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RealDemo
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Posts posted by RealDemo
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Best thing I ever did was disconnect myself from all that media chatter
.... now I just have to wean myself off of forums...
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Oh dear........that was awful.
Sounded like an ad for a crappy Hollywood movie, sorry not my cup of tea.
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Here are some links to get yourself a little bit less lost, hope it helps:
Forex Training Online: Learn Foreign Exchange (FX) Currency Trading
Try to be methodical and disciplined in your education right from the start. It can sometimes be at this time that the novice trader is prone to picking up bad habits that can be difficult to undo later on.
This is a good reference as well: http://www.investopedia.com/university/#axzz1f7EM8NYK
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what i am asking is when do you know time is up or the tide has turned?I have been very near the 'time up' point several times, and for all different reasons. Some were financial, some were from just the shear frustration of it all.
Novice traders, in whos company I count myself, have everything against them at the start and most of that comes from themselves. That understanding of what it really takes to win this gig is not apparent in those early stages where we have a susceptibility to be blinded slightly by the bling. Well I did anyway.
Some people like setting goals and if not reached within a certain time they throw in the towel at that point. For others there is no finish and they may well end up going on too long, crashing and burning in denial of the truth that they would make a much better job of doing something else instead.
Trading is seriously one of the few occupations you have to really sit down with yourself and talk honestly, both of you. :crap:
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Interesting discussion.
From a novice trader viewpoint I use the simple HH HL/LH LL rule applied to the timeframe being traded, and honestly I don't want to sound trite when I say that.
I trade intraday so my main focus is on the shorter trends but that doesn't mean I can't also be aware of the bigger picture. Often my entry plan into one of these intraday trades needs to expand as the outlook has become more favourable and the risk needs to be taken to maybe leave 1 or 2 lots on to run. Recent EURUSD short from 1.3750 down to 1.3470 that I got stopped out of yesterday as an example.
My intraday trade may have ended but the higher TF is still trending in my favour so I try and keep with it and ride it a bit further. Same definition different timescale.
As I said I find this an interesting discussion, but personally in my own trading world I need a black and white definition that I can apply without hesitation, like an on/off switch.
Sometimes it takes me out to early, sometimes it saves my bacon but either way it is unconditional and keeps my trades framed and safe from my trading ego.
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My personal view is that the necessity to see and recognise these changing conditions is a key skill to be learned and practised from the very foundation of your trading endeavour.
Essential definitions of trend and an ability to understand timescales are crucial to knowing where you are and what frame of mind the market is in, this includes the idea of risk hungry and risk averse markets.
It's the physics if you like of the market, it trends and consolidates all the time and in all timeframes.
You play the probabilities in your chosen time frame and you play within that framework.
You may well be trading a 5m chart at the london open but that's not important. You gather confluence around your trade ideas like a detective might gather clues to a crime.
If your bias has been well analysed your trade may allow opportunities to expand the framework and leave a part of it to develop to greater profit, running winners, but this is also about being very pro-active in trade management, an underrated component of winning trading skills. Alternatively if you've ballzed it up and it's time to take a hit, your strategy should bail you before it gets uncomfortable.
The OP's idea of your either with it or against it is bang on, that's all there is, you can stick a dress on it if you want but the pig remains a pig.
Interesting then if you look at for example FXCM's "trader sentiment" data, it seems that the vast majority of retail traders are looking for reversals and not trend trading at all.
A very recent example of todays GBPUSD is a jump of 38% taking long positions, maybe looking for the double bottom reversal in this pair. Perfect moment to be asking that "market condition" question in this pair.
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This guy keeps me amused most days with his thoughts on currencies.
This one isn't a blog but as a free internet magazine it contains some very interesting articles sometimes.
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[ame=http://www.youtube.com/watch?v=sN7igYKC3KU]YouTube - Lissie - Wedding Bells (Live)[/ame]
Hi, just as a way to start posting here at TL I'll share this. Lissie is ... well what can I say?
.....great with headphones...... and your eyes closed........ and a whiskey :smoking:
anyway guys nice to be here, I'd forgotten this site existed.
Britain Stands Firm!
in General Trading
Posted
He says that the treaty wasn't in the best interests of Britain so he didn't sign. I'd really like to know what he thinks those "best interests" are?
Is it in Britains best interest to be left out of the economic decision making process of our closest neighbour?
.....I don't think you wanted to do that Dave did you.