Mysticforex

Here's a chart I find interesting. It's GBP/JPY Daily. I have an old, old TL ( Upper ) on the chart. The last time price attempted to break the TL was April 4th 2011. It is attempting to do so again today. We'll see.

Idiocy Never underestimate the power of stupid people in large groups.

I posted this a while back.... Thought it worth re posting. I didn't see this posted here anywhere so I thought I would. The " I Look Back Now " thread inspired me. I read this several years ago in a commodities magazine, I have also seen it around on the web: 38 steps to becoming a trader They are as follows: 1. We accumulate information - buying books, going to seminars and researching. 2. We begin to trade with our 'new' knowledge. 3. We consistently 'donate' and then realise we may need more knowledge or information. 4. We accumulate more information. 5. We switch the commodities we are currently following. 6. We go back into the market and trade with our 'updated' knowledge. 7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in. 8. We start to listen to 'outside news' and to other traders. 9. We go back into the market and continue to 'donate'. 10. We switch commodities again. 11. We search for more information. 12. We go back into the market and start to see a little progress. 13. We get 'over-confident' and the market humbles us. 14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated. MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALISE WORK IS INVOLVED. 15. We get serious and start concentrating on learning a 'real' methodology. 16. We trade our methodology with some success, but realise that something is missing. 17. We begin to understand the need for having rules to apply our methodology. 18. We take a sabbatical from trading to develop and research our trading rules. 19. We start trading again, this time with rules and find some success, but over all we still hesitate when we execute. 20. We add, subtract and modify rules as we see a need to be more proficient with our rules. 21. We feel we are very close to crossing that threshold of successful trading. 22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology. 23. We continue to trade and become more proficient with our methodology and our rules. 24. As we trade we still have a tendency to violate our rules and our results are still erratic. 25. We know we are close. 26. We go back and research our rules. 27. We build the confidence in our rules and go back into the market and trade. 28. Our trading results are getting better, but we are still hesitating in executing our rules. 29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules. 30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better. 31. We continue to trade and the market teaches us more and more about ourselves. 32. We master our methodology and our trading rules. 33. We begin to consistently make money. 34. We get a little over-confident and the market humbles us. 35. We continue to learn our lessons. 36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size. 37. We are making more money than we ever dreamed possible. 38. We go on with our lives and accomplish many of the goals we had always dreamed of. Most traders will identify with this list and should be able to place themselves within these steps. Keep in mind that very few people progress through these steps in an orderly fashion. Developing your trading skills is an iterative process. For example, you may reach Step 13., find that although you were making money, your basic premise for trading was flawed (you might have been benefiting from the bull market, rather than your own trading prowess and then have been rudely awakened when the market entered a bear phase) and you may drop back to Step 4. and start 'climbing' the steps again. Having the proper mindset, attitude and psychological makeup becomes increasingly important as you progress through the steps. The focus of the earlier steps is on external issues, i.e. developing proficiency in the mechanics of trading while the focus of the latter steps (particularly from Step 30, on) is on internal issues, i.e. improving ourselves mentally and psychologically, maturing as traders.

I am going to watching for signs of JPY strenth. G/J or E/J. otherwise will stand aside.

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Ok, You win. I am not going to argue with you. " No good deed goes unpunished".

Obsidian, looks like your call on A/U was spot on. I was Short E/J today. I have to remember to post before I take the trade.

How should I know? Connect, I'll be transparent. In the past Rob has hired me to conduct live seminars with him. I didn't do it for the $2K per seminar he paid me. I would have done it for free. It was a chance to travel, meet other traders, make new friends, etc. Trading from home from 2AM to 10AM is lonely and boring. I have sat beside him and watched him trade. He has also traded live on many webinars on FXStreet. If you want to believe he is a marketer and not a trader, nothing I can say will change your mind. So, Why not watch the webinar, ignore any part you think is marketing, and just look at the method. If I didn't like it I would not have posted it. ( just closed a nice E/J short with it ). PS: Rob did not pay me to start this thread. I have not done a seminar with him since Jan 2009.

Send him an email, ask to see his acct statement.

