You've all had my good weeks posted, my 1500-pip and 2200-pips weeks, well... this week was the flatest in memory. The only trade I made was the euro/$ long I closed for 110-points profit. Besides that I brought in 170-pips in interest. Not bad, but... did anyone make any money this week? Seemed like a pretty flat week to me.
Well, if you read the blogs of the British forex traders Graeme and Soul-Trader, they had one of their best weeks ever, and they have made hundreds of pips this week. But they also have a system for sale...
I think all newbies in forex trading should be beware of all system-sellers, which use their blogs to promote their expensive systems. Soul-Trader and his buddies are (mis)using both Moneytec and their personal blogs to claim huge profits day after day - made by their system. Only winners, no losers. If you believe them, you can believe everything. If you have found The Holy Grail, why sell it?
ah, well, I have no system for sale and will not hesitate to post any losses (and I have had my share, trust me). In fact, the pound has taken a bite or two out of me so far lately, heh. actually, I MISSED over 200-pts profit last week due to not getting in when I should have, but waited for it to fall further (to 1.7300) - it never did.
Thank you. I don't trust traders with a system for sale. Why did you miss the move? A simple MA would have got you in.
No, a simple MA would not have got me in - the price dropping to 1.7300 and triggering my buy order at 1.7300 would have got me in - lmao. I didn't need the trade - I never need a trade that just drops against me X-number of points where I close it at a loss. And there was no indication GBP wouldn't have spiked down to 1.7000 last week, with the recent cable bears being as long in the claw as they have. I've shed enough blood at their paws. It may drop to 1.7000 next week, who knows? And if that happens I sure as hell don't want to open a long at 1.7300 based on a MA or anything else. Bear claws ripping 300-pip chunks out of me hurt.
Yes, who knows? Only BOE (board meeting Thursday). A MA got me in - and out again, too soon, I think. PS. Why take a 300 pips hit?
Hm... why take a 300-pip hit? well, call it "controled bloodshed," but, if I open a long at 1.7300 and the price tumbles to 1.7000... somewhere along there I am going to nail my losses - I may re-enter - if it continues tumbling, guess what? I ain't gonna sit around in a losing trade - I'll dump it at a loss, re-enter, etc. Tell me there is no perfect way of insuring every cable trade will be a winner. where did you enter/exit last week? why did you get out too soon? trading silver lately has been a pure blood tangle. oh well, to be expected... I've also picked up some cash on it - biting off some of their bear claws. But, for me, fighting bears doesn't mean getting eaten by them.
Well, if you trade Soul-Traders system, you get all the moves in Cable. Only winners and no losers. A lot of pips every day. You only have to pay 2300 GBP for the system. No wonder Soul-Trader is a big name with a large following on Moneytec...LOL. Have problems with my trading station, so I can't you give the entry and exit, but I didn't catch Friday's move.