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  • #264,221
  • Jun 28, 2010 8:32pm Jun 28, 2010 8:32pm
Quoting GulfCoastPip
Here's some more food for thought....


Depending on the time frame & pair....20 pips "may" not be enough room for the pair to breathe....
Good tips.

I keep my broker's details in at least 3 separate places so I can contact them no matter how bad it is.

Too many people start threads like "Is so and so down for you?" The truth is it doesn't matter who's got the platform working and who doesn't. What matters is that when that happens, one should be on the phone with their broker instead of trying to start a grassroot campaign about "broker xyz sucks!"
Not all sins are created equal
  • #264,222
  • Jun 28, 2010 8:35pm Jun 28, 2010 8:35pm
Quoting GulfCoastPip
Here's some more food for thought....


Depending on the time frame & pair....20 pips "may" not be enough room for the pair to breathe....

"Bad traders are always thinking about how much they can make, good traders are worried about how much they can lose." Don't remember where I heard this, but it's some of the best advice I've heard.
  • #264,223
  • Jun 28, 2010 8:36pm Jun 28, 2010 8:36pm
Quoting Awesome
"Bad traders are always thinking about how much they can make, good traders are worried about how much they can lose." Don't remember where I heard this, but it's some of the best advice I've heard.
If I think about both, does that mean I'm a so-so trader?
Not all sins are created equal
  • #264,224
  • Jun 28, 2010 8:43pm Jun 28, 2010 8:43pm
Quoting GulfCoastPip
In all actuality it's not about your win % it's about how you manage a trade. Even with a < 35% win rate with proper trade management you can have a positive ROI. Think about it.
We're not really talking about the same thing. I was just pointing out that winrate is important due to its role in the expectancy equation. We need winrate to be above a certain value, but the value is decided by the other values in the equation. There's also some importance of winrate in how it influences money management (given the same edge, a higher winrate allows greater trade size for similar risk).

Quote
Depending on the time frame & pair....20 pips "may" not be enough room for the pair to breathe. So keep that in mind too. Because all of this falls into "trade management" .... it's pretty individual, but if you're struggling this may be something that you (struggling traders) look into.
Yes. Early this year I dropped to a ~20 pip stop, looking to parlay precise intraday trades into swing/position trades. Thoughout a few months of sub-par results, I convinced myself that I just wasn't putting in the effort, rather than admitting that level of precision wasn't practical, at least not for me.

Quoting awesome
"Bad traders are always thinking about how much they can make, good traders are worried about how much they can lose." Don't remember where I heard this, but it's some of the best advice I've heard.
I'm sure many would agree with you, but I don't like it. A good trader should be thinking about both, and whether one justifies the other. I realise the intention of that quote is to highlight the importance of considering risk, but I think it could've been better by emphasising that it is all important.
  • #264,225
  • Jun 28, 2010 8:43pm Jun 28, 2010 8:43pm
Quoting Jay Walker
If I think about both, does that mean I'm a so-so trader?

It didn't cover that, but I'm pretty sure they would cancel each other out so yeah . Anyway, I think it might have been from the Paul Tudor Jones PBS documentary. If your bored you can find it online. Its about an hour long and an interesting watch.
  • #264,226
  • Jun 28, 2010 8:44pm Jun 28, 2010 8:44pm
Quoting Jay Walker
Whatever planet I'm on, the temperature is nice, stomachs are filled and my people are sheltered from the elements. All is well

Yourself?
sorry it took me a bit..had to drive home. going good, last day of work is tomorrow so I'll get more screen time(as if I don't get enough) and we're going to get a new car this weekend for my old lady. 2010 altima. some day I want to visit that side of the world. should be a great learning experience, when I go, i want to go for 2-3 months
  • #264,227
  • Jun 28, 2010 8:48pm Jun 28, 2010 8:48pm
Quoting Jay Walker
Good tips.

I keep my broker's details in at least 3 separate places so I can contact them no matter how bad it is.

Too many people start threads like "Is so and so down for you?" The truth is it doesn't matter who's got the platform working and who doesn't. What matters is that when that happens, one should be on the phone with their broker instead of trying to start a grassroot campaign about "broker xyz sucks!"
i always think the same thing when i see those posts...i'm on oanda, quite a few use them and some have a bad connection I'm sure cause mine goes down less than once every 2 months. when i do have ANY issue though, I call them or get them on the little chat thing if it's a non-trade issue. sometimes u can actually get a better price by calling in an order to your broker is some more food for thought(stocks/forex, whatever)

edit: to add, if ur gonna try that with ur broker..have some sales skills..i don't mean some huge pitch but act like you know what you're talking about and use the correct lingo and it doesn't make much sense if you're trading 10 cents per pip( like I still do sometimes) to call for a "better deal"..
  • #264,228
  • Jun 28, 2010 8:52pm Jun 28, 2010 8:52pm
Quoting SkyzerFX
If you have extra money, you gotta load up (looking into taking a position) on EURCHF..

