GBP/JPY Trade Updates (a bit of a rant and some questions answerd)

Hey Guys,

I was very busy most of the day on Monday so I couldn’t do a trade update.

I came back to a mailbox full of questions. Some were genuine questions which I will answer in this post shortly. The others were…….. well putting it nicely……. the rest of the emails were absurd, moronic, half-witted, idiotic complaints spouted by small-minded, cry babies who for their own good should steer clear of the Forex market. In fact, they should probably steer clear of any job that requires an IQ higher than that of a primate.

I know that sounds a little over the top but anybody who knows me knows I do not suffer fools. Guys I am just tired of having people berate me because of a bad trade. I know the vast majority of you appreciate the blog because I get heaps of ‘thank you’ emails weekly. However, mixed in with all the thanks (which I am grateful for) are these idiots.

The vast majority of these morons do not bother to read the free e-Book which I spent 4 painstaking weeks writing. The book details my method precisely!

Instead of reading the book and studying the method these people just blindly jump in as soon as a line breaks. Then when they inevitably screw up a trade do you think they blame their own stupidity on themselves? NO! Instead they feel the need to write me some long winded diatribe about how I suck.

For all those idiots (you know who you are) I am going to give you a few facts about trading:

1. If you’re going to trade you’re going to lose some trades. I don’t know how much clearer I can make this. All traders lose some trades….. if you can’t deal with it go do something else!

2. Every trading method has periods in which it loses some of its effectiveness. Trading methods don’t work amazingly well all year round. Some months you can get a 100% win rate some months that drops down to 60%.

3. The Forex market is for grown-ups.

Now that we’ve dealt with the pleasantries let’s get on to some of the genuine questions that need answering. All these questions were asked more than three times via email and in the comments for the last blog post.


Q. Nick do you take reversal from failed scalp line trades. If so what’s the target?

Yes if a good reversal candle forms on the scalp line I will definitely take the reversal.

Think about it this way, a scalp line is a strong area of support or resistance (s or r). If a trade fails it usually means that the s or r held the move back. So, even though it may have broken the line the area has such strong s or r that the price can’t push very far past the line.

At this point the potential for a reversal is at its highest. More likely than not if you see a reversal pattern form it means that there will be a reversal.

So the answer is a definitive yes. If a trade fails and a reversal candle forms on the link I pretty much always trade it. However, I do not just jump right in I wait for confirmation of the reversal. I talk about trading reversal in the free e-Book read up on it.

As for the target it is generally 70 pips but it can be as low as 30 pips and as high as 100 pips. It depends greatly on momentum.

This week I took the line break and lost 52 pips I then took the reversal and snapped up 74 pips. So I am 22 pips up for the week. I will give a detailed breakdown of the reversal trade in the next post.

Reversals are a huge part of my method and my method only has an 80% win rate when you trade everything together. Don’t get carried away with just trading scalps!


Q. Nick why didn’t you trade the 155.95 or put it in your analysis?

I did the analysis about 10 hours after the market opened. The line was already broken so I excluded it from the analysis. However, this was clearly a line so if you traded it you did great!

This is why I repeatedly ask everybody to read the e-Book. My method is pretty easy and spotting scalps isn’t rocket science. If you read my book you would definitely have seen this line and if you took this trade you would have been profitable by at least 50 pips.

So if you took both scalps this week you would be at break even. If you took both scalps and the reversal you would probably be up at least 70 pips.

So please, for those of you who just blindly follow these signals……. DON’T!

These signals should only be used in conjunction with my method! If you have read the e-Book (or watched the video course) and know how to actually trade my method, use these signals as confirmation of your analysis.

DO NOT BLINDLY FOLLOW ANY TRADING SIGNALS ON THIS BLOG (or anywhere on the internet for that matter)


Q. Nick why didn’t you put a video up of this week’s scalp break?

I cannot always video my trades. When I do a trade video I have to be on Skype with my friend. My friend trades her account and mine while I trade the account being filmed on the video. This is because:

1. The broker in the video is GFT but my main trading account is with another broker. So if I shoot a video of my main account all you will see is me clicking a few buttons and entering a trade. GFT’s Dealbook has amazing charts and they are by far my favourite charting platform. So I shoot and enter trades on my GFT account while my friend trades my main account for me. She is on a Skype call with me so she enters and exits when I exit on my GFT account.

2. I am not an idiot! I do not put videos of my main account out on the web. I obviously need to protect my privacy!! I don’t want some person to see too much of my main account and find a way to steal my money. I know, I know the chance of that happening are slim to none….. but would you risk your life savings?

So I can only shoot live videos when I am with my friend and she is able to trade my main account.

Ok that pretty much answers the majority of the questions I got emailed this week (excluding the question by the aforementioned morons).

Leave a Reply

Your email address will not be published.

42 thoughts on “GBP/JPY Trade Updates (a bit of a rant and some questions answerd)
  1. Nick –

    Appreciate your good work. Recently you mentioned testing your method on EUR/JPY, and I was wondering what your findings are thus far. I have started looking at EUR/JPY and GBP/USD along with GBP/JPY. The chart patterns for these are uncannily similar, and I find I am usually in a trade for each pair simultaneously, and in the same direction. I need to do more work on s/l and t/p levels, and am leaning to the 25 – 35 range for E/J and G/U. What have you been finding with EUR/JPY??

