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  • #198,801
  • Feb 18, 2010 7:54pm Feb 18, 2010 7:54pm
sorry I dont agree wid u. she could have .01 lots and 250 pip stop. basically mm dont drive s/l. her trading syetm drives her s/l.

Quoting dean walker
MM $1000 account should be 1-2%
So roughly if you have a 50 pip SL and use .05 lot for this balance you should be fine..
Dean
Its all in the mind.
  • #198,802
  • Feb 18, 2010 7:55pm Feb 18, 2010 7:55pm
Quoting psiholog
And there lies the problem. You approach this field we call forex with the mindset to get rich. Not only that but until you can do so, you treat it as a hobby.

1)Forex is a career. For those of us who are truly passionate about it, it is boring and dull, and we require some kind of entertainment while doing it to keep us watching the charts. It is not and will never be a hobby. A hobby is fishing or going to the strip club every friday night (lol just kidding).

2)Riches. We all want to get rich from it. I know I did. I still do. But I dont...
well said. a lot of ppl don't like (2).
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #198,803
  • Feb 18, 2010 7:55pm Feb 18, 2010 7:55pm
Quoting sierra
3404 here we go..
just a little bit more... tp at 3480 already closed.
Be a sniper not a jumper
  • #198,804
  • Feb 18, 2010 7:56pm Feb 18, 2010 7:56pm
Where's gold going now?
1116.00?
  • #198,805
  • Feb 18, 2010 7:59pm Feb 18, 2010 7:59pm
Actually that is a general area it all depends on what risk the person is comfy with and the system they use. A 250 pip stop is more like a emergency SL
Dean


Quoting 5abi
sorry I dont agree wid u. she could have .01 lots and 250 pip stop. basically mm dont drive s/l. her trading syetm drives her s/l.
  • #198,806
  • Feb 18, 2010 7:59pm Feb 18, 2010 7:59pm
Quoting Sherry
Thank you so much for posting this, it really puts things into perspective.. I'm doing crazy bets with my account right now to make back trades lost the past 2 days, below is my trade on EUR the past 2 days;

http://www.forexfactory.com/showthre...85#post3479085

I need to drastically lower my lot sizes while I refine my trading skils..
trying to get back to even. has a powerful psychological thing against you.
it's like keep buying same stock that you always loose money on.

cut your losses short. loosing is part of the game. never try to get back to even. you will only end up worse. take breaks after loosing to much or winning a lot. and when you are loosing decrease your position size. never increase it.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #198,807
  • Feb 18, 2010 8:00pm Feb 18, 2010 8:00pm
One of the best posts I have read..
good job
Dean


Quoting DMA Trader
trying to get back to even. has a powerful psychological thing against you.
it's like keep buying same stock that you always loose money on.

cut your losses short. loosing is part of the game. never try to get back to even. you will only end up worse. take breaks after loosing to much or winning a lot. and when you are loosing decrease your position size. never increase it.
  • #198,808
  • Feb 18, 2010 8:01pm Feb 18, 2010 8:01pm
Quoting 2+2=4ex
Okay lets get down to some business... I am going to post a trade set up I am currently eyeing. Here we have price smack in between two areas I believe to be decent entry points:

The first entry point is daily pivot area. (1)

if not, then

The second one is in the lower tendlines area. (2)


SL will be on other side of support(s) or resistance(s). TP at next area of s/r. Path of least resistance...

I personally like to play 2 lots with this type of set up. Take profit on one early at halfway, adjust sl to be +1 and then take 2nd lot at...
Entries: .3520 (for sell)
.3442 (for buy)

TP lot 1 = ~3485 (about halfway)
TP lot 2 = 3460 (for sell)
3511 (for buy)

SL's = 3532 (for sell)
3430 (for buy)
  • #198,809
  • Feb 18, 2010 8:03pm Feb 18, 2010 8:03pm
Quoting Sherry
Thank you so much for posting this, it really puts things into perspective.. I'm doing crazy bets with my account right now to make back trades lost the past 2 days, below is my trade on EUR the past 2 days;

http://www.forexfactory.com/showthre...85#post3479085

I need to drastically lower my lot sizes while I refine my trading skils..
WOW.
You need to just slow down. You are placing 6 trades an hour at times, using up to 10 lots !!, with no SL and obviously no M/M.

