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  • #708,941
  • Oct 17, 2012 3:58pm Oct 17, 2012 3:58pm
Quoting akedemik
I've got to be honest with everyone here, I have been the biggest bear since the summer on this pair, so as you can imagine, I have not been making money (good thing I have a day job).

I have come to the realization that for myself to day trade this pair, requires tick charts and purely technical trading that will net 20 to 30 pips at a time, in order to be profitable in the long run. Also do not have a BIAS.

I have been burned more times that I care to mention on the fact that I expect runners too often on this pair.

All in all, I just wanted...
Look at this from my point of view. (Viewer Discretion is Advised).

Have you ever thought why 99% traders fail? Only one reason, these stupid people fail because they are afraid of the best thing that can happen to them................................. a Margin Call.

An account has certain amount to lose but no limit on what it can turn into, probably millions.

Now if one is trading with right leverage (1:20 or 1:30), all one needs is to take a direction and keep on adding to their positions whenever there is some margin balance. The account will ultimately be Margin Called.

Now calculate how much you can lose or win on a Margin Call.

Margin Call is the most kept secret in this world. One reason why brokers and some selfish traders train your sunconcious mind to avoid a Margin Call. They don't want you to have this secret.

Check my account explorer and see how many margin calls it has received so far. It is still above 80%, including a 100% gain that I deliberately washed out a few weeks ago, also not using the right leverage. I am again going for another margin call.
The Thief of Wall Street
  • #708,942
  • Oct 17, 2012 4:09pm Oct 17, 2012 4:09pm
Goiler signals have just come upSays sell Pounds, buy Euro, but sell Eur/gbpThat combination is paradoxical, and that being the case it sounds like a coin flip to me
  • #708,943
  • Oct 17, 2012 4:10pm Oct 17, 2012 4:10pm
Eh what?

Tell me again why on Earth you would want a margin call?
  • #708,944
  • Oct 17, 2012 4:17pm Oct 17, 2012 4:17pm
Quoting Chicky
Look at this from my point of view. (Viewer Discretion is Advised).

Have you ever thought why 99% traders fail? Only one reason, these stupid people fail because they are afraid of the best thing that can happen to them................................. a Margin Call.

An account has certain amount to lose but no limit on what it can turn into, probably millions.

[color=silver]Now if one is trading with right leverage (1:20 or 1:30), all one needs is to take a direction and keep...
I can never tell wh en you are serious or not.

Being the internet it doesn't help.

I know a lot of traders use this type of a strategy and its effective to an extent.

However, the gains are very minimal because of the lack of leverage. I mean if you have millions you aren't looking for astronomical % gains anyway.

Great traders have solid entries. If they don't they just cut the loss, and re enter higher/lower and don't capture the pips of loss in between that those who use a floating strategy do.

Where as I can risk 1% a day to make 3-5%, every single day. Those trading the larger TF with a extremely low leverage and an "add to losers until its a winner" type of strategy cannot do this because of a) lower leverage and B) takes weeks for a trade to be exited for profit

Really the only ones who know they can make larger % gains on an intraweek/month basis than an intraday basis are the players with 10k-100k lot entries.. they of course need 500-1000 pips to make a solid gain without having to worry too much about slippage.

Your strategy is solid, especially if you are great with direction but not so much timing.

algos scalp this market literally 24/7, and I'm sure they still don't make as much profit as they do on their 1000 pip swings. However, like I said, the reason for that is the 1000 pip swing trades are higher leverage than 10 pip scalps. Because if they tried to leverage up as much as they did on a 1000 pip trade for a 10 pip scalp they would slip the market a TON

You and I fortunately don't have that problem. You can enter 500 lots (at my broker) and maybe get slipped 1 pip if there is no counter trend liquidity present. If there is liquidity countering yours you may not get slipped at all.

I believe only once you reach the 1000s of lots point does scalping become ineffective to the point where you have to reduce your leverage in order not to be a market mover and have your order slip.


Anyway this was long, but I'd really appreciate if you would tell me a bit more about your strategy. In a PM if you want.

