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  • #21
  • Dec 24, 2006 12:07am Dec 24, 2006 12:07am
Quoting Lou
"Let your profits run and cut your losses short."

Hmm... I only started making money when I did the opposite of this maxim.

When I encountered losses I let them run back into profits. Can be an even more positive experience in a carry trade.

When I cut my profits I kept them from turning around to be losses, by taking a certain profit % of my account off the table. Or set limits at determined resistance points.

Prior to this my account was slowly bleeding to death by constantly getting stopped out.

Lou
Yes yes, this goes true for me as well. As much as analysis goes, most of us can get it correctly. But making the analysis right does not equate to making money the moment we place a trade. Just as Jesse Livermore said, it's not my brain that made me money, it's my sitting tight! How many of us can time the market just as it turns, or just at the right moment? The thing about forex is, get your analysis right, place a trade, and sit tight! It's true that Jesse Livermore said that you have to cut ur losses and let profits run, but it's only applicable when your losses show that you were WRONG. So everytime if you're getting a loss, re-think your analysis. Just as Martin Shwartz said in his book Pit Bull, if it gets so much till you wanna puke, double up!

But bewarned, this is only if you're analysis is right. If your loss makes you think you're wrong, then get out.

Sorry for the lines from Reminiscences of a Stock Operator and Pit Bull, I just re-read them. Heh
  • #22
  • Dec 24, 2006 2:11am Dec 24, 2006 2:11am
I agree but...

Quoting JodyOng
So everytime if you're getting a loss, re-think your analysis.
Too much dangerous for newbie...
Think after you have loss(Why, when,etc...)

Quoting JodyOng
But bewarned, this is only if you're analysis is right. If your loss makes you think you're wrong, then get out.

Most of the time they will think there analysis are wrong...
So they cut short.
I think its better to hit your SL, when your newbie.
Most of the time. If you look at past result, you may found that your initial entry was good. If you set you SL not too tight, you will have more winner.
You will often ear to put max 30 sl stop (when you take lesson: Like Peter bain.By the way i like it anyway).
But (its my opinion), i think its stupid. Its better to define the support/resistance(Or what ever system you use) and adjust sl and lots base on this. This way, you will not re-think so much. If you think your wrong its because you have not apply strict rules for your system.
Ex.:
Maybe, it will sound weird, but i was not trading GBP/JPY because if its high spread(10 pip)... Why not?Recently, i begin to trade it, i just use 1/2 or 1/5 lot normaly use on other! It will be the same as USD/CAD(5) or EUR/USD(2).

If you have 100 pip SL, its not important, Its the amount you risk on each trade!

Hardest thing for a newbie is to close a position... When you win, you think your gonna make more or affraid to not make more, and when you loose, you think is going to come back.
Winning 100$, make you feel good, loosing $1, its the end of the world.
:-)
Happy holidays everyone
Sorry for my bad english translation
  • #23
  • Jan 1, 2007 12:50am Jan 1, 2007 12:50am
Quoting mbqb11
yep all good advice, nice chart summit. I had taken the same trade based on simple s/r and PA. Why go for 5-10 pips when you can go for much more with good risk to reward ratios. Less stressful in my opinion

Merry xmas
Mike
mbqb11,

Happy New Year. There's a very nice pivot indicator you have there. It very neat. Do you mind to share that....Tq.
Shah For every action there is an equal and opposite reaction.....
  • #24
  • Jan 1, 2007 1:55am Jan 1, 2007 1:55am
Quoting aqibsherwani
guys....i need 5-10 pips profit ONLY per day...what is the best strategy i could use for this without risking too much?
any help is appreciated
Hi Aquib

1. You can draw a trendline and buy third and every next bounce. Sl on last extremum plus spread, TP=10-15 pips or more depending on situation.

2. you can use simple moving average as a support/resistance instead of trendline - find which one (SMA 10,15, 20 etc) serves best on your pair. SL and TP as above.
Quidquid latine dictum sit altum viditur
  • #25
  • Jan 1, 2007 5:57am Jan 1, 2007 5:57am
Coulde you please post the two indicators you have shown
the CCI Dot and the Fozzy alert

Quoting summitfx
patience/chart reading skills-you might even get 100 pips
  • #26
  • Jan 2, 2007 6:23am Jan 2, 2007 6:23am
Here you go--Thanks Accrete for the CCIdot
Attached File(s)
File Type: mq4 FiboPiv_v3.mq4   5 KB | 482 downloads
File Type: mq4 FXSniperErgodicCCITriggerDOT(SRDC).mq4   4 KB | 527 downloads
Trade what you see - Not what you think
  • #27
  • Jan 2, 2007 6:30am Jan 2, 2007 6:30am
Quoting Panjan
mbqb11,

Happy New Year. There's a very nice pivot indicator you have there. It very neat. Do you mind to share that....Tq.
I use the one made by habeeb over here

http://www.forexfactory.com/forexfor...ivot+indicator

take care,
Mike
  • #28
  • Jan 2, 2007 1:04pm Jan 2, 2007 1:04pm
Quoting summitfx
Here you go--Thanks Accrete for the CCIdot
can you describe what these indicators do and how they are applied?
  • #29
  • Jan 2, 2007 1:05pm Jan 2, 2007 1:05pm
Quoting mbqb11
I use the one made by habeeb over here

http://www.forexfactory.com/forexfor...ivot+indicator

take care,
Mike
yep, I use that too, and is very good. The prices on S/R and Pivot levels are all within a pip or two from credited technical analysts.
  • #30
  • Jan 2, 2007 2:54pm Jan 2, 2007 2:54pm
Quoting mbqb11
I use the one made by habeeb over here

http://www.forexfactory.com/forexfor...ivot+indicator

take care,
Mike
Thanks Mike.

