Best Thread Live Cable Trading

[Kaffee]

Yes, 3 months full time now. I'm now happy to say that I'm a 35 year old EX Salesman

LOL. Fair play to you.

I start Jan 1st and I think I'm going to get creamed to be honest.

You have a daily profit target.... but do you jack it in if you hit a certain loss ??

 

[Baruch]

Ripcord,

Yes, I agree with most of what you say. But I think that if you know the data you also knows what to expect of the move, because it's the same data we trade month after monh. PS. Why not trade NFP?

PS. Congratulations - :your now a 5 stars general... :cheesy:

 

[Ripcord]

Ripcord,

Yes, I agree with most of what you say. But I think that if you know the data you also knows what to expect of the move, because it's the same data we trade month after monh. PS. Why not trade NFP?

I can see your point totally. I just have reached the conclusion that I am one of many thousands of traders worldwide whether in banks, brokerages or private all looking at the same data and its when they all start to pile in that it helps me, I've given up guessing what they will do before they do it.

I anaylyse my trades intensively and have found that nearly all the big wins were on the swing trades e.g. this morning when it droped 100+ pips. You just have to get in early enough.

As for NFP, in theory it should be great but I cant make it work I have lost money too many times on the early volatility.

 

[zuke]

Its mornings like this that make it worth all the while.

Well done !

Just closed out at 7334 for 102 pips. Simple trend line break and holding on for a bit. Just waiting for the EUR to catch up now.

Im short at 7430, but I did 10 lots and scaled out 5 of them at 7360. Im letting the remaing 5 run as they are now a free trade.

 

[zuke]

I can see your point totally. I just have reached the conclusion that I am one of many thousands of traders worldwide whether in banks, brokerages or private all looking at the same data and its when they all start to pile in that it helps me, I've given up guessing what they will do before they do it.

I anaylyse my trades intensively and have found that nearly all the big wins were on the swing trades e.g. this morning when it droped 100+ pips. You just have to get in early enough.

As for NFP, in theory it should be great but I cant make it work I have lost money too many times on the early volatility.

Ripcord..good HONEST posts by you. Thank you!! Like you, I have done it all (although I spent a long time on demos so never lost money) and I would say simple is best. I looked at one of my old charts the other days and I had EIGHT indicators!! I had, Aroon, TRIX, RSI, Stochs, ADX, BB's..the list was endless. Ididnt know what they meant, I didnt realise that some were confirming the same thing and I didnt know that some were only useful in oscillating non trending markets!!

I still think, picking a couple of MA and doing long above short below will yield a decent return with good money management and good entry and exit techniques.

 

[Baruch]

I can see your point totally. I just have reached the conclusion that I am one of many thousands of traders worldwide whether in banks, brokerages or private all looking at the same data and its when they all start to pile in that it helps me, I've given up guessing what they will do before they do it.

I anaylyse my trades intensively and have found that nearly all the big wins were on the swing trades e.g. this morning when it droped 100+ pips. You just have to get in early enough.

As for NFP, in theory it should be great but I cant make it work I have lost money too many times on the early volatility.

Yes, NFP is a wild beast... :cheesy: But it makes big swing trades. PS. Do you only use a 1 min chart?

 

[Ripcord]

Yes, NFP is a wild beast... :cheesy: But it makes big swing trades. PS. Do you only use a 1 min chart?

I have done for some time now, suits my style of trading. On EUR I use 2 min, again seems to work for me

 

[Kaffee]

Ripcord..good HONEST posts by you. Thank you!! Like you, I have done it all (although I spent a long time on demos so never lost money) and I would say simple is best. I looked at one of my old charts the other days and I had EIGHT indicators!! I had, Aroon, TRIX, RSI, Stochs, ADX, BB's..the list was endless. Ididnt know what they meant, I didnt realise that some were confirming the same thing and I didnt know that some were only useful in oscillating non trending markets!!

