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  • #536,701
  • Sep 9, 2011 12:35pm Sep 9, 2011 12:35pm
Quote, GoldMan:
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Those !diots make you and i richer so no need to bother. I welcome them with open hands. Just don't like too much of their spam in FF.
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So true. So true.

The trader who's main skill is trend following, must indeed welcome foolish noobi faders with open arms!!!!!!!!
  • #536,702
  • Sep 9, 2011 12:45pm Sep 9, 2011 12:45pm
Quoting CalistogaKid
Your observations on Cloogie are actually quite astute. On a personal level I have to say I had him pegged the minute I read the posting rules for that Really Useless Thread. Remember back in high school how there was always a group of jocks that thought they were better than everybody else? Do you also remember how it never dawned on them that the arrogance in their attitudes made everyone else better than them?
Well, he may have gone on to be a hugely successful trader as many of those "type A" personalities often do. But, his attitude...
Very good pyschological analysis there ... I can relate to everything you say. However, I've not had experience of his trading advice, though he often posts post-trade boasts, which are of no use to anyone. I wonder why he feels the urge to keep on re-visiting this thread. There must be something missing in 'their' thread.
  • #536,703
  • Sep 9, 2011 12:47pm Sep 9, 2011 12:47pm
Ok first of all I'm sorry this is off topic but its a question I've been researching the last couple days and I have been demoing many different brokers and platforms. I know this is easily the most viewed thread on FF so I decided to ask here b/c I need as fast a response as possible.

There are a couple of features I'm looking for:
1) Position management. I don't want my positions to be averaged together and force me to dump my most profitable position. Overall this does not matter but it makes position management more complicated and more difficult to manage.
2) Change the open of my daily candle to whatever I prefer. I guess this could translate to setting broker opening time.
3) Hedge. I live in the U.S. so a U.S. broker is not an option unless I open 2 accounts (which I could do)

Right now I use TradeStation and I can't do any of those things but the charting package is VERY good so a serviceable charting package is a plus.

Thanks,
zusch
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #536,704
  • Sep 9, 2011 12:54pm Sep 9, 2011 12:54pm
Quote, Khazul:
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Yes - net result when your down by N pips:
1. You close now and loose N pips worth right now.
2. You hedge, this means you loose N pips + spread pips + unable to benefit from a move the right direction as now your trades are cancelling each other, so your in a worse position that being out of the market entirely.
3. (Variation of 2) using a partial hedge to fend off a margin call while your release margin from the wrong direction trades - lets face it you're doomed anyway - may as well just get it over with and save any more stress
-------------------

Good points, though there is a little more that can be said:

- As to the loss of basis issue: any time your NAV loss is less than 10%, you'd be a fool to do anything other than fold because a similar gain will leave you down 1%... no big deal. And, if a loss of 20% is followed by an identical gain, you're still only down 4%. But past 30%, things get ugly, and hedging begins to make sense. Of course a trader who lets a loss to go beyond 4% had no sophistication to begin with and can't be expected to identify a bad trade before it becomes a disaster. But then, who said anyone but a noobi would even need to enter a hedge (or state of grace LOL).

- Spread pips are a minor consideration when your account is about to margined out. Benefiting from a "move" would likely be an accident anyway for most noobi's. But, there is an intermediate state of knowledge where many traders only realize where a bottom or top is AFTER it is traced out... hedging can allow thought to be collected and processed.

- "Doomed anyway"? "More stress"? Hey, stress focuses the mind! Too many traders fail to do the work they should early on...spend a few hours or days under a hedge? - that's something you don't forget and it gives you a lot to think about!
  • #536,705
  • Sep 9, 2011 1:06pm Sep 9, 2011 1:06pm
opening identical trades in opposite directions is not hedging.. i guess you can argue that technically it is, but yeah, still pointless.

internet is full of sources on hedging.. take the weekend to read some.
  • #536,706
  • Sep 9, 2011 1:08pm Sep 9, 2011 1:08pm
Just what I said first time I heard the term used in that way, but in the Forex world, that's what they call it!

Now that I think about, I remember guessing at the time that some bank shill probably dreamed up the term to make it sound stupid and to create confusion.

