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  • #1,049,181
  • Jan 9, 2016 6:25am Jan 9, 2016 6:25am
Quoting Don96
Okay so after starting the day off good yesterday, it ended up very badly for me. I am going to try something next week where i will have very tight stop losses and look for Highs and double highs/lows of the day and risk 2% of my account looking for only 20 pips, I know this is very risking and low success rate but it can be done, if anyone has any tips or trades they think may work please let me know and ill let you know how they get on - Looking to make around 20% next week alone.
Bro, just sharing. Tight stop losses doesn't necessary imply less losses. Because if your entry are in the middle of a trend, you will get hit with multiple small losses which accumulated to overall net loss.
The only winner is the one who survive the longest...
  • #1,049,182
  • Jan 9, 2016 6:31am Jan 9, 2016 6:31am
Quoting kinspk
{quote} Bro, just sharing. Tight stop losses doesn't necessary imply less losses. Because if your entry are in the middle of a trend, you will get hit with multiple small losses which accumulated to overall net loss.
I didnt say it was less losses, of course there will be more losses in terms of quantity but risking 2% every 5 pips means that for one trade that comes off at minimum of 20 pips thats 8% of my account, there are plenty of double tops and bottoms that occur almost to the very pip and then bounce a good 20+ pips, i just have a tendancy to place a lot of trades at a time, i was 25% up for the month friday just after the news and now im down, my month wasnt supposed to start until monday either so i am a but pissed but cant let it get to me, it could be that come monday i have found 1 trade that has been succesful and may just trail stop, we shall see
  • #1,049,183
  • Jan 9, 2016 6:45am Jan 9, 2016 6:45am
Quoting Don96
{quote} I didnt say it was less losses, of course there will be more losses in terms of quantity but risking 2% every 5 pips means that for one trade that comes off at minimum of 20 pips thats 8% of my account, there are plenty of double tops and bottoms that occur almost to the very pip and then bounce a good 20+ pips, i just have a tendancy to place a lot of trades at a time, i was 25% up for the month friday just after the news and now im down, my month wasnt supposed to start until monday either so i am a but pissed but cant let it get to me,...
Ok maybe I didn't use the right word, but it doesn't matter if you don't understand what I am sharing. Anyway, I am just sharing a misconception of many about tight stop losses.

Risking 2% - 5 pips? 50 losses of 5 pips = 100% loss, can your strategy confident of not losing 50 trades of 5 pips. What if there's a more than 250 pips move that doesn't fill you at 5 pips stop losses, etc, etc, etc. Eg, maybe you should take a look at your trading system about entries. The modification of TP and SL do not imply to a trader's winning. You need to establish direction, if your direction is right, your risk management counts, if your direction is wrong, nothing can save your account.

Losses are part of the game, so good luck to you, hope you have a winning week soon.
The only winner is the one who survive the longest...
  • #1,049,184
  • Jan 9, 2016 7:05am Jan 9, 2016 7:05am
Quoting kinspk
{quote} Ok maybe I didn't use the right word, but it doesn't matter if you don't understand what I am sharing. Anyway, I am just sharing a misconception of many about tight stop losses. Risking 2% - 5 pips? 50 losses of 5 pips = 100% loss, can your strategy confident of not losing 50 trades of 5 pips. What if there's a more than 250 pips move that doesn't fill you at 5 pips stop losses, etc, etc, etc. Eg, maybe you should take a look at your trading system about entries. The modification of TP and SL do not imply to a trader's winning. You need...
Yes so if there is a 250 pip move after a new high or low then i wont re enter, i would enter one trade at either a strong resistance level or a double top/double bottom risk 5 pips, if it loses okay never mind try again a different pair or different day, end of the day ive won a lot of trades with 5 pip stops, chances of 50 trades in a row coming all losses as im sure you are aware are very low - of course unless my discretion and patience goes out the window. But please i respect what you say and if you do happen to have any trades with tight sl that you may take let me know and ill have a look, thanks.
  • #1,049,185
  • Jan 9, 2016 7:07am Jan 9, 2016 7:07am
Quoting Don96
{quote} Yes so if there is a 250 pip move after a new high or low then i wont re enter, i would enter one trade at either a strong resistance level or a double top/double bottom risk 5 pips, if it loses okay never mind try again a different pair or different day, end of the day ive won a lot of trades with 5 pip stops, chances of 50 trades in a row coming all losses as im sure you are aware are very low - of course unless my discretion and patience goes out the window. But please i respect what you say and if you do happen to have any trades with...
We shall see, i only need 2 trades to hit minimum of 20 pips and im done back to a different techique, we shall see
  • #1,049,186
  • Jan 9, 2016 7:15am Jan 9, 2016 7:15am
put it this way, both days on AUD/CAD a new high was made at 1.00292 ish - so lets say pending order at 29 - stop loss of 34 - it hit this 15 mins later and then droped 60 pips, This is on 6th January London time btw. of course on higher spread pairs the sl would be 10 pips not 5 and maybe risk 1 % instead of 2 depends on conditions. Then again same pair on 7th jan 00.30 high of 0.99659 then met again at 1.05 where it dropped another 60 pips, so we shall see, it can be done. just some descretion and patience needed.
  • #1,049,187
  • Jan 9, 2016 7:26am Jan 9, 2016 7:26am
Quoting Don96
{quote} Yes so if there is a 250 pip move after a new high or low then i wont re enter, i would enter one trade at either a strong resistance level or a double top/double bottom risk 5 pips, if it loses okay never mind try again a different pair or different day, end of the day ive won a lot of trades with 5 pip stops, chances of 50 trades in a row coming all losses as im sure you are aware are very low - of course unless my discretion and patience goes out the window. But please i respect what you say and if you do happen to have any trades with...
lol, you don't understand my post at all. Anyway, it's just friendly advice as your account can only handle 250 pips. I can't be bother to explain more. So good luck.

