I learned today I need to take profits. I learned last intrest rate hike day to watch out for the fake up. after it spiked up (EUR) I went short Had a great run but ended taking not much cause it did not keep running like last month. I need to work on the stop & reverse. Its a tuff game. But Ill keep learning..thanks for your commentary..Newbee Trader..
sKaLpZ Currency Trading For Beginners
- Thread starter sKaLpZ
- Start date
Adrian, very good.Quote from Adrian12:
Maybe the run up was from short covering I was there. went north @129.47 Took a few lumps on that one. I Was short from 1.2925 & bailed out.. Still Learning..Hope it runs up..sorry for previous posts.had a bad day. please dont kick me out yet i just got hereWhat charting program is that u use?
Check this out:
Dollar Falls on Speculation Fed Will Slow Its Rate Increases (from Bloomberg)
Quote:
May 4 (Bloomberg) -- The dollar had its biggest decline against the euro in more than two weeks in Asia after the Federal Reserve said inflation is "well contained,'' raising speculation it will slow the pace of interest-rate increases.
If this is so, as a single, stand-alone factor, if no other principles arise, the euro is going to get hammered and the 130-pip spike will fade probably taking another 50-pips ground under with it.
That's just my view. We may be crashing through 1.2800 by Friday. Why? Because the 130-point spike is a "stupid speculation" move.
You win in forex when you nail gamblers.
What charting program do I use?
None. I don't use charts. They're worthless.
I will put a chart up for a snapshot to post here but I don't trade with charts.
Coinz
Winning's the name of the game!
However you do it.Nothing wrong with "luck," bro. Nothing. In trading?? You got to be kidding! "Luck" is one of the most key elements to have if you want to win consistently.
In fact, I'm going to be doing a lesson on "Luck" - how to build it into a trading system, how to use it to win and to avoid catastrophic loss.
Looks like we got a cap formed at 1.2974. It's probably going to melt from here.
I've traded these false break-out spikes before - they're hysterical when they blop back down the entire way.
Yah ask yourself, why did they even bother?
sKaLpZ
3:24AM PST May 4, 2005
OK, I got a msg from Baron giving me the green light to proceed so I am going to post the second lesson in the series that started on 04-25-05 titled, FOREX? WFT?? WHERE DO I START???
I ended that post by making this statement:
That brings us to the next entry titled, "What Do I Do Now?"
What you're going to do is, you're going to think about one thing you may not have considered yet that will be covered in my next series post.
What Do I Do Now?
As you can probably guess, this is the next installment in the series.
Well, OK, so, you're probably wondering "What is the one thing I should think about that I may not have considered yet?"
At least, if you want to make it through this post that is what you should be thinking about.
And you know what it is? Of course you don't else you wouldn't be reading this!
*looks at his watch* ...I only got another 58 hours trading to go.. but who's counting....
Are you thinking about becoming a trader?
Are you thinking about trading forex?
(*doing his best to sound like an infomercial*) Do the twinkling coinz floating around in the $1.9 trillion dollar a day forex market entice you? Allure you?
You really think you can open and close a trade and pull money out from the global currency market, don't you?
There's two-kinds of people who enter the forex.
Those who win. And those who get carried out in a body bag.
How can you tell before entering which of those two categories you fit?
By a simple test you can run on yourself right now.
Let me ask you something, and don't lie or I'll know.
Do only laws hold you back from beating up your neighbor with a baseball bat?
When you drive down the freeway does only the concept of going to prison keep you from running those pesky fellow drivers off the road?
Would you REALLY love to just smash in to the back of someone who cut you off?
When you're shopping at the market, and a slow shopper blocks your cart's way while they stand transfixed staring into the peanut butter jar section amazed, do you have to choke back your overwhelming desire to ram your cart into the fat butt of Mrs. Peanutbutter Slurper??
Are you a fighter?
Do you win? Or rather, do you do what it takes to win in your life? In your endeavors?
Do you NEVER back off? NEVER give up? Until you find the way or what it takes to get what you're after?
Do you consider yourself an "extremist?"
