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Cable Update (GBPUSD)

  • #395,981
  • Sep 2, 2014 1:48pm Sep 2, 2014 1:48pm
O M G
  • #395,982
  • Sep 2, 2014 2:00pm Sep 2, 2014 2:00pm
You people simply don't have "PATIENCE" .... AND OH ... Don't forget NOT to use stop loss

because it's cool to be F::::::::::::::g stupid nowdays
Hear the music before the song is over ...
  • #395,983
  • Sep 2, 2014 2:05pm Sep 2, 2014 2:05pm
Quoting GlobalMacro
You people simply don't have "PATIENCE" .... AND OH ... Don't forget NOT to use stop loss because it's cool to be F::::::::::::::g stupid nowdays
A good trader follows his rules, but great trader knows when to break them
  • #395,984
  • Sep 2, 2014 2:06pm Sep 2, 2014 2:06pm
Quoting OnlineAddict
{quote} {image}

Unfortunately, I think many people (vets and newbies) lost big the last few weeks betting against USD strength without proper entry triggers or risk management.

A hard lesson to learn and difficult one to come back from.

I have been there. Sleepless nights etc...

One time when I was in a trade, I adjusted my stop downward and was holding a Yen position when the BOJ announced QE infinity. That night cost me about $4k. You keep hoping price will turn your way, but it keeps going against your position. Not a good feeling, but I learned from it, came back and my goal now is to get my account over the 100k level.

FX trading is a learning process. It takes a shit load of resilience, time, and there is no substitute for experience. You have to experience the losses with REAL money (micro lots are not significant enough), examine where the mistakes were made, and adjust your trading. 3 months back I got hit for a $1500 loss in a few minutes. Initially, that was like a kick in the nuts, but it didn't haunt me like before, why? Because the PA was valid, the trigger was excellent, it was with the trend, price simply went against me. So my trade was valid and therefore no reason to stress. this is the experience I am referring to and there is no substitute for it.

It has taken me 5 years, many mistakes, and thousands of dollars to get to the point where I can confidently trade with enough money to make it worth the effort.

Run as fast as you can from the traders who claim to have made a million over-night. It might be true, but if their success is due to blind luck, then their trading is not valid and their fortune will eventually vanish.

If any of you guys lost some cash the last week or so, regroup, identify your mistakes, or seek out help to clear things up, and drive on. Understand FX trading is a slow grind to the top.

Cheers
  • #395,985
  • Sep 2, 2014 2:10pm Sep 2, 2014 2:10pm
Quoting YardiFX
I love it, peoples rhetoric is like GU... aggressive swings in both direction.... waiting for Nav to make his comments now
u will see bro..
  • #395,986
  • Sep 2, 2014 2:19pm Sep 2, 2014 2:19pm
Quoting nAVIN2007
{quote} u will see bro..
Looks like you having some good days lately Nav… Amazing how the trends change and move so quickly, isn't it?

  • #395,987
  • Sep 2, 2014 2:20pm Sep 2, 2014 2:20pm
Quoting ill_be_back
{quote} Whose account's are DEAD
It wasn't pointed at anyone personally...just the whole retail market is long from 1.68 on average...that has to hurt.
Everyone can see the chart, but only a few can actually read it.
  • #395,988
  • Sep 2, 2014 2:23pm Sep 2, 2014 2:23pm
Quoting pipster1
Run as fast as you can from the traders who claim to have made a million over-night.
I would say its also good to run away from people who are overconfident with their numbers and don't change their view no matter what happens. I remember EURUSDD calling for 1.3390 2 weeks ago, 99% probability...and we didn't stop dropping since then. Just one example. If people used SLs, that make sence(above/below strong barriers), they would trade safe. Keeping trades open and adding to them is just deadly. And its stressful, too...I had many sleepless nights with bad trades open.
Everyone can see the chart, but only a few can actually read it.
  • #395,989
  • Sep 2, 2014 2:25pm Sep 2, 2014 2:25pm
Quoting OnlineAddict
{quote} It wasn't pointed at anyone personally...just the whole retail market is long from 1.68 on average...that has to hurt.
Looks like the whole retail market has been reading cable thread
A good trader follows his rules, but great trader knows when to break them
  • #395,990
  • Sep 2, 2014 2:25pm Sep 2, 2014 2:25pm
Never try and catch a falling knife
  • #395,991
  • Sep 2, 2014 2:26pm Sep 2, 2014 2:26pm
Quoting OnlineAddict
{quote} I would say its also good to run away from people who are overconfident with their numbers and don't change their view no matter what happens. I remember EURUSDD calling for 1.3390 2 weeks ago, 99% probability...and we didn't stop dropping since then. Just one example. If people used SLs, that make sence(above/below strong barriers), they would trade safe. Keeping trades open and adding to them is just deadly. And its stressful, too...I had many sleepless nights with bad trades open.

