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Cable Update (GBPUSD)

  • #387,421
  • Jul 15, 2014 6:29pm Jul 15, 2014 6:29pm
Nice to see your continued posts HDA
Ghost Rider - WWTBMD?
  • #387,422
  • Jul 15, 2014 6:29pm Jul 15, 2014 6:29pm
Quoting elbert3
{quote} couple of million in the acc why bother ..lol
All the more reason to be a disciplined trader if that's true.
Hear the music before the song is over ...
  • #387,423
  • Jul 15, 2014 6:35pm Jul 15, 2014 6:35pm
Quoting GlobalMacro
{quote} Is your contention that position traders don't need to use stop loss ?
@GlobalMacro:

Please see previous post dated, Monday, April 28, 2014 at 8:30pm
http://www.forexfactory.com/showthre...45#post7433345

That is Martingale Trading and he continues to hold with the GBP/USD trading at 1.7142

That post was written when the GBP/USD was at 1.6813 - you do the math.

I hope I have answered your question.

HDA OUT
  • #387,424
  • Jul 15, 2014 6:37pm Jul 15, 2014 6:37pm
Quoting GlobalMacro
{quote} All the more reason to be a disciplined trader if that's true.
yes true ,, drunk here Gm its been a long day,, just passing time,, now i need to sleep,,regards Billy
  • #387,425
  • Jul 15, 2014 6:40pm Jul 15, 2014 6:40pm
Quoting elbert3
{quote} Good evening HDA had a pm today saying that my charts are rubbish and to much colour. ?? well after a long think about what was said i have come to thinking that the trader is a dull guy on even a sunny day? colour ,humor and kindness to fellow men is what is needed in life ,, as ever i look forward to your colourful posts regards {image}
@elbert3:



HDA OUT
  • #387,426
  • Jul 15, 2014 6:41pm Jul 15, 2014 6:41pm
Quoting HDA
{quote} @GlobalMacro: Please see previous post dated, Monday, April 28, 2014 at 8:30pm http://www.forexfactory.com/showthre...45#post7433345 That is Martingale Trading and he continues to hold. I hope I have answered your question. HDA OUT
HDA you amaze me how you remember posts . do you file them ??lol
  • #387,427
  • Edited Jul 16, 2014 2:04am Jul 15, 2014 6:42pm | Edited Jul 16, 2014 2:04am
Quoting HDA
{quote} @GlobalMacro: Please see previous post dated, Monday, April 28, 2014 at 8:30pm http://www.forexfactory.com/showthre...45#post7433345 That is Martingale Trading and he continues to hold. I hope I have answered your question. HDA OUT
In that post you're talking about someone else...but do you believe a position trader needs a stop loss regardless of martingale?
Hear the music before the song is over ...
  • #387,428
  • Jul 15, 2014 6:45pm Jul 15, 2014 6:45pm
Quoting elbert3
{quote} yes true ,, drunk here Gm its been a long day,, just passing time,, now i need to sleep,,regards Billy
Have a good one, Billy. See you t/m.
Hear the music before the song is over ...
  • #387,429
  • Jul 15, 2014 6:46pm Jul 15, 2014 6:46pm
Quoting GlobalMacro
{quote} All the more reason to be a disciplined trader if that's true.
Interesting that you mentioned discipline.Such a good subject that I re-read "trading in the Zone" 2nd time and 2nd time original Market Wizards.
What stroked me that all successful traders do have principles and discipline to take a loss or take profit.Grey area is what an expert trader does and average trader does is hugely different..
We have been drilled in trading books about "cut the loser quick" but its not always right thing to do.
From Market Wizards
Tom Baldwin-The Fearless Pit Trader
great interview


So, if you realize you don't like the trade anymore, you'll get out, but you'll pick your time?
Right, but I will get out.
Let's say you are doing that on a day when the market is a one-way street. At what point do
you just have to cough it up?
It depends how far it has gone against you. If it's against you a long way, at some point you just
throw it in. Those days happen maybe three or four times a year. You just start bailing out.
But you usually have a feel for when that is the thing to do?
Yes, because it has happened before.
But normally, if you are just a bit behind in a trade, you are better off if you let the market
move a little in your direction and try to sell on strength, or buy on weakness, instead of just
trying to dump it in a hurry?
Right.
Is that a key element to your trading style?
Yes. Never give up on a trade. Many traders who are in a losing trade will just get out because they
were taught that you have to have discipline. Great. Those traders will always be around. But if
they just had some patience and said, "Yes, it is going to be a losing trade, but instead of getting out
here at 7, maybe if I wait and just sweat it out for another minute, I can sell at 10."
Is it a matter of just wanting to get out to stop the pain? And if they were willing to stand the
pain a little longer, they would be better off. Is that a fair way of putting it?
Yes. They give up too quickly. In most cases, if you don't give up, you might be able to turn a five yard
loss into a two-yard loss.
In trading, you have to be defensive and aggressive at the same time
  • #387,430
  • Jul 15, 2014 6:47pm Jul 15, 2014 6:47pm
Quoting GlobalMacro
{quote} that post is about someone else...but do you believe a position trader needs a stop loss regardless of martingale?
@GlobalMacro:

Every trader not just position. Every type of trader.