Do you like to make up Internet IDs that NOBODY has any idea what they mean??
Do you enjoy receiving the 1000s of inquiries from mystified people asking what your name means?
If you do, would you mind lending me your ID for a week? I'd appreciate it.
Well, if you answered, "YES, YOU IDIOT, THAT'S ME TO A TEE!"
Then please don't post that here because I have delicate feelings I don't want you to hurt.
Other than that, I think you broached the right issue to know if you got what it takes to be a successful trader.
The temperament of a trader!
Yes, correct. Do you have the make-up of a trader?
(In case you got lost, THAT is the thing you should be considering).
You may have come from another walk of life, from another career or profession.
That doesn't matter. What matters more is: Are you the meanest SOB you ever met? Well, one of the meanest?
Tiny Tims don't make it as traders.
Mentally, are you fast? I didn't say smart, or highly-educated.
They carry "highly-educated" dudes out of the market daily in pieces.
Fast.
That's a concept that you'll know you are if you are. You won't have to sit and think about it.
It doesn't mean cleaver it means that you adapt quickly.
You get the thing instantly.
"Did you get that?"
You've got to get it, to make it as a trader.
In fact, you've got to always get it. You've got to see it, see what you're looking it in the blink of an eye.
It doesn't always mean you have to be right, but you have to see something.
You've got to grasp what others don't. What others don't even know exists.
I'm only part joking in all of this.
In your life before you came to the point where you want to try your luck as a trader, did you have the make-up of being a fast person?
And lastly, are you successful?
Let me tell you something I've found, being successful doesn't always mean WINNING.
It means being persistent. Being diligent. Seeing a loss as only a temporary set-back on the way to you reaching your goal.
Your goal of winning. Of accomplishing. Of advancing. Of bettering yourself.
Winning, you see, is what trading is all about.
The keys, whether you call them truths, mysteries, facts, or hidden knowledge, are the things you must obtain in order to be successful.
When you are successful, winning comes secondary. It is a result of your being successful at having obtained the keys to trading.
Winning in forex is not about indicators. It is not about having 50 different things lined up across your charts that magically produce a buy or sell "signal."
No, no, those are all the guys who lose. Not the complexity of life makes you a success, but the attainment of simple keys of knowledge and wisdom.
But mostly, you must have the mind-set and temperament of a trader.
If you don't, find another profession, because forex is the most real financial world there is.
Thousands of people have their systems to trick you, to nab your money from you, to out-trade you, to out-smart you, to out-think you, to deceive you, to convince you, to persuade you, to trip you up, and to get you down.
If you go up against me, I can casually open a trade having no charts. No indicators. No news. No current prices. And close the trade a winner.
Why? Because I'm a better trader than you. And this is where all the traders get down to business.
This is the arena to end all arenas.
This is the pit.
The final testing grounds, if you will, of who is who regarding money and how successful you really are with it.
In your life, maybe you were good at faking people out, so you heaped up huge sums. Maybe you were a good liar. Maybe you used tricks. Maybe you cheated.
When you enter the forex with your money you check all of those skills at the door.
This is where you find out what you really are. You either are successful as a person and you win, or you lose because you're a loser as a human being regardless of how much money you have.
Nobody has a trillion dollars. Well, double that much swirls around you daily in the market.
What you are and who you are inside is what your reflection will be in the forex.
Do you fear? Your fears will find you out and swipe your money.
Are you greedy? Your money will be lifted from you as proof of that.
Do you get angry and frustrated easily? It will cost you huge chunks of your account balance until you find greener pastures elsewhere.
Do you have a falsely-inflated ego? You'll die in the market. I'll make sure of it.
Don't even think about your broker being a thief or ripping you off. You're the one who is the sole cause of losing your money in trading.
I truly believe most people end up getting wiped in trading forex because they never stepped-back and considered the things in this lesson.
I can save you a LOT of money, just by having you do that preceding honest evaluation of yourself before you ever open a live trading account.
Now for the good news...
Oh wait, I better post that on the next training session entry called, Now For The Good News....
See yah in the market.
