EURUSD | Page 7533 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD, USD/CHF

Similar Threads

MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

Attachments: EURUSD
Exit Attachments

EURUSD

  • #150,641
  • Oct 8, 2009 4:55pm Oct 8, 2009 4:55pm
Quoting X.Oden
I don't use stops to exit a losing position. I only use it as part of a trade that is already in progress where I can move a position to break even plus cover my spread.... or to prevent a position from going negative on me.
Neither do I place profit targets.....I do not wish to give away anything I do to the brokers

Once I place a trade, I consider it correct and manage it to profit. I perform all my trades this way.
most professionals don't use stops.

they are usually mental ones.

large lot guys don't want anyone seeing what they are doing... not even their broker.

Mike
  • #150,642
  • Oct 8, 2009 4:55pm Oct 8, 2009 4:55pm
does anyone here work a real job?
  • #150,643
  • Oct 8, 2009 5:04pm Oct 8, 2009 5:04pm
Quoting mfoste1
does anyone here work a real job?
trading with consistent profits is a real job, if you treat it like hobby you will loose, we pay for our hobbies only job pays.
  • #150,644
  • Oct 8, 2009 5:08pm Oct 8, 2009 5:08pm
Quoting kegra
trading with consistent profits is a real job, if you treat it like hobby you will loose, we pay for our hobbies only job pays.

i figured i would hear some shit like that......let me rephrase, does anyone work a real job besides trading? like a 40 hr++++ a week?
  • #150,645
  • Oct 8, 2009 5:11pm Oct 8, 2009 5:11pm
Quoting mfoste1
i figured i would hear some shit like that......let me rephrase, does anyone work a real job besides trading? like a 40 hr++++ a week?
  • #150,646
  • Oct 8, 2009 5:12pm Oct 8, 2009 5:12pm
Quoting mfoste1
does anyone here work a real job?

Define "real job"
Traders are smartasses
  • #150,647
  • Oct 8, 2009 5:15pm Oct 8, 2009 5:15pm
Quoting sophiaphia
i have never made trade based on an "HS" pattern in my life and never will. Forget that mumbo jumbo and trade support and resistance!
H&S patterns form as a byproduct of support and resistance. Traded correctly, it is 6, half a dozen, or the other....
  • #150,648
  • Oct 8, 2009 5:17pm Oct 8, 2009 5:17pm
Quoting mfoste1
does anyone here work a real job?
this is my job, seems real to me : )

oh and there are ways of hiding stops
----- Dragonfly out in the sun you know what I mean, don't you know
  • #150,649
  • Oct 8, 2009 5:22pm Oct 8, 2009 5:22pm
Quoting sophiaphia
this is my job, seems real to me : )

oh and there are ways of hiding stops

wow ok............does anyone work a job where they have to go into work at a certain time and get paid a salary( here are some examples of jobs that i am talking about........accountants, sales managers, engineers, etc.)
  • #150,650
  • Oct 8, 2009 5:23pm Oct 8, 2009 5:23pm
I can run a profitable and safe hedge with as little as $500 or less. It would take alot even at that level to blow my account.

My margin increases whether I decide to hold on to my positions or whether I close for a hard profit....whenever my margin increases, I will invest more into my investments to grow my account further....this way, I am never in danger of blowing my account and my equity keeps growing as well as my closed balance. At anytime if I decide to walk away from my trades, my account is always profitable...unless I happen to make a bad investment decision.....I may keep certain positions for a while, for instance, I had to take a hedge recently here at the top of the recent EUR move...I may decide to hold on to it until the next high is it whether it is in the next day or year.....it doesn't matter, at that point, I utilize it as a point of reference for future trades, in the meantime structuring the rest of my trades normally....

I never consider positions out of the money, it just provides me the ability to create larger hedges that I profit on either side of the move....at the point where my margin exceeds the negativity of a trade even though it is still negative, I will have recouped it elsewhere with wins outside of it. The longest I have held a trade is about 3 months and closed it afterward for about over 576 pips in profit. 2 out of the 3 months it was in a negative state...during this time, I made the most of the trend in the opposite direction and grew my margin all the while the negative fluctuated......

The widest range I have ever ridden price is close to 700 pips apart...I did miss a few hedges but it gave me ample opportunity to add to the opposing side so that when price came back around to my original trades, I had more than doubled my profit taking opportunities...

Hedging is the safest method I know of earning money. It can also be the most complicated if you do not know what you are doing.

