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Cable Update (GBPUSD)

  • #394,481
  • Aug 22, 2014 5:15am Aug 22, 2014 5:15am
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Ghost Rider - WWTBMD?
  • #394,482
  • Aug 22, 2014 5:16am Aug 22, 2014 5:16am
Quoting Ck87
{quote} Mastering the use of the stop loss is something I have to work on. I hate using a stop loss because it almost always gets hit, but without it you're in big trouble. I had some sort of idea a while ago that instead of doing a trade with a stop loss, I would think ahead where I would put my stop loss and instead use a sell/buy limit order at that area as my entry rather than a spot where I'd be taken out. Sort of a reverse psychology type of thing but not sensible if the area is a spot where the market is now breaking out in a certain direction...
I know what you mean. But I can ensure you - without a stop you will use everything over time, just a question when this will be. Maybe there is one retard who gets lucky with huge lots and turns rich without SL. But this is not what to expect. And probably he will use everything on another day again because of his mind set. For me it is better to have wider stops and smaller positions. The point of limit orders is very sensible. Market orders ... would not dismiss them altogether, but limit orders give me the best results usually. Place them in some area where the market has liquidity because there are a lot of orders and use a reasonable RR. Sounds so easy but so hard to master. Yet I think it is key.
Fix up, trade sharp ...
  • #394,483
  • Aug 22, 2014 5:19am Aug 22, 2014 5:19am
Quoting albchr
{image}
  • #394,484
  • Aug 22, 2014 5:24am Aug 22, 2014 5:24am
Quoting Hickson
{quote} Hi Billy, I know that my posts give a good laugh most of the times. Let's see what happens. Hickson OUT!
no there good ,if you read them back like this one ,it shows lack of confidence ,you might disagree .. respectfullybut to me your not sure how people will take you so you put in that comment,,, dont ,,,be confident in all things if your wrong so be it you will not be killed for it,, i like your posts . and i dont find them laughable , i respect your opinion ,,you see me write this soooo many times,,regards B
  • #394,485
  • Aug 22, 2014 5:26am Aug 22, 2014 5:26am
Quoting Mr. Scott
{quote} Good morning, Yes, I see 1.65637 to the left. As for why not, I would say you have two 6's. Either you are half in the bag or can't count, so much like HDA, I can not follow you.
lol do you write crosswords ,,sometimes you cryptic, lol regards B
  • #394,486
  • Aug 22, 2014 5:26am Aug 22, 2014 5:26am
Quoting Hickson
use use use
Some kind of Freudian slip?
Fail better.
  • #394,487
  • Aug 22, 2014 5:30am Aug 22, 2014 5:30am
Quoting LarryDarrell
{quote} Some kind of Freudian slip?
Awesome
Fix up, trade sharp ...
  • #394,488
  • Aug 22, 2014 5:35am Aug 22, 2014 5:35am
Quoting elbert3
{quote} no there good ,if you read them back like this one ,it shows lack of confidence ,you might disagree .. respectfullybut to me your not sure how people will take you so you put in that comment,,, dont ,,,be confident in all things if your wrong so be it you will not be killed for it,, i like your posts . and i dont find them laughable , i respect your opinion ,,you see me write this soooo many times,,regards B
You might be right to some degree. But I did never understand why most people cannot figure out they are not more than leaves in the wind. Hanging on for reasons of ego after being wrong is what really has spoilt so many things and lives in this world. We are in a huge dick comparison in a globalized world, especially when money is involved. Best would be to leave this inside your pants like behaved gentlemen, regardless of size.
Fix up, trade sharp ...
  • #394,489
  • Aug 22, 2014 5:40am Aug 22, 2014 5:40am
GU in consolidation but on M15 the last candle is a bearish engulfer that has cancelled out the preceding bullish engulfer. Quite a spectacle?
  • #394,490
  • Aug 22, 2014 5:46am Aug 22, 2014 5:46am
Quoting elbert3
{quote}
Ghost Rider - WWTBMD?
  • #394,491
  • Aug 22, 2014 5:59am Aug 22, 2014 5:59am
Quoting pipster1
1.65843 Short entry trigger possible on the GU for 11 pip target.. Will probably pass though. nothing really looking too inviting , may be done for the week
Ended up taking the short on the GU. Target hit.
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  • #394,492
  • Aug 22, 2014 6:00am Aug 22, 2014 6:00am
Quoting Ck87
{quote} Mastering the use of the stop loss is something I have to work on. I hate using a stop loss because it almost always gets hit, but without it you're in big trouble. I had some sort of idea a while ago that instead of doing a trade with a stop loss, I would think ahead where I would put my stop loss and instead use a sell/buy limit order at that area as my entry rather than a spot where I'd be taken out. Sort of a reverse psychology type of thing but not sensible if the area is a spot where the market is now breaking out in a certain direction...
try to eliminate what u consider to be control brought about by fear..the trick is to try to feel nothing..honestly it is posiible to find the right the right leverage for u where u can make a living from this and not feel anything..I myself am playing with this thin line as we speak..

