Trading The FOREX for Fun

[hwsteele]

I went long the EUR/USD at 1.2865 looking for 1.2925 first and then 1.3000.

 

[£10kLoser]

Yes, but where is your stop?

 

[hwsteele]

That's a good question. The stop was equal distance as the target. In other words in this case it was 1.2730 for the long target and 1.2805 for the shorter target. I had actually put two trades on. And both targets were hit. I only wish I had been awake to let them run higher BUT I'm still happy!

 

[shadowninja]

Yes, but where is your stop?

No stops... that is part of the fun.

 

[hwsteele]

I do make trades in the FOREX with one system and don't use stops with it. Well that's not completely true. I use me as a stop if it has gone too far against me, but I don't set any when I make the trade.

Wow shadowninja, I see you made your star!:clap:
Congratulations!!
I too hope to have a star some day!:cheesy:

 

[shadowninja]

Well, it can work but for others it can be the road to disaster. I've traded without stops and that nearly stopped me trading. Fancy that. I've made up one of my own philosophical bull**** phrases. "Trade without stops and it may stop you from trading."

 

[hwsteele]

Yes I like to use two of the three types of stops I know of:

1st: Setting it when I get into the trade.

2nd: Not setting a stop and sitting in front of the computer. (Mostly scalps)

3rd: Trailing stops. I don't like to use these with the forex.

Oh and the ultimate stop that totaly sucks: When all your money is gone!!
I used to use that one the most 'til I learned to leave my ego in bed every morning.

 

[hwsteele]

Ok I decided to post my account balance sheet on closed orders every day instead of talking about each trade.

This is a paper account so keep that in mind.

The trading is based on some cycles I lay out on the charts. If I am home when the cycle comes out I enter into the trade. As the trades last for some time(hours) I am not always home to watch them. Because of that I use stops for safety and profit.

 

[shadowninja]

3rd: Trailing stops. I don't like to use these with the forex.

Why not?

 

[hwsteele]

I like to adjust my stops myself. I like to move stops in relation to swings in price and simple trailing stops obviously don't do that. I guess it's just a personal preference.

 

[shadowninja]

Ah. I like to use them if I'm away from the PC; just keep them wide.

 

[hwsteele]

Here is the account sheet for today. I decided to get out of the trades early today cause I have stuff to do away from the house. Since today is Friday I didn't want to still hold an open position in anything over the weekend.

 

[hwsteele]

Latest closed trades.

 

[UKtradergirl]

Latest closed trades.

Nice. Shame it isn't a real account (or even better, MY real account!).

Can you describe briefly your criteria for entering a trade?

 

[hwsteele]

Nice. Shame it isn't a real account (or even better, MY real account!).

Tell me about it! I hope to be trading live by early next year.:clap:

Can you describe briefly your criteria for entering a trade?

I only enter trades that make money!!

Well that's what I try to do. I mark some cycles on the charts and then when they come out I look at support and resistance and a trendline or two(some times) and then get in the trade if all looks good. I don't shoot for too many pips just 25 or 50 most of the time. With the GBP/USD I might go for about 50- 75. Sometimes 100.

 

[hwsteele]

OK I feel like an idiot! I just gave back about a billion $ to the market and here is why:
I was not thinking about trading when I was trading.
I broke up with my girl friend yesterday and as a result got a horrible night sleep.
Now guess where my mind was when I decided opening my charts up would get my mind off of her?
Yes any person who says trading is NOT a large part psychology is wrong.(stupid is psychological right?)
Seems like it shouldn't be but...

Any way my mistake was six bad trades in a row. :-0

Now one of the trades had a cycle that just didn't work out. BUT I got back into that trade after I was stopped out. Now that's not always a bad idea but today day it was for two reasons: first I should not have been trading(girl friend) and the second the price action said not to.

Then one other was the fact I got in too early.
Then 3 of them were plain stupid. Damn canadian dollar!!

Now let me ask you what should I do?

A: Take three days off and not trade at all?:-0

B: Be a man and just get back on the horse?

C: Try and win my gal back and keep trading?

D: Try and get her back and take three days off?

E: Stop asking other people what to do?:cheesy:

Oh well life goes on...

 

[rags2riches]

Answer D

but phone a friend to make sure it's the right answer.

 

[UKtradergirl]

I vote A- take 3 days off. Splitting up with a girlfriend is a big deal and you need some 'recovery' time. Sorry to hear about it anyway.

Only you will be able to answer if it is a good idea to try getting her back or not. Depends on why you split up, etc.

 

[hwsteele]

Answer D

but phone a friend to make sure it's the right answer.

That's a good idea...wait I would phone my girl friend but...

Thanks

 

[hwsteele]

I vote A- take 3 days off. Splitting up with a girlfriend is a big deal and you need some 'recovery' time. Sorry to hear about it anyway.

Only you will be able to answer if it is a good idea to try getting her back or not. Depends on why you split up, etc.

That might be a good idea.