virtuos0
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Pips are irrelevant dimwit, what is relevant is the trade leverage TAjammy is using. Your 30pip stop might well be riskier than jammy's 120pip stop.
Jammy, my advice is to just stop participating in this thread. If you need advice be careful to get it from people who understand the basics of trading.
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Pippy5000
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Obnoxious little teenage troll. 80% of the posts you make on this site consist of name-calling and you provide no value to the site as a whole. I have never liked you and you are not welcome to post on my thread. My thread is a day trader's thread and 120 pips is not a day trader's stop. I don't care if you are using $100 per pip or 10 cents per pip. If you are making day trades with a huge stop then you are not a day trader and you have no business posting on my thread. Also, if you are a 15 year-old child with a demo account you have no business posting on my thread. I hope this makes sense. Get some friends and get your psychological situation straightened out because being a negative internet troll is pathetic. I do appreciate your advice for the kid not to come back to my thread because he is on my ignore list as are you. Thanks for stopping by and keep up your stellar dime-a-dozen posts on T2W! Maybe you'll actually get a call right someday and then you can start a popular thread and I will come by and post a little obnoxious message to you.
virtuos0
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I've taken dumps that knew more about trading than you. I just think it's hilarious that you attempt to give advice to beginners when you don't even understand it yourself.
Instead of getting your knickers in a twist, how about unwinding your massively inflated ego and have a little think about exactly why you are wrong. Feel free to bluster and bull**** in this thread, but in private and for your own good, just take a minute to think it over. To trade fulltime and not understand this stuff is bizarre to say the least.
virtuos0
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Good advice, I will do.
Pippy5000
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Also, T2W is adding me to a position on Monday. The staff do not seem to be in agreement with you that I do not understand the basics of trading. Long story short, I would not persist in picking fights on this thread or any other thread if I were you. It's cowardly, disruptive and more importantly, against the site terms. This could very well end up blowing up in your face.
What would I know though? As a former NASA computer scientist and member of Gulf Coast MENSA I'm merely a "dimwit".
What would I know though? As a former NASA computer scientist and member of Gulf Coast MENSA I'm merely a "dimwit".
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virtuos0
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Look, you're advice was nonsense and you made a fool of yourself. Get over it. Move on with your life.
Pippy5000
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I'll take you off my ignore list on Monday and check your posts. You should spend the rest of the weekend editing all of your posts on this thread and all of the other threads you blight with your presence to remove any infantile name-calling.. This isn't a suggestion.
N Rothschild
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i run 100-150 point stops all the time
Wow, this site has gone to ****.
Pippy5000
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And you have suffered horrible losses on occasion as well 😉
I generally use 25 pips on UJ, 30 on EU and 35 on EJ/GJ .. I place multiple orders all over the board at each s/r. I've spent the last 6 months or so trying to perfect the technique because it is far better margin management.
If you're sitting in front of your computer all day trading there is no point watching your margin shrink. You can easily re-enter the market by clicking a button and regain your losses or minimize further losses. The spread on Euro in particular is not worth crying over.. it's 2 pips compared to 150. The only reason you would need to use a large stop on an intraday trade is if you're not going to be there to watch the trade, or there is additional s/r which you could utilize by placing the stop a bit further. Otherwise you are watching your margin shrink for pure entertainment value only and it isn't very entertaining. It also ties up available margin so that you cannot make simultaneous trades in other pairs. It is also very annoying to be underwater for an extended period of time.
Taking a 240 pip loss on a day trade is beyond foolish. I realize that there is more than one way to skin a cat, but taking a 240 pip loss on an intraday trade just doesn't make any sense. I can understand losing 240 pips when you're shooting for 1,000 on the dailies, but taking a 240 pip loss when you're shooting for something on the hourly charts is devastating. Mathematically you are far better off sitting on the sidelines and waiting for spot to arrive at a new s/r in order to re-enter the market. A lot of traders are worried about missing out on a trade and so they use a huge stop to ensure that they aren't stopped out before a favorable reversal. I've said this before, but I'll say it again. If you get stopped out -30 pips and then spot reverses in your favor for 100 pips the real world result is that you have lost 30 pips. You will get another chance to get into a good trade. However, if you are stopped out for -240 pips then the real world result is that you have lost 240 pips amd you might not easily get over that, or you might be forced to use smaller trades for a period of time for lack of margin. In a 24 hour per day market there really isn't any such thing as missing out on a trade. A new trade will be there tomorrow, but if you take huge losses on a regular basis you won't be.
Also, to respond to my little teenage troll buddy. If you spend your days watching tickers and you're using 10 cents per pip I would really hope that you plan on increasing your leverage in the future or you will effectively be earning as much as a fruit vendor in Haiti. I understand that welfare benefits in Britain are cushier than they are in the US, but at least try to make some money. So if you ever plan to make a career out of trading please don't tell me about your lame low-leveraged swing trades because you won't be able to pay your mortgage on 10 cent per pip infrequent trades. It's fine to day trade with low leverage as long as you are in the process of learning or are seeking a little extra spending cash only, but eventually I would hope the goal is to use at least $50,000-$100,000 trades if you want to make a living as an adult trader.
