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EURUSD

  • #568,761
  • Dec 1, 2011 12:25pm Dec 1, 2011 12:25pm
Quoting Yuchen
I heard some professional traders who aim to 1000+ or even 3000+ pips never usde stop-losses, however, they trade super long term and based on monthly, weekly chart. The minimum time frame they use is dayly chart and they will cut their loss when the daily/weekly chart closed above/below some levels. But for a day trader, i dont think never use stop loss is a good idea. You may survive in a few trades but you will die once the time comes.
Agreed.
BUT! I refine now my new NON-STOP-LOSSES-SUPER-DRUPER-TRADING-SYSTEM-OF-ALL-TIMES. Testing on demo $2000 open Nov,10. Have made 3964 pips so far (in 20 calendar days, you know). Almost no lost trades. It's a miracle!
  • #568,762
  • Dec 1, 2011 12:26pm Dec 1, 2011 12:26pm
Quoting FXMindset
Hi Chicky,

Havent received your email yet



Thanks
Over the weekend.
The Thief of Wall Street
  • #568,763
  • Dec 1, 2011 12:28pm Dec 1, 2011 12:28pm
Quoting Yuchen
I heard some professional traders who aim to 1000+ or even 3000+ pips never usde stop-losses, however, they trade super long term and based on monthly, weekly chart. The minimum time frame they use is dayly chart and they will cut their loss when the daily/weekly chart closed above/below some levels. But for a day trader, i dont think never use stop loss is a good idea. You may survive in a few trades but you will die once the time comes.
Maybe this ?
Attached Image (click to enlarge)
Click to Enlarge Name: tradersmind.gif Size: 16 KB
If there was easy money lying around,no one would be forcing it into your
  • #568,764
  • Dec 1, 2011 12:30pm Dec 1, 2011 12:30pm
Quoting Chicky
Over the weekend.
Ok,Dont forget ya


Thanks
If there was easy money lying around,no one would be forcing it into your
  • #568,765
  • Dec 1, 2011 12:31pm Dec 1, 2011 12:31pm
Quoting Yuchen
I heard some professional traders who aim to 1000+ or even 3000+ pips never usde stop-losses, however, they trade super long term and based on monthly, weekly chart. The minimum time frame they use is dayly chart and they will cut their loss when the daily/weekly chart closed above/below some levels. But for a day trader, i dont think never use stop loss is a good idea. You may survive in a few trades but you will die once the time comes.

that's definitely an issue of capital. Most of us don't have enough money to even last 1000's of pips in runups against us on 1 standard LOT, or if we do, it's making a substantial account dent. Plus do you really want to be underwater for a month -10k+..... If I had a few million though...sure. open up 100 Lots on a 10Million account balance, aim for a 1.25 target with stop at 1.40 in the euro.......and let it ride for a couple months, no problem, if you're right......you'll make a 10% of your account. If wrong, you'll lose 5%.
  • #568,766
  • Dec 1, 2011 12:34pm Dec 1, 2011 12:34pm
Quoting FXMindset
Maybe this ?
G-G-G!
Brilliant!
  • #568,767
  • Dec 1, 2011 1:15pm Dec 1, 2011 1:15pm
maybe scalp tonight hmm??
from this 1pip profit
Attached Image (click to enlarge)
Click to Enlarge Name: eur13.gif Size: 34 KB
The market was bullish, turned bearish, and you'are brokish!!!
  • #568,768
  • Dec 1, 2011 1:15pm Dec 1, 2011 1:15pm
Hahaha this is SO true!

Quoting FXMindset
Maybe this ?
  • #568,769
  • Dec 1, 2011 1:42pm Dec 1, 2011 1:42pm
Quoting Chicky
They are so clever that they only use SP and TL (Stop Profit and Take Loss).
Yeah, you are right. The good long-term traders move s/l when they have large profits and when they see it break significant resistence/support, then they also add more position when they are winning and usually they are in the correct trend so their profits will grow on the way, then they keep moving s/l at more profits position eventually, they got s/l with a few thousand pips and i think you probably have the similar experience before.

Quoting DragonEye
Agreed.
BUT! I refine now my new NON-STOP-LOSSES-SUPER-DRUPER-TRADING-SYSTEM-OF-ALL-TIMES. Testing on demo $2000 open Nov,10. Have made 3964 pips so far (in 20 calendar days, you know). Almost no lost trades. It's a miracle!
I suggest you test it for another year, i am serious, the longer time you test trade with no s/l, the more chance you can see how dangerous it is... another reason is you have no pressure when you trade on demo, if you do it in your real money you may feel nervous with a big floating loss.. just be careful

Quoting FXMindset
Maybe this ?
It is a shame but i have to admit, that's how i blow my last account in 2010, i opened a long UJ at 90 and add another at 88.5, then 87, 86, 85.... then everyone knows what happend....


