I’ve known Lexy a long time and she has left currencies behind, by which I mean spot forex. She can tell you that herself if you bothered to stop being so arrogant and actually listened to people.
Goodbye and enjoy your buddhist whatever.
Ps: i bet you would never be this rude face to face to any of us in real life…which makes you a small, pathetic person, hiding behind a screen. How brave.
So in this thread I wrote about:
the error of trading into a hyperbolic
dead cats
not trading a pegged currency
subjecting indicators to rigorous testing to determine statistical efficacy
the technique I use to avoid adverse psychological effects in my trading through risk reward
use of the Socratic method to learn trading
being willing to cut losses
use of a small dollar live account rather than a demo
always manual trading
not averaging down
random entry trading as a teaching tool
a live trade I entered that morning
trading pullbacks
adjusting risk to the statistical probability of the trade
some personal commentary and views
hurling some flame at blatantly wrong information that will cost people money
AND the end result was;
my posts now require moderator’s approval prior to being posted (to bad the spammers and bots can’t also be subject to that scrutiny), various ad hominem comments completely devoid of trading, and no questions or comment about any of the above trading issues
So I’ll offer something else:
The EUR JPY is going through a pullback. It seems to have peaked mid-December, and formed a range. While not in place just yet, I am watching for a move to the upside. It could either be a resumption of the trend or simply a bounce to the upside of the range. Again, not entering just yet, patience (a woman’s virtue), but would give it 0.75% risk confidence once the bottom is placed with 80 pips both ways.
3 days ago:
TurboNero:
and no im not trading currencies (no sarcasm, im really not trading currencies at all). so thanks for this yesterdays “advanced traders information” which someone who doesnt trade currencies spotted long ago.
thanks for displaying your vast enourmus trading skills.
and yes that shadow in the background is me. “the essence of a german”- and no im not a german aswell (again no sarcasm)
Yes, Turbo, there is a lot to be said here but I think your post says it all! Thanks 
Shame, really, this was meant to be a currency thread about UsdTry and it degenerated…
Anyway, hopefully we can all move on…
Goodnight, everyone.
Happy Trading
Just before the NY close:
AUD JPY - Long - @ 85.94 - 60 pips SL/TP
CAD CHF - Short @0.7686 - 78 SL/TP
USD TRY - watching for the pullback to end
EUR JPY - watching for the pullback to end
have other active trades but not posting past action only present
the AUD JPY was 1/2% risk
the CAD CHF was 3/4% risk
Nice one PMH for your altruism in giving folks a heads up on an alternative pair. Not everyone trades the majors. My hubby traded this pair in the past quite lucratively.
I would also like to say that from the posts I have read on this forum you give your time freely and are always out there willing to lend people a helping hand, and are still doing so despite the recent disappointment with your account, and that is a quality we all should admire and aspire to.
By the way, I found this cartoon and had a giggle…I hope everyone else will too.
Dear Fundamentally Flawed,
thank you SO MUCH for ‘getting’ what I was trying to do by starting this thread!
I am so pleased that you came out and said it! Yes, I may have lost my account
(and made no secret of it, which is how you know about it as anyone else who has
been here since October) but I am trying to do something small and good to build
my confidence again… as this strategy on this pair seems to work really well (even
with all the losses that I have taken on it), meaning, trend-trading it up and also down,
I am of course wanting to share this ‘find’ with the group here…
Did your husband trade it manually or with an automated system? Was it intraday?
EddieB tells me that this pair has been in an uptrend for a decade (my broker does
not show chart data so far in the past for this pair): did your husband ride part of
that uptrend?
Well, I thank you for the cartoon, it really brought a smile to my face!
Good night, all!
Happy Trading, and Dreaming!
ROFLMAO
Thank-you Fundamentally Flawed that is indeed funny.
It reminds of the story of an Australian reporter who asked various religious leaders what would be their reaction if one of their sacred books was desecrated. This was at a time when there were killings taking place due to cartoons of a religious figure that were perceived as disrespectful.
The reporter asked what would they do if their sacred text was ripped up and flushed down a toilet.
When he approached Ajahn Brahm (an Abbott at a Buddhist Monastery) the monk answered “I would call a plumber”.
So reached the entry on the EUR JPY going LONG.
EUR JPY - BUY @122.15 - 80 pip sl/tp – ½% risk
USD TRY – still watching and waiting for pull back to end
Previously mentioned trades that were entered in this thread (AUD JPY, CAD CHF, SUGAR) are all in the black but still far from TP, so put them out of my mind and let them play out without the need of my emotional response.
Remember to be cautious with your trading on Monday. It is a holiday in the U.S. and banks, institutions, exchanges are all closed. But spot forex is open, so the liquidity will drop severely at the London close.
This is a time when spreads can get very large from lack of liquidity and trigger stops. As well there is the chance of smaller trades from a private hedge fund having a much larger effect than normal.
Might even consider closing out positions on Friday in the last hour of London even if not at TP and waiting until the Tokyo open after the holiday.
