no trend defined til now so what is your guess you guys? thns for sharing
fxguru, if your trading style can only take -40 pips, then you need to rethink money management yourself. -660 pips isn't as bad as you think, all depends on your conviction and how much capital you used for the position. I've just closed a short position in eur/jpy that I opened in early June @ 162.42. It went all the way up to ~170 but I didn't want to close it not because I didn't want to take a hit of ~700 pips on a 100K units position, but because I know that these levels cannot sustain for a long time. The problems in Europe will surely bring the pair down. And look what happened, it did 
. It was still Business As Usual for me for the two months that I was waiting for it to come back.
Back on topic, while I don't advocate this sort of huge DD, there are other variables that need to be taken into consideration.
. It was still Business As Usual for me for the two months that I was waiting for it to come back.Back on topic, while I don't advocate this sort of huge DD, there are other variables that need to be taken into consideration.
you mean you are in loss 660 pips? Are you joking or is true? Never let a position run oposite more than 40 pips otherwise your account is blown up soon. Do you know what is a stop loss is? Well, it is not a coincidence 99% of traders lose all their money after a few days / weeks.
- #1,484
- Aug 14, 2008 9:41am Aug 14, 2008 9:41am
fxguru, if your trading style can only take -40 pips, then you need to rethink money management yourself. -660 pips isn't as bad as you think, all depends on your conviction and how much capital you used for the position. I've just closed a short position in eur/jpy that I opened in early June @ 162.42. It went all the way up to ~170 but I didn't want to close it not because I didn't want to take a hit of ~700 pips on a 100K units position, but because I know that these levels cannot sustain for a long time. The problems in Europe will surely bring the pair down. And look what happened, it did
Back on topic, while I don't advocate this sort of huge DD, there are other variables that need to be taken into consideration.
You can read my book about money management, it will help you. If I lose 15 pips and later I make 30 pips then I am happy , as I will do it dozens of times per week.
- #1,485
- Aug 14, 2008 9:45am Aug 14, 2008 9:45am
fxguru, if your trading style can only take -40 pips, then you need to rethink money management yourself. -660 pips isn't as bad as you think, all depends on your conviction and how much capital you used for the position. I've just closed a short position in eur/jpy that I opened in early June @ 162.42. It went all the way up to ~170 but I didn't want to close it not because I didn't want to take a hit of ~700 pips on a 100K units position, but because I know that these levels cannot sustain for a long time. The problems in Europe will surely bring the pair down. And look what happened, it did
Back on topic, while I don't advocate this sort of huge DD, there are other variables that need to be taken into consideration.
