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  • #561,521
  • Nov 14, 2011 5:20am Nov 14, 2011 5:20am
Quoting Ultimate6
3652 next
Almost.
  • #561,522
  • Nov 14, 2011 5:22am Nov 14, 2011 5:22am
Quoting jayjb
Risk Management

I said it to you before, when I started forex, I scoffed at the notion of using a small percentage of risk eg 3% while 97% of your money sits around doing nothing.

So I often trade my entire account or close to it, I found myself very glued to the screen.

But when I learnt the importance of risk management, I was very relaxed and only log in once a day to check my account and look for new signals. And with my 1:2 r/r ratio, I was doing 15% for 4 weeks straight until a losing week broke my streak.

If I lose 9% of my account in...
thanks,
  • #561,523
  • Nov 14, 2011 5:23am Nov 14, 2011 5:23am
still have a long way to go.
Below current h1 gap support eu is eyeing 353x/359x
Attached Image (click to enlarge)
Click to Enlarge Name: eu30.jpg Size: 120 KB
  • #561,524
  • Nov 14, 2011 5:24am Nov 14, 2011 5:24am
Looking for 3630 next.
  • #561,525
  • Nov 14, 2011 5:26am Nov 14, 2011 5:26am
Quoting Ultimate6
Looking for 3630 next.

May get a bounce of your 3652


Lets see
  • #561,526
  • Nov 14, 2011 5:28am Nov 14, 2011 5:28am
Quoting shivas
May get a bounce of your 3652


Lets see
Yea it is a small consolidation/bouncy zone to me, but i think this is going to carry on down until it stops.
  • #561,527
  • Nov 14, 2011 5:32am Nov 14, 2011 5:32am
Quoting Ultimate6
Yea it is a small consolidation/bouncy zone to me, but i think this is going to carry on down until it stops.

agree i have 3634
  • #561,528
  • Nov 14, 2011 5:37am Nov 14, 2011 5:37am
Quoting jayjb
Risk Management

My holy grail is my trading mentality, and last piece of advice, take things from this forum with a pinch of salt, most people here are trading very small $10 over leveraged accounts or demo.

Only a select few are truly good, I'll leave you to find out who those people are.
A beginner will never know who is trading for real and who is just playing. And if someone is already experienced it matters not.
So it is a good advice but unfortunately not useable for beginers. And they will also not understand the importance of some things (like MM) until they loose some amount of money. My example is the great Andre Kosztolany who first lost everything and he had to start working to collect some capital again and then he started to do it all over again. And after several cycles like this he became sussesfull.

By the way i did some short from the 3750 are and closed them around 3670. Average 70 pips on them but i quit because i think this level may hold.
I am also uncertain of long so i stay out of this for a while. Italian 10 yrs bonds are growing since this morning. Unfortunately i have no real feedback only 15 minutes delayed but that was the last info.
'You must be the change you wish to see in the world' . Gandhi
  • #561,529
  • Nov 14, 2011 5:41am Nov 14, 2011 5:41am
managing fear, greed, and money management will make or break a trader

try using a small enough lot so you can trade based on logic (e.g. start with .01 lots and pretend they are 1 lot); that way there is no fear and greed involved - and money management is taken care of. use a 50 pip stop and wait till you are in profit by 25 pips before moving your stop loss up to breakeven (be) + 1 pip. then let the trade ride to your target price (you can then all use a trailing stop of 25 pips). if you are day trading, this should help you form good trading habits and once you are successful, you then can start increasing lot size.

