Forex Trading - I placed a trade on USD/CAD..which I cancelled in a loss.?

Question

Hello Everyone,

I cancelled the trade with some loss..I have posted the deatils at -

http://the-forex-trading.blogspot.com

Do you agree with my analysis?

Thanks.

Answer 1

Mr. DREDUDE..I guess this guy was just asking the comments from other traders whether his analysis was right or not..I don't see anything wrong with it..Thats one of the best ways to learn.
So, no need to brag..You made money..its good for you..If you are so offended by his post, then something is wrong with you.

Mr. Guptatrigon..I guess the biggest mistake you made was not to look at the longer term charts..I guess you did that later. You may want to do that before you place any more trades.......

And don't worry about comments from these so called experts..You are posting your comments in blogs which itself is for the purpose of sharing comments or thoughts in an informal way which so called experts are calling childish..Ignore these experts..!!!

Answer 2

Why is it you need someone to agree with you or congratulate you? All you need to do is make money. Or is your life's goal to blog? You are ignoring the lesson "Do nothing that is useless."

In fact, you are breaking several rules. In any profession, it is a mistake to let the novice teach another novice, even though the newbie is excited about his new profession and ready to teach everything he learns. In one year, you will probably not use anything you use today; your aprroach will be completely different.

You seem to be very young, and as such, have a long way to go in many areas, such as your writing skills. Every sentence does not begin with "So." The whole thing seems childish. If you knew anything at all about the Scientific Method, you would approach your "analysis" differently.

Do you have a trading plan? It is not apparent. What is it that triggers your entry? Where exactly would you exit? It seems you were living on hope there for a little bit.

The thing you missed, and the key to this trade was in the cycles of the CAD. If you back out to the longer-term 180 min chart, you'll see the lows on 5/31, 6/12, and 6/21 spaced identically apart in time, with the next cycle low due on 6/30, exactly where you expected the trend to continue.

I didn't see it either, until the CAD started going opposite to all other currency pairs after the initial reaction to the report out at 9:00 am. Every pair resumed the Thursday trend, except the CAD. I went long the EUR/CAD before noon and did rather well, despite the wide spread. And the CAD has another 50 pips to go.

I'm not trying to make you feel bad, and I have no need to brag. My accomplishment is already in the bag. I am fulfilled. I have no need of anyone's approval, or to step up my esteem by stepping on yours. But I'm more than ashamed to be called a trader when a novice makes us all look bad in his inexperience and lack of knowledge, and puts it on a billboard for all to evaluate. What a silly lot we are.

Your blog took the wind out of my bag.

Answer 3

You are a fool. But a happy fool! You are happy because you LOST money, and you justify your happiness with what you did by taking gleeful solace in the fact that you didn't lose much!

There are NO rich traders. There a few very lucky people who got wealthy trading, but they got wealthy through SHEAR DUMB LUCK, not through any trading system.

If you would like to prove this to yourself, take a "system" and apply it retroactively to 100 "target stocks" over your target time period. You will make money on maybe 10% of them.

There are lots of people who get VERY RICH investing money in quality companies that pay good dividends for long periods of time, and they don't need any software! Cool, huh?

Answer 4

trading in the foreign exchange is most of the time rather simple and plain sailing, however it can be risky if you are looking for big profits, I suggest you read as much on the subject and find good articles before doing it, one free resource site I particularly like is this :

http://umgarticles.atspace.com/forex-trading.htm

Answer 5

Wow, did they send you a super secret decorder ring as a parting gift?