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Full Time FX Trading

  • #81
  • Aug 9, 2016 7:33pm Aug 9, 2016 7:33pm
Quoting Masterrmind
GU - possible short setup {image} Masterrmind...........
Now short GU.

Attached Image


Masterrmind...........
Master your Mind then Master your Trades
  • #82
  • Aug 10, 2016 12:03am Aug 10, 2016 12:03am
Quoting Masterrmind
{quote} Now short GU. {image} Masterrmind...........
GU

Trade progressing very nicely indeed.

Be very aware of a possible change in direction heading from FF into London.

Take profit or tighten up stops or just let it run.

Traders call ........

Masterrmind............
Master your Mind then Master your Trades
  • #83
  • Aug 10, 2016 5:20am Aug 10, 2016 5:20am
Guys, I did not take any trades much in last two days. The market was almost dead. Things appear to be changing today. I just end up buying some NZDJPY. I also got a pending order on NZDJPY, hoping it fills. Beware there is big news out of RBNZ at 4 PM today so position size wisely. I am risking about 2 % to make about 2 %. Remember traders, its all about risk management, there are no home runs in trading.
Its all in the mind.
  • #84
  • Aug 10, 2016 5:23am Aug 10, 2016 5:23am
I just saw what happened to Geppy's account. Traders, this is a cautionary tale of risk management. Market will ruin you if you do not manage risk. Geppy had 1:40 leverage on his 5000 dollar account this morning. That meant he was controlling a position of 200, 000 on his paltry 5000 dollar account. He is down 20 % for the day! Please please please, manage your risk! If you can take away one thing from my thread- please manage your risk super tight!
Its all in the mind.
  • #85
  • Aug 10, 2016 5:24am Aug 10, 2016 5:24am
On the flip side, ,may be time to buy some USDCAD here. Once losers throw in their towel, it is time to go long. Geppy just closed all his longs on USDCAD. Time to buy may be! I am waiting for the signs of Bull in USDCAD.
Its all in the mind.
  • #86
  • Aug 10, 2016 5:35am Aug 10, 2016 5:35am
Quoting 5abi
On the flip side, ,may be time to buy some USDCAD here. Once losers throw in their towel, it is time to go long. Geppy just closed all his longs on USDCAD. Time to buy may be! I am waiting for the signs of Bull in USDCAD.
I wonder why Geppy didn't close the higher price buys when they were in a little profit and wait for a retracement to enter at better prices...
Usdcad could go up any time soon, but as i earlier said, it would be wise to wait for a clear indication.
  • #87
  • Aug 10, 2016 5:53am Aug 10, 2016 5:53am
Quoting 5abi
I just saw what happened to Geppy's account. Traders, this is a cautionary tale of risk management. Market will ruin you if you do not manage risk. Geppy had 1:40 leverage on his 5000 dollar account this morning. That meant he was controlling a position of 200, 000 on his paltry 5000 dollar account. He is down 20 % for the day! Please please please, manage your risk! If you can take away one thing from my thread- please manage your risk super tight!
If I think of risk management, Mark Douglas' Trading in the Zone pops into my mind.

"If you really believed in an uncertain outcome, would you ever consider putting on a trade without defining your risk in advance? Would you ever hesitate to cut a loss, if you really believed you didn't know? What about trading errors like jumping the gun? How could you anticipate a signal that hasn't yet manifested itself in the market, if you weren't convinced that you were going to miss out? Why would you ever let a winning trade turn into a loser, or not have a systematic way of taking profits, if you weren't convinced the market was going your way indefinitely? Why would you hesitate to take a trade or not put it on at all, unless you were convinced that it was a loser when the market was at your original entiy point? Why would you break your money management rules by trading too large a position relative to your equity or emotional tolerance to sustain a loss, if you weren't positive that you had a sure thing? Finally, if you really believed in a random distribution between wins and losses, could you ever feel betrayed by the market?"

p.s.: Love your thread, keep up the great work!
Invincibility lies in the defence; the possibility of victory in the attack
  • #88
  • Aug 10, 2016 6:18am Aug 10, 2016 6:18am
Thanks thats one of the best books on trade risk management I read. I recommend everyone read it in addition to Reminiscences of a stock operator.

Quoting BBalazs
{quote} If I think of risk management, Mark Douglas' Trading in the Zone pops into my mind. "If you really believed in an uncertain outcome, would you ever consider putting on a trade without defining your risk in advance? Would you ever hesitate to cut a loss, if you really believed you didn't know? What about trading errors like jumping the gun? How could you anticipate a signal that hasn't yet manifested itself in the market, if you weren't convinced that you were going to miss out? Why would you ever let a winning trade turn into a loser, or...
Its all in the mind.
  • #89
  • Aug 10, 2016 6:32am Aug 10, 2016 6:32am
GBP NZD: I got no crystal ball. But I am good at putting 2 and 2 together.

