I’m not sure that most people reading here ( and I must say….thank you all again for reading here ) truly grasp the amount of time and effort needed – in order to “truly” succeed at this.
To be honest ……for anyone “casually checking in” on the news and their current holdings, solely on a daily basis (or even bi daily basis) I imagine that for most part…….you’re not having much luck.
Completely understandable as……..this is a very difficult market to navigate. Such that many of you may just be checking up on my trade ideas and posts…only to find that I’ve already moved on – a day or two later.
For the trader types…fine – you’ve got the time/energy/interest to keep up, and do what you can to fight this thing. Great.
It’s the investor types that worry me the most as…….I’m only doing what I know how to do to survive here. Applying my trade /knowledge/skill after many, many, many years of painstaking work and commitment.
I don’t “choose” the way these markets behave, and do wish things where different.
Investing is not an option here, so you may have to dig a little deeper.
You’ve been through wars, raised children on nothin and built countries from the ground up so….
I know you can do this.
Your guidance and tips are really appreciated. I think I’m starting to catch the essence of this currency trading thing, my only problem being that I’m often late in big moves. By the way, do you think we can expect the USD to go much more north with the US numbers coming in on Friday?
In my opinion Forex is not a good place for investors to be participating. By definition investing is taking a long term position in the hope of cashing in at a profit in 12 months or more months down the track, and hopefully collecting a dividend along the way.
To be an investor in Forex one would need to be entering a position off weekly or monthly charts (daily is probably too short) and holding ones position through some massive swings.
Forex is for “traders”… people taking a position based on daily, 4 hour and hourly charts (maybe 15 min to fine tune an entry).
As traders we rarely hold a position longer than a week I would think, unless we were lucky enough to pick a long trend reversal and decide to hold it for a 600 to 1,000 pip run (my dream!).
In the current enviorement I’m happy to take 40 or 50 pips out of a 100 to 150 pip move, so in and out in a day at most.
Hey Kong … I am 59 and a (was a) CFO of a fairly big manufacturing concern in Melb Australia … Things have just got so bad for manufacturing here and it just got too much for me so I have partially retired giving away a couple hundred a year to follow my FOREX hobby as my new income stream … Your Blog yesterday where you said “be on the train before it leaves the station” and though its an old saying it was a timely reminder … so before going to bed last night I organised staggered sell entries at 20 pip levels with 30 pip trailing stops on each … in short this morning I awoke to a $3,500.00 gain on a risk of only $200.00 so thanks mate I owe you one.
I have been following your comments on FF and though you can be a bit bombastic at times I enjoy your banter … I think sometimes people dont understand where your at … especially the Nigerian … I have coached Basketball at a high Junior level for 20 years and the best kids I ever had always had great confidence in themselves and their skills and they kept me on my toes … your in a different area but portray the same qualities so I look forward to the future with less anxiety as I have come across a young man as yourself …
By the way I dont comment of FF much as so many of the people their are full of it so I dont waist my time … My ID is Herbie and with a picture of my favourite pet … thanks again and will hear from you soon …
First off, it’s great to have someone of your experience and location here at the blog. I’m sure you’ve got some pretty valuable insight “down under”. Secondly wow! That is a fantastic trade you put on! Congrats!
Lastly…he.he.he…..I will hunt down and call out every single low life “troll” on FF that looks to give me a hard time when posting good actionable advice or trade ideas. I’ve hoped to reach out and find some of the younger new traders and offer advice etc…and never in my life exected such a group of idiots.
It’s truly amazing how a particular website can attract such a specific user when “we all” are interested in Forex. I really don’t know where these guys get such feelings of entitlement over there – like a fellow is stepping on their turf or something. I won’t have it.
I hope you do plan to get in and comment here at “this” blog as your input will be greatly appreciated.
Cheers an welcome!
Hey Kong … Herbie Here …Thanks for your time in replying … FF is mostly a wast of time for networking because being a free site it attracts all levels of people with very few with quality input so I was lucky to come across you there … I have found it attracts gamblers and people trying to be wall street analysts by making grandiose predictions like the Gold forum yesterday was spruiking “Buy Buy Buy” recommendations when blind freddy could see it would drop … The info and news on the site is quite remarkable though …
The biggest problem working alone in front of the computer all day goes against our animal related social instincts to be part of a group of people … I think you are of the same opinion hence this blog of yours … As my favorite Rudyard Kipling poem says below we need a wolfpack … speak soon …
“Now this is the Law of the Jungle — as old and as true as the sky;
And the Wolf that shall keep it may prosper, but the Wolf that shall break it must die.
As the creeper that girdles the tree-trunk the Law runneth forward and back —
For the strength of the Pack is the Wolf, and the strength of the Wolf is the Pack.”
Yes the blog has certainly provided some additional social contact as…..I do spend the majority of my time alone. I like it this way. I’ve always liked it this way as I’ve always found something to keep me busy.
It is nice to be able to speak with people of similar interests. Not so easy to find.
Thanks for the excerpt….I’m looking it up now.
Have a good weekend.