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  • #721,601
  • Nov 23, 2012 9:57pm Nov 23, 2012 9:57pm
Well, who knows what will happen next week... we don't and all we can do is manage our risk.

Sorry I can't help you on your exit of trade. Do you have a SL and TP exit plan for your trade? The positive thing that will come out of this trade (hopefully) is Mr Market will teach you a lesson in trading. So, be ready to learn from it in hopes to be able to trade tomorrow.

Good Luck With Trade!

Cheers

Quoting Daytrader74
Fuck, I have 5 full lots short from 127.50 what should I do??
  • #721,602
  • Nov 23, 2012 10:02pm Nov 23, 2012 10:02pm
Quoting disegnosys
Well, who knows what will happen next week... we don't and all we can do is manage our risk.

Sorry I can't help you on your exit of trade. Do you have a SL and TP exit plan for your trade? The positive thing that will come out of this trade (hopefully) is Mr Market will teach you a lesson in trading. So, be ready to learn from it in hopes to be able to trade tomorrow.

Good Luck With Trade!

Cheers
Exactly, we cant never be sure about anything. Maybe a bad news will come and the market will go down. But still, its your job to manage your risk. hopefully you will do well mate
I will become the World's best at my own style
  • #721,603
  • Nov 23, 2012 10:10pm Nov 23, 2012 10:10pm
Thanks fellow trader. Yes, so true. The market has taught me some very hard lessons in my early years (I lost big time then). I'm flat now and will wait to see how things develop and create my trade plan for week. Then, look for my trade setups and just take my shot.

Have a nice weekend!


Quoting Celente
Exactly, we cant never be sure about anything. Maybe a bad news will come and the market will go down. But still, its your job to manage your risk. hopefully you will do well mate
  • #721,604
  • Nov 23, 2012 10:12pm Nov 23, 2012 10:12pm
If it moves up another 150 pips then I'll be totally fucked
  • #721,605
  • Nov 23, 2012 10:22pm Nov 23, 2012 10:22pm
Price in regards to the Golden Ratio. Things that make you go, "Hmmmmm.........."
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Time turns trend. - W.D. Gann
  • #721,606
  • Nov 23, 2012 10:25pm Nov 23, 2012 10:25pm
Price under the influence, including myself.
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Time turns trend. - W.D. Gann
  • #721,607
  • Nov 23, 2012 10:52pm Nov 23, 2012 10:52pm
Quoting Slim Buffett
PS.... It's been suggested that trading is 90% psychological. It's just a subtle hint...

If you read enough of the failure crap....... what chance do you have ?????????

idk

but get over it
term psychological does not give the concise answer. lack of knowledge of the essence the of market and understanding the concept of trading is far important than psychology. you will never have the right psychology unless comprehend the first.
so what is the essence of the market and concept of trading?
As Above, So Below
  • #721,608
  • Nov 23, 2012 10:53pm Nov 23, 2012 10:53pm
Quoting Celente
If Greece get the deal done we are going far upside, if there is no deal, It will be deception and probably another small move downward before a continuation upward ( if they keep on adding days for the deal )
If the banks get paid, it's a happy Euro; if not, then unhappy.
  • #721,609
  • Nov 23, 2012 10:53pm Nov 23, 2012 10:53pm
Quoting Daytrader74
Please someone tell me where EURO is going on Monday? Continue uptrend more or fall down?
either up or down. no one on earth can be precise than that.
As Above, So Below
  • #721,610
  • Nov 23, 2012 10:56pm Nov 23, 2012 10:56pm
In my early years I blow up a few small accounts, in Oct 2008 during the Mortgage/Financial melt down I lost 15K. It happens to the best traders to. So, I stopped trading like the wild west trying to make it big quick and learned how to trade. I took just $250.00 told myself if I can't double this then I shouldn't trade any bigger accounts. It took me 3 years to do that. Last year I double my account and this year I double my account twice.

Anyway, If you blow this account up then, will you still have more to trade later another day.

