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  • #87,481
  • Apr 20, 2009 12:30pm Apr 20, 2009 12:30pm
Quoting plan-b
when i grow up i hope to have such patience..
in a similar position i would be trailing such a wonderful entry to within 50-70 pips of market rate
Thanks for the kind words.

But I'm the most impatient guy I know. Those who don't believe me can ask my wife.

As such, I don't buy into the whole "I don't have the patience" thing for those trading shorter time frames.

It takes a long time and it's boring as hell. It's exactly like watching paint dry. But if that's the price to pay to make pips, then so be it.
Not all sins are created equal
  • #87,482
  • Apr 20, 2009 12:34pm Apr 20, 2009 12:34pm
Quoting Jay Walker
I like the way you think.

My S/L is at 3391 if that gives you an idea
May I ask you an impertinent question: what kind of dough are you playing with that you can have a 500 pip stop loss and still remain under some decent money management rules? (I have to assume that a guy like you MUST be using some serious MM, otherwise what are we new traders supposed to do!!?? )
  • #87,483
  • Apr 20, 2009 12:43pm Apr 20, 2009 12:43pm
Obama!!!!!!!!

Attached Image (click to enlarge)
Click to Enlarge Name: Obama.jpg Size: 103 KB


He will bankrupt everyone!!!!!!
  • #87,484
  • Apr 20, 2009 12:45pm Apr 20, 2009 12:45pm
hi everyone now the price is close to 1.29000 i ghess it is a important number i need to understand the rules for this. does anyone know a good informationfor this =)
  • #87,485
  • Apr 20, 2009 12:46pm Apr 20, 2009 12:46pm
Quoting Tenshi28
May I ask you an impertinent question: what kind of dough are you playing with that you can have a 500 pip stop loss and still remain under some decent money management rules? (I have to assume that a guy like you MUST be using some serious MM, otherwise what are we new traders supposed to do!!?? )
he use a lot size that conforms to his mm % and his account size has some huge 6-figures...try trading mini-lots then graduate to 2minilot till you get to a lot..that way you build your self back in account size and in confidence...never risk more than 2% off your acc...even if you gotham sure..
Imanuel Parsifal
  • #87,486
  • Edited 12:50pm Apr 20, 2009 12:48pm | Edited 12:50pm
Quoting Tenshi28
that you can have a 500 pip stop loss and )
his entry was 3269 so there is no 500 pip sl...
http://www.forexfactory.com/showpost...ostcount=87491
FUBAR...
  • #87,487
  • Apr 20, 2009 12:50pm Apr 20, 2009 12:50pm
Quoting sycho
he use a lot size that conforms to his mm % and his account size has some huge 6-figures...try trading mini-lots then graduate to 2minilot till you get to a lot..that way you build your self back in account size and in confidence...never risk more than 2% off your acc...even if you gotham sure..
Yeah I am already very strict in my MM, but I was just asking because, igiven the size of my account, a 500 pip stop loss is waaay too much even when using the smallest lot possible, so I was curious about what size that account must be.

Huge 6 figures....
  • #87,488
  • Apr 20, 2009 12:51pm Apr 20, 2009 12:51pm
Quoting ak4x
his entry was 3269 so there is no 500 pip sl...
http://www.forexfactory.com/showpost...ostcount=87491
He said his stop loss is 3391, current price is 1.2920, that's nearly 500 pips in my math book.
  • #87,489
  • Apr 20, 2009 12:53pm Apr 20, 2009 12:53pm
Quoting d0MiN077
hi everyone now the price is close to 1.29000 i ghess it is a important number i need to understand the rules for this. does anyone know a good informationfor this =)
yeah support 2 breaks it and we are headed further down to my initial targets 1.2781 area..fail to and we dance around to the upside a little...hope it helps..i trade on longer TF..and trade several tools..
Imanuel Parsifal
  • #87,490
  • Apr 20, 2009 12:55pm Apr 20, 2009 12:55pm
Quoting Tenshi28
May I ask you an impertinent question: what kind of dough are you playing with that you can have a 500 pip stop loss and still remain under some decent money management rules? (I have to assume that a guy like you MUST be using some serious MM, otherwise what are we new traders supposed to do!!?? )
Simple. Use a smaller percentage of your account.

Too many boobs watch a late night infomercial about Forex and think of striking it rich right away. They'll come in and use "reasonable" money management. They'll put 25% of their account on the line...

and piss it away...

Do that 3 more times and you're gone.