  2. Just a thought- I realise that, because of GBP/JPY’s current price levels, this isn’t the best of times for the NickB method. But I reakon this is a great time to be learning the method. If I can get myself profitable in the current market, then I’m going to have a lot more confidence about being able to stay profitable long term. On the other hand, if I was starting off when the going is easy then I’d be knocked for six when things get tough.

  3. Nick – thanks for the trade update. I was curious how you did w/ that failed scalp. Also interested to read about the reversal trade, wasnt quite sure if that qualified as a reversal candle.

    Also, please dont let the negative emails from the idiots ever turn you away from helping those of us that appreciate your hard work and openness in sharing. I’ve been trading for quite some time, pretty much at breakeven and struggling, and this blog and your ebook has helped to remind me how simple trading can(and should) be.

    Cheers!

  4. Thanks Nick the post and all the great info!

    And sorry to hear about people blaiming you for their bad trades. Some people need to grow up and take personal responsiblity for what they are doing… Expecially with trading.

    thanks again for all your help

  5. Oooh, Nick, now you’ve got me curious – as I’m sure numerous others are as well. So, do tell, which broker is your main account with? I’m unsatisfied with my current broker (FXCM in the states) and their response to the recent NFA FIFO rule change.

    Chin up, lad, we’re not all morons and you’re efforts are greatly appreciated by the vast (silent) majority of your subscribers.

  6. Nick, Thanks so much for all the work you do to help us folks out here. It is greatly appreciated! This is a fantastic site, and the folks in the chatroom are great.

    Please do not get discouraged with the idiots and morons who cannot accept responsibility. The rest of us are really indebted to you.

    Thanks again,
    jcd

  7. Nick, thanks to your ebook, blogs and blitzes, I am making sense of trading. I could not have gotten this far without the common sense trading knowledge and experience you share freely. Thanks for persevering! As we say in the States: Don’t let the turkeys get you down!

  8. the 155.85 break was a great break with a ton of pips in that trade. What your running into Nick is the ‘Do me’ script for idiots. They can’t think independently , don’t want to try and complain if you don’t spoon feed them. Just ban them from the group they are useles to themselves and others. It really would help people if they anted up and paid for your course. You run a great site and a very unque place.

  9. Nick, I think you do a marvelous job, as Abe Lincoln was attributed to saying “You can please some of the people some of the time, but it is impossible to please all of the people all of the time”.
    Any person who expects you to be right all of the time is an idiot. If they had watched that trade they would have picked tghe turn and did very well on the bull run.
    Cheers,

  10. Nick,
    Any chance you could go over this trade with us from start to end? I believe this trade is a great example and has a little bit of everything in it. It would be very insightful and educational to know what your thought process was during these set ups. Thanks for your time and efforts.

  11. HI Nick, don’t bother abt the fools. We know you have done your very best! Thanks for all the efforts, you are the best!

  12. Nick, thank you so much for everything you do for us. I have learnt a lot from you and appreciate your efforts. Do not take notice, there will always be people asking stupid questions, trying to become rich for a month. Unfortunately that is not how it works. Your e-book is very good and helpful.

    Thank you once again.

    Take care.

  13. Nick, could not agree more with your comments. I have a friend who wanted to give me money to trade on his behalf, no way hosey. Started him with a demo account plus the months of research work I had done. First lesson read Nick’s eboook, learn to plot S&R lines, write a trading plan with clear targets/goals and learn, learn, learn. Did he follow simple guidelines, nope, result demo account trashed in 2 weeks including taking your short signal on Monday.

    Nick suggest that you find a way for forex4noobs members to confirm that they have read and understand your ebook, only then do they get enrolled for any blogs.

    That way hopefully the nuckle dragging numptys will finally learn to do some thinking for themselves.

    Good work don’t despair, liked your rant, pretty mild considering.

  14. Hey Nick, as stated above this site is awsome and without a doubt most of us appreciate your efforts (and all the other guys) very much and i bet those with the stupid emails do to they just are’nt smart enough to relise it.

    Guys with the stupid emails, grow some balls and except the losses, it’s part of trading and if your not ready to except that yet your not ready to trade!!!.

    Cheers

  15. You’re an asset to any budding forex trader, no matter if a trade fails or not, the lessons you have helped me learn are invaluable, my trading has changed from a pipedream to a reality due to your efforts on this and other websites. Can’t please everyone, but I can see this as a live journal for you so yeah, at least you can please yourself and help others along the way!

  16. Hi Nick

    Thank you very much for your blog and for creating this website.Its one of the best educational sites i have seen. I have spent thousands on all kinds of tools systems and the elusive holy grail only to find that the ultimate holy grail is the brain.

    My conclusion is that its not the system or trading methodology that fails , Its the person that is doing the trading that fails. If you are not prepared to spend time to learn ,take time to transform tha way you think or take the time to learn to use your brain DONT TRADE.

