Ok, I have to ask, although I’m slightly scared the rea;ity may differ somewhat from the picture I have in my head already.
Please tell me Monica is a tall blonde girl ???
To be honest with you yunny, and I hate to keep throwing this name up, but since watching the Lori DVD set (or some of it at least) I have started to see how price moves more than at any other time since I started trading. I’m seeing it right now in fact on the EU 1 hour chart where price fell and has taken a little bounce from 1-2969/70, which was a minor support level I had previously marked on my chart (from a smaller timeframe)
Not saying for a second that I see how price moves now, just saying I see it better than I did, and yes it is all mostly centred around support and resistance.
Did in fact have an EU short heading in the wrong direction yesterday until House Speaker John Boehner stepped up to the plate and caused the EU to take a dive into a small profit for me which I closed out immediately.
The point though of mentioning the other indicators (in this case the MACD) is that recently I feel as though all indicators have been demonized in favour of naked price action, which I think may be somewhat confusing to new traders.
I thought it was worth remembering that there are decades worth of successful traders out there who did quite nicely using indicators, though who also, without question, worked them hand in had with S&R / swing highs / lows.
Monica is the one that looks a wee bit like Erin Burnet. :7:
…oh how I miss having my morning coffee with Erin. :17:
Ok, the penny has just dropped, and as I feared, the reality isn’t as good as the picture I had in my mind.
The Monica you’re talking about is one of the Friends girls isn’t she?
The Monica I had in mind was some six foot blonde Amazonian figured girl who would quite happily change a guys whole outlook on life for 40 bucks !!
Oh well…
Right then, since the trading week is all but over, I shall indulge a little in this non-contest.
So what you’re ACTUALLY saying Iya, is that you are in denial of what you loved as a child, but now can only dream of having as a man as you perceive it to be for children.
You’re also saying, that Pepsi (choirs of Angels singing) has been PROVEN to taste better than Coke (the bottle wearing the black cowboy hat), but regardless of this all important fact, you prefer Coke.
I’m struggling to get my head around that concept mate to be honest. It’s a wee bit like the whole suicide bomber thing if you ask me.
Apparently (or allegedly) if you volunteer to become a suicide bomber ( by “volunteer” your free to read “brainwashed relentlessly for a number of years since birth”), but apparently your family is rewarded handsomely financially and you yourself, as the guy who is actually blown to a bazillion pieces, will enjoy the attentions of an endless stream of virgins in the afterlife.
Hhhhmmmmmm…
Now just like the “Pepsi tastes better therefore I prefer Coke” idea, that just doesn’t make sense to me.
Surely to God, if you do decide to become a suicide bomber, you’re gonna negotiate the virgins upfront and they can pay your family in installments for the next 20 years no??
Take it from me, if I have to go out with a bang, then given the choice, I’d much prefer to go out with more than one !!
PS: What else would you discuss on a FX forum but Pepsi, Coke, Suicide bombers and virgins ???
Just found this on Niki’s thread;
Maybe that is the real truth behind the statistic that 95% of people fail in this business. Maybe 95% of traders, probably myself included, simply just don’t take it seriously enough. Maybe there is, and should be, a lot of soul searching to be done.
La Fin
Blimey that was a bit philis… philosof…phillosophica… fillosoph… deep.
It’s Friday night. You’re in Glasgey. Grab yerself a bottle of Buckfast and see you in oblivion! 
No getting this party started with out me. I will be off of work in 45 minutes. Then its home to close my trade thats up a whopping 6 pips on the day. Good thing yesterday was a decent day. Great way to end my week (trading anyway)
HoG I think you’re dead on this is something I’ve been pondering. People don’t want to put in the time and dedication this takes. They want money now. Think how long you’ve spent on this. How many hours and you’re what maybe halfway there? I’m behind you lol. People have families and kids and priorities and some people even have worse. The stability of a career. Now think what you have to do in forex. Know what kind of trader you are. Know your risk appetite. Find a system you are comfortable with and that is profitable. Be consistent. That’s a lot of time soul searching. If they were serious about being traders they’d put in the effort and time. One of the hardest things I think I will ever have to do is leave my decent paying steady job and transition into forex full time. What if I have a losing month and my kid has a fundraiser or wants to go to a theme park. How do I explain? Sorry kid I wasnt good enough this month :D. Maybe a little over dramatized but I hope you get the point I’m trying to make. There needs to be a big confluence of events in your life to become a trader. Lol talk about probabilities.
I’ve only ever had this drink twice (full bottles). Both occasions were like something out of the hangover films!! Great adventures…
It’s funny how I can manage to remember both occasions well while I forget huge chunks of each night.
I do know it was fun. I think this drink is a Galway only phenomenon in Ireland because everyone else I’ve ever mentioned it to in this country thinks I am making it up.
Off topic for sure but I can’t help it. The name pushes me down half memory lane 
Happy weekend everyone. Be safe!
