Forex Day Trader's Thread

[RidderTrade]

Mannnnnnnnn

 

[RidderTrade]

Quiting for today
1 loss on oil.. the first. loss 100 points on this stupid surge

sharp gain in gold, silver short 1 loss in gbp usd 1 gains in gbp usd
2 gains in usd chf short

sharply up after giant gains in the silver and gold short.. but like yesterday i spoiled part of my earlier gains.. LOSS 100 points in tha ****ing crude

i am out, daily up.. and sidelining

 

[RidderTrade]

i am not trying to get back on the ****ing crude.. maybe crude has now bottomed..first proof that short could be not working anymore that was ridds playground

 

[RidderTrade]

have to do some analysis in meditating i think

 

[RidderTrade]

horrible market, you have to be way flexible if you want to gain in this.

 

[Pippy5000]

BOOM! I finally got out of that damn USD/CHF trade and made $3 too! I'm never making another Swissie trade again.. I don't understand it's price action.. Look to short Euro now but it might rise some more first ..

 

[RidderTrade]

hope you bailed out welshandy1 on EURO/JYP otherwise you get slammed very nasty... euro/jpy up 425 pip..

lets all pray for welshandy1

 

[Pippy5000]

Ridd,

just trade the ranges.. the charts may say a breakout is imminent but it never is!! Even when it does breakout it will reverse ..

short Euro at 1.295 and buy at 1.265 .. Think of the huge amount of money you would have made over the past 6 weeks without being stopped out a single time!!

Stocks crash and the little bulls run them back up.. Obama will sneeze and the press will say, "I think I heard something about a stimulus package in that sneeze" and we start all over again with the up and down cycle of this tired ass range..

 

[RidderTrade]

yea.. usd chf was again weird today.. dropping to 115.31 and then all the way back up to 117.00

now stalling around 115.81

 

[RidderTrade]

Stoploss never widen

EUR looks waaaay too strong now I have widened my stoploss, but still it keeps rising!

I really need to hedge it... Anyone long USD/YEN? Seems a relentless march upwards... Its looking like it could even hit 100 soon.

welshandy1 never widen a stoploss, its a signal something is wrong, and indeed it certainly was as eur/jpy rocketed 450pip at the time i was looking, dont know if it even rocketed more

a stoploss, before you enter a trade, think about the amount % of your trading funds what you want to risk, think about a good place, but dont widen, most traders will get hit because only a few big losers will trash them

Mann, take care.. may you win 1000 trades next weeks, bless you

 

[Pippy5000]

Next time stop yourself out then reshort with double the lots of the original trade on a failure.. There are certain places on the map that if the price gets past there it is likely to continue on higher or lower.. There's no need to ride it..

once your new trade gets 15-20 pips profitable move your stop to 0 because the last thing you want is to dig yourself even deeper in.. Using this method it's a lot easier to make back the money you lost.. You definitely don't ever want to raise the stop loss unless it's to compensate for a change in the moving average or a slight tweak.

Most traders think it's the realized p/l column that matters but it's actually the margin balance that matters..

 

[RidderTrade]

Good NIght Pippy500

 

[welshandy1]

hope you bailed out welshandy1 on EURO/JYP otherwise you get slammed very nasty... euro/jpy up 425 pip..

lets all pray for welshandy1

hey guys,
thanks for your thoughts, but yeh it was a bad, bad night for me. It doesnt help that I was trading at 4am, but yes I broke the golden rule and lengthened my stoploss... and lost big time. Horrible.

The only good news was that I had opened a Buy in USD/YEN, and that had gone up a couple of hundred pips. But still, it does nothing to dispel the fear that this is only slightly more acceptable than gambling.

Now, I have to work my way back up all over again...

good luck today guys

 

[welshandy1]

good advice Pippy, next time, next time...
and yes, the margin came perilously close to stopping me out for good, with a real blowup. Had one last year in Crude, and swore I wouldnt allow it again.

I will deffo try the double lots plan if it happens again, rather than extend the SL. I dont know why I didnt really! Temporary insanity maybe...

Next time stop yourself out then reshort with double the lots of the original trade on a failure.. There are certain places on the map that if the price gets past there it is likely to continue on higher or lower.. There's no need to ride it..

once your new trade gets 15-20 pips profitable move your stop to 0 because the last thing you want is to dig yourself even deeper in.. Using this method it's a lot easier to make back the money you lost.. You definitely don't ever want to raise the stop loss unless it's to compensate for a change in the moving average or a slight tweak.

Most traders think it's the realized p/l column that matters but it's actually the margin balance that matters..

 

[RidderTrade]

sometimes a RE-FOCUS can help.. admit you are wrong..and reverse your position to the other side
OR just take a hit..and quit for the day. in a bad day.. one do always everything wrong.
its not gambling, but a game of poker, if you got good cards the chance of winning increases, but you can also lose with a lot of good cards.

 

[RidderTrade]

as in poker, never can play poker without a loss..
also human make errors..

when looking at ridds day yesterday, after surging on silver,gold shorts, i risked only 33% of the day profit on a crude short. I did not widen the crude. And also i did not enter one again.

 

[RidderTrade]

phewwwwww.. riddd.. god bless

shorted ftse100 38.60 first it went to 38.88 . and i decided to cut the losing position for 60%
but it went to 38.40 now and closed of the remaining part

added euro/jpy short .. 124.20 limit order 123.20.. which was narrowly missed..
but took manually 90pip

 

[RidderTrade]

went long again on euro/usd 127.72 trailed to 127.82
risk aversion has provided some safety on riddss balance

 

[Pippy5000]

I'm long Cable 1.43 s/l 1.41

 

[Pippy5000]

I'm so sick of this.. I want to go get a job at McDonald's until the recession is over and all this wackiness goes away..

So lower US equities = strong dollar or strong JPY .. i can't tell anymore .