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  • #69,961
  • Feb 27, 2009 2:40pm Feb 27, 2009 2:40pm
Nice weekend all

Just going short next weekend and somewhere during the week I'll be in profit.

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #69,962
  • Feb 27, 2009 2:44pm Feb 27, 2009 2:44pm
Quoting acumen
It's been a very good month and a nice week.

I hope it's me getting better and not the market.

Who knows... next week is always a long nap away.

m
I'm sure you are getting better. I could be wrong but my observation of the consensus around here is that the market was not so easy to trade this month, relatively speaking.
  • #69,963
  • Feb 27, 2009 2:57pm Feb 27, 2009 2:57pm
looks like s%p level 741 is gonna be taken out at close...
those who can, do. those who cant, talk about those who can
  • #69,964
  • Feb 27, 2009 3:10pm Feb 27, 2009 3:10pm
Not a crazy Friday after all!!!!
  • #69,965
  • Feb 27, 2009 3:10pm Feb 27, 2009 3:10pm
[US STOCK CLOSE] S&P 500 led the market to more losses, taking out last Nov's panic lows, with model funds selling on bearish signal. Big cap benchmark lost over 2% while Dow fell -1.6% but Nasdaq about -1%, cushioned by select gains in tech and consumer staples. Down-stocks swamped winners in heavy flow. Market started on negative footing after Q4 GDP revised down sharply to -6.2%, worst since 1982. There was midday rebound as European players closed out but only to head south in afternoon flows after GE cut its dividend. Despite that, Moody's and S&P warned they may still cut its debt rating. Banks led the way down, with Citibank cut by S&P despite the latest deal with Tsy to help fix its balance sheet.

[NORTH AMERICAN CLOSE] A combination of month-end factors and more miserable U.S data & news led to a firmer Greenback once again. Its broad global appeal as the world's safest currency in times of turmoil projected the U.S unit to a three year high on its TWI. See page.
those who can, do. those who cant, talk about those who can
  • #69,966
  • Feb 27, 2009 3:32pm Feb 27, 2009 3:32pm
What an interesting last few hours. I lost some.....then made some....then I lost a little....then I made a lot.....then I lost a little! At the end of the day I am in the plus side of the ledger, which is excellent....but most important for me is that I learned as much in the last 24 hours as I have in the last couple of weeks. This is fun
Doing what you like is Freedom. Liking what you do is Happiness.
  • #69,967
  • Feb 27, 2009 3:43pm Feb 27, 2009 3:43pm
Quoting realjumper
What an interesting last few hours. I lost some.....then made some....then I lost a little....then I made a lot.....then I lost a little! At the end of the day I am in the plus side of the ledger, which is excellent....but most important for me is that I learned as much in the last 24 hours as I have in the last couple of weeks. This is fun
This is always like that. I would appreciate if you could share with everyone what you learned in past 24 hours.
The Thief of Wall Street
  • #69,968
  • Feb 27, 2009 3:51pm Feb 27, 2009 3:51pm
Quoting Chicky
This is always like that. I would appreciate if you could share with everyone what you learned in past 24 hours.
dollar index was only 2 ticks away from the double peeks..s&p at a bottom.. eu near bottom.. we are still at a pivot and it could go either way long term. but with the way equitys are acting im leaning short. the trend is still pointing that way till something changes.. i think we will tug a war a while before we get direction..if equity calapse this will suck but we in forex should be ok. if we money manage right..
those who can, do. those who cant, talk about those who can
  • #69,969
  • Feb 27, 2009 3:56pm Feb 27, 2009 3:56pm
took a small short.. i think asian session will be negative....
those who can, do. those who cant, talk about those who can
  • #69,970
  • Feb 27, 2009 3:57pm Feb 27, 2009 3:57pm
later folks have a great weekend..
those who can, do. those who cant, talk about those who can
  • #69,971
  • Feb 27, 2009 3:58pm Feb 27, 2009 3:58pm
Quoting Chicky
This is always like that. I would appreciate if you could share with everyone what you learned in past 24 hours.
Ok....this is nothing 'earth shattering', but this is what I learnt.

1. I have an amount that I'm prepared to lose before I decide to close the trade and try again. Last night, I didn't stick to my plan and I decided to let the loss run in the belief that it would turn around shortly.....in fact I was pretty sure that it would turn around. But.....at twice my allowable loss I finally decided to bail out and take the hit, and it hurt because it was twice what I have come to expect from time to time. So now I was faced with the prospect of having to make up a larger loss than usual just to get back to '0'. The lesson here for me is to STICK TO THE PLAN!!!!!

2. When I see my trade in positive, I have a limit in mind before I close the trade. This time, because I wanted to make up for my previous loss, I let the trade run further than my limit, and the trade dropped. I had to close, still in positive, but below my original limit. The same lesson as above was learned.

3. The last lesson, and equally (or more) important than the above lesson, is to set the stop loss before going to make coffee!!! Yes I know....basic stuff, but when I watch the trade I oftern don't set a stop loss. I'll stop it when it reaches my negative limit manually. This time however, I went for coffee with no stop loss and got the fright of my life when I came back! The lesson really and truely is: Always, always, always set the stop loss because the market can move faster than my fingers, even if I'm watching it's every movement.

