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  • #760,141
  • Feb 18, 2013 2:44am Feb 18, 2013 2:44am
Quoting ForexNarco
I'm aiming for about 10-15 dollars profit per position. While hoping for one of those big yen breakouts.
The only problem here is that your account is aiming towards zero. So you two are not in sync.
  • #760,142
  • Feb 18, 2013 2:46am Feb 18, 2013 2:46am
EJ looks attractive because of the large range but you need to make sure you manage your risk and exposure effectively otherwise you will get wiped out.

Managing risk isn't just per individual trade, it's also overall, trading a bad entry with a small SL just to try it will be a slow death.
Disclaimer: I'm still new to forex
  • #760,143
  • Feb 18, 2013 2:46am Feb 18, 2013 2:46am
Here are the 3 positions for the day. As a scalper, it is very important to identify when your position is going against you. You should always close the position for a loss, and never move the stop loss higher. Unless you will counter that position with a bigger lot size as I did.
Attached Image (click to enlarge)
Click to Enlarge Name: last3positions.PNG Size: 161 KB
  • #760,144
  • Feb 18, 2013 2:47am Feb 18, 2013 2:47am
Quoting EpsilonVaz
EJ looks attractive because of the large range but you need to make sure you manage your risk and exposure effectively otherwise you will get wiped out.

Managing risk isn't just per individual trade, it's also overall, trading a bad entry with a small SL just to try it will be a slow death.
You do sound wise...!
  • #760,145
  • Feb 18, 2013 2:47am Feb 18, 2013 2:47am
Quoting Alexone
The only problem here is that your account is aiming towards zero. So you two are not in sync.
Why would you say my account is aiming towards zero?
  • #760,146
  • Feb 18, 2013 2:48am Feb 18, 2013 2:48am
Quoting ForexNarco
Here are the 3 positions for the day. As a scalper, it is very important to identify when your position is going against you. You should always close the position for a loss, and never move the stop loss higher. Unless you will counter that position with a bigger lot size as I did.
one day you can hurt with that strategy.
looking for investors . pm me
  • #760,147
  • Feb 18, 2013 2:48am Feb 18, 2013 2:48am
Quoting kbmoonshinex
you buy against cloud
so it can be good like 50 /50 %.
thanks,
I saw you many times buy under the cloud..... so.... 1m chart..
  • #760,148
  • Feb 18, 2013 2:50am Feb 18, 2013 2:50am
Quoting ForexNarco
Why would you say my account is aiming towards zero?
Quoting ForexNarco
Unless you will counter that position with a bigger lot size as I did.
Guess i should have waited for 1 more post. Anyway good luck to u. Maybe u will not go bust but the opposite.
  • #760,149
  • Feb 18, 2013 2:50am Feb 18, 2013 2:50am
Quoting Nick35
thanks,
I saw you many times buy under the cloud..... so.... 1m chart..
yes. but you buy on resistance cloud. one long line have cloud. i dont know how to explain that. practise
looking for investors . pm me
  • #760,150
  • Feb 18, 2013 2:51am Feb 18, 2013 2:51am
Quoting P.Action
your account have to much risk bro.
.2 isn't much risk at all. .7 is a higher lot size, but a higher lot size doesn't equate to having a higher risk. Well in my eyes it doesn't. Ones entry, and decision as to why he should take it is the underlining risk factor. Had I not closed that .2 position I would of been in a much larger hole. (Although a small one) The .7 counter it as the previous high was at an attempt of being broken. In which my stop loss was 5 points, wagering that the high would actually be broken causing a surge of the price. It was't a 30 pip surge yet it worked out well.
  • #760,151
  • Feb 18, 2013 2:52am Feb 18, 2013 2:52am
Quoting kbmoonshinex
one day you can hurt with that strategy.
Depending on market conditions I most certainly agree. Yet, it is much better then moving your pre-set stop loss as I've noticed you do on losing positions.
  • #760,152
  • Feb 18, 2013 2:53am Feb 18, 2013 2:53am
  • #760,153
  • Feb 18, 2013 2:53am Feb 18, 2013 2:53am
Since entering that .7 lot size order. EUR/JPY has increased +12 pips, and the actual entry has yet to been re-touched.
  • #760,154
  • Feb 18, 2013 2:54am Feb 18, 2013 2:54am
Quoting ForexNarco
Depending on market conditions I most certainly agree. Yet, it is much better then moving your pre-set stop loss as I've noticed you do on losing positions.
its your game. play safe dude. maybe you can do it
looking for investors . pm me
  • #760,155
  • Feb 18, 2013 2:54am Feb 18, 2013 2:54am
Quoting ForexNarco
Here are the 3 positions for the day. As a scalper, it is very important to identify when your position is going against you. You should always close the position for a loss, and never move the stop loss higher. Unless you will counter that position with a bigger lot size as I did.
Don't listen to such nonsense. That is one the biggest mistakes any FX trader could do. You need identify a reasonable leverage for your risk appetite and LOT SIZE and trade the same amount untill your account shows some substancial growth. Changing the amount of lot sizes will cause you lose control...
  • #760,156
  • Feb 18, 2013 2:55am Feb 18, 2013 2:55am
morning all
Trade What You See Not What You Want To See
  • #760,157
  • Feb 18, 2013 2:55am Feb 18, 2013 2:55am
Long EU 13330 TP 13350
Disclaimer: I'm still new to forex
  • #760,158
  • Feb 18, 2013 2:56am Feb 18, 2013 2:56am
Quoting pipsallday
morning all
morning bro
looking for investors . pm me
  • #760,159
  • Feb 18, 2013 2:58am Feb 18, 2013 2:58am
Quoting ForexNarco
.2 isn't much risk at all. .7 is a higher lot size, but a higher lot size doesn't equate to having a higher risk. Well in my eyes it doesn't. Ones entry, and decision as to why he should take it is the underlining risk factor. Had I not closed that .2 position I would of been in a much larger hole. (Although a small one) The .7 counter it as the previous high was at an attempt of being broken. In which my stop loss was 5 points, wagering that the high would actually be broken causing a surge of the price. It was't a 30 pip surge yet it worked out...

If a trade is a "good trade" to take then it should be worth the same risk as any other trade you take, after all you never actually know in advance which ones will loose and which will win. So this raises a couple of questions when you take different sized trades like you have

1. What happens if you win on the 0.2 and lose on the 0.7? any winning edge you had is long gone.

2. If you rated the 0.7 trade better odds than the 0.2 trade why would you take a less optimal entry at all? ie: the 0.2 trade
  • #760,160
  • Feb 18, 2013 2:58am Feb 18, 2013 2:58am
Quoting ForexNarco
Here are the 3 positions for the day. As a scalper, it is very important to identify when your position is going against you. You should always close the position for a loss, and never move the stop loss higher. Unless you will counter that position with a bigger lot size as I did.
Countering with a larger size is like pissing into the wind.
Disclaimer: I'm still new to forex
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