EurAnalysis | Page 204 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

EurAnalysis Kindergarten 24 replies

Attachments: EurAnalysis
Exit Attachments

EurAnalysis

  • #4,061
  • Oct 20, 2011 9:10am Oct 20, 2011 9:10am
Quoting PipKiller
I use stop loss, but I also use large position size or 2% of my risk capitol per trade to take advantage of small moves therefore all of my losses are incured with a stop loss. I am profitable based on MY money management and trading methods. To use large position size like I do without a stop is account suicide. Now a position or swing trader with small position size looking for the 500+ pip move can handle more pips draw down than I can.

My stops are usually 15 - 30 pips, they may be able to take a 1000 pip whack if their position size...
There is no real right answer. If in doubt, then use a stoploss.
Kill the ego, or it will kill the mission.
  • #4,062
  • Oct 20, 2011 9:10am Oct 20, 2011 9:10am
Quoting FXMindset
Overall a good MM is the key
Exactly
Those who say it cannot be done should not interrupt those who are doing it
  • #4,063
  • Oct 20, 2011 9:12am Oct 20, 2011 9:12am
Quoting PipTrapper
I don't use stop loss and I still win but that is because I have good entries.

Traders lose because they have bad entries, not because they don't use stop loss. If you have a good entry, then price can hit your stop loss and turn around and go to your take profit but by then it is too late because you have already been taken out.

With a bad entry, a stop loss works better because it limits your loss. But with a bad entry you will never make it to your take profit anyway.

I suppose it all depends on your style. It takes guts and patience to trade...
Very well stated friend. Itīs a bit like trapeze without the net. You are going to make very sure you get it right. Still, stop loss or not, you cannot expose the bulk of your capital to a margin call. A major world disaster can take you out in a second. Thatīs why I use several accounts.
Observation is the path to discovery.
  • #4,064
  • Oct 20, 2011 9:14am Oct 20, 2011 9:14am
Tom,
if I misread the deal, my appologies.
  • #4,065
  • Oct 20, 2011 9:14am Oct 20, 2011 9:14am
Quoting tashkent
astonishing. share the secret?
I short at 1.3824...every single time.

I also short at 1.3795...every single time.

20 pips each time PA crosses through either of these ranges.

Because I don't use a stoploss, I can carry a loss and so am not overly concerned about drawdown.
Kill the ego, or it will kill the mission.
  • #4,066
  • Oct 20, 2011 9:15am Oct 20, 2011 9:15am
Quoting TheSwede
At what time does you daily candle start?
On Broco it is GMT+2 and on FXCM it is GMT
Those who say it cannot be done should not interrupt those who are doing it
  • #4,067
  • Oct 20, 2011 9:15am Oct 20, 2011 9:15am
Quoting Tom_D_Trader
I would never trade without SL. They can shoot Obama, hit Pentagon with a plane, there will be a tsunami, nuclear meltdown whatever.

Well if this is the case, not even SL will help you because you just get slipped below it, but it will stop when it can. Without SL, you always have to "babysit" your trades and close em manually. If you are scalper with good self esteem, self confidence, coldblooded, willing to babysit your trades, you can trade without SL. Otherwise, you can be sure they will shoot Obama as soon as you go to toilet and your margin...
It has to do with lot size and strategy. I sleep just fine at night. The structure of your system is everything.
Kill the ego, or it will kill the mission.
  • #4,068
  • Oct 20, 2011 9:21am Oct 20, 2011 9:21am
Quoting drtorque
hey, you guys feel like Euro is creeping up slowly?
Not sure about creeping up slowly but it is certainly creepy

It is in a range torque. A very tight range. Markets are selling it and the ECB and sovereigns are buying it with truckloads of USDs from the FED
Those who say it cannot be done should not interrupt those who are doing it
  • #4,069
  • Oct 20, 2011 9:22am Oct 20, 2011 9:22am
Quoting AaronWard
I short at 1.3824...every single time.

I also short at 1.3795...every single time.

20 pips each time PA crosses through either of these ranges.

Because I don't use a stoploss, I can carry a loss and so am not overly concerned about drawdown.
thanks
and one of the main things is you can carry a loss. that is my weak point, usually I am too concerned about loss and quit early where I can make some pips and left with loss...
do you take long positions too or just short?
As Above, So Below
  • #4,070
  • Oct 20, 2011 9:23am Oct 20, 2011 9:23am
Quoting foto
Tom,
You have obviously done a lot of research.
Now you are at the stage ....
Thanks for hints man, but I already did that . I was projecting my tradeplan for half a year, I am just starting trading now (Yet I already managed to burn one account like two/three years ago when I was focusing on indicators). I know almost all of indicators and I know exactly how to use them and how are they calculated. When I learned that, I stopped using them.

So from the technical point of view, I focus on weekly high/low/close and current weeks daily high/low/close, pivots and my insane Elliot wave stats.

From fundamental point of view, I am doing the best I can, but it is just goddamn hard to learn it all as FA is just too complex. Yet I am still improving.

From money management issue, well, thats just absolutely not the case for me as I play poker in casinos for 2 years now and i am kind of an accountant.

Thanks for the hints anyway.

T.
"I know one thing, that I know nothing." Sokrates
  • #4,071
  • Oct 20, 2011 9:24am Oct 20, 2011 9:24am
Quoting PipTrapper
Not sure about creeping up slowly but it is certainly creepy

It is in a range torque. A very tight range. Markets are selling it and the ECB and sovereigns are buying it with truckloads of USDs from the FED
Any idea when they will have enough?
Kill the ego, or it will kill the mission.
  • #4,072
  • Oct 20, 2011 9:27am Oct 20, 2011 9:27am
Quoting Tom_D_Trader
but it is just goddamn hard to learn it all as FA is just too complex.