I still think, picking a couple of MA and doing long above short below will yield a decent return with good money management and good entry and exit techniques.

That what you do then zuke ? What settings ?

 

[coolTrader]

Im short at 7430, but I did 10 lots and scaled out 5 of them at 7360. Im letting the remaing 5 run as they are now a free trade.

welldone! I took a short @1.7430 and bailed out looong before. How do you stay in your trades what do you do to stop you from clicking. I am always in on the top and bottoms but don't sit though. perhaps you can pass on that skill

 

[Kaffee]

welldone! I took a short @1.7430 and bailed out looong before. How do you stay in your trades what do you do to stop you from clicking. I am always in on the top and bottoms but don't sit though. perhaps you can pass on that skill

Walk away from the screen or nail your hands to the desk I guess

 

[badtrader]

Not a good day. not much action, manage to get 16 pips. and only just managed that last go off had a 10 pips.

For the record + 16 pips ...... Today
Yesterday + 11 pips .......Yestarday

 

[zuke]

welldone! I took a short @1.7430 and bailed out looong before. How do you stay in your trades what do you do to stop you from clicking. I am always in on the top and bottoms but don't sit though. perhaps you can pass on that skill

Kaffee hit the nail on the head. I NEVER sit and watch my trades. I used and it made my emtions take over. I would cut profits short and let lossses run and do stupid things like averaging down and movings stops deeper hoping for a reversal. I basically:

1. Have 3 targets for a trade say, 30, 60 and 90 pips.
2. Do 1 lot more than the number of targets (so in this case 4 lots)
3. When Target 1 is hit, I scale out 1 lot and move my stop to break even. I now have money in the bank and a free trade.
4. I repeat the same process for the next (two in this case) targets.
5. Once I hit all my targets, I let the "extra" lot run until the earlier of break even stop hit, EOD or the next major support or resistance level (depending whether Im long or short)

This is just my method, but it works well for me.

 

[zuke]

Kaffee hit the nail on the head. I NEVER sit and watch my trades. I used and it made my emtions take over. I would cut profits short and let lossses run and do stupid things like averaging down and movings stops deeper hoping for a reversal. I basically:

1. Have 3 targets for a trade say, 30, 60 and 90 pips.
2. Do 1 lot more than the number of targets (so in this case 4 lots)
3. When Target 1 is hit, I scale out 1 lot and move my stop to break even. I now have money in the bank and a free trade.
4. I repeat the same process for the next (two in this case) targets.
5. Once I hit all my targets, I let the "extra" lot run until the earlier of break even stop hit, EOD or the next major support or resistance level (depending whether Im long or short)

This is just my method, but it works well for me.

I forgot to add that if I hit target 1 but get close (within 5 pips) to target 2 and it then reverses, I scale out 1 lot at target 1. (Hope that made sense!!)

 

[coolTrader]

I forgot to add that if I hit target 1 but get close (within 5 pips) to target 2 and it then reverses, I scale out 1 lot at target 1. (Hope that made sense!!)

excellent will try. to be honest when I get distracted I get more

 

[zuke]

Looks like cable has legs again

 

[Baruch]

excellent will try. to be honest when I get distracted I get more

You can now trade forex online with a handheld with Berkeley Futures. Maybe it's a good idea to move awat from the PC and walk out in the real life with a handheld...

 

[Baruch]

Looks like cable has legs again

Don't count on it. The fundamentals are against cable...

 

[zuke]

Don't count on it. The fundamentals are against cable...

Well thats good cos Im short from 7430

 

[Baruch]

Well thats good cos Im short from 7430

OK, but we also have some fundamentals working against dollar. Pending house sales was down (again), which shows that the US house market is cooling down...

 

[VSATrader]

Forex Swiss

Hi Guys

I am thinking to move over to www.forex-swiss.com as they are offering a 2 pip spread on cable. My question is: have any of you opened an account, and if so, are they alright?


Regards VSATrader