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  • #6,201
  • Oct 19, 2016 3:51am Oct 19, 2016 3:51am
Quoting deankenny21
Although I somewhat agree with BK8 about demo accounts, they do more harm than good to your psycology if using to trade, only use demo to get used to the platform NOT TO TRADE, if you are testing systems and methods do it on a mini account and/or at minimal lots, demo gives no training to your psycology, and trading like poker is only 20% skill believe it or not, the other 80% is psycology, which is why demo does more harm than good regarding trading. But BK8 a little below the belt with the comment above, this is a decent thread with great info...
Well said. There are brokers out there that let you trade 10 cents per pip. Try.
Thanks
  • #6,202
  • Oct 19, 2016 4:14am Oct 19, 2016 4:14am
Quoting nwannao
Sell USDJPY{image}
Thanks for the call Nwannao, I am in.
I used to be indecisive but now I'm not so sure...
  • #6,203
  • Oct 19, 2016 4:18am Oct 19, 2016 4:18am
Quoting Filipo1
{quote} Thanks for the call Nwannao, I am in.
Nice reaction to key Fibonnaci resistance: https://www.tradingview.com/x/sOmMDT5V/
I used to be indecisive but now I'm not so sure...
  • #6,204
  • Oct 19, 2016 4:36am Oct 19, 2016 4:36am
Quoting deankenny21
Although I somewhat agree with BK8 about demo accounts, they do more harm than good to your psycology if using to trade, only use demo to get used to the platform NOT TO TRADE, if you are testing systems and methods do it on a mini account and/or at minimal lots, demo gives no training to your psycology, and trading like poker is only 20% skill believe it or not, the other 80% is psycology, which is why demo does more harm than good regarding trading. But BK8 a little below the belt with the comment above, this is a decent thread with great info...
Let's not blame demo account for being not able to disciplined enough to execute the trade. Have you ever heard knife being accused for a murder? It is only a tool. We are human behind the tool responsible of our action. If somebody can't discipline in demo account, I doubt he can discipline in real account no matter how small/big the account. I've been through that.

However, I do agree psychology is a critical factor in trading. Discipline comes from confidence in the system/method. Confidence comes from proven statistical fact, gathered through sufficient samples. People may said it as experience.
Bk8 confident in this system, because he has been trading with this for months. He has the data/statistic. But most people here don't have that, they have to test this system to gain confidence in this system. Should you risking money for something you don't confident enough? Thankfully, there's demo account for that.
  • #6,205
  • Oct 19, 2016 4:41am Oct 19, 2016 4:41am
Quoting pipmunks
{quote} Let's not blame demo account for being not able to disciplined enough to execute the trade. Have you ever heard knife being accused for a murder? It is only a tool. We are human behind the tool responsible of our action. If somebody can't discipline in demo account, I doubt he can discipline in real account no matter how small/big the account. I've been through that. However, I do agree psychology is a critical factor in trading. Discipline comes from confidence in the system/method. Confidence comes from proven statistical fact, gathered...
Also well said. Best is don't demo too long. Then start live with small lot. Progress as your confidence grow.thanks
  • #6,206
  • Oct 19, 2016 4:51am Oct 19, 2016 4:51am
Quoting Filipo1
Commodities: -Oil on check list and about to break free from wedge, a well kbown continuation pattern. -Gold gave a signal according to our main strategy. {image} {image}
Just took my profit at 1270 , hope some could jump in too.
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I used to be indecisive but now I'm not so sure...
  • #6,207
  • Oct 19, 2016 4:56am Oct 19, 2016 4:56am
Quoting josephkee
{quote} Also well said. Best is don't demo too long. Then start live with small lot. Progress as your confidence grow.thanks
  • #6,208
  • Oct 19, 2016 5:22am Oct 19, 2016 5:22am
Quoting Filipo1
{quote} Just took my profit at 1270 , hope some could jump in too. {image}
Hi filipo1, im in too. Is there any particular reason u take profit? Shouldnt we wait the price up again? Thx.
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  • #6,209
  • Oct 19, 2016 5:27am Oct 19, 2016 5:27am
Quoting Beth25
{quote} Hi filipo1, im in too. Is there any particular reason u take profit? Shouldnt we wait the price up again? Thx. {image}
Theoretically yes you are right and for any currency pair I would have left it open until a revetsal signal but Gold is such an unpredictable asset that I prefer to satisfy myself with 785 pips
I used to be indecisive but now I'm not so sure...
  • #6,210
  • Oct 19, 2016 5:27am Oct 19, 2016 5:27am
I also sell UJ. Thx.
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  • #6,211
  • Oct 19, 2016 5:39am Oct 19, 2016 5:39am
Quoting Beth25
I also sell UJ. Thx. {image}
It could end well
Newbies beware! This chart does NOT fits this thread''s strategy, I use it only to show another perspective of mine's.
