This week will go down in history.

Hope you were on the right side lol..
nothing more to say.

easy money

It may go down in history, but it's an unfortunate fact that that's a subject most people tend to ignore

well put..

I love Warren Buffet's statement about the world markets :
"Send in the clowns"

Yes, this has been the stuff infomercials are made of.

Most volatile in the longest while. Sorry for the noobs who uses a constant 30 pips SL. lol. Welcome to more dynamics and volatility. Hope it Lasts

Most traders are just breaking even during this volatility.

Really? I've doubled my account size while using those crazy 30pip stop losses and only risking a maximum of 3% of my account on each trade. I agree with the poster who said these sort of weeks are easy money.

Easy, hard..its all relative.

Actually, it's a pretty good idea, particularly once a ccy pair picks a direction and starts moving. I would have been caught out severely today (since I was shorting eur/jpy, and it has bounced hard), if it hadn't been for a little luck, since I was trading without SL's and TP's. (the story is over in the Lounge, in Bemac's bar. Free drinks included

What a time to start learning/testing autotrading haha... Even with all these crazy price swings the last few days i've been over 65% wins, and my strategy is not that great for strong trending markets

mmm have you seen turbokaos he uses a 30 pt s/l, I think your views might change

It is an extremely difficult argument to make and back up, but I think in situations like these the constraint of a small fixed TP level is not statistically more wholesome than letting the trades run and waiting for confluence/rangebound activity to signal the end of the run. Just my 2 pips.

It make me rich

Seriously, the biggest stop loss I use is 50 pips and that is reserved for only the most volatile of GBP crosses. I usually use a 30 or sometimes even a 20 pip stop/loss.

And yet, I'm sitting here with an 85% winning trade percentage and an account that I've managed to lift by a whopping 110% this week after consistent 30-50% months for the past year or so.

Successful trading isn't about what sort of stop loss you use. It's about how you manage your entries then how you manage your trades and your money once you have entered.

It is about your overall trading plan. Turbo isn't complaining. Sure in hindsight it would great to keep holding onto all these trades in these conditions getting every last pip out, but that isn't what trading is about(and when can't you say - oh yeah you should have done 'this' or 'that' after the fact).

It is about having a plan and trading it and being consistent(whatever your trading plan is). There is nothing to argue here. You have to do what works for you. And that isn't black and white(you aren't a noob for using 10pt sls, just like you arent one for using 300pt s/ls - it goes much deeper then this). Too make the statement that noobs have 30pt s/ls makes me chuckle, considering turbo is swinging a bigger line and more consistent then 99.9% of "traders" I know on these boards.

The perception people have about other traders and the "right" thing to do astounds me sometimes. It really can be the blind leading the blind - and then where does that leave us in the end lol.

Best,
Mike

P.S not an attack at anyone, just my 2 cents as well

I agree with what you're saying. For some time i have noticed this thing: trader leading trader, possibly blindly. I think that certain fundamentals hold true for all traders, things like knwoing your risk, and psychology, money management and such things.

Just as mbqb11 said, everything isn't that black and white. A lot of things that traders "advise" other traders on, would better suit a world full of clones. But that won't stop the newbie> in any sense of the word, from screwing up or losing a trade, and immediatly searching for the "right" answer to solve his/her problem.

And that leads me to see that there is no shortage of traders willing to tell them what they did wrong and what the "right" thing to do is. Sure it may be right, but to you and to you alone. Maybe your pink, or a little purple..doger bule? lol. Anyways, this also is something that i don't think we will be without. It seems that just as the "newbie" is looking for the right answer, though it does not exist, the advising trader more often than not is looking to be agreed with, in order to gain confidence in his/her "right" answer. Maybe it makes them feel more right? They feed eachother.

But still, this is a narrow view, of course no one can resist telling someone the "right" answer. We talk, we're chatter boxes. This very post is an example of that . Although im not trying to be right, more so simply trying to open someones mind a little to their self sabatoge. I think it is the responsibility of the reader to use discretion, in all cases, and to realize that there are no "right" answers to many questions asked, more so there are relative answers. Know how and if, at all possible the answer relates to you and your method.

It is funny that i know there are new traders out there that consistantly put themselves through the cycle of trading, messing up, looking for answers, finding one, and using it until it betrays them. And the cycle starts again. But still a trader needs to go through this to know it won't work. As people we don't instinctivly look for the best way to do things. We may biasedly think we do but the easy way to do things is what people look for.

Think about this for a minute. If it was as easy as screwing up and finding a "right" answer, then getting to glory land, wouldn't that have been done by now? We are such complex beings, that create complex theories of time and space, modern medicine alone is a modern miracle. But we still cannot collectivly have a sure fire method to trade. It will never be that easy, untill we are all exactly the same. Ok then, well you can tell me, "Well me and my brother trade exactly alike, and we know eachothers past, and know where we want to go, trading wise..we are pretty much the same." OK, i'll give you that, but for how long? When brother A feels great because he just got a great new gf, and his trades are affected by his emotions? Are you still the same? Will you still make the same trade decisions? Will you get out of the trade quicker?

It is so easy to get sucked in to the infomercial, or the add which states that trading is easy. But there are soo many variables what get blurred by visions of easy money. Nothing could be further from the truth. Trading requires constant thinking(no i don't mean marathons infront of a screen ), and adaption. No black, no white.

This is something that i believe a lot of new traders miss. You can't expect an answer a week ago to hold true for you today. There are no right answers, the market constantly changes. But more importantly you change even more. The ability to adapt, and to not be so stone like is one that i believe to be a necessity in trading, and life. It is related to being able to accept things.

Anyways.. enough of my rambling for now ..

Good Luck, and Good Trading!

This week is going to be an tough trial for the new traders looking for easy money. Everyone wishes they have started shorting last week and pile on the risk as the carry evaporates but those who are experienced and have gone through calm and rough times should stand by and help the less experienced keep their minds straight and not abandon their trading style for the 'easy money' of late.

At times like these there is tremendous potential to double or triple your account but the potential should not be reason to obliterate every last ounce of caution. Those who rocketed their balances to the skies you have done a fantastic job. Just bn careful not to fan the fires beneath those who might not be ready to handle such volatility.

Gary