Their is a lot of Trading psychology that is involved when we are trading in the Forex markets. a lot of Greed also comes into play when our orders start hitting the Profits and we want more of it.
Hi Guys,
anyone made a trade ??? market been down down down, whats new???
Hi guys, does anyone have any idea whats going on with GU/EU correlation lately? (GU makes HH and EU makes LH, what does this mean?
(Sorry for the big resolutionā¦)
Full resolution: http://i.imgur.com/UEvXh.png
[EDIT] For clarification, Im a total newbie hereā¦
Could GU be accumelating for a major short right now?
My real money story - if it helps at all -
I will include approximate time frames. (might be important?)
discovered 4x 2007-
created babypips signon 2008 - and opened $500 live account. (lets say Feb. 1st for this part, as the next part may be important)
Feb 3-6 - first made a $100 bucks one night; - - then $1800 by the 6th of Feb (this was back when we still had 400:1 leverage or something like that.
Feb 7-9 - down to about $300 - -
then the remainder of 2008 - played with that 300 - and eventually went broke - probably by about june july. so now a $10 account.
so study- work study work so mid 2009
deposit 200 bucks and go again - - - and within months down to 20-30 again.
so study work study work -
So mid 2010 - 100 bucks - - and this time lasted much longer - -in fact this is my last deposit and right now I am at $50.
But - I did not make many trades from 2010 til now - as I didnāt know what the heck I was doing and I knew it.
And I still know, I do not have a proven method - but I am trying - - my account balance has been between 44 and 66 for about 2 full years ā it is no fun making trades for $1 or $2 total in wins - -when those wins are ābigā ā but it IS teaching me about money management - ā see once I get below $50 I realize I am screwing it up - -and if I get to below $50 ā I gotta be really careful. When I get above 60 - - I am feeling confident. - - This has been going on for many months - - And during this time - it is teaching my about leverage ā when I get stupid - on a āperfectā setup - and risk a little/lot higher percentage - with an even smaller stop ā guess what happens 9.5 times out of 10 - - yeah lose 3,4,5,6 bucks in one trade ā - ā takes me right from 66 down to 60 then to 55 then to 50 - -what a joke eh! three/four trades wipes out 20-25% of account.
and finally (just this past two weeks)- I am trading a style that suits me āswing styleā opening up to 1 or 2 trades per week and letting them stay open for days - - so far 3 trades ā two last week that are still open and one opened last night that got stopped out.
account balance before these three trades was about 48 - - and account balance now (unrealized - is 51, unrealized, but no risk either both are set to B.E.)
I guess I am just saying it may take awhile to get through live trading roadbumps - - but I feel now that I have a $20 range of security - I guess. and with my new style I am hoping to break out of this range and bump it to lets say a $60 min and $100 max ā and then next goal - - not to get less than $100 and so on.
This is really hard for me- cause all I want to do is deposit 3,4,5 k - - so that a trade nets 30-40-50 or more dollars vs. 1,2,3 dollars. But I have convinced me - I need to build this tiny account to ensure that what I am doing is both consistent and reliable over the long haul.
And so finally I guess this is more of a side noteā I am trading āmyā plan - and sticking to it for awhile to see how fruitful / fruitless it is 
but itās a plan.
Hi PerchTird
I really like the story, love hearing and reading about others storiesā¦
Not that ive been doing this half as long as you (ive pretty much only been learning since i joined babypips), but it seems one of your biggest problems is that your caught on the monetary value too much. I know it may be easier said than done, but i think its far better to concentrate on % of your account for your wins / lossesā¦ If a trader says he made Ā£200 in a single trade, that can be a relatively good trade on say a Ā£2000 account, compared to somebody who was trading a Ā£200,000 account (of course hypothetically lol)
Iām only in my demo stages and my demo account is funded with Ā£200ā¦ Which is more or less the exact amount ill be going live with (as its all i can really afford - student living lol)ā¦ So for me, my wins are fairly small too (even though it is demo money), but i try to focus on more the % ROI.
One idea which i really liked which was done by one of the users on here - akeakamai. Something he posted in his thread recently showed he has a separate spreadsheet showing what his account balance would be if this was a $1mil account. You can see it here:
http://forums.babypips.com/show-me-money-daytrading/44370-akes-trading-adventure-5.html#post350133
I think its a great way to start getting us in the mindset, and also i think itāll help you start focusing more the % return rather than the actual monetary gainā¦
Anyway, i admire your determination to keep at itā¦ Ive already feel like ive been through huge road bumps psychologically and emotionally - and ive only been doing this since the start of February
Good Luck :57:
When we have set small targets for us t hen it also becomes more easy for us to be able to open the trades and get to the levels at which we are comfortable with.
