Others   

Forex Junction

i too was wondering of the impact of the financial instituitions crisis on  forex trading

 

 

out of trading forex recently as pip spread are abit too big for my appetite. i guess even forex are affected with the closure of half of the investment banks hence less speculation and less volume. this crisis is indeed bigger than expected.. 

 

obey the Rule of the Jungle ... survival of the fittest ... whether it is physical or  mental or strategical or genetical  .. or in modern days even .. financial 

 

 

Achtung !!


Don't enter the White Tigers den armed with only a broom and a bucket !

white doesn't mean it is innocent nor is it your neighbourhood pussy cat !

obey the Rule of the Jungle ... survival of the fittest ... whether it is physical or  mental or strategical or genetical  ..

.... or unless have other irrational  motives ...

---------------------------------------


(personally ... kept thinking why and what might gone through Nordins' mind at that moment ..very sad and tragic ... verily we belong to 'Creator' and to 'Creator' we return )

 

It is precisely this kind of volatility which is the main attraction of fx play..

One should drip saliva, rather than 'stay away' !... hehehe... .

singaporegal      ( Date: 13-Nov-2008 21:02) Posted: The currency markets are extremely volatile these few weeks.... I'm staying away for a while...

 

it's my fault ... for putting stop-loss very far away ...



caveat emptor  --- sharing a lesson ....

 

" DJIA beautifully up ~430 pts as we speak, on back of a 200 pip rise in the UJ. near perfect bounce off its support line, though dropped below for a spell no thanks to a statement by Soros (who is, of course, a vested party). " ..... Elfinchilde

so.... it's Soros fault ....

 

caveat emptor -- for fun and inspirational purposes ... not an inducement

 

The currency markets are extremely volatile these few weeks.... I'm staying away for a while... 

 

edit : i suppose , intermittent/occassional  postings are ok ..... :  )

 

just got back  ... looks like i had missed a good set-up ... ah ,well the market is always there ...

 

caveat emptor -- not an inducement -- for fun and inspirational purposes only ...

 

novicex :

gee, thanks 

i think ur your 'chicken soup' thread is not a bad idea ... its quite innovative ...... wonder what others think ... just hope that it doesn't become  a case of  'too many cooks spoil the soup ' ... and i fear that it might morph into an Agony Aunt thread ....hahaha !

i suppose , intermittent/occassional  postings are ..... :  )

 

 

my dear baseer, I have been inspired by you to do paste those 'chicken soup' postings in here.. maybe we should start a chicken soup for the traders thread..hahah..

Anyway, I didn't write it. Took it form somewhere and forgot to give credit for it.. Ouch!

baseerahmed      ( Date: 12-Nov-2008 11:00) Posted: novicex: thanks for your postings ..... it gives solace and inspires .... such reads are 'chicken soup' ...

 

novicex:

thanks for your postings ..... it gives solace and inspires .... such reads are 'chicken soup' ...

 

Man proposes God disposes.... the reality ....

 

caveat emptor

 

just some observations:

UJ responds to the pivots, EU to the mid pivots. EU especially adores the fibs. play on 15min candles with observations of channels drawn on 4H, only in direction of channel.

 

CWQuah :

 

 

baseerahmed      ( Date: 12-Jan-2008 22:35) Posted: wow ! wow! wow!wow!wow! casually had been looking at daily and 1hr charts of gbpusd for the last few days (without even reading up on forex news .. flying blind, so to speak) ..and made this observation : TA must have been build for this ..provided one can zoom in on the right combinations of patterns and indicators ..wow ! ..the power of TA ! or may be it was just beginners luck ? ! .... need to roll up the sleeves and do some more observations and more reading up on forex ..and set out some time to look into those videos and ebooks shared with cashiertan! mmmm .. i am reminded of the invitation sometimes back extended by Kilroy (hope I got the right person ) to elfinchilde to make use of her TA skills on forex .... mmmm .. ( hope she is reading this ..hahaha !) ---------------------------- (note: this is not an inducement .. just a personal observation ..posted in good faith ...if u are not properly equipped .. this Ali Baba's cave can morph into a landmine instantly .. be warned .... hahaha ! )

 

I'm amazed by how obedient forex is towards technical analysis.

