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  • #122,601
  • Jul 17, 2009 2:47am Jul 17, 2009 2:47am
Quoting 2+2=4ex
My advice is to stay away from forex until you can hang in trade forever. Even if it runs 5000 pips against you. If you have to fight (or sweat out) a trade, then you shouldnt be here. That is my candid advice to you. Again good luck my fellow retail traders.
I'm up a little better than 26% for the month using tight MM, so I'm not quitting FX just cause I got caught on the wrong side of a move for a few days-just venting a little frustration.

I have my doubts about your be all end all solution of never taking a loss.

Heres Why:

If you freeze a bad position by hedging, or simply let it slide continually into bigger loss for as long as it needs to-either way your talking about frozen money. So you have to consider the utility that you lose from the money required to do those things-you could be making money with that money. If after a year you even out or make a little on a bad position- you have to subtract the money that you've lost from the lost utility, which could result in an even bigger loss than what you were looking at initially.

If your a generally profitable trader, then you can take an occassional loss, whatever.
  • #122,602
  • Jul 17, 2009 2:48am Jul 17, 2009 2:48am
Here's a weekly snapshot of the eurusd.

Got longs ?
Attached Image (click to enlarge)
Click to Enlarge Name: MP EURUSD 1W 7-17-2009 9-35-43 AM.jpg Size: 154 KB
Getting it right is NOT as important as not getting it wrong.
  • #122,603
  • Jul 17, 2009 2:54am Jul 17, 2009 2:54am
Quoting stevefx
I'm up a little better than 26% for the month using tight MM, so I'm not quitting FX just cause I got caught on the wrong side of a move for a few days-just venting a little frustration.

I have my doubts about your be all end all solution of never taking a loss.

Heres Why:

If you freeze a bad position by hedging, or simply let it slide continually into bigger loss for as long as it needs to-either way your talking about frozen money. So you have to consider the utility that you lose from the money required to do those things-you could...
I never accept a loss. I rather make it up by hedging. Eventually the loss becomes a profit, even if it takes a couple years later (with swap margins taken into account). So why forfeit?? Why admit to loss when you have a chance to win no matter how unlikely odds are? Again, I'm in this for the long run....and I have deep pockets....so my strategy is simple for me. If you are in my situation, why do any different, unless you want to gamble. I'm not here to gamble.
  • #122,604
  • Jul 17, 2009 2:55am Jul 17, 2009 2:55am
Quoting Std-uk
Are you?
No but we both have to wear skirts if this short doesn't work out so in a politically correct world, you would have to either be a Scotsman or a lady.
  • #122,605
  • Jul 17, 2009 2:56am Jul 17, 2009 2:56am
Quoting 2+2=4ex
I never accept a loss. I rather make it up by hedging. Eventually the loss becomes a profit, even if it takes a couple years later (with swap margins taken into account). So why forfeit?? Why admit to loss when you have a chance to win no matter how unlikely odds are? Again, I'm in this for the long run....and I have deep pockets....so my strategy is simple for me. If you are in my situation, why do any different, unless you want to gamble. I'm no there to gamble.
At the risk of repeating myself....

on the other hand, God bless and good luck to you
  • #122,606
  • Jul 17, 2009 2:58am Jul 17, 2009 2:58am
Quoting ThePipsMaker
No but we both have to wear skirts if this short doesn't work out so in a politically correct world, you would have to either be a Scotsman or a lady.
No I'm neither, I'm American, but when I was growing up, we had a saying, "put a skirt on" when someone or something made you feel girlish or beaten-thats the sense I was responding to you in...
  • #122,607
  • Jul 17, 2009 2:58am Jul 17, 2009 2:58am
Quoting stevefx
At the risk of repeating myself....

on the other hand, God bless and good luck to you

I take it you are old or are a gabler. I'm not.

I would say God bless you too, but I believe that not even God knows where this thing is headed.
  • #122,608
  • Edited 3:04am Jul 17, 2009 3:01am | Edited 3:04am
Quoting stevefx
If your a generally profitable trader, then you can take an occassional loss, whatever.
Unwillingness to take a loss is what makes scores of traders go bust.

Trading positions should be viewed as a perishable merchandise like fruits or vegetables.

You better want to discount the price to break even or take a small loss on the trade instead of waiting for your stock to be totally rotten and lose all its value, making you a big loss...

