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  • #73,101
  • Mar 9, 2009 3:57pm Mar 9, 2009 3:57pm
thats a hard question since we dont know what type of trader you are... most will tell you to get out...
those who can, do. those who cant, talk about those who can
  • #73,102
  • Mar 9, 2009 4:02pm Mar 9, 2009 4:02pm
Quoting gatorinla
thats a hard question since we dont know what type of trader you are... most will tell you to get out...
I use VTraders (CMS)
  • #73,103
  • Mar 9, 2009 4:04pm Mar 9, 2009 4:04pm
no man figure you sl to only about 1% of your account...if your tp is not realisticly 1.5% or more dont trade it...
those who can, do. those who cant, talk about those who can
  • #73,104
  • Mar 9, 2009 4:05pm Mar 9, 2009 4:05pm

I'm in the market about 3 hours ...on usdchf ... right now I have a gain of 3 pips ... someone can tell me if in the next 10 years I will be able to close with a gain of 30 pips?

The best thing that can happen to you is to find out where you're wrong.
  • #73,105
  • Mar 9, 2009 4:05pm Mar 9, 2009 4:05pm
Quoting leodel
Thanks,

But what would you advice, since I already placed the trade?
what he was trying to say is your ratio is 1-4 (take profit/stop loss) which is all wrong. ideally the ratio is 2-1 or at least 1-1 with some going for 3-1 tp/sl ratio.

i have looked back at all my trades since i started trading this past weekend and i can tell you that my average winning trade has 32pips profit and average losing trade has 45 pips lost. However there are a few factors that create this ratio...there are many times when i close a position close to even if for whatever reason i dont feel good about my trade anymore. also, i place 2 kinds of trades, one is half a normal position size on trades i dont feel too confident about (which i tend to get stopped out more then usual on) and regular position sizes (where i tend to hit my tp levels most often). Also, i win at least 3 trades for every trade I lose (high winning percentage by all standards....even when i was new to FX). all these added up keep me on the + side of the market no matter how bad any particular day may be. In the past i used to cut winners short more and keep losers open which added with a few other criteria blew my account at first but thats another story.

Long story short....read some threads/posts about money management...your take profit in general should not be less then your stop loss is
Different opinions highly valued, ignorant to slander.
  • #73,106
  • Mar 9, 2009 4:08pm Mar 9, 2009 4:08pm
Quoting leodel
I use VTraders (CMS)
ill give you a small ray of hope.. 2616 is number it has hit once with a technical reason. so until 2616 is broken only in the short term pair is slightly bearish..next past s/r above that is about 2631.... 2631 may be a good sl.. with todays low as a tp...if you get even move sl to be...once it passes your entry.. if it does...
those who can, do. those who cant, talk about those who can
  • #73,107
  • Mar 9, 2009 4:15pm Mar 9, 2009 4:15pm
Quoting psiholog
what he was trying to say is your ratio is 1-4 (take profit/stop loss) which is all wrong. ideally the ratio is 2-1 or at least 1-1 with some going for 3-1 tp/sl ratio.
Thanks I am indeed grate for both your advice and lesson, I will impliment that now. Please do you have a link to a good Money Management book?
  • #73,108
  • Mar 9, 2009 4:16pm Mar 9, 2009 4:16pm
Quoting Driver55

I'm in the market about 3 hours ...on usdchf ... right now I have a gain of 3 pips ... someone can tell me if in the next 10 years I will be able to close with a gain of 30 pips?

i am too. market is sleep. what do you think?
  • #73,109
  • Mar 9, 2009 4:19pm Mar 9, 2009 4:19pm
Quoting leodel
Thanks I am indeed grate for both your advice and lesson, I will impliment that now. Please do you have a link to a good Money Management book?
i dont read books. i learned 99.9% of what i know the hard way..through harsh experience. however if you type "money management" in the search field here on FF you will see a bunch of threads pop up talking about that...click on all and see what interests you the most. There is no one way to deal with MM just like any part of a traders strategy. Eventually you will develop your own MM that suits you best...if you survive that long
Different opinions highly valued, ignorant to slander.
  • #73,110
  • Mar 9, 2009 4:19pm Mar 9, 2009 4:19pm
Quoting Driver55

I'm in the market about 3 hours ...on usdchf ... right now I have a gain of 3 pips ... someone can tell me if in the next 10 years I will be able to close with a gain of 30 pips?

