I know, I just wanted to clarify that I wasn’t picking on you 
There’s always the next trade, one of many beauties in trading.
Congratulations on your Cable trade. Good work!
That’s a difficult one. Two possibilities:
The conservative approach I guess would be taking profit around the previous swing high around or just below 1.66.
The other option might be to start trailing your stop and see how far the trade will take you. Looking at the 1H chart 1.6495 might be an option, just below the last retrace.
Or non of the above.
Your choice. 
I seriously considered closing my short NZDJPY yesterday due to the look of the daily candle. It’s a counter trend trade and if I had traded a normal risk I would have gotten out with a small loss.
As it is I’ve decided to hold. Not adding any new trades before NFP.
On a side note I took the Swine flu vaccine today and my left arm hurts a bit. I think it’s worth it though.
I guess you got stopped out, but with a profit and that’s what counts.
I don’t post much over at that thread. It moves very fast and it takes too much time to stay updated. When you find a setup though it’s nice to go over there to find them discussing the same setup
My gut tells me that this is a trade to manage tightly. With the trend, but quite a bit above the trendline and some concern when looking at the weekly.
I recall having to wait for something like 24H when I made my first post, I think it was during the weekend but not sure.
Still, their system of manually reviewing new members posts is something I’d like BP to start doing. That would take care of a lot of the spam/crap.
I’ve seen a discussion over at FF on the Silent Service thread where the conclusion was that trades often/mostly work out better when we’re not around to second guess ourselves aka manage them to much.
I’m seeing that with the NZDJPY trade, which was part of the reason I kept it on even against the daily pin. Patience is something which can always be improved upon.
Well how 'bout that! 
Today treated you well!
Yes you certainly seem to be getting the hang of things. Keep focusing on the trading like you do now and increase risk by small steps. The money will come in time, there’s no rush.
As you know I trade with Oanda and they have a nice little feature that I’m going to use. There’s the possibility of opening sub accounts.
I will open one of those and move a portion of my funds there. Then I will take the same high quality setups on both the primary and the sub, but with 5% risk on the sub account. I then plan to move half the winnings over to the primary account and keep the rest in the sub.
On the primary account I’m starting to feel that 2.5% is above my risk preference and I may adjust that down to 1.5-2% but I haven’t quite decided on that yet.
I’m thinking that this approach may be a fast way to compound your account in a still relatively safe way.
Here’s a quote from James16 in his thread at the other forum:
“[I]If your not willing to give this at least two years of study and practice then your just playing around. Doctors and lawyers etc spend 6 to 10+ years mastering something that can make them rich. Why would anyone think that this business which can make you much wealthier than most any other profession is any different?[/I]”
I’m noticing how many new users are coming here all the time and how they disappear after a while. A few stay, but they’re a small minority.
I also see how many will jump at every new thread promising the world. It doesn’t cease to amaze and scare me how gullible people are in general. Critical thinking is a rarity.
When you get in and ask some uncomfortable questions these newbies will accuse you of driving away their newfound Jesus. OMG. I don’t know what to say, I’m just sick of it and so I’ve decided to let it be. I’m sure some will be happy about that.
Instead I’ll focus even harder at what really counts forex wise, which is my work with the J16 thread, this thread and my trading.
He will, I’m sure
Sounds like a plan to me - a very good one!
It’s too hard for most of them. As soon as trading smells like work they disappear and start looking for the next rainbow.
The few who stay…who knows.
I also see how many will jump at every new thread promising the world. It doesn’t cease to amaze and scare me how gullible people are in general.
Following promises is easy. You can always lay the blame on someone else if it does not work out as expected.
Critical thinking is a rarity.
You can count the ones who do that on this board by the fingers of your two hands.
When you get in and ask some uncomfortable questions these newbies will accuse you of driving away their newfound Jesus.
Sheep need their sheep dog. If you ruffle their coat you get snapped at.
OMG. I don’t know what to say, I’m just sick of it and so I’ve decided to let it be. I’m sure some will be happy about that.
I am sure you will. I have come to the same conclusion.
Instead I’ll focus even harder at what really counts forex wise, which is my work with the J16 thread, this thread and my trading.
I reckon that’s the way to go.
There are some real nuggets on this board if you dig deep enough and know what to look for and if you can recognize a nugget if you see one.
Otherwise it’s a waste of time and waste of your breath.
One only has to look at the advertising of FOREX that makes it looks like a walk in the park. So of course you will see a lot them here. Who wouldn’t want to make gazzillions of $$$ with relatively little effort? Sooner or later everyone realizes that this is going to take some real work. Only 5% will actually succeed. Mostly by attrition.
I’ve spent the day moving slowly forward through the J16 thread. Currently at post 1400. Just 45300 more to go
Gotta get up early to leave the car for a switch to winter tires so no weekend chart analysis today.
I’m focusing on improving my knowledge through the J16 material right now and I’ll be doing that for several months probably. Trading will have to come second for a while.
This work has already paid off, I’ve learned several new things. I’m also starting to consider joining the private forum for a month or two when I’m done with the public thread. I want to have as full an understanding as possible before I start editing together my own little bible.
During week days I seem to have the energy to go through around 250 posts and on weekends I should be able to do at least 1500, so doing some math: 45000/(250 x 5 + 1500) = roughly 16 weeks.
Nothing ever goes as fast as planned, so with a buffer: end of March 2010 I hope to be ready to join the private forum for a while and during the summer of 2010 I plan to put together my bible.
Of course I’ll trade in the mean time, just smaller position sizes and maybe not as much as I’ll miss some trades. I do expect this work to pay off in the long run though. I have no doubts about that.
In conclusion that means that after a little more than a year of live trading (I went live late in March 2009) I hope to have reached the level of knowledge I wish I had had when I went live.
All right, enough with the rant.
Yes, I will share. I just need some time to sort things a bit first.
I guess we’re both long on cable then, we’ll see how it goes. I placed my TP at 1.6828.
Gonna have a quick look through the charts now, need a rest after moving forward to post 1800. It’s something I can really recommend, going through that thread from the start. Interesting on many levels.
Yes and yes
I placed my entry exactly at the high, some sort of mental lapse maybe… (I’m in the trade in other words) and I also saw the 1.6760 level. Hopefully though the trend is our friend here.
More than I can say for the NZDJPY trade, it’s like watching paint dry, just that it’s going in the wrong direction. :rolleyes: I’m hoping that the mightly 67.0 will set things straight. If not that might instead be reason to start eyeing a long trade.
The cable trade turned out a loser. If I had been watching it I’d have gone to BE probably, but that’s a case of could have would have should have.
Let’s see tonight if anything interesting turns up. I’ll try to improve on the being picky part.
Been doing same thing tonight as yesterday, J16 thread.
Flipped through the charts and felt like beating myself a bit for missing the daily formations yesterday on EURCAD and GBPCAD.
Not taking any trades tonight, nothing that screamed A+ to me.
Yep, I’m going to let it hit the SL, not closing manually. It has become an excercise in patience.
Or even better, turn around and drop several hundreds of pips.
[B][I]o990l6mh[/I][/B]
It is OT. My apologies in advance.
But I am curious…and you might know…
Why has [B]JimmyMac[/B] been banned from this board…?
Because he contributed some outstanding content. I find it a bit odd…considering that obviously he is a Pro.
Very strange indeed.
Thx.