Forex Signal (Wed, August 25 2010, 10:00am NY Time EDT) - US New Home Sales...

[FedericoB]

the trade is going the opposite direction

 

[DaveO]

the trade is going the opposite direction

Yes, the USDJPY is not the right pair to choose in the present circumstances. Note what Henry said about the risk aversion.

David.

 

[ecafyelims]

No Trade

ACTION: USD/JPY BUY 400K SELL 260K

No trade. Thanks for playing =)

 

[duck]

If I remember correctly a coupla weeks ago Henry told his followers to buy the USD/JPY if it went down to 85. It was not a news related call, just one of his generalised opinions.

I imagine some novice traders will still be long from Henry's call since there were no stops or trading parametes attached to his "opinion".

David.

Well, #1), the best traders in the galaxy will be wrong sometimes, and if you do an honest audit of Henry's calls like I did, I'm sure you'll see he's pretty dang good.

and #2) it's not Henry's job to give specific details on stops. He, along with everyone else, gives what details he chooses to give and it's up to the readers to fill in anything that's missing.

Obviously there are always novice traders around, and they will make mistakes regardless (it's a stage all of us go through). Whether Henry chooses to share news info or not won't change that.

A word to newbie traders -- do not "follow" anyone blindly, including Henry. *You* are responsible for the trades you choose to make. No one else. Weigh info from everyone carefully, and if you act on a trade, do so with a stop where you will never lose more than a small percent of your account if it doesn't go as planned. Never "hope" that a trade that's going bad will reverse reducing loses or turn a profit, even if you have had that happen before. In forex and all trading, "hope" is a 4-lettered word. It will kill you. Never get married to any one trade. If one trade goes bad, then it's a loss. Forget it, accept the loss, and move ahead to the next trade opportunity. Successful traders make the law of averages work for them. Gamblers just try to have a lucky night. Be a trader, not a gambler.

 

[DaveO]

Well, #1), the best traders in the galaxy will be wrong sometimes, and if you do an honest audit of Henry's calls like I did, I'm sure you'll see he's pretty dang good.

and #2) it's not Henry's job to give specific details on stops. He, along with everyone else, gives what details he chooses to give and it's up to the readers to fill in anything that's missing.

Obviously there are always novice traders around, and they will make mistakes regardless (it's a stage all of us go through). Whether Henry chooses to share news info or not won't change that.

A word to newbie traders -- do not "follow" anyone blindly, including Henry. *You* are responsible for the trades you choose to make. No one else. Weigh info from everyone carefully, and if you act on a trade, do so with a stop where you will never lose more than a small percent of your account if it doesn't go as planned. Never "hope" that a trade that's going bad will reverse reducing loses or turn a profit, even if you have had that happen before. In forex and all trading, "hope" is a 4-lettered word. It will kill you. Never get married to any one trade. If one trade goes bad, then it's a loss. Forget it, accept the loss, and move ahead to the next trade opportunity. Successful traders make the law of averages work for them. Gamblers just try to have a lucky night. Be a trader, not a gambler.

I disagree with your #2. Its up to Henry to be a lot more responsible with making wild calls in the face of a bunch of novices.

You message to novices I entirely agree and is the whole point of my post !

 

[PipDog]

I disagree with your #2. Its up to Henry to be a lot more responsible with making wild calls in the face of a bunch of novices.

You message to novices I entirely agree and is the whole point of my post !

OK, how about this? For any trade use a SL that meets your specific risk tolerance appetite...maybe 10 pips...maybe 20 pips...maybe 100 pips. And be sure to brush your teeth twice a day, too.

Point is, if you're gonna trade forex (with real money, not a demo account), you shouldn't really need such specific information. You should of already gotten to the point where such instruction is extraneous. Otherwise, you may be getting ahead of your skill/experience and are likely to lighten your account.

I don't think Henry (or anyone) should have to provide that degree of instruction on any subject, when the format is free and open. Use at your own discretion and risk.

 

[DaveO]

OK, how about this? For any trade use a SL that meets your specific risk tolerance appetite...maybe 10 pips...maybe 20 pips...maybe 100 pips. And be sure to brush your teeth twice a day, too.