Quoting happytrader
i wanna be a swing trader for many reasons, including not having to glue my eyes to the screen. it's quite unproductive in a way.

looking back at my 5 trades since this morning.. i realized that if I JUST MOVE AWAY FROM MY DAMN SCREEN after the 1st trade, i would be earning 80 pips!

i got this psychological barrier in my mind. every time i enter a trade and i will...get panic when i see a reversal candlestick or a small retracement....

i must overcome this!!!!
  • #561,530
  • Nov 14, 2011 5:41am Nov 14, 2011 5:41am
Goal reached for today (2% NAV) and New York hasn't even started yet!
New voice message: Why are you calling me? If I need you, I'll call you!
  • #561,531
  • Nov 14, 2011 5:44am Nov 14, 2011 5:44am
i agree; even Warren Buffet is concerned (he is as bullish as they get) http://www.cnbc.com/id/45284662


Quoting Myrza
still have a long way to go.
Below current h1 gap support eu is eyeing 353x/359x
  • #561,532
  • Nov 14, 2011 5:45am Nov 14, 2011 5:45am
hmm the daily PA looks interesting
  • #561,533
  • Nov 14, 2011 5:49am Nov 14, 2011 5:49am
Quoting FXMastermind
You have a different DP level? This depends mostly on the broker you are using, doesn´t it?
depends on the broker's daily close, i'm on a european central time server, it also depends on if you use sunday data to calculate mondays pivots, personally i discount sundays...
  • #561,534
  • Nov 14, 2011 5:49am Nov 14, 2011 5:49am
Quoting jayjb
hmm the daily PA looks interesting
So does my neighbors daughter
New voice message: Why are you calling me? If I need you, I'll call you!
  • #561,535
  • Nov 14, 2011 5:50am Nov 14, 2011 5:50am
Nice play , price reached near 3650 , 69 broken . apparently wave a should be ended or soon & time to correct up before further decision /or any intervention next waiting with Italy bond auction who knows . closed shorts at bottom though for now . let it up some more .limit up now 3741/55.
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #561,536
  • Nov 14, 2011 5:51am Nov 14, 2011 5:51am
Hourly close above 700 would be nice for bulls. Sitting on some longs with tight stop,be...
  • #561,537
  • Nov 14, 2011 5:53am Nov 14, 2011 5:53am
Quoting jayjb
hmm the daily PA looks interesting
Thank you for your enlightened insight, this utterly changed the way I look on the markets today...
Quant Hedge Fund CEO
  • #561,538
  • Nov 14, 2011 5:53am Nov 14, 2011 5:53am
Hi,

I am just copying part of my weekends predictions as US open is coming and I still assume quite a nice sellof.

We were running on hopium since 4.10 and even first peak at 423x was unexpectably strong for me. Arising volatility, inflation race mumbo jumbo could follow. Anyway, this frydays move was possible because US bond vultures and comp. were out of game. So bulls managed to penetrate heavy support at 3666 - 3689 and stopped at next zone at 3774 - 3784 which shall be under pressure (Ok it was penetrated right after open). Currently, peaks are (were in the morning) created by weekly pivot at 3811.

I think short squeeze to this level was sufficient one and US capital markets do not need to wait for 3843 to sell and assume they are going to convince EMU very soon of the real value of EUR and expect quite nice one sellof at monday.

Regards,

T.
"I know one thing, that I know nothing." Sokrates
  • #561,539
  • Nov 14, 2011 5:53am Nov 14, 2011 5:53am
short eurusd from 3769
short audusd from 0322

stop loss is a few pips in the green;
i am short 2 lots for each pair; i am going to let 1 lot ride; and i will close the other (for each pair if this goes back on me)

i think the eurusd could test last week's low this week; or we could be at 4000; depends on the news (the audusd, seem to be following the eurusd).
  • #561,540
  • Nov 14, 2011 5:54am Nov 14, 2011 5:54am
Quoting fontu
Nice play , price reached near 3650 , 69 broken . apparently wave a should be ended or soon & time to correct up before further decision /or any intervention next waiting with Italy bond auction who knows . closed shorts at bottom though for now . let it up some more .limit up now 3741/55.
fontu
break of major murray pivot at 71, made me look lower, thinking possible basing either at the low or 640, lets c...

edit- 640 is 50% retrace of the up move, much below there could turn into capitulation..

current low is top of demand zone that when originally broke to the upside triggered an increase in momentum..
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