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  • #658,001
  • Jun 16, 2012 12:50pm Jun 16, 2012 12:50pm
Quoting Toranaga
NO WAY, its only a voting, and even if Siritza wins, there will pass months till the Grexit decision, IF they exit, what i doubt..

I agree there will be big Spikes, but only because of the Hype.
And at the end of the weekend, business as usual..

"Dont believe the Hype" Public Enemy 1988
yeah possibly u are correct, may be brokers are just finding some ways to hit stop losses and eat up clients money
  • #658,002
  • Jun 16, 2012 12:51pm Jun 16, 2012 12:51pm
Quoting FXCapitalist
Been on a long year + Vacation and glad to be back in the community. Will provide input as usual when I am able. Happy trading it's gonna be an interesting week. Esp. eur/xxx.

~FXC
Welcome back
TRADE WHAT U SEE NOT WHAT U WANT TO SEE.
  • #658,003
  • Jun 16, 2012 12:53pm Jun 16, 2012 12:53pm
greece cant afford to exit euros

period
  • #658,004
  • Jun 16, 2012 12:54pm Jun 16, 2012 12:54pm
likely euro will rally on monday and then may go dip down at the end of the week
  • #658,005
  • Jun 16, 2012 1:07pm Jun 16, 2012 1:07pm
Quoting Zorofx
greece cant afford to exit euros

period
..and I'll be happy with my short @1.2640 open Friday ))
  • #658,006
  • Jun 16, 2012 1:11pm Jun 16, 2012 1:11pm
Quoting Zorofx
Dear Trader,

This Sunday, on 17 June 2012, the Greek voters will yet again go to the polls, trying to elect a new parliament that would be able to form a functional government. Essentially, it’s a vote between two options: Greece staying in the eurozone, or exiting. Whatever the outcome, please be aware that we may see big gaps when the Forex markets open on Sunday night, followed by high levels of volatility.

High volatility can create trading opportunities. This is not only expected to affect the euro but also other currencies around the...
Alpari UK ? .. me too..
  • #658,007
  • Jun 16, 2012 1:11pm Jun 16, 2012 1:11pm
Quoting Zorofx
greece cant afford to exit euros

period
+1
  • #658,008
  • Jun 16, 2012 1:13pm Jun 16, 2012 1:13pm
Interesting.....UK traded lowest
Attached Image (click to enlarge)
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  • #658,009
  • Jun 16, 2012 2:22pm Jun 16, 2012 2:22pm
Quoting Zorofx
likely euro will rally on monday and then may go dip down at the end of the week
you try to calm yourself down with this or what is this statment for?

very childish to put any emotion into trading
first if you do this it is still useless and you still don't know where it will go
second, you will loose money
'You must be the change you wish to see in the world' . Gandhi
  • #658,010
  • Jun 16, 2012 2:42pm Jun 16, 2012 2:42pm
i think many traders from USA making very big mistake. Election system in Greece is not (dislike) like in USA. Election tomorrow doesn't mean a new government will come in same day. They can make coalition and it can take a week to set it or if they cannot deal they still can repeat election for third time or president can give the task second party or third party. Aware Yankees! ) Don't walk to trap so easy.

(not an advice and sorry for grammar)
Its not an advice and sorry for grammar.
  • #658,011
  • Jun 16, 2012 2:46pm Jun 16, 2012 2:46pm
Quoting oundar
i think many traders from USA making very big mistake. Election system in Greece is not (dislike) like in USA. Election tomorrow doesn't mean a new goverment will come in same day. They can make coalition and it can take a week to set it or if they cannot deal they still can repeat election or president can give the task second party or third party. Aware Yankees! ) Dont walk to trap so easy.

