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Show me the money! [Daytrading] Need some trade ideas for today? Want to share your own intraday trade ideas? If you're the next Jerry Maguire and can show us the money then this thread is for you.

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  #21 (permalink)  
Old 12-31-2007, 01:14 PM
Skouser's Avatar
Skouser Skouser is offline
 

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Thank you for your advice RTB. Yes, I am originally from Liverpool. As for the spelling: somebody had beaten me to the correct spelling of the username, therefore, I substituted 'K' for the 'c' to achieve the same result.
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  #22 (permalink)  
Old 01-01-2008, 03:25 PM
cc1cc2 cc1cc2 is offline
 

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your issue here is psychological but I think you can overcome it.

Up until a few months ago I traded stocks for a living in the UK. When the tube bombs went off in London I happenned to be well short. As the markets fell I piled on more and more shorts. At this point I didn't actually know what was going on - I was just trading the price action. I deliberately don't have any news fees or Bloomberg or anything as it gets in the way of my trading style.
Anyway when I found the news I put on even more shorts (right or wrong this is what I did and if I hadn't someone else would)

However, later in the day the market bottomed and I closed all my shorts and went long.
So, did I make bundles - yes I did?
Would I do the same again - yes.

And this is how I look at it. By the end of that terrible day I had bought alot more stock than I had sold cos I was short before the incident and had to buy those back and then bought to go long on top of that. That day I helped support the markets and helped the institutions and banks and fund managers push the market back up and give a big 2 fingers to the terrorists.
I did alot more for the health of the country than those traders who just sat still and said i'm not trading today because it would be wrong to in such circumstances.

You have to look at it in a similar way - by buying back your short you helped the markets push back up too. It was a good thing to do. It was the right thing to do. And if you happenned to make some money whilst you were putting 2 fingers up to the terrorists well that's a bonus isn't it? The fact that you gave your profits away too is as much as you could possibly do.

The terrorists have actually beaten you by making you sick about trading. That it what they try to do - create fear when really there is none.

So, tomorrow go out and push the button - just randomly if you have to. £1p per pip. 50 pip stop. Whatever you like. If you lose, well that's trading but you have made positive steps. If you win hurrah.
Either way spending £50 to make yourself feel better seems like a good investment to me. Good luck
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Forex Forum > "The Holy Grails" > Show me the money! [Daytrading]




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