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caveat emptor ... for educational and entertainment purposes only ... not an inducement
caveat emptor ... for educational and entertainment purposes only ... not an inducement
anyone can comment on the charts of usdjpn ?
caveat emptor ... for educational and entertainment purposes only ... not an inducement
This is also another way of saying, "Even the invincible always have to fight a black swan"... hehehe...
UJ -- Head and Shoulders on 4hr Chart
never anticipated this spike -- goes to show "Anything can happen --Mark Douglas " ---- stop-loss in place is supreme.
caveat emptor ... for educational and entertainment purposes only ... not an inducement
caveat emptor ... for educational and entertainment purposes
only ... not an inducement
caveat emptor ... for educational and entertainment purposes
only ... not an inducement
This
Traders Creed deserves to be framed up and permanently displayed.
It is a good trader's secret mantra (
zhou).
Belief Statement from a professional CME Floor Trader
I am a professional trader. My job is to take risk. If I manage my
losses and let my profits run I will be successful. Because I am a
professional trader, I will forgive myself easily for making mistakes
and move on to new opportunities. I feel great that I have the
discipline to control my emotions and the patience required to be a
professional trader. I am a professional trader and will make
$1,000,000 by year end. I will achieve this by following my trading
plan, setting achievable goals, and controlling my emotions. I am
confident and believe in my own ability to be consistently profitable
because I AM a professional trader.
just pasting the usdjpy daily chart ...
caveat emptor ... for educational and entertainment purposes
only ... not an inducement
USDJPY - Demo Trade on weekly chart
ok ... as the 'wind' was getting weaker, last night had moved the stop-loss to 270 pips from 300 locked-in pips ... was just playing it safe with the retracement at the immediate support ....
looks like the 'kite line was cut' at the stop-loss .... so now out of the game ... with 270pips
ok ..back to the drawing board for the next set-up ...
caveat emptor ... for educational and entertainment purposes
only ... not an inducement ... past performance is no indication of
future trend
Sifu CWQuah ,
Thank you very much for the clarification.
: )
Baseerahmed,
98.94 is 2 pips above the price of 98.92. Market price (98.92) should tally with the bid price (ask price is bid price + spread).
If your broker's spread is more than 2 pips, e.g. 3 pips, then it's likely the order would fill only at MARKET price 98.91, or equivalently, when the ask price hits 98.94 (98.91 + 0.03). Coz buying is triggered at ask price.
So at 98.88, this is fulfilled.
baseerahmed ( Date: 05-Mar-2009 11:18) Posted:
demo trade usdjpy :
last night, had keyed in for sell from 99.14 to 98.94 .... the price had dropped to 98.92 and yet did not trigger limit order of 98.94 .... however the second time it dropped to 98.88 , the limit order got filled ......
can any sifus could shed light on this ... ? thanks .
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demo trade usdjpy :
last night, had keyed in for sell from 99.14 to 98.94 .... the price had dropped to 98.92 and yet did not trigger limit order of 98.94 .... however the second time it dropped to 98.88 , the limit order got filled ......
can any sifus could shed light on this ... ? thanks .
Demo Trade Usdjpy
in light of latest development, had upped the stop-loss to lock-in gain of 300 pips.
caveat emptor ... for educational and entertainment purposes only ... not an inducement ... past performance is no indication of future trend
Many doctors and professionals have chucked their callings aside and entered the promising world of forex.
Many fail to make it rich,... of course,... because everyone told them it's easy... hehehe...
If you are new to trading and/or you have had difficulty finding some
consistent success, you must understand something. This is not a game
and it's not a way to get rich quick. I suppose there is the odd
exception of the person with a ton of money to play with, but if you
approach this business without a business plan and the willingness to
follow it, you are almost certainly doomed to failure. A doctor spends
ten plus years in a grueling learning curve to be successful and earn a
six figure income; anyone who thinks that their pot of gold in this
business is a couple of months down the road is in for a rude
awakening.
Below is a minimum requirement (in my opinion) to find out without
losing your @#!@#$%$# if this business is for you. By following these
recommendations, you will be treating trading like a business and you
will be learning and gaining confidence. I think this is so important,
I am going to make the following statement:
If you start out in this business using no common sense, you have no
one to blame other than yourself when you lose all your money.
There is no reason to ever lose a dime of your money while learning to
trade. A well thought-out business plan, common sense and hard work is
required for anyone who wants a chance at success. Many people meet
those requirements and still fail, but it does not mean you have to
watch your bank account go to zero.
MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):
- ON
DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE
PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL
COMPLETED.
- OPEN AN ACCOUNT WITH HALF OF THE INVESTMENT YOU
INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY
TIME-FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU
NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU
DO NOT PROCEED TO STEP THREE UNTIL STEP TWO IS COMPLETED.
- FUND
A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES
UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX
MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY
ONE TRADE.
- IF AND WHEN YOU DECIDE TO DAYTRADE ON A SMALL
TIME-FRAME AND YOU DON'T FOLLOW THIS TEMPLATE, AT A MINIMUM, YOU ARE
ALMOST CERTAINLY GOING TO FIND YOURSELFE IN TROUBLE. IF YOU ARE GOING
TO FOLLOW A SYSTEM OR ANY TRADING STYLE AND YOU DON'T FOLLOW THIS
TEMPLATE AS FAR AS THE DEMO PROCESS, YOU ARE NOT TREATING IT AS A
BUSINESS AND YOU HAVE NO ONE TO BLAME OTHER THAN YOURSELF IF YOU LOSE
YOUR MONEY.
- IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF
YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO
AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR
ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING
AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS
BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX
MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T
WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.
Your goal should be
this. Learn, learn and learn some more and don't do anything stupid
while your getting your feet on the ground. The ultimate goal of any
trader is to build an account to a size where just a few good trades a
month produces a staggering income. Hardly anyone ever gets there
because they don't treat it as a business. They do stupid things that
they would never do in any other area of their life and it's because of
the money that can be made. If it takes you a couple of years or even
five or ten to reach the level of a staggering income, is it worth it?
The choice is yours.
http://www.forexfactory.com/showthread.php?t=2331
Belief Statement from a professional CME Floor Trader
For
those of us that are battling our psyche, emotions, the little man
inside our head and the guy in the mirror when we are trading, I use a
Belief Statement I got from a professional CME Floor Trader. I read it
before each trading session and find it particularly calming after
having a couple of losing trades or when I reach my maximum allowable
loss.
I made the mistake of questioning the $1 million target and was very
quickly rebuked as "not having the confidence or belief in myself" so I
just read it as copied:
Quote
I am a professional trader. My job is to take risk. If I manage my
losses and let my profits run I will be successful. Because I am a
professional trader, I will forgive myself easily for making mistakes
and move on to new opportunities. I feel great that I have the
discipline to control my emotions and the patience required to be a
professional trader. I am a professional trader and will make
$1,000,000 by year end. I will achieve this by following my trading
plan, setting achievable goals, and controlling my emotions. I am
confident and believe in my own ability to be consistently profitable
because I AM a professional trader.
Unquote
Hope you find this helpful
http://www.forexfactory.com/showthread.php?t=155459