A time of caution which is why I have the EUR JPY risk down at 1/2%, normally it would have been higher, was even considering letting it go and not trading it.
Morning all!
Made some decent money shorting UsdTry yesterday…
This morning it behaved oddly as it rallied above resistance around 3.79 then at the Frankfurt open (7am)
it flashed backed below… now above resistance again… chop chop… Made, then lost money…
Choppy start does not bode well… Usually this pair does very well in the 5am - 6am window in gaining
direction… at least in my limited experience…
Will sit on my hands and see what happens later on (London open, 8am).
Good morningpipmehappy
As we all sit on tenterhooks waiting for the US retail data to be announced I had had a thought about your predicament.
I believe this fellow has really nailed down some of the issues you are having. His post is worth reading a few times.
You have attempted to teach yourself trading over many years and failed. Nothing wrong or abnormal in that. In fact I would think that the majority of people are incapable of teaching themselves how to trade. Most good traders had a teacher.
Goldman Sacks is renowned for their training program. To get in the door you need a first class degree with high marks, but they do not expect you to know anything about trading. They simple want a set of raw characteristics that they know from experience they can teach and work with.
So, you need a teacher. Not a friend, not a chat buddy, someone that will rigorously and methodically teach you how to trade.
I would suggest Lexys. You say she is your friend. Her knowledge and depth of responses is evident. She may not want to do it for a large variety of reasons. She may not want to do it without the need to cite a reason.
Perhaps this Bobbillbrowne fellow, but I have no idea if he is suitable.
But if you want to become a profitable trader you must do something different to change your approach. Not your approach to trading, for as Mr. Bobbillbowne said,you appear to be system bouncing. Your approach to learning how to trade needs to change.
OK, data time.
I want just to mention that the EUR/USD pair broke its weekly trading range to the downside however, the volatility in this pair is weakening. Now, the USD/TRY pair seems to have a strong upward momentum as it is recording the fourth positive month in a row and printed an all-time high at 3.8942.
So I played it safe and closed all the trades I mentioned live in this thread, since they were all in profit, and I wanted to avoid the Monday afternoon lack of liquidity due to the US holiday. I really do play a very conservative and safe style of trading.
Sugar
AUD JPY
CAD CHF
EUR JPY
Combined it was about 1% account profit for a day or two of light trading. Plus there was another three pairs that were also in profit but not mentioned in this thread, so another 2% on top, an excellent few days.
The USD TRY has touched a nice S/R level at roughly 3.7450 that goes back to January 9 but still taking a cautious approach and will wait for the trend to resume. I would want to see a firm commitment of the price to resume into that trend. Hyperbolic forms can be nasty creatures.
There are other pairs to consider if looking for exotics.
For example the TRY JPY can be traded in its own right, or used as a hedge to the USD TRY to cover short term new announcements, or the Monday holiday.
There is also the USD MXN which has been active due to President-Elect Trumps pronouncements about Mexico. It appears to be very closely correlated to the USD TRY and is at a similar support level. But I have not looked at it in depth just an obvious point from glancing at the chart. So it might also be used as a hedge against USD TRY, but again I have not looked at the detail of that correlation.
And there are various pairs with the ZAR - South African Rand such as the GBP ZAR that are in long term trends.
So there you have it, lots of trade ideas, lots of previous comments about trading technique and strategies, and a warning for Monday.
Hi PMH,
Thanks for starting the thread, for me it’s way off the wall, never ever have even tried to follow TRY (pun intended) - but the conversation feeds thought.
Gerard mentioned Eur - though I don’t actually follow his thinking, he does touch on the notion that FX is very much intertwined and cannot be viewed in cross isolation.
Usd is currently a little choppy, apparently there is some new guy moving into an address in Washington and causing a few ruffled feathers - but good old Euro, that has witnessed much feather ruffling in the past, could be investors’ choice over the next 4 years or so.
Anyways, thanks again for the input.
Played a move within a temporary range
in what seems to be a massive deleveraging
of built-up longs.
Anyway, closed the day in positive territory
and 5000 account up to over 6700 since
starting in November.
It is all down to me.
This is nearly the best run I had since starting
in Sep. 2012…
MissCroft, thanks for your thoughts…
Sadly I do not have a mentor and that is
a problem… so I have to figure it out myself…
Hi PMH,
I know my views do not sit well with you and I would not otherwise disturb your thread here, but one thing has been on my mind since you started it. It is not really any of my business but when I received a recent email from FXCM I felt I should at least make a mention here, so apologies in advance 
I congratulate you on making some positive results with your account (which I believe is only demo at this stage?). That is excellent news from you and I am extremely happy about that for you - also congrats for your admirable tenacity in continuing with your trading journey in spite of setbacks from various diverse sources!
I also congratulate you on starting what should have been an interesting and different thread about a lesser known pair. There is room in any trader’s mind to learn about these other, rarer, opportunities.
My concern is only related to the inference that this pair is an ideal opportunity for Newbies. Bearing in mind that most Newbies seem to commence their trading with a balance of maybe only a few hundred USD, is this not a potentially very dangerous pair to attempt to trade without a lot of experience?
