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  • #171,341
  • Dec 11, 2009 6:36pm Dec 11, 2009 6:36pm
Quoting SkyzerFX
Time is money in terms of what can be LOSS in particular minute, will probably going to be profit

1 hour or 5 hours later.. Money Management is the KEY, period.. I don't need no STOP LOSS.

I'm doing some trades with different setups on Test account and always

run into problem, that I have to SL, never did, since this is TEST, just buy or sell

more and always win. On Real account never use Stop Loss.

Unless some extreme situations like 2008 Market crash, Forex moving in

waves. What comes up must come down. Look last JPY extreme move...
cough.....cough.....smooooooth.......thanks
hang on to your bread......unless you want toast
  • #171,342
  • Dec 11, 2009 7:01pm Dec 11, 2009 7:01pm
Quoting Gld
cough.....cough.....smooooooth.......thanks
DUDE! Are you going to bogart that thing? Puff, Puff, Pass! Skyzer's $h*t is smooth smoking...nice break from reality.

Trading without a stoploss is lunacy (at the very least a mental one). And, hedging is the domain of only the most proficient - some can pull it off, but most can't - especially newbs.
  • #171,343
  • Dec 11, 2009 7:06pm Dec 11, 2009 7:06pm
Quoting PriceVolume
DUDE! Are you going to bogart that thing? Puff, Puff, Pass! Skyzer's $h*t is smooth smoking...nice break from reality.

Trading without a stoploss is lunacy (at the very least a mental one). And, hedging is the domain of only the most proficient - some can pull it off, but most can't - especially newbs.
he's got the "motz"
ROFLMAO
hang on to your bread......unless you want toast
  • #171,344
  • Dec 11, 2009 7:32pm Dec 11, 2009 7:32pm
It seems, EUR/USD pair shows it's weakness day after day. And, in daily and weekly chart showing that parabolic SAR switched over to bearish. The major concern is weekly chart shows the parabolic SAR just switched over to bearish mark, and RSI and Stockastic both showing towards down.

So, does it mean we are in strongly bearish trend, and it could go down as much as 1.40. Should we open fresh new SHRT positions? I ve 2 open positions as 1.4602 and 1.46004.

Let's see how next week shows direction to EUR/USD pair.
  • #171,345
  • Dec 11, 2009 7:37pm Dec 11, 2009 7:37pm
Quoting X.Oden
In today's market, if you're going to do scale down buying, please do it at farther distances apart.......
If one wants to experiment with averaging down, hedging, etc - there are better pairs to trade than E/U. Choose some of the more ranging pairs - EUR/CHF, EUR/GBP, AUD/CAD, etc - these are much more forgiving than E/U E/Y, and GBP/JPY etc that can bust off a mean trend that will last forever, or whipsaw 4-500 pips in a week...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #171,346
  • Edited Dec 12, 2009 12:48am Dec 11, 2009 11:37pm | Edited Dec 12, 2009 12:48am
Quoting quantz
thanks for answer.... its really bad news all i need is retreat to 1.4640...any chance for that??
Hope you are ok quantz , at least should not be any bad than before . No know what the lattest situation to your account , closed or open position now .but it was up since that time & still have the chance when market open next .and if can't tolerate much then must have close sl placed? not know though.

Anyway learn from experience .Take care .
fontu
Quoting fontu
I think there is good chances that price go above 1.4623 but may or not close above though.
fontu
Attached Images
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #171,347
  • Dec 12, 2009 12:06am Dec 12, 2009 12:06am
Quoting Larseg
I think Rob is looking at the COT, might be a reversal... he said a couple of months...

I don't trade that long but again, interesting

Can I add a link to my beatuifull forecast, thank you.
http://snalaska.net/cot/current/charts/ED.png
  • #171,348
  • Dec 12, 2009 12:31am Dec 12, 2009 12:31am
My dad is crazy. He says:

A. Screw: 1) Trend, 2) Stop Losses, 3) Old myth of "Cut your loses down and let your winners run", 4) All technicals, 5) All news, 6) All fundamentals, 7) Trade psychology, 8) PA / Chart reading, 9) Price / Market flow, 10) "Trade what you see not what you believe", and 11) ...............

