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  • #393,701
  • Feb 22, 2011 7:01pm Feb 22, 2011 7:01pm
Quoting Sandy A.
Could you please explain to a newbie about the risk:reward myth?

As I understand it, it means that if you say have 4:1 reward:risk, it means that you only need to be right 25% of the time to break even. Please enlighten me.
Well, I always say risk before reward because I only think about what I am risking in most cases, off course you need to think potential profit also.

About risk reward you should explore it on your own...

However, I am just saying don't believe everything which is printed. There is also a lot of stock tips directly converted to FX and that doesn't really work as this is a negative game...

You should however..
1. Know how the spread and the affect it has on your account
2. Always put on a Stop Loss
3. Only risk a certain amount every day/week
4. If there is no setup dont trade
5. Have a plan...

Everything else is up to you, I also believe untraditional ways pays more off than typical textbook trades...

So, walk your own path sort off...
  • #393,702
  • Feb 22, 2011 7:01pm Feb 22, 2011 7:01pm
Quoting oldman
only me!
It should be broken out today and go up , let's see , I'm in long right now
  • #393,703
  • Feb 22, 2011 7:02pm Feb 22, 2011 7:02pm
Quoting malcolmb14
low vol shake out yesterday , do you like buying cars at discount or do you offer above asking price ?

160 pip move off lows of a low volume down day.. in asia to boot ..who has upper hand bulls or bears ?

and us markets dropped what 2% and all eu could manage is a 50 pip drop of a 160 pip range day . I would say bulls have control for now.

but what do I know other than how to scuba trade ..lol
If bulls had control...them being in the London or NY sessions...why did they fail to bust threw chart top today?

Why didn't NY take the opportunity to widen the chart to the topside like they did on Friday? Extending how many pips past London and Asian sessions?

Again...I really don't give a shit where we are headed, just seems to me, that if intent was to bust threw monthly roll, we should have been able to do it.

Instead, SELL OFFS...

If you wanna keep buying, be my guest...I just think the movement is more then a little suspect. And hey, if the market changes, I can change right along with it.....unlike a lot of traders, my broker is equipt with a buy button, and a sell button.

Loaded short, 1.3695.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #393,704
  • Feb 22, 2011 7:02pm Feb 22, 2011 7:02pm
EU http://www.forexfactory.com/showthre...53#post4421153
  • #393,705
  • Feb 22, 2011 7:03pm Feb 22, 2011 7:03pm
Quoting Sandy A.
1 month.
If you are starting trading live, please use micro lots. No sense in giving all your money to the markets right off the bat.

This story is always the same for everyone.

Person learns about trading, thinks they can master it in no time what so ever. Few months in, they start trading live (if they didn't start off live in the first place). Does good for a while out of pure luck... then slowly watches his account get eaten alive.

Think of it in terms of a career. How many people start off their career with no college, no training and are absolutely amazing at it?

I went to college for 4 years to make a decent amount of cash. Doctors go for even more years to make even more cash.

It's not a over night deal, and it will help to not confuse luck with true understanding.
  • #393,706
  • Feb 22, 2011 7:03pm Feb 22, 2011 7:03pm
Cup and Handle on M15, M30 , M60, H4 & Daily.
We're all stories in the end. Just try to make it a good one.
  • #393,707
  • Feb 22, 2011 7:03pm Feb 22, 2011 7:03pm
Quoting Magix
Loaded short, 1.3695.


Short ? Why? hmm, maybe you are right!
  • #393,708
  • Feb 22, 2011 7:04pm Feb 22, 2011 7:04pm
Quoting Venice
Ooops. Well done Euro, you faked me out on that one. 3702 again...
Let's see where we go now. Only 15 pips since it faked me out before lol Euro you dirty little currency you.
  • #393,709
  • Feb 22, 2011 7:04pm Feb 22, 2011 7:04pm
first wave of possible wave 3 impluse wave 3715 buying any dip..eur is bullish in my opinion 3725 3802 possible
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdhourly.gif Size: 21 KB
  • #393,710
  • Feb 22, 2011 7:05pm Feb 22, 2011 7:05pm
Quoting Venice
If you are starting trading live, please use micro lots. No sense in giving all your money to the markets right off the bat.

