Fxwarrior:
House I think I have found a way to deal with greed and indiscipline in trading.

To deal with greed , set realistic targets or time to close the trade.

To deal with overtrading/indiscipline; have a selected instruments to trade and use daily or 4 hour chart to confirm entry.

For me once I forecast and select instruments to trade, I delete the other instruments. Whatever they are doing is not my concern. That way I don't get tempted.

Bravo boss.

Fxwarrior:
Profit taken. May next week be as good as this week.

$240 banked.

Happy weekend.

Congrats boss. May next week be even better.
Somebody salary be that o. A trading of less than 24hours duration. Fx is sweet biko. Enjoy.

Hopium:


Trade is active.

Aiming for a Gold short. Usdjpy and Gold are highly negatively correlated.

I'm 140+ pips on the usdjpy trade. I opened two trades of equal lot sizes. The gap is getting closed too. Luckily the swap on the usdjpy buy is +ve; more profits holding if the target is achieved.

-----

Gold sell is active. My entry was 1288.79, at the breakdown of the pennant pattern on H4 chart. Target = 1266.28.

If usdjpy continues to rally, expect serious blood in Gold.

infofirst:

Congrats boss. May next week be even better.
Somebody salary be that o. A trading of less than 24hours duration. Fx is sweet biko. Enjoy.

Trading is sweet - when you know what you are doing and have sufficient capital.

Trading is liberating; it's a door to financial freedom. Just know the game and you will get paid for life.

Hopium:


Trading is sweet - when you know what you are doing and have sufficient capital.

Trading is liberating; it's a door to financial freedom. Just know the game and you will get paid for life.

I can relate and you can say that again boss.

oyel is seriously bullish and it might go far

GJ breached 141 to the upside, if stay above this price longer, a move to 145 is possible

infofirst:

Gj but the chart is uj

I'm sorry that was a mistake.

Fxwarrior:
House I think I have found a way to deal with greed and indiscipline in trading.

To deal with greed , set realistic targets or time to close the trade.

To deal with overtrading/indiscipline; have a selected instruments to trade and use daily or 4 hour chart to confirm entry.

For me once I forecast and select instruments to trade, I delete the other instruments. Whatever they are doing is not my concern. That way I don't get tempted.

Nice one there. But what do you mean by realistic time to close a trade? Issit like the number of hours you want it to run?

Hopium:


Trading is sweet - when you know what you are doing and have sufficient capital.

Trading is liberating; it's a door to financial freedom. Just know the game and you will get paid for life.

Yes, sufficient capital. Just as I have been stressing. If my account balance was $200. I may not trade the lotsize I am currently without fear creeping in- fear of blowing my capital.

thatebonyiboy:



Nice one there. But what do you mean by realistic time to close a trade? Issit like the number of hours you want it to run?

I said realistic target and time. I didn't use 'realistic' for time.

For realistic target, you will agree that 200 pips/week is more realistic than 700pips/week trading a single pair.

For time, just as I said yesterday, I closed my trade on/before 12 noon. You can see what happened after 11:30am, if I were still in the market I would have lost some money with the correction in price.

Its all part of trading psychology. I learnt it the hard way last week, I was in a trade, GA and GJ to be precise on Friday. I didn't close before 12 noon and inspire of the fact I had profits about $137, I ended up losing it due to the fact that there was a strong support on GJ which price hit and rallied up to take away my stop loss. I shock.

Lesson learnt. Friday should be treated as a half trading day. Whatever you do, consider closing all trades by 11am.

harizonal123:
**Alert **

Sell
Chfjpy
Nzdcad

Position closed at -5pips
These are the kind of loses I like

Hello house, is there anyone using icmarket. Am trying to fund my wallet but they are requesting for one to upload front page of my MasterCard debit card. I was skeptical about this. Pls advice. Thanks

GBP sentiment is still bullish. What we are seeing is a case of correction. So next week is expected to see GBP pairs rally more to the upside.

The pairs on focus would be GJ,GA and GN.

Profit expected: 500pips at least.

Entry would be forecasted within the weekend.

