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  • #123,481
  • Jul 21, 2009 12:05am Jul 21, 2009 12:05am
I don't see how it could be the spread since upon executing the trade the commission puts me 2 pips in the hole. So when I set a tp, the commission has already been accounted for. I don't mean to sound cynical, but I'm taking this as a tip that we're about to go down as my broker might be positioning themselves. I know that might make me sound like a conspiracy nut but whatever. As a result I hedged in a short order at .4211 which I'm about to cash out for about 10 pips to offset the ass raping these guys just gave me. Hopefully it goes back up and hits the original tp I had set. I'm gonna give it some time and see. If not I will call and raise hell.

EDIT: All in all, I have learned not to set them so close. Will never do that again. I will space them out by 3-5 pips which I prefer anyway because it gives me a small window which may prevent me from getting stuck with a losing position on a reversal.
  • #123,482
  • Jul 21, 2009 12:07am Jul 21, 2009 12:07am
wooohooooooo had to sit through some heat but break even
  • #123,483
  • Jul 21, 2009 12:07am Jul 21, 2009 12:07am
Alice! You wanna know where this finger has been tonite ! Do ya ?

Norton ! get in here and tell 'er what I did with this finger. Go ahead Norton!

Hammmina...Hammina.... Hammina.....


Quoting Jay Walker
To the moon, Alice! To the moon!

http://www.buyersmls.com/honeymooners/ralphal.jpg
  • #123,484
  • Jul 21, 2009 12:08am Jul 21, 2009 12:08am
Quoting Zeroh
So everyone think 4200 going to hold for awhile? I'm embarassed to say I have Shorts and need this to hit 4160 area >.<
The chances of it getting to 14150 are good. Shortetrm. but that is a good bounce area. If it goes straight through 14150 then hang in there with the short. but if it consolidates there get out of the trade.
rat
  • #123,485
  • Jul 21, 2009 12:11am Jul 21, 2009 12:11am
daily pp is a rock. if we break this we are going downnnnnnnnnnnnnnnnnnnnnnnn i repeat down!
  • #123,486
  • Jul 21, 2009 12:14am Jul 21, 2009 12:14am
Quoting Zeroh
So everyone think 4200 going to hold for awhile? I'm embarassed to say I have Shorts and need this to hit 4160 area >.<
Don't be embarrassed...I have an open short at .3440 . Of course I play micro lots and hedge so I am able to hang in for awhile...as long as it takes.
  • #123,487
  • Jul 21, 2009 12:16am Jul 21, 2009 12:16am
Quoting 2+2=4ex
Don't be embarrassed...I have an open short at .3440 . Of course I play micro lots and hedge so I am able to hang in for awhile...as long as it takes.
Just out of curiosity, how long have you been trading and what's the longest you've held on to a trade?
Not all sins are created equal
  • #123,488
  • Jul 21, 2009 12:19am Jul 21, 2009 12:19am
Quoting Jay Walker
Just out of curiosity, how long have you been trading and what's the longest you've held on to a trade?
About a year trading. And the aforementioned open short is the longest I've had an open trade...since early May so about 2.5 months. It took me about 6 months to realize stop losses don;t work for me.
  • #123,489
  • Jul 21, 2009 12:20am Jul 21, 2009 12:20am
Quoting 2+2=4ex
Don't be embarrassed...I have an open short at .3440 . Of course I play micro lots and hedge so I am able to hang in for awhile...as long as it takes.
Which broker are you with? Mine doesn't allow hedging.
  • #123,490
  • Jul 21, 2009 12:22am Jul 21, 2009 12:22am
Quoting 2+2=4ex
Don't be embarrassed...I have an open short at .3440 . Of course I play micro lots and hedge so I am able to hang in for awhile...
....as long as it takes.
3440 ? Wow.

An old japanese proverb says, " If you sit by the river long enough, you will see the body of your enemy float by."

And in America we say," ...if you live long enough, you'll see everything - atleat once...."

So, if you can wait it out, even if it took a lifetime and you can hang for a big stretch of time,
anything is possible. So no teasing you about an 800 pip drawdown.
You might be looking at a much longer timeframe .

GL

Sidenote: Just when the 70 year old Korean solders hiding for the past 50 years in caves
thought it was safe to come out and the war with the north was over, it starts up again.
What a lousy way to spend a half century.
  • #123,491
  • Jul 21, 2009 12:24am Jul 21, 2009 12:24am
Quoting 2+2=4ex
About a year trading. And the aforementioned open short is the longest I've had an open trade...since early May so about 2.5 months. It took me about 6 months to realize stop losses don;t work for me.
Consider this. What would you have done if you would have been short in April 2002?

I know you're saying you'll stay in as long as it takes but still.
Not all sins are created equal
  • #123,492
  • Jul 21, 2009 12:30am Jul 21, 2009 12:30am
Quoting toshi
3440 ? Wow.

An old japanese proverb says, " If you sit by the river long enough, you will see the body of your enemy float by."

And in America we say," ...if you live long enough, you'll see everything - atleat once...."

So, if you can wait it out, even if it took a lifetime and you can hang for a big stretch of time,
anything is possible. So no teasing you about an 800 pip drawdown.
You might be looking at a much longer timeframe .