Another good aspect of this thread is the involvement-to-the-point-of-dedication of the participants. Time to get back on this bus.
Not sure how to include quotes from previous posts at this point so I’ll just have to do it as follows for now.
HoG - Looking forward to receiving the Chris Lori material. Tried to download it from somewhere on the Internet and then spent a couple of hours yesterday getting monitor screens and settings back the way I prefer and removing unwanted crapware. Have flagged the “Ascent of Money” videos for viewing in the near future. Prefer your expectation of what Monica could/should be - a blonde Amazon-type - much better than the “Friends” character.
Iya - I think you are absolutely correct that the serious investment of time is needed. Add to that consistent application of a trading plan with money and risk management can lead to ultimate success.
Yunny1 and ST - I think that your strategy of looking at PA first and then looking for confluence of indicators/MAs/whatever you want to use is a good way to proceed. Not that it’s the only way, but it’s how I’m starting out to see if it will work for me.
Hope all are enjoying their Buckfast. Looks like pretty serious stuff.
Just watched Part 1 of the [I]Ascent of Money[/I]. Interesting. Will definitely watch the rest, although not at the moment. Thanks, HoG, for the link.
Hey gang!
Apologies ive been MIA for the last few weeks!
To be honest, ive been drifting in and out of the forums every so often and trying my best to keep up with what i can, but honestly, final year of uni has kept me away from keeping in touch with everyone on here like i had hoped…
I have been a lot busier than expected and even slacked with updating my own thread. My reason for posting here is to simply give thanks to the whole gang here - you know who you are…
There have been many posts here which have helped my development as an aspiring trader in a huge way…
Why the soppy thank you’s?
November just gone was my ‘one year anniversary’ in learning to master the markets, felt i had to come back and thank anybody who has given me a helping hand a long the way…
As i said, havent had the chance to follow along with my threads here as i like, but will defo make more effort into this coming year. I have seen some of the knowledge being passed around on the second floor and it looks priceless…
Glad to see the Chris Lori work that i sent to HoG a while ago being passed around, there is some great info in there and some real eye openers…
Anyway, dont want to ramble on and de-rail the thread from its main purpose, just wanted to thank everybody here for their contributions… Im currently running a small live account which i hope to really make a go of this year…
That said, weekly analysis done, see you all on the battlefield this week
:57:
Courtney Cox. Plenty attractive enough for my reality!
I don’t know about the 95% statistic, I really don’t - we hear it a lot, but I wonder whether it is now becoming its own proof, whether it ever started from a position of fact - but I completely agree with these two posts conceptually. For me, currency trading is very different from most other careers, it needs a bit of a lifestyle adjustment - at least during the early years - to get good and consistent at it. So I would not be surprised if a lot of people failed simply because the approach they take is too close to playing at it. I think this takes total dedication and periods of sacrifice, and that someone not prepared to go through that - really go through that, not just pay lip service to it - is not going to succeed.
Quite apart from anything else, if this really is a competitive arena, then we all of us are going to be going up against people who [I]are [/I]taking it very seriously, who are consistent, mechanical and focussed in their approach to this, and they will have an edge if they are ‘up against’ people who are not bringing that same focus and dedication.
Speaking personally, I am 100% focussed on my trading, I put in a lot of hours and work consistently to this, day in day out, and still it can be tough, yet I build a good chunk of my life around it. So without wishing to sound co cky, I’d be surprised if someone not really putting in that level of effort, if someone not fully dedicated, is going to be trading as effectively as I do. Some will, most won’t. This stuff takes real dedication, not just saying that we are dedicated, not just going through the odd burst of focus then slumping back into daily life, but actually living it week in, week out until we have it down and it is just instinctive. It is the old ‘unconscious incompetent - conscious incompetent - conscious competent - unconscious competent’ scale.
Hi SanJ,
I for one am just glad that you are still around, I thought that maybe you had lost the Forex love, or at least lost the BP love, and I always like your posts so am glad that your focus was simply diverted elsewhere. The degree is not forever, so is worth focussing on, particularly as you are near the end. You have it forever, so there’s plenty of time to focus on Forex once you’re done with it. Glad you’re still here!
ST
Excellent points and goes directly to why I have not been making any progress. Your comments gave me an ‘aha!’ moment of clarity and the realization of how I have been holding myself back from potential success. Thank you!
You’re really very welcome, thank you for the kind words, I am just delighted that someone found it of use.
There is an Eric Thomas video I love, in which he tells a story that leads to a simple message: when you want success as badly as you want to breathe when drowning, then you have the right mindset and it will come. Now while he is guilty of exaggeration, there, and it is a little over-dramatic, it is a great video, in my opinion, and essentially his central point is a crucial one for traders. This is a tough business and needs total focus, but at the same time with its plethora of discussion fora, and the prevailing wisdom that this can be done successfully by anyone from any location, it has attracted a lot of ‘hobby’ traders, alongside the odd get-rich-quick merchant. Those two groups will both struggle here, for to get this right it is most certainly no hobby. It needs [I]genuine[/I] dedication. I work this like I need it, like my family needs it, and the success has come. It would not have, had I taken it lightly or mistaken it for something other than the hardest career I have attempted.
