Vegas Position Closed:
rrrrrrrrrrrrrrrr....gbp/usd looks like a higher number is in store for this pair .... will try a short again at1.9050 - 1.91 area manual stoped for -75pips
- #27
- Oct 31, 2006 10:55am Oct 31, 2006 10:55am
man.....
everyone of my positions got stopped out ...big losses today
i am at work at the moment will post my position update later on .... time to sit back and rethink my stratagy....
any recomendations??
i have just been using stop's on my orders ...maybe i should start using stop reversals?
comments?
everyone of my positions got stopped out ...big losses today
i am at work at the moment will post my position update later on .... time to sit back and rethink my stratagy....
any recomendations??
i have just been using stop's on my orders ...maybe i should start using stop reversals?
comments?
Regards,
J.
- #30
- Oct 31, 2006 3:39pm Oct 31, 2006 3:39pm
Jay, as I said b4, I recommend that you use vegas daily but wait for the reversal candle on the gbpusd, as we have not see one as yet, and use the H1 5/13/62 EMA as on a shorter time frame, this morning with the gbp @1.8960 and higher, was still telling to long the currency v. shorting it... I suggest waiting for a reversal as well as a cross over from Nort to South to pinpoint entry level....
Regards,
J.
good call jammy .... please post your trades when you make them .... i saw divergence on the 1h chart so i took a stab
those divergence trades on GBPUSD and AUDUSD did work, i.e. the divergence did lead to a dip in prices, but because of news or whatever reason they were only temporary. thats why i only took a small position and i set my stop to BE as soon as i could.
i made a small profit on AUD, and got breakeven on GBP.
setting to BE stinks sometimes, as you can often miss out on trades. but as i have learned, itsa lot better to miss a trade than to lose money. as vegas says, missed trades cost you opportunity, but there are an infinite # of opportunities. losing trades cost you capital, which is defintiely not infinite.
i dont know how much money you have in your account, but your losses should never be big. remember, you should never risk more than 2% in your account. i often risk .5%, 1%. sometimes 2% if its a good trade.
when you decide to enter a trade, pick a logical stopping point, i.e. the last swing high/low, or some resistance point. from then, calculate how many pips this potential loss would lead to. from then, get a position size so that it reflects at most 2% of your account.
now 2% seems crappy, but this doesnt mean that your gains can only be 2%...and even if you do get 2% that is a decent profit. id rather make 2% consistently than have huge swings in my account. the point of the 2% rule is so that you can have 150 consecutive losses and stil have 50% of your account left. if you risk 5-10% or more, you have significantly less buffer.
- #33
- Oct 31, 2006 5:52pm Oct 31, 2006 5:52pm
hey jaydog
those divergence trades on GBPUSD and AUDUSD did work, i.e. the divergence did lead to a dip in prices, but because of news or whatever reason they were only temporary. thats why i only took a small position and i set my stop to BE as soon as i could.
i made a small profit on AUD, and got breakeven on GBP.
setting to BE stinks sometimes, as you can often miss out on trades. but as i have learned, itsa lot better to miss a trade than to lose money. as vegas says, missed trades cost you opportunity, but there are an infinite # of opportunities. losing trades cost you capital, which is defintiely not infinite.
i dont know how much money you have in your account, but your losses should never be big. remember, you should never risk more than 2% in your account. i often risk .5%, 1%. sometimes 2% if its a good trade.
when you decide to enter a trade, pick a logical stopping point, i.e. the last swing high/low, or some resistance point. from then, calculate how many pips this potential loss would lead to. from then, get a position size so that it reflects at most 2% of your account.
now 2% seems crappy, but this doesnt mean that your gains can only be 2%...and even if you do get 2% that is a decent profit. id rather make 2% consistently than have huge swings in my account. the point of the 2% rule is so that you can have 150 consecutive losses and stil have 50% of your account left. if you risk 5-10% or more, you have significantly less buffer.
at 1 point i was winning most of those trades untill the big rally ... i should have moved my stops up
... lesson learned.
Regards,
J.
