DislikedPivots for today from 5pm with same fib as before.
Central pivot is 3147 (green line)
DP unchanged at 3092...Ignored
We have three areas with correlation, any thoughts?
I'm thinking down is going to be bumpy, or up
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DislikedPivots for today from 5pm with same fib as before.
Central pivot is 3147 (green line)
DP unchanged at 3092...Ignored
DislikedI believe a SL, recognizing a losing trade, and getting back into the market (following the pa...or trend) will allow you to make money. Its very frustrating to keep trying to play catch up......Ignored
DislikedI stopped hedging after I went -150 to +50 pips in a few hours. I got out of it ok, but I learned my lesson. Having said that, I have two trading accounts at different brokers. If I really wanted to hedge I would just open an opposing trade in the other broker. I also have the benefit of protecting myself in case my primary broker goes down for some reason. I can always open an opposing trade in the other broker to protect my primary trade.Ignored
Dislikedin any case the PA goes you have locked the difference between your long and short entry, in short time frame this seems ok but is still a loss anyway.
averaging maybe a better option than hedging (i am against that too)
thanks but no thanksIgnored
DislikedI like this idea of different accounts and hedging and redundancy but more trouble than I wish to be bothered with.Ignored
DislikedYes, one could simply leave the original trade running into bigger losses, and average down (add more trade components that also start running into losses) until the PA stops moving against you, or until you run out of ability to keep adding components that are going to start losing money.
When you think of it that way, it is clearly better to hedge. It immediately takes the pressure off the trader. And it saves the traders ammunition for averaging/adding AT THE BOTOM instead of at steps between the top and bottom. Combine hedging and adding anything...Ignored
DislikedWith MT4 you don't need different accounts. Just enter a second trade, same size as the first, but of the opposite kind....buy, then a sell.....or sell, then a buy. Both trades are separate and listed and individually managed.Ignored
DislikedYes, one could simply leave the original trade running into bigger losses, and average down (add more trade components that also start running into losses) until the PA stops moving against you, or until you run out of ability to keep adding components that are going to start losing money.
When you think of it that way, it is clearly better to hedge. It immediately takes the pressure off the trader. And it saves the traders ammunition for averaging/adding AT THE BOTOM instead of at steps between the top and bottom. Combine hedging and adding anything...Ignored
Dislikedand this
Long term trend is up, you've built u some healthy longs, and situation occurs(fundamental like pig flu) in which you are sure the short term trend is down..so you hedge and go short, you make $ on the short term move and when it finishes you make $ on the long...closing out your longs just to go short for 4-6 hours and loose money makes no sense to me especially if the short term trend falls 100 pips short of your position that is most long.
and as you mentioned above after closing that short you even throw in a couple more longs to...Ignored
DislikedI told you i was against averaging too, so the best option is to face the truth, you just lost a trade, that's it , there is nothing wrong with accepting that, on the contrary, it is the best psychological attitude, accepting the loses makes you a winner, bcs you dont have to think about the sheetty trade anymore, if you really really want to mess with your abundant equity open positions in other correlated pairs or try to hedge with crosses, only if you want to, so there is nothing good about hedging. i took the example of averaging , bcs you seemed...Ignored
DislikedRe-read about hedging. YOU DO NOT CLOSE OUT YOUR LONGS! You add an equal and opposite trade, so that from that moment on, as one trade loses, the other gains.....hence, no matter what the PA does, your account remains UNAFFECTED until you close one or the other of the two trades....which you will do once you determing which will be the one to continue to make money.Ignored
DislikedNo arguement there, Arthurb. But, lets face it, some cannot quickly close a losing trade. They hang onto the hope the PA will soon reverse again and come back. For them, best is to immediately open an equal and opposite trade....take the presssure off and give themselves time to more rationally analyze what is happening with the PA and what, if anything, is therefore a better course of action to take.Ignored
DislikedSay bye bye to your SL who ever shorted at 1.311 and put a SL at 1.3150. I am not sure why ppl trade like this and keep loosing money. Main thing to learn is to learn trader mentality and figure how the big traders think. They obviously know that retail traders are going to short it once price breaks 1.3080 and lo behold we all shorted it was stay nicely below that level and traders kept on accumulating their short there and boom what happens next they shot right through the 1.3080 level. Lear how the big traders thinkIgnored
DislikedJust in case you thought no one was left out here still watching fips and pivots, not true
We have three areas with correlation, any thoughts?
I'm thinking down is going to be bumpy, or upIgnored