Forex rebates on every trade - win or lose!

'Everything that you've said points towards trading what you thought, not what you saw'

Must admit that comment hit a raw nerve with me Hils.

I think I have been attempting to trade FX for about two years now and this latest attempt is probably my last. When things don't go right it's time to stop being stubborn and work out where it's going wrong. Too often I have opened trades on the premise a line has been hit and therefore it must reverse, only to see the pair merrily trogging along. Essentially placing a trade on what I think rather than what I can actually see. Some time ago I posted what I thought FX trading was all about and although I haven't looked back I guess it was all a little naive. Anyway I now have my own rules (again) and this time I will stick to them because they have been developed on additional experience and I know if I don't do what I say it will end in disaster and I really want to make this work.

1. Pot preservation is everything - I cannot afford to lose money and therefore the following must apply:

a. Never ever commit all of my margin to one trade, an entry psoition is likely to be less than perfect and although I may be right in determining the overall trend, FX has a habit of kicking you where it hurts. If I retain margin I can always add later on.

b. Use sensible stops, if the trade is wrong get over it and start again, I won't get it right all the time.

2. Do not trade for the sake of trading, there will always be an opportunity and patience is everything.

a. Wait for the right entry, make sure the indicators are all pointing in the same direction. If they are not, it's a risky trade and at best a 50-50 call. I can make the odds better by waiting.

b. If necessary, sit on my hands. walk away from the screen.

3. Cut losses, let profits run.

a. Improve my entry position and I will be happier to let my profits run and conversley less likey to have to cut a loss if the entry is right. Poor entry stimulates anxiety and a relief just to break even.

Discipline is everything, if I do not stick to my rules I will fail, it is simple as that.

The trick now is to do what I say and not what I think :)

pth

My biggest revelation in trading...(regardless of the instrument)...was how EASY it was to learn the trading rules...but how HARD it was to apply them...

knowing HOW to make profits is not the same as actually making profits.

I had hoped that you were going to say that the 1 minute MACD was passing up through the zero line at the time, as that was the only justification that I could really see for the trade

Just to add my thoughts on the above.

The price was around the bottom pivot point price. Indicators on various time frames were showing overbought and most importantly the candles on the 5 min charts showed a definite signal of possible reversal. On the 1 min chart there was a nice 123 entry

pth, read an article giving 20 odd bullet points about daytrading. One of the best for me is (as hils says) never let a profit turn into a loss.

See cable is struggling at the weekly pivot point(645 area)

Ofski tonight over the channel, sounds like theres a bit of snow about

Goforit not trading Cable at the moment, that particular cross has caused me significant grief so am leaving it alone; have been shorting the euro/yen since Friday and I think still some mileage left yet. Well, I hope so :)

Cable still a long atm...imo....

Cable :

All those positions snapped up around 2.0550 on that successful test...providing a nice buffer..

Losing count how many times euro/yen has bounced off 161.65 in the last few hours, 'bout time it gave up the fight.

Also watching euro yen here pth, making money on it but looking for a move one way or the other...

Keeping a close eye on the DOW now SC.

For info I have been drawing lines on longer term charts and there are 3 different levels of support at 161.50 which is why I think it's struggling to break down. It will come I'm sure, but out for now and looking for a possible entry further up.

Seymour,

I'm expecting EUR/JPY to continue unwinding southwards until the dottie line hits zero on H1.

Watching those Dottie lines Hils, mostly short positions this afty.

Short again at 161.62 fingers crossed :)

DOW looking a bit too sprightly for my liking at the moment, it's going to have a go at 13400 or even perhaps higher, hope not :S

paulson trying to talk up the dollar at the mo

What was I just saying about timing a position? Jeez got this one wrong after having got it right all day. Still think it's a short which is why I added at 91. Also seems everytime I post what I'm doing I end up looking like a berk, think I'll keep quiet from now and keep my trades to myself!!

did we make more posts than the traders thread ?

pth,

Do keep posting your trades.

Fwiw, I'm expecting the next move up on the 1-minute to stall below 162.04 followed by a move down towards the 161.46 low. I also expect it to gain support somewhere above this level as it's starting to look like the downleg from Friday is running out of steam on the 1-hour and I'm anticipating a decent move up overnight and tomorrow.

They're just my thoughts and I would stress that I won't be trading what I think. That's to say I'll be waiting for hard evidence of a turn first before entering the market.

I had a short at a similar level and stopped it for a small loss, Have been busy but I was wondering whether we might be looking to move back up but was busy for the last 2 hours so couldn't watch :-(

Overall positive for the day which is nice.

Hils,

Thank you for the advice, have been looking at why I thought 62 was a good idea and I must admit I can't see it now. I was watching the DOW at the time which was falling off, of course it smartly recovered and next time I won't be influenced by any one single factor, basically I was trying to second guess the market, der :(

I also have a line drawn on my chart at the .04 level, which for this move is pretty key, goes through here and 162.55 is a distinct possibility. Fortunately it seems to be running out of steam now.