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  • #513,181
  • Aug 6, 2011 6:26pm Aug 6, 2011 6:26pm
Quoting pkimnyc
lol. not yet brotha. night still young...
I meant PTL!

Night time still approaches for us, brother!

Any plans? Family's good?
  • #513,182
  • Aug 6, 2011 6:29pm Aug 6, 2011 6:29pm
Quoting kenfen69
I meant PTL!

Night time still approaches for us, brother!

Any plans? Family's good?
nothing special. diner with family.
  • #513,183
  • Aug 6, 2011 6:30pm Aug 6, 2011 6:30pm
Inserted Video
  • #513,184
  • Aug 6, 2011 6:34pm Aug 6, 2011 6:34pm
Quoting FibbinArchie
http://www.youtube.com/watch?v=ELx_x1M9_-Y
edward scissor hand? :o
  • #513,185
  • Aug 6, 2011 6:35pm Aug 6, 2011 6:35pm
Quoting pkimnyc
edward scissor hand? :o
funny little critter O_o
  • #513,186
  • Aug 6, 2011 6:36pm Aug 6, 2011 6:36pm
Quoting FibbinArchie
http://www.youtube.com/watch?v=ELx_x1M9_-Y
You fakking rick-rolling dirty bastard!!!

  • #513,187
  • Aug 6, 2011 6:37pm Aug 6, 2011 6:37pm
standing aside from EU for next week until PA becomes clearer .
Expecting a battle between SNB/BOJ and other market players.
will sell tops on these
  • #513,188
  • Aug 6, 2011 6:38pm Aug 6, 2011 6:38pm
Quoting kenfen69
You fakking rick-rolling dirty bastard!!!

me go now...

catch ya later guys, ciao...
  • #513,189
  • Aug 6, 2011 6:39pm Aug 6, 2011 6:39pm
Quoting FibbinArchie
me go now...

catch ya later guys, ciao...
Nice one! What an exit!

Catch you soon, Arch!
  • #513,190
  • Aug 6, 2011 6:52pm Aug 6, 2011 6:52pm
Quoting frogger
this is oanda broker....just trying to confirm this, somebody let me know that this is just my platform being retarded.....thanks
Oanda did not trigger any orders there, otherwise my Profit target would have been hit. Its not visible on their Java platform (I posted a screenshot).

What you got there is a glitch in the matrix, a view into the future, you were not supposed to see this! Please immediately forget it and under no circumstances try to make any profit from it!
  • #513,191
  • Aug 6, 2011 7:04pm Aug 6, 2011 7:04pm
http://finance.yahoo.com/news/SampP-...&asset=&ccode=

"I find it interesting to see S&P so vigilant now in downgrading the U.S. credit rating," Sen. Bernie Sanders, I-Vt., said Saturday. "Where were they four years ago?"

lmao...
  • #513,192
  • Aug 6, 2011 7:16pm Aug 6, 2011 7:16pm
Quoting kenfen69
I also find I need to take breaks throughout the day. Just walk away for a while and forget it. 20 mins to an hour kind of
I find the more closely I sit and watch, the more tempted I get to tweak away from the original plan.

Seeing thing go the wrong way badly, so you try to correct, which make the day go from bad to worse. On a really bad day you say enough is enough, bottle out, close your under water positions, take the hit like a man etc, take break.

Come back for a quick peak and find it's all turned around back in favour of your original target, but too late now... Sigh.

I've learned - if I have real faith in a trade, then I'll allow for the market going several hundred pips the wrong way and just walk away and let it ride and not stress over it. Usually pays off, having a little faith and being patient and not over stretching your margin - depend on your style I guess - walking away ain't good for twitch action scalpers

Learned careful risk management now and I havnt lost a trade in some time. Let some scary stuff ride mind (thurs eve with a load of badly underwater longs - all payed off nicely by fri eve), but it was still just within my planned risk level.

I run much smaller trades now, but seem to be far more proffitable on average for it.

Anyway - I'm just a n00b with my own weird analysis and trading style - lots to learn, but discipline and a little faith have really turns things around
  • #513,193
  • Aug 6, 2011 7:28pm Aug 6, 2011 7:28pm
Quoting FibbinArchie
it really is a funny old game, i'll make a few grand and suddenly start trying to run, while i'm still really just learning to walk, setting unrealistic targets, etc..
Oh yeh - that was something else that helped me - I actually sat down with excel one day and made a business plan. (this was the day after I managed to wipe a perfectly good account in a day)

It outlines my day and week targets, amounts I should risk, returns I should aim for (ie trade sizes) and gives me a growth curve.