Many of our former thread participants have used much more leverage than this, but they are wiped out and have disappeared 😉
I generally use 25 pips on UJ, 30 on EU and 35 on EJ/GJ .. I place multiple orders all over the board at each s/r. I've spent the last 6 months or so trying to perfect the technique because it is far better margin management.
If you're sitting in front of your computer all day trading there is no point watching your margin shrink. You can easily re-enter the market by clicking a button and regain your losses or minimize further losses. The spread on Euro in particular is not worth crying over.. it's 2 pips compared to 150. The only reason you would need to use a large stop on an intraday trade is if you're not going to be there to watch the trade, or there is additional s/r which you could utilize by placing the stop a bit further. Otherwise you are watching your margin shrink for pure entertainment value only and it isn't very entertaining. It also ties up available margin so that you cannot make simultaneous trades in other pairs. It is also very annoying to be underwater for an extended period of time.
Taking a 240 pip loss on a day trade is beyond foolish. I realize that there is more than one way to skin a cat, but taking a 240 pip loss on an intraday trade just doesn't make any sense. I can understand losing 240 pips when you're shooting for 1,000 on the dailies, but taking a 240 pip loss when you're shooting for something on the hourly charts is devastating. Mathematically you are far better off sitting on the sidelines and waiting for spot to arrive at a new s/r in order to re-enter the market. A lot of traders are worried about missing out on a trade and so they use a huge stop to ensure that they aren't stopped out before a favorable reversal. I've said this before, but I'll say it again. If you get stopped out -30 pips and then spot reverses in your favor for 100 pips the real world result is that you have lost 30 pips. You will get another chance to get into a good trade. However, if you are stopped out for -240 pips then the real world result is that you have lost 240 pips amd you might not easily get over that, or you might be forced to use smaller trades for a period of time for lack of margin. In a 24 hour per day market there really isn't any such thing as missing out on a trade. A new trade will be there tomorrow, but if you take huge losses on a regular basis you won't be.
Also, to respond to my little teenage troll buddy. If you spend your days watching tickers and you're using 10 cents per pip I would really hope that you plan on increasing your leverage in the future or you will effectively be earning as much as a fruit vendor in Haiti. I understand that welfare benefits in Britain are cushier than they are in the US, but at least try to make some money. So if you ever plan to make a career out of trading please don't tell me about your lame low-leveraged swing trades because you won't be able to pay your mortgage on 10 cent per pip infrequent trades. It's fine to day trade with low leverage as long as you are in the process of learning or are seeking a little extra spending cash only, but eventually I would hope the goal is to use at least $50,000-$100,000 trades if you want to make a living as an adult trader.
Many of our former thread participants have used much more leverage than this, but they are wiped out and have disappeared 😉
Pippy5000
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I forgot to mention that by placing multiple orders you are left with the ability to scalp for profit a s/r which will most likely break..
Let's say spot tanks -240 pips in one day and you have 4 orders with 30 pip stops on each..
s/r #1 - 30 pips
s/r #2 +20 pips profit scalped before s/r breaks
s/r #3 -30 pips
s/r #4 HOLDS
Using a huge stop and just one order for the whole move you'd be down -240 pips, but by effectively managing your margin with multiple orders you'd only be down 40 pips and would be poised for a potential ride back up for big profits rather than hoping and praying for a ride back up just to break even.
and all the while you were spectacularly wrong about the direction that day! -40 pips isn't that bad when your bias was long and you entered the market on a day when spot moved down 240 pips!
Let's say spot tanks -240 pips in one day and you have 4 orders with 30 pip stops on each..
s/r #1 - 30 pips
s/r #2 +20 pips profit scalped before s/r breaks
s/r #3 -30 pips
s/r #4 HOLDS
Using a huge stop and just one order for the whole move you'd be down -240 pips, but by effectively managing your margin with multiple orders you'd only be down 40 pips and would be poised for a potential ride back up for big profits rather than hoping and praying for a ride back up just to break even.
and all the while you were spectacularly wrong about the direction that day! -40 pips isn't that bad when your bias was long and you entered the market on a day when spot moved down 240 pips!
im prepared to truce if you are?
just to clear something up, as to why i use 'wide' stops.
room for error-when you are right about general direction you gain, but with a stop as tight as a wall street goon's **** you'll be right about general direction, and could lose. And if you're wrong about the direction you lose.
just to clear something up, as to why i use 'wide' stops.
room for error-when you are right about general direction you gain, but with a stop as tight as a wall street goon's **** you'll be right about general direction, and could lose. And if you're wrong about the direction you lose.
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BlueChilli
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