Happy New Year...hope 2007 will bring you the best trades ever.

Shah.
Shah For every action there is an equal and opposite reaction.....
  • #31
  • Jan 2, 2007 2:58pm Jan 2, 2007 2:58pm
Quoting Panjan
Thanks Mike.

Happy New Year...hope 2007 will bring you the best trades ever.

Shah.
Thanks Shah same to you and everyone else.

Best,
mike
  • #32
  • Jan 2, 2007 8:09pm Jan 2, 2007 8:09pm
Quoting summitfx
Here you go--Thanks Accrete for the CCIdot
Everytime I see this CCI dot it makes me think about my first few trades ,, See.....See....you Idiot.

Roy,

(could'nt resist)
Polishing my crystal ball
  • #33
  • Nov 12, 2007 9:08am Nov 12, 2007 9:08am
if u need 5-10 pips look at this http://www.forexfactory.com/showthre...=1#post1711120
there u find a nice strategie to make this target ;-)
  • #34
  • Mar 5, 2012 12:36pm Mar 5, 2012 12:36pm
I would say dont get traped in the pips game, it is all about the percentage.

Compound interest is the most powerful force in the world.

If you learn trading from professional traders, you will have a much better chance to succeed. To trade with out a forex education and think you can scalp 6 pips every day is quiet ambition.

Imagine all them top traders with 10,000 hrs of charting time against you.
  • #35
  • Mar 5, 2012 1:48pm Mar 5, 2012 1:48pm
What do you think is the best money managament if you aim to trade in the asian session and aim to get 10 pips per day? More agressive or normal? Say with a 1000$ deposit, what would be the most optimal strategy?
  • #36
  • Mar 5, 2012 1:58pm Mar 5, 2012 1:58pm
Quoting shichibukai
What do you think is the best money managament if you aim to trade in the asian session and aim to get 10 pips per day? More agressive or normal? Say with a 1000$ deposit, what would be the most optimal strategy?
I would think if you are scalping set pips, then you should have a set pip, this could 50p 0.06p r £1 per pip, what ever you are comfortable with.

Im afraid no one can help you chose how much you are willinging to risk per day per trade.

As an example if you chose to risk 2% a day, and your trading all day, then you might not want to risk all your 2% in 1 trade, you would prefer to split the risk, to be on the safe side.

If you were able to make 2% a day on 1000 pound for 2, 3 years, you will be a millionaire and a very rich guy.

A person who has knowledge of trade management, risk management is more likely to succeed, as his not trading to blow his account.

If you risk 2%, your only risking £20, imagine how many wrong trades it will take, to blow your account, even if you were wrong.

On the plus side, if you get good at what you do, you can become millionaire by earning 2% a day. Compound interest is very powerfull tool.
  • #37
  • Mar 5, 2012 2:56pm Mar 5, 2012 2:56pm
Quoting Mr Alum
I would think if you are scalping set pips, then you should have a set pip, this could 50p 0.06p r £1 per pip, what ever you are comfortable with.

Im afraid no one can help you chose how much you are willinging to risk per day per trade.

As an example if you chose to risk 2% a day, and your trading all day, then you might not want to risk all your 2% in 1 trade, you would prefer to split the risk, to be on the safe side.

If you were able to make 2% a day on 1000 pound for 2, 3 years, you will be a millionaire and a very rich guy.

A...
Yeah I know. Compound interest makes you a millionaire within a year if you win 2% every day of the year. I am just starting to trade and trying to get the hang of the logic behind it all. If the 2% seems so few, why is it so hard to succeed? That is the most bugging question.
  • #38
  • Mar 5, 2012 5:23pm Mar 5, 2012 5:23pm
Quoting aqibsherwani
guys....i need 5-10 pips profit ONLY per day...what is the best strategy i could use for this without risking too much?


any help is appreciated
If you trade 20 Vol per trade all you need is one pip per day!

scfx
The best indicator is price.
  • #39
  • Mar 6, 2012 1:47pm Mar 6, 2012 1:47pm
Quoting shichibukai
Yeah I know. Compound interest makes you a millionaire within a year if you win 2% every day of the year. I am just starting to trade and trying to get the hang of the logic behind it all. If the 2% seems so few, why is it so hard to succeed? That is the most bugging question.
2% is massive!

it takes time and effort to become consistent, and if you dont get the right help from the right people, you could be trying to figure it out even after 2 or 3 years.
  • #40
  • Last Post: Mar 17, 2012 12:56pm Mar 17, 2012 12:56pm
I agree with djudah, say, you have made a few pips during the week, if a trade happens to run away from you into profits, say 15 pips, lock in 10 pips of profit with a trailing stop loss or a manual stop loss, at 20-25 pips in profit consider re-setting your stop loss...etc...

Quoting djudah
5-10 is a good goal, but I think it would be best to let your profits run. If you are only looking for only 5-10, then why not trail the trade once you get your profit, that way you can lock in profits and possibly get more out of the trade.
Just my thoughts.
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