FOREX TRADERS

[ultimatepick]

GBP/JPY
Here is a very interesting thread for this pair. THis bad boy is the next one I will learn how to trade and the statements below have really convinced me.

http://www.forexfactory.com/showthread.php?t=16691&page=3
OK I being trading GBPJPY from past couple of years.

Here are some tips.

1. Trade only Tokyo and London times. 90% of the time the trend from Asia continues through Europe unless you have some big news on GBP.

rarely the trend reverses like his elder bro GBPUSD, who loves to flirt all day and eat our balences away by the time we reach US time.

2. GBPJPY have a habit of turning back upto 40-50-60 PIPS, considering it has a spread of 8-9, its normal, BUT if you are newbie..you will be scared and will never come back to trading GBPJPY, so always set your stop loss above 100 PIPS AND trade with the money you would be prepared to loose.

The 40-50-60 PIPS turning back you see is not reversal of trend..just relax..probably some big guys unloading the trades etc..again 90 percent of the time..the trend will follow up.

3. Play with the pyramids..if the pip goes 50 to 60 PIPS know that it will hold the position..so built on a nice pyramid to make up the lost PIPS.

4. EXIT by US afternoon as most the trade will be slow till the market open for a new day in Tokyo.

5 Be a day trader, I would at the most if i see a big trend hold for 2-3 days..I have carry trade in other accounts.

6. If you play intraday..you will make 10 to 15 K PIPS..If you go carry trade you would make 3 to 4 K per annum..both are nice. depends on how much you got.

Probably the biggest thing in trading is confidence, which you get with experience ..so keep your arse grinding untill you say..ohh yeah..i can do it