Gustaf Eriksson
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Happy New Year to everybody, and may 2016 be a prosperous trading year!
I have a reflection that I’d like comments on – when trading starts in January, do I simply take the data from December as background and extrapolate trends, support lines etc as usual, or do I wait a week or two to see where January seems to go?
Reason I’m asking is that it seems to me that the markets are either very volatile or very slow during the last couple of weeks in December, and marketers may well be starting the new year as so many people do – with fresh resolutions!
Cheers
Gustaf
Nice! I am starting to “play” now with 10p / pip, and usually I set myself a target for the day of 20-25 pips. Once I’ve reached that I exit. This means I leave money on the table, but it certainly gives me confidence to have reasonably consistent profits, even though they are small. On you EUR/CAD I’d probably sold after 25 pips, even though your thinking is the better one in the long run.
Yep,
shame to say I didn’t realise that until well past posting the chart! But yes, you’re quite right, it’s best usually to be out of them market when there’s an important economic announcement coming up (or at least have very defined stoploss set up!).
But still, it’s interesting that the indicators actually worked in this ase – and it is an impressive illustration!Hi everybody,
I’ve “dabbled” in Forex on-off for years, can still remember when I got hooked…. I staked £5 on a position (think it was GBP/USD) and in two hours I could withdraw £800!!!
As so often is the case I didn’t really know what I was doing, so fast forward and I’¨ve bought many different “methods”, made some money but lost more. Finally I’ve come to realise it’s 90% in my head – Mark Douglas’ books “Trading in the Zone” and “The Disciplined Ttrader” have been very illuminating.
I know trade witjh very small stakes – 10 pence – as paper trading removes all the emotional stuff, and am getting my head around price action, having removed a lot of indicators.
This course makes a lot of sense, and I feel confident it’ll make me grow as a trader.Gustaf
(Ps, yeah, am not English as my name indicates, from Sweden, but living here (Cornwall) since 2002)
Hi Steve,
It’s not confusing the way you’ve set it up. My question then is how long is a trend? Obviously you define it as lasting more than a week or two, which does seem reasonable, but is there a “sort of rule of thumb” indicating timescale?If I am trading on an hour chart then a trend could well be price action over a week?
Or am I missing something?
Gustaf
Hi all, having a free Sunday afternoon means I’ve been able to work through some lessons, hooray!
Attached find three charts:EUR-GBP 15 mins shows an untested resistance with a “double bounce”!
AUD/USD daily has both resistance and support on same chart, and there’s an
“almost” touch of resistance 3 weeks later.EUR/GBP: I’ve drawn a support line on 17 July 2015. I know there’s a wick penetrating that line early August,
but the way I interpret support/resistance there’s a bit of leeway?Comments?
Hi Steve, thanks for your comments. I am indeed a relative newcomer, after having “dabbled” on and off for several years.
Totaling money on / money out I have probably just about broken even, but then I haven’t counted the hours I could have spent on something else!Am working my way through Rick’s course and it is very well laid out. I hav started to trade with very small stakes – 10p /pip – as paper trading just removes all the emotional hangups that so easily creep in.