I could resume it with this moto: He who lose best, wins

In trading we need to lose the ego and do what's in our best financial interest, be it taking a loss, not swinging our d**k trying to show the world how big it is

imho
Getting it right is NOT as important as not getting it wrong.
  • #122,609
  • Jul 17, 2009 3:01am Jul 17, 2009 3:01am
Quoting ThePipsMaker
No but we both have to wear skirts if this short doesn't work out so in a politically correct world, you would have to either be a Scotsman or a lady.


got you. thanks
  • #122,610
  • Jul 17, 2009 3:05am Jul 17, 2009 3:05am
What kind of indicator is this. I'm new to that! Care to post the indi?

Thx in advance

Quoting fxswing
Morning traders.

Posting an MP chart to show how consolidation is going.
If trend should continue, we could see a bounce in the yellow zones, before resuming the uptrend.
So far no big change, so I'll continue to favor the longs, until it "bends"

TGIF people, may the pips be with you today.
Close your eyes when you feel you are going under.
  • #122,611
  • Jul 17, 2009 3:05am Jul 17, 2009 3:05am
S1 1.4075 hit. My TP.
  • #122,612
  • Jul 17, 2009 3:07am Jul 17, 2009 3:07am
Quoting Optimum
Euro / Usd 30Min Chart - Down/Short Signal

Hi Optimum,

Appreciate if you post the indis and template file used in your chart,

Thanks

TF
  • #122,613
  • Jul 17, 2009 3:08am Jul 17, 2009 3:08am
Quoting VinzZ
What kind of indicator is this. I'm new to that! Care to post the indi?

Thx in advance
It's not an "indicator", it's another view of the market.
Search for "market profile", if you want to learn about this kind of charts.
Getting it right is NOT as important as not getting it wrong.
  • #122,614
  • Jul 17, 2009 3:09am Jul 17, 2009 3:09am
Quoting fxswing
Unwillingness to take a loss is what makes scores of traders go bust.

Trading positions should be viewed as a perishable merchandise like fruits or vegetables.

You better want to discount the price to break even or take a small loss on the trade instead of waiting for your stock to be totally rotten and lose all its value, making you a big loss...

I could resume it best with this moto: He who lose best, wins

In trading we need to lose the ego and do what's in our best financial interest, be it taking a loss, not swinging our d**k trying...
Okay so when do you know when to take a loss to short that trade? Couldn't it run against you twice if you stop yourself with a loss in hopes to get in at a better position. ??? Again, don't listen to me unless you have lots of time and lots of money. My strategy is to never get in over your head and to never close negative. I hate to sound brash about my finances, but I am fortunate enough to "hang around for a long time". As long as it takes. In the meantime I will take profits off my hedging which are on short scalp trades.
  • #122,615
  • Jul 17, 2009 3:09am Jul 17, 2009 3:09am
my tp is 1.4
  • #122,616
  • Jul 17, 2009 3:11am Jul 17, 2009 3:11am
Well, it's his trading style. If you hedge and by this freeze your initial trade that went in the wrong direction. You still can trade within the range of your hedge. Nothing wrong with this is my guess. Just another trading style. But he is right that it is a good remedy for heart attacks if you can afford a trade to go against you for a lot of pips.

Anyway, just my opinion... not to be taking into account.

Quoting stevefx
At the risk of repeating myself....

on the other hand, God bless and good luck to you
Close your eyes when you feel you are going under.
  • #122,617
  • Jul 17, 2009 3:11am Jul 17, 2009 3:11am
Quoting Atlast
S1 1.4075 hit. My TP.


I took my profits 6 pips earlier, and am now watching the 3 min chart to find a new entry
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_04 Jul. 17 10.10.gif Size: 26 KB
  • #122,618
  • Jul 17, 2009 3:11am Jul 17, 2009 3:11am
I know but you view it in MT4. Something has to generate that view, not?

Quoting fxswing
It's not an "indicator", it's another view of the market.
Search for "market profile", if you want to learn about this kind of charts.
Close your eyes when you feel you are going under.
  • #122,619
  • Jul 17, 2009 3:15am Jul 17, 2009 3:15am
Quoting VinzZ
Well, it's his trading style. If you hedge and by this freeze your initial trade that went it the wrong direction. You still can trade within the range of your hedge. Nothing wrong with this is my guess. Just another trading style. But he is right that it is a good remedy for heart attacks if you can afford a trade to go against you for a lot of pips.

Anyway, just my opinion... not to be taking into account.
Maybe it's my lack of urgencency to make money quick that allows me to trade this style comfortably. If you are looking to get out within the next 3-5 years with big profits, then you better guess right.
  • #122,620
  • Jul 17, 2009 3:17am Jul 17, 2009 3:17am
Quoting VinzZ
I know but you view it in MT4. Something has to generate that view, not?
Nope it's not MT4, look at the bottom left of the chart for the provider.
Getting it right is NOT as important as not getting it wrong.
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