Closing this one out

Posted by Nick 18 Comments

London has opened and this isn’t going anywhere. Closing it out for around -15 pips.

The analysis was sound and it looked like a good trade. Unfortunately even when it all looks good it doesn’t always work out. I believe it is going to go lower, the issue is when. It could go lower now or it could be in a few candles time.

I took three trades this week. I will post a break down of the other two tomorrow. The first two were both successful. I was not able to post the first two trades as I was dealing with a family emergency. The analysis will be back to normal next week.

Tags: forex, forex analysis, forex profit, forex trading, forex trading education, free forex education, free forex signals, gbp/jpy, trade update, weekly analysis

invester100

hi nick I think you will back in 2009 , as you said that you don’t trade the two last weeks of december
how is your family now ? what was this emergency ? I hope that no one dead
have a nice day
Alexh

Hi Nick,

Glad to hear you are returned safely from your family emergency, hope it is all under control now.

Really enjoying reading through the blog, lots of valuable info and lessons for a noob (me). Small problem however, I signed up for notifications and haven’t received any for some time, I’ve tried to re-subscribe but the system does not allow it. Alerts aren’t in my spam box either, is the problem your side or mine? Hope it can soon be resolved.

Have a great christmas and a profitable and happy new year.

Cheers,
Alex
orpips

Hi Nick, thanks for the updates and hope all is well. I was wondering since you say you lost on this trade, what was your target? It looks like the low of this breakout was 134.07, or around 220 pips?
Mike

And what part of you said that is a bad trade??!! Just because it does not takes the tp in 5 min makes it a bad trade?? Where is your old theory about “stress free method”?
Dmoney

I agree with Mike on this one. The Market will ALWAYS reward patience. You were in a fantastic setup, that rewarded the patient traders. This is a true example that you can be dead on, but still lose money.
Nick, your website is fantastic! You are a consistently great trader. I would never say that it was wrong exiting the trade, because you know your exit prior to entering. Everyone is different in their approach, and gameplan. I do think think this is an excellent example for the Noobs out there, that you can be right and still end up losing. There is too much hype out there in the Forex community about the Holy Grail of being 100% correct everytime.
Truth be told, if there was a system that spit out 100% winning signals, people would still lose money trading it, due to closing out trades too early, closing out on a minor few pips against them to take a loss…etc.
I am like you, I love trading, and I trade for a living. I make mistakes daily. So I hope it is refreshing to the Noobs to see that it is ok to not be 100% all the time. Welcome to the life of trading
“Cease to be right, by ceasing to be wrong” ~Jesse Livermore

Thanks for all you do Nick!
gary

nonsense….u do not even have a 800k account…u liar!!!
gary

guys wake up!!!! can’t u tell he is a fraud trying to sell u guys his ebook? if he makes so much, ask him to show the statement!!!!!!!! he is someone who is hiding behind his computer eating people’s money
Mark

Nick,

Are you using a 1hour chart now instead of the 4?
tony

Just wanted to let you know that your website is in the top 100 most visited forex websites. Its actually #67 as far as traffic is concerned source:forexontop.com Thanks for sharing your knowledge and please keep it up for all of us just starting out
Dave

Hi Nick, I just signed up today, I’m a newbie & have been reading your e book and have a problem with S&R lines on GBP/JPY I am using metatrader4 charts which scroll back to 2001 and consequently don’t show any S&R’s at the current low price levels. Cheers, Dave
tony

Shut the hell up Gary b4 you fuck it up for the rest of us. You asshole. If you had sense enough to follow his advice simply from the free blog, you would make money. Stupid idiot!
Mike

Hy Tony,

Don’t be a comunist with Gary. Everyone should an opinion. Might be good, or might be bad, but still… You should know that not all people are ready to kiss an ass just like that.
Why can’t he be right?? I mean, not a long time ago trend-lines were unusable for Nich, but now…; or the 1h chart was not his thing, but now…. Who knows maybe soon we will all here about a magic indicator.
So, please take arguments on statements posted, ok!

Take care!
Tony

Your right. Everyone should have an opinion. What I posted about Gary was my opinion about him. Yes, it was profane & sharp, so I apologize for that. Also, learning to make money in the forex market from a full timer isn’t kissing ass. BTW, calling someone a fraud/scam in a public forum is a bit more than an opinion; it’s an insult. An accusation that’s not backed by any evidence.
Harald

Well I for one am an experienced investor…but relatively new at trading. I find that this chat room is a god-send for getting input from others. I just want you to know, Nick, that your efforts here ARE appreciated. The same can be said for the moderators that are very informative and helpful as well. Plus we get visits from experienced traders who share their views from time to time. Kudos to ‘em all!
gary

u guys are so dumb and i really hope u guys really lose more money

the fact is probability is not a factor

the key to success is risk and reward ratio

u can never be right 8 out of 10 times all the time.

tony, your just a loser
NickB

@gary:
I average 8 out of 10 win. That means some months I win 6 in 10 to some months I win 9 in 10. I assume you do not understand the concept of averages….
Tony

Gary…

Again, I apologize for the sharp words and profanity. I do stand on my position that if you’re going to accuse someone of a forex marketing scam/fraud, you should have some evidence. Me a loser??? Ok fine…..aahhh….I guess now we are even with the insults.
geoff

has anybody in this forum actually read nicks ebook, put it into practice and is now making money and if so how long did it take from beginner to being profitable?