    The educational material here is worth much more than the stuff i paid thousands of dollars for.

    For anyone considering spending loads of dosh I would say save your money , read everything at this website, then take that money and trade with it.

  17. Hi Nick,

    How demoralizing it must be for you to have an inbox half-full of poppycock(1) every time a NickB scalp setup goes bad. The problem is that morons, half-wits and idiots appear in all walks of life. You have to remember that most of these baboons don’t read too well, and wouldn’t recognise an e-book if it fell off a shelf and hit them on the head…

    On the positive side, it’s great to have these brainless monkeys on the other side of our trades. It’s easy to see why 90% fail in this game when they can mistake a weekly chart analysis for a no-fail signal service.

    P.S. I’m fairly new to this site, and I must say it’s excellent.

    Dave
     

    (1) Poppycock – Anglicized form of the Dutch pappekak, which literally means soft dung or diarrhoea (from Dutch pap pap + kak dung) – meaning “nonsense”, “balderdash” or “shite”.

  18. Hey Nick,

    One thing that has been on my mind every time I’m looking at going short is that according to my charts, we’re out of the positive channel (daily charts) we were in for the passed 4 months or so.. It seemed to have dropped out of the channel back at the start of July, but managed to get back in by mid July, and now we’re out again. Is your channel showing similar? I haven’t actually discussed with anyone in the chat room, thought I’d ask u first..

  19. Following NeilA’s post, maybe there should be a short quiz on the ebook before one can subscribe or join the blog? Ha ha ha. Anyways, keep up Nick.

  20. It always amazes me that people such as you go to great lengths to help total strangers from all parts of the world try and build a better future for them selves.
    Great site
    Great mods
    Keep up the good work….please

  21. awesome work nick.

    those idiots should go pay high dollar instructors who give you not much for your money and expect that you do the backtesting before going live.

    alot of variables to understand in this market

    thanks for your emails, appreciated very much

  22. Hey Nick, I don’t know how or why you put up with such idiots but I am glad you do. You have been an enormous influence on my trading and I appreciate it! I made my 50 pips on your last scalp line so if people lost money, it was their entry that they need to work on. The trade was there but some news put it off a bit is all… Thanks!!!

  23. Hey Nick, thanks for the update. Always interested to read what yo have to say.

    Sorry to hear that some people are giving you a hard time about failed trades. It boggles the mind that people will blindly commit money to something without understanding it and then blame others when they end up losing it. Well, I guess that’s why there’s so many scams out there on the internet. I guess some people will just throw money at anything without doing their homework in an attempt to get rich quick. You’ve gotta just ignore those fools and carry on. Thanks again.

    Cheers,

    wmhanson

  24. Hi Nick, it will always be a pity that we have such brains in our society and I’m pretty sure that every blog posting of yours say’s to “NOT TAKE ANY OF THESE TRADES IF YOU HAVEN’T READ MY E-BOOK”, which of course explains why they screwed themselves.

    Hey Nick; I’m about to walk across a busy highway, exactly what time should I cross it?

    Thanks for everything!!!

  25. Nick,

    Thank you for your great work and for the answers of the questions you got in your email. And of course you are good in ignoring those idiots, I think the message was so clear for them.

    Keep up the great work ….

  26. in this world, you can’t get everyone to agree with one thing.
    so .. let’s move on and leave those idiots to rot. :)

  27. Sheesh…. sorry to hear about the morons Nick. Pfffttt…. ignore them. I appreciate everything that you do and all of your efforts. You rock!

  28. Nick, I cant imagine how much time and effort you put forth to help us, the only words you will hear from me is THANK YOU

  29. The responsibility of any trade is on the person who initiates it. Some trades fail, period. Every trade is a learning experience and maybe some people don’t want to learn, but would rather look for a push button system that thinks for them. Can the push button system distinquish a ranging market from a trending one in real time? If so, that would be the golden goose. Only people in sales would make such a claim, yet would they guarantee it? Bottom line: you have to read the material and use your brain. Learn from a gain and learn from a loss. Experience is a great teacher coupled with good information.

    Ronald

  30. Nick, dont worry about those idiots. I very much appreciate what you doing here and sometimes feel bad for taking and never giving back…….

    Thanks

    Band

  31. Well all said in done you provide valuable information for all traders, if they chose to properly educate themselves it is a great help……BUT now to the real issue….is your friend hot, I mean if you are letting her trade your account she better be hot :)

  32. I lost 50 pips. Suckky but it happens. And man what an amazing reversal afterwards!!

    PS: gotta run .. got an email to write to this Nick guy who MADE me trade that suckky line ;)

  33. Dear Nick,

    Kindly do not spend any more energy on whiners .. NickB method has worked time and again .. 83% hit rate is DREAM hit rate. It seems like all that bunch of whiners still feels like forex is get rich in a day game ..

    For whiners who could not do Nick’s method trades, post up atleast 25 snaps of honest demo trades which you tried to do based on S+R and we will take it from there .. and I can ASSURE you that NONE will post anything.

    Keep it up Nick .. WE LOVE YOU !