must really really discipline myself.... to make this work!
  • #35,071
  • Oct 28, 2011 7:26am Oct 28, 2011 7:26am
Quoting happytrader
just accidentally closed my short position. lost 181 pips...

i thought i was never going to remove my sl after blowing up my account so many times...

i always repeat my gravest mistake.
I was listen to Mark Cook over on tv.ino he said if you make a mistake you are a idiot, and if you keep making those misteaks, then you a moron


Moral of the story, we are all idiots, just don't be a moron

Seriously, you need to learn POSITION SIZING & MONEY MANAGEMENT

Always know when you get in a trade, where you will get out; I suggest using an EA, that way it will pull the trigger when you seem to not be able.

Learn to love you losses, keep them small.
OPPORTUNITY IS NOWHERE
  • #35,072
  • Oct 28, 2011 8:35am Oct 28, 2011 8:35am
is there any trader that isnt buying at 0660?! there could not possibly have been more bounces off that level today
  • #35,073
  • Oct 28, 2011 10:03am Oct 28, 2011 10:03am
Quoting taxe91
is there any trader that isnt buying at 0660?! there could not possibly have been more bounces off that level today
If you are a long term low leverage trader. One could look at this level with alot of resistance and support from 1.08 to 1.04. I think if you hit any of these levels it could be a good 300 to 400 pip gain.
I think this is a second chance to go short....JMHO
  • #35,074
  • Oct 28, 2011 10:17am Oct 28, 2011 10:17am
  •  Cosi
  • | Joined Jun 2011 | Status: Little girl on the way! Due April!! | 36 Posts
I have been scalping this since yesterday. From 660’s to 700’s & all in between. Something has to give here. I went short @ 725. My technical’s show overbought and these fundamentals sound like smoke and mirrors.
  • #35,075
  • Oct 28, 2011 7:42pm Oct 28, 2011 7:42pm
well im short from 0720.. counting on either a gap down at the start of next week or a selloff before the rba interest rate news so we can get through that dreaded support level
  • #35,076
  • Oct 29, 2011 12:20am Oct 29, 2011 12:20am
Quoting happytrader
hi jayjb,

i guess good things come at the very end for me. i was planning to look at high tf in my new strategy as well. been trading every single business day for 8 months and it burns a lot of my energy making 10 -30 pips a day then, EVERY month, there'll be a day where i would lose 1000 pips.

it feels that the whole is against me! everytime i don't trade with sl...(cos of emotion n expectations) the market run a 1000km marathon against me.

no, i lost my annual salary..over the course of 7 months... it's shit isn't it... i don't think...
Wow, losing 1000pips is pretty harsh.

I can't say I'm any better but I finally got a hold of myself emotionally, I have better management of myself when I'm in the market now.

You should definitely move to higher TFs and see if it suits you. I used to think I could only trade lower TFs and scalp sub 100 pips after seeing so many of the traders here scalp successfully. But I realised most of my free time were spent glued on to the screen.

After switching over to H4 and daily candles, I found myself capturing over 100 pips and seeing my account grow just by sleeping through the night (i'm from asia).

I usually spend about 1 hour over the weekend to take note of potential set-up and each night when I reach home, I start up my laptop, open MT4 and see if my charts are giving me signals. I'm spending at most 1 hour each night or less to look for entry points.

It's been quite a good change so far, about 4 weeks in, I'm profitable week in and out, I have more time for myself, I'm not worried about losing my money and I'm slowly recouping my previous losses.
  • #35,077
  • Oct 29, 2011 12:36am Oct 29, 2011 12:36am
was fooling around on my daily chart when i noticed how symmetrical our last 2 candles are with the 2 candles from august. i know its just a coincidence but its good for a laugh or a light ponder.

damn i really hope we dont complete the image and go charging to 1.10 on monday seeing as im short from 0720
Attached Image
  • #35,078
  • Oct 29, 2011 12:51am Oct 29, 2011 12:51am
Quoting jayjb
Wow, losing 1000pips is pretty harsh.

I can't say I'm any better but I finally got a hold of myself emotionally, I have better management of myself when I'm in the market now.

You should definitely move to higher TFs and see if it suits you. I used to think I could only trade lower TFs and scalp sub 100 pips after seeing so many of the traders here scalp successfully. But I realised most of my free time were spent glued on to the screen.

After switching over to H4 and daily candles, I found myself capturing over 100 pips and seeing my account...
Hi jayjb,

thanks for your advice. it really really is helpful.

can i ask how do you set your s/l at say a 4h tf. surely, you must set aside many many pips for s/l when u use such a high tf. i usually use 10 to 15 pips can s/l. that;s my standard.

thanks
  • #35,079
  • Oct 29, 2011 1:54am Oct 29, 2011 1:54am
In my opinion you will learn nothing from these forums, rather than losing your annul salary again - take a course. A course with Jason Stapleton is perfect for trading psychology - it will cost you 3-4k but probably save you thousands based on your last 7 mths effort

Quoting happytrader
hi jayjb,

i guess good things come at the very end for me. i was planning to look at high tf in my new strategy as well. been trading every single business day for 8 months and it burns a lot of my energy making 10 -30 pips a day then, EVERY month, there'll be a day where i would lose 1000 pips.

it feels that the whole is against me! everytime i don't trade with sl...(cos of emotion n expectations) the market run a 1000km marathon against me.

no, i lost my annual salary..over the course of 7 months... it's shit isn't it... i don't think...
  • #35,080
  • Oct 29, 2011 2:31am Oct 29, 2011 2:31am
Quoting Pipx
In my opinion you will learn nothing from these forums, rather than losing your annul salary again - take a course. A course with Jason Stapleton is perfect for trading psychology - it will cost you 3-4k but probably save you thousands based on your last 7 mths effort
Jason Stapleton?
life in the ocean, some unlucky creature is wounded and now the sharks are coming in for the kill.
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