bidemi12:

money management; As said earlier, price can turn from a retracement to an expansion (usdjpy, nzdusd, chfjpy) and from an expansion to a retracement (usdcad) depending on what is happening the next time frame. just knowing direction of trend is not enough. one must plan for eventualities. before entering a trade, i plan for both expansions and retracements. if the next retracement or expansion point is let's say 500 pips, then i make sure i have more than enough to cover my bet. chfjpy and nzdusd have confirmed their downtrend and nzdusd effectively expanded to price 8504. if i had taken the trade, i would have entered at price 7545 and made sure i had 1500 pips to spare incase it did expand. but i did not because trade signals on weekly tend to eat up a lot of pips and take longer to hit target. i trade long term but weekly signals can be pip and time consuming.

naijababe:


It's all well and good for you to trade off the weekly charts but you have to consider that personality traits is also a huge factor in deciding what TF to trade. I know a very successful trade who trades off the hourly charts and I don't think I could go beyond the 4H either. Each to his own as I always say

aguiyi:

you are not the first to cast aspersion on this thread and not the first am responding to for doing so, i just feel its improper.

i pray you dont take it personal with me though there is nothing to lose

bidemi12:

but i never said i took the trade due to time and pip constraints. i try to avoid it.

Are we there yet?

naijababe:

I am not talking about your last post but then i guess quoting you made you think my comment was in direct reference to that. What I meant to say is that I don't believe in knocking what others do because I do the opposite and you seem to do that often

bidemi12:

Well, to better make you understand why i "knock what others do". I have been in this game for eleven plus years, and i have seen what "other peoples" opinions can do to newbies in this game. I have seen some crazy, (oh, my bad. cant use that anymore), incorrect and potentialy damaging suggestions here and a newbie might be lured into following these suggestions. So, to prevent this i have to be blunt and direct. So yeah, call me arrogant or whatever but you cannot deny the obvious truth. we are talking about money you know.

naijababe:

I agree with you somewhat that crazy things are said here sometimes but I'm pretty sure you can encourage and correct without doing some of what you do. I have personally not really liked the idea of making calls but rather prefer to share ideas, tips and tricks. Making calls does nothing for anybody.

The most important thing to newbies is not calls and you know it. For the semi experienced like myself, I know the importance of taking ownership of my decisions, so calls from an experienced trader like yourself also does nothing for me. So why not do what helps most people.

bidemi12:

That is why when i make a call i also make sure a reveal the logic behind my call. it is up to whoever wants to follow the call to follow the rules implicitly.

Can't argue with that. You often do that

bidemi12:

Well, to better make you understand why i "knock what others do". I have been in this game for eleven plus years, and i have seen what "other peoples" opinions can do to newbies in this game. I have seen some crazy, (oh, my bad. cant use that anymore), incorrect and potentialy damaging suggestions here and a newbie might be lured into following these suggestions. So, to prevent this i have to be blunt and direct. So yeah, call me arrogant or whatever but you cannot deny the obvious truth. we are talking about money you know.

stagger:

You are indeed arrogant. Who gives a damn if you have been in the game for 11 years? I usually hate it when people come here thinking they are too much and cannot respect the presence of other seasoned traders here.

jamace:

Where?  You are spamming this thread with this question , I think you know? 

naijababe:

^ Amazon indeed!!! That's why I have to play mother . You boys are so quick to pick up arms

^ Amazon indeed!!! That's why I have to play mother . You boys are so quick to pick up arms

odiaero:

Thank you for informing me about the volatility of Gold, u will not believe i followed the reversal right from the bottom, scalp till thursday, got 1600 pips from it, and the uptrend is still moving, but at the moment, am leaving it, cos the uptrend is much now oversold, so am here to dig on EJ and EU

jamace:

Ok. No qualms. If you think you are the mother, mother us well.