DislikedHi coolshades.
How can you be out with 200pips?
Are you doing something diferent?
My g/u trade is at 100protected because it hasnt reached the following area for me to "rule-wise" protect 200pips.
bit confused here pal....Ignored
DanUK Simple EUR/USD Trading Journal 2009
- #842
- Nov 18, 2009 3:41pm Nov 18, 2009 3:41pm
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
Hi all, just wondering is there anyone who had tried different way of SL?
In my last EU trade i took long on 1.4850 (13Nov) and the price move to as high as 1.5015 which means 165pip, at this point my SL already moved to BE and then price went back to 1.4850 which means i stopped out at BE. But i think its a lot of waste to just let my profit go back to zero, luckily i close the trade for +55 because the down move is very fast.
Others reply is also appreciate
In my last EU trade i took long on 1.4850 (13Nov) and the price move to as high as 1.5015 which means 165pip, at this point my SL already moved to BE and then price went back to 1.4850 which means i stopped out at BE. But i think its a lot of waste to just let my profit go back to zero, luckily i close the trade for +55 because the down move is very fast.
Others reply is also appreciate
- #846
- Nov 19, 2009 1:24am Nov 19, 2009 1:24am
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
i closed my trade at 4960 since i wanted to bank 100 pips for a different reason. ultimately how you use sl and exits should suit your trading style and comfort zone.
all i can say is that the idea of using 100 pip sl and moving them to be and then onwards for every 100 pip move is to make the system as mechanical as possible and therefore weed out emotional mistakes.
well, atleast thats what i think dan intended when he devised the system.
all i can say is that the idea of using 100 pip sl and moving them to be and then onwards for every 100 pip move is to make the system as mechanical as possible and therefore weed out emotional mistakes.
well, atleast thats what i think dan intended when he devised the system.
Hi all, just wondering is there anyone who had tried different way of SL?
In my last EU trade i took long on 1.4850 (13Nov) and the price move to as high as 1.5015 which means 165pip, at this point my SL already moved to BE and then price went back to 1.4850 which means i stopped out at BE. But i think its a lot of waste to just let my profit go back to zero, luckily i close the trade for +55 because the down move is very fast.
Others reply is also appreciate
- #847
- Nov 19, 2009 3:47am Nov 19, 2009 3:47am
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
Hi all, just wondering is there anyone who had tried different way of SL?
In my last EU trade i took long on 1.4850 (13Nov) and the price move to as high as 1.5015 which means 165pip, at this point my SL already moved to BE and then price went back to 1.4850 which means i stopped out at BE. But i think its a lot of waste to just let my profit go back to zero, luckily i close the trade for +55 because the down move is very fast.
Others reply is also appreciate
You have to do what is comfortable for you but you must also make sure that what you do is proven to work! No point doing something that you feel comfortable with if it causes you to make a loss (in the long run I mean).
I use a fixed 100 pip stop because it is proven to work very well over the long term. Be cautious about taking profits too early... there is an old saying that you can't go broke taking a profit but that is not necessarily the case... particularly using this method - which the idea of it is to ride the trend. No one can predict when the market is going to turn so I prefer to stick with a trailing stop.
However if you do want to close manually I would advise to do it on the basis of support and resistance - not just because the market has moved a certain distance from your entry.
For example if you were long off of a support trendline then I personally wouldn't think about closing early until we are seeing something happen at the resistance line.
Hope that helps.
Regards,
Dan
- #848
- Nov 19, 2009 3:55am Nov 19, 2009 3:55am
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
all i can say is that the idea of using 100 pip sl and moving them to be and then onwards for every 100 pip move is to make the system as mechanical as possible and therefore weed out emotional mistakes.
That's exactly right.It might be different for seasoned traders who may have a better feel for the market but for newbies (not suggesting you are a newb coolshades!) I strongly advise to stick with the mechanical approach to the sl because one of the biggest problems for new traders is that element of fear and greed. This often causes them to close out for a loss too early and close out for a small profit too quickly!
Regards,
Dan
- #850
- Nov 19, 2009 5:53am Nov 19, 2009 5:53am
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
- #851
- Nov 19, 2009 7:10am Nov 19, 2009 7:10am
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
(not suggesting you are a newb coolshades!)
Dan
given that my account is only 20% up this year from start of year, i am very much a newbie.
ps: stop rolling about on the floor in laughter
Keep in mind that the size of the stop loss will change over time. The use of a 100 pip stop at the moment is based on an increase in market volatility - up until about July 2008 a 50 pip stop was the norm on E/U.
Market volatility has calmed down a bit in recent months so it might be possible to consider a smaller size stop loss however I will be sticking with a 100 pip stop until further notice!!
I am sticking to the 100 tsl because it works and it works very very well.
Also because it allows you to do other stuff without "screen-watching" all day. In the end, that is the goal...freedom. Not just another "job" so to speak.
And this method allows anyone with patience, discipline and "confidence" (in the method) to reap huge rewards...as yourself!
However, when volatility does drop, iŽll be surely reassesing.
But for now, as a newbie, im humble and sticking to whats been proven.
Thanks for your reply buddie.
- #853
- Nov 19, 2009 7:13am Nov 19, 2009 7:13am
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
given that my account is only 20% up this year from start of year, i am very much a newbie.
ps: stop rolling about on the floor in laughter
- #855
- Nov 19, 2009 10:54am Nov 19, 2009 10:54am
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