(not an advice and sorry for grammar)
May be true, but the problem with that is Greece needs some decisiion making party in place before the emd of June, when their money will officially run out.
All that is left in FF is just plain garbage. "Cloggie"
  • #658,012
  • Jun 16, 2012 3:47pm Jun 16, 2012 3:47pm
Quoting attila
I couldn't agree more with what you said. I have lost faith in people too, but I never lost faith in the Markets. The Markets always have the last word, and they will destroy all these politicians for the big reset. Problem is people will suffer and will die for nothing... But that will have to happen sooner or later. There's absolutely no other way...
You know the US is the only country in the world with the authority to raise the debt ceiling, if need be - odd, huh?

I have some doubts with the markets. I am not a perfect trader. I am new (3 months) and can make irrational decisions at times. I have made very profitable trades and some not so profitable trades. Very challenging and is why I absolutely love it. I spend hours each day reading, learning, testing, and analyzing as much information I can in order to become better and more efficient. I understand it can take years before I am consistently profitable. Nevertheless, each and every week is a learning process.

However, with what is currently happening, I feel that when smart money wants to push or pull they will do so regardless of reason. That stacks the deck against retail investors, even profitable ones. As a trader you have to be confident and have conviction in your trades rather it is right or wrong. A trader can make sound analysis and be patient, but if its opposite of the agenda of smart money there goes 30-40 pips. Take the Euro movement. Fundamentally it probably should not be where it is. Technicals vary, too. Some say decline while some say increase or even range bound.

There are 17 countries in the EuroZone and 25 in the European Union, and the majority are debt-riddled. Some country's bond yields reached historical highs as the Euro was climbing while the US yields are at historical lows. There is a 11% unemployment rate in the EZ. An increasing number of countries need bailout funds even to just have their government run properly. We all know about the large Euro countries. There are lesser known problems in countries like Cyprus, Belgium, Finland and Holland. The UK has been labeled to have a zombie economy. France and Germany's economies are showing cracks, too. And the Euro still has additional value? To me, it seems that due to the enormous shorting of the Euro is why smart money is pushing it higher. I doubt the Euro would move as it has recently, nearly parabolic in the last 5 days, if the short position was lower. If it gaps up or down 100 pips, or any currency for that matter, is solely based on smart money positions. No one individual or group of individuals should have that much power in their given markets.

I don't know; maybe it is that I do not fully understand the irrationality of things. It is not that I am bitching, per sey, but I am analytical, logical and trying to make sense of this nonsense. I also understand many of my fellow traders hold positions less than a day (I tend to do this) and trade strictly on price action and not value. And all the power to you guys and gals. I wish all you the best, always. I believe price action can severely be manipulated.A gap up or down of 100 pips at open or within a moments notice is crazy to me and skeptical. Hard to hedge and even SL orders close out below the limit if it is quick and large enough move. Just got to take it. Someone once told me the market is the great equalizer. It doesn't matter whether you are a high school drop out or a graduate of economics. In the long run I do not believe it to be equal as of now. Yet, I'll continue to be a student of the craft.

Ok, that is the end of my mini-thesis. lol. I appreciate those who share or don't share my feelings, ideas, opinions and alike. I think this is an amazing topic to debate and talk about.

Does anyone have any opinions on something like an uptick rule in forex? It would stop massive gaps. I do not necessarily believe there should be one, but it is interesting nonetheless.

Trade safe. Tomorrow may get bumpy.
  • #658,013
  • Jun 16, 2012 5:05pm Jun 16, 2012 5:05pm
I like what you had to say and feel closely similar!

Quoting pip_trader
You know the US is the only country in the world with the authority to raise the debt ceiling, if need be - odd, huh?

I have some doubts with the markets. I am not a perfect trader. I am new (3 months) and can make irrational decisions at times. I have made very profitable trades and some not so profitable trades. Very challenging and is why I absolutely love it. I spend hours each day reading, learning, testing, and analyzing as much information I can in order to become better and more efficient. I understand it can take years before I am consistently...
  • #658,014
  • Jun 16, 2012 5:14pm Jun 16, 2012 5:14pm
Quoting phxmike
you try to calm yourself down with this or what is this statment for?

very childish to put any emotion into trading
first if you do this it is still useless and you still don't know where it will go
second, you will loose money
How much time is it necessary to overcome your emotions? I'm trading for a month and a half now, and i fucked everything i earned. This week i earned 102% and i lost it. And every week same story. I just loose myself in the end wich is ... like i don't even care about the money.