1000 pip move up coming (Mark this post).. Best opportunity ever..

Gator, check USDCHF, - anywhere near 1.20 yet? Yeah... Going to

parity soon.. Your extra-long term rainbow charts do lie..
your throwing bad money after bad money. and btw we did hit 1.2 and 1.18... more to come... sit in that chair and watch. if you look at the chart there numbers between the 2,, or should i dig up some of your old usdx 70.00 post?
swap euros for gold like the other panicked are doing.
those who can, do. those who cant, talk about those who can
  • #264,229
  • Jun 28, 2010 8:57pm Jun 28, 2010 8:57pm
Quoting uraceulose
Yo Gator...we're at the that mid now..slip bounce "crap" seems to be working..
Attachment
all we need is respect.
Inserted Video
those who can, do. those who cant, talk about those who can
  • #264,230
  • Jun 28, 2010 9:01pm Jun 28, 2010 9:01pm
Quoting gatorinla
your throwing bad money after bad money. and btw we did hit 1.2 and 1.18... more to come... sit in that chair and watch. if you look at the chart there numbers between the 2,, or should i dig up some of your old usdx 70.00 post?
swap euros for gold like the other panicked are doing.
Old habits are apparently hard to break.
  • #264,231
  • Jun 28, 2010 9:04pm Jun 28, 2010 9:04pm
good tunes, great song
  • #264,232
  • Edited 9:22pm Jun 28, 2010 9:05pm | Edited 9:22pm
Quoting gatorinla
all we need is respect.
http://www.youtube.com/watch?v=z0XAI-PFQcA
dude, I love the picture or video/song to go with the post lately..lol. keeps it entertaining imo

and okie dokie..

..anybody trade gold? nice little simple chart here with a quick explanation http://www.forexlive.com/115798/all/...s-retracements
  • #264,233
  • Jun 28, 2010 9:08pm Jun 28, 2010 9:08pm
Quoting GulfCoastPip
Here's some more food for thought....


Depending on the time frame & pair....20 pips "may" not be enough room for the pair to breathe....
Anyone who trades without stops isn't going to be trading very long. Trading version of Darwinism.
  • #264,234
  • Jun 28, 2010 9:22pm Jun 28, 2010 9:22pm
Quoting GulfCoastPip
Here's some more food for thought....


Depending on the time frame & pair....20 pips "may" not be enough room for the pair to breathe. So keep that in mind too. Because all of this falls into "trade management" .... it's pretty individual, but if you're struggling this may be something that you (struggling traders) look into.

I don't know how many times one of my trades have gone 40-60 pips against me on the 15m/1hr time frame, only to turn around and I bag a truck load of pips. Sometimes you get lucky and pick the top or bottom or real...
I can see what you're saying, but I disagree. For sure my 20 pip stop gets hit occassionally, but not that often to be of a major concern to me. I can withstand a considerable drawdown but what's the point in doing that. If the trade requires (let's say) 100 pip stop on a M15 - H1 to 'breath', then imo my analysis sux.

When I take a trade, it will be from a line that I consider the pa unlikely to return to, and to give it breathing space I'll allow 20 pips. Of course this won't work if trading from anything greater than the H1, and in reality I very, very seldom use the H1 for entry. The H1, along with other time frames, I use to establish/confirm trend. The M15 I use to fine tune the proespective trade, and I enter according to pivot, fib, s&r on the M5.

I don't know my win:loss ratio because I've never bother to figure it out, but my weeks and months are profitable.

I expect that others could do better, but that's the way I do it
Doing what you like is Freedom. Liking what you do is Happiness.
  • #264,235
  • Jun 28, 2010 9:29pm Jun 28, 2010 9:29pm
Reread what I said and I'm sure you'll agree.

My post wasn't knocking you or anyone else. Just trying to get people to think, outside the norm a bit and perhaps become profitable or a little more profitable.


http://www.forexfactory.com/showpost...stcount=264262



Quoting realjumper
I can see what you're saying, but I disagree. For sure my 20 pip stop gets hit occassionally, but not that often to be of a major concern to me. I can withstand a considerable drawdown but what's the point in doing that. If the trade requires (let's say) 100 pip stop on a M15 - H1 to 'breath', then imo my analysis sux.