The Coin
OK, I got a msg from Baron giving me the green light to proceed so I am going to post the second lesson in the series that started on 04-25-05 titled, FOREX? WFT?? WHERE DO I START???
I ended that post by making this statement:
That brings us to the next entry titled, "What Do I Do Now?"
What you're going to do is, you're going to think about one thing you may not have considered yet that will be covered in my next series post.
What Do I Do Now?
As you can probably guess, this is the next installment in the series.
Well, OK, so, you're probably wondering "What is the one thing I should think about that I may not have considered yet?"
At least, if you want to make it through this post that is what you should be thinking about.
And you know what it is? Of course you don't else you wouldn't be reading this!
*looks at his watch* ...I only got another 58 hours trading to go.. but who's counting....
Are you thinking about becoming a trader?
Are you thinking about trading forex?
(*doing his best to sound like an infomercial*) Do the twinkling coinz floating around in the $1.9 trillion dollar a day forex market entice you? Allure you?
You really think you can open and close a trade and pull money out from the global currency market, don't you?
There's two-kinds of people who enter the forex.
Those who win. And those who get carried out in a body bag.
How can you tell before entering which of those two categories you fit?
By a simple test you can run on yourself right now.
Let me ask you something, and don't lie or I'll know.
Do only laws hold you back from beating up your neighbor with a baseball bat?
When you drive down the freeway does only the concept of going to prison keep you from running those pesky fellow drivers off the road?
Would you REALLY love to just smash in to the back of someone who cut you off?
When you're shopping at the market, and a slow shopper blocks your cart's way while they stand transfixed staring into the peanut butter jar section amazed, do you have to choke back your overwhelming desire to ram your cart into the fat butt of Mrs. Peanutbutter Slurper??
Are you a fighter?
Do you win? Or rather, do you do what it takes to win in your life? In your endeavors?
Do you NEVER back off? NEVER give up? Until you find the way or what it takes to get what you're after?
Do you consider yourself an "extremist?"
Do you like to make up Internet IDs that NOBODY has any idea what they mean??
Do you enjoy receiving the 1000s of inquiries from mystified people asking what your name means?
If you do, would you mind lending me your ID for a week? I'd appreciate it.
Well, if you answered, "YES, YOU IDIOT, THAT'S ME TO A TEE!"
Then please don't post that here because I have delicate feelings I don't want you to hurt.
Other than that, I think you broached the right issue to know if you got what it takes to be a successful trader.
The temperament of a trader!
Yes, correct. Do you have the make-up of a trader?
(In case you got lost, THAT is the thing you should be considering).
You may have come from another walk of life, from another career or profession.
That doesn't matter. What matters more is: Are you the meanest SOB you ever met? Well, one of the meanest?
Tiny Tims don't make it as traders.
Mentally, are you fast? I didn't say smart, or highly-educated.
They carry "highly-educated" dudes out of the market daily in pieces.
Fast.
That's a concept that you'll know you are if you are. You won't have to sit and think about it.
It doesn't mean cleaver it means that you adapt quickly.
You get the thing instantly.
"Did you get that?"
You've got to get it, to make it as a trader.
In fact, you've got to always get it. You've got to see it, see what you're looking it in the blink of an eye.
It doesn't always mean you have to be right, but you have to see something.
You've got to grasp what others don't. What others don't even know exists.
I'm only part joking in all of this.
In your life before you came to the point where you want to try your luck as a trader, did you have the make-up of being a fast person?
And lastly, are you successful?
Let me tell you something I've found, being successful doesn't always mean WINNING.
It means being persistent. Being diligent. Seeing a loss as only a temporary set-back on the way to you reaching your goal.
Your goal of winning. Of accomplishing. Of advancing. Of bettering yourself.
Winning, you see, is what trading is all about.
The keys, whether you call them truths, mysteries, facts, or hidden knowledge, are the things you must obtain in order to be successful.
When you are successful, winning comes secondary. It is a result of your being successful at having obtained the keys to trading.
Winning in forex is not about indicators. It is not about having 50 different things lined up across your charts that magically produce a buy or sell "signal."
No, no, those are all the guys who lose. Not the complexity of life makes you a success, but the attainment of simple keys of knowledge and wisdom.
But mostly, you must have the mind-set and temperament of a trader.
If you don't, find another profession, because forex is the most real financial world there is.
Thousands of people have their systems to trick you, to nab your money from you, to out-trade you, to out-smart you, to out-think you, to deceive you, to convince you, to persuade you, to trip you up, and to get you down.
If you go up against me, I can casually open a trade having no charts. No indicators. No news. No current prices. And close the trade a winner.
Why? Because I'm a better trader than you. And this is where all the traders get down to business.
This is the arena to end all arenas.
This is the pit.
The final testing grounds, if you will, of who is who regarding money and how successful you really are with it.
In your life, maybe you were good at faking people out, so you heaped up huge sums. Maybe you were a good liar. Maybe you used tricks. Maybe you cheated.
When you enter the forex with your money you check all of those skills at the door.
This is where you find out what you really are. You either are successful as a person and you win, or you lose because you're a loser as a human being regardless of how much money you have.
Nobody has a trillion dollars. Well, double that much swirls around you daily in the market.
What you are and who you are inside is what your reflection will be in the forex.
Do you fear? Your fears will find you out and swipe your money.
Are you greedy? Your money will be lifted from you as proof of that.
Do you get angry and frustrated easily? It will cost you huge chunks of your account balance until you find greener pastures elsewhere.
Do you have a falsely-inflated ego? You'll die in the market. I'll make sure of it.
Don't even think about your broker being a thief or ripping you off. You're the one who is the sole cause of losing your money in trading.
I truly believe most people end up getting wiped in trading forex because they never stepped-back and considered the things in this lesson.
I can save you a LOT of money, just by having you do that preceding honest evaluation of yourself before you ever open a live trading account.
Now for the good news...
Oh wait, I better post that on the next training session entry called, Now For The Good News....
See yah in the market.
The Coin
Good post the truth is always good to hear.. Ive been trading live for 3 months & have a portfolio increase of 10% before I started I spent 3 months on this site reading & learning..Woke up this Am EUR stolen @ 129.6 from 129.48 open some is better than none good luck today..This is my new full time gig..
'Morning Adrian.
Yeah, we had a nice drop forming down to 1.2928 then it just stopped and retraced.
Real timid trading night. Tedious.
I only managed to pull 50 points out of a NZD/USD long at 1:20AM PST before it flew up 20 more points. The sloppiest trade I can remember. I hit it right in the center of the V.
Chart:
arrow 1 = long opened.
arrow 2 = trade closed.
We need to break thru 1.2900 to crush the thin psychological layer that may have been strung across somehow.
Speculators can make themselves such a pain.
Glad to hear about your new gig! 10% in 3 months is killer.
Sam
skalpz,
why do you trade the forex vs the futures currencies?
how many pips per month is acceptable for a active trader doing 20 - 40 trades per month? im up 215pips on 3 trades since monday morning so far, is that good?
thanks.
why do you trade the forex vs the futures currencies?
how many pips per month is acceptable for a active trader doing 20 - 40 trades per month? im up 215pips on 3 trades since monday morning so far, is that good?
thanks.
you're doing goos skalpz, you raised my interest so I opened a demo account.
first impression: the interface is much better/faster of what I got at my broker for stocks (don't know if that's true for every broker, I'm on OANDA)
Do you have some thoughts to share on time frames and profit targets? I immediately got the impression that trying to go for every single pip and tight stops is too time consuming, how much time do you spend at the desk? Or maybe I should go mechanical?
keep the lessons coming, I definitely need 'em
neuro
first impression: the interface is much better/faster of what I got at my broker for stocks (don't know if that's true for every broker, I'm on OANDA)
Do you have some thoughts to share on time frames and profit targets? I immediately got the impression that trying to go for every single pip and tight stops is too time consuming, how much time do you spend at the desk? Or maybe I should go mechanical?
keep the lessons coming, I definitely need 'em
neuro
