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I lost money during the huge move

  • #41
  • May 9, 2010 8:44am May 9, 2010 8:44am
I lost almost all week profit and that was good profit with shorts from monday, +12% to my account.
Then closed all my shorts and wanted to take quick GJ long and all hell broke out, closed in a sec, but damage was done.
But it's ok, week still green, although just 0.98%.

Actually it's very ok, can just imagine what happened to many traders, that fall probably fell through stops many pips.
  • #42
  • May 9, 2010 10:03am May 9, 2010 10:03am
Quoting ecTrade
If you have about 20 trades already tied up with a new strategy you're testing (started it on April 27th), there's not much you can do about it, except keep your fingers crossed and try and ride it out.

Oh yeah, I don't read the paper. I rarely watch the news on TV either. I can't be bothered with it. But, that's just me, I guess ...
Well you can always close a trade.

That's what seperates the 95% from the 5%. They know when to skip a trade even when their strategy shows a good buying opportunity.
You will never find a market situation where it is easier to trade.
If some people don't manage to get some profits out of a 700-1000 Pips downtrend they will probably never make any money. What are they waiting for
a choppy Market?
  • #43
  • May 9, 2010 10:20am May 9, 2010 10:20am
Quoting TJPLD
What are they waiting for
a choppy Market?
Yes and then in turn wait for a trending market
  • #44
  • May 9, 2010 10:34am May 9, 2010 10:34am
You should be happy that your profits come from our pockets
  • #45
  • Edited 5:39pm May 9, 2010 5:28pm | Edited 5:39pm
Quoting TJPLD
Well you can always close a trade.

That's what seperates the 95% from the 5%. They know when to skip a trade even when their strategy shows a good buying opportunity.
And when I become successful at it? I guess you can say join the club.

Quote
You will never find a market situation where it is easier to trade.
Actually, I have an EA that will yield 500-700% in three months. It's just the major upswings and downswings I can do without. (It can handle a 300 point shift without too much trouble.) But, that's because I've been trading only one way. So, the trick is to try and get it to work with an indicator (and possible hedge), and yeah, it might make trading a lot easier. But, then again, it's not all that easy trying to develop the idea. So, it's a trade-off.

Quote
If some people don't manage to get some profits out of a 700-1000 Pips downtrend they will probably never make any money.
Yeah, and how often do they come along? And when they don't, can you be successful at that point? I can.

Quote
What are they waiting for
a choppy Market?
Couldn't say. Some of us go after swordfish with rod and reel. Others go after sardines with big nets. These are separate approaches.
  • #46
  • May 10, 2010 1:55am May 10, 2010 1:55am
Quoting ecTrade
Couldn't say. Some of us go after swordfish with rod and reel. Others go after sardines with big nets. These are separate approaches.
+1
That being said, I'm theoretically a trend trader....
  • #47
  • Last Post: Edited 4:36am May 10, 2010 4:15am | Edited 4:36am
Well, the Euro is currently up 500 points over its low from last week. If I had stuck it out, I would probably be making money right now. I just wasn't prepared to take the risk ... not after its free fall last December.

Oh, I have a demo account where I'm trading a similar strategy (same EA except one pair), that had $5,200 in it before the big fall, that got as low as $1,700 when it hit bottom (way too risky!) but, now it's back up to $5,000 and shows a $5,500 balance. And there are still another 350 points to go to get back where it started. So, it only goes to show ... although I still have two outstanding trades (in excess of $400) that I need to clear at some point.
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