I am pretty new to this, but look back those trades, one by one. You will find many that you could have held for mucho pips with proper R/R and SL.
  • #198,810
  • Feb 18, 2010 8:07pm Feb 18, 2010 8:07pm
Gator,

Sorry to hear about your stone. I have one right now I am trying to piss out as well. Mine does not hurt like the first one did 2 years ago. But it hurts and is uncomfortable. Some days not much pain and then others....ouch...sharp knife pain and then dull nagging pain....my urologists told me to drink 6 beers....he said I would either pass it out or I would pass out...either way he thought I would be feeling better....

He scheduled me for surgery cuz I couldn't pass it in over a month...then i found this concoction and it worked....I passed it out 1 day before the scheduled surgery....I think i had to do it 3 times before the stone came.....i am doing it now as I write....3 oz of lemon juice (pure) and 1 oz of olive oil....it worked for me...

Okay, now with this trading stuff....I am perplexed as I was looking for a retracement today after we did not make a lower low....BUT the FD screwed this up...I wanted it to go SHORT but not today......so where do you see us headed now that we are basing off this 3465 area after the bounce up? If you can respond. If you can't, i understnad!

Thanks
  • #198,811
  • Feb 18, 2010 8:08pm Feb 18, 2010 8:08pm
Not seeing any follow through into the the 1.3350 area tonight 2+2? I just get a feeling that London will mess their pants when they get to their trading desks in a few hours.
"If it was good enough for Gann, it's good enough for me..."
  • #198,812
  • Feb 18, 2010 8:10pm Feb 18, 2010 8:10pm
EU has been beaten up so badly in quite a short time, 1500 pips in a little more than two months. Hmmm .. I would like to go long from here for 200 pips
  • #198,813
  • Feb 18, 2010 8:10pm Feb 18, 2010 8:10pm
Quoting 2+2=4ex
Entries: .3520 (for sell)
.3442 (for buy)

TP lot 1 = ~3485 (about halfway)
TP lot 2 = 3460 (for sell)
3511 (for buy)

SL's = 3532 (for sell)
3430 (for buy)
Updated chart a little...
Attached Image (click to enlarge)
Click to Enlarge Name: m5 02-18-10.gif Size: 24 KB
  • #198,814
  • Feb 18, 2010 8:13pm Feb 18, 2010 8:13pm
HELLO FRIENDS, WILL THAT WILL SUFFER correction ANY USD FIX??
I thought about that?
BELIEVE THAT IF CORRECTION IN PAIRS USD / JPY and EUR / USD, two strokes in one!
  • #198,815
  • Feb 18, 2010 8:16pm Feb 18, 2010 8:16pm
What the heck was that?
  • #198,816
  • Feb 18, 2010 8:16pm Feb 18, 2010 8:16pm
Quoting mktjong
EU has been beaten up so badly in quite a short time, 1500 pips in a little more than two months. Hmmm .. I would like to go long from here for 200 pips

To make him feel better???
  • #198,817
  • Feb 18, 2010 8:17pm Feb 18, 2010 8:17pm
Quoting FFBrian13
Not seeing any follow through into the the 1.3350 area tonight 2+2? I just get a feeling that London will mess their pants when they get to their trading desks in a few hours.
a feeling? Unless you know insider information, playing the technicals is the way to go (good enough for me at least).
  • #198,818
  • Feb 18, 2010 8:17pm Feb 18, 2010 8:17pm
DJ Fed's Bullard: Inflation Not Too 'Dangerous' For Now
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #198,819
  • Feb 18, 2010 8:17pm Feb 18, 2010 8:17pm
Quoting Kidlamond
Where's gold going now?
1116.00?
may be 1010.00 ab=cd or fib exp 100
  • #198,820
  • Feb 18, 2010 8:18pm Feb 18, 2010 8:18pm
Market View On High Chance Of Rate Rise This Year 'Overblown' -Reuters
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
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