We will be lucky if it reaches 9650. Have a short entry order waiting at this price point but seriously doubt it if it will be triggered today. Maybe tomorrow.

This is a good point. It is a more advanced concept for most retail traders, as they usually progress through an evolution in their trading style:

1. they first look to take trades others initiate
2. eventually there is a simple strategy when they learn techs
3. quickly learn the principles of short-term fundamentals and volatility
4. long-term fundamentals start to come into play
5. position management is developed
6. money management rules are created
7. behavioral finance is considered (this is usually considered only by those that survive trading for more than a year or two).

There is little discussion in the final two topics and finding quality articles or books on those two is difficult. Have you come across any such literature tacamonchi? I like Mark Douglas for this topic.

well keeping it quiet really, I don't inform anyone about what I am trying to achieve, (this is only my decision) I have been involved with FXCM now for Three years and I am just starting to get the hang of how the market works (I think). To keep my gf out of the trading scene is kind of a big relief, she comes home and doesn't ask me any questions about how my trading day was, I therefore am not provoked to think about how good or bad that day was, which therefore is a chain reaction to being moody or bad tempered for smthg that is all down to me, (trying to explain this as best as I can here......) if I have a bad day then it is me at fault and no one else and I think what I am trying to say is I don't want anybody else dragged into my mood swings, because trading can be sometimes quite stressfull.....

today for eg. I am scraping back from a wrong trade, but no one knows only me and (now the rest of the Forum members), but it's ok, no need to get worked up about it.

it certainly helps me anyway to keep it quiet.

Take what you can and give nothing back.

At this point, in the day, I think 1.97 would be a bit much to ask for. We tend to see that the biggest moves for the majors occur in the morning of the European and US trading sessions, and any recovery from here will have a little trouble breaking above resistance at 1.9650.

I don't mean to revel in your misfortune but this tells me that there is hope for people like me.

You know Vince.. I do find it interesting that about 95% of the discussions that go on in Forums are of the "Wins" and only 5% are of the losses.. It must be of that reverse psychological stuff....

I have taken losses trying new strategys.. I figured out really quickly that they didn't work after my account drew down.. The first lie in trading is that there is a way to do it and not lose some money. (actually there is.. Don't Trade at all). I guess this gets into the 4, 5, and 6 rule that John K mentioned below
My Wife and I have the same type of relationship that you and your Gf have. My wife doesn't ask about it and I don't say anything about.

Good Luck!

Thanks for postings today's activity. I was comparing your last week's discussion vs what happened today. I figure you must be upside down due to the RSI pointing up, which never happened.

Don't you love this trading stuff? Can never tell for sure.

LovelyFX, other than the GBP-USD pair will go up and down (which we all agree that it will happen this week) Where do you see us going too and beyond for this week?

I know that you recently mentioned that we needed to reach 1.9602 before bouncing back, is that still the case? Are we moving upward after the 1.9602or is the downward trend bound to continue?

What is your mentor recommending you to do?

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I am a psychologist by profession and would definitely be interested in behavioral finance but unfortunately I do not have any access to literature about it (I shall do some research on mark douglas but right now I am bidding on a forex book on ebay) However, I suspect that cognitive dissonance plays a role on why we favor some currencies and stick to trade positions which are against the trend. My wife, a psychiatrist, knows about my daily progress but since I constantly explain the dynamics of the trade, she understands that sometime one loses in the pursuit of gain. She just worries that the stress can burn me out but otherwise, she minds her business unless I share developments with her.

good point. for me a balanced trading system is something like a balanced life. My wife knows everything about my trades, even she has access to all my accounts if something happens with me... soon I will start teaching my children... in few years FX will be a family business...

A.

Good to see you A. £ is dropping like a Rock while you were out.. You see a Hard bounce comming off of 1.9336?

__________________
Trade what you see, not what you think. Act on what is happening right now.

Hi DJ, Travels were OK.. thanks for asking. In my charts this pair is still bearish and no buying signal yet. Of course, it is oversold already, but you know Cable... it could be in overbought/sold conditions for a while. I think the rest of the world is helping the USD until next Ben's speech... ha,ha... OK, seriously, so far this pair is below the 61.2% of 1.9408-2.0152... that zone, 1.9690-1.9700 should hold to extend losses to 1.9400, but as the pair is oversold, perhaps we are having a bounce during FED news later today. Below 1.9850 I am still bearish.

for now, I don't see any "hard bounce" soon (but everything is possible)... I think major pairs are going to range for the rest of the year... markets need some breath... even, perhaps, high yield currencies are going to cut rates... as NZD has started. just my thoughts...

regards,

A.

this is for you..for the storterm must be bounce to 1.9750 level then extended 1.9800

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lovely you have a PM