Quoting The Fool
Your m.o. is predicated on ample capitalization, but, of course, lack thereof is the downfall of many. And you are always hedging your positions so that your margin is maintained within certain limits, right? But, if you get caught hedging against a trend that runs & runs, you might have to hold that hedge position over a long time. What is the longest you have waited for an out-of-money trade to work out to BE or small loss?
In Charts We Trust!
  • #150,651
  • Oct 8, 2009 5:24pm Oct 8, 2009 5:24pm
Quoting mfoste1
wow ok............does anyone work a job where they have to go into work at a certain time and get paid a salary( here are some examples of jobs that i am talking about........accountants, sales managers, engineers, etc.)
LOL, now I can see them telling you some shit like, "yeah, I step into my office at home every work day at x in the morning, yadayadayada and I trade for a living."
  • #150,652
  • Oct 8, 2009 5:24pm Oct 8, 2009 5:24pm
Quoting mfoste1
does anyone here work a real job?
Not trading, but yes I got a real job, I will like to work as a trader in the future, but this takes time, this is like a full 8 - 10 hrs job or even more per day, is not an easy thing when you have a job like mine, with meetings and other stuffs, resolving problems.. I'm a Financial Comptroller, it's a little hard for me to concentrate all day on trading but there I go, hope one day my dream come true, I don't want millions, I know how much I need for living, I don't want luxury, I want to live a normal life, so I have my own motivation to try to be successful as a trader. I'm still young above 30s with wife and kids, Im still learning, and don't know if in like 10 years I could be a trader, who knows, only time will tell.
  • #150,653
  • Oct 8, 2009 5:36pm Oct 8, 2009 5:36pm
Quoting mfoste1
wow ok............does anyone work a job where they have to go into work at a certain time and get paid a salary( here are some examples of jobs that i am talking about........accountants, sales managers, engineers, etc.)
I do. I work in import/exports for a large muti-national company. It was the currency hedging and transactions that has got me interested in trading forex.
Instead of hedging for protection from loss which is what I do for the company, why not use the same skills to trade for profit as a trader
  • #150,654
  • Oct 8, 2009 5:41pm Oct 8, 2009 5:41pm
Will most likely bid this POS up.

Word is that .4850 will be protected.

Sometimes the 'word is' is right... sometimes the 'word is' is bullshit.

Either way... I have R1 at .4845... close enough for me.

Might be a good sell point for some scalps if we get there.

Mike
  • #150,655
  • Oct 8, 2009 5:49pm Oct 8, 2009 5:49pm
Yes, I have always done this ever since my mid years in forex. In the early days, I would follow good win/loss ratio rules only to have so many stops get pummeled by the broker...I no longer have to be out of the market during news anymore....instead, I have better opportunities to capture a full market move based on news....


Quoting acumen
most professionals don't use stops.

they are usually mental ones.

large lot guys don't want anyone seeing what they are doing... not even their broker.



Mike
In Charts We Trust!
  • #150,656
  • Oct 8, 2009 5:53pm Oct 8, 2009 5:53pm
Quoting mfoste1
does anyone here work a real job?
I have not had a real job in 15 years, but I have run an engineering consulting business for that long. Sometimes, the economy sucks (civil engineering, in general, is closely related to the residential and commercial construction markets) - like now, and I have no employees & lots of free time. At other times, when there's plenty of work, I might have contract labor to manage & load up and work 60+ hours a week for months at a time. I also have small farm that I am always working on. I am putting land into production very slowly and someday that will pay off, but anybody knows farming doesn't really pay worth a shit - if you consider your income as an hourly wage. Anyway, I work like a dog, but I always hated working for somebody else, and at my age I am probably unemployable. So I am going to have to make it in Forex. Failure is not an option.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #150,657
  • Oct 8, 2009 5:58pm Oct 8, 2009 5:58pm
Quoting X.Oden

Hedging is the safest method I know of earning money. It can also be the most complicated if you do not know what you are doing.
Thanks, X. So, do you hedge E/U with U/C?

If you are feeling generous, this is where you could help me the most. How do you manage hedging? A concrete, if hypothetical example would be most interesting.

Hedging gets alot of bad press here on FF.....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #150,658
  • Oct 8, 2009 5:58pm Oct 8, 2009 5:58pm
Quoting mfoste1
wow ok............does anyone work a job where they have to go into work at a certain time and get paid a salary( here are some examples of jobs that i am talking about........accountants, sales managers, engineers, etc.)
Not me then. I don't have a real job
Traders are smartasses
  • #150,659
  • Oct 8, 2009 6:02pm Oct 8, 2009 6:02pm
Anybody got a link to where I can watch Bernanke?
  • #150,660
  • Oct 8, 2009 6:06pm Oct 8, 2009 6:06pm
Quoting X.Oden
I no longer have to be out of the market during news anymore....instead, I have better opportunities to capture a full market move based on news....
Always in the market, always there ready to jump on big moves as they come up, but probably never overleveraged, positions never oversized, and tending to balance through hedging....intriguing.
"If The Fool persists in his Folly he will become wise." - William Blake
382 traders viewing now, 1 is registered:
F.g