T.
It is totally astounding how much there is to learn. Particularly when all we really do is watch little bars go up and down on a screen, and we get paid if we judge the direction correctly.
Kill the ego, or it will kill the mission.
  • #4,073
  • Oct 20, 2011 9:28am Oct 20, 2011 9:28am
Quoting foto
Tom,
You have obviously done a lot of research.
Now you are at the stage of figuring out what to do with all that knowledge.
Your mind focuses on macro themes so that would suggest employing a methodology that is based upon longer term price action.

Two major tradeable events that markets exhibit are trends (or lack of them) and volatility.

Bring up a price only chart on dailies and spend some time just drawing trend lines see if you can identify patterns that if you had entered or exited would have resulted in trades.
Most people say...
Excellent advice foto. Tom, he is absolutely correct.
My view is that "failure to launch", as much as it ensure you lose no money, it worse than taking some risk and learning from it.

Allow me to add a suggestion. Once you have set up a chart like foto suggested, follow a simple rule which will more often than not allow you to recover or mitigate the loss of a bad trade. Only sell on the swing high and only buy on the swing low. Use your favorite forms of support and resistance (be it fibs, trend lines, emas, etc) as your bounce points but you have to look at the bigger picture also. At least that's what always worked for me anyway

Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it
  • #4,074
  • Oct 20, 2011 9:29am Oct 20, 2011 9:29am
Second attack on the multiple support area around 1.3660 to 1.3720. I donīt expect it to break down yet, Maybe on the third try. Once it breaks, look out below because the neckline will have broken and you have a lot of sell stops and stop losses under it. The neckline right now is at 1.3626.
Observation is the path to discovery.
  • #4,075
  • Oct 20, 2011 9:33am Oct 20, 2011 9:33am
Quoting tashkent
thanks
and one of the main things is you can carry a loss. that is my weak point, usually I am too concerned about loss and quit early where I can make some pips and left with loss...
do you take long positions too or just short?
I scalp in the direction of the larger trend, and against the direction of the counter trend. So with the Euro, I go short. I make money if the market goes sideways, I make money if the market goes in the direction of the major trend and I accumulate draw down when the market goes in the direction of the counter trend.

I pay particular attention to fundamentals, particularly when the the trend is at an extreme.
Kill the ego, or it will kill the mission.
  • #4,076
  • Oct 20, 2011 9:36am Oct 20, 2011 9:36am
Quoting PipTrapper
Excellent advice foto. Tom, he is absolutely correct.
My view is that "failure to launch", as much as it ensure you lose no money, it worse than taking some risk and learning from it.

Allow me to add a suggestion. Once you have set up a chart like foto suggested, follow a simple rule which will more often than not allow you to recover or mitigate the loss of a bad trade. Only sell on the swing high and only buy on the swing low. Use your favorite forms of support and resistance (be it fibs, trend lines, emas, etc) as your bounce points but you...
I would add... start with the smallest lot size out there and gradually work your way up. Some people like to spend a lot of time with a demo, but for me...way too boring.

And of course you know that if you can turn 100 dollars into 200 dollars, you can turn 100,000 into 200,000.
Kill the ego, or it will kill the mission.
  • #4,077
  • Oct 20, 2011 9:37am Oct 20, 2011 9:37am
Quoting AaronWard
Any idea when they will have enough?
Tomorrow at or before Europe close when they realize that the EU doesn't know which way is up and they decide to take all risk off the table for the weekend.
Those who say it cannot be done should not interrupt those who are doing it
  • #4,078
  • Oct 20, 2011 9:38am Oct 20, 2011 9:38am
Quoting PipTrapper
....
My view is that "failure to launch", as much as it ensure you lose no money, it worse than taking some risk and learning from it.
...
Why dont you guys look at some charts I posted? I would appreciate that. I just wrote PM to foto as I didnt want to spam your thread, but since you joined him I dare to write one more message not regarding to Urinalysis.

You are all welcome in mentoring me. I dare to say I am very educated guy and quite a smart one . But not only FA is complex and hard to understand, but FX market is the most complex market in the world with so many factors inflicting it, that there are always informations not even the smartest guy on earth knows. So teach me, tear my charts apart, make fun of me, I dont mind, because I know, that i know nothing. And it will always stay this way. I am willing to learn my whole life and I am enjoying it.

T.

Edit 4 Aaron: Yea, thats what I am doing. I risk 0,2% of account with every trade and SL is set to 30 pips.

1more edit 4 PT: Failure to launch is not a problem for me, I just set my tradeplan very carefully, so I wait for major elliot (daily, check my statisics, if interested) wave down now and then i ride minor waves down.
"I know one thing, that I know nothing." Sokrates
  • #4,079
  • Oct 20, 2011 9:42am Oct 20, 2011 9:42am
Quoting Tom_D_Trader
Why dont you guys look at some charts I posted? I would appreciate that. I just wrote PM to foto as I didnt want to spam your thread, but since you joined him I dare to write one more message not regarding to Urinalysis.

You are all welcome in mentoring me. I dare to say I am very educated guy and quite a smart one . But not only FA is complex and hard to understand, but FX market is the most complex market in the world with so many factors inflicting it, that there are always informations not even the smartest guy on earth knows. So teach...
If I find some time on the weekend, I will look at your previous posts and charts and I will pm you or comment on your posts No promises but I will try.
Those who say it cannot be done should not interrupt those who are doing it
  • #4,080
  • Oct 20, 2011 9:43am Oct 20, 2011 9:43am
thank you Aaron for your reply. wish you a great day!
As Above, So Below
33 traders viewing now