Ouch!!!!!!!!!!!200 pip stops hurt! | Forex Factory

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Ouch!!!!!!!!!!!200 pip stops hurt!

  • #1
  • First Post: Mar 16, 2006 12:34pm Mar 16, 2006 12:34pm
When your stop is 200 pips away and get hits it hurts like a mothhhhhher.............. I can hear Scotty in the background yelling " Shields collapsing Captain!" The market is telling me right now "It is futile to resist" And don't have more than one position like me open. I reason I am in this trouble now is that I broke my rules just this one more last time. Oh, well my learning continues. I'll take my baby to the Olive Garden have me a good pasta dish and some good times. It knocked me down but noway did it knock me out. Trading forex is the best!
  • #2
  • Mar 16, 2006 2:35pm Mar 16, 2006 2:35pm
blue thats one hell of a stop! giving a lot of room to breath are ya?

what was the trade?
Relax and be happy.
  • #3
  • Mar 16, 2006 3:02pm Mar 16, 2006 3:02pm
it'll hurt even more if the charts turn around.... but ya ouch.....




Mike...
***Building an EMPIRE one pip at a time***
  • #4
  • Mar 16, 2006 5:27pm Mar 16, 2006 5:27pm
Quoting merlin
blue thats one hell of a stop! giving a lot of room to breath are ya?

what was the trade?
The Eur/USD I was fading it. And got my arse kicked.
  • #5
  • Mar 16, 2006 5:32pm Mar 16, 2006 5:32pm
Quoting merlin
blue thats one hell of a stop! giving a lot of room to breath are ya?

what was the trade?
My chart said long, but................I have been competing with a friend and wanted to make more on a retracement, got personally involved in the trade and tried to salvage it, should have let it go. Gonna let the game go about competing with someone else.
  • #6
  • Mar 16, 2006 7:00pm Mar 16, 2006 7:00pm
I have used 200 pip stops on swing trades before and they were no problem. I guess it depends on what sort of risk you are taking. My 200 pip losses were no more than 5% which is a big risk. 2% is much better. I certainly don't recommend risking 5% on a single trade anymore.

So as fijitrader would say, if losing 200 pips is painful then you need to decrease your position size to the point where it is OK. providing a 200 pip loss is normal for your strategy.

Wiz.
  • #7
  • Mar 16, 2006 7:32pm Mar 16, 2006 7:32pm
Quoting The Wizard of Oz
I have used 200 pip stops on swing trades before and they were no problem. I guess it depends on what sort of risk you are taking. My 200 pip losses were no more than 5% which is a big risk. 2% is much better. I certainly don't recommend risking 5% on a single trade anymore.

So as fijitrader would say, if losing 200 pips is painful then you need to decrease your position size to the point where it is OK. providing a 200 pip loss is normal for your strategy.

Wiz.
Yes, I agree with Fiji advise, by the way how is he doing? Have not heard from him much lately.
  • #8
  • Mar 16, 2006 8:10pm Mar 16, 2006 8:10pm
Quoting bluemonkey
Yes, I agree with Fiji advise, by the way how is he doing? Have not heard from him much lately.
Sorry to butt in.. I think he's on a trip right now.. But he didn't say for how long..
  • #9
  • Mar 17, 2006 2:18am Mar 17, 2006 2:18am
Quoting The Wizard of Oz
I have used 200 pip stops on swing trades before and they were no problem. I guess it depends on what sort of risk you are taking. My 200 pip losses were no more than 5% which is a big risk. 2% is much better. I certainly don't recommend risking 5% on a single trade anymore.

So as fijitrader would say, if losing 200 pips is painful then you need to decrease your position size to the point where it is OK. providing a 200 pip loss is normal for your strategy.

Wiz.
I agree entirely! The number of pips that you win/lose is irrelevant! The % of your account is what it important. I would rather lose 200 pips which was 2% of my account than 20 pips that was 10% of my account.

Simon
  • #10
  • Mar 17, 2006 6:38am Mar 17, 2006 6:38am
Quoting DrRock
I agree entirely! The number of pips that you win/lose is irrelevant! The % of your account is what it important. I would rather lose 200 pips which was 2% of my account than 20 pips that was 10% of my account.

Simon
I'm sorry 200 pips is 200 pips and I don't like losing that.
  • #11
  • Mar 18, 2006 1:56pm Mar 18, 2006 1:56pm
Quoting DrRock
I agree entirely! The number of pips that you win/lose is irrelevant! The % of your account is what it important. I would rather lose 200 pips which was 2% of my account than 20 pips that was 10% of my account.

Simon
20 pips = 10% of account? Who would trade like that?
Try hard, think fast, die young
  • #12
  • Mar 19, 2006 6:33pm Mar 19, 2006 6:33pm
Quoting dof
20 pips = 10% of account? Who would trade like that?
I am trying to illustrate the point that the number of pips you make/lose is not really all that relevant. It depends on your position size as to how much money you will lose - this is the important thing not the number of pips.

Simon
  • #13
  • Last Post: Mar 19, 2006 7:03pm Mar 19, 2006 7:03pm
Quoting DrRock
I am trying to illustrate the point that the number of pips you make/lose is not really all that relevant. It depends on your position size as to how much money you will lose - this is the important thing not the number of pips.

Simon
Exactly. It's all about money management. Keep your risk to 2% or whatever you are comfortable losing and it does not matter if you lose 2000 pips. Just so long as it's part of a well planned and tested strategy.

Wiz.
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