If the answer is no then;
1. Protect your capital
2. You should close the trade
3. Stop trading and take a break
4. Trade demo to learn how to trade
5. Learn a few setups
6. Use little or no indicators,
7. Learn Price, Supply/Demand Levels, Pivots, Fibs, ADR, and what the 3 major sessions like to do
8. Learn money management
9. In time you will learn the market makers games they play
10. Trading is a journey and not a race
11. Then, when ready start with a small account and work up to larger account (larger account take time to trade to)

Just my 2 cent.


Good Luck!





Quoting Daytrader74
If it moves up another 150 pips then I'll be totally fucked
  • #721,611
  • Nov 23, 2012 10:57pm Nov 23, 2012 10:57pm
Notice the Golden Ratio in regards to the H1 chart. The next stall is @ 1.29986 (aka....1.300 psych level).
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Time turns trend. - W.D. Gann
  • #721,612
  • Nov 23, 2012 11:03pm Nov 23, 2012 11:03pm
Quoting disegnosys
In my early years I blow up a few small accounts, in Oct 2008 during the Mortgage/Financial melt down I lost 15K. It happens to the best traders to. So, I stopped trading like the wild west trying to make it big quick and learned how to trade. I took just $250.00 told myself if I can't double this then I shouldn't trade any bigger accounts. It took me 3 years to do that. Last year I double my account and this year I double my account twice.

Anyway, If you blow this account up then, will you still have more to trade later another day.

If...
Valid points.
first lets hope he will recover. after all after taking a position there is nothing much to do other than hoping.
MM must the priority before anything else, it includes risk management too. without it you can not protect your capital.
As Above, So Below
  • #721,613
  • Nov 23, 2012 11:08pm Nov 23, 2012 11:08pm
Yes true and another good point you have. It's the hardest easy money we could make. Those bastards are always out to get us. LOL!





Quoting tashkent
Valid points.
first lets hope he will recover. after all after taking a position there is nothing much to do other than hoping.
MM must the priority before anything else, it includes risk management too. without it you can not protect your capital.
  • #721,614
  • Nov 23, 2012 11:13pm Nov 23, 2012 11:13pm
Quoting tashkent
Valid points.
first lets hope he will recover. after all after taking a position there is nothing much to do other than hoping.
MM must the priority before anything else, it includes risk management too. without it you can not protect your capital.
That's what has been keeping me a profitable trader this time around. Risk Management. The other two accounts that I blew out did not have that. Capital preservation, indeed.
Time turns trend. - W.D. Gann
  • #721,615
  • Nov 23, 2012 11:29pm Nov 23, 2012 11:29pm
Quoting ForExtraPips
That's what has been keeping me a profitable trader this time around. Risk Management. The other two accounts that I blew out did not have that. Capital preservation, indeed.
my micro account is severely decreased due to unlucky experiment with correlated pairs. and has much to do with risk management. lesson learned but daytrader risked too much, 5 lots is not a small account. if -300 pips in one pair bring you to that point, there is definitely something wrong. do not ever play with high leverage, know how and when to take the loss. we all make mistakes to make money be ready to losses but but cut them as early as possible before its too late. hope is the worst enemy in this business. sweating and hoping when the price will come back is the worst feeling.
As Above, So Below
  • #721,616
  • Nov 23, 2012 11:44pm Nov 23, 2012 11:44pm
Quoting Celente
How was this week for you guys ? Who was able to take profit from the uptrend ?
Lol
  • #721,617
  • Nov 23, 2012 11:47pm Nov 23, 2012 11:47pm
Quoting tashkent
my micro account is severely decreased due to unlucky experiment with correlated pairs. and has much to do with risk management. lesson learned but daytrader risked too much, 5 lots is not a small account. if -300 pips in one pair bring you to that point, there is definitely something wrong. do not ever play with high leverage, know how and when to take the loss. we all make mistakes to make money be ready to losses but but cut them as early as possible before its too late. hope is the worst enemy in this business. sweating and hoping when the price...
Yes. Cutting your loses early has really helped.
Time turns trend. - W.D. Gann
  • #721,618
  • Edited 1:05am Nov 24, 2012 12:50am | Edited 1:05am
Quoting Celente
If Greece get the deal done we are going far upside, if there is no deal, It will be deception and probably another small move downward before a continuation upward ( if they keep on adding days for the deal )
gee wow... dont you think the market has priced in greece. if not, do you think raising the price of the ez's biggest exporters will make them export more. and by doing that increase euro demand to raise the price? you better let the market tell you whats gonna happen with the greece deal.. because all we have done so far is a normal retrace. Post 123,778
those who can, do. those who cant, talk about those who can
  • #721,619
  • Edited 1:06am Nov 24, 2012 12:54am | Edited 1:06am
Quoting rockon1122
problem is it will never be even out in position ratio of 50/50 buy/sell volume. Like I mention most dont know, or look at the fact. ask yourself how many time you blow accounts until you know what you know now. and if you are even profitable trading now(if everyone tell the truth they would say " im losing") if about 90% of trader are loser think of how much more this information will help you take position. its not a 100% guarantee but it will help you take the same side as liquidity provider and market maker as they have to take other side...