I use a smaller percentage. It gives me more opportunities to be wrong. Use 5% of your account, then you can afford to be wrong 20 times. You shouldn't be wrong 20 times in a row as after 7 or 8 times you should have a good look at what you're doing wrong. But you could afford it if needed.

The rest is all about maximizing gains while cutting losses.
Not all sins are created equal
  • #87,491
  • Apr 20, 2009 12:57pm Apr 20, 2009 12:57pm
Quoting Tenshi28
Yeah I am already very strict in my MM, but I was just asking because, igiven the size of my account, a 500 pip stop loss is waaay too much even when using the smallest lot possible, so I was curious about what size that account must be.

Huge 6 figures....
just stick with your rules and forget what most people post on FF...traders trade in a strange forex way...
Imanuel Parsifal
  • #87,492
  • Apr 20, 2009 1:00pm Apr 20, 2009 1:00pm
Remember folks, if there's a sudden reversal and my S/L is hit, I'm at a loss.

But next week...
Not all sins are created equal
  • #87,493
  • Apr 20, 2009 1:01pm Apr 20, 2009 1:01pm
Quoting Jay Walker
Simple. Use a smaller percentage of your account.

Too many boobs watch a late night infomercial about Forex and think of striking it rich right away. They'll come in and use "reasonable" money management. They'll put 25% of their account on the line...

and piss it away...

Do that 3 more times and you're gone.

I use a smaller percentage. It gives me more opportunities to be wrong. Use 5% of your account, then you can afford to be wrong 20 times. You shouldn't be wrong 20 times in a row as after 7 or 8 times you should have a good look at...
Yeah, I rarely ever risk more than 2 or 3% of my account, but, again, if I allowed myself a 500 pip stop loss as an acceptable cutting point, I'd be losing way more than that percentage just because my account is small, simple arithmetic really.

Incidentally and now that you mention it, the maximizing gains part is one of the first things probably everybody learns in this business (let your profins run and all that), but I personally find it hard to execute precisely sometimes. You clearly don't want to exit a trade too early (common mistake) but it really is equally bad to hold it for too long and have it come back at you and lose all your profits. So easy in theory but rather complex in practice, in my opinion.
  • #87,494
  • Apr 20, 2009 1:02pm Apr 20, 2009 1:02pm
Gold target bursted for 900pips...
Imanuel Parsifal
  • #87,495
  • Apr 20, 2009 1:02pm Apr 20, 2009 1:02pm
Quoting Jay Walker
Simple. Use a smaller percentage of your account.
Simple as it is. I've started with 288 Euros in my account. Right now i have 94 ;D the reason of this loss is bad MM and greed. Well right now i'm 21 years old so i think i have some time to deal with those issues.
  • #87,496
  • Apr 20, 2009 1:03pm Apr 20, 2009 1:03pm
Quoting sycho
just stick with your rules and forget what most people post on FF...traders trade in a strange forex way...
That's the simplest yet hardest thing to do at the same time.

Remember, I'm not my post count, I'm not the 10v+, I'm not my avatar(s)

http://www.sfondideldesktop.com/Imag...-Herd-Full.Jpg
Not all sins are created equal
  • #87,497
  • Apr 20, 2009 1:07pm Apr 20, 2009 1:07pm
well well .. what a nice pin bar in the 4H chart....
  • #87,498
  • Apr 20, 2009 1:08pm Apr 20, 2009 1:08pm
Quoting Tenshi28
Incidentally and now that you mention it, the maximizing gains part is one of the first things probably everybody learns in this business (let your profins run and all that), but I personally find it hard to execute precisely sometimes. You clearly don't want to exit a trade too early (common mistake) but it really is equally bad to hold it for too long and have it come back at you and lose all your profits. So easy in theory but rather complex in practice, in my opinion.
It is hard to execute precisely. It's like both partners reaching climax at the same time during intercourse. One is out a bit too early or a bit too late.

Demo this a bit. Say you're short. Set your S/L at the highest point of the last candle. Change it as a new candle form but always be one candle behind.

Vice versa if you're long.

Do NOT do this on live trading unless you tried it on demo first. Seriously!
Not all sins are created equal
  • #87,499
  • Apr 20, 2009 1:09pm Apr 20, 2009 1:09pm
going to bed now... no clear direction yet.. im out for today..

http://www.foxnews.com/images/414963...homer1_450.jpg
  • #87,500
  • Apr 20, 2009 1:11pm Apr 20, 2009 1:11pm
Quoting Maxsmart
Still in yout long positions at 1.3110 and 1.3084?
Nope - stopped out - 2950

Aren't s/l's wonderful.
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