GBP/USD trading

Quote from nik1033:

Frank-Great FX guru....you do not need stop losses, you are so omniscient...

You really need help!!!

:)
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Who said anything about stop losses?

The topic is how you have been consistently wrong 4 times in a row.

You are the supposed and self proclaimed Guru making the calls not I. I'm just pointing out the bad ones and you make that very easy to do.

The only help I need is counting the money I make having bozos like you on the other side of my trades ... and for that I thank you.
 
Quote from UNLV_TJ:

Whoa, hold on to your horses.

I don't want anyone to do any work for me at all. And I certainly know there are no short cuts.

The reason I want to trade is mostly for financial freedom (not to be rich, just to be able to survive while working for myself), the second reason is the challenge.

Now, with that said, I was only wondering what indicators are used to see if what I am currently using and looking for is even close to the right path.
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No need to be defensive. I'm not judging you. All newbies, including myself when I was one, go through almost the same process in the beginning. The path each decides to take separates who will be a trader and who will be a piker/gambler. I wish someone told me what I told you when I was in your shoes. Some will put in their time and become successful while others will remain hobbyists constantly searching for the grail or the latest, greatest "EA" (by pikers for pikers). The low cost of entry breeds this.

BTW, there is absolutely nothing wrong with wanting and trying to become rich from trading. In fact, give yourself permission to do so! There is no shame in wealth. Losers will always say it's not possible because for them it isn't. It's better to set very high goals and get half way there then to shoot for mediocrity.

All the best trading.
 
Long to 2.0407 . Tide coming in.

GBPUSD%20Long.PNG
 
Quote from bigmrfrank:

No need to be defensive. I'm not judging you. All newbies, including myself when I was one, go through almost the same process in the beginning. The path each decides to take separates who will be a trader and who will be a piker/gambler. I wish someone told me what I told you when I was in your shoes. Some will put in their time and become successful while others will remain hobbyists constantly searching for the grail or the latest, greatest "EA" (by pikers for pikers). The low cost of entry breeds this.

BTW, there is absolutely nothing wrong with wanting and trying to become rich from trading. In fact, give yourself permission to do so! There is no shame in wealth. Losers will always say it's not possible because for them it isn't. It's better to set very high goals and get half way there then to shoot for mediocrity.

All the best trading.
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I greatly appreciate your advice.

I am in a situation where I have made enough long term investments (mutual funds, real estate) and have lived so cheap (honestly, I am by far the cheapest person I know) that I can almost live off my investments and retire at 29.

So I want to learn to trade. So I can put my money to use to make more money. The challenge. The fact I get to work for MYSELF (I am a work-a-holic, so I get sick of the PC corporate environment).

I know the road to becoming a full time trader will be tough, and long, and there are no short cuts. If I happen to get wealthy from trading so be it. I just want to survive off of it enough to live a better life than I have given myself so far.

Thank you again!
 
+1

Frank just saved you a bunch of time and effort. If you can find a way NOT to fall into the noob trap of looking to have someone else give you a system you'll be a step ahead of the game. Even if you found someone else's system that was profitable you probably wouldn't be able to trade it profitably if it didn't match your psychology and temperament.

As far as your question about trading the market midnight to 10am. Are you talking the equity markets??? Forex doesn't really correlate to indices. If you mean the futures exchanges/forex is closed, I don't know either. Both are pretty much 24 hour markets. I've bought contracts during the midnight to 10am session. Just take a look at the intraday chart (24hr) it moves plenty except from 4pm-10pm PST. You have to remember that you are trading GBP/USD so you are trading the relationship. So even when one market is closed/asleep the other is running and discounting info.

I'm not saying you are trying to bludge off someone else's system just agreeing with Frank's good newbie advice.

Quote from bigmrfrank:

No need to be defensive. I'm not judging you. All newbies, including myself when I was one, go through almost the same process in the beginning. The path each decides to take separates who will be a trader and who will be a piker/gambler. I wish someone told me what I told you when I was in your shoes. Some will put in their time and become successful while others will remain hobbyists constantly searching for the grail or the latest, greatest "EA" (by pikers for pikers). The low cost of entry breeds this.

BTW, there is absolutely nothing wrong with wanting and trying to become rich from trading. In fact, give yourself permission to do so! There is no shame in wealth. Losers will always say it's not possible because for them it isn't. It's better to set very high goals and get half way there then to shoot for mediocrity.

All the best trading.
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