Beginner's Disaster!

Hey Buckscoder…dont mind me asking.

But where is your corner in Babypips ??

Been trolling around and I couldnt see anything and since you mentioned about not posting charts I thought Ill ask you.

Just to get an idea of what you on to, incase you been sharing.

Hi Nikita, I have no corner. I am homeless, lol. :smiley:

Well, I have one thread, but thats rather a mix of investment and trading:

http://forums.babypips.com/forextown/39452-trading-xauusd.html

I posted some charts, but not of a system. Sometimes I write something there:

http://forums.babypips.com/newbie-island/36959-eurusd-monthly.html

More my opinion though. Less for trading, more for sharing what I think regarding fundamentals long term.

The point why I do not share many charts is that my bots don’t use charts at all. Them have no eyes, lol. :wink: If I code a bot that is based on pure statistics. I do not need a chart for that. I just need a computer, a good sample of data for 2 years around and lots of backtests. Anywhere here in this thread is a report of one of my bots. That equity curve is my chart and the report is my signal to use my bot or not. :slight_smile:

hhhaaaarrrrrrrkkkkkkkkkkkkkkkkkk!!

Just had a look at the XAU USD chart…me god.

Just one way.

Yep. I bought huge chunks 6 years ago or so. 480 usd an ounce. Now it’s around 1800. :slight_smile:

Hope you bought by the kilos buckscoder. Worth its weight in gold now by the looks of that chart.

Well, I just bought a little here and there. What others not wanted anymore, because it was too expensive to them for $ 480. So, I helped them a little to sell that worthless metal. Straight from my pure golden heart. :slight_smile:

Now those central banks want buy it back, but I keep holding it.

Sometimes I think the usual money perspective is quite turned around. For instance, your last dollar is worth a lot more than a thousand times that, when you are in better times… Anyone in the position to casually lose 50k is probably not all that troubled about it.

So I quit thinking about ‘dollar amounts’ almost entirely and focused on actual relative value of various situations, items, &c. A modest savings padded things out so a longer perspective was possible.

This highlighted a fair number of expensive habits I’d had… in rather unexpected ways. For instance, some years ago I made the connexion that it was more expensive to buy ‘cheap’ shoes than relatively pricey good ones that didn’t fall apart quickly. What a dismal expensive habit to have, cheap shoes! Now I can get a good five years out of a pair.

The value of that last dollar can hardly be overstated… I remember being down to coffee money and a couple weeks rent paid ahead, in my life. Yes, I had ‘wiped out the bank account’ a time or two, but when I was young and such things didn’t matter as much. I’d almost go so far as to say it was worth it… but now, with others depending upon me the freedom to be broke is gone :slight_smile:


Then there was the case of my college economics professor (not my major, it was one of those ‘general’ courses) who had purchased gold in 1980. Brilliant man, but not infallible. With any luck, adjusting for inflation, he might be able to break even soon…

That with the one dollar is of course right!

Your professor might not be that unlucky with his gold as it seems at first. Gold is not just a speculaton. It’s an [U]insurance[/U] as well. Plus it is a [U]singular asset class[/U] which helps in the sense of[U] diversification. It reduces risk[/U]. Too bad he didn’t buy 10 years ago for $35, but he has now still fair value. He had an insurance for around 30 years and paid the inflation “tax” for that. There is no insurance without paying for it. His assets value increased now from 850 (if he bought at the top) to 1800. That’s an roi of around 110% over 30 years or almost 4% a year. More to come. The worst what he could do is selling it right now. I know somebody who also bought at the top and sold it when value reached 1000. So, he still had the insurance, but not any yield. That’s a psycho issue if you buy at tops or sell at bottoms. You are likely to give it away later without making yield. You just had the risk and no chance.

Who sells gold right now are the weak hands. Gold flows in the last 11 years from the weak to the smart hands. If gold becomes overvalued then this will reverse, of course. Anyways, never forget the insurance factor of gold.