I am still learning I have read almost everything in babypips but when it comes to practicing it thing are just so rapid well I guess forex is not a textbook it has a life of it's own, but the babypips PDF is a very helpful to me though...

Fxwarrior:
GBP sentiment is still bullish. What we are seeing is a case of correction. So next week is expected to see GBP pairs rally more to the upside.

The pairs on focus would be GJ,GA and GN.

Profit expected: 500pips at least.

Entry would be forecasted within the weekend.

would really like to see why you want to buy GJ Next Week, cos from my wave count, wave 5 down just started today on 4Hr and am in the sell expecting 135

Fxwarrior:


Yes, sufficient capital. Just as I have been stressing. If my account balance was $200. I may not trade the lotsize I am currently without fear creeping in- fear of blowing my capital.

That's true oooo.

You can't compare the psychology level of someone with $200 with people with $10,000, $100,000 or $1,000,000.

Let's assume that they all make a return of 60% per year, just imagine how much they all earned as profit.

I follow a legendary trader. He has been trading for more than four decades. He said his average return per year is 40%. I'm certain he controls millions of dollar trading capital. Now imagine how easy trading is for him when he is not like people aiming for 100% ROI per month.

A huge trading capital is the reason I still work and keep compounding my account. I hope I'll be able to control million dollar account in the future.

Imagine a $1m trading capital with a target of 1% ROI per week. That's 52% ROI per year. A whopping $520,000. Keep compounding for 10 year. The result will be awesome.

Fxwarrior:


I said realistic target and time. I didn't use 'realistic' for time.

For realistic target, you will agree that 200 pips/week is more realistic than 700pips/week trading a single pair.

For time, just as I said yesterday, I closed my trade on/before 12 noon. You can see what happened after 11:30am, if I were still in the market I would have lost some money with the correction in price.

Its all part of trading psychology. I learnt it the hard way last week, I was in a trade, GA and GJ to be precise on Friday. I didn't close before 12 noon and inspire of the fact I had profits about $137, I ended up losing it due to the fact that there was a strong support on GJ which price hit and rallied up to take away my stop loss. I shock.

Lesson learnt. Friday should be treated as a half trading day. Whatever you do, consider closing all trades by 11am.

I concur!

It's much harder to make profit than to give it back to the market. Losing profits is very easyyyyyyyy!

This is why it's important to include in your trading plan how long you want to sit in a trade. The aim is to help determine if a trade is a long, mid, or short term trade.

For pair with high negative swaps, don't even bother opening trades on them for long. I learnt the hard way with EURCAD. After three days of sitting in the trade, the swap took away all my profits. I was forced to close it today.

Now, I have included it in my trading plan to know the swap on long term trades before getting in.

Sometimes, a trade set up shouldn't last more than a day but we are hardly aware. When we are in profits, we think, oh this is going to be massive, until the trend changes and the profit turns to dust.

Determining trade duration is very important.

Yoyen:
Hello house, is there anyone using icmarket. Am trying to fund my wallet but they are requesting for one to upload front page of my MasterCard debit card. I was skeptical about this. Pls advice. Thanks

I don't know about icmarket but whenever a service is asking for the image of your MasterCard debit card, if they won't allow you to cover the majority of your MasterCard number, ditch them.

Take a shot of the card and edit out the first 8 numbers. If they don't accept it, bid them goodbye and find another broker.

solitytv123:
I am still learning I have read almost everything in babypips but when it comes to practicing it thing are just so rapid well I guess forex is not a textbook it has a life of it's own, but the babypips PDF is a very helpful to me though...

...everything is just so rapid....

You still have a lot to learn. Keep practicing, keep learning, we will get there.

Forex isn't a textbook, yes. But you still need the textbook before having a skin in the game. Reading and practicing goes hand in hand.

JerryQ:


would really like to see why you want to buy GJ Next Week, cos from my wave count, wave 5 down just started today on 4Hr and am in the sell expecting 135

Oshey, Elliot wave trader. I always envy you guys. I never understood Elliot but I'm certain I'll get a grasp on it someday.

I think you are right, from my analysis yesterday, most of the cable pairs are due for correction. They were in a bullish trend that has little to no meat in it again.

