Posts by "daveo"

nah, nah Chloe. I need im to pump is darned QE2 again. I am long eurusd from 3285

JCD, I agree with everything you say and please dont take any offence at my entering the discussion, I know I am a titch opinionated. I have always disliked scalping but sometimes my entries will morph into a scalp if mkt doesnt quickly go my way. I had a forex trader colleague this year demonstrate to me how he makes c.$1000 almost every morning starting with mid asian session through 10.00 GMT. He is a scalper taking typically 5 to to 20 pip trades playing typically 2 or 3 lot positions. He is very skilled at his particular methodology. I agree that 98% traders are consistently losing money but he is in the 2% elite bracket.

Right, I try to respect all timeframes. That guy leaves his screens at 10.00 GMT and has fun leaving me in my screens approx 15 hrs/day. He is happy with c.$5K per week. I trade a variety of instruments in timeframes ranging from a few hrs to many months. Longest gold trade was rolled over for 11 months. I love charting and analysis. I am happy to spend 5 days in screens and 2 days at play. Inbetween the two of us particular traders there are many different scenarios for different traders. All timeframes are potentially profitable and all are potentially disastrous.

Another thing I have noticed with forex traders is they start off by wanting all their data feeds etc for free. Everything has to be for free. Thats perhaps not a bad thing until they can prove survival with risk control and money management. Prove that they might be somewhere close to having an edge before lashing out on the right tools for the job. Decent software and exchange fees, decent rig etc all mount up so it makes sense for novice traders to get by on the cheap until they can see their "edge" or decide to quit before too much damage is done.

I would advise you to check your data feed. Way way out !

I agree that Japan has a horrendous demographic problem looming, as does USA who need to take in large numbers of young working age immigrants but there are no jobs and not likely to be for some years ahead. UK and large areas of Europe have similar problems and with enormous pensions deficits which consecutive governments have ignored.

China have a variety of potentially destructive problems but it takes lots of time for a very old culture to change. They have made progress with change but we need to be patient and by that I mean many decades rather than months and years.

The world is in an almighty mess even without mentioning religious conflict. It will probably take 20 years yet just to deleverage financial systems. Let's hope the scientists can come to to the rescue in time so new industries can be created. Printing money or QE2 cannot go on forever and the power of the banks over government is a very real problem indeed.

I don't think any G.20 nation can claim to be whiter than thou. All have very real problems. We each need to be producing something useful other than spinning money around in circles. Ultimately the basic laws of nature will take hold unless government comes to its senses.

Yes Kam, good one:-)

The people of Ireland should have done what the people of Iceland did. Tiny population of 4 mil now bailing out the banks. It will take several generations to work off bank excesses while the bastards continue to pay themselves bonuses. I don't think the people in UK will be so passive when the next load of sh*t hits the fan.