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  • #287,161
  • Aug 30, 2010 8:59am Aug 30, 2010 8:59am
Quoting Shah22
No brother.. i take it at 2702 before hours ago..and exited at 2707 (just now)
Ah, I understand if you are careful today, still profit is profit
  • #287,162
  • Aug 30, 2010 9:00am Aug 30, 2010 9:00am
No, i am a pure technical trader so i let the market decide whether the news is good or bad, but i find that taking the chance to lose a few pips is well worth taking compared to the potential gains from news-induced market moves.
  • #287,163
  • Aug 30, 2010 9:03am Aug 30, 2010 9:03am
Quoting Mercurius
No, i am a pure technical trader so i let the market decide whether the news is good or bad, but i find that taking the chance to lose a few pips is well worth taking compared to the potential gains from news-induced market moves.
gotcha, so you wait out the news and look if its bullish/bearish and take trades according to trend?
How is that working out for you?
  • #287,164
  • Aug 30, 2010 9:04am Aug 30, 2010 9:04am
Bear flag on one minute chart....

Break of 2700, target 2685, SL 2710
  • #287,165
  • Aug 30, 2010 9:05am Aug 30, 2010 9:05am
I think it will rise some this week; then as Friday looms with employment data would be good to put on a sell, but where do I jump in?
  • #287,166
  • Aug 30, 2010 9:06am Aug 30, 2010 9:06am
Quoting ClasH
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?
I'm profitable, and have been for the last few years. I've been around long enough to know that no stop loss = eventual trainwreck.

I know of plenty of traders whos real sl is only mentally noted, but they do use a catostrophic sl somewhere.

Brokers aren't stop hunting you.....unless they are one of the really crap ones.

Its not that you are offending me its that you are talking about no sl as if it's going to make you profitable because you wont be stopped.

Which implies you think you are always right about direction of any one particular trade and that you would be a big winner if only you didn't get stopped out by the evil stop hunting broker borking your trades before they run into profit.

I know from experience that traders that dont use sl, do so because they don't know how to set them somewhere reasonable, guessing wildly about probable direction of price, and have no concept of risk control.

All of the above aside. I know from first hand screen experience that there will be times that price just zoom in the opposite direction of a trade, contrary to everthing you think or news or any technical indicator or trendline.

ODDs are you will either not be in front of your screen to manually stop it or it will be such a huge gap that you can't get out.

I can just about guarantee that by not having some kind of sl you will eventually wreck your entire account, either through one really bad trade or a short string of trades you just wouldn't let go of.

P.S. I DID wreck my first few accounts, no matter how good of a method I used. That only stopped when I did two things: Stuck to my SL and didn't hope for it to, "come back," & reasonable risks per trade.
  • #287,167
  • Aug 30, 2010 9:06am Aug 30, 2010 9:06am
works out very well with good stoplosses cos moves can sometimes be very quick, but when you catch a good one, you make a lotta profit cos the move can be very strong. My hitrate is "surpisingly" about 50% but my profit/loss ratio is about 4/1.
  • #287,168
  • Aug 30, 2010 9:09am Aug 30, 2010 9:09am
My shorts ain't doing badly at all. Please don't ask me about the rainbow again
Attached Image
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #287,169
  • Aug 30, 2010 9:12am Aug 30, 2010 9:12am
I only like to use trending systems... what you need on a day like this is a nice ranging system with profit targets instead of trailing stops , but i dont like using those.
  • #287,170
  • Aug 30, 2010 9:19am Aug 30, 2010 9:19am
short for now....
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Click to Enlarge Name: euM30.jpg Size: 310 KB
  • #287,171
  • Aug 30, 2010 9:20am Aug 30, 2010 9:20am
see what happens at the magic number..... : )
  • #287,172
  • Aug 30, 2010 9:21am Aug 30, 2010 9:21am
Quoting KumoDragon
I'm profitable, and have been for the last few years. I've been around long enough to know that no stop loss = eventual trainwreck.