Quoting lolygagv2
that's definitely an issue of capital. Most of us don't have enough money to even last 1000's of pips in runups against us on 1 standard LOT, or if we do, it's making a substantial account dent. Plus do you really want to be underwater for a month -10k+..... If I had a few million though...sure. open up 100 Lots on a 10Million account balance, aim for a 1.25 target with stop at 1.40 in the euro.......and let it ride for a couple months, no problem, if you're right......you'll make a 10% of your account. If wrong, you'll lose 5%.
yeah, that's true... i think professional traders dont use their money, they collect customers money together to have a huge account, so even if they made a mistake lost 100K, every customer maybe only lost 100 dollars which is fine.. the biggest problem for most of us is we are not too bad to see a long term trend but all of us want to market started to move 100 pips after we open the position, and then move another 100 pips after one more hour, and the another... but it is definitely impossible, so we can patient enough to wait for a good time and price to entry but not patient to wait for it going (i guess because we feel relatively larger pressure if the position really opened than we just see the market).
I encourage myself to be a long time trader now so i opened a 0.01 lot long EUR/AUD at 1.3100 yesterday and I will keep update that pair in this forum daily, because i have low determination and confidence to trust myself so i cannot hold my trading, therefore i decide to say it in public and then it can discpline me follow my plan.. my next plan is waiting for EUR/AUD close above 1.3260 on a 4H chart then i will add another 0.01 lot.
  • #568,770
  • Dec 1, 2011 1:59pm Dec 1, 2011 1:59pm
Quoting FXMindset
Maybe this ?
Hahaha, brilliant picture, ctrl+s, thank you!
Quant Hedge Fund CEO
  • #568,771
  • Dec 1, 2011 2:04pm Dec 1, 2011 2:04pm
Quoting Cerber.bf2
sometimes I do something like that, I put 2 opposite trades before the release with the same number of pips in stop. But that's gambling right there, you might want to think twice.
I think it is still in my favor because US news has been positive so far in last month.
  • #568,772
  • Dec 1, 2011 2:07pm Dec 1, 2011 2:07pm
Quoting Yuchen

I suggest you test it for another year, i am serious, the longer time you test trade with no s/l, the more chance you can see how dangerous it is... another reason is you have no pressure when you trade on demo, if you do it in your real money you may feel nervous with a big floating loss.. just be careful

Getting in the habit of using sl and tp wil also develop precision in trading.
  • #568,773
  • Dec 1, 2011 2:12pm Dec 1, 2011 2:12pm
Quoting Cerber.bf2
sometimes I do something like that, I put 2 opposite trades before the release with the same number of pips in stop. But that's gambling right there, you might want to think twice.
I tried that a while back, in demo I should add. One order 20 pips above the price, one 20 below. About a minute before the data release price started bouncing around as usual. It dipped down and triggered my short trade. As news was released it reversed, shot up, stopped out the short trade and triggered the long. Almost immediately it reversed, divebombed and stopped it out.

I sat there smiling all the way through it, cos a couple of minutes before it all happened I sat there looking at the chart, the orders and the stops and thought 'I know exactly what's going to happen here'.
  • #568,774
  • Dec 1, 2011 2:12pm Dec 1, 2011 2:12pm
Quoting Chicky
They are so clever that they only use SP and TL (Stop Profit and Take Loss).
  • #568,775
  • Dec 1, 2011 2:15pm Dec 1, 2011 2:15pm
Quoting pkimnyc
Getting in the habit of using sl and tp wil also develop precision in trading.
Trading without sl is purely nuts. Use stop profit at least like chicken.
  • #568,776
  • Dec 1, 2011 2:16pm Dec 1, 2011 2:16pm
Quoting pkimnyc
Getting in the habit of using sl and tp wil also develop precision in trading.
ya, i am not good at setting a tp.. always close manually or hit s/l
i had a t/p made me regret a lot.. i had a long EUR/CHF at 1.1030, s/l at 1.0090, i was thinking if i should set a t/p before i sleep, after thought it for a few minutes, i decided to set a t/p at 1.1130 and went to sleep, then it jumped to 1.2XXX when i woke up...
  • #568,777
  • Dec 1, 2011 2:20pm Dec 1, 2011 2:20pm
ok traders see you after 8 hours
Trade responsiblypatience is the key/Swing trader
  • #568,778
  • Dec 1, 2011 2:21pm Dec 1, 2011 2:21pm
Quoting Yuchen
ya, i am not good at setting a tp.. always close manually or hit s/l
i had a t/p made me regret a lot.. i had a long EUR/CHF at 1.1030, s/l at 1.0090, i was thinking if i should set a t/p before i sleep, after thought it for a few minutes, i decided to set a t/p at 1.1130 and went to sleep, then it jumped to 1.2XXX when i woke up...
Just like sl, tp also has to have a good reason and logic. Either you take it manually or set a tp. Exit is very important.
  • #568,779
  • Dec 1, 2011 2:24pm Dec 1, 2011 2:24pm
Quoting Yuchen
ya, i am not good at setting a tp.. always close manually or hit s/l
i had a t/p made me regret a lot.. i had a long EUR/CHF at 1.1030, s/l at 1.0090, i was thinking if i should set a t/p before i sleep, after thought it for a few minutes, i decided to set a t/p at 1.1130 and went to sleep, then it jumped to 1.2XXX when i woke up...
Was there a reason why 1.113 better than 1.2? If so then it's still a good trade.
  • #568,780
  • Dec 1, 2011 2:24pm Dec 1, 2011 2:24pm
Quoting pkimnyc
Just like sl, tp also has to have a good reason and logic. Either you take it manually or set a tp. Exit is very important.
Exit is more important than Entry in my opinion... I can always find not bad entry point but exit with a bad exit point.
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