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  • #117,521
  • Jul 2, 2009 9:10pm Jul 2, 2009 9:10pm
Quoting suprkik
I got this new strategy its gotta work here goes. Whatever i pick you take the opposite because i aint doing nothing but losing.


lol

be positive buddy !
  • #117,522
  • Jul 2, 2009 9:11pm Jul 2, 2009 9:11pm
Quoting Turveyd
Ofcourse sooner or later it won't and he'll be margin called and wiped out.
That's what I'm worried about for him/her. Rather take a series of small losses and learn from it, than get wiped out completely because he /she had no stop loss, and the PA might not get back to his profit level for the rest of the year!!

As you say, it's just a matter of time.....it WILL happen
Doing what you like is Freedom. Liking what you do is Happiness.
  • #117,523
  • Jul 2, 2009 9:12pm Jul 2, 2009 9:12pm
Quoting trading801
be positive buddy !
Nah! Nah! So long as he's wrong 100% of the time, it works for me.
Not all sins are created equal
  • #117,524
  • Jul 2, 2009 9:19pm Jul 2, 2009 9:19pm
Quoting realjumper
That's what I'm worried about for him/her. Rather take a series of small losses and learn from it, than get wiped out completely because he /she had no stop loss, and the PA might not get back to his profit level for the rest of the year!!

As you say, it's just a matter of time.....it WILL happen
It just seems that a S/L is not the issue, money management is. Setting a S/L just flags your property for theft. Using self-discipline to exit the trade wisely using a mental S/L affords the same protection without flagging your possessions for the thieves to come after. Yes, self-discipline to properly manage trade exits is difficult....it does not come naturally to most. But that is the main issue, and hiding from it by using mechanical S/Ls only postpones the development of this skill, which is essential to survival in the FX market.
  • #117,525
  • Jul 2, 2009 9:22pm Jul 2, 2009 9:22pm
Quoting stevefx
Anyone think shorts at 4020 might be reasonable?
I think if EU can break 1.4000 it's easily breach to 1.4100. So in my opinion, don't sell, but wait if EU break 1.4000 or not.
  • #117,526
  • Jul 2, 2009 9:28pm Jul 2, 2009 9:28pm
We have PA at the top BB pinch point. And there was high relative volume involved in the run up to there. Really.....I smell an upside breakout brewing. Just imho, no recommendations implied.
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  • #117,527
  • Jul 2, 2009 9:30pm Jul 2, 2009 9:30pm
i put another log on the fire
those who can, do. those who cant, talk about those who can
  • #117,528
  • Jul 2, 2009 9:30pm Jul 2, 2009 9:30pm
Quoting traderathome
It just seems that a S/L is not the issue, money management is. Setting a S/L just flags your property for theft. Using self-discipline to exit the trade wisely using a mental S/L affords the same protection without flagging your possessions for the thieves to come after. Yes, self-discipline to properly manage trade exits is difficult....it does not come naturally to most. But that is the main issue, and hiding from it by using mechanical S/Ls only postpones the development of this skill, which is essential to survival in the FX market.
Yep, I can't argue with any of that. I guess the bottom line here is to not let a bad trade keep getting worse in the belief that it *must* come back.....better to cut your losses well before it get's to the point of no being able to cut your losses, because it just might not come back!

Sometimes I use SL, mostly I don't, but I am getting better and better at cutting a bad trade free, so that I can trade again tomorrow
Doing what you like is Freedom. Liking what you do is Happiness.
  • #117,529
  • Jul 2, 2009 9:35pm Jul 2, 2009 9:35pm
got my popcorn
  • #117,530
  • Jul 2, 2009 9:46pm Jul 2, 2009 9:46pm
Oh boy. Gatorinla put another log on the fire, suprkik whipped up the popcorn......a lot of presssure here to perform! Hey, it ain't MY breakout. It is just what I am seeing. Don't forget, I said "brewing", so those looking for instant gratification may become disappointed. The setup is there, but now needs ACTION. The asian traders may have already completed their part, which could mean we must wait for the Frankensteins to enter stage right.......(or not, you can never know.)

