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  • #682,401
  • Aug 21, 2012 6:37am Aug 21, 2012 6:37am
Quoting almo
What was your SL set at ?
After I doubled my position size, I set the SL to BE+1 (the new basis), which was 1.2414.

Which was hit at around 7:30 EST.

Just a pip or two lower and it wouldn't have hit, and my account would currently be 50% larger just from the movement over the last several hours.

Anyways, it was stupid and reckless (exactly the kind of trading I try to refrain from) to double my position size when there was absolutely NO indication that the price was moving out of range. Had I not done so I would still be heavily in the green right now.
  • #682,402
  • Aug 21, 2012 6:40am Aug 21, 2012 6:40am
Quoting cat
This is dangerous pa boys and girls, don't be doing anything stupid!

http://www.youtube.com/watch?v=aNgUB...eature=related
Thought I'd seen that one before - a great trading analogy this one.
  • #682,403
  • Aug 21, 2012 6:42am Aug 21, 2012 6:42am
Quoting Mike8
I am happy for you. Just keep your feet on the ground.

60% average a month is a lot of money, few people can do (if) that constantly.
once its $500,I will withdraw $400 and trade with $100 only.In the beginning
I trade very carefully to earn some money for draw down..And later my profit becomes my bet.Like if I earn $50,I risk $50 only.I always risk I money I have earned
  • #682,404
  • Aug 21, 2012 6:42am Aug 21, 2012 6:42am
In addition, I thought the 2:00am breakout is usually misleading and gets reversed the following hour?

Obviously that wasn't true this time around, as it started a 100+ pip uptrend that still hasn't reversed.
  • #682,405
  • Aug 21, 2012 6:42am Aug 21, 2012 6:42am
Dow nervous as hell!
  • #682,406
  • Aug 21, 2012 6:43am Aug 21, 2012 6:43am
So, what happened to the Euro crisis?
  • #682,407
  • Aug 21, 2012 6:44am Aug 21, 2012 6:44am
Quoting JackintheBox
first 59, grabbed more at 72... happy pippin.
sell 72... keep 59... greeds from the island at the beach.
  • #682,408
  • Aug 21, 2012 6:46am Aug 21, 2012 6:46am
Quoting forex_J
So, what happened to the Euro crisis?
It's still there, just that no one gives a shit anymore.
  • #682,409
  • Aug 21, 2012 6:47am Aug 21, 2012 6:47am
People keep talking about low volume during this month, but I just took a look at various weeks throughout this past year on the daily charts, and they all seem to look the same to me.

Annoying up and down movement (green and red candles everywhere), retracements, with no clear direction for the most part. That seems to be the market at any given time, not just this month.
  • #682,410
  • Aug 21, 2012 6:49am Aug 21, 2012 6:49am
Quoting kibescorp
After I doubled my position size, I set the SL to BE+1 (the new basis), which was 1.2414.

Which was hit at around 7:30 EST.

Just a pip or two lower and it wouldn't have hit, and my account would currently be 50% larger just from the movement over the last several hours.

Anyways, it was stupid and reckless (exactly the kind of trading I try to refrain from) to double my position size when there was absolutely NO indication that the price was moving out of range. Had I not done so I would still be heavily in the green right now.
Not going to work, ever.

Either trade short-term with few pips sl and tps or move to longer-term with small position sizes.
The Thief of Wall Street
  • #682,411
  • Aug 21, 2012 6:50am Aug 21, 2012 6:50am
Quoting kibescorp
In addition, I thought the 2:00am breakout is usually misleading and gets reversed the following hour?

Obviously that wasn't true this time around, as it started a 100+ pip uptrend that still hasn't reversed.
Aye...I hear what your saying.

I often find myself with that same dilemma - moving the SL to BE? Or allow the TS to work?

Unfortunately, there is no real clear answer to this for me - if I do 10 trades in a row doing BE, I may only win on one of them, but its usually for good pips.

Doing the TS method , means I will have losses, but keeps me in the game for these kinds of days.


Nevermind...just saw Chicky's comment, and I tend to agree with him
I guess its all about risk tolerance..
  • #682,412
  • Aug 21, 2012 6:51am Aug 21, 2012 6:51am
Quoting kibescorp
People keep talking about low volume during this month, but I just took a look at various weeks throughout this past year on the daily charts, and they all seem to look the same to me.

Annoying up and down movement (green and red candles everywhere), retracements, with no clear direction for the most part. That seems to be the market at any given time, not just this month.
You are are correct, there is not alot of difference in volume this month..you will generally only see it change 3 weeks prior Xmas , New Year.
  • #682,413
  • Aug 21, 2012 6:53am Aug 21, 2012 6:53am
Quoting Chicky
Not going to work, ever.

Either trade short-term with few pips sl and tps or move to longer-term with small position sizes.
On the contrary, it works all the time. I always start off with a smaller lot size and double it later. The mistake was not waiting for it to break out again (like it did at 8:30, which was when I SHOULD have added to the position, in which case I'd be smiling right now, now wouldn't I?) and adding to it at 7:00 instead, which was what killed the trade.
  • #682,414
  • Aug 21, 2012 6:53am Aug 21, 2012 6:53am
Quoting India_Trader
once its $500,I will withdraw $400 and trade with $100 only.In the beginning
I trade very carefully to earn some money for draw down..And later my profit becomes my bet.Like if I earn $50,I risk $50 only.I always risk I money I have earned
Ok. Seems a good idea. When you deal with big money tough, it becomes more difficult to generate those returns, but still possible I think.
"Men who can both be right and sit tight are uncommon."
  • #682,415
  • Aug 21, 2012 6:58am Aug 21, 2012 6:58am
Quoting Mike8
Ok. Seems a good idea. When you deal with big money tough, it becomes more difficult to generate those returns, but still possible I think.

Yes..EMOTIONS come to play in big account and you become nervous once market goes against you.Like In my strategy,I will be happy even if market goes down to 1.1500.I will think I have 900 pips to collect.Similar if it goes high..Because History repeats itself.You just need to have holding capacity if market goes against you
  • #682,416
  • Aug 21, 2012 6:59am Aug 21, 2012 6:59am
holding short 59 (sold 72 to 64) so rest 65-66 about. Really annoying no real weak sign till now. Stop it !!
  • #682,417
  • Aug 21, 2012 7:01am Aug 21, 2012 7:01am
How do I go back in time 24 hours so that I can set a BUY order at maximum pos. size?
  • #682,418
  • Aug 21, 2012 7:01am Aug 21, 2012 7:01am
Quoting India_Trader
Yes..EMOTIONS come to play in big account and you become nervous once market goes against you.Like In my strategy,I will be happy even if market goes down to 1.1500.I will think I have 900 pips to collect.Similar if it goes high..Because History repeats itself.You just need to have holding capacity if market goes against you
Interesting.

So when you first look at a price chart how do you decide which direction to trade if you are flat? (no current positions)
  • #682,419
  • Aug 21, 2012 7:03am Aug 21, 2012 7:03am
Quoting kibescorp
How do I go back in time 24 hours so that I can set a BUY order at maximum pos. size?
Ask Micheal J Fox and the Mad Professor.
  • #682,420
  • Aug 21, 2012 7:03am Aug 21, 2012 7:03am
Quoting kibescorp
In addition, I thought the 2:00am breakout is usually misleading and gets reversed the following hour?

Obviously that wasn't true this time around, as it started a 100+ pip uptrend that still hasn't reversed.
See how price has been creeping up, instead of surge. My 2c.
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