Forex Day Trader's Thread

[N Rothschild]

be so good if they raise the rate 2morow and blow out the carry trade, would be epic fireworks!

 

[Pippy5000]

grrrr... why couldn't you guys hold the line at 1.469? I lost 30 pips while I was away..

 

[Pippy5000]

fine.. I'm long.. not feeling particularly strong and there's a very good chance I'm wrong

 

[Pippy5000]

My gut feeling is that our government will not raise rates tomorrow, but enough people think that they will that the fireworks will be epic anyway. Judging by the ridiculous move in Aussie last night when the expected number came out as planned I can't even imagine what will happen when the US number drops.. BOIIIIING.. TANK..BOIIIING..TANK.. it will suck

 

[Masquerade]

My eyes are on the verge of bleeding and i'm not even kidding.

 

[Pippy5000]

did you at least rock big time cash money today? also, do you wear contacts?

 

[Masquerade]

I wear no visual aids and I probably badly need. Just sitting on my bed with my 10 inch netbook which doesn't help things. I was an idiot and i've been long eur/usd for a while. I'm making a few tweaks to my trading so this doesn't happen again but I bought some more earlier today at 1.4649 - i'm trying to get out of this soon and not look at a screen for long tomorrow if I can help it.

 

[Pippy5000]

You should really start using small stops and use entry orders only.. not only do you risk huge losses with huge stops, but the emotional hole of being underwater for a long time sucks. I'd rather get stopped out and start a fresh new trade that is profitable rather than cheer about going from 120 pips down to 60 pips down.. then you become frustrated as hell as you wait for your trade to get 1 pip profit and ditch it, or the ultimate kick yourself feeling of letting it ride for a slight profit only to let it slip way underwater again..

 

[Masquerade]

Well as I say i've reconsidered my methods and i'm going to make changes. I'm spending way too long in trades - i'm verging on 1 week here

Only good thing is i'm getting credited interest

 

[Pippy5000]

I'm supposed to call her later tonight.. I'm not really crazy about her other pics, but as a computer nerd I am obligated to respect the doiiingitude caused by a princess Leah Halloween costume..

 

[Masquerade]

6/10 for the costume she doesn't have the ear pods.

 

[Pippy5000]

her butt and legs be fine ..

 

[Pippy5000]

oh great.. look at this surprise attack by the Japanese on my Euro trade.. I never would have expected them to do this.

 

[Pippy5000]

Here is the one I really want to talk to, but I'm too afraid to holla just yet.. need to jazz up my profile with a few [cough] [cough] embellishments and maybe photoshop a little more broadness to the old torso.. then I'll be ready.

 

[N Rothschild]

You should really start using small stops and use entry orders only.. not only do you risk huge losses with huge stops, but the emotional hole of being underwater for a long time sucks. I'd rather get stopped out and start a fresh new trade that is profitable rather than cheer about going from 120 pips down to 60 pips down.. then you become frustrated as hell as you wait for your trade to get 1 pip profit and ditch it, or the ultimate kick yourself feeling of letting it ride for a slight profit only to let it slip way underwater again..

if your running the same risk 100 pip stop should be no different to a 5 pip stop

 

[Masquerade]

You mean stuffing the underwear, right?

 

[Masquerade]

if your running the same risk 100 pip stop should be no different to a 5 pip stop

Yeah, # of pips is largely irrelevant without knowing use of leverage/risk attached per pip.

 

[Pippy5000]

I'm long EJ and EU!

 

[Pippy5000]

no, that statement is incorrect.. exiting a losing trade -20 pips and re-entering much lower allows your margin to grow rather than hoping that you get back to even.. there is also the all important psychological element.. plus for day traders it's unforgiveable to ride a 100 pip bad trade.. it means that you're so lazy that you'd rather watch your margin shrink rather than hit the buy or sell button.. if you are at work all day and use weak leverage then it can be beneficial to use a large stop, but mathematically it doesn't work out as well as using a small stop and trusting that a break of s/r will result in the next s/r being tested.. it happens more times than not.

 

[Pippy5000]

I might get a chance to put my money where my mouth is in a second.. this EJ trade is really pushing against my s/l