B. Get screwed by: 1) Bad money management, 2) Overtrading / heavy position sizing, 3) Impatience, 5) Lack of discipline, and 6) Inconsistency

Trade the way you want to with no fear of loss and only to win big-time but DONT FORGET always trade with smallest possible positions eyeing only at biggest moves. It will automatically take care of the A and B above.

Is he really crazy? ................ Me too think so.
The Thief of Wall Street
  • #171,349
  • Dec 12, 2009 1:03am Dec 12, 2009 1:03am
Quoting Hell7
indeed: the smaller (percentage wise) I started trading, the more I started making.
same here - I just tried to increase the size of my positions this month to increase my returns and ended up in all sorts of strife, as soon as I went back the profits rolled in again. I am trading a 5k position size (50 cents per pip) in a 2k account. I use a 10 pip stop so I risk $5 per trade which is only .25%. You think I could easily double that risk and therefore double my returns but no, the more I risk the less I make. I am making good returns with this risk management so I am not going to meddle with it anymore
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  • #171,350
  • Dec 12, 2009 1:03am Dec 12, 2009 1:03am
e
Quoting GulfCoastPip
Personally, I'd never trust an EA to do my trading. I do fine with my 2-4, maybe 5 trades a day. Trading is alot more than just techs and funnies, it has alot to do with "experience" and "gut" feeling.

Others love EAs and wouldn't trade any other way. That's fine too.


Updated: also if you're not doing it, here's what I do. Over the weekend I usually take a couple of hours and review all of my winning and losing trades from the previous week. Hope that helps.
  • #171,351
  • Dec 12, 2009 1:19am Dec 12, 2009 1:19am
Quoting Nomi1
Dear all,

i am a new member on this forum. i have just started trading in forex for about a month. i had the opportunity to visist your forum for last 3 to 4 days. seems like you guys are very active in trading and i thought it would be a good place for me to learn. can you people give me any tips as to how to trade as a beginner and what to look for. how to get the news and above all how to read those charts i am so confused about those charts. your help is very much appreciated. thanks.
Firstly my friend, take easy, its only one month since you have started trading, I guess that you are very lucky that you found such a good company of people as forex factory. I am doing trade since last three years and ironically i came to know only last month.
One thing is clear that trading is not gambling at all. You can be a very good trader by experience and should have profound knowledge of not only technical side but the outcome of the fundamental news. Market reacts according to the strenghth of these fundamental news. But most of the time may be 80 percent it moves in its natural harmomic waves.
So a sound knowledge of understanding the japenese candles is must.
I will suggest you to first open a demo account with one of the best broker available in the market and instead of losing the money first try to make or lose the money in these demo accounts and when you think that you are really prepared for a live account then go and open a live account.
After you understand all good things about this trade. Read the market news provided in the famous blogs which you can see at the bottom of this page.So here you go and I wish you good luck in this business.
  • #171,352
  • Edited 1:41am Dec 12, 2009 1:37am | Edited 1:41am
Quoting shahzadhyder
e
Dear member
Here is a good strategy. Espeically on GBP/USD (hourly chart).
On each japense candle stick let the market move 15 pips (up or down) then take a entry in the trade (place a stop loss at 15 pips and go for capturing 25 pips. I think you will win 75 percent and lose 25 percent. You will be a winner with good percentage. But do not trade slow time. Before trading check that if the market is moving in consolidation or is it making a pennant and if there is a pennant then is it ascending pennant or descending pennant and is it time for a fundamental news annoucement etc. Never forget to place a stop loss order and as the market moves ahead then move your stop loss position as well for maximizing your profit and minimizing your loss, remember some times you can see a candle moves even more than 100 pips in one direction and that you can achieve all by very wisely moving your stop orders as some times it reverse.
The most important tip is first do it on demo and if you find it good then use this strategy in live account moreover if you follow any strategy then stick to it under any circumstances and maintain your discipline. Sometimes you lose, its ok but you will win another time and this is what the requirement of the discipline.
wish you good luck and happy trading
  • #171,353
  • Dec 12, 2009 1:59am Dec 12, 2009 1:59am
Quoting shahzadhyder
Dear member
Here is a good strategy. Espeically on GBP/USD (hourly chart).
On each japense candle stick let the market move 15 pips (up or down) then take a entry in the trade (place a stop loss at 15 pips and go for capturing 25 pips. I think you will win 75 percent and lose 25 percent.
hmmmm you are describing a holy grail by quoting these percentages. I dont think this is a good strategy at all. If you jump on every 15 pip move your going to lose.
BTC Return This Year: na
  • #171,354
  • Dec 12, 2009 2:52am Dec 12, 2009 2:52am
Tbh, demo might be good for only few months/weeks but not years. In live its all different.. I would suggest u to deposit 10-50$ to live account and learn there..its much better than all demo experience
  • #171,355
  • Dec 12, 2009 2:59am Dec 12, 2009 2:59am
Quoting Exsilium
It happened, I woke up this morning to a huge spike down off some really stupid USD numbers... OF COURSE RETAIL SALES ARE BETTER, ITS F'ING XMAS. Still doesnt justify the 100+ pip fall. The thing thats going to piss me off is when it jumps back up to 15000 by the end of next week.