Edit: Remember this, good setups are like sports cars, its not how good they look, but how they run that counts!
  • #117,531
  • Jul 2, 2009 9:55pm Jul 2, 2009 9:55pm
i was down $3k now im down $800 i want to get out but i feel like is going to 1.4110
  • #117,532
  • Jul 2, 2009 10:03pm Jul 2, 2009 10:03pm
Quoting fabreu30
i was down $3k now im down $800 i want to get out but i feel like is going to 1.4110
Sounds a little like the poor italian man, who when reprimanded by the village doctor for having yet another (makes 9) child, responded, "I know, doc, but when I am doing it with the wife, I feel like I can support the whole world!"
  • #117,533
  • Jul 2, 2009 10:04pm Jul 2, 2009 10:04pm
Hey all,
First post - I'd like to thank all posters here for each of their own respective contributions to the community. I've learned alot these last three months, and I plan on staying dedicated. I've found we're on a steep learning curve in the world of Forex, and the odds are stacked against you.
I've learned a lot from Jacko's thread - he's really taught me the value of trend lines, round numbers, and most importantly patience.

I won't post much as I've got way more to learn than I have to offer in terms of forex knowledge, but I'll drop in when I feel I have something to offer.

After the big drop today, I saw the price action around the 1.3950 and decided to get in long, it was a nice ride and have taken my prophets.

Happy pippin yall.
Price is beautiful. A repetitive method is a competitive method.
  • #117,534
  • Jul 2, 2009 10:06pm Jul 2, 2009 10:06pm
Quoting traderathome
Oh boy. Gatorinla put another log on the fire, suprkik whipped up the popcorn......a lot of presssure here to perform! Hey, it ain't MY breakout. It is just what I am seeing. Don't forget, I said "brewing", so those looking for instant gratification may become disappointed. The setup is there, but now needs ACTION. The asian traders may have already completed their part, which could mean we must wait for the Frankensteins to enter stage right.......(or not, you can never know.)

Edit: Remember this, good setups are like sports cars, its not how...
i got sl set in the green..the least that will happen for me is 5% sl... it eventually has to go somewhere. it just assume be down as well as up..those bigger candles ect. wk mth help me make my decision. along with believing commodities is bs.... but no such thing as a sure thing.
those who can, do. those who cant, talk about those who can
  • #117,535
  • Jul 2, 2009 10:11pm Jul 2, 2009 10:11pm
Good time for the break I need. Keep the fire going and the popcorn supplied.........
  • #117,536
  • Jul 2, 2009 10:12pm Jul 2, 2009 10:12pm
If you wanna stay longer in this biz read something about MM.

You are the perfect candidate for margin calls.

Quoting fabreu30
i was down $3k now im down $800 i want to get out but i feel like is going to 1.4110
  • #117,537
  • Jul 2, 2009 10:23pm Jul 2, 2009 10:23pm
thank cobra i know i got one during the spike ill be more care full next time.

Quoting cobraforex
If you wanna stay longer in this biz read something about MM.

You are the perfect candidate for margin calls.
  • #117,538
  • Jul 2, 2009 10:27pm Jul 2, 2009 10:27pm
are we the only 7 or 8 traders in the market tonight?
  • #117,539
  • Jul 2, 2009 10:28pm Jul 2, 2009 10:28pm
EUR/USD thread is awesome entertainment! Couple guys with great insight... couple more with awesome tech analysis... and a couple dozen guys that believe bankers are willing to move $100 million markets to stop out their two bucks on FX Micro account!

Everyone's seen the new Jessica Simpson I suppose?
http://sports.yahoo.com/nfl/blog/shu...&cp=3#comments

I hear there are a couple athletes in the photo, too... but I haven't seen them. READ THE COMMENTS if you click!!!
Mine?
  • #117,540
  • Jul 2, 2009 10:29pm Jul 2, 2009 10:29pm
Most traders apply 2% max loss in a single trade, think about it.

Make you a plan where will be your SL (mental or fixed) and have a very good reason to place it there, than calculate your pip value (lot size)

Just a tip.

Quoting fabreu30
thank cobra i know i got one during the spike ill be more care full next time.
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