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Cable Update (GBPUSD)

  • #98,341
  • Nov 14, 2008 7:41am Nov 14, 2008 7:41am
Quoting micho
well sometimes the trade went 300 pips against me and came back but all depends on what target and which market situation u r in
micho, my point is....if you make a good call at a level where price will bounce or break and continue then you can set your stop at BE quickly and not risk a loss. If price comes back and stops you out thats ok, you have not lost money!

My focus is Risk Management. The other morning i made 3 long trades and was stopped out all 3 times but with a total loss of only 8 pips. This told me that my direction may be wrong and i reversed my bias, sold on a rally and picked up 250 pips on the first trade with only a small drawdown.

My rule number one in trading.....Do Not Loose Money!

  • #98,342
  • Nov 14, 2008 7:42am Nov 14, 2008 7:42am
closed long from 4673 @ 4723
  • #98,343
  • Nov 14, 2008 7:43am Nov 14, 2008 7:43am
Quoting Shilva
micho, my point is....if you make a good call at a level where price will bounce or break and continue then you can set your stop at BE quickly and not risk a loss. If price comes back and stops you out thats ok, you have not lost money!

My focus is Risk Management. The other morning i made 3 long trades and was stopped out all 3 times but with a total loss of only 8 pips. This told me that my direction may be wrong and i reversed my bias, sold on a rally and picked up 250 pips on the first trade with only a small drawdown.

My rule number one...
i know what you mean but you cant always pick the right spot... i am not Einstein
When life gives you lemons, make lemonade
  • #98,344
  • Nov 14, 2008 7:46am Nov 14, 2008 7:46am
1 more thing.i read now posts.

Guys if you use 200 pips Sl bad thing.Now i see 300 pips.
If you missed enter point for 300 pips then don't trade guys.Go to bank and let them do your money or give it to some good trtader to do it with you.

You had Carrera yesterday.he trades now GJ with 100 pips.GJ is more volatilty then cable.And you use now 200-300 pips on cable.

You can be ok with 200 pips if you trade on micro,You lost 20$ like Navin said yesterday,He wait for 200 pips.But on real account we all want to trade some day you need to invest 40000$ so you can lost 2000(200pips) on 1 trade beacause you can lost 2% of aacoount.Will you invest 40000 in forex.I hope you won't because you will lost them all beacause you are bad trader.200 pips SLUfff.

On my work i had togo to test on demo to make profit with 10 pips SL .I failed 2 times.3 time pass.Now i kill this forex.I learned to find good enrty.And it is always to go again evean if price come back agin in your direction then to pray to do that.

Today i use 20-30 pips.Some times 50 but that is very little.(When trading with pending oreders and i don't know what is situatiuon on chart)

If you trade on mini you with 500 $ you can lost 10 $ on trade max, and on micro 1$.remeber this well.

Or you can trade with 200 and 300 pips.And if you are long on cable and pray that cable goes up 300 pips after 300 fall on this downtrend then you need to see doctor inmy thinking.Don't get angry because of last sentences but that is crazy for sure.No that is gamble.Big one.

See ya all
  • #98,345
  • Nov 14, 2008 7:49am Nov 14, 2008 7:49am
Quoting "expert"
1 more thing.i read now posts.

Guys if you use 200 pips Sl bad thing.Now i see 300 pips.
If you missed enter point for 300 pips then don't trade guys.Go to bank and let them do your money or give it to some good trtader to do it with you.

You had Carrera yesterday.he trades now GJ with 100 pips.GJ is more volatilty then cable.And you use now 200-300 pips on cable.

You can be ok with 200 pips if you trade on micro,You lost 20$ like Navin said yesterday,He wait for 200 pips.But on real account we all want to trade some day you need to...
i thought you were too busy watching your movie
When life gives you lemons, make lemonade
  • #98,346
  • Nov 14, 2008 8:00am Nov 14, 2008 8:00am
Quoting "expert"
1 more thing.i read now posts.

Guys if you use 200 pips Sl bad thing.Now i see 300 pips.
If you missed enter point for 300 pips then don't trade guys.Go to bank and let them do your money or give it to some good trtader to do it with you.

You had Carrera yesterday.he trades now GJ with 100 pips.GJ is more volatilty then cable.And you use now 200-300 pips on cable.

You can be ok with 200 pips if you trade on micro,You lost 20$ like Navin said yesterday,He wait for 200 pips.But on real account we all want to trade some day you need to...
Well Said!

  • #98,347
  • Nov 14, 2008 8:07am Nov 14, 2008 8:07am
Quoting Shilva
Well Said!

