2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
- #571,642
- Dec 8, 2011 5:17am Dec 8, 2011 5:17am
- | Joined Jun 2010 | Status: The Villain | 2,565 Posts
why not you dont owe the markets any favors... they owe you...
why not move your SL to lock some and see if it breaks the daily support 1.33569 area? then buy again at the demand back up to the lower part of the range? a good 80 odd pips in both directions.
yes, but i need to go out in 30 minutes. hence.....
- #571,643
- Dec 8, 2011 5:21am Dec 8, 2011 5:21am
- | Joined Jul 2011 | Status: Jesus is the way. | 1,450 Posts
doing it on a demo account is a lot easier than a live account.
just because made some trades where his timing was wrong, adding more positions to average up in the hopes to make back the first trade that had a draw down, is not smart trading!
I could even go off FF for days or weeks. I'm posting this, not because I want to support cloggie or hail anyone's strategy, but just to clarify a thing or two.There's a very big difference between averaging and positioning. Averaging is done by gamblers who add to their losing positions in the light or hope of getting out at breakeven. Some even double their lotsizes on the way up or down. They don't have stops. Their stops is a call from their broker. Positioning is a totally different issue. It's hard to predict prices to the pip and that's where positioning comes in. Say I know prices are bound to reverse somewhere in between 3420s and 3450 for a dip to 3232. If I'm ready to risk 50pips on that zone, I do not need to go all in at 3420. You never can tell which one would do the trick. So you position yourself all the way up from 3420 to 3450 knowing that 3450 should be the cap. You place your stop above it tightly such that the average of all the losses if the zone fails boils to your risk. And if it works out, you pay yourself all the way down. You don't want to go all in at 3425, put your stop at 3445, only for prices to reverse at 3450. You would have put a bullet right through your head. And you wouldn't want to sit on your hands waiting for 3450 only for prices to never get there and reverse at 3445. You'd probably jump out the window.
Don't mind me for typing so much, just keeping myself busy till the EU decision.
Don't just beat the markets, leave bruises.
- #571,646
- Dec 8, 2011 5:24am Dec 8, 2011 5:24am
- | Joined Jul 2011 | Status: Jesus is the way. | 1,450 Posts
Don't just beat the markets, leave bruises.
- #571,649
- Dec 8, 2011 5:26am Dec 8, 2011 5:26am
- Joined Apr 2009 | Status: Live and learn. | 25,160 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #571,650
- Dec 8, 2011 5:27am Dec 8, 2011 5:27am
- Joined Mar 2010 | Status: Trader | 42,434 Posts
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
- #571,652
- Dec 8, 2011 5:32am Dec 8, 2011 5:32am
- Joined Mar 2010 | Status: Technical Fundamentalist | 11,563 Posts
Pending conversations? PM for a chat...I am mainly in OTM now
There's a very big difference between averaging and positioning. Averaging is done by gamblers who add to their losing positions in the light or hope of getting out at breakeven.
... I've been trading for 15 years, I know what it's all about...When that person who insults others for no reason, who lets his narcissistic personality to boost his ego... only shows the trades that he did, then once his trades get into profit, then he posts... his timing is out of whack...that's why he averaged up to make back the first trades drawn down... some 4 or 5 trades later, it finally went in his direction... if those trades hadn't gone into profit, I can guarantee you he would not let his ego get the better of him and not show those trades.
providing those trades for others to see with no reason why he did it, or show the actual times when the trades were made adds no value to this forum, just like most of his posts here.
I like you are not trying to start an argument, I'm saying it how it is.
I on the other hand, provide the value why I enter the trades, and I show them from time to time too, and I don't back off when I made a loss, just like the other week when I hit the NZD/USD trade, but I then doubled up on next lot and made a profit; my timing was wrong, but the 2nd trade hit 40 pips profit inside 2 minutes.
I just posted another one too on the GBP/USD thread a little while ago, that hit profit status within seconds.
To make more than one trade on the same currency pair... is nothing but pure gambling and bad trading...
If I'm ready to risk 50pips on that zone, I do not need to go all in at 3420.
Neither do I, I don't let my SL get hit if I know its going to reach it, that would be just plain stupid
Any hows... have yourself a great trading day!
Steve
- #571,654
- Dec 8, 2011 5:36am Dec 8, 2011 5:36am
- Joined Jun 2011 | Status: Scratching my head. | 3,576 Posts | Online Now
Kill the ego, or it will kill the mission.
What amazes me is that none of you guys who i asked to tell me why you think he is so great could give me any straight answer. Tell me how it improved your trading, how you implement his "knowledge" etc. What proof do you have that he is really that good? So details, please
- #571,656
- Dec 8, 2011 5:42am Dec 8, 2011 5:42am
- Joined Jan 2011 | Status: Ordinary Members | 10,684 Posts
Mohan
Have you played around with the built-in trail step mate?
I know it can be fiddly at times, I find it better to set it to 700 points so the steps inch down/up in your favor at the right levels.
I know it can be fiddly at times, I find it better to set it to 700 points so the steps inch down/up in your favor at the right levels.
yes, but i need to go out in 30 minutes. hence.....
- #571,658
- Dec 8, 2011 5:44am Dec 8, 2011 5:44am
- | Joined Jan 2010 | Status: Trader | 1,012 Posts
I have a feeling that the eurusd will climb higher in the days to come. Its just a feeling so dont mock me if it goes violently down. Its good that i dont trade on 'feelings'.
Its good that i dont trade on 'feelings'.
- #571,659
- Dec 8, 2011 5:46am Dec 8, 2011 5:46am
- Joined Jun 2011 | Status: Scratching my head. | 3,576 Posts | Online Now
Kill the ego, or it will kill the mission.
- #571,660
- Dec 8, 2011 5:47am Dec 8, 2011 5:47am
- Joined Mar 2008 | Status: Fooled by randomness | 8,360 Posts
I have a feeling that the eurusd will climb higher in the days to come. Its just a feeling so dont mock me if it goes violently down.
When life gives you lemons, make lemonade