Cash FX

[trader_dante]

I've decided to buy GBP/CAD at 1.6484.

I've never traded or really looked at this pair before but I was scrolling through the charts and after examining it for about half a minute it strikes me as worthy of buying.

 

[elitejets]

Daily chart.
I spy with my little eye ... something beginning with

 

[trader_dante]

Daily chart.
I spy with my little eye ... something beginning with

Also you could overlay a MACD (12,26,9) and apply to close.

 

[D70]

I've decided to buy GBP/CAD at 1.6484.

I've never traded or really looked at this pair before but I was scrolling through the charts and after examining it for about half a minute it strikes me as worthy of buying.

This is such a great thread, really educational stuff. Thank you so much for your time and effort.

To sum the edge you have :

1. Enter trade on whim.
2. Put whole account on the line.
3. Adhere to no stop loss.
4. Reasons for entry dont matter.
5. Risk / reward is only a factor of how much downside you take.
6. Use breakeven stops but ridicule others for using them.
7. Trade against the trend.
8. Ensure no work / life balance.

 

[Black Swan]

Also you could overlay a MACD (12,26,9) and apply to close.

Hi Tom, nice one, good luck with that, wish I'd put all my spare cash/money in Cad $ last year, not so long ago you got circa 2.5 of 'em for one piece of our not so great British pounds... I'm still in that USD/CAD short, taken a few more 4h/daily trades with buttons, they're OK (ish)...I really want that kind of trading to be me...sadly I don't think I've got the required laid back patience. Still need to pm you with part of my edge etc. and ask advice about trading a friend or two's personal money...gulp... Contact you 2nite if that's OK?

 

[trader_dante]

I really want that kind of trading to be me...sadly I don't think I've got the required laid back patience.

There is often a big difference between what one wants to do and what one is good at doing.

 

[trader_dante]

This is such a great thread, really educational stuff. Thank you so much for your time and effort.

To sum the edge you have :

1. Enter trade on whim.
2. Put whole account on the line.
3. Adhere to no stop loss.
4. Reasons for entry dont matter.
5. Risk / reward is only a factor of how much downside you take.
6. Use breakeven stops but ridicule others for using them.
7. Trade against the trend.
8. Ensure no work / life balance.

Thanks for the kind comments. Glad you are finding it educational and you are very welcome.

But I think you are mistaken.

I never use breakeven stops.

 

[D70]

Thanks for the kind comments. Glad you are finding it educational and you are very welcome.

But I think you are mistaken.

I never use breakeven stops.

Ok, i am changing my rule set.
Thanks so much.

Ps. I am long gbpcad @ 16500, put my whole account on it. Can you please update me on when you take profit.

 

[pelzar]

Tom,

You bought GBPCAD F****** hell mate dont you know only monkeys pick bottoms brav!!

 

[DionysusToast]

thanks for the kind comments. Glad you are finding it educational and you are very welcome.

But i think you are mistaken.

I never use breakeven stops.

lmao !

 

[trader_dante]

Tom,

You bought GBPCAD F****** hell mate dont you know only monkeys pick bottoms brav!!

The great thing about trying to pick a bottom is that when you get it right you are a legend. Your timing is near perfect. Your hard work has been vindicated. Your feeling of success is almsot unparalleled.

When you get it wrong, you do not need to feel too bad as trying to swim against the tide is extremely difficult.

Conversely, when you trade with the trend and you get it right, you are just another member of the herd with no skill but that of following which way everyone else is going and letting them do the work for you.

And when you get it wrong you are a clueless moron that cannot even make money when you are following the trend.

 

[trader_dante]

I am long gbpcad @ 16500, put my whole account on it.

I nearly spat my coffee all over my desk last night when someone said that they risked 1% of their account on a trade.

As a result it is extremely refreshing to see someone taking a more sensible approach to this game.

After all, I presume we're not playing to beat the current rate of interest.

As Soros once said, if you're going to take a position, take a position.

 

[trader_dante]

10 bob still in is a position !

Yes I know it is.

Lets hope you don't regret it.

 

[barryb]

The great thing about trying to pick a bottom is that when you get it right you are a legend. Your timing is near perfect. Your hard work has been vindicated. Your feeling of success is almsot unparalleled.

When you get it wrong, you do not need to feel too bad as trying to swim against the tide is extremely difficult.

Conversely, when you trade with the trend and you get it right, you are just another member of the herd with no skill but that of following which way everyone else is going and letting them do the work for you.

And when you get it wrong you are a clueless moron that cannot even make money when you are following the trend.

What a load of tosh. So you are basically saying that you only take set-ups that boost your ego?

Trade to make money, not to w@nk off over the chart shot.

 

[elitejets]

What a load of tosh. So you are basically saying that you only take set-ups that boost your ego?
Trade to make money, not to w@nk off over the chart shot.

BarryB, don't beat around the bush, tell it like it is!
XXX

 

[trader_dante]

Trade to make money, not to w@nk off over the chart shot.

I can't help it.

I love mixing business with pleasure.

 

[ian]

i spy with my little eye ... Something beginning with

jc?

 

[trader_dante]

well said

a proper thread for you to get your teeth into

http://www.trade2win.com/boards/us-stocks/38036-how-make-money-trading-markets.html

Good thread. I went to bookmark it just now and then I found I already had it. There it is on my favourites: sandwiched between the link to the Inland Revenue and the one to youporn.

 

[D70]

Hi Trader_Dante,
I just asked my mate who works at JPMorgan to look at your trading style.
He told me he would rather cut his own ears off and wear them as a necklace.

I think I better go elsewhere for my education.
Best of luck.

 

[trader_dante]

As I recall, as well as quoting Soros, you also told me to stop turding about, I may as well be in Martha's sewing circle, and being profitable was nothing to be excited about.

Good Luck Mr Hare, I'll just keep tortoising along, compounding.

Compounding is a great word that gets bandied about a lot.

As I'm sure you know, Nicola, if you save just £100 a month for 40 years and your investments compound at 12% a year how much will you have? The answer is an astonishing £980,000!

Never mind that the average retail trader without a silver spoon up their a*se needs to take money out of their account to pay the bills...

There is also the little problem that anything left over is earning an interest rate of a rock bottom 0.5% and the outlook is steadfastly negative.

Also consider that in 40 years time I will be 71 years old and that £980,000 will be able to get me a tin of beans and some bread to eat them on.