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  • #75,541
  • Mar 14, 2009 3:43pm Mar 14, 2009 3:43pm
Quoting Jay Walker
If my S/L is hit at a loss, then it's just that and I move on. I can't win them all and $h!t happens! It doesn't happen as often as you think. But it does.

It also gets hit with profits locked in which after all, is the whole name of the game here. Occasionally, there will be a retrace and my S/L will be hit before the trend continues. Again, $h!t happens! But in that case, at least I walk away with more money than I started with.

I like trading larger time frames for that reason. Less retraces, less false moves or whatever the terminology of...
That's great if it works for you. I choose to take the loss or profits manually based on what's happening in real time. Sometimes I just don't have time to input the numbers on the order before something would change. The other times I just don't care to make the necessary calculations in doing so, since that sort of thing hurts my brain.

I'm with you on the larger time frames, I've been having some great trades w/ those too.
  • #75,542
  • Mar 14, 2009 3:45pm Mar 14, 2009 3:45pm
Quoting SpecialEd
Ah Grasshopper, I beg to offer up a 3rd kind of trader: those of us who had a lot of money, lost it and are now clawing our way back. Believe me, the urgency is greater with the 3rd.
this third example shows my youth and inexperience...grasshopper indeed. i just hope im never put in this situation which is why learning proper MM has been a must for me over my first year of trading. Thanks for not being shy in giving this example

On another note...have fun at the movies...if you plan on watching Watchmen...it is quite trippy and odd in its presentation but if you pay attention to the storyline..it all makes sense in the end
Different opinions highly valued, ignorant to slander.
  • #75,543
  • Mar 14, 2009 3:48pm Mar 14, 2009 3:48pm
Quoting F.x.
This is a common way to feel but you must .................
Ah how about a mental stop. But, big but, stick to it. Some might say they can't.

If someone say they can't 'anything' then they shouldn't be trading.

If someone is looking for reasons how the 'market' takes their money they will find them everyday.

Like someone said once: trading is simple, just not easy.
  • #75,544
  • Mar 14, 2009 3:48pm Mar 14, 2009 3:48pm
Quoting billye
for 1st question, in preferences you can set a default s/l and t/p, mine is -20/+20, and when open limit order, that can be attached by default.
Again I like to do things in real-time based on what is happening when I make the trade. Why would you set the same SL and TP when the market is going crazy as you would when it's tame?
  • #75,545
  • Mar 14, 2009 3:53pm Mar 14, 2009 3:53pm
oh, sorry to confuse ...

how that works for fxtrade is t/p and s/l is simply 2 limit orders I keep changing with the market real time... I input price from ecn market and use this to replace market order I previously use to close a position which can avoid a slippage.

except for that it's similar to what you mention to close a position base on market move.

but, my tendency to never s/l when playing leverage is still danger (for me) I think... force myself to stay with a fixed s/l as discipine may even help.
Quoting F.x.
Again I like to do things in real-time based on what is happening when I make the trade. Why would you set the same SL and TP when the market is going crazy as you would when it's tame?
  • #75,546
  • Mar 14, 2009 4:01pm Mar 14, 2009 4:01pm
Quoting psiholog
this third example shows my youth and inexperience...grasshopper indeed. i just hope im never put in this situation which is why learning proper MM has been a must for me over my first year of trading. Thanks for not being shy in giving this example
Strange; roughly 40,000 posts ago on this very thread.

http://www.forexfactory.com/showpost...ostcount=34045

  • #75,547
  • Mar 14, 2009 4:08pm Mar 14, 2009 4:08pm
Quoting SpecialEd
This may be the smartest thing said today, seriously.
I use 2% right now, and I plan to use 1% once my account gets a little bigger. That is probably my first problem, but right now I am trying to jump start my account. If that doesn't work out, than no big loss, and I will sufficiently fund my account at the end of the year, and definitely use a 1% at that point. I really hope to be able to not have to do that, get my account to 10K like I want it, and be able to trade all this year, with profits (already took out my investment). At least I follow the don't trade with money you can't afford to lose rule. Can't wait until this week starts.
  • #75,548
  • Edited 4:16pm Mar 14, 2009 4:14pm | Edited 4:16pm
Quoting billye
I see, that is a resistance level. how is position size vs acc size then?
I would enter long or short with stop loss of 4 pips lets say enter Long 1.3006 with SL at 1.3000 (2 pip spread, 2*spread=risk). If trade fails, I will re-enter again, but this time above 1.3006, maybe 1.3008. If this trade fails, will again re-enter maybe 1.3010, yet again, so on so forth. But during all this time my s/l will remain at 1.3000. Why? am I crazy? maybe ....... but I will keep on doing it till I exhaust all my "reserve for loss" for this particular trade. I start with Risk/Reward ratio of 1/5, and will keep on doing this till it becomes 1/1. After that, it is not worth taking a risk, time to book loss and move on.
The Thief of Wall Street
  • #75,549
  • Mar 14, 2009 4:23pm Mar 14, 2009 4:23pm
Quoting Bemac
Strange; roughly 40,000 posts ago on this very thread.