When I take a trade, it will be from a line that I consider the pa unlikely to return to, and to give it breathing space I'll allow 20 pips. Of course this won't work if trading from anything greater than the H1, and in reality...
  • #264,236
  • Jun 28, 2010 9:30pm Jun 28, 2010 9:30pm
From the Financial Times. "Investors will this week be bracing themselves for signs that the US recovery is slowing, as a slew of economic data on the world’s largest economy is expected to paint a downbeat picture. However, they face a challenge disentangling the effects of the removal of government stimulus programmes from the scale of the private sector recovery. This week sees the release of the monthly US non-farm payrolls report, the most closely watched statistic in global markets. The headline figure is expected to show a sharp drop in non-farm employment – but that is largely the effect of temporary workers hired to carry out the US census coming to the end of their contracts.

"There was a decline of about 250,000 in the number of people working on the census this month from May, leading to consensus expectations of a drop of 75,000 in the headline non-farm payrolls figure."
  • #264,237
  • Jun 28, 2010 9:34pm Jun 28, 2010 9:34pm
Quoting GulfCoastPip
Reread what I said and I'm sure you'll agree.

My post wasn't knocking you or anyone else. Just trying to get people to think, outside the norm a bit and perhaps become profitable or a little more profitable.


http://www.forexfactory.com/showpost...stcount=264262
Yes, I was just about to edit my post......in fact I don't agree or disagree with what you're saying, it's just another perspective.

Cheers
Doing what you like is Freedom. Liking what you do is Happiness.
  • #264,238
  • Jun 28, 2010 9:34pm Jun 28, 2010 9:34pm
Quoting uraceulose
i always think the same thing when i see those posts...i'm on oanda, quite a few use them and some have a bad connection I'm sure cause mine goes down less than once every 2 months. when i do have ANY issue though, I call them or get them on the little chat thing if it's a non-trade issue. sometimes u can actually get a better price by calling in an order to your broker is some more food for thought(stocks/forex, whatever)

edit: to add, if ur gonna try that with ur broker..have some sales skills..i don't mean some huge pitch but act like you know...

Great posts...thanks guys.

...Uraceulose...How do you like Oanda? Im just now considering them. The latency to my present broker is chronic. I may as well have zero sl from that perspective, which is driving me nuts.
The only thing that has me bamboozled with Oanda is the Leverage thing. 50:1 max is it?

All these post got me thinking though. In the past, I fell into the "scared shitless trader" syndrome...because I was overleaveraged PLUS inexperienced. Now after a year of trying to make that work, I actually made the huge decision last night to back it right off to half my usual lot siz. I feel better already knowing I will NEVER again have to endure the mongrel gnawing away at my stomach till Im in the clear. Amazing shift in my psychology...a renewed focus on "trading", and an enthusiasm that had died with my sanity.

Go well traders
  • #264,239
  • Jun 28, 2010 9:39pm Jun 28, 2010 9:39pm
Quoting gatorinla
looking to break for a new low about 1731/1699 .. depending on 2168/85 area.
2168/71 is a long way from here. so it would take a couple of days. we got 2 days left in the month/quarters end. plus adp nfp... hang on.
no direction is certain. dont be impressed with bb erection.
update 21710,215495/2156 21389

depending on the clock i may lower again but the lower blue # should be ok..doing some pa math. i will post it later
those who can, do. those who cant, talk about those who can
  • #264,240
  • Jun 28, 2010 9:46pm Jun 28, 2010 9:46pm
Oanda was referred to me by a senior trader here on the site. I have a couple of friends that trade accounts with about 100K using oanda. I really like them and like being able to access my live account from just about any computer with internet access in the world without have to download anything.(if it's got java, you can get oanda up and going).
also, when I first started in forex..i thought that 50:1 was a bad thing...believe me, you do not need more than 50:1 unless you are literally holding 15-20 short term trades open at once. if you hold longer term(as long as you don't hold losing trades) your margin will increase as your unrealized profit grows

Quoting Buai
Great posts...thanks guys.

...Uraceulose...How do you like Oanda? Im just now considering them. The latency to my present broker is chronic. I may as well have zero sl from that perspective, which is driving me nuts.
The only thing that has me bamboozled with Oanda is the Leverage thing. 50:1 max is it?

All these post got me thinking though. In the...
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