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Posts by "bigbaby"
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Posts Total by "bigbaby":
27 Posts by Anonymous "bigbaby":
From a newbie's point of view this whole fx thing smacks of a casino, particularly the short term trades whether they are based on fundamental analysis or otherwise.
Between the devil and the deep blue sea, fundamental analysis seems to make a whole lot more sense to me and it's just my personal view that fundamentals decide the direction the markets ultimately take. To say that charts determine future movements just doesnt seem logical to me. That's not to say that charts dont have a part to play. I feel that they do help me crucially in entry/exit points and money management. That's about it.
If I had to stake my life and choose between them- fundamentals is it. But that's just me. Even then that would only be for longer term trades. In the short term anything goes and it is a casino out there, the way I see it.
One for the Euro bulls and the other for the Euro bears. That way no one steps on another's toes and you wont hear what you dont want to hear. You can then keep your views intact and more importantly your "ego" intact.
You peep into the other opposing thread at your own peril.
But I am the "bigBaby" with the 2nd "B" in caps.
Hi bigbaby.
Well in the short run anything goes and I wish everyone all the best.
I will hold on to my shorts unless 14135 is hit.
Should I be bothered about rate hikes when it comes to fx price movements, barring short term noise(s) ?
Is there any credible medium term or long term correlation between interest rate hikes and fx trends ?
As a newbie to forex, personally, I find BOTH fundamental and chart analysis to be difficult. I am almost ALWAYS wrong with whatever analysis I come up with.
But anyways after 3 months of demo trading I have decided to try my hand with an account of $15, 000.00. I am not a full time trader and am glad that I have a day job.
I have decided to enter the market only at around big figure levels in the Euro counter, for eg. 13000, 14000, 15000 etc.,
Since we are at one of these levels now, I will short 2 mini lots of Euro at 13975. I have set my stop loss level at 14135. I hope to take profits, if any, at 13800 for one lot and let the other run. I will go long if I have to at 14100 levels.
I know it is risky to try and fade rising markets, which is the short term case with the Euro now, but hey I am human. But rest assured I will never add to losing positions.
Wish me luck.
P.S: If you do the opposite of what I do I am quite sure you will all make money, ROTF. So I will keep my bunglings posted for everyone to take notice of.