Best Thread Live Cable Trading

the 5 min chart showed a close , and turned up , I closed on the upturn, as i thought we may get a rebound when the us market opened
the 30 min chart shows its still a short

edit 4.00pm 30 min chart still shows a short at 765

edit 4.40pm 30 min chart now shows a close

the 5 min chart shows the cci ,first 3 blue bars in 4 hours
 
Last edited:
Chaps, is this speech later on going to kick start the movement then, is that why there's not much action or are they all waiting for the really big news later on in the week ?
 
thanks Hornblower, yeh saw it on that site, I'll wait this out for a little while then while it's going nowhere... going to a 1min chart for that then... fast and furious in and out...
 
Offshore Trader said:
Bought the break out of the Asian range at 8734 and running with trailing stop
Click to expand...

I would have taken the 40 pips my friend when it got to the high. (as there's news coming out this morning which could wipe you out...)
 
very slow today , are we waiting for something?
only news I can find that we may be waiting for is,
11.15 am , usa , fed governor Bies Speaks
 
neil said:
Is this the "Hans123" I have seen referred to on T2W Forex threads ?

http://www2.oanda.com/cgi-bin/msgboard/ultimatebb.cgi?ubb=get_topic;f=15;t=004431;p=21

The link has quite a long discussion on Hans123
Click to expand...
...it is. Hans isn't posting within his original thread on strategybuilderfx at the moment and the method is currently being tested and optimised by SM01 using the last 8 months of Alpari data. Here's the link but you might need to register first:

http://strategybuilderfx.com/showthread.php?p=162003#post162003
 
Pulling the trigger

;) Newbie, as my ID says. Been studying technicals and fundamentals for far too long, I'm now virtual trading every morning from about 7.45 - 10am (I still work doing other things).

I'm mostly seeing veteran/senior/legendary (!) traders here, so a bit nervous about posting, but needs must - like most, although people around me are interested and supportive, they're not following it themselves, so its the blind leading the blind.

I've read a couple of articles on here about pulling the trigger in general, but I'd like to check out with people how they do. I'm fed up with virtual trading, but when it comes to trusting my knowledge, it feels impossible.

This morning, on cable at cmc, I'm using 5 min and 3 min charts, set to candlesticks and triple MA with stochastics and macd. I also input trends and SR levels manually. These are the trades that came up:

08.33am 1.8755 – 1.8739, 9 mins on 3 min chart: 13 net points.
09.42am. 1.8736 – 1.8722, 6 mins on 3 min chart: 11 net points.
11.10am. 1.8712 – 1.8678, 15 mins on 5 min chart: 32 net points.

I'm only at a basic level, I'm pretty sure, but I do feel like I know my stuff. But I've felt that before and been wrong. So, my questions:
- how do people manage to regularly pull the trigger?
- what do you think of trading such a short chart for a beginner? I've seen a few pages back that people are using 30 min or 1 hour charts.
 
There's no easy answer - you just gotta do it. If your method allows you to preset your entry levels as stops and limits then that takes some of the emotion out of it, otherwise I suggest you start for very small stakes, say £1/pip, or whatever desensitises it for you, and run with that, until you gain confidence and can up the stakes. From the sound of it you've got a track record and are confident of your abilities paper trading, so you'll just have to go for it.

There is at least one thread on the psychology of pulling the trigger if you search the forum archives for it.

And don't worry about more 'senior' posters - it's related to number of posts to this forum, not money-making ability!
 
>>>There's no easy answer - you just gotta do it.

Aargh, I was afraid someone would say that!

>>>If your method allows you to preset your entry levels as stops and limits then that takes some of the emotion out of it, otherwise I suggest you start for very small stakes, say £1/pip, or whatever desensitises it for you, and run with that, until you gain confidence and can up the stakes.

I don't think it does, I just watch it as its happening on cmc - the virtual trades make their profit over such short times from being entered into immediately the signal is given, and out again when the quick moves show signs of faltering. In backtesting, it seems I can make 20 - 40 points a day doing this, which would be great if I could actually *do* it.

>>>From the sound of it you've got a track record and are confident of your abilities paper trading, so you'll just have to go for it.

Thanks for the vote! [beams happily].

>>>There is at least one thread on the psychology of pulling the trigger if you search the forum archives for it.

I think it is about the psychology of it, I'll have to look at that thread.

Thanks again - off topic, I've also posted in the thread about Sussex meets - do they still happen?

>>> And don't worry about more 'senior' posters - it's related to number of posts to this forum, not money-making ability!

[nods wisely} cool! Thanks....
 
Karmacat said:
;) Newbie, as my ID says. Been studying technicals and fundamentals for far too long, I'm now virtual trading every morning from about 7.45 - 10am (I still work doing other things).

I'm mostly seeing veteran/senior/legendary (!) traders here, so a bit nervous about posting, but needs must - like most, although people around me are interested and supportive, they're not following it themselves, so its the blind leading the blind.

I've read a couple of articles on here about pulling the trigger in general, but I'd like to check out with people how they do. I'm fed up with virtual trading, but when it comes to trusting my knowledge, it feels impossible.

