25 pip stop loss on volatile Daily pairs - WOW!
Quote:
Originally Posted by Todd
First time using these, I put a 25 pip trail on them I set the EJ, EU, GU shortly after these were posted. All 3 stopped out. What are the chances of all 3? 4% of acct for each trade.
Story of my life.

25 pip stop loss on a daily time frame? This shows how very inexperienced you are!

The average daily range over the last 2 trading days are:

EURJPY 174 pips

EURUSD 246 pips

GBPUSD 259 pips

25 pips on these will stop you out on a hiccup!

Also, the posting of my trades was not a recommendation to trade.

4% on EACH? That's a total of 12%! Good MM is that your TOTAL trades do not exceed 2% to 3% of your account. Absolute madness!! On that basis, you only have 8 more losing trades to go before you blow your account!

May I suggest you learn the basics of trading before going any further - PLEASE

Hello mea,

OK, maybe I need to feel like an 18 year old!

unchallenged close on volume higher
Can you explain this to a total Newbie in every aspect of this game?

I somehow get the feeling that you are taking the p*ss with your 2 posts but I will give you the benefit of doubt

No, I cannot explain this without you first understanding Price Action.

More important - THIS IS NOT A GAME - this is a very serious business.
Treat it like a game and you will lose and then lose again and continue to lose forever after that.

Q:
When are you going to buy or sell what you just bought or sold all the way up or down?
And do you still believe this strategy is working today, because the moves are so fast changing direction!

I had to count to 10 before answering this. If you have to ask this question, you need to go to the Introduction page of any manual you can find on trading whether it be stocks, forex or lean hogs BEFORE even thinking about trading.

BTW: where can i find a volume meter?
Have you tried the Volume Meter shop? Seriously, you don't need anything right now other than a good formal understanding and education of what trading is, how it works and HOW MUCH you can LOSE.

3/2/09

mea,

You answered yourself with your PS: directly below your name.

I like to learn a long term strategy for more than one reason, but one reason is very imminent.

The trigger finger!
If one is day trading the chance to get in to early and way to often is very present.

I have the feeling I need to go with a strategy that keeps me not only away from the PC and therefor from the attached mouse which makes it so
easy to lose my money.

Also it is much nicer to do other things than only to stare at a screen and moving candle sticks all day long!

Therefor I like to ask you if you have advice where can I find a strategy or the knowledge which can help me to become a long term
FX trader?

......8,....9,......10. The best strategy I can think of to answer all the questions above is to take up fishing (I was going to say skydiving without a parachute but that might have been too complicated).

read all you post and you sound so relaxed after all those years off stress ( 3 x 20 ) and still feel 16 how you do this??

By taking 17 years to learn and still continue to learn, by doing what is wrong until eventually I found what is right (for me), by blowing my accounts and over $200K, by going through the trading machine wringer, by finding out who I am (strengths and weaknesses), by accepting I will never, ever get it right, by accepting that it is OK to lose are what come to mind right now, Oh and a good dose of Rock n Roll with my 59 Fender Stratocaster.

OK, now you have had your fun in the sun, what are your real questions?

 

This answer is going to seem like the blonde joke when she was asked about the impact of higher gas prices on her budget. Her answer was that it doesn't affect her as she only puts in $20 at a time!

 

Take that stupid Hull Moving Average off and the 3_Level_ZZ-Semafor repainting pieces of junk and any other worthless indicators you are hiding behind and then we'll talk!

 

In case you missed it, start at page 444 on Jacko's thread where you will witness a discussion between two of the most successful and respected traders here on FF - Wayne Jackson (Jacko) and Jim of James 16.

Nothing further needs to be said.

 

Thinