Attention all GBPUSD Traders

[fxchant]

Thats another reason I dont post more often. However, how in anyway could you possibly know what way I trade. You dont know anything about me.

I also give you other reasons I dont come on here often.

1)I dont come on here because I dont want to read about conflicting opinions. All I need is to execute my own system. I dont care what anyone does on here. Do you really think that all decent traders are always on here? Is that not a reason?

2) I do other things. When I m not doing trading related stuff I dont feel like coming on here to type.

3) Have you been to Bangkok. Well I stay there, and the thai girls and the nightlife are fantastic. When I m not busy I go out and have agreat time. Why would I come on and talk about trading on my time off? I need to relax. Good enough reason?

I ve give 3 reasons of the top of my head, but you wrongly assumed its that i came on to gloat.
Why would you say that? I was merely stating my position.

Bottom line...if you trade FX, you should watch the US Dollar Index. The move was not hard to catch and was pretty obvious. Only people that fight trends got destroyed...of course, in forex, that seems to be about 80%.

 

[tradewinds]

Bottom line...if you trade FX, you should watch the US Dollar Index. The move was not hard to catch and was pretty obvious. Only people that fight trends got destroyed...of course, in forex, that seems to be about 80%.

I agree that any easily conceived trend following system could have caught this move. MY point was in relation to this thread where I observed that alot of traders were in and out of this trend, and looking at the daily noise. I thought what was the point of that when the trend is obvious. Thats why I observed that I had been long since whatever the date was...just offering a different view from the rest ofg the thread.

 

[barn_burner]

I agree that any easily conceived trend following system could have caught this move. MY point was in relation to this thread where I observed that alot of traders were in and out of this trend, and looking at the daily noise. I thought what was the point of that when the trend is obvious. Thats why I observed that I had been long since whatever the date was...just offering a different view from the rest ofg the thread.

I'm always curious about basically the point that you are making...what percent of "active" traders in fx (by that, I mean people that enter and exit several times a day instead of trying to catch a broader trend) are likely successful over time?

 

[CMCTrader]

As far as I can tell that "rally" on the GBPUSD was false data. Check the price on www.bloomberg.com or www.xe.com

 

[nickerson334]

I'm always curious about basically the point that you are making...what percent of "active" traders in fx (by that, I mean people that enter and exit several times a day instead of trying to catch a broader trend) are likely successful over time?

A smaller %age of daytraders are successful than traders who hold for 3 days or more.

That does not mean that holding for 3 days or more is 'better'.

It all depends on the trader.


I find holding for longer to be lower pressure although I don't predict the moves as well.

Market Wizards is a great book. It has interviews with the world's top day/trend/fundemental traders etc.

It proves that one style of trading isn't necessarily 'better'. It's the ability of the trader that's really important.

Good luck with it all. Every success.


David