The email from FXCM warns:
[I]“We believe there is a chance of disruption and highly illiquid conditions in the coming weeks on the Turkish Lira. [B]In an effort to mitigate customer losses[/B] FXCM will increase Margin Requirements”[/I]
I do not take such warnings lightly and this suggests anyone considering pairs including TRY should be very careful and that is the only reason why I took courage in writing here and hope that you and your friend Turbo will not be too angry about my interference.
I have never traded this currency so I may be again speaking garbage, but now at least my conscience is clear…
Good luck, as ever, with you progress…
Happy to see you beeing back Manxx!
And good point You made!
Higher marginn requirements will reduce the leverage of the particupants. this is especially good when they are new and will expose their account to lesser risk.
Thou i am really not a friend and not amused when brokers announce higher margin requirements (especially when they do in one paur only) because in my opinion this is a practice they use to protect themselves more than to protect the traders. Since it is meant to keep people away from trading one special asset (or to reduce the leverage and potential gains compared to account size) and usually they do that only when the trend is developed so clearly that most participants are actually earning money. of course, it is aswell to protect themselves from outstanding margin not beeing paid by traders who owe money but to what extend this can be seen positive or not is another topic.
professional brokers usually if they increase margin requirements do it on all assets of the sane kind and only in situations that are extraordinary.
CMC Markets and IG increaded their margin requirements only once last year and that was at the brexit vote. FXCM is changing their m- requirements lately nearly on a weekly base.
Sometimes even without prior notice. For example the requirements for the DAX have been spiked from 12$ per contract to 36$ per contract within one night without prior notice when a major upmove within a existing trend happened. a day later it was back to normal. this is a very questionable practice which for sure shook out some participants who would have gained in account size otherwise.
on the other hand when i remember banks it is a completely different thing. i have a tier 2 trading account at Commerzbank (germanies second largest bank) and they have never in 5 years changed their margin requirements at all, not even at brexit when everyone was changinh their m-requirements.
in my opinion this big difference between brokers like FXCM (known to be a broker for beginners =accounts starting from $50) and brokers like CMC and IG (known to be broker not only for beginners =accounts starting from higher sums only and trading not focused on currencies only) and Banks (known to not accept beginners account at all) leaves a lot of negative impressions to think about.
Hi Turbo!
At least as far as FXCM is concerned, I have personally only witnessed them increasing margins ahead of periods of uncertainty and anticipated potential increased volatility such as the US elections, etc. I have never seen an increase due to a clearly developed trend. In fact a trend is as much the friend of a broker as the trader. A broker, of course, always has the choice of counter-partying a trader position or matching it off through its liquidity providers and only needs to be concerned with its own overall exposure in both size and direction.
As you say, increasing margin requirements is also to protect the broker as much as the trader and both risks are ultimately in the brokers’ best long term interests.
The latest email from FXCM was dated 12.1. advising of the increase taking effect on 20.1. I think that is an entirely reasonable period of time (at least in this instance). But my point was not really to assess the merits, purposes and practices of various brokers, dubious or otherwise. I was really only parentally (or maybe even grand-parentally 
) concerned about inexperienced newcomers being drawn into trading an obviously potentially high-risk currency pair with little expertise in position management and even less capital latitude to absorb unexpectedly violent swings in volatility and spreads (rather than just direction) - especially where this potential risk is even being ackowledged and referenced by at least one large broker.
Apart from that good luck to all who are brave enough to surf the seas rather than paddle the pools.
I’ll just crawl back under my rock now!
Hi Keith,
thanks and no problem, in fact, I am very happy to see you back, truly happy.
I am trying not to be following fundamentals too much but I do know about the situation in Turkey being unstable…but then, the question is: it has been unstable for months and yet this currency pair has been steadily trending one way… So it i hard,very hard to second guess why or when markets or brokers decide it is time to change their perception of risk around an already very volatile situation … I did not know about the FxCM margin increasing on this pair, so I will definitely take this on board, Keith, and thank you for sharing this with the rest.
Hope all is good with you up in snow country.
Okay, okay, let’s just say we did not get off on a good start but you said thing, and then I said things, all of which we can put behind, hopefully.
Your last posts were very insightful and those are the ones I will focus on… At the end of the day, we are all individuals with a lot of life experience and self worth, so the best course of action is for us to listen to each other, which I really value…
Please keep posting your thoughts on trades because they are valuable… Whether I am happy or not is as easy to define as whether you are or not, so unless we became friends, good friends, I would not discuss my personal happiness just like that with someone I barely know.
I am glad that we have a Buddhist in our midst, since I have been displaying Buddha avatar for month, so please do not think for a moment that I have some kind of hatred towards religious people of any leaning, even as an atheist .
I hope we can all start fresh and continue exchanging whatever we think may help others.
I agree with you and Keith that USDTRY may be unsuitable for newbies, and indeed I did not post this thread on Newbie Island…but thanks for making that warning crystal clear…
Goodnight everyone.