If you don't care to share I definitely understand.
Be hopeful in a winning position, and fearful in a losing position.
  • #708,945
  • Oct 17, 2012 4:19pm Oct 17, 2012 4:19pm
Chicky by 20:1 do you mean 20x the account balance, or the account balance divided by 20?? I'm assuming the latter
Be hopeful in a winning position, and fearful in a losing position.
  • #708,946
  • Oct 17, 2012 4:24pm Oct 17, 2012 4:24pm
Quoting Rag2RichesFX
Chicky by 20:1 do you mean 20x the account balance, or the account balance divided by 20?? I'm assuming the latter
Hey Rags,

I PM'ed you a while ago to ask you some simple questions that I was curious about. If you have the time sometime, please respond and let me know!

I would much appreciate it!
  • #708,947
  • Oct 17, 2012 4:30pm Oct 17, 2012 4:30pm
Risk 10 pips on any of these, your stop loss wouldn't have been hit, and you would have made at least 10 pips profit, more likely 20-30.. If you lose (quite unlikely), call it a day and go live a life. Take your 1% loss and don't make it a 2%. There is always tomorrow. You may appreciate the time off more than you would have realized. If you win, well, keep trading and winning some more until you finally take your first loss. Then call it a day.


BTW this is essentially how the algos scalp (and how I scalp).... even on the tiniest of scales.


i wish i had one of these state of the art robots that could just scalp all day long while I go live life..


enough free tips for one day im out, trade safe
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Be hopeful in a winning position, and fearful in a losing position.
  • #708,948
  • Oct 17, 2012 4:31pm Oct 17, 2012 4:31pm
Quoting akedemik
Hey Rags,

I PM'ed you a while ago to ask you some simple questions that I was curious about. If you have the time sometime, please respond and let me know!

I would much appreciate it!
Oh i must have missed that, I will respond
Be hopeful in a winning position, and fearful in a losing position.
  • #708,949
  • Oct 17, 2012 4:38pm Oct 17, 2012 4:38pm
May well be in a holding pattern during today's asian session with perhaps a bit of movement in about 7 hours as peeps take positions ahead of day 1 of the EU economic forum. Merkel has tipped the wink to Spain that they will support Spanish bailout, Spain has positioned itself to pre-emptively meet conditions for a bailout.

Market is pricing in the 'good news' of Spain asking for and receiving a bailout, big improvements last night in their long term bond rates. Strange world where a bailout is greeted with such joy.

It may well be over the next couple of days where a relatively harmless Draghi/Merkel/Spanish comment moves things many a pip. If no bailout evident over the next couple of days, then I would expect bearish Euro. If one is ann'd then I would expect a surge, maybe even to 1.33, followed by the inevitable dribble down, maybe as low as 1.27 by Christmas.
  • #708,950
  • Oct 17, 2012 4:48pm Oct 17, 2012 4:48pm
Quoting Jeheil
May well be in a holding pattern during today's asian session with perhaps a bit of movement in about 7 hours as peeps take positions ahead of day 1 of the EU economic forum. Merkel has tipped the wink to Spain that they will support Spanish bailout, Spain has positioned itself to pre-emptively meet conditions for a bailout.

Market is pricing in the 'good news' of Spain asking for and receiving a bailout, big improvements last night in their long term bond rates. Strange world where a bailout is greeted with such joy.

It may well be over the...
mary Christmas y'all
  • #708,951
  • Edited 5:03pm Oct 17, 2012 4:48pm | Edited 5:03pm
Quoting Rag2RichesFX
Chicky by 20:1 do you mean 20x the account balance, or the account balance divided by 20?? I'm assuming the latter
500:1 Leverage =0.2% (100/500 - You trade by putting 0.2% of the position size, for example for 100,000 units of USD position (1 lot) you require $200)
50:1 Leverage = 2% (100/2 - You trade by putting 2% of the position size, for example for 100,000 units of USD position (1 lot) you require $2,000)
20:1 Leverage=5% (100/20 - You trade by putting 5% of the position size, for example for 100,000 units of USD position (1 lot) you require $5,000)

Lesser the leverage, more money salvaged on Margin Call. More the leverage, less money you need to enter a position.

Low leverage basically becomes your stop loss, not in number of pips but in terms of your account balance percentage, and hence there is no chance of blowing out your account in few trades, plus no temptations to take crazy risk.
The Thief of Wall Street
  • #708,952
  • Oct 17, 2012 4:50pm Oct 17, 2012 4:50pm
Quoting Jeheil
May well be in a holding pattern during today's asian session with perhaps a bit of movement in about 7 hours as peeps take positions ahead of day 1 of the EU economic forum. Merkel has tipped the wink to Spain that they will support Spanish bailout, Spain has positioned itself to pre-emptively meet conditions for a bailout.