If I could pass a message back to myself 7 years ago it would be to not go live until I had thoroughly tested a simple system. When I think back it amazes me that I thought I would be able to make money without a properly thought out and tested system of somekind, whether completely mechanical or with some discretion involved. There are many tools available to new traders to enable them to learn how to trade such as trading simulators (my top recommendation) and demo accounts but how many actually have sat and traded a half thought out system on a simulator to get an idea of how it trades in real time? That would be the one thing that I would pass on to new traders, get yourself some system ideas (search for trading strategies on a search engine and go through the simple ideas you can find there) and then test the daylights out of anything and everything. If you can't make money trading it on a simulator then you probably won't make money trading it on demo and therefore you probably won't make money trading it live. So why bother? If you haven't even bothered to do the above and you are trading by the seat of your pants you will most likely lose money anyway, and quickly! To all experienced traders, what one thing would you pass on to a trader just starting out?

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I have never treaded aussie/kiwi, But I will keep an eye on it. I am very happy with A/U, for a while I thought it may not print a lower low on the Daily. Very happy with GBP/USD. I used to have the GBP/USD Tags on my car... I switched to GBP/JPY when they became available: When these bcame availeable, I got these:

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About 3 weeks ago my former Mentor and Friend Rob Booker got together with Boris Schlossberg, director of currency research at GFT, and frequent forex commentator on CNBC, and presented an invitation only webinar. Rob talked about a new method he is using on the 5 minute charts with EUR/USD. In addition, Boris gives some valuable insights on how the forex markets flow. I Thought it was fantastic. When I spoke to Rob today I asked if I could share the webinar link with Traderslaboratory members. Being the gracious person that he is, he said of course. Here is the link to the webinar: http://tfl365.com/the-robboris-webinar-recording/ PS: I told Rob I think it will work on some other pairs as well. He asked me to test a few. I'll keep you posted.

@RJO I may be wrong, ( it has be known to happen in the past ) but I think you mean GAIN Capital ( aka Forex.com ). Not to be confused with Bain, as in Peter Bain. I've met him and he seems a decent fellow. Otherwise agree completely. I know it's a tedious process but perhaps you could U/L a few of what you think are your better indis to the MT4 indicator section. @ PipsonPips BTW, what Time Zone are you in? There are some better times to watch the market than others.

Yes! I would like to see the magic level of 1.3000 fail.

Couldn't resist 2 today...

RE: GBP/USD Am looking for the 15725 level.

Hmmm....... Tasty !

I was watching A/U but didn't get in. I have the Daily low @ 10470.... Interesting, that's the Monthly pivot. I did manage to make a few pips on GBP/JPY

Recorded live at The Whiskey A Go Go. 1967 He really shreds the keyboards. [ame=http://www.youtube.com/watch?v=lfXRF_P8yQs&feature=results_video&playnext=1&list=PLC31AF276C4252B5E]Brian Auger - Listen Here - YouTube[/ame]

Confucius Says: *~*~*~*~*~*~*~*~*~* Man who run in front of car get tired. *~*~*~*~*~*~*~*~*~* Man who run behind car get exhausted. *~*~*~*~*~*~*~*~*~* Man with one chopstick go hungry. *~*~*~*~*~*~*~*~*~* Man who scratch butt should not bite fingernails. *~*~*~*~*~*~*~*~*~* Man who eat many prunes get good run for money. *~*~*~*~*~*~*~*~*~* War does not determine who is right, war determine who is left. *~*~*~*~*~*~*~*~*~* Wife who put husband in doghouse soon find him in cathouse. *~*~*~*~*~*~*~*~*~* Man who drive like hell, bound to get there.. *~*~*~*~*~*~*~*~*~* Man who live in glass house should change clothes in basement. *~*~*~*~*~*~*~*~*~* Man who fish in another man's well often catch crabs. *~*~*~*~*~*~*~*~*~* Crowded elevator smell different to midget. *~*~*~*~*~*~*~*~*~*

Potential Not everyone gets to be an astronaut when they grow up.

Pips, if you are interested in spot forex you are not an investor, you are a speculator. Learn as much as you can about forex before spending a dime on a mentor. There are some good ones out there, but most just want to get their hand in your pocket. Someone gave you some good references. Another good one is BabyPips. Open a few demo accounts that use different trading platforms. Learn how to use the platforms inside out. A lot of people can teach you a method. Becoming a trader is an inside job. If you think you can turn your PC into your own private ATM, You're on the wrong track.

I would like to get this thread going so we could let each other know what pairs we are watching. We can't watch all the pairs all the time. Sometimes I am following a pair so closely I become myopic and miss opportunities elsewhere. You can be as in depth as you like, post charts ( not mandatory ), or just give a buy or sell bias. We all know how to read charts so we can figure the rest out for ourselves. I have been following the AUD/USD for several weeks now. Scalping up and down within a range, that lately has been edging lower recently.