Get Long The GBP
- Thread starter vanzandt
- Start date
I think if you're analysing how people think on here you're losing anyway. Position traders are making money buying gbp pairs and all you people who can't see it won't stop them.
So analyzing how people think is the wrong thing to do.
The issue was not about buying gbp pairs : look to a chart when the call was made :
what was the heat of their trades? This is what we were looking at, but I assume
looking at heat is not important in trading, right? till they blow their accounts, and they
wonder why.
One question I have:
what would it do to you if you - Trading Education Buyer - was actually suffering from the
Dunning Kruger effect you describe?
Could this be a possibility or is that impossible?
Infact all here on this site are Dunning Kruger traders .
There is no qualification to either posting or trading , so there are no skills levels like a degree etc to compare posters or traders.
So analyzing how people think is the wrong thing to do.
The issue was not about buying gbp pairs : look to a chart when the call was made :
what was the heat of their trades? This is what we were looking at, but I assume
looking at heat is not important in trading, right? till they blow their accounts, and they
wonder why.
What heat? Read up about position trading, no need for blown accounts, just a sensible approach and a longer time horizon than most traders.
I tell you precisely where the heat was: a proposed traded completely against the trend, against strong momentum, with horrible fundamentals (Brexit conditions were not and still are not on the table) . There are just so many things wrong with this trade it's hard to name them all. What is preposterous is to come and laud the OP for being 80 pips or so in the money after being hundreds of pips under water. No hedge fund would allow a swing trader to run such risk. The only occasion where a higher drawdown was acceptable is when a fund has done months of research, it's their core position and fund management completely stands behind such trade.
The way and timing of this trade , though, could not have been worse. See , before every turnaround there is a capitulation point, OP has traded right before it and nicely provided his cash to all the successful people who were on the short side and started to look for an exit strategy.
The way and timing of this trade , though, could not have been worse. See , before every turnaround there is a capitulation point, OP has traded right before it and nicely provided his cash to all the successful people who were on the short side and started to look for an exit strategy.
So analyzing how people think is the wrong thing to do.
The issue was not about buying gbp pairs : look to a chart when the call was made :
what was the heat of their trades? This is what we were looking at, but I assume
looking at heat is not important in trading, right? till they blow their accounts, and they
wonder why.
OK, so let's hold you to it. You still would buy the position now at current levels right? Imho it's a screaming sell fundamentally but I would not short straight away into this technical rebound. Rather time it right. A lot of cowboys on this website need to be right with it hers rather than their own brokerage accounts.
I'm a day trader but I bought a small position at about 1.2150. I cashed it in rather than hold on for longer. I was hoping it would go a lot lower so I could build a position long but it seems it's not going to do that. The position was small enough that I could have held it way into the red and had funds to add on as and when I wanted but yet still would have been a significant sum when it played out over the long term. It's just another way to trade, not your way but still a successful way. Not everyone wants to jump in and out of trades, for some traders anything intra month is just noise. It amazes me that there are so many people willing to argue against it.
Oh, and I wouldn't buy it now but I'll buy back in if it puts in lower prices again.