http://www.forexfactory.com/showpost...ostcount=34045

ah memories....september which led to my best month in november followed by my worst month in december haha. This still classifies as example #2 though that i gave. The thing is I never had alot of money to start with...after initially blowing my few K i had last year (made with a part time job)....every time after I funded my account with 250dollars (worked until may) ..including that borrowed money. I would end up taking that 250 to roughly 1000 in a short amount of time (proper pip size) but no stop loss killed me each time (strict rules did not involve stop loss...go figure). The difference between my case and what specialed said is....that 3rd scenario involves someone who has made alot of money and possibly supported themselves off forex only to lose it all one day. I was never able to support myself and still am not (as expected after only 1year and 3 months doing forex) therefore I still classify as #2 "trying to make it".

Heres the irony now...i started again in february with 385dollars in my account on the 1st. I took that account to 700 by the time the month ended (rougly 850pips gained...25cent pips at first and 50cent pips later). This month i have taken my account from 700 to 900 so far (still doing 50cent pips until 1000 at least). As 1000 played as the strong resistance in the past, will it do so now?....I think I will find the answer to this question before next week ends haha.

The difference between now and before regarding "strict rules"...I use stop loss. Will it make all the difference? Will I finally be able to break through that 1,000 mark and turn that 1,000 into 20,000 in 5-6months time. (as my average is 50pips per day thats what it would take me given my MM). Will I finally gain the independence I so desperately seek? To be seen.

At the very least...my drama could make a good movie haha.
Different opinions highly valued, ignorant to slander.
  • #75,550
  • Mar 14, 2009 4:24pm Mar 14, 2009 4:24pm
this thread is interesting to read during the weekends when we are not worried about where the price is going and we focus on the important thing.
  • #75,551
  • Mar 14, 2009 4:27pm Mar 14, 2009 4:27pm
Quoting Chicky
I would enter long or short with stop loss of 4 pips lets say enter Long 1.3006 with SL at 1.3000 (2 pip spread, 2*spread=risk). If trade fails, I will re-enter again, but this time above 1.3006, maybe 1.3008. If this trade fails, will again re-enter maybe 1.3010, yet again, so on so forth. But during all this time my s/l will remain at 1.3000. Why? am I crazy? maybe ....... but I will keep on doing it till I exhaust all my "reserve for loss" for this particular trade. I start with Risk/Reward ratio of 1/5, and will keep on doing this till it...
This isn't a bad idea, I like it. I am not comfortable with this stop loss, as I try to find peaks. I could see doubling it, for me. The way I do it is catch the falling knife, when I think it is reversing. If I am a bit off, I double down with another trade at my second perceived bottom, and so on. I max out at three, which is what I like to trade with. Depending on how I feel about the move, I might take a trade or two off the table when I average out, which generally happens fairly quickly. At worst, I take a combined 50 pip loss, and re-evaluate.
  • #75,552
  • Mar 14, 2009 4:27pm Mar 14, 2009 4:27pm
Quoting SpecialEd
hmm, aficionados or addicts?
So long as it's no decaf or instant crap, both
Not all sins are created equal
  • #75,553
  • Mar 14, 2009 4:30pm Mar 14, 2009 4:30pm
Quoting SpecialEd
North Korean my arse. The only guys I know who use the word Bollocks are my Irish buddies, and I do recall you like Guinness.
I got a wee bit of Irish blood in me veins. Guinness is a staple in them green rolling hills of North Korea.
Not all sins are created equal
  • #75,554
  • Mar 14, 2009 4:46pm Mar 14, 2009 4:46pm
Quoting Jay Walker
I got a wee bit of Irish blood in me veins. Guinness is a staple in them green rolling hills of North Korea.
I'd like to get a wee bit o' me vein...