This morning, on cable at cmc, I'm using 5 min and 3 min charts, set to candlesticks and triple MA with stochastics and macd. I also input trends and SR levels manually. These are the trades that came up:

08.33am 1.8755 – 1.8739, 9 mins on 3 min chart: 13 net points.
09.42am. 1.8736 – 1.8722, 6 mins on 3 min chart: 11 net points.
11.10am. 1.8712 – 1.8678, 15 mins on 5 min chart: 32 net points.

I'm only at a basic level, I'm pretty sure, but I do feel like I know my stuff. But I've felt that before and been wrong. So, my questions:
- how do people manage to regularly pull the trigger?
- what do you think of trading such a short chart for a beginner? I've seen a few pages back that people are using 30 min or 1 hour charts.
Click to expand...


Well Karmacat..you've got one thing right..HONESTY! Too many traders delude themselves that they are the dogs wotsits (see 7th Signal Trader in another thread) when they are making losses. There are no right or wrong answers, but Ill give you my opinion:

1. You first need to find out what type of trading style best suits you..i.e will you scalp (hold positions for very short time, looking for 3-5 pips and do thins a zillion times a day) or positin trade (trading more major moves and holding for hours/days).

2. Work out why you are trading the instrument (liquidity, volatility, trend regularity) and be comfortable with all of that instruments nuances (for instance, my trading method precludes me from trading on NFP days..I do actually trade on those days, but not using my normal methodology)

3. Dont take offence, but ask yourself if you REALLY, DEEPLY understand the derivation of your indicators and dont forget that most indicators are LAGGING. You are using triple MA's. Stochs AND MACD..why? Keeping it simple to begin with will greatly enhance your trading.

4. I personally trade off the hourly and use the daily to identify major trends and 30 mins for entry...typically however, Im looking for 55-90 per trade at an average of only 30 pips per day.

5. finally, have a TRADING PLAN that you rigourously stick to. Research this site and elsewhere on the net, and get into the mindset of not having to "think" to place a trade. I automatically place trades when everything lines up in my set up and was I fire, I always forget. Moreover, Ive been trading for a long time and ALWAYS USE STOPS.

Good luck and dont forget to use the resources on this site
 
Thanks for your reply, Zuke, lots of thoughtful feedback in there. I'm snipping in to reply, so nearly all my replies are in your message.

zuke said:
Well Karmacat..you've got one thing right..HONESTY!

>>> :) Thanks! And I got *this* trade right too! By my system! :)

Too many traders delude themselves that they are the dogs wotsits (see 7th Signal Trader in another thread) when they are making losses. There are no right or wrong answers, but Ill give you my opinion:

1. You first need to find out what type of trading style best suits you..i.e will you scalp (hold positions for very short time, looking for 3-5 pips and do thins a zillion times a day) or positin trade (trading more major moves and holding for hours/days).

>>> I started off last year trading shares, and didn't like holding for long periods of time - waking up early worrying, etc, even when the trade was in profit. Scalping suits me - my system signals a minimum of 8-9 pips, up to about 20 - thats fine by me.

2. Work out why you are trading the instrument (liquidity, volatility, trend regularity) and be comfortable with all of that instruments nuances (for instance, my trading method precludes me from trading on NFP days..I do actually trade on those days, but not using my normal methodology)

>>> This is really interesting. I trade cable for the volatility and liquidity, but for a certain type of volatility only. I'm wondering about what you mention using a different technique on NFP days - can you elaborate?

3. Dont take offence, but ask yourself if you REALLY, DEEPLY understand the derivation of your indicators and dont forget that most indicators are LAGGING. You are using triple MA's. Stochs AND MACD..why? Keeping it simple to begin with will greatly enhance your trading.

>>> Another good point. I realise that, although I've got stoch and macd still up on my regular charts, I don't use them as primary indicators any more, they're just there because I haven't erased them. My primary indicators are triple MAs, candles, and SR/trendlines. All the training I've had says that a trader shouldn't rely on one element on its own, but have 3 or more which agree. I have those three, and I'm happy with that.

4. I personally trade off the hourly and use the daily to identify major trends and 30 mins for entry...typically however, Im looking for 55-90 per trade at an average of only 30 pips per day.

>>> Same response as to your first point, really: 2 small trades at the beginning of the day is fine for me for now, it fits in with the rest of my life. I don't quite understand your description of your trading system: "55-90 per trade at an average of only 30 pips per day" - you mean a move of 55-90 that gives you a profit of 30? Sorry.

5. finally, have a TRADING PLAN that you rigourously stick to. Research this site and elsewhere on the net, and get into the mindset of not having to "think" to place a trade. I automatically place trades when everything lines up in my set up and was I fire, I always forget. Moreover, Ive been trading for a long time and ALWAYS USE STOPS.

>>> Yep, I do (described in my first post on this thread). The only thinking I do is to assess, when a trading signal comes up on the MAs, how near it is to a SR level and whether its worth buying in or waiting.

Stops..... at two trades a day with an average length of 10 minutes, when I'm in the trade I'm watching it the whole time. There's no way a stop would be quicker than me in getting out of the trade. I discussed stops with cmc, my spread better, and they told me that all stops are executed manually. I accept a loss of 10, including the spread, but thats my limit, after that I get out.

Good luck and dont forget to use the resources on this site
Click to expand...

>>> Thanks again - I just found a great older thread entitled Discipline with some really good quotes on it. I'll be looking for more.
 
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