if i get out of this without a loss..i will place another 10k in trading account and trade to make 1k a month and try and build an account where i get get some
benefit..It takes time!!..but its possible
  • #394,493
  • Aug 22, 2014 6:02am Aug 22, 2014 6:02am
4H close below 1.6564 might bring down continuation
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  • #394,494
  • Aug 22, 2014 6:18am Aug 22, 2014 6:18am
Quoting nAVIN2007
{quote} try to eliminate what u consider to be control brought about by fear..the trick is to try to feel nothing..honestly it is posiible to find the right the right leverage for u where u can make a living from this and not feel anything..I myself am playing with this thin line as we speak.. if i get out of this without a loss..i will place another 10k in trading account and trade to make 1k a month and try and build an account where i get get some benefit..It takes time!!..but its possible

Definitely the key. Over leveraging will simply never work. Has buried me more times than anyone can imagine. Then I'm usually (a majority of times but not always) right and I watch the market move where I thought it would have and I don't make a penny. All because of over leveraging. Lack of discipline. Turning what should be a profession, a place of business for intelligently planned risk, into a f***ing gambling casino.

With that said though I agree it is possible to find right leverage and make a living. It has to start off really small, show consistent results and then increase position sizes slowly from there.

One thing that seems to be repeating is the process of the head fake, fake out moves. Those moves that happen when the mkt is already over extended in one direction and does another leg to fool everyone and take their money. Call it a stop hunt, call it whatever you want. It's something that will never go away and should at this point be expected in a majority of instances. Makes patience & discipline that much more important.
  • #394,495
  • Aug 22, 2014 6:20am Aug 22, 2014 6:20am
A break of 1.6560 can provide ample weakness to GBPUSD towards testing 1.6455-50 support zone. On the upside, 1.6630 - 40 become important resistance for the pair to test.
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  • #394,496
  • Aug 22, 2014 6:29am Aug 22, 2014 6:29am
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  • #394,497
  • Aug 22, 2014 7:07am Aug 22, 2014 7:07am
Quoting nAVIN2007
{quote} try to eliminate what u consider to be control brought about by fear..the trick is to try to feel nothing..honestly it is posiible to find the right the right leverage for u where u can make a living from this and not feel anything..I myself am playing with this thin line as we speak.. if i get out of this without a loss..i will place another 10k in trading account and trade to make 1k a month and try and build an account where i get get some benefit..It takes time!!..but its possible
Sounds like a good plan, but with 10k the expectation of 1k a month is a bit high with lower risk. You probably cannot expect to gain 10 % every month. Then to make a living on this, you have to start with probably more than 10k. I know that this issue has been discussed widly, yet after thinking it over and over again I would say to make 1 k every month with very little risks you need about 100 k at least. Now to be honest: How many people can afford to toss 100 k at a trading account?
Fix up, trade sharp ...
  • #394,498
  • Aug 22, 2014 7:42am Aug 22, 2014 7:42am
Quoting Hickson
{quote} yet after thinking it over and over again I would say to make 1 k every month with very little risks you need about 100 k at least. Now to be honest: How many people can afford to toss 100 k at a trading account?
.. 1% (or less) a month???

Me thinks you either thought too many times over and over, or need another cycle of thought yet? At that rate, you'd be better off just stuffing it in a savings account. For 100k you could do better than 1% interest a month. I don't advocate this as a goal but, if we can't make 10% a month trading? We probably shouldn't be pushing buttons on a live account yet.
Ghost Rider - WWTBMD?
  • #394,499
  • Aug 22, 2014 7:47am Aug 22, 2014 7:47am
Took a long entry at 1.65784. at lock profit
  • #394,500
  • Aug 22, 2014 7:51am Aug 22, 2014 7:51am
Quoting albchr
{quote} .. 1% (or less) a month??? Me thinks you either thought too many times over and over, or need another cycle of thought yet? At that rate, you'd be better off just stuffing it in a savings account. For 100k you could do better than 1% interest a month. I don't advocate this as a goal but, if we can't make 10% a month trading? We probably shouldn't be pushing buttons on a live account yet.
12%/year on 100K in a savings account?
We can get that kind of money?
Come with me if you want to live....
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