"SLAP"

'Sorry ma pearrl' it'z jist a bit a chatHer.

"SLAP"

'Na na ma precious you hiv it a' lang.' {S#it Typo Typo... don't hit me.}

"SLAP"

Bartender: Gimme a Long Dark one Ta'

"SLAP"

...
  • #75,555
  • Mar 14, 2009 4:57pm Mar 14, 2009 4:57pm
Another way of smart trading could be this: Open trade with s/l 50 and t/p 150. Do this every day when London starts.
If you lose 7 times out of 10, you still come out as a winner. I've tried in on a demo and lost 6 times (300 pips), won 4 times (600 pips)
Net gain 300 pips.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #75,556
  • Mar 14, 2009 4:59pm Mar 14, 2009 4:59pm
Quoting KillerWhale
Another way of smart trading could be this: Open trade with s/l 50 and t/p 150. Do this every day when London starts.
If you lose 7 times out of 10, you still come out as a winner.
So it's that easy eh?

Then why isn't Helicopter Bernanke and the Robin to this Batman, Timmy Geithny, work overtime for a couple weeks and trade the U.S. of A out of debt?
Not all sins are created equal
  • #75,557
  • Edited 5:06pm Mar 14, 2009 5:01pm | Edited 5:06pm
Quoting dallavise
This isn't a bad idea, I like it. I am not comfortable with this stop loss, as I try to find peaks. I could see doubling it, for me. The way I do it is catch the falling knife, when I think it is reversing. If I am a bit off, I double down with another trade at my second perceived bottom, and so on. I max out at three, which is what I like to trade with. Depending on how I feel about the move, I might take a trade or two off the table when I average out, which generally happens fairly quickly. At worst, I take a combined 50 pip...
I have done that many times, and this is precisely from where it starts to take-off to new heights. I remember how fascinated I was watching Mount Everest from the ground, before our small Beach Craft plane took off. It looked as if half of the mountain is covered by clouds. When plane raised above the cloud, everyone was like ...."Wow"...... because only then you realize that this thing actually STARTS from above the clouds. The clouds covered just it's base. That is why they say trade small positions, 1% risk, bird watching in lion country, etc.
The Thief of Wall Street
  • #75,558
  • Mar 14, 2009 5:13pm Mar 14, 2009 5:13pm
Quoting dallavise
I use 2% right now, and I plan to use 1% once my account gets a little bigger. That is probably my first problem, but right now I am trying to jump start my account. If that doesn't work out, than no big loss, and I will sufficiently fund my account at the end of the year, and definitely use a 1% at that point. I really hope to be able to not have to do that, get my account to 10K like I want it, and be able to trade all this year, with profits (already took out my investment). At least I follow the don't trade with money you can't afford to lose...
Hey Dallavise, I know you're on a high from this week's results, and I surely don't mean to offend or bring you down, so with respect, go gently. I've not yet found anyone who Forex did not get to eventually - but they learned from it. I've seen a lot of people - including myself - who had some success, thought it was easy, and said "I can't wait to go again." In this respect, Forex is like golf - only a LOT more expensive. Hmm, must be like sex too. I can't wait to go again.
Up or down, gimme a ticket
  • #75,559
  • Mar 14, 2009 5:15pm Mar 14, 2009 5:15pm
Quoting emda
this thread is interesting to read during the weekends when we are not worried about where the price is going and we focus on the important thing.
We're focusing on the important thing so we can concentrate on the big thing, and have more fun at it.
Up or down, gimme a ticket
  • #75,560
  • Mar 14, 2009 5:16pm Mar 14, 2009 5:16pm
Quoting SpecialEd
Hey Dallavise, I know you're on a high from this week's results, and I surely don't mean to offend or bring you down, so with respect, go gently. I've not yet found anyone who Forex did not get to eventually - but they learned from it. I've seen a lot of people - including myself - who had some success, thought it was easy, and said "I can't wait to go again." In this respect, Forex is like golf - only a LOT more expensive. Hmm, must be like sex too. I can't wait to go again.
Sometimes, it can just be like sex.

Especially if you're client #9, #10, #11, etc...
Not all sins are created equal
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