Point is, if you're gonna trade forex (with real money, not a demo account), you shouldn't really need such specific information. You should of already gotten to the point where such instruction is extraneous. Otherwise, you may be getting ahead of your skill/experience and are likely to lighten your account.

I don't think Henry (or anyone) should have to provide that degree of instruction on any subject, when the format is free and open. Use at your own discretion and risk.

PipDog,

Open your eyes to the average trader Henry is addressing.

I been a professional trader for 15 years since I retired from mainline biz at age 50. Companies I grew myself and sold out to retire in peace. I have moderated several RT futures trading rooms during my trading career and taught many guys and gals how to trade.

Henry is not being responsible with his random calls for the eyes of novice traders. If you are experienced then you do not have a problem. Henry should stick with the news analysis and refrain from venturing beyond. His pip claims for pre news action are frankly preposterous as you well know. He has himself to promote for his commercial products which is why he exagerates his claims.

If he wishes to go well beyond news event analysis he should provide proper tech analysis like Sive Morten is very capably doing for the EU. Anything less is downright irresponsible for this particular audience.

 

[Kerry123]

and....

Never get to close to a strange dog. You might get a nasty bite!

Kerry

 

[Dave2012]

If you're having to ask on a forum what to do with your position then you're already doomed. You should probably just cut your loss and learn from your mistake, rather than hoping it comes back your way.

No offense, but just trying to give you some "tough love" and encourage you to not to be another lemming and Henry worshiper that follows him blindly. As you may have noticed, these threads are littered with those kinds of people; don't be one of them.

As a suggestion for the future, do your OWN research before the news release, and devise your own plan. It's fine to compare what you come up with to Henry's plan and see how close you are to him, but still have your own plan. You can use the FPA calender to look at years of history on all the releases, see what deviations came in for each release, and what the price action was as a result.

So before the release, know ahead of time what YOU will do, independent of Henry. Know when you'll enter your trade, when you'll take profit, and when you'll exit the trade and cut your losses if it goes bad. If you do that homework ahead of time, you'll never again have to post in a forum to get your answer...

Hats off to a voice of truth!

Google News Trader Pro---->>> Research and establish your own deviation triggers.

NOTE: I am not nor have I ever been associated with Wincorp Consulting Company.

Peace....

Dave

 

[Dave2012]

Well, #1), the best traders in the galaxy will be wrong sometimes, and if you do an honest audit of Henry's calls like I did, I'm sure you'll see he's pretty dang good.

and #2) it's not Henry's job to give specific details on stops. He, along with everyone else, gives what details he chooses to give and it's up to the readers to fill in anything that's missing.

Obviously there are always novice traders around, and they will make mistakes regardless (it's a stage all of us go through). Whether Henry chooses to share news info or not won't change that.

A word to newbie traders -- do not "follow" anyone blindly, including Henry. *You* are responsible for the trades you choose to make. No one else. Weigh info from everyone carefully, and if you act on a trade, do so with a stop where you will never lose more than a small percent of your account if it doesn't go as planned. Never "hope" that a trade that's going bad will reverse reducing loses or turn a profit, even if you have had that happen before. In forex and all trading, "hope" is a 4-lettered word. It will kill you. Never get married to any one trade. If one trade goes bad, then it's a loss. Forget it, accept the loss, and move ahead to the next trade opportunity. Successful traders make the law of averages work for them. Gamblers just try to have a lucky night. Be a trader, not a gambler.

#1------>>>> I fully disagree.

There are no wrong trades. Just winners and losers. Every trade I take is the right trade... what the market does AFTER I enter the trade is beyond my control. If you are thinking in the mindset of right and wrong then the battle is already lost and you are already placing yourself in a severe disadvantage.

#2----->>> I fully disagree.

Henry is in a position to influence the actions of other individuals by choice. With that choice come responsibilities. The thread is entitled "Currency Forex Trading Signals" is it not?

Last Paragraph----->>>

Good advice Duck!


Peace...

Dave