Means I don't end up overdoing it, taking silly risks with unplanned opportunistic trades etc - if i've made my day or week targets - job done, take rest of day off

Losses OTOH are now just an anticipated cost of doing business...
  • #513,194
  • Aug 6, 2011 7:43pm Aug 6, 2011 7:43pm
If I may, reading some of the post with people who say just let it ride is a technique, but hopefully you have a catastrophic stop placed? There have been times I've done this with small positions, successful sometimes, but eventually it catches up with you ohhhh lets say when for no rhyme or reason the NZD is headed for the moon, but it will come back, no really it will come back, Fuck no it ain't coming back, you finally decide to close and it hurts your bottom line.

like a few have stated set your goals for the day whether it is the amount you want to make or risk, once either is hit turn off the box and walk away...this past week I've done well, interestingly enough I had more losses then wins, however ended up with positive results, my mantra is take the loss, take the loss, there will always be another trade...however letting it ride you may not have the funds to make another trade when the opportunity presents itself...not a slam on anyone just my personal experience....
Never been vouched
  • #513,195
  • Aug 6, 2011 7:50pm Aug 6, 2011 7:50pm
Quoting iono
interestingly enough I had more losses then wins, however ended up with positive results
that's the holi grail. Keep working, you will eventually have more wins than losses.
  • #513,196
  • Edited 8:21pm Aug 6, 2011 7:59pm | Edited 8:21pm
Quoting Khazul
Oh yeh - that was something else that helped me - I actually sat down with excel one day and made a business plan. (this was the day after I managed to wipe a perfectly good account in a day)

It outlines my day and week targets, amounts I should risk, returns I should aim for (ie trade sizes) and gives me a growth curve.

Means I don't end up overdoing it, taking silly risks with unplanned opportunistic trades etc - if i've made my day or week targets - job done, take rest of day off

Losses OTOH are now just an anticipated cost of doing...
We learn from our mistakes. You did a very smart thing by working out your risk/reward and preparing a business plan, ...........probably the best thing you have done in this business. This market rewards only those who manage their risk.

I just closed my shorts taking a loss. Like you said, Cost of Doing Business. In my initial days it was very difficult for me to take a loss but now I just move on without even thinking about it. Trading becomes profitable and fun if one learns this one thing: "No matter what, every trade should be of such a small level that there is no much pleasure if it hits tp and no much regret if it hits sl". Following this tactic, all regrets of missing out a good opportunity disappear when one looks at the account growth after 100 trades.
The Thief of Wall Street
  • #513,197
  • Aug 6, 2011 8:13pm Aug 6, 2011 8:13pm
Quoting iono
If I may, reading some of the post with people who say just let it ride is a technique, but hopefully you have a catastrophic stop placed? There have been times I've done this with small positions, successful sometimes, but eventually it catches up with you ohhhh lets say when for no rhyme or reason the NZD is headed for the moon, but it will come back, no really it will come back, Fuck no it ain't coming back, you finally decide to close and it hurts your bottom line.

like a few have stated set your goals for the day whether it is the amount...
I know a very experienced trader who sets tp but no stoploss. Nine out of ten times he smiles, but goes crazy the tenth time.

Sometimes I do remove my sls but very very rarely and only in the event when I know fundamentals are in my favor .......... just to survive temporary spikes in opposit direction when I am not watching my trades. This is what I did with my shorts on Friday .........and paid the price.

Many things and many risk/reward ratio work, but the simple one I know is 1:1 if one has an edge that works consistently. That does not mean other method do not work. Many methods other than 1:1 risk/reward work very well for the situations they are designed for. It is only just that I like 1:1.
The Thief of Wall Street
  • #513,198
  • Aug 6, 2011 8:29pm Aug 6, 2011 8:29pm
If you don't want to get wet, don't stand in the rain.
  • #513,199
  • Aug 6, 2011 8:42pm Aug 6, 2011 8:42pm
Quoting iono
If I may, reading some of the post with people who say just let it ride is a technique
Saying let it ride glosses over alot of reevaluation

Also because I progressively establish a net position as I get confirming signals, it's very different to sticking on a single trade and having an oh sh*t moment when you watch the whole thing sink...

The downside for me - I may never get tight trades that many of you get, but I might get more wiggle room - inter day (overnight) is a different game to intraday - always need more wiggle room, but I find there are less moments of staring at the real time charts in utter horror.
  • #513,200
  • Aug 6, 2011 8:42pm Aug 6, 2011 8:42pm
Quoting Khazul
I've learned - if I have real faith in a trade, then I'll allow for the market going several hundred pips the wrong way and just walk away and let it ride and not stress over it.

Learned careful risk management now and I havnt lost a trade in some time.
Quoting Khazul
Oh yeh - that was something else that helped me - I actually sat down with excel one day and made a business plan. (this was the day after I managed to wipe a perfectly good account in a day)

It outlines my day and week targets, amounts I should risk, returns I should aim for (ie trade sizes) and gives me a growth curve.

Losses OTOH are now just an anticipated cost of doing business...
Wait a second here...

Lemme see if I completely understand this logic...

You have carefull risk management that you have built a business plan on, that allows you to set weekly targets for returns, that includes up to several hundreds of pips drawn against you?

What are your acceptable losses?

Thousands?

And how is it that you set goals on hundreds of pips drawn against you?

This my friend, unless you have the FED printing money into your account, is planned failure.

Right now we are all summer session, which is a lot of ups and downs, what we refer to as choppy waters, here is where you plan has a chance at making you a couple bux. If you ride this logic into a trend, this plan will effectively bow your head between your own legs and allow you to kiss your own ass goodbye...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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