Cable Update (GBPUSD)
- #276,102
- Apr 12, 2011 6:01am Apr 12, 2011 6:01am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Thats great that you are concerned,please forgive me for miss interpreting your post,i thought there was a hint of sarcasm,my bad.
1. He took the loss ($37K is not the end of his account for sure... but it will have been a significant %... 20%?)
2. He decided to move his SL to keep his position open
3. He added to his position by averaging down
There is no shame in taking a loss on the chin or if he decided to try and rescue the situation.
Personally, I would always choose option 1 where I would take the loss and the loss would be no more than 2% of my account.
Long-term I also see sterling going back to $2, but that does not mean I will short cable when the opportunities present themselves.
- #276,104
- Apr 12, 2011 6:17am Apr 12, 2011 6:17am
- Joined Sep 2010 | Status: Trader | 11,327 Posts
If you have $4 million in your account, where $37K is less than 1%, would that still bring a slightly queasy feeling to your stomach?
I think trading is all about percentages and focusing on the trading itself rather than the money aspect of trading.
- #276,105
- Apr 12, 2011 6:26am Apr 12, 2011 6:26am
- Joined Sep 2006 | Status: Oh yeahhh :) | 1,409 Posts
I wouldn't even risk 1% if I had a £4m account - been looking at this guys trades and don't think his account is so large - you guessed a 20% DD - yes that would do it
- #276,106
- Apr 12, 2011 6:27am Apr 12, 2011 6:27am
- | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
it's 800,000 , get your calculator out 
20 % DD on 4M is 400.000 - This can make me feel really really bad.
- #276,108
- Apr 12, 2011 6:46am Apr 12, 2011 6:46am
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
perhaps i can will this thing down to 1.6177 
- #276,109
- Apr 12, 2011 6:49am Apr 12, 2011 6:49am
- | Commercial User | Joined Feb 2010 | 2,739 Posts
Long-term I also see sterling going back to $2, but that does not mean I will short cable when the opportunities present themselves.
but I can only confirm it in some months from now on
- #276,110
- Apr 12, 2011 6:56am Apr 12, 2011 6:56am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
Fair point, but I also agree that some of his trading has been bordering on plain gambling. Some people say that trading is gambling, whereas I say that you can take some of the gambling out of your trading. Everyone has different trading styles, some more wreckless than others, but in the end it is each to their own and what suits them.
i think it depends on how much money someone can manage on trading.
a 1k account, MAX MAX entry shuld be 0,5 lot.
a 100k account max entry can easy be 10-20 lots
i suppose if 100k account is some one very good on trading and ndsouz i saw a lot of time on a "perfect" entry n target.
i would really like to trade on a real account like i do sometimes on demo
same positions but i go with 8-10-30 lots
90% of traders use TA, indicators and prediction
- #276,111
- Apr 12, 2011 6:58am Apr 12, 2011 6:58am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
90% of traders use TA, indicators and prediction
- #276,112
- Apr 12, 2011 7:08am Apr 12, 2011 7:08am
yes, maybe to most of people 20-30-50 lots sounds too much.
i think it depends on how much money someone can manage on trading.
a 1k account, MAX MAX entry shuld be 0,5 lot.
a 100k account max entry can easy be 10-20 lots
i suppose if 100k account is some one very good on trading and ndsouz i saw a lot of time on a "perfect" entry n target.
i would really like to trade on a real account like i do sometimes on demo
. I started trading with micro account to learn things and I can't imagine how I will feel if I lose 37k in one day.
- #276,114
- Apr 12, 2011 7:13am Apr 12, 2011 7:13am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
LOL, we happen to be LONG on the same price
i want to be one of them who try to trigger the 6320 n 6340 stops
now i put stops @BE before ny session n usa data
letsee
90% of traders use TA, indicators and prediction
- #276,115
- Apr 12, 2011 7:15am Apr 12, 2011 7:15am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
His approach is very bold to me, probably because he trades for a long time while I am just a day trader. If I have that amount of money like him I probably only need maximum of 30 pips per day then I will spend the rest of my day doing other things
me too i started on "micro" of 1k......
but if i could manage such a lot of money like ndsouz would be very happy!
90% of traders use TA, indicators and prediction
- #276,119
- Apr 12, 2011 7:29am Apr 12, 2011 7:29am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
90% of traders use TA, indicators and prediction
- #276,120
- Apr 12, 2011 7:37am Apr 12, 2011 7:37am
- Joined Jan 2009 | Status: Pharaoh | 1,612 Posts
Don't have an ego. Always question yourself and your ability.