I decided to do some experiments using a demo account. Objective is to measure the probability of a successful trade out of all the opportunities offered tonight using USDJPY.

First opportunity - Played a break of 99yen after double inverted hammer formed on 15 min chart. Tgt was 98.75 (most significant recent low, assumed support worked). Waited for it to retest 99 upwards, came down, and initiated short at 98.96. Achieved 21 pips.

2nd opportunity - With 98.7 as intermediate support after 99 was broken, played another short, tgt 98.53. Achieved 17 pips.

3rd opportunity - The cheeky gambler in me took over. I wanted to short it more, but looks like some greed came into the picture. got whiplashed a bit and lost about 15 pips. Total at 23 pips :-(

Last trade - Saw an interesting Fibo level at 98.5 plus small pennant formation within a major downtrend. So, decided to try out short at 98.5. VOILA! One long bar to 97.92, but I'd set the profit taking at 98.05 because of potential technical support at 98, and I wanted to get out a bit earlier seeing that the chart was close to a parabolic downtrend (may not sustain downtrend for long). 45 pips.

Decided to stay out; 98 level looked interesting. But had enough for the day, so I watched from the sides. Saw a potential trade again at 150% fibo extension of 97.63. And darn! Really dropped from 97.92 to 97.62 obediently.

TA rules. Period. 

 

 

caveat emptor -- for fun study 

 

 

Most amateur investors will bail out of an investment program after three straight losses.

How you handle losing trades psychologically is a cornerstone to your ability to prosper in the makets. Losing properly (by losing small and continuing to make
your trades) makes winning possible.

You have to learn to accept your losses, because if you're not willing to take the chance that a trade could lose a pre-defined amount (by using a stop), you will be afraid to trade or will be scared out of a good position as soon as you get a small profit.

This defeats the goal to score big when you are right. A successful trader's mindset must accept losses as a necessary and beneficial part of the trading process when handled properly.

You must have the discipline to always cut your losses or keep them small. You must resist the temptation to say to yourself "It will come back". That type of thinking has ruined many traders.

This is the main thing that will allow you to stay in the game long enough to become successful. If you have discipline and patience, the end result will pay off for you. After all, this is the greatest game in the world, and it's the fastest way to wealth!

When I'm in the zone as a trader, I am totally focused and absorbed in the moment. Time seems to expand, my mind is clear, and I know what is coming next. My indicators speak clearly to me and I obey them automatically.

And being a part of this "now" moment is what makes me, as a trader, perform at the highest level. My ego is not dreaming of riches or fretting over bills to pay - it's just along for the ride. My trading is not tied to my self-worth as a person.

You will reach your trading goals by increments - once you accomplish one goal, you celebrate that success and then set another higher goal.

Peak experiences seem to occur often in what many individuals call "the zone". "The zone" is a state of transcendental well-being, an altered sense of time, or
being on a high, a state of focused energy, a euphoric state of optimal performance, exhilarating, uplifting, with a sense of mastery and control and invincibility.

Others describe the zone as radiant happiness, laser-sharp intuition, a total absorption in the present moment, with no self-consciousness or distractions. This state of mind has been called "intrinsically rewarding" because it epitomizes the love for the game itself, and not so much the outcome. All great traders have a basic love for the game itself because the emotional rewards are so great.

The zone is a rarely achieved psychological state, but once you have been there, you will want to return to the zone again.

One of the keys as a trader is that you must spend the time necessary to make trading skills "automatic" and create winning trading habits. Preparation and
practice make for proper skill development. By making these actions automatic, the mind can be totally absorbed within the zone.

What is the key to success? Dedication. The more you practice, the better you get. And you MUST believe in yourself and your ability to succeed. Keep your thoughts and behaviors positive, and you will increase your odds of a favorable outcome in your trading.

Trading is an art form that can be developed with time and plenty of practice.

Go slow, trade with caution, obey the indicators, and only trade when you're not tired or feeling stress.