Yepperz. And as soon as I have the faith in learning that lesson I will be a much better trader.

  • #395,992
  • Sep 2, 2014 2:31pm Sep 2, 2014 2:31pm
Quoting ill_be_back
{quote} ( It will Defy all logic)
LOL
Fix up, trade sharp ...
  • #395,993
  • Sep 2, 2014 2:31pm Sep 2, 2014 2:31pm
Quoting Orly
{quote} Yepperz. And as soon as I have the faith in learning that lesson I will be a much better trader.
Its funny, because everyone knows the rules...but not everyone can handle closing a bad trade, mentally. Its not easy to lose money...none of us likes to lose, but sometimes a loser can be the best trade of the week.
Everyone can see the chart, but only a few can actually read it.
  • #395,994
  • Sep 2, 2014 2:39pm Sep 2, 2014 2:39pm
Quoting deergo
Never try and catch a falling knife
Simple sentence, big truth.
Fix up, trade sharp ...
  • #395,995
  • Sep 2, 2014 2:40pm Sep 2, 2014 2:40pm
Quoting OnlineAddict
{quote} Its funny, because everyone knows the rules...but not everyone can handle closing a bad trade, mentally. Its not easy to lose money...none of us likes to lose, but sometimes a loser can be the best trade of the week.
right about that one.....
  • #395,996
  • Sep 2, 2014 2:40pm Sep 2, 2014 2:40pm
Quoting deergo
Never try and catch a falling knife
  • #395,997
  • Sep 2, 2014 2:43pm Sep 2, 2014 2:43pm
Quoting OnlineAddict
{quote} I would say its also good to run away from people who are overconfident with their numbers and don't change their view no matter what happens. I remember EURUSDD calling for 1.3390 2 weeks ago, 99% probability...and we didn't stop dropping since then. Just one example. If people used SLs, that make sence(above/below strong barriers), they would trade safe. Keeping trades open and adding to them is just deadly. And its stressful, too...I had many sleepless nights with bad trades open.
yup
  • #395,998
  • Sep 2, 2014 2:46pm Sep 2, 2014 2:46pm
Quoting pipster1
{quote} Unfortunately, I think many people (vets and newbies) lost big the last few weeks betting against USD strength without proper entry triggers or risk management. A hard lesson to learn and difficult one to come back from. I have been there. Sleepless nights etc... One time when I was in a trade, I adjusted my stop downward and was holding a Yen position when the BOJ announced QE infinity. That night cost me about $4k. You keep hoping price will turn your way, but it keeps going against your position. Not a good feeling, but I learned from...
Forgive me for intruding with a post after I said I wouldn't anymore. But I happen to see this ONE intelligent post here that doesn't "assume" the poster's own weaknesses apply to all and I have a question.

You mention that "only loosing REAL money will do it. That micro lots are not enough".

The scenario: What if such a loss (or losses) were experienced in another area of life and not trading? What if a person who experienced such large losses now only has enough for a micro or mini lot account?

The question: Would your same conclusion of "micro lot losses" is not enough to know good MM still hold true?

Thanks in advance pipster1.

Sorry again for the interruption folks.
Ghost Rider - WWTBMD?
  • #395,999
  • Sep 2, 2014 2:47pm Sep 2, 2014 2:47pm
Quoting Ck87
{quote} Looks like you having some good days lately Nav… Amazing how the trends change and move so quickly, isn't it?
still early the slaughter has started
still awaiting confirmation
  • #396,000
  • Sep 2, 2014 2:50pm Sep 2, 2014 2:50pm
Quoting traderjai_inhi
{quote} Now you are starting to get it. For you to make money someone else has to lose it, whether that is your broker, a bank, or another trader. So, should he feel bad that you lost? Unless you are working off a weekly, why would you even look long?
i dont mind the los last week i had a fair few wins ,the thing i did wrong was to not take all the trades off as i was doing last week,if you look at the trades they were more scalp trades ,you will even find a post warning of going long as we are counter trading ,the thing that pissed me of is you agreeing that there are a lot of idiots on this thread,you have to admit you dot post anything of charts ,positions you just want to take the piss,your still welcome to post your charts so that you can show me where your at,i am open, yes today lost 3k ish but thats fine i can easy live with that,so post away ,,regards E
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