2008 spoiled us.. were back to the old days *L*
those who can, do. those who cant, talk about those who can
  • #73,111
  • Mar 9, 2009 4:27pm Mar 9, 2009 4:27pm
Quoting gatorinla
ill give you a small ray of hope.. 2616 is number it has hit once with a technical reason. so until 2616 is broken only in the short term pair is slightly bearish..next past s/r above that is about 2631.... 2631 may be a good sl.. with todays low as a tp...if you get even move sl to be...once it passes your entry.. if it does...
you have a kind heart, I am grateful for the advice. Thanks and correction noted too.
  • #73,112
  • Mar 9, 2009 4:27pm Mar 9, 2009 4:27pm
Quoting Driver55

I'm in the market about 3 hours ...on usdchf ... right now I have a gain of 3 pips ... someone can tell me if in the next 10 years I will be able to close with a gain of 30 pips?

If I look at your picture, I would say by the time you retire you will have your 30 pips. Maybe even 35
New voice message: Why are you calling me? If I need you, I'll call you!
  • #73,113
  • Mar 9, 2009 4:42pm Mar 9, 2009 4:42pm
Quoting leodel
you have a kind heart, I am grateful for the advice. Thanks and correction noted too.
it will bounce off 2592 area... if it gets beyond that theres some s/r before todays low.. your just in a bad spot for a short term trade..but since it recently passed these it should pass easier this time...had you known 2616 was the ideal place to enter it would be easier to remain in trade with a smaller sl and bigger profit potential.....
those who can, do. those who cant, talk about those who can
  • #73,114
  • Mar 9, 2009 4:44pm Mar 9, 2009 4:44pm
good morning everyone.
Good to see that the EUR continued its way down and is again at the 1.2600 mark.
Direction still seems to be down, could also just go sideways and since Asian session just started. Anyways will wait and decide on PA.
Good trading everyone
Trade on your own risk Plan your trade&trade your plan dont be a
  • #73,115
  • Mar 9, 2009 4:52pm Mar 9, 2009 4:52pm
Quoting gatorinla
it will bounce off 2592 area... if it gets beyond that theres some s/r before todays low.. your just in a bad spot for a short term trade..but since it recently passed these it should pass easier this time...had you known 2616 was the ideal place to enter it would be easier to remain in trade with a smaller sl and bigger profit potential.....
Ok
  • #73,116
  • Mar 9, 2009 4:55pm Mar 9, 2009 4:55pm
anyone know where i can find a chart of the dollar index?
  • #73,117
  • Mar 9, 2009 4:55pm Mar 9, 2009 4:55pm
Good morning everyone.

I'm pretty much neutral at the moment.

Any ideas if there's any chance we will see 1.2650 today?

Might be looking for longs if the Sydney/Tokyo sessions touches yesterday's bottom.
  • #73,118
  • Mar 9, 2009 5:05pm Mar 9, 2009 5:05pm
Can Anyone please explain this snail's pace, Please?
Let Freedom Ring!
  • #73,119
  • Mar 9, 2009 5:07pm Mar 9, 2009 5:07pm
Quoting lindee
Can Anyone please explain this snail's pace, Please?
yeah, it's called this is the slowest time of almost any day, so get used to it.
  • #73,120
  • Mar 9, 2009 5:07pm Mar 9, 2009 5:07pm
Quoting ma_cowburn
anyone know where i can find a chart of the dollar index?
http://quotes.ino.com/chart/?s=NYBOT...2&w=1&t=l&a=10
http://www.fxstreet.com/rates-charts/usdollar-index/
those who can, do. those who cant, talk about those who can
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