I know of plenty of traders whos real sl is only mentally noted, but they do use a catostrophic sl somewhere.

Brokers aren't stop hunting you.....unless they are one of the really crap ones.

Its not that you are offending me its that you are talking about no sl as if it's going to make you profitable because you wont be stopped.

Which implies you think you are always right about direction of any one particular...
I am not saying my decisions are always correct and I never will but, I try to do what I can to decide when to do a price entry. My first entry of the day is always set at a small lot because I do use hedging strategies if the market goes against me, this is the reason I do not use a SL, I have money managements systems for my full capital if the market goes totally against me, which is set at a %-age of my capital. Some would call it stoploss I dont as this pulls me out of all my trades when a specific condition happen (even if I have profitable trades going).

Therefore first get all the information about someone before you attack them.
  • #287,173
  • Aug 30, 2010 9:25am Aug 30, 2010 9:25am
Quoting gatorinla
we still may double top near 2783
Fridays post got close. we hit either or target at 2673... so after slip a bounce is expected N. but at this point i may have to face the fact i may not get 2783.. but still have pending entry there. unusual
those who can, do. those who cant, talk about those who can
  • #287,174
  • Aug 30, 2010 9:27am Aug 30, 2010 9:27am
Quoting Zendo
This bullshit isn t tradeable ...…

Faky monday
Why not? Because you're long?
  • #287,175
  • Aug 30, 2010 9:28am Aug 30, 2010 9:28am
nice to hear of someone using hedging as a way to limit losses, does the spread not get you twice though?
  • #287,176
  • Aug 30, 2010 9:29am Aug 30, 2010 9:29am
Took out my trade. Waiting for another opportunity. A nice pullback would be nice. Today is scalping day for me only I use higher TF to do that
Attached Image
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #287,177
  • Aug 30, 2010 9:30am Aug 30, 2010 9:30am
Quoting gatorinla
Fridays post got close. we hit either or target at 2673... so after slip a bounce is expected N. but at this point i may have to face the fact i may not get 2783.. but still have pending entry there. unusual
Part of me hopes we get 2783.....it would be nice to load up again. The other part just wants to get the show moving downward with some decent momentum. I've got room to the north, still.....I'll save the happy dance until we break below 2616 and take out the recent low....after which I will look for 2476, 2343, and 2203....
  • #287,178
  • Aug 30, 2010 9:31am Aug 30, 2010 9:31am
Quoting gatorinla
he threw his colt. he's out of bullets. either 2783 next or 2673.. hopefully for my entry 3783 ish.. then down
either or bounce post, opposite direction after slip expected. depending on move strength.
those who can, do. those who cant, talk about those who can
  • #287,179
  • Aug 30, 2010 9:32am Aug 30, 2010 9:32am
Quoting ClasH
I am not saying my decisions are always correct and I never will but, I try to do what I can to decide when to do a price entry. My first entry of the day is always set at a small lot because I do use hedging strategies if the market goes against me, this is the reason I do not use a SL, I have money managements systems for my full capital if the market goes totally against me, which is set at a %-age of my capital. Some would call it stoploss I dont as this pulls me out of all my trades when a specific condition happen (even if I have profitable...
I'm not attacking you. I'm actually trying to help you.

No stop loss + hedging? Sounds like your in for an even bigger train wreck than I thought. Hedging is a sure way to never make profit.
  • #287,180
  • Aug 30, 2010 9:34am Aug 30, 2010 9:34am
Quoting PriceVolume
Part of me hopes we get 2783.....it would be nice to load up again. The other part just wants to get the show moving downward with some decent momentum. I've got room to the north, still.....I'll save the happy dance until we break below 2616 and take out the recent low....after which I will look for 2476....
i just want momentum when we hit 2594.. if not we will get rejected in that mofu.
those who can, do. those who cant, talk about those who can
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