FOREX PRO Weekly December 12-16, 2011

[Triantus Shango]

but even though price action is outside the CD leg? you would still consider that a valid BF? i ask because in the pesavento book most of the examples he gives are fairly well formed. so i usually dismiss those formations that don't fit exactly along the triangle sides.

 

[Triantus Shango]

q-rick, i hope you're right because right now i royally blew this trade.

 

[Q-Rick]

Agree regarding the lack of harmonics on the 15m, so I wouldn't trade on it alone, but we have a number of positive aspects that support an intraday BUY in this area.

 

[rashidin5178]

I am one of those stories friend blew out my account 3 times amounting to £30,000 and had given up trading.

But after a 2 year break educated and learned the phyocogy behind this business and AS ARNIE WOULD SAY I AM BACK!!! and trading as a living very consistently.

As i think our friend Triantus mentioned most important aspect is RISK MANAGEMENT and MIND SET.

I wish all the best in your trading career Rashdin.

Asif

Hi Asif,

I feel sorry to hear about your losses. But imho, if we quick after some big failures, then the money is gone. If we fight back with proper money management, mindset, right psychology and with FPA assistance, together we fight for the pips. I'm happy you now are able to execute proper money mgt, but me, why is so difficult to dicipline ourself?
Thanks and Best Regards

 

[Triantus Shango]

tell me about it! today i had a glaring lapse in mind discipline. indeed it is hard not to fall back into old habits. i am repeating 'trade what you see' until i am blue in the face.

 

[RahmanSL]

"...I am blue in the face. ".

Looks dark brown to me!

...but tell me about it as I am immune to accounts wipe out by now!....Bad money management??...Guilty as hell!

 

[asif faryad]

Triantus

Take up a hobby or other interest as i used to be glued that damn!! screen like a living dead Zombie!!!! lol

Know i have taken up walking and swimming as i only trade my plan and use Sives longer term out look as a reference guide.

I have now learned risk management very well.

As from last weeks trades i did 2 i made 300 pips already.

And today i am 160 pips in profit and have closed the risk so if trade goes against me i lose nothing and am enjoying the movie!!!
This took me a long!!!!!!!!!!!!!! time to get to,but now i enjoy it very much.

Anyway i wish sincere success as your actions remind me of myself 3 years ago. if you really want it you will get there!!!!!

I am off for my daily swim i speak with you soon my friend take care and Ps; i love your avatar picture and if you are allowed to say which country you from?? if can say

 

[asif faryad]

Hi Asif,

I feel sorry to hear about your losses. But imho, if we quick after some big failures, then the money is gone. If we fight back with proper money management, mindset, right psychology and with FPA assistance, together we fight for the pips. I'm happy you now are able to execute proper money mgt, but me, why is so difficult to dicipline ourself?
Thanks and Best Regards

Hi Rashdin,

Dont be sorry as know i have learned so much,and my main lesson was that what ever anyalis you use to trade is only a edge or probability nothing more!!!
2 things can happen you are either right or wrong!
Risk management is the next hurdle as once your edge appears you enter and then if your edge gets you 1;1 MINUIM OR 2:1 RATIO and your edge works even 50% you will be very well rewarded.

I know have got to the stage where i have orders to open at certain prices and if they get filled then great,i also sometimes if the market is made on a rally will enter the market.

I am a bear on the euro so i always short i never buy.

But as the saying goes :BULLS MAKE MONEY BEARS MAKE MONEY BUT PIGS GET SLAUGHTERED!! )

Its a hard process to change and even know i have to daily refocus when the old habits try and bite!!!!

I wish you all the success as its a wonderful fussiness i am next year retiring from the uk to live in Cyprus as i can make enough money to live on comfortably there in nice weather!!!!!! ))

 

[Triantus Shango]

indeed guys.

rahman: cost of my FX education so far, USD 50K. the school of hard knocks.

asif: good for you! hope you enjoy life in cyprus--that's an awesome place. you show us it is possible and i appreciate that. as to my avatar, i love african art and also i thought that that guy's expression perfectly represents the trader's fighting mood especially at news time.

as to where i am from, and since this is a public space, let's just say of european descent and paranoid as i am, i am sure you'll understand i don't want to make it easier for the watchers ;-)

 

[TraderBob]

Cost

indeed guys.

rahman: cost of my FX education so far, USD 50K. the school of hard knocks.

asif: good for you! hope you enjoy life in cyprus--that's an awesome place. you show us it is possible and i appreciate that. as to my avatar, i love african art and also i thought that that guy's expression perfectly represents the trader's fighting mood especially at news time.

as to where i am from, and since this is a public space, let's just say of european descent and paranoid as i am, i am sure you'll understand i don't want to make it easier for the watchers ;-)

And mine includes one unhappy wife