In the starting we do not need to take in any pressure at all.
IĀ“m here for the same question!! Someone?
Well, given that crack means reversal and the increasing in short position of the hedgers (GBP - COT Report), I think both pairs prices will go up. ItĀ“s right?
Good advice - not that I am hung on $ itself at all - - I do understand completely the % and pips is key - that is why I will build this $50 - vs - - depositing 2,000. - - but your comments did lead me to think about what I do think about - which is win % ā I am so very focused on this - ā I figure if I can win 70% or 80% or better of my trades ā āI think I canāt Loseā ā - which we all know is false if Money Management is poor. But for me ; somehow I find comfort in knowing or thinking that I know if I take this trade 7 of 10 of them will win - - - - which neither good or bad - I need to deal with it - - I am sure there are methods where you win 1 and lose 10 ā but you make tons o pips (not cash, but pips) - - someday maybe iāll understand and be comfortable with either way ā so for now my focus is win percentage - - I guess Iād take some advice here too! I posted my āforward testingā thread in the swing traders environment if anyone cares to visit and comment on it.
First blood this morning (UK) with Cable using OTE off key resistance during LO.
Daily trend bearish, yesterdays high at 1.6122 acting as Key R, fib down to todays asian low, Sell with OTE @ 1.6111, SL and TP adjusted.
Im looking now for reversal now or near 1.6049 (yesterdays low as key support).
Modest I know by normal standards, but its one of the few trades won methodically, and the first where I spent time last night and this morning using ICTās analysis to get a result.
I love Stop Loss! =D
I have seen the the Cable started to have a Bullish phase and that it was being pulled down only due to the Safe Heaven flows of the US Dollars.
I feel like I should contribute a little to the thread:
Floored The Movie (Full Movie)
Also, I find that if I focus on the weekly price action and reduce the number of my trades (2-3 weekly) I tend to be more profitable (and relaxed).
cheers
Quick question for other newbs and/or those experienced in the ways of ICT.
So far I have finished watching and taking notes on ~40 videos. I have a 25 page document together that I intend to keep adding to as I watch the other 30-40 videos I have. This is my own āmanualā or Cliffās Notes on the material. Is there something else out there that I can add to with what I have when Iām done?
Itās not going to be done anytime soon but should I make it available to others here or just leave it up to everyone on their own to watch/review the material ICT puts forth? Iām itching to start demoing but I have told myself not to touch it till I finish my āmanualā then review it all over again while playing with a demo account.
Just wanting some thoughts from others.
EJ
I have similar project going onā¦
I have been following ICT thread for almost a year and half. I wasnāt active in the discussions and you can call me a lurker if you want. I am still going through the thread now but as I read through the tons of information Iām saving most important posts (some may find it usless but other could find it very helpfull and time saving) and segragating them in common topic they reffering to. I have still got 2/3 of posts to go. If anyone interested I can make it available for personal study boost
I will make it available once Iām finnished. I think it will make very good reference guide to ICT teachings and alternative to time consuming thread reading as I understand, time for folks working full-time is no1 issue.
Be patient.
This is exactly what I have planned. I bought a fresh notebook for this exact purpose. Iāve been going through the thread for about 2-3 months now. Patience is the key. Iām so excited to get started but I also know that slow and steady wins the race. Itās much easier to do it right the first time rather than have to unlearn bad habits. Iād be interested to see your notebook when Iām done with mine to compare notes. Good luck to you as youāre a couple months ahead of me and Iāll be interested to see how your demo is going.
Hi Everyone,
I have been watching the videos and after having watched them all I am not sure on what the turtle soup pattern is supposed to be? Is it just a false breakout which is followed by a reversal and OTE?
Also I have attached a picture of the chart for USDJPY from earlier this week where I have taken a sell entry.
Copied from Journal:
Optimum trade level hit, pivots in the sell area, stoch over bought, above asian bottom, hitting downward daily trendline.
Target at 100% and 161%.
BE at 100% after one trade closed.
2% total equity used.
What do you lot think? Correct entry? Maybe I should of waited for a turtle soup but I am not sure what that is.
[QUOTE=woolo;351730]Hi Everyone,
I have been watching the videos and after having watched them all I am not sure on what the turtle soup pattern is supposed to be? Is it just a false breakout which is followed by a reversal and OTE?
A turtle soup is a stop raid to the last highsā¦thatĀ“s what i understand from itā¦
Thanks for the reply!
I remember the videos explaining these false breaks before quite similar to the search and destroy pattern in a way.