I dont know man, GBP has been sort of erratic all day long (at least to my eyes), and with big foundies coming out tomorrow morning (which is always a lottery) I decided to play safe and bank the pips. See, when I enter a trade I ALWAYS have in mind ...

GBPUSD

3rd of November 2005, 12:10 noon EST. Well, it's been a week more less since the raising wedge breakout I posted (check post #189) and it seems like the breakout down move has somewhat fizzled. It all went wrong yesterday when the retracement ...

GBPUSD

If you can sustain CONSTANTLY 200 pips a month, you're definitely in the right track.

How many pips is realistic?

Hello Fiji, Thanks for the answer. When you mention I should first try to find out what my maximum drawdown is, what exactly do you mean? I mean, I already lock out my maximum loss to a 3% per trade. You mean how many losing trades in a row I can ...

My first attempt at Money Management

1st Novemeber 2005, 1 pm EST. Weekly chart - EURUSD seems to show a double bottom right at the intersection with the long term trendline and exactly at the last swing's 61.8 fib retracement. Perhaps it's time for EUR to resume its way up in the long ...

EURUSD

Hmmmm I think I begin to understand. So you reckon that, firstly, I should figure out my consistant win/loss ration and then alter my risk% according to that win/loss ration, lowering it if the ratio is 50% or less. Did I get it right? Thanks!

My first attempt at Money Management

Very simple: I mess around with them the least possible! After doing my technical analysis off the 4H and 30min charts for the entry, I enter a possition, set my SL and a relatively conservative target price. Once the trade has moved around 40 pips ...

GBPUSD

31st October 2005, 9:15 am EST. The ascending wedge breakout has been confirmed by a massive pin bar on the 4H char, which retested the wedge bottom to the pip. Already 60'ish pips my way (I moved stop loss to B/E for my own peace of mind) and ...

GBPUSD

I agree. Cash > properties. No wonder we are currency traders

How to keep a trading system running while computer is turned-off?

I use MT4 (free of charge) for my charting needs and Oanda (tightest spreads around) when it come to actually punch in the order. Works great. PS: my only beef with Oanda is that they dont offer trailing stops.

OandA or Interbank FX for 1st live acct

Please correct me if I am mistaken but, in my example, on a 10k account, a 3% risk and a, say, 30 pips stop loss, that allows me to trade a size of 1 full lot, which would mean a True Leverage of 100,000/$10,000 = 10, so I guess I am trading under a ...

My first attempt at Money Management

FijiTrader, Thank you kindly for the feedback. I have chosen the 3% figure because, quite frankly, I just read in a book that I shouldnt risk more than 1 to 5% of my account, so I chose the middle number As far as all the rest of information you ...

My first attempt at Money Management

28th October 2005, 12:30 noon EST Perhaps a nice short opportunity off the GBPUSD 4H chart? a Rising Wedge breakout as price re-tested the long tern down trend. The run, according to the wedge's width, should be of 250'ish pips where there is to ...

GBPUSD

Thanks for the replies. I have two questions thought: - Diallist: what do you mean by "true leverage"? - Electric Savant: so you wouldn't recommend any trade with a less than a 3:1 ratio? to be honest, I can seldomly find those. Most of the trades I ...

My first attempt at Money Management

Well, that short move within the channel played out perfectly: +80 pips in few hours.

Lets talk USDCAD

USDCAD 25th october 7 am EST. Pin bar on the daily that has topped out right about a long term down channel and top bolinger bands. Also, it's formed at the top of the ascending channel on the 4H chart and barely 15 pips shy of the weekly R1 pivot. ...

Lets talk USDCAD

Thanks Beachie!

Average daily range history