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  • #287,121
  • Aug 30, 2010 7:27am Aug 30, 2010 7:27am
Powerful royal break on the downside expected....

Fear is back....
  • #287,122
  • Aug 30, 2010 7:30am Aug 30, 2010 7:30am
  •  Vilgax
  • | Joined Aug 2010 | Status: Lack of money is root of most evil | 466 Posts
Quoting Shah22
First you must to take your stop loss that how much loss you afforded and after that set your profit target.. and then you must to sticked on it

yea, new to forum not to trading...25 pip SL / open TP
The forex market has its own life and takes its own time.
  • #287,123
  • Aug 30, 2010 7:35am Aug 30, 2010 7:35am
Quoting Vilgax
yea, new to forum not to trading...25 pip SL / open TP
I understand the need to set a SL if u are busy and running around doing everything else at the same time...but if u are infront of the computer when trading, I dont see a point for SL
  • #287,124
  • Aug 30, 2010 7:36am Aug 30, 2010 7:36am
hi all.im just new in this thread.This is my contribution for eurusd.im long to 1.2921.
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Gold Expedition Return This Year: -16.4%
  • #287,125
  • Aug 30, 2010 7:36am Aug 30, 2010 7:36am
Quoting Vilgax
yea, new to forum not to trading...25 pip SL / open TP
wish you best of luck in your trade and your trading
  • #287,126
  • Aug 30, 2010 7:39am Aug 30, 2010 7:39am
Quoting 7bit
It is even worse: I a quantum multiverse with branching reality the broker will hunt all stops of all traders at the same time at all possible prices in all possible trading directions. All traders (except 5%) will always end up in in their very own universe (no matter how improbable) where all their fears have become manifested and the broker will have successfully hunted all their stops to the pip exact and avoided all their TPs by only 1 pip, no matter what they do or how hard they try.
Ain't ya supposed to be father christmas dearie, I love father christmas. . . ask my mom.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #287,127
  • Aug 30, 2010 7:39am Aug 30, 2010 7:39am
  •  Vilgax
  • | Joined Aug 2010 | Status: Lack of money is root of most evil | 466 Posts
Quoting ClasH
I understand the need to set a SL if u are busy and running around doing everything else at the same time...but if u are infront of the computer when trading, I dont see a point for SL
better to be safe than sorry, if I lose connectivity and market goes against me....am shooting for 40/50 pips...will wait and see...TP at moment is 2750 ...
The forex market has its own life and takes its own time.
  • #287,128
  • Aug 30, 2010 7:41am Aug 30, 2010 7:41am
This sounds like how it IS

Quoting 7bit
It is even worse: I a quantum multiverse with branching reality the broker will hunt all stops of all traders at the same time at all possible prices in all possible trading directions. All traders (except 5%) will always end up in in their very own universe (no matter how improbable) where all their fears have become manifested and the broker will have successfully hunted all their stops to the pip exact and avoided all their TPs by only 1 pip, no matter what they do or how hard they try.
  • #287,129
  • Aug 30, 2010 7:43am Aug 30, 2010 7:43am
Quoting ClasH
I understand the need to set a SL if u are busy and running around doing everything else at the same time...but if u are infront of the computer when trading, I dont see a point for SL
Just by safety reasons (lost connection, broker out, heart attack , etc..)
  • #287,130
  • Aug 30, 2010 7:44am Aug 30, 2010 7:44am
Unless you are trying to lose money

OR the way I use SL's too prevent loss of unrealized pips of profit,
If I buy EUR/USD at 127.00 and it goes up to 127.50 I may set a SL of 127.40 locking in 40 pips of profit.

A SL is also effective because sometimes your Broker will DOS attack you if you are beating them real bad, so it is best to have a SL set, in case they DOS you and you cannot get reconnected.