When life gives you lemons, make lemonade
  • #98,348
  • Nov 14, 2008 8:10am Nov 14, 2008 8:10am
I see where Micho is going with this one... He is a stop collector... Put them out there and he will fetch them.
Ride the Bulls bearback!
  • #98,349
  • Nov 14, 2008 8:13am Nov 14, 2008 8:13am
Quoting alcando
I see where Micho is going with this one... He is a stop collector... Put them out there and he will fetch them.
excuse you?
i am a stop collector?

one tip for you mr alcando, i might be one of the rare honest members on this forum
When life gives you lemons, make lemonade
  • #98,350
  • Nov 14, 2008 8:15am Nov 14, 2008 8:15am
I'm new here.

Howdy.

Any feelings on continuation of trend of GBP. If we break 4550 could we see 1.36 to 1.38 in sights ?

Novice trader - a year or so. Looking for any pointers.
  • #98,351
  • Nov 14, 2008 8:24am Nov 14, 2008 8:24am
Quoting micho
if your target is 800 and stop 400 then that would be good RR
1:2 ratio... hum.... i still doubt.

But well, if that fit your trading style, its allllll good!

------------------
I'm not feeling to arg, but for an exemple:

My ratio is 1:3, so i will loose only 10 pips for approx 30 pips TP. Then sometimes I get more, alot more... But i never loose more, never more. All I need is to be accurate on entry.

I get stop often, but this way it push me to get good entry, and trade safe.

Take care!
  • #98,352
  • Nov 14, 2008 8:27am Nov 14, 2008 8:27am
im just a trader like you mr
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When life gives you lemons, make lemonade
  • #98,353
  • Nov 14, 2008 8:28am Nov 14, 2008 8:28am
I know that. I've seen your turtle...

But I agree that a long stop loss is account suicide. What happens if you set a 200pip SL and she runs up and tinkles on your doorstep and then runs off again. Those pippies are hard work and once earned they should be kept safe. I would rather make 10 bad entries to lose 200pips with the higher probability of getting it right than chew my nails watching the dog run away with my shoes.

You are definitely a better trader than that..

Quoting micho
excuse you?
i am a stop collector?

one tip for you mr alcando, i might be one of the rare honest members on this forum
Ride the Bulls bearback!
  • #98,354
  • Nov 14, 2008 8:28am Nov 14, 2008 8:28am
i didnt say it fits my trading style, but sometimes it happens
When life gives you lemons, make lemonade
  • #98,355
  • Nov 14, 2008 8:32am Nov 14, 2008 8:32am
[quote=Shilva;2350282]micho, my point is....if you make a good call at a level where price will bounce or break and continue then you can set your stop at BE quickly and not risk a loss. If price comes back and stops you out thats ok, you have not lost money!

My focus is Risk Management. The other morning i made 3 long trades and was stopped out all 3 times but with a total loss of only 8 pips. This told me that my direction may be wrong and i reversed my bias, sold on a rally and picked up 250 pips on the first trade with only a small drawdown.





15 pip stops are still insane. too easy to get shaken out. When settting a stop loss actually looking at a chart helps. find a s/r level and put your stop below or above that. generally i will put it 20-30 above or below the s/r level.

Alot of the time it will test that area then go back in direction you want it too.

Again though 15 pip stops not the way to be a successful longterm trader
  • #98,356
  • Nov 14, 2008 8:33am Nov 14, 2008 8:33am
Quoting micho
i didnt say it fits my trading style, but sometimes it happens
its all good Micho, i think we are opening a "pandor box".

We all get the point i think so!
  • #98,357
  • Nov 14, 2008 8:35am Nov 14, 2008 8:35am
guys you are still not getting the point. if you are trading the daily chart your stop loss would be above the 61% of the trend... and tp1 2 3 and whatever are on the fibo extensions. it all depends which charts you use.. i play without stop loss! i close the trade manually when i see i have to.... i dont let a 200 pips stop loss hunt me easily and reverse!!!
When life gives you lemons, make lemonade
  • #98,358
  • Nov 14, 2008 8:43am Nov 14, 2008 8:43am
I am back.On 4 hr chart parabolic is still bulish and 1 hr and 15m bearish.That is bad.Will see later.

See ya
  • #98,359
  • Nov 14, 2008 8:49am Nov 14, 2008 8:49am
Quoting micho
guys you are still not getting the point. if you are trading the daily chart your stop loss would be above the 61% of the trend... and tp1 2 3 and whatever are on the fibo extensions. it all depends which charts you use.. i play without stop loss! i close the trade manually when i see i have to.... i dont let a 200 pips stop loss hunt me easily and reverse!!!
This is funny.Somebody trading on micro on daily chart.

Oh can't read this any more,This topic is so...

But that is forum everybody can write his thinking.Which is again good.I can remaind mz self what not to do
  • #98,360
  • Nov 14, 2008 8:59am Nov 14, 2008 8:59am
Careful with shorts above this line...
m15 close above 50ema would spell danger...
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Patience + Discipline - Greed = Success
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