typical friday....stop loses on the longs being wiped out. I'm just sitting back waiting til the very end to get in at the right price (hopefully)
- #131,782
- Aug 14, 2009 1:36pm Aug 14, 2009 1:36pm
Ow, that shoulder hurts! If it rally up to 1.42xx - 4.3xx next week it can be fixed 
if it wants to go down it will rip that shoulder off..
Close your eyes when you feel you are going under.
- #131,783
- Aug 14, 2009 1:44pm Aug 14, 2009 1:44pm
- Joined Oct 2008 | Status: sideline is a position | 105,184 Posts
Ow, that shoulder hurts! If it rally up to 1.42xx - 4.3xx next week it can be fixed
those who can, do. those who cant, talk about those who can
- #131,784
- Aug 14, 2009 1:54pm Aug 14, 2009 1:54pm
- Joined Oct 2008 | Status: sideline is a position | 105,184 Posts
those who can, do. those who cant, talk about those who can
- #131,786
- Aug 14, 2009 1:59pm Aug 14, 2009 1:59pm
- Joined Apr 2009 | Status: Live and learn. | 25,238 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #131,792
- Aug 14, 2009 2:27pm Aug 14, 2009 2:27pm
- Joined Apr 2009 | Status: Live and learn. | 25,238 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #131,794
- Aug 14, 2009 2:34pm Aug 14, 2009 2:34pm
- Joined Sep 2008 | Status: Married - 5 Wives | 14,713 Posts
V
I know exactly how you feel. ...let your profits run just did not work for me.
This is no rocket science. In My Fu%kin But Humble Opinion (IMFHO) this approach will never work in forex (let people criticize it as much as they can) because "Cut your Losses and Let Your Profits Run" is only true for position trading in stocks and that also over the period of a major trend in normal market conditions with some sort of risk diversification mechanism. Forex is a different market. One should not try to forcefully fit here what is true for other markets.
Any unrealized loss within the boundary from Entry to Stoploss is a "drawdown" not "loss". If one keeps on cutting those losses, there will be nothing left. A currency is not a project or life cycle of a stock, it is a continuous instruement and therefore has no bottom or top, only two poles within which it keeps on fluctuating for very long periods of time. For Euro these poles maybe 0.8000 to 1.6000.
Don't forget this is IMFHO and works for me.
The Thief of Wall Street
- #131,795
- Aug 14, 2009 2:40pm Aug 14, 2009 2:40pm
- Joined Jun 2009 | Status: Trader | 1,946 Posts
You are right.
Forex is a different market. One should not try to forcefully fit here what is true for other markets.
Any unrealized loss within the boundary from...
- #131,796
- Aug 14, 2009 2:45pm Aug 14, 2009 2:45pm
- | Joined Jan 2009 | Status: Snr. Director | 1,158 Posts
Si vis pacem, para bellum.
- #131,797
- Aug 14, 2009 2:46pm Aug 14, 2009 2:46pm
You are right.
Forex is a different market. One should not try to forcefully fit here what is true for other markets.
Any unrealized loss within the boundary from...
- #131,800
- Aug 14, 2009 2:55pm Aug 14, 2009 2:55pm
- Joined Sep 2008 | Status: Married - 5 Wives | 14,713 Posts
Just woke up, and TP at 4173, a better saying in FX would be "take your profits and run, then look for a better entry a little later." Love waking up that way. Looks like you were right about the timing for the first part of the move.
This reminds me of an earlier post - imagine yourself in black and white striped cloths, carrying a white cotton sack and running away from the bank with your share of booty - firing in the air is optional.I would say take small but equal pieces of both "Profits" and "Losses" with smile. If get a chance at month-end, count them, winners will be more than losers.
Comments about today's move was just a guess based on history of broker/big-dog manipulation tactics (that are indeed subject to change without notice
)
The Thief of Wall Street