I think of "hedging" as a state of grace.
  • #536,707
  • Sep 9, 2011 1:13pm Sep 9, 2011 1:13pm
somehow, i think i need some1 like cloggie in order to put some1 like me (noobie) back on track.. his view / criticism is something i found highly useful .. he is right about 'hedge' thing..
  • #536,708
  • Sep 9, 2011 1:14pm Sep 9, 2011 1:14pm
Quoting noobie
Very good pyschological analysis there ... I can relate to everything you say. However, I've not had experience of his trading advice, though he often posts post-trade boasts, which are of no use to anyone. I wonder why he feels the urge to keep on re-visiting this thread. There must be something missing in 'their' thread.
When you're head's been shrunk as much as mine, it's easy to recognize your fellow psychotics.
"The only way to win the game is not to play." - B. S. Miller
  • #536,709
  • Sep 9, 2011 1:17pm Sep 9, 2011 1:17pm
Sorry Rokokdaun, this is basically a political issue since the CFTC ruling.

To wit: do you want to be treated as livestock by the government? Or, do you want to be treated like a human being able to make your own decisions?

You're probably only concerned about making money at the moment.

Don't blame you...
  • #536,710
  • Sep 9, 2011 1:18pm Sep 9, 2011 1:18pm
Quoting Tellerton
Hey, stress focuses the mind! Too many traders fail to do the work they should early on...spend a few hours or days under a hedge?
The last time I spent a few hours under a hedge I woke up cold wet and with a terrible hangover...
  • #536,711
  • Sep 9, 2011 1:21pm Sep 9, 2011 1:21pm
  • #536,712
  • Sep 9, 2011 1:23pm Sep 9, 2011 1:23pm
hi
friends i m long from 3850 can any help me where to close trade
thanx
  • #536,713
  • Sep 9, 2011 1:28pm Sep 9, 2011 1:28pm
its better to ride the trend! TP @ 3637
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  • #536,714
  • Sep 9, 2011 1:29pm Sep 9, 2011 1:29pm
eur/usd looking in still bearish mode
  • #536,715
  • Sep 9, 2011 1:35pm Sep 9, 2011 1:35pm
Quoting cloggie
As soon as you scalp opposite your swing trade, you are missing the opportunity to close that swing trade and get in at a better price, while still scalping the counter of your swing, no matter how you try to justify it, that will always be more profitable then having 2 opposing trades open at the same time in the same instrument.


But like I said, I could not give a toss what you do.


Hedging is not a strategy, it is living a lie.
Halleluyah

Quoting cloggie
I am a big fan of the CFTC rules and posters here that know me know that I feel that they have not gone far enough.

I want to see 10:1 or less leverage and min account size of 250k-500k. That is the only way to protect muppets from themselves.

Why do 70-80% of the retailers fail? Because they have no business being in this business in the first place.

Too many idiots with 2000 dollar accounts and 200:1 leverage think they are traders.

School's out kids
  • #536,716
  • Sep 9, 2011 1:49pm Sep 9, 2011 1:49pm
thanx for reply what seniour traders think closing for today
and whats best level achievable to close long
  • #536,717
  • Sep 9, 2011 1:51pm Sep 9, 2011 1:51pm
Quoting Dime
Halleluyah




School's out kids

I have been long lately...currently in minus $3654...Hope G7 meeting will do some miracle..Have a great weekend.Good luck to all.I am leaving for 3 country tour tomorrow..I will be online after 5 days only
  • #536,718
  • Sep 9, 2011 1:52pm Sep 9, 2011 1:52pm
short eurgbp at 0.8612 stop 0.8637, target 0.8576

medium probability
When life gives you lemons, make lemonade
  • #536,719
  • Sep 9, 2011 1:56pm Sep 9, 2011 1:56pm
flag formation begins by looking at the monthly schedule
  • #536,720
  • Sep 9, 2011 2:01pm Sep 9, 2011 2:01pm
Quoting micho
short eurgbp at 0.8612 stop 0.8637, target 0.8576

medium probability
doesnt look good now, closed +5
When life gives you lemons, make lemonade
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