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I used to be indecisive but now I'm not so sure...
  • #6,212
  • Oct 19, 2016 5:48am Oct 19, 2016 5:48am
Hi Bk8,

is AUDCAD good to long?
TQ
Let Market Tell You
  • #6,213
  • Oct 19, 2016 5:58am Oct 19, 2016 5:58am
Quoting Filipo1
{quote} Theoretically yes you are right and for any currency pair I would have left it open until a revetsal signal but Gold is such an unpredictable asset that I prefer to satisfy myself with 785 pips
I see.. actually i'm still struggling determining whether to take profit or let it run, but sometimes it ends up retracing. Like NU, i let it run, but today it going down although it still profit. Any suggestion for NU?thx.
  • #6,214
  • Oct 19, 2016 6:07am Oct 19, 2016 6:07am
Quoting Beth25
{quote} I see.. actually i'm still struggling determining whether to take profit or let it run, but sometimes it ends up retracing. Like NU, i let it run, but today it going down although it still profit. Any suggestion for NU?thx.
Trail your S/L to breakeven maybe so whatever happens you can let it be, let it be, let it be, oh let it be, whisper words of wisdom, let it be...
I used to be indecisive but now I'm not so sure...
  • #6,215
  • Oct 19, 2016 6:15am Oct 19, 2016 6:15am
Quoting Monokl
Hi Bk8, is AUDCAD good to long? TQ
How to make difference beetwen good from bad setup is here
http://www.forexfactory.com/showthre...17#post9162217
  • #6,216
  • Oct 19, 2016 6:20am Oct 19, 2016 6:20am
Quoting Filipo1
{quote} Trail your S/L to breakeven maybe so whatever happens you can let it be, let it be, let it be, oh let it be, whisper words of wisdom, let it be...
  • #6,217
  • Oct 19, 2016 6:31am Oct 19, 2016 6:31am
hey guys!
EUR/AUD is finally busting out of that descending triangle formation visible on its daily time frame. Is it in for a longer-term drop?
EUR/AUD Trade Idea
After holding as a floor for over a year, support at the 1.4400 major psychological mark seems to be giving way as Aussie bulls have been charging recently. This could put the pair on track towards testing the next long-term support around 1.3750 or even push it down by a couple thousand pips, which is the same height as this descending triangle pattern.
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  • #6,218
  • Oct 19, 2016 6:34am Oct 19, 2016 6:34am
Quoting eltd
hey guys! EUR/AUD is finally busting out of that descending triangle formation visible on its daily time frame. Is it in for a longer-term drop? EUR/AUD Trade Idea After holding as a floor for over a year, support at the 1.4400 major psychological mark seems to be giving way as Aussie bulls have been charging recently. This could put the pair on track towards testing the next long-term support around 1.3750 or even push it down by a couple thousand pips, which is the same height as this descending triangle pattern. {image}
But is nowere acording to strategy on these threed, or he has pased away...
  • #6,219
  • Oct 19, 2016 6:35am Oct 19, 2016 6:35am
Euro bears are at it again after ECB Governor Draghi reiterated that policymakers haven’t really discussed the idea of tapering asset purchases yet, keeping dovish expectations in play for the upcoming rate decision. On the flip side, the RBA has maintained a neutral tone, citing potential improvements in commodity prices and growth while warning that a stronger Aussie could dampen demand.
Other event risks for this trade include the Chinese data dump later on this week, as the world’s second largest economy is set to print its GDP, retail sales, industrial production, and fixed asset investment figures. Stronger than expected results could add fuel to the Aussie's climb while weak data could force it to pull back to the broken support zone.
I’ve decided to enter a tiny position at market (1.4325) to catch the break lower in case price doesn’t look back from its dive. I’ve got a wide stop past the 1.4700 handle to give me room to add another position on a pullback to the 1.4400 area. I’ve got my one eye locked on the next support at the 1.3700 area as my profit target for a potential 1.5-to-1 R:R on my initial position.
As always, don’t risk more than 1% of your account on a single trade and make sure you read our risk disclosure if you’re thinking of taking the same setups.
  • #6,220
  • Oct 19, 2016 6:36am Oct 19, 2016 6:36am
Quoting eltd
hey guys! EUR/AUD is finally busting out of that descending triangle formation visible on its daily time frame. Is it in for a longer-term drop? EUR/AUD Trade Idea After holding as a floor for over a year, support at the 1.4400 major psychological mark seems to be giving way as Aussie bulls have been charging recently. This could put the pair on track towards testing the next long-term support around 1.3750 or even push it down by a couple thousand pips, which is the same height as this descending triangle pattern. {image}
\
These is what we are locking for here
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