My bias was validated with the little correction they had today. I don't know if the cable pairs will start next week with another leg up but I'm in good profit on the Gbpnzd and gbpjpy sells I took very early today. For the gj, my analysis pointed down to 139.

Only time will tell if I'm in sync with the market or not.

JerryQ:


would really like to see why you want to buy GJ Next Week, cos from my wave count, wave 5 down just started today on 4Hr and am in the sell expecting 135

You may still be right but am looking at weekly chart and its still bullish. Price action too will come into play. If we see 142.00 next week, then its still an uptrend.

In essence, last week was bullish, this week bullish, next week assumedly bullish unless price says otherwise.

solitytv123:
I am still learning I have read almost everything in babypips but when it comes to practicing it thing are just so rapid well I guess forex is not a textbook it has a life of it's own, but the babypips PDF is a very helpful to me though...

It depends on the instruments and time frame you are trading. Experience also come to play, that's why you need a mentor. If I knew what I do now 12 years ago, I would have been much better for it. At a time, I was disoriented because forex also had a psychology in it; Greed, fear, discipline, self control etc.

Money management should also be factored, the fact that you are right, doesn't mean that market cannot go against you but experience will take care of that.

For example GBPNZD can go 70 pips against you and go 300 pips in your favour.
If your stop loss is 50 pips, it will be hitting it on a regular despite being right of direction.

I like the fact you now understand that forex has a life of its own; it means you are progressing already. The textbook is the foundation/theory, while the practical trading is building/$tructure.
Both are important.

Fxwarrior:


It depends on the instruments and time frame you are trading. Experience also come to play, that's why you need a mentor. If I knew what I do now 12 years ago, I would have been much better for it. At a time, I was disoriented because forex also had a psychology in it; Greed, fear, discipline, self control etc.

Money management should also be factored, the fact that you are right, doesn't mean that market cannot go against you but experience will take care of that.

For example GBPNZD can go 70 pips against you and go 300 pips in your favour.
If your stop loss is 50 pips, it will be hitting it on a regular despite being right of direction.

I like the fact you now understand that forex has a life of its own; it means you are progressing already. The textbook is the foundation/theory, while the practical trading is building/$tructure.
Both are important.

So you started trading 12 years ago. Wow!

Hopium:


So you started trading 12 years ago. Wow!

Yes around 2007/2008 with marketiva, blew my first $100 account to usdjpy. I guess I have shared the story.

Don't force your ideas on the market, it hasn't work for anybody.

Next Level (not Bubu's type ooo)....

[qquote author=Hopium post=74899732]

Oshey, Elliot wave trader. I always envy you guys. I never understood Elliot but I'm certain I'll get a grasp on it someday.

I think you are right, from my analysis yesterday, most of the cable pairs are due for correction. They were in a bullish trend that has little to no meat in it again.

My bias was validated with the little correction they had today. I don't know if the cable pairs will start next week with another leg up but I'm in good profit on the Gbpnzd and gbpjpy sells I took very early today. For the gj, my analysis pointed down to 139.

Only time will tell if I'm in sync with the market or not.[/quote]

Good correlation point there. GU Is a good example. Am on safe ground already in the GJ sell. I expect the rest of this month to be bearish on GJ. Will closely follow it's trend till am very safe to break even. The good part about FX is nothing like I am right or you are wrong. If price defiles my analysis is switch sides.

Fxwarrior:
GBP sentiment is still bullish. What we are seeing is a case of correction. So next week is expected to see GBP pairs rally more to the upside.

The pairs on focus would be GJ,GA and GN.

Profit expected: 500pips at least.

Entry would be forecasted within the weekend.

Working on entry.

Gbpjpy buystop at 141.50
Stop loss at 140.50
Target 143.50

Gbpaud buystop at 1.8050
Stop loss at 1.7950
Target 1.8250

GBPNZD buystop at 1.9150
Stop loss at 1.9050
Target at 1.9350

Total: 600pips

Plan your trade and trade your plan.

Pls I see a good sell signal for gbp/usd am I correct