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michaelpelly replied Oct 16, 2013Hm, I wonder who defined FX trading as a lottery enterprise. Besides - there is nothing good to get rich quickly. One just can't adjust to the wealth that fast. I personally prefer to get rich slowly but surely in 15-20 yrs. People that decide to ...
After years in trading, do you still believe in get-rich-fast BS?
- michaelpelly commented Oct 16, 2013
"It is all manipulation! Markets are rigged up! Big sharks want to get retailers money!" Same over and over... I still do not understand why is this shorting vigour (70%) of the retailers!?
UK Labour Market Statistics, October 2013
- michaelpelly commented Oct 14, 2013
The problem, Hot4Pips is that quantitative build ups lead to qualitative changes. Everyone was so confident 20 yrs ago that dollar still rocks. Now...I wouldn't say so - the machine is wobbling hard and voices of doubt grips everywhere. So logically ...
Nobel laureate Shiller: U.S. default 'not the end of the world'
- michaelpelly commented Oct 13, 2013
I know but that is not the point :-). Point is - this situation analysis have very little to do with cable moves next weeks :-).
What To Do With GBP Next Week?
- michaelpelly commented Oct 13, 2013
Every trading discussion that concerns euros, dollars and pounds inevitably turns to political-social protests and discussions here :-). Seems everyone is wise economist. How about the political picture in Tobago - any problems there? :-)
What To Do With GBP Next Week?
- michaelpelly commented Oct 13, 2013
1.5720, 1.5550 - good. But I'm still not "sold" to the idea (maybe should-a say "short") :-). I would say - 30%/70% for down/up chance (no math - educated guess).
What To Do With GBP Next Week?
- michaelpelly commented Oct 13, 2013
We see (my fifty cents) profit-taking pullback in EUR and GBP before another surge higher. Obviously different from what you see (big sell right to 1.54xx - 1.52xx) levels. In 2 weeks someone of us will be right :-). If its my 300-500$ loss that ...
What To Do With GBP Next Week?
- michaelpelly commented Oct 13, 2013
Well, no offense but since 3 months almost 70% of registered retailers here and in Oanda are hard shorting the cable - very rigorously since levels 1.48xx. And they were very very firm that "everything in UK was so screwed - no way it is going ...
What To Do With GBP Next Week?
- michaelpelly commented Oct 12, 2013
That moment was in the summer - buy at levels 1.48 - 1.50. About generalizations - seems that a lot of traders think "lefty" - like "everything is screwed up, government lie to us". I'm sure mostly those phrases are repeated over and over last 200 ...
What To Do With GBP Next Week?
- michaelpelly commented Oct 11, 2013
The GBP was very very overbought and since it did not punched 1.63 it was obvious that a pullback will occur. My opinion - it will go up - maybe hitting the 1.64 - 1.65. I bought some at 1.5930 - will see how it will turns out.
What To Do With GBP Next Week?
- michaelpelly commented Oct 11, 2013
The last 2 weeks drop seems to be profit taking - it was pretty overbought anyway. But I still think most likely will go up.
What To Do With GBP Next Week?
- michaelpelly commented Oct 7, 2013
I would add: avoidance of any mantras or universal pills. Trading requires dedication, self confidence and love.
Trading Rules That Have Stood the Test of Time
- michaelpelly commented Oct 7, 2013
Oh my, another article full of kickass chart explanations. When people who trade will understand that trading is a process of speculative making of money, not graphical exercising?! It is way simpler to trade with 2-3 simple rules and just beat the ...
Trading Rules That Have Stood the Test of Time
- michaelpelly commented Oct 7, 2013
2 rules - avoid over leverage and buy low/sell high. Note: trading in its essence stood the test of time long ago computers and charts to be invented. I doubt traders in ancient Persia where using RSI.
Trading Rules That Have Stood the Test of Time
- michaelpelly commented Oct 7, 2013
I placed a short at 1.6095 with tight S/L - my speculation is that will dive under 1.6000 at least for a while.
GBP/USD – Moves well off Support at 1.60
- michaelpelly commented Oct 7, 2013
Well, the bail-in in Cyprus got its toll - the country economy started to contract at steady pace. In 10 yrs maybe they will return to some prosperity. Confiscation of private assets is a breaking of the social contract that government is holding ...
Greece Considering Confiscation Of Private Assets
- michaelpelly commented Oct 6, 2013
Im tempted to add one of the typical 90% comments here when occasionally somebody catches a good wave : "hahaha, gogogog eur!" :-)
Support For EUR To Fade Shortly, To Decline Towards 1.30 By Year-End - Morgan Stanley
- michaelpelly commented Oct 4, 2013
Many fails are based on the assumption that some quantity has to be made daily, weekly or monthly. It is totally wrong. It shifts the focus from seeking trading entry points to "I have to do my quote for today". That pushes the trader to "see" ...
The 5 Things I Had To Overcome to be a Profitable Trader
- michaelpelly commented Oct 4, 2013
Never ceases to amaze me how many people actually trade based on opinions and biases! It might get, it might not get to 1.38xx - who cares. What is important for the retail trader is to buy low and sell high. Strategies when your account is 50k and ...
ANZ Is Betting On EUR/USD Gains Towards 1.38 Next Week; Are You In?