tricky bastards.
Inserted Video
ok enough of that. let's get real for a moment.... nothing happened today. it was CLEARLY one big stop hunt by brokers catching out all the retail traders. they all synchronized their watches so that they could all manipulate their feed at exactly the same time and make it look like it was a news spike. tricky bastards.
To reduce the chances of it getting hit by those noise and movement, put the SL around technically important areas, such as S/R lines, trendlines, MA Lines, Fib ratios etc. In other words you put your SL where you deemed the trade has failed (A place on the chart where you no longer has the reason to trade) These areas are most prominent at higher timeframe charts...the higher the time frame the stronger the areas will be. (4HRS and above)
I'm sorry for the thread-starter and all those who lost their accounts today. Take it as a lesson, ALWAYS put a STOP LOSS with PROPER position SIZING. Don't give up too, you just spend a very expensive schooling fee, your school fees will only be real loss if you give up or you refuse to learn from it.
"Nature's law" is called "Reason". When perfectly understood by human it is
- #23
- Sep 6, 2011 10:17am Sep 6, 2011 10:17am
- Joined Oct 2009 | Status: . | 4,038 Posts
Congratulations ScalaFX for coming out of the closet!
- #26
- Sep 6, 2011 10:41am Sep 6, 2011 10:41am
- Joined Oct 2009 | Status: . | 4,038 Posts
Congratulations ScalaFX for coming out of the closet!
- #27
- Sep 6, 2011 10:41am Sep 6, 2011 10:41am
- Joined Jan 2010 | Status: Amat victoria curam | 2,333 Posts
- #29
- Sep 6, 2011 10:43am Sep 6, 2011 10:43am
- Joined Oct 2009 | Status: . | 4,038 Posts
Congratulations ScalaFX for coming out of the closet!
- #32
- Sep 6, 2011 11:18am Sep 6, 2011 11:18am
Thanks for the tongue in cheek Nubcake 
As previous post said - think about what a stop loss order IS.
It's not gonna save your account from loss during a major market event (dare we call this a Black Swan? Nah, not when they've been threatening to do it for so long).
It's just an offer to buy or sell at a price. During a move like this morning, does anyone want to sell to you? Why would they? You'll get filled when the broker decides to hedge and can get a price for you. Until then, your order is waiting on liquidity. I'm actually amazed that the OP got filled at all. And, the larger the order, the harder to get it filled.
So, how to deal with these kinds of events....hmmm.
Some silly ideas...
-- keep trade size to a minimum % of acct size (MM)
-- don't keep positions open over the weekend - discretionary, but will keep you from market prices gapping on you.
-- Based on your analysis of the previous few weeks, perhaps you conclude that now is not the best time to either be short CHF, or not trade it at all?
Just some random thoughts. I wasn't trading anything CHF related as of last week, but will look to get in when the time is right.
As previous post said - think about what a stop loss order IS.
It's not gonna save your account from loss during a major market event (dare we call this a Black Swan? Nah, not when they've been threatening to do it for so long).
It's just an offer to buy or sell at a price. During a move like this morning, does anyone want to sell to you? Why would they? You'll get filled when the broker decides to hedge and can get a price for you. Until then, your order is waiting on liquidity. I'm actually amazed that the OP got filled at all. And, the larger the order, the harder to get it filled.
So, how to deal with these kinds of events....hmmm.
Some silly ideas...
-- keep trade size to a minimum % of acct size (MM)
-- don't keep positions open over the weekend - discretionary, but will keep you from market prices gapping on you.
-- Based on your analysis of the previous few weeks, perhaps you conclude that now is not the best time to either be short CHF, or not trade it at all?
Just some random thoughts. I wasn't trading anything CHF related as of last week, but will look to get in when the time is right.
Disregard all prognostications.
- #33
- Sep 6, 2011 11:28am Sep 6, 2011 11:28am
- | Commercial User | Joined May 2011 | 1,754 Posts
To improve is to change. To perfect, is to change often.
To me this is nothing new.... it is just another day of trading... see the big smile on my face 
What you guys should really, really.... I mean REALLY think about at this moment is....
Where were the technical and fundamental gurus who loves to teach you guys about predicting future price?... Oh wait, since it's the aftermath... of course it is easy to justify it now
for whatever reasons you may fancy. 
What you guys should really, really.... I mean REALLY think about at this moment is....
Where were the technical and fundamental gurus who loves to teach you guys about predicting future price?... Oh wait, since it's the aftermath... of course it is easy to justify it now
for whatever reasons you may fancy. - #36
- Sep 6, 2011 12:13pm Sep 6, 2011 12:13pm
- Joined Oct 2009 | Status: Trader | 15,211 Posts
To me this is nothing new.... it is just another day of trading... see the big smile on my face
What you guys should really, really.... I mean REALLY think about at this moment is....
Where were the technical and fundamental gurus who loves to teach you guys about predicting future price?... Oh wait, since it's the aftermath... of course it is easy to justify it now
Spot on.
Nobody who is succesful in this business will ever share his strategy with anyone, not in a million years, not for a million dollars. There is nothing you can beg, borrow or steal to make it in this business.
Anything you ever read anywhere to "help" you in this business is utter rubbish, if someone really decided he wanted to share his succesful strategy, he would call either DB/GS/UBS, go to one of the boutique firms, or hang up his own shingle in the City.
Why would anyone who made it in this business share his blood, sweat and tears with a nobody he met on the internet, or flog it for 99 bucks.
Sharing what you have worked so hard for with another, just means giving up your edge, why would you want to do that. Even if you had hundreds of millions in the bank on the back of your strategy, why would you want to share what you have worked half or most your life on with a 16 year old muppet you found on FF? At that point in life you would make sure you leave a legacy for the next generation, you help out on charity fundraisers, you are not going to start teaching a few desperate noobies with no background for 3 weeks at a time each month.
We are getting sidetracked though, we are having way too much fun with the OP for blowing his account on 2 trades in 5 minutes. I for one am not openly laughing at him, maybe a bit, but am using him as just another example of what not to do and how not to trade.
- #38
- Sep 6, 2011 12:26pm Sep 6, 2011 12:26pm
- Joined Jan 2010 | Status: Amat victoria curam | 2,333 Posts
To me this is nothing new.... it is just another day of trading... see the big smile on my face
What you guys should really, really.... I mean REALLY think about at this moment is....
Where were the technical and fundamental gurus who loves to teach you guys about predicting future price?... Oh wait, since it's the aftermath... of course it is easy to justify it now
[size=4][color=DarkRed]...
Yes and no, took nearly 300 from crude today, a couple dozen from dax although thankfully equities didnt move too violently today and for most part the commodities were pretty stable today. Numbers seem impressive but they are not in fast moving markets. I bought and sold both euro waves today, they were simple enough to read imo but the chf pairs really blew my mind.
I missed the big CHF bounces though, ken actually had 2 lower buys on ECHF and cadchf and took 2000 pips on echf alone.
Not a huge fan of forex these days since its to slow for the timeframes i trade on.
There really was no way to "predict" this happening today, people either got lucky on their existing longs or they decided to go the short route and took a massive hit.
Cloggie makes a good point though, though to some extent i disagree with needing 10k minimum. 10K imo isnt even nearly enough to trade properly unless its some retirement account you are doing for fun. Anything below 50k and you really are either overleveraged or have an exceptional hitrate with MM.
Anyways, i agree with both of your warnings to basically stay clear of self professed gurus who offer you infinity in profits for the cheap rate of 59.99 DOLLAZ.
EDIT: also this:
