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Aussie Trading Room and Cartoons Gallery

  • #6,781
  • Aug 19, 2012 7:11pm Aug 19, 2012 7:11pm
Quoting Robot Trader
Only if you let it, the market owes nothing to any trader, it is totally up to the trader to be smart and manage their trades. Like you have stated there is never a wrong entry, it is what you do after you have entered that is the important part, get this wrong enough times and you will have no account.
What I said was that nobody is wrong in the market. But, I believe people do make wrong entries all the time.

http://www.forexfactory.com/attachme...1&d=1344999577
daddybearforex. com
  • #6,782
  • Aug 19, 2012 7:22pm Aug 19, 2012 7:22pm
Thanks guys appreciate.

Quoting DaddyBear
What I said was that nobody is wrong in the market. But, I believe people do make wrong entries all the time.

http://www.forexfactory.com/attachme...1&d=1344999577
Very good Cartoon DB
  • #6,783
  • Aug 19, 2012 7:22pm Aug 19, 2012 7:22pm
Quoting DaddyBear
What I said was that nobody is wrong in the market. But, I believe people do make wrong entries all the time.

http://www.forexfactory.com/attachme...1&d=1344999577
Well that's confusing, how can one make a wrong entry without being wrong and if they were not wrong then why is their entry wrong. If you are saying timing is the key, then that again would depend on the TF you trade and the style of your trading.
Some people say I'm lucky, but the more I practice the luckier I get
  • #6,784
  • Aug 19, 2012 7:33pm Aug 19, 2012 7:33pm
Quoting Robot Trader
Well that's confusing, how can one make a wrong entry without being wrong and if they were not wrong then why is their entry wrong. If you are saying timing is the key, then that again would depend on the TF you trade and the style of your trading.
Let me give you Live example
I had sell from 1.0370 and it go 1.06 = 230 pip under water it's wrong entry but I'm on right side which is with the down trend on High TF i trade on weekly if u don't believe me wait and see how this point how it look later, it looks Bad entry now after few weeks u will say Damn it's very good entry.

MM very important
  • #6,785
  • Aug 19, 2012 7:48pm Aug 19, 2012 7:48pm
Quoting egkid
Let me give you Live example
I had sell from 1.0370 and it go 1.06 = 230 pip under water it's wrong entry but I'm on right side which is with the down trend on High TF i trade on weekly if u don't believe me wait and see how this point how it look later, it looks Bad entry now after few weeks u will say Damn it's very good entry.

MM very important
Thanks for explaining this for me. Your example is a proof that you are indeed a very experienced trader.
daddybearforex. com
  • #6,786
  • Aug 19, 2012 8:09pm Aug 19, 2012 8:09pm
Quoting Robot Trader
Well that's confusing, how can one make a wrong entry without being wrong and if they were not wrong then why is their entry wrong. If you are saying timing is the key, then that again would depend on the TF you trade and the style of your trading.
RT, my cartoons and messages are my personal opinions only. They are NOT the laws of any nations. Nobody has to follow them at all. You may keep your views and I respect your opinions even though I may not agree with you.
daddybearforex. com
  • #6,787
  • Aug 19, 2012 9:09pm Aug 19, 2012 9:09pm
Quoting DaddyBear
Yes, I am making one to be attached to your PT.
I can't imagine what will happen if the bomb explodes... (with or without DT74 attached to it)
  • #6,788
  • Aug 19, 2012 9:22pm Aug 19, 2012 9:22pm
Is this the calm before a storm?
Attached Image (click to enlarge)
Click to Enlarge Name: STORM.JPG Size: 106 KB
daddybearforex. com
  • #6,789
  • Aug 19, 2012 9:26pm Aug 19, 2012 9:26pm
Quoting DaddyBear
Is this the calm before a storm?
maybe this is the calm before Tuesday Papa
  • #6,790
  • Aug 19, 2012 9:26pm Aug 19, 2012 9:26pm
Quoting irfandbl
I can't imagine what will happen if the bomb explodes... (with or without DT74 attached to it)
The bomb is heat sensitive. Unless DT74 is attached to his PT, the bomb won't go off. 100% guaranteed!
daddybearforex. com
  • #6,791
  • Aug 19, 2012 9:47pm Aug 19, 2012 9:47pm
Quoting irfandbl
maybe this is the calm before Tuesday Papa
Are you talking about this one? -Papa-
Attached Image (click to enlarge)
Click to Enlarge Name: STORM-2.JPG Size: 64 KB
daddybearforex. com
  • #6,792
  • Aug 19, 2012 10:01pm Aug 19, 2012 10:01pm
speaking of which, anyone thinks RBA will really cut the rates given the statement last week?
  • #6,793
  • Aug 19, 2012 10:06pm Aug 19, 2012 10:06pm
Quoting DaddyBear
It depends on what TF your are using. I know you are scalping all the time. Your TF would be smaller than others'. There is nothing wrong to look for the next 3 moves. A good player of chess games would not only look for the next move only. IMHO
I love your opinion DB- but, when you play forex like a game of chess, you need to imagine your opponent.. as paranoid schizophrenic.
There are those who know, and there are those who don't know.
  • #6,794
  • Aug 19, 2012 10:39pm Aug 19, 2012 10:39pm
Quoting palabara
I love your opinion DB- but, when you play forex like a game of chess, you need to imagine your opponent.. as paranoid schizophrenic.
You raised an interesting point. My chess game is different. I have no opponent. What I have to do is figuring out next 3 to 5 steps and follow those steps. That is the rule of winning the game.
daddybearforex. com
  • #6,795
  • Aug 19, 2012 10:43pm Aug 19, 2012 10:43pm
Quoting DaddyBear
You raised an interesting point. My chess game is different. I have no opponent. What I have to do is figuring out next 3 to 5 steps and follow those steps. That is the rule of winning the game.
palabara, up to this point, I have made the first move correctly. There are six more steps ahead. FYI.
daddybearforex. com
  • #6,796
  • Aug 19, 2012 11:02pm Aug 19, 2012 11:02pm
Quoting DaddyBear
palabara, up to this point, I have made the first move correctly. There are six more steps ahead. FYI.
I only play one move at a time.. once its completed focus on the next move. Right now, I have a short with the EUR/AUD and Short with the Euro/USD.
There are those who know, and there are those who don't know.
  • #6,797
  • Aug 19, 2012 11:05pm Aug 19, 2012 11:05pm
Quoting palabara
I only play one move at a time.. once its completed focus on the next move. Right now, I have a short with the EUR/AUD and Short with the Euro/USD.
I have no ideas about those two pairs. Do you have Aussie positions?
daddybearforex. com
  • #6,798
  • Aug 19, 2012 11:07pm Aug 19, 2012 11:07pm
Quoting DaddyBear
I have no ideas about those two pairs. Do you have Aussie positions?
Its kind of an Aussie position.. Only indirect Aussie.. I bought the Aussie indirectly through the Euro opposed through the Dollar.. Because, in my premonition.. The euro is going to go down and the Aussie is going to go up.. Hence the EUR/AUD is a good sell.. At the same time to Maximize on it, I also sold the Euro Vs the Dollar..
There are those who know, and there are those who don't know.
  • #6,799
  • Edited 11:20pm Aug 19, 2012 11:09pm | Edited 11:20pm
Quoting egkid
Let me give you Live example
I had sell from 1.0370 and it go 1.06 = 230 pip under water it's wrong entry but I'm on right side which is with the down trend on High TF i trade on weekly if u don't believe me wait and see how this point how it look later, it looks Bad entry now after few weeks u will say Damn it's very good entry.