Anyway, I got a margin call. My own stupid fault, but there it is. -$23,000 for the year. Now its time to step back, evaluate my mistakes, learn from them and try again.
This a demo account right?
  • #171,356
  • Dec 12, 2009 4:11am Dec 12, 2009 4:11am
Quoting NikolasII
Hi,
I'm a bit longer term trader(well most of my trades last from 2 to 10 days) so I make a decisions from the daily graphs and yesterdays price bar was "a inside bar" and I think we're going to see at least some retracement from the previous "brutal" downfall,so I assume the best play of this game is to put a buy stop...
How does the buy stop works ?????

been only using sell and buy .... not sure how to use other trading style ...

thanks
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  • #171,357
  • Dec 12, 2009 4:29am Dec 12, 2009 4:29am
Quote
The retail figures were better then forecasted justifying the strenghtening of the dollar. Just like last week the forecast was better and after a long rally like this it is only going to need a small excuse for a retrace.

I am not saying the trend has reversed I want to see 2-3 weeks below 4625 first coupled with other PA indicating a reversal.

I agree but retail figures were better then expected in oct and nov as well...no kind of crazy movement like this happened in oct and nov.

The data is attached.
Attached Image (click to enlarge)
Click to Enlarge Name: 12_10_TTN1.jpg Size: 50 KB
  • #171,358
  • Dec 12, 2009 4:55am Dec 12, 2009 4:55am
Isn't it ironic how a couple months ago the doomsayers in the form of news analysts were saying the end of the dollar would be near and that countries would unpeg themselves from it and that it would be replaced, now the dollar is gaining strength and momentum...

Just goes to show you, the news analysts are bullshitters....good ol technicals....
In Charts We Trust!
  • #171,359
  • Dec 12, 2009 6:36am Dec 12, 2009 6:36am
Quoting X.Oden
Isn't it ironic how a couple months ago the doomsayers in the form of news analysts were saying the end of the dollar would be near and that countries would unpeg themselves from it and that it would be replaced, now the dollar is gaining strength and momentum...

Just goes to show you, the news analysts are bullshitters....good ol technicals....
News are surprise factor i personally do not trade alone. Technicals i trust. When combined and for example if BOTH are TRUE, then you get pretty good idea about markets next move.

I follow one thumb rule and its pretty good:

For noobs, never ever trust market and if something feels fishy, do NOT trade (you dont have to, right?)

For me personally as a intra-day trader it does not bother which way the trend goes, i can do it both ways relying to 2 indicators, stochastic and macd.
They think they are smarter than I am.
  • #171,360
  • Dec 12, 2009 7:11am Dec 12, 2009 7:11am
Quoting earthsmate
How does the buy stop works ?????

been only using sell and buy .... not sure how to use other trading style ...

thanks
Buy Stop and Sell stop works this way:

Let say pair trading in the range and you want to Buy any breakout

or SEll any breakdown. So by placing a BUY STOP, you basically saying

I want to buy that pair only, if it goes over let's say Weekly high

Or I want to SELL Short by placing a SELL STOP, if pair breakdown below

weekly low, just for example. That's why its called BUY STOP,

because you cannot just buy pair higher then it trades at the moment,

but you can place Buy STOP and when pair rich your target buy will be

executed. In terms of EURUSD you can place lets say BUY STOP at 1.4795-1.4805 in case pair

rebound and run for the New high.
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