Cable Update (GBPUSD)

Quoting Runway Trade

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Hi Nav, Good to see you back!

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Quoting Turveyd

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Good to see he hasn't blown his account and quit yet atleast

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Quoting nAVIN2007

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D got more chances of me dying than giving up bro !!

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Quoting nAVIN2007

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yes i think so too ...i find having a stop only lead to me getting it hit...seems to be a way of losing money if u ask me...

quick...

i have mine miles away too ....

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Quoting Chang

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if my SL get hit, I just reverse the trade.

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Quoting Chang

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I'm not trying to be rude but perhaps the reason your SL getting hit is because the trade was wrong to begin with ? If your SL got hit and then the trade moves in the same direction as before, it only means that your entry timing was wrong.... even if the price might be right.

Wouldn't it be better to accept the wrong decision as quick as possible to minimise the loss ???

6 months ago, I was in the same situation and that almost wipe out my account. Nowadays, if my SL get hit, I just reverse the trade. As a result of this, I'm earning back the money I lost previously.

Take Cable for example, nowadays it easily moves 200+ pips a day. If you reverse the wrong trade fast, not only you recover your loss, you earn for that day too. so i suppose it all depends on where u plan on keeping it..however i do agreee its possible to enter trade where stops can be very close to....but mostly in my case its always mentaal unless i cant be by the pc

Anyway, just my thought.

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Quoting nAVIN2007

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the market is volatile and at times u can have a spike there always going to be noise/fluctations and stop losses can easily be hit...

most of my losses...infact 80% of them are caused by me canceling the trade, i have no problem getting out of a losing trade..i wont do what your suggesting, which is to trade the other direction on stop being it..just go with the trend direction or trade to the next support or resistance point u see...get confirmation and trade to the next...and so on

another thing to note is banks and big player target the stops too..

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Quoting Chang

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Just curious, how far do you usually put your SL ?

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Quoting Chang

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I'm not trying to be rude but perhaps the reason your SL getting hit is because the trade was wrong to begin with ? If your SL got hit and then the trade moves in the same direction as before, it only means that your entry timing was wrong.... even if the price might be right.

Wouldn't it be better to accept the wrong decision as quick as possible to minimise the loss ???

6 months ago, I was in the same situation and that almost wipe out my account. Nowadays, if my SL get hit, I just reverse the trade. As a result of this, I'm earning back the money I lost previously.

Take Cable for example, nowadays it easily moves 200+ pips a day. If you reverse the wrong trade fast, not only you recover your loss, you earn for that day too.

Anyway, just my thought.

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Quoting Turveyd

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Chang, I'm sort of with you on this on the basis he's trying to pick a top / bottom which means he's always fighting the trend and therefore needs alot of room to allow the turn to happen.

But......... I used to be a 15pip SL trader until recently had good runs with no losses, but if the markets doing fast down spikes and reversing hard off it like it is currently then SL's get hit, where as these days I double up and make more

As long as your always trading with the immediate short term trend ( forget longer term ) then as long as the trend remains you'll make money averaging down and it removes the requirement for sniper accuracy on the entry which leads to barely trading and missing most of the action.

I'm still VERY short term though, but I'd still do the same if i was longer term I'd just have to use 1/10th the size of positions and run a manual @ 150SL rather than 20 ofcourse. And average down @-50 then @-100, therefore a swing back to position 1 alone gets you +0 +50 +100=150pips.

Averaging down is the way to do it, if your CAREFUL!!

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Quoting nAVIN2007

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D got more chances of me dying than giving up bro !!

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Quoting notme32

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monday will start with big downnnnnn.........

Short GU Short...........welcome 9180........

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Quoting notme32

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monday will start with big downnnnnn.........

Short GU Short...........welcome 9180........

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Quoting mrmunir

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hi guys..im newbie here..i've been reading and following this forum since last 2 years..and i found out this thread is useful for those who wants to learn forex from best of the best and sharing knowledge..ok guys,i hope i'm welcomed here guys.. happy trading to all of u guys and like always monday's market is always messed up..

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