Hi All

Just a quick trade update. As I told you all earlier, I bought into EUR / USD at 1-44. Sat and watched the price go down as far as 1-4339 this moring and was inclined just to close the trade for 61 pips profit.( $ 6.10 ) Which, considering my account balance, $77, is a good profit margin. Did actually move my stop down to 1-4350 at one point before re-thinking and telling myself to stop messing around with my trades, as target was 1-4250.

Backfired slightly though on me this time as, ( maybe it was a little bit of greed that had crept in ) price moved back up to 1-4379 before I decided it looked as though it would continue higher and just closed for 21 pips ( $2.10 ). Still a profit with which I am always happy with (better than a loss)

Funny thing is though, I actually feel as though I am in a better position right now. As I write, price has moved just short of 1-45. So if I was still confident in my bearish outlook for the pair, I could now enter short 100 pips higher than my 1-44, but now I’m $2 better off !

Trouble is series of lower daily highs has last top at 1-4535 so it may just be prudent to hang on a bit to see if price threatens that level. Breakthrough of that level, according to what I can see, has next level of resistance at around 1-4585 ish. Anyway just thought I’d keep you up to date with the inner workings of a newbies mind.

Have fun !

HoG

Hi HoG

I also had a short trade and was stopped for about 50 pip profit, remember that the market is always changing… you have to let room for your trades but as soon as you can… lock in those pips… :slight_smile: good job!

That’s a hard terrain right now to trade in with eurusd. Be careful!

Yet Another Update

Ok. So took another short position EUR / USD.

open 1-4496
target 1-4355
stop 1-4550

Although I’ve listed taget as 141 pips below my open, I am now considering making it a my trading rule to lock in anything that goes 30 pips or above profit. This would be regardless of wether price bounces back up then falls again.

But back in short for now at 1-4496

Best of luck to you all

HoG

Final update of the day ( I promise !! )

Just closed the above trade for 62.2 pips profit. Could’ve let trade go to see what happened but to be honest I just wanted to book the pips.

Closed at 1-44342, price bobbing around that area so I’m not sure wether it wants to go back up or continue down. After giving back almost 40 pips this morning I decided to just take what I had.

+82 pips for today. Account balance back up to $85.40. Not a bad day all things considered.

HoG

Great! I also grabbed 25 more pips from an short entry at 1.4507, I should have let it run a bit more at least until london close… :frowning:

Today’s trade was a real good one :wink: EURUSD downtrend rocked !

Downtrend? We had HHs and HLs today. Plus that clande light looks pretty green. Just saying, lol.

I still feel like hitting someone for breaking all my own rules and entering a short on GU after watching EU rushing down like that.!!!

Hmm, cable looks a little like the fiber. HHs and HLs. No surprise with that correlation. Don’t hit me please! :smiley:

I’d say the trend is your friend. Congrats for everybody who made profit with shorts today. Anyways, I wouldn’t be proud of it. There was a lot of risk in the markets today. All short profits are probably more based on luck. Exception for all who followed the rules of a system.

Frankly, I’d consider going long a little if we wouldn’t be that high already and if price would break 14450 again. Those quad regression lines are looking like “go long” flags. On the other hand we are still within the down channel. No close on the daily above so far. Plus no HH on the daily chart.

There is a general sense of outrage since EU has not dipped yet.

They are all like, " I know EU is in a bad way and they gonna break up, how come it aint going south yet!".

Mother of all shorts?

I stated that since long ago: I guess it will go higher. Letz talk about 170 something like that. And then let it drop like the mother of all shorts later.

The fundamental point is that the usd is in a bad constitution as well. The eur is a rather fresh currency and particluar wanted in Asia and Middle East. Then I do not believe the eur will break. That’s big bs. I live in two continents. Europe and US. I have a lot of insights in different countries and what people think and do. Americans have mostly no clue what is going on in Europe and Europeans have mostly no clue what is going on in America. They just consume what is delivered by tv. People here and there are different. They think different, they act different and they have different governments and cultures. Even if there are similarities because it’s all the western world.