Is it average to make 100% per week, cause i hear some ppl are happy with 9-10%, i don't get it what so hard in earning at least 50%...
Forex rewards patience.
  • #658,015
  • Jun 16, 2012 5:25pm Jun 16, 2012 5:25pm
Quoting Doomfor
How much time is it necessary to overcome your emotions? I'm trading for a month and a half now, and i fucked everything i earned. This week i earned 102% and i lost it. And every week same story. I just loose myself in the end wich is ...

Is it average to make 100% per week, cause i hear some ppl are happy with 9-10%, i don't get it what so hard in earning at least 50%...
Nothings wrong with 50% gain a week. The real question is... How did you manage to lose all that gain in a week or single day? Might wanna review your r:r and money management.
  • #658,016
  • Jun 16, 2012 5:42pm Jun 16, 2012 5:42pm
Quoting Doomfor
How much time is it necessary to overcome your emotions? I'm trading for a month and a half now, and i fucked everything i earned. This week i earned 102% and i lost it. And every week same story. I just loose myself in the end...
Is it normal to make 100%, cause i hear some ppl are happy with 9-10%, i don't get it what so hard in earning at least 50%...
I hear you. I was much the same and sometimes still do. When I first started I felt like I almost had to trade. These last few months I have learned to be patient. Trust you analysis. If you did not do any then well....

I read how many say you have to remove emotions from trading, but to do so would mean you didn't give a flip either way. You just have to learn how to calm them. I first began like you did. Then I had a couple trades that I believed in be were down for a few hours, down -150 pips in two trades. I freaked out and cut it. Two hours later they rallied for profit. I also had this feeling of getting "revenge" after a losing trade and jump right in to get my money back and all it did was lose you. I learned to stop that shit real quick as my account dwindled.

One of my favorite texts is "financial behavior and wealth management" by Pompian (something like that).

The Homo Economicus Model:

"Rational traders make beneficial judgement and have the ability to reason [according to the principle of perfect rationality]. However, intellect is subservient to emotion. Behavior is not comprised of logic but of impulses (fear, greed, hate, etc). Intellect is only a mechanism to avoid emotional outcomes."

No trader is 100% rational 100% of the time, ever.

Emotions will override sometimes and need to not be removed but accepted. Overtime I feel like rushing into a trade I just step back and take 10-15 minutes to chillout. I had to realize what I was feeling or doing in order to condition it. I am not perfect but the progress is great.

I suggest thinking about how you felt and what you did during the trades you lost. Each trader is different, but you will realize how to process and avoid detrimental actions.

The 102% was luck. It had to be or you'd still have it. The forex market is rough and takes no prisoners. It doesn't have a problem with stepping on your face. Take it easy. The need or want to double you account will only keep you in the same cycle. Ask any other trader.
  • #658,017
  • Jun 16, 2012 6:11pm Jun 16, 2012 6:11pm
Quoting pkimnyc
Nothings wrong with 50% gain a week. The real question is... How did you manage to lose all that gain in a week or single day? Might wanna review your r:r and money management.
Well this week, i worked pretty hard, planning, analising, almost without sleep for 2 days, and in the end, i didn't even care... on friday i lost everything i earned that week (but i never loose the money i invested) cause, thoughts of making 200% started rallying in my had and that was it.( My record is 500% a week, but i lost everything on Monday opening )