HDA OUT
  • #387,431
  • Jul 15, 2014 6:51pm Jul 15, 2014 6:51pm
Quoting elbert3
{quote} HDA you amaze me how you remember posts . do you file them ??lol
@elbert3:



HDA OUT
  • #387,432
  • Jul 15, 2014 6:52pm Jul 15, 2014 6:52pm
Quoting albchr
Nice to see your continued posts HDA
@albchr:

Forex Factory's very own "KING OF COMEDY"



HDA OUT
  • #387,433
  • Jul 15, 2014 6:56pm Jul 15, 2014 6:56pm
Quoting Davit
{quote} Interesting that you mentioned discipline.Such a good subject that I re-read "trading in the Zone" 2nd time and 2nd time original Market Wizards. What stroked me that all successful traders do have principles and discipline to take a loss or take profit.Grey area is what an expert trader does and average trader does is hugely different.. We have been drilled in trading books about "cut the loser quick" but its not always right thing to do.
No I disagree with that Pit Trader, Davit. If your trade is right the market shouldn't be anywhere near the stop loss...if it is...well...then trade's not right.

btw..people being interviewed in books like this or tv documentaries for that matter, they aren't really successful traders...for one reason or the other they're looking for publicity.....
Hear the music before the song is over ...
  • #387,434
  • Jul 15, 2014 7:00pm Jul 15, 2014 7:00pm
Quoting GlobalMacro
{quote} No I disagree with that Pit Trader, Davit. If your trade is right the market shouldn't be anywhere near the stop loss...if it is...well...then trade's not right. btw..people being interviewed in books like this or tv documentaries for that matter, they aren't really successful traders...for one reason or the other they're looking for publicity.....

A good trader follows his rules, but great trader knows when to break them
  • #387,435
  • Jul 15, 2014 7:02pm Jul 15, 2014 7:02pm
Quoting HDA
{quote} @GlobalMacro: Every trader not just position. Every type of trader. HDA OUT
I take that's a qualified yes...but you're still reserved about it..
Hear the music before the song is over ...
  • #387,436
  • Jul 15, 2014 7:04pm Jul 15, 2014 7:04pm
Quoting GlobalMacro
{quote} No I disagree with that Pit Trader, Davit. If your trade is right the market shouldn't be anywhere near the stop loss...if it is...well...then trade's not right. btw..people being interviewed in books like this or tv documentaries for that matter, they aren't really successful traders...for one reason or the other they're looking for publicity.....
GM
Traders picked for interviews were all multimillionaire successful traders.
Lucian Thomas Baldwin III is a bond trader investor and founder of the Baldwin Group of companies. He was described by the Wall Street Journal as the trader who can singlehandedly move the Treasury bond market.[1] His preferred instrument to trade is the 30-year bond in the pits of the Chicago Board of Trade.
http://en.wikipedia.org/wiki/Tom_Baldwin_%28trader%29

I don't know about you but I personally can't qualify myself to disagree based on my treading experience and results.
In trading, you have to be defensive and aggressive at the same time
  • #387,437
  • Jul 15, 2014 7:09pm Jul 15, 2014 7:09pm
Quoting Davit
{quote} GM Traders picked for interviews were all multimillionaire successful traders. Lucian Thomas Baldwin III is a bond trader investor and founder of the Baldwin Group of companies. He was described by the Wall Street Journal as the trader who can singlehandedly move the Treasury bond market.[1]...
@Davit:

Let it go

"A man convinced against his will, is still of the same opinion"

You have made your point, I fully understand and there will always be persons who won't understand.

What is most important here, is that "YOU UNDERSTAND" and it is very clear that YOU DO.

HDA OUT
  • #387,438
  • Jul 15, 2014 7:13pm Jul 15, 2014 7:13pm
Quoting Davit
{quote} GM Traders picked for interviews were all multimillionaire successful traders. Lucian Thomas Baldwin III is a bond trader investor and founder of the Baldwin Group of companies. He was described by the Wall Street Journal as the trader who can singlehandedly move the Treasury bond market.[1]...
Davit you can't pick a role model from an interview in a book or because his name was mentioned in a newspaper.
You never saw the guy's trading results or ever verfied it
but you see you results, your experience everyday...that's ALL you can trust.
Hear the music before the song is over ...
  • #387,439
  • Jul 15, 2014 7:16pm Jul 15, 2014 7:16pm
Quoting HDA
{quote} @Davit: Let it go "A man convinced against his will, is still of the same opinion" You have made your point, I fully understand and there will always be persons who won't understand. What is most important here, is that "YOU UNDERSTAND" and it is very clear that YOU DO. HDA OUT
No reason to interrupt a perfectly sound discussion between two persons which has nothing to do with you, Sir.
Hear the music before the song is over ...
  • #387,440
  • Jul 15, 2014 7:20pm Jul 15, 2014 7:20pm
Quoting GlobalMacro
{quote} Davit you can't pick a role model from an interview in a book or because his name was mentioned in a newspaper. You never saw the guy's trading results or ever verfied it but you see you results, your experience everyday...that's ALL you can trust.
GM
I don't know if you know but I am an artist.To develop as an artist its customary to copy masters for years before one can say "I am an artist".Along the line you start developing your own style.
Its honest appreciation that they are people out there better then you.I recognize this fact and that's why my trading is improving by every month.I consciously read, research everything.I still have long way to go.Role models inspire me.I have too many Jesse Livermore,Richard Donchian just few I greatly admire.
Regards
In trading, you have to be defensive and aggressive at the same time
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