(note: i post this comment because of a phone call from our live-in house-sitter. she trades forex profitably and is a physics major, though i did not know she was also a forum participant ---- anyway she's a little disturbed that she is not getting moderated quickly enough to timely respond to the above comment by rockon1212. after discussing this at length, i mostly agree with what she is saying and will take responsibility for this post; so, repeating her post in MY own words

rockon, i have a little trouble following your argument as you've written it but i think i get the general idea, and you're probably right, it wouldn't be 50/50, it might be 49/51 or 48/52...(!!) that won't happen overnite, but if you get, as Teles says "every man and his dog" doing it, discussing it, becoming addicted to it, having books written about it: that's what will happen. 50/50 plus or minus a couple points. you need to focus on is this: price can only move if there is an imbalance in positioning (or if someone drops a tape bomb). you start screwing around with the idea of positioning in a way that will lead to a corrective feedback loop, you risk collapsing volatility. get a good balance and you're looking at 20 pip days...except in the case of tape bombs and real money flows (in other words: fx will either become like vegas or the stockmarket with insiders calling the shots)

a real trader capable of trading profitably, would seek volatility and place a high value on it. so why risk compressing it just so that you could make some cracker barrel comment on a public forum? it's been pointed out to me this evening that this same thing has been happening on other forums, and that keeping quiet and hoping it will go away is not the answer. i think it's best to recognize that this a no-win path. no-win for traders anyway. you promote it, you're nobody's hero... you're more like a john hinkley or mark david chapman.

so, who WOULD want to do something like this? who would profit from a general collapse of volatility? it wouldn't be traders. traders would be forced to make more trades to compensate for the lowered volitility... a 20 pip daily range in .eu would require about 5 times more trades. more trades also means more CRUMMY trades, and with a max leverage of 50:1 (which is all that most traders are skillful enough to use anyway) you're is a box.

but it would be great for brokers. 5x the spread take! 5x commissions! it would be a broker's dream.

they win. you lose.

for the good of all real traders, i'd think about this a little and drop it ... same for anyone who reads this. just leave it alone (at least in terms of what you post). with what's at stake here - ego? - being right? - winning an argument?... all very petty.

=========================== added:

oh jeez... can't believe the time. gotta turn in.
  • #721,620
  • Nov 24, 2012 1:10am Nov 24, 2012 1:10am
Quoting Daytrader74
Please someone tell me where EURO is going on Monday? Continue uptrend more or fall down?
I have a feeling the bullish trend will continue since it just broke the 61.8% fib level and then proceeded to do a short term re-test, finding support there. Never any guarantees in this business but this is my best guess...am personally going to give a shot shorting at what I expect to be heavy resistance combined with the 76.4% fib at the marked levels. If that fails my guess is we'll be re-testing the highs which should most likely hold as they no doubt have a ton of orders stacked at them due to triple fib confluence and double daily tops, although there remains one more level of strong resistance before it gets to that point.

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