The funny thing is, that i actually felt better, cause the pressure dropped, but now i'm really pissed of, cause i'm starting the week with the same number, and it's soooo boring to watch the same numbers all the time...
Forex rewards patience.
  • #658,018
  • Jun 16, 2012 6:16pm Jun 16, 2012 6:16pm
Quoting Doomfor
Well this week, i worked pretty hard, planning, analising, almost without sleep for 2 days, and in the end, i didn't even care... on friday i lost everything i earned that week (but i never loose the money i invested) cause, thoughts of making 200% started rallying in my had and that was it.( My record is 500% a week, but i lost everything on Monday opening )

The funny thing is, that i actually felt better, cause the pressure dropped, but now i'm really pissed of, cause i'm starting the week with the same number, and it's soooo boring to...
No sl? No target?
  • #658,019
  • Edited 6:50pm Jun 16, 2012 6:36pm | Edited 6:50pm
Most of what you're saying is right.. The market is being pushed and pulled and faked different directions, but that's normal trading. I came here many times saying "Did you really think you were going to get a long/short on a platter?" The market is a SL/Order fill sophisticated mechanism, and yes, the banks take advantage of it.. It's part of price discovery and that's the way it should be, otherwise we'll probably have Obama set the exchange rates based on what he had for dinner the night before.. or jun jong il, or whatever his name is for that matter..
If you were a bank knowing there is a large order in your books (client money) that needs to be cleared wouldn't you position yourself to ride the coattails of it? The fx market is a 4-6 Trillion market/day and no one entity can move it alone, no matter how big that is (except maybe for CBs) but once they do that, the half life count starts right away and sooner or later the price will come back to where it started.... What I was thinking is more like the housing/labor/bond/etc. markets.. I was reading they are trying to blame "the speculators" for the high rates spain has to pay for his government debt.. And that's complete bull shit.. In reality what happened, large investors simply did NOT take any action (stopped buying that crap) because they did not believe the interest rate was worth the risk. They just chose to park their money elsewhere.. This is the kind of market politicians hate because it exposes all the lies the're feeding day in and day out..

I bet some liberals in Europe have wet dreams of maybe we can make them buy the stuff... Well, can The Government make you take an action? It's the debate we're having around the Obamacare these days.. Anyway, I'm going off road here..

Same with the housing market being inflated here for votes.. The prices can never go down was the mantra.. Really? Who said so? Clinton? Bush? Fucking Barney Frank? Oh, I see... No, the market will always correct itself, not when we think it will but in the end it has the last word.. If people don't like that then scrap it all, put on the '50s Chinese uniform, grab The Communist Manifesto on the way out, and off we go..


Quoting pip_trader
You know the US is the only country in the world with the authority to raise the debt ceiling, if need be - odd, huh?...
  • #658,020
  • Jun 16, 2012 6:36pm Jun 16, 2012 6:36pm
Quoting Doomfor
How much time is it necessary to overcome your emotions? I'm trading for a month and a half now, and i fucked everything i earned. This week i earned 102% and i lost it. And every week same story. I just loose myself in the end wich is ... like i don't even care about the money.

Is it average to make 100% per week, cause i hear some ppl are happy with 9-10%, i don't get it what so hard in earning at least 50%...

Hi there,
Alot of successful traders will only make around the 10% a month. I think that if you are making 100% a week and then losing it that your money management needs to be looked at.
Fear and greed are 2 evil emotions that will kill your acount and kill your trading career as you will eventually get sick of the rollercoaster and get off. I have found that if fear and greed step into your trading than usually you are risking too much each trade. You need to calculate your SL and how much you are risking before entering any trade and be aware and accept how much of your account is at risk. Be prepared to lose, as not every trade will be a winner. Also be aware of over trading, if you are up 100% than maybe its best to stop trading for the rest of the week. Take some time away from the charts.
Revenge trading is the other killer of any account. Everyone has been there and probably still gets a visit from "Mr Revenge" from time to time. The best way to deal with him is too close your charts and take your dog for a walk, come back the next day when you have a level head.
Hope this helps as this is the way I approach my trading and since I have my account has been growing consistantly.
Cheers
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