When RBA cuts its rate, AUD rallied. When BOE cut its rate, GBP crapped in its pants.

Tonight, if RBNZ cuts its rate. What will happen?

Well, I dont know. But NZD is still gonna yield 2 % after that rate cut.

Food for thought. If you are Bearish NZD, think about it long and hard.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZDWeekly.png Size: 31 KB
Its all in the mind.
  • #90
  • Aug 10, 2016 6:34am Aug 10, 2016 6:34am
Quoting Koop
{quote} I wonder why Geppy didn't close the higher price buys when they were in a little profit and wait for a retracement to enter at better prices... Usdcad could go up any time soon, but as i earlier said, it would be wise to wait for a clear indication.
Precisely what I have been trying to work out!

Just doesn't make any sense at all.

Who knows but trading like that is really newby like and an act of stubbornness towards ones own bias.

That bias bled badly!

Masterrmind.............
Master your Mind then Master your Trades
  • #91
  • Aug 10, 2016 6:36am Aug 10, 2016 6:36am
There is another word for it, its called Gambling



Quoting Masterrmind
{quote} Precisely what I have been trying to work out! Just doesn't make any sense at all. Who knows but trading like that is really newby like and an act of stubbornness towards ones own bias. That bias bled badly! Masterrmind.............
Its all in the mind.
  • #92
  • Aug 10, 2016 6:39am Aug 10, 2016 6:39am
USDCAD rallying precisely from the lows of the day.


Quoting 5abi
On the flip side, ,may be time to buy some USDCAD here. Once losers throw in their towel, it is time to go long. Geppy just closed all his longs on USDCAD. Time to buy may be! I am waiting for the signs of Bull in USDCAD.
Its all in the mind.
  • #93
  • Aug 10, 2016 6:40am Aug 10, 2016 6:40am
Quoting 5abi
There is another word for it, its called Gambling {quote}
Exactly what I posted in GJscalpers thread.

Only word for it is gambling.

Anyway lets find something to trade .... I'm keen for a few pips.

Masterrmind............
Master your Mind then Master your Trades
  • #94
  • Aug 10, 2016 6:42am Aug 10, 2016 6:42am
Quoting Masterrmind
{quote} Exactly what I posted in GJscalpers thread. Only word for it is gambling. Anyway lets find something to trade .... I'm keen for a few pips. Masterrmind............
GJ short but you better be fast.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 24 KB


Support level (131.800ish) so about 10 pips below current price.

FIFO approach or follow it down with a tight stop......

Masterrmind...........
Master your Mind then Master your Trades
  • #95
  • Aug 10, 2016 6:53am Aug 10, 2016 6:53am
Quoting Masterrmind
{quote} GJ short but you better be fast. {image} Support level (131.800ish) so about 10 pips below current price. FIFO approach or follow it down with a tight stop...... Masterrmind...........
GJ

Watch for any sign of a bounce up and get out with profit.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 23 KB


If price breaks through the 131.800ish level expect another 10-20 pip drop

Keep it simple and all the best.

Masterrmind............
Master your Mind then Master your Trades
  • #96
  • Aug 10, 2016 7:13am Aug 10, 2016 7:13am
EJ

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 27 KB


Possible shorting opportunity

Masterrmind............
Master your Mind then Master your Trades
  • #97
  • Aug 10, 2016 7:30am Aug 10, 2016 7:30am
Quoting 5abi
USDCAD rallying precisely from the lows of the day. {quote}
Yes pretty much bounced up 60 pips off the 1.3000 handle.

Crude Oil news about to come out.

Masterrmind............
Master your Mind then Master your Trades
  • #98
  • Aug 10, 2016 9:36am Aug 10, 2016 9:36am
Quoting Masterrmind
EJ {image} Possible shorting opportunity Masterrmind............
Eurjpy has been annoying for some days... Shorted it the same time I did GBPNZD which blessed me with a little over 800 pips on two positions but EURJPy has been stuck in a 90 pip range..
Frustrating thing is, whenever I give up on trades like this and close them, they immediately begin to move in my favour...

Eyes peeled on all GBP pairs... Looking for retracement entries...
  • #99
  • Aug 10, 2016 9:39am Aug 10, 2016 9:39am
Pulled 16 -1 7 pips this morning early on the Eur Jyp from a trade yesterday. Have re entered short but not moving so far..
  • #100
  • Aug 10, 2016 9:40am Aug 10, 2016 9:40am
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