So, the major lessons for me are:

a) Stick to the trading plan at all times

b) The stop MUST be set on each and every trade, because a small loss is not too hard to 'chase down' later in another trade. A large loss is a different matter and can lead to even more mistakes!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #69,972
  • Feb 27, 2009 4:00pm Feb 27, 2009 4:00pm
Quoting gatorinla
later folks have a great weekend..
Have a good weekend, thanks for the insight
  • #69,973
  • Feb 27, 2009 4:06pm Feb 27, 2009 4:06pm
Quoting realjumper
Always, always, always set the stop loss because the market can move faster than my fingers, even if I'm watching it's every movement.
The stop MUST be set on each and every trade, because a small loss is not too hard to 'chase down' later in another trade. A large loss is a different matter and can lead to even more mistakes!
yea you are right about plan but about stop loss....

today hard damn market went in all directions (except some unfair pairs) and all your small stop losses could easily be wiped out in all directions, you see? in this case stop loss should be not less than 150-200 pips! or better try to cover losses (if stop loss was hit) on other pairs
ROBOT FOREX
  • #69,974
  • Feb 27, 2009 4:10pm Feb 27, 2009 4:10pm
Quoting Forbes55
yea you are right about plan but about stop loss....

today hard damn market went in all directions (except some unfair pairs) and all your stop losses could easily be wiped out in all directions, you see? in this case stop loss should be not less than 150-200 pips!
Yes, I do see that, but in my case I need to do it, or else sit it out on the side lines until things settle down a bit as I don't have a huge amount of equity to play with.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #69,975
  • Feb 27, 2009 4:18pm Feb 27, 2009 4:18pm
Quoting arthurb
gaps on anonymous brokers are not trade-able,
the futures gaps are,
think a little and you will understand why
nice chart... where can you see that COT historical chart?
  • #69,976
  • Feb 27, 2009 4:35pm Feb 27, 2009 4:35pm
Quoting realjumper
..... this is what I learnt.....

a) Stick to the trading plan at all times

b) The stop MUST be set on each and every trade, because a small loss is not too hard to 'chase down' later in another trade. A large loss is a different matter and can lead to even more mistakes!
RealJumper,

Thanks for sharing. I am no expert but can say that market will soon reward you if you stick to your rules.
The Thief of Wall Street
  • #69,977
  • Feb 27, 2009 4:44pm Feb 27, 2009 4:44pm
Quoting gatorinla
dollar index was only 2 ticks away from the double peeks..s&p at a bottom.. eu near bottom.. we are still at a pivot and it could go either way long term. but with the way equitys are acting im leaning short. the trend is still pointing that way till something changes.. i think we will tug a war a while before we get direction..if equity calapse this will suck but we in forex should be ok. if we money manage right..
Thanks Gator. I based direction of my this week's trades on S&P. Probably continue this practice next week as well. Thanks for sharing.
The Thief of Wall Street
  • #69,978
  • Feb 27, 2009 4:45pm Feb 27, 2009 4:45pm
I bet BofA and Citi are shorting each other ffs =P

Have a nice weekend people.
  • #69,979
  • Feb 27, 2009 4:58pm Feb 27, 2009 4:58pm
Quoting Forbes55
yea you are right about plan but about stop loss....

today hard damn market went in all directions (except some unfair pairs) and all your small stop losses could easily be wiped out in all directions, you see? in this case stop loss should be not less than 150-200 pips! or better try to cover losses (if stop loss was hit) on other pairs
You are right my friend. Today's movement was pain in the neck for those who use narrow stop losses. I normally try to set realistic stop losses i.e. according to the volatility, but still had to give 80% of today's profits back to market just becuause of that.
The Thief of Wall Street
  • #69,980
  • Feb 27, 2009 5:03pm Feb 27, 2009 5:03pm
Quoting realjumper
Ok....this is nothing 'earth shattering', but this is what I learnt.

3. The last lesson, and equally (or more) important than the above lesson, is to set the stop loss before going to make coffee!!! Yes I know....basic stuff, but when I watch the trade I oftern don't set a stop loss. I'll stop it when it reaches my negative limit manually. This time however, I went for coffee with no stop loss and got the fright of my life when I came back! The lesson really and truely is: Always, always, always set the stop loss because the market can move faster...
It all just depends on what in what style you trade. It's basically just money management. If I get coffee and I see my trade sudddenly 300 pips under water, I just add more to it. I see it as an opportunity since I know we are closer to the bottom, or top, were it turns around.

Another way you can handle a big "loss" is just see it as a temporary loss. Close the trade, wait till there is some distance (50 pips or more) between the price and were you closed the trade, and put a trade right on your close in the same direction for the same amount and the same target as you just "lost". You will see, sooner or later it allways comes back. If you want to know more about this method, search for "Jacco", a very succesfull trader who always uses this method.

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
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