MM very important
Your reply is more in line with my way of thinking, if on the larger TF, I felt 1.037 was a good entry based on the way I trade then I would consider 1.06 to be an even better entry and I would be really pleased that the market gave me that greater opportunity to add to my original entry.

I therefore would not consider my 1.037 entry a wrong entry, but a trader that looks to be in and out of trades within a few hours may very well have taken an hit on the 1.037 entry and also may have tried to short the pair unsuccessfully a few more times on the way up to 1.06.

So the wrong entry is only relevant to how you trade and if a trade goes against you, you still have options your money is not lost until one of three things happen.

1) Your trade hits an SL
2) You close your trade
3) You get a margin call

1) For me SL's are more for newbie traders and scalpers, scalpers tend to risk a large amounts of their working capital on each trade they make, so if things go wrong they need to protect their account balance.

2) Taking a decision to close a trade is hard, if you believe your setup was correct (not talking about small TF trading where having a mental stop to protect your position from spikes may be better than an hard stop) so with the right account leverage you should over a period of time be able to manage your trade with a basket of trades that give you an overall profit. It is the ability to be able to do this time and time again that will give you an edge in your trading. Traders that panic and close their trades have lost that money for good, they will probably then try and chase the market in the other direction and lose some more until their account is empty.

3) Margin call, this can only happen if you just sit there and watch your small loss become a large loss and do nothing about it, all traders are in control of their account not the market. A good way of working out how to take control of your account is to open a demo account, then open a trade and let it go against you be say 500 pips, with a leverage that equals no more than 10% of your working capital. Then use S&R, Fib levels, divergence or whatever you prefer and trade your way out of the situation that you are in, if you can do this successfully time and time again until the fear of losing your account is gone then you maybe ready to trade real money.

Trading for me is the skill of managing your entries in a way that overtime your account balance grows, so I do not consider any entry to be a bad entry, but just my next challenge.
Some people say I'm lucky, but the more I practice the luckier I get
  • #6,800
  • Aug 19, 2012 11:10pm Aug 19, 2012 11:10pm
Quoting palabara
Its kind of an Aussie position.. Only indirect Aussie.. I bought the Aussie indirectly through the Euro opposed through the Dollar.. Because, in my premonition.. The euro is going to go down and the Aussie is going to go up.. Hence the EUR/AUD is a good sell.. At the same time to Maximize on it, I also sold the Euro Vs the Dollar..
I'm going to go lay down.. I'll catch you guys in the AM. Night night.
There are those who know, and there are those who don't know.
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