Market is pricing in the 'good news' of Spain asking for and receiving a bailout, big improvements last night in their long term bond rates. Strange world where a bailout is greeted with such joy.

It may well be over the...
by the way what you guys think of double bottom at 1.2825? its already fled past 1.3070, gives a target of 1.3320
  • #708,953
  • Oct 17, 2012 5:00pm Oct 17, 2012 5:00pm
Quoting HassanSheikh
by the way what you guys think of double bottom at 1.2825? its already fled past 1.3070, gives a target of 1.3320
but this month we are not going above 3172!?
  • #708,954
  • Oct 17, 2012 5:07pm Oct 17, 2012 5:07pm
Quoting Chicky
500:1 Leverage =0.2% (100/500 - You trade by putting 0.2% of the position size, for example for 100,000 units of USD position (1 lot) you require $200)
50:1 Leverage = 2% (100/2 - You trade by putting 2% of the position size, for example for 100,000 units of USD position (1 lot) you require $2,000)
20:1 Leverage=5% (100/20 - You trade by putting 5% of the position size, for example for 100,000 units of USD position (1 lot) you require $5,000)

Lesser the leverage, more money salvaged on Margin Call. More the leverage, less money you need to enter...
Hmm I guess we just see it in an opposite way. That is really confusing but I kind of get what you are saying..

20x leverage to me means you are trading 20x your account balance.

If you require $5000 to make a $100000 trade, but $5000 is all you have, then its a 20x leveraged trade..

Now if you have $100,000 in your account and trade 1 lot, that is a 1x leveraged trade, or 100% of the position

for a 1 lot to be 5% of your account you would need 2 million in the account.


apologies for not understanding what you mean i guess when i say 20x leverage i mean 1:20, and you actually mean 20:1 (5% of the account balance used to purchase lots being 20:1)
Be hopeful in a winning position, and fearful in a losing position.
  • #708,955
  • Oct 17, 2012 5:07pm Oct 17, 2012 5:07pm
Quoting chess king
but this month we are not going above 3172!?
m no expert bro. just shared what I read. also, some banks and analysts are expecting it to reach 1.35 by the end of November. (ashraf laidi for example, of cityforex.co.uk)
edit: if rajoy even gives a hint about bailout, we may see 1.32 or high tomorrow ( rajoy said he will decide about bailout after consulting EU leaders.... may be someone can convince him )
  • #708,956
  • Oct 17, 2012 5:09pm Oct 17, 2012 5:09pm
Better to close long trade now and wait for the break out if you still want to go for long. Possibility to go downward.
  • #708,957
  • Oct 17, 2012 5:14pm Oct 17, 2012 5:14pm
Quoting Rag2RichesFX
Hmm I guess we just see it in an opposite way. That is really confusing but I kind of get what you are saying..

20x leverage to me means you are trading 20x your account balance.

If you require $5000 to make a $100000 trade, but $5000 is all you have, then its a 20x leveraged trade..

Now if you have $100,000 in your account and trade 1 lot, that is a 1x leveraged trade, or 100% of the position

for a 1 lot to be 5% of your account you would need 2 million in the account.


apologies for not understanding what you mean i guess when...
he means, if u r using 10pip sl, then why go for low leverage while u can make more money wd same amount using high leverage.
  • #708,958
  • Oct 17, 2012 5:17pm Oct 17, 2012 5:17pm
Quoting forexhints
Better to close long trade now and wait for the break out if you still want to go for long. Possibility to go downward.
I stopped checking EUR/USD several hours ago. have a pending long at 1.3105 since London close or even before. still pending
  • #708,959
  • Oct 17, 2012 5:22pm Oct 17, 2012 5:22pm
Quoting HassanSheikh
I stopped checking EUR/USD several hours ago. have a pending long at 1.3105 since London close or even before. still pending
You missed a great move, its at 1.3456 at the moment.
The Thief of Wall Street
  • #708,960
  • Oct 17, 2012 5:28pm Oct 17, 2012 5:28pm
Quoting Chicky
You missed a great move, its at 1.3456 at the moment.
that's awesome man. I should close my earlier long from 1.3090 then
edit: 1.3456 nice number bt I was expecting 1.3487
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