What if there's a more than 250 pips move that doesn't fill you at 5 pips stop losses.
The only winner is the one who survive the longest...
  • #1,049,188
  • Jan 9, 2016 7:29am Jan 9, 2016 7:29am
Quoting kinspk
{quote} lol, you don't understand my post at all. Anyway, it's just friendly advice as your account can only handle 250 pips. I can't be bother to explain more. So good luck. What if there's a more than 250 pips move that doesn't fill you at 5 pips stop losses.
Ohhhhh i see, well normally they only occur during news events? and i wont be trading during those, also the points need to be clear on the charts and i wont be taking every one i see, but any way thank you for the advice
  • #1,049,189
  • Jan 9, 2016 7:31am Jan 9, 2016 7:31am
Quoting kinspk
{quote} Ok maybe I didn't use the right word, but it doesn't matter if you don't understand what I am sharing. Anyway, I am just sharing a misconception of many about tight stop losses. Risking 2% - 5 pips? 50 losses of 5 pips = 100% loss, can your strategy confident of not losing 50 trades of 5 pips. What if there's a more than 250 pips move that doesn't fill you at 5 pips stop losses, etc, etc, etc. Eg, maybe you should take a look at your trading system about entries. The modification of TP and SL do not imply to a trader's winning. You need...
If a person is risking to lose 2% of his entire account with only 5pips sl, and that trader is entering at tops or bottoms, then the sad reality is that the trader won't last very long trading that method. I personally NEVER trade tops and bottoms, and only because you have many more variations of what price action can do once a high/low has been broken. We saw it yesterday with the EU spike down (60 pips in 5 min) and how so many traders got caught selling, and now are sitting on a very big 80-100 pip floating loss.
I think if a person studied high/low entries a bit more, you'll see that yields the best results, but it is by far the least accurate form of trading.
Just because you "the information" doesn't mean you have knownledge.
  • #1,049,190
  • Jan 9, 2016 7:32am Jan 9, 2016 7:32am
Quoting Don96
{quote} Ohhhhh i see, well normally they only occur during news events? and i wont be trading during those, also the points need to be clear on the charts and i wont be taking every one i see, but any way thank you for the advice
Would you please be as kind to maybe post your trade explorer or even you trade history, so we can see how well your system has worked for you? I honestly am taking your comments with a grain of salt.
Just because you "the information" doesn't mean you have knownledge.
  • #1,049,191
  • Jan 9, 2016 7:39am Jan 9, 2016 7:39am
Quoting BoxTheory
{quote} If a person is risking to lose 2% of his entire account with only 5pips sl, and that trader is entering at tops or bottoms, then the sad reality is that the trader won't last very long trading that method. I personally NEVER trade tops and bottoms, and only because you have many more variations of what price action can do once a high/low has been broken. We saw it yesterday with the EU spike down (60 pips in 5 min) and how so many traders got caught selling, and now are sitting on a very big 80-100 pip floating loss. I think if a person...
Yes
The only winner is the one who survive the longest...
  • #1,049,192
  • Jan 9, 2016 7:39am Jan 9, 2016 7:39am
Quoting Marco-Kanto
Good morning from London. I wondered if anyone had opinions on position averaging vs a multi position strategy. I ask because over the last few days I managed to get myself into 2 pretty deep holes while trialling averaging. I WANT to use averaging as it makes my blotter a much calmer place - but wondered if I should stick to what I 'know' and what's kept my book positive. Does anyone have any opinions? Thanks in advance. M
I'm not sure how long you have been trading, but avging in currency is the worst thing you can do my friend. Although, avging your position may seem like the right thing to do, and eventually you will end up in green, the reality is you would of wasted so much time, and exposed to much of your account only because you were bias in the first place. Avging is also much like martingale, and we have all seen how well martingale works.
Just because you "the information" doesn't mean you have knownledge.
  • #1,049,193
  • Jan 9, 2016 7:45am Jan 9, 2016 7:45am
Quoting BoxTheory
{quote} Would you please be as kind to maybe post your trade explorer or even you trade history, so we can see how well your system has worked for you? I honestly am taking your comments with a grain of salt.
What I feel like showing had already show, if nothing satisfy your curiosity, live with it. I don't really care if my logic or comments in trading are accepted by others, as I never want to align my path with the 95% traders. I just share what I feel like and pity people who burned their account affecting their lives, families and marriage. I got to learn some of these stories from those who share with me privately how trading affect their lives.
The only winner is the one who survive the longest...
  • #1,049,194
  • Jan 9, 2016 7:46am Jan 9, 2016 7:46am
Quoting BoxTheory
{quote} I'm not sure how long you have been trading, but avging in currency is the worst thing you can do my friend. Although, avging your position may seem like the right thing to do, and eventually you will end up in green, the reality is you would of wasted so much time, and exposed to much of your account only because you were bias in the first place. Avging is also much like martingale, and we have all seen how well martingale works.

