What Every New & Or Aspiring Forex Trader... Still Wants To Know

Beginner Questions
7823

Well I got the perfect Fiber short @ 1.28729, 5 pips from London Open High.

Then I totally “Crashed & Burned!”

Don’t ask me what I did, really I shouldn’t have been trading as my mindset was totally off the beam, combination of late nights & been in a bad mood from a day of frustration.

I should have taken that into account & had an early night :24:

So it started a good week, now it’s ended my account down ever so slightly.

Dunno if I’ll get time to trade in the next few weeks, Got that J.O.B. waiting for me…

Still I do feel as if it’s making a lot more sense now :47:

Thank You Mr Huddleston,

I still can’t believe such a resource is out here on the www for FREE!!!

7824

Stop and reverse? Those are almost always the most painful trading moves. I feel for you man… From nauseating experiences of my own

7825

Weekly update:

1023×284

Seems like most everyone here had a good week of trading…so blessed to be part of this little pack of baby-ICTs. Will be on vacation next week. Good luck all!

Matty

7826

Didn’t catch the move today, was catching sleep :slight_smile:

Overall, positive though +155 pips this week which is over my weekly goal by 80 :smiley:

7827

Holy cow Matty. Freaking great job!:35:

7828

Thanks : )

Ain’t me though, it’s the tools.

7829

End of my first week of trading for 2012. +11.42%, +310 pips. I remember dreaming of making 400 pips a month lol.

7830

A hammer in the hands of a baby and a hammer in the hands of a blacksmith produces 2 different results yet it’s the same tool. :wink:

7831

So would you say 2012 started on a rather cheerful note? Has your patience been rewarded? Think about the understanding you now posess and where it can take you.

Consider your development… The level of trades you once took and how extremely profitable you are now. You are entering the Promised Land of Forex trading… a land flowing with Monster Pip Hauls with little trading, lazer precision and the steel to wait for your “Mark”… Scope it up… and squeeze the trigger.

Welcome the the Realm of the “Inner Circle”.

Well Done… :57:

7832

Holy crap Matty! How much longer until you quit your job, 2-3 weeks?

7833

Ha. I wish. I’m fortunate enough to make a decent chunk of change from my day job, but don’t want to do it the rest of my life (hence the reason I’m here). I’m gonna have to make a heck of a lot more than that before my wife lets me quit.

In time though (hopefully).

Matty

7834

a new guy popped into the chat room on livestream this morning and was amazed we all went short this morning. After all, the 4 Judas Indicators he uses told him to go long. He thought it was some type of signal service. (yes Michael, that is how well you have taught us!). After quite a while of banter with him, and I have to say, it was incredibly entertaining, I realized, this is street money, this is how they think, and this is how they enter trades. It was quite an eye opener for me since my foray into Forex started right here on this thread.

I was just looking at my charts for a few minutes to see what may be in store next week. I just realized how much he really helped me this morning by showing me exactly how street money thinks. It is incredibly powerful it is to be able to think like street money as well as smart money. the banks hunted stops, and we jumped aboard London Express with them, while he was led astray (d a m n you Judas!). So now, a big down move today and I’m thinking as street money, crap I missed that large move down, I better jump on board next week. After all, the fiber did form a bear flag today, right?

Now don’t take this as my analysis for next week, I gleaned this from no actual analysis, just daydreaming and glancing at the charts for a few minutes

To the new guy that joined this morning (I won’t mention his name), welcome to our thread, and thanks for showing up. You really helped me realize the insight from street money I was lacking, and thanks again for the $$.

7835

Musta been before I showed up…

Thanks for the reminder though. I think it’s something we all should be doing, trying to think of the mindset of both smart money and street money. I know its something that I need to be more consistent in doing, but I think it’s very helpful to approach the market with those things in mind.

Matty

7836

Thanks for the videos ICt. Just one thing - you said you weren’t that bearish under the 2650 handle - has that changed since we had the slight run up giving room to drop? COTs have hit another high - technically 2460-2530 seems possible in next week if still bear.

7837

What is the difference between smart money and street money? What are these two grouos?

7838

That was great lol I wanted to hire that guy for an opposite signal service. :wink: No offense to him, most of us have been there before. I know I have. :slight_smile:

7839

If you don’t know…you’re street money.
: )

Seriously though, street money is just a term to describe uninformed/novice traders, while smart money describes the banks and those that move that market.

Matty

7840

Smart money knows how street money thinks and street money isn’t even aware that there is such a thing as street money. Basically its the hunters… And the hunted

7841

This week was good to me Monday to Thursday, Friday however killed me hard and brutal, I take it as a lesson, huge lesson,
3 coming week I will spend my time on the ocean again not be able to follow, wish you happy hunting. Laters!

Kenneth

7842

Smart money drives a Mercedes and street money drives a Toyota. The purpose of this thread is to get all of us into Mercedes.