Anyway, apologies, I’m both rambling and preaching, neither of which is cool, it’s just a key message that is oft-overlooked and gets me on my soapbox.
I am delighted that you found my post inspirational on some level, and thank you again for the kind words.
ST
I would also like to point out something I just thought of in the shower. Pseudo-time. This is my weakness. I spend most of the day thinking about forex but I never sit down to really put time in. There’s plenty of excuses I’m sure most of you have them full time job family misc hobbies chores errands etc. I read books about trading at work and I come up with theories and think about the GBP/USD about every 15 min. But I never really sit down at the charts and study. I put in time yea but its second rate time. Sure it seems like I’m spending most of my waking moments with forex but how productive is it? I may put in 30min-1hour a day chart time and some of that is entering the market not analyzing it. I have a lot of ideas but I never follow through with them or theories that I never work out.
SimonTemplar thank you I think this has been in the back of my mind but your posts and what they prompted in my head brought this out.
I’m not taking this seriously enough. There isn’t many things in my life I’ve had to devote my full attention to. I never come out with flying stars but I’m never last either. Maybe someone else has this problem hopefully I wake you up too :D. I for one am going to make some priority changes.
I caught that Eric Thomas video after watching one posted by HoG earlier in this thread. (Where is HoG anyway?) And, although Mr. Thomas’ delivery may be a bit over-the-top, the message is indeed crucial, as you pointed out. You are right to get up on that soapbox and reinforce that message.
Unfortunately (fortunately?) I only have myself to be responsible for so since I’m not hungry enough I have yet to put in the seat-time. However, I think that this subject fits with HoG’s original intent of starting with the basics. Commitment is crucial. It cannot be a hobby for beginners if they want to succeed.
As IyaJenkei says, I spend a lot of time thinking and reading about Forex trading, but not doing it. I always have errands to run, friends to help, another book to read, and I always manage to ignore that voice in my head thats yelling “OPEN THAT TRADING PLATFORM AND GET TO THOSE CHARTS!”
Since this is starting to look like a broken record, I’ll cease. Thank you again, Simon Templar.
Hi thecdog,
Welcome, i’m a newbie as you too.
Hey HoG, i cannot yet send you a PM so I also left my e-mail address in a message in the Visitor Message box on your profile for the Chris Lori dvd education.
Thanks in advance for the help.
Ok gang, been away for a day or two due to unforeseen circumstances, but I’m sort of back now.
Jones2123, I’m currently sending the Chris Lori dvd set to someone. This afternoon, I’ll be sending the last dvd (disc 12 ) to them. To make things easy, I’ll send you disc 12 at the same time. Once I’ve done that, I’ll go back to the start and start sending you the first of the set. So you’ll get disc 12 first, then the rest of the set will follow.
[B][U]CHRIS LORI DVD SET[/U][/B]
Over the last week or two I’ve sent that set out to a few people, which I don’t mind in the slightest. It does however, take ages to send them and my pc has been running pretty much non stop.
Unfortunately, however, once I have sent this next lot out to jones2123, I won’t be sending them out anymore. Apologies to all but it’s just non-stop. I’ll find the link somewhere where the set can be downloaded direct from the web. So if anyone else wants a copy, let me know before 4pm (UK time ) today, or the boat has sailed gang.
The post I quoted from Niki’s thread, and a conversation I’ve had this afternoon with a very good friend of mine, (kicked my arse again but he’s a Saint really) has forced me to face up to a few harsh realities involved in this trading business.
This post:
I swear to God I could have wrote that word for word to describe myself. So the game, and that is exactly the way it has been treated so far, has to be changed, or it will be time to say goodbye to you all for good.
I’ll post again later today to outline the way forward for me, and for this thread. This really is last chance saloon guys, so it either changes and works, pr we close the doors for good.
I did actually have an idea a while ago to start a demo account that could be shared between the newbies. Everyone has access to it and each “member” of the gang has one week, or one month, to be in charge of the decision making and making the trade, only thing being they have to explain publicly their thinking.
No-one would have the right to say “No, you’re wrong, don’t make that trade.” The trade would be made, and the post mortem would show where the right and wrong decisions were made. It would [B][U]NOT[/U][/B] be a competition either to see who made the most money during their spell in charge, it would purely and simply be a learning vehicle, a bit like a local trading club, but just based on the internet, since none of us are “local”.
Obviously the “club” would not be open to the guys who trade for a living mainly because they ARE trading for a living and their time is taken up by concentrating on their own accounts. It would be good to see their thoughts though through the post mortem of the trades made.
Trouble with that whole idea though is that I contacted my trading station to see if it was possible to have a multi access account for demo and they said no. Anyone who fancies that idea, and has a solution to the problem, let me know.
Talk soon
HoG