GL
Yes I know I'm looking at a long drawdown and possibly a long wait. Which is why I don't look at it! Of course it is taken into account in my unrealized balance, but so are my hedged longs which I am profiting on. This nice range we been in has allowed me to rake in enough pips where I have accounted for the 800 pip downer. And once that thing reverses its bonus time...along with the other pips I'll be making on scalping all the way down. Call me crazy, but I like the meticulousness it takes in recouping losing trades, managing winning trades and being an overall good trader.
  • #123,493
  • Edited 12:42am Jul 21, 2009 12:34am | Edited 12:42am
Quoting Jay Walker
My trading position is, don't trade. Period.

Study. And study some more. And when you're fed up, study again.

If you think I'm joking, too bad. I'm not.
Sorry to univited jumping into it, but cannot resist to indicate depth of what Jay said.

Try to find some good snooker players. One of the ranking players told me that this game looks very easy and simple to spectators. However, only the players know how much effort and skills it requires to make the next shot easier. The striker (white ball) doesn't coincidently comes to a postion that makes next shot easier for them. Players have to strike the white ball any one of nine different places on white ball to control its rebound, they have to contrl force of the shot, calculate rebound / direction after the shot, angle with which they strike, rebound from one or more cushions, consider placing of the color balls, etc. all these they have to keep in mind and yet have to pot the ball they are striking, If they fail in their calculation and skill or righly potting the ball, the opponents get the chance and can wipe them off. It requires study, study, and study in taking a right decision.
The Thief of Wall Street
  • #123,494
  • Jul 21, 2009 12:35am Jul 21, 2009 12:35am
Quoting Jay Walker
Consider this. What would you have done if you would have been short in April 2002?

I know you're saying you'll stay in as long as it takes but still.
Well, I would be foolish to say I may never close a losing trade. There may be a circumstance where I could short the position if I was very very confident it was to continue moving against me. But I don't like setting stop losses. So any trade I close will be instantly executed when I feel it is time. I have closed trades in a losing position before. Mainly because I prefer to do such a thing rather than open a hedge position....essentially it has the same affect. But again I am not one to set a stop loss.
  • #123,495
  • Edited 12:47am Jul 21, 2009 12:37am | Edited 12:47am
Quoting Jay Walker
Consider this. What would you have done if you would have been short in April 2002?

I know you're saying you'll stay in as long as it takes but still.

The people who bought gold back in the 80's for 600,700, or even
800 USD per ounce finally have their day. Only took 30 years !
But for the people who bought silver @ $50/oz - they're still out of luck.
AND they're still waiting.

The hype back then was Gold to $2000/oz or even $4,000/oz

Most recent hype was Oil @$200/BBL

A 100,000 DOW was once forcast by Glenn Nealy and other Elliot Wavers.
I think it was sometime between now and the year 2050 or 2060.

It could happen.

It could all happen.

Should we just check back in 50 years and see how things are going ?

Good. I was hoping to get a little time off.

All kidding aside. If I wasn't using leverage - any leverage at all -
stops would be one of those casual things that I'd consider from time to time.
But with even 10:1 or less, it's unbelievable how one would trade without them.
  • #123,496
  • Jul 21, 2009 12:38am Jul 21, 2009 12:38am
Quoting Chicky
Sorry to univited jumping into it, but cannot resist to indicate depth of what Jay said.

Try to find some good snooker players. One of the ranking players told me that this game looks very easy and simple to spectators. However, only the players know how much effort and skills it requires to make the next shot easier. The striker (white ball) doesn't coincidently comes to a postion that makes next shot easier for them. Players have to strike the white ball any one of nine different places on white ball to control its rebound, they have to contrl...
Snooker? LOL. I get your point though.
  • #123,497
  • Jul 21, 2009 12:43am Jul 21, 2009 12:43am
Quoting toshi
The people who bought gold back in the 80's for 600,700, or even
800 USD per ounce finally have their day. Only took 30 years !
But for the people who bought silver @ $50/oz - they're still out of luck.
AND they're still waiting.

The hype back then was Gold to $2000/oz or even $4,000/oz

Most recent hype was Oil @$200/BBL

A 100,000 DOW was once forcast by Glenn Nealy and other Elliot Wavers.
I think it was sometime between now and the year 2050 or 2060.

It could happen.

It could all happen.

Should we just check back in 50 years and see...
Time is perhaps the biggest factor when calculating opportunity cost. With that said, if it takes years I will put that trade on the back burner and focus on making new trades. Ones to hedge the losing one and others as a whole separate set of trades that have nothing to do with other ones. My age is in the 20's. I feel I have time on my side if The Almighty allows it. Perhaps, my strategy would be different if I was much older.
  • #123,498
  • Jul 21, 2009 12:46am Jul 21, 2009 12:46am
resistance is breaking .. yes it is futile... join us... for a new evolution
  • #123,499
  • Jul 21, 2009 12:49am Jul 21, 2009 12:49am
Quoting 2+2=4ex
My age is in the 20's. I feel I have time on my side if The Almighty allows it. Perhaps, my strategy would be different if I was much older.

Ah Ha ! So you're calling us a bunch of old farts, eh ?

Arise Old Farts, and behold this youngster !!!!

(just playin' with 'ya)
  • #123,500
  • Jul 21, 2009 12:51am Jul 21, 2009 12:51am
Quoting toshi
Ah Ha ! So you're calling us a bunch of old farts, eh ?

Arise OLD Farts, and behold this youngster !!!!

(just playin' with 'ya)
Hehe, no no no. I only speak for myself and truthfully I don't know anyone else's age in here. Despite whatever age you all may be, I sincerely wish you the best of luck.
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