You say that Avging is not a good thing to do.

What is good then in your opinion?
Forex is a losers game.
  • #1,049,195
  • Jan 9, 2016 7:51am Jan 9, 2016 7:51am
Basically i messed up big time yesterday after the news event, i didnt even want to start trading again until monday, but on thursday i saw a few good trades and entered in winning 7 of 10, then friday came and i had a trade on, went out and came back and was up around 6% as i went short at 1.0870 and then closed out after news at 1.0810 so not bad, then for some stupid reason i tried to get a little more out of it on a retrace, which i did just greedily i didnt close out the winning trade and so and behold i lost 1%, then just got sucked in a lost quite a bit, but thanks for both your advice i am going to reconsider that strategy for monday - just got a lot of climbing back to do before the middle of feb, hopefully can get back up to 10% by then, good luck to you all.
  • #1,049,196
  • Jan 9, 2016 7:56am Jan 9, 2016 7:56am
Quoting trader121
{quote} You say that Avging is not a good thing to do. What is good then in your opinion?

scaling in might in this video it's explained:

Inserted Video
persistence and determination alone are omnipotent
  • #1,049,197
  • Jan 9, 2016 8:36am Jan 9, 2016 8:36am
Interesting move last week.
  • #1,049,198
  • Jan 9, 2016 10:47am Jan 9, 2016 10:47am
Quoting Rag2RichesFX
offshore yuan perhaps found temporary support on the daily on a retest and rejection of 6.73 area {image}
Bought that. I preffer ZAR and TRY though, not much pips in CNH but its same principle just follow the up trend. If China keeps burning FX reserves at the peace they do and not actually be able to put the brakes on selloff, USDCNH will cross 7.00 in short time. Not sure why so many long term traders are focusing on EUR parity play, where the squeeze risk is far greater (eg 1.15+ move) than on EMs. It is the easiest and less risky (in terms of direction) fundy trade from all currencies, altough the pip risk/vol is much larger so positions have to be adjusted properly.
  • #1,049,199
  • Jan 9, 2016 11:11am Jan 9, 2016 11:11am
Quoting trader121
{quote} You say that Avging is not a good thing to do. What is good then in your opinion?
I'd say that the best thing to do is stick to a hard stop loss (which of course many people don't do) and value "time". When I say value time, I'm referring to lowering the amount of time you spend in "Red". Let's look at EUR.USD for a moment. Many people shorted EU right before the news, and right after. So now you would be likely to keep adding to the short, to avg down, but WHAT IF EU never drops again? You'll continue avg'in down, and wasting TIME when you could of taken better positions. Of course that is speaking generally, but I think if you value time, you'll try to focus on a system which won't require many avg'in up or down.
Just because you "the information" doesn't mean you have knownledge.
  • #1,049,200
  • Jan 9, 2016 11:16am Jan 9, 2016 11:16am
Quoting kinspk
{quote} What I feel like showing had already show, if nothing satisfy your curiosity, live with it. I don't really care if my logic or comments in trading are accepted by others, as I never want to align my path with the 95% traders. I just share what I feel like and pity people who burned their account affecting their lives, families and marriage. I got to learn some of these stories from those who share with me privately how trading affect their lives.
You may not care if your logic or comments are accepted by others huh? So why not keep them to yourself? Don't even bother responding, because from your past responses, it is clear to see that you believe you are the master of trading, when clearly, you type better then you trade. Oh by the way "What I feel like showing had already show" should be written as such "What I feel like showing had already BEEN shown" #LearnHowToUsePerfectTense
Just because you "the information" doesn't mean you have knownledge.
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