This story is always the same for everyone.

Person learns about trading, thinks they can master it in no time what so ever. Few months in, they start trading live (if they didn't start off live in the first place). Does good for a while out of pure luck... then slowly watches his account get eaten alive.

Think of it in terms of a career. How many people start off their career with no college, no training and are absolutely...
words worth million bucks!
  • #393,711
  • Feb 22, 2011 7:07pm Feb 22, 2011 7:07pm
Quoting Sandy A.
Could you please explain to a newbie about the risk:reward myth?

As I understand it, it means that if you say have 4:1 reward:risk, it means that you only need to be right 25% of the time to break even. Please enlighten me.
Btw, 4:1 reward to risk (should be 1:4 risk/reward I guess) it has no predictive power, it does not tell you how many times you have to be wrong/right to break even, because there is absolutely no guarantee that you will hit that 4x profit targets. What will tell you this is maybe your own statistics after you trade for awhile, and you will be able to adjust your money management to your trading style.
  • #393,712
  • Feb 22, 2011 7:07pm Feb 22, 2011 7:07pm
Quoting oldman
Short ? Why? hmm, maybe you are right!
If we go any higher, we will still see this price again...Or round abouts.

NY/London/Asian sessions haven't spent a whole lotta time buying past here...

I could be wrong, I'm not telling others to follow me...

If I get stopped out, no worries...It is just a trade...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #393,713
  • Feb 22, 2011 7:07pm Feb 22, 2011 7:07pm
short 1.3702
  • #393,714
  • Feb 22, 2011 7:08pm Feb 22, 2011 7:08pm
Quoting Classic5000
Btw, 4:1 reward to risk (should be 1:4 risk/reward I guess) it has no predictive power, it does not tell you how many times you have to be wrong/right to break even, because there is absolutely no guarantee that you will hit that 4x profit targets. What will tell you this is maybe your own statistics after you trade for awhile, and you will be able to adjust your money management to your trading style.
Exactly. For me, I determine that I will never take a hit greater than 10 pips when trading the 5m. Chart.

This tells me, if I go into a 10 pip draw down either a) my entry sucks and needs fine tuned, or b) I was wrong. Close it out, move on to the next trade.
  • #393,715
  • Feb 22, 2011 7:09pm Feb 22, 2011 7:09pm
Quoting Magix
If we go any higher, we will still see this price again...Or round abouts.

NY/London/Asian sessions haven't spent a whole lotta time buying past here...

I could be wrong, I'm not telling others to follow me...

If I get stopped out, no worries...It is just a trade...
huh, ok!
  • #393,716
  • Feb 22, 2011 7:09pm Feb 22, 2011 7:09pm
Quoting Traderji
Cup and Handle on M15, M30 , M60, H4 & Daily.
Rising three on weekly
Thank You
  • #393,717
  • Feb 22, 2011 7:09pm Feb 22, 2011 7:09pm
Quoting buonvangvn
short 1.3702
tp ? sl?
  • #393,718
  • Feb 22, 2011 7:10pm Feb 22, 2011 7:10pm
Quoting Venice
Exactly. For me, I determine that I will never take a hit greater than 10 pips when trading the 5m. Chart.

This tells me, if I go into a 10 pip draw down either a) my entry sucks and needs fine tuned, or b) I was wrong. Close it out, move on to the next trade.
Exactly!
  • #393,719
  • Feb 22, 2011 7:10pm Feb 22, 2011 7:10pm
dropped to scalping 5 min charts

and even 5 min volumes are too good.

http://img580.imageshack.us/img580/2959/get.gif
  • #393,720
  • Feb 22, 2011 7:10pm Feb 22, 2011 7:10pm
Quoting malcolmb14
do you like buying cars at discount or do you offer above asking price ?
As for your analogy here on the car buying...

Markets that swing both ways, not only will price be driven down for movements up, but price is also inflated before movements down...

Sell high, buy low...

Buy low, sell high...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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