This was a comment thread taken from the main site at http://piphut.com/2009/12/forex-signals ... he-attack/ . It is important enough that I wanted to make it have its own forum post so people will continue to see it.
December 16th, 2009 at 9:16 am
A friend asked me to have a look at this website a few weeks ago and tell him what I thought. I don’t know Mark’s background but he certainly knows his stuff and his trade suggestions are excellent. Really struggling to understand why so many aren’t listening to him though. Every day there are comments about trades entered that are simply reckless gambles. Sure they may work and it’s your money your rules but why enter a short on fiber at 525 or 540? The logic is sound to look for pa on a pullback to 600 but anything below is just a punt. I started that way and spent a year blowing my first account. By the time I knew what to do, or what not to do, I’d run out of money.
This is undoubtedly the toughest business there is. I know I’ve earnt a living from it for a few years and seen many blow their life’s savings during that time. The skill in this isn’t the trading it’s the waiting until everything lines up and you have the greatest chance of success. Jesse Livermore said it best: “It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight?”
Mark’s doing the hard work in suggesting the best place to enter and the direction to trade. The easy (or maybe hard) part is waiting until price gets there and does something. Some days it won’t. The reason those of us that make our living in this business do so well is because we can “sit on our hands” while others gamble their accounts away.
From what I’ve seen this is a great place to learn but read all of what Mark writes. The “Trading Idea” says exactly what to do with this pair today. If it doesn’t happen it doesn’t happen but there will be thousands more trades in your lives if you don’t blow your account so why worry about a day when you don’t trade?
Good luck to you all!
December 16th, 2009 at 10:13 am
Thanks for your views… it’s so true! My entry of 540 got me a 20 pip scalp. It’s not that we do not follow Mark’s trading ideas, but if I see an oppotunity to make a quick buck I’ll take.
Are you still a fulltimer?
December 16th, 2009 at 12:34 pm
Apologies Hendrik, I’d assumed everyone following this site traded 1hr+. I’m not a scalper, did try the low tfs a couple of times but failed miserably. I do this full time.
Levels starting to get more interesting but news in an hour so more sitting on hands. Market’s thin and volatile heading up to XMAS so really only interested in very “safe” trades. Don’t plan to hand over my hard earned £s to the brokers on a whim!
December 16th, 2009 at 1:06 pm
Good observations James. Those that make it in this biz fly straight, low key, smart. Cowboys don’t make it!
Good trading to all!
December 16th, 2009 at 10:29 am
Xlnt post James!
December 16th, 2009 at 10:54 am
Very well said James
December 16th, 2009 at 11:08 am
so true, waiting is everything. Still struggling with it sometimes, but i think im getting there.
I still think theres room for trial and error. Just following blindly would teach no one nothing.
“money management the piphut way” good stuff.
December 16th, 2009 at 11:57 am
I agree Markus. “Money Management” is key. Even though I made some bad trade decisions yesterday I was only down 2% ( my risk ) of my account value. Proper money management will always give you another day to trade.
December 16th, 2009 at 11:18 am
I am glad to hear you say this because sometimes I was thinking that I was really missing out when I saw some of the others trading. Like Mark said, it’s better to wait and not enter a trade than you enter one that makes you nervous.
Thanks again for your comments.
Good Morning Piphutters!!!!
December 16th, 2009 at 1:03 pm
I agree with you Lisa. That is exactly how I feel when other guys open trades without a valid reason from my point of view.