Quoting ClasH
I understand the need to set a SL if u are busy and running around doing everything else at the same time...but if u are infront of the computer when trading, I dont see a point for SL
  • #287,131
  • Aug 30, 2010 7:46am Aug 30, 2010 7:46am
Quoting 7bit
It is even worse: I a quantum multiverse with branching reality the broker will hunt all stops of all traders at the same time at all possible prices in all possible trading directions. All traders (except 5%) will always end up in in their very own universe (no matter how improbable) where all their fears have become manifested and the broker will have successfully hunted all their stops to the pip exact and avoided all their TPs by only 1 pip, no matter what they do or how hard they try.
I had a similar situation happen to me when I was asleep, it missed my TP by 1 pip and bounced back up over my TP from 3 points under my SL. I hardly never have trades open while I sleep...but sometimes its a necessity when you feel u have a sure call
  • #287,132
  • Aug 30, 2010 7:46am Aug 30, 2010 7:46am
Quoting ClasH
I understand the need to set a SL if u are busy and running around doing everything else at the same time...but if u are infront of the computer when trading, I dont see a point for SL
At the time the bombs went kaboom! in the London subway a few years ago, a guy I know had a substantial amount of lots loaded without a stoploss...the platform froze instantly, the market went absolutely crazy, and when his broker got it all back together, he was $23,000 down.
It's a rare event, but its prolly not the only one that could create a similar effect. At least a CAT Stop (catastrophe) 100 pips away should be guarding the farm, unless you have an inside to wild crazy world events of course lol
Bravado in the market can be a costly game. Whats the point?
  • #287,133
  • Aug 30, 2010 7:49am Aug 30, 2010 7:49am
Quoting Buai
At the time the bombs went kaboom! in the London subway a few years ago, a guy I know had a substantial amount of lots loaded without a stoploss...the platform froze instantly, the market went absolutely crazy, and when his broker got it all back together, he was $23,000 down.
It's a rare event, but its prolly not the only one that could create a similar effect. At least a CAT Stop (catastrophe) 100 pips away should be guarding the farm, unless you have an inside to wild crazy world events of course lol
Bravado in the market can be a costly game....
You are right, in those cases there is a point, technical problems are technical problems
  • #287,134
  • Aug 30, 2010 7:52am Aug 30, 2010 7:52am
Quoting ClasH
I understand the need to set a SL if u are busy and running around doing everything else at the same time...but if u are infront of the computer when trading, I dont see a point for SL
I would agree with you until some days ago. But then someone on this forum told about technical failures. You know: interruption of internet connection, platform failure, PC defect, the feared "Blue Screen of Death", and so on... of course those are exceptional situations, but unfortunately they do happen. I had to change my mind.

One way to compromise is to set a very high SL, so that it doesn't get caught by any market noise, "stop hunting" or whatever, but will protect the trader (hopefully) if there is no access to the account during turbulent times.
"The reason I was born and came into the world is to testify to the truth."
  • #287,135
  • Aug 30, 2010 7:57am Aug 30, 2010 7:57am
Quoting ClasH
You are right, in those cases there is a point, technical problems are technical problems
Correct...never can be too sure man. It's tricky enuff.

  • #287,136
  • Aug 30, 2010 7:58am Aug 30, 2010 7:58am
for me, SL is a good discipline "tool" for me.
especially when figures are moving quick and going against you...
  • #287,137
  • Aug 30, 2010 8:05am Aug 30, 2010 8:05am
Quoting ClasH
I understand the need to set a SL if u are busy and running around doing everything else at the same time...but if u are infront of the computer when trading, I dont see a point for SL
Spoken like someone who has either never traded out of demo or is newly live and is sure to lose their first account rather soon.
  • #287,138
  • Aug 30, 2010 8:15am Aug 30, 2010 8:15am
Quoting KumoDragon
Spoken like someone who has either never traded out of demo or is newly live and is sure to lose their first account rather soon.
Wow its crazy how people judge your tradingstyle when you have basically given them no info what so ever... yeah lets say I am just about to blow my account, whatever makes yo happy. I am one of those people who dont use a SL inside my platform..so what?...It is obvious I offended you as you seem to be one of the people that do. I say you have probably lost more then you have gained.

Whats your ratio for hitting TP/SL?
  • #287,139
  • Aug 30, 2010 8:16am Aug 30, 2010 8:16am
Have a look at EJ before close of hour:
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Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #287,140
  • Aug 30, 2010 8:18am Aug 30, 2010 8:18am
The point of a SL is to limit your risk to a pre-determined amount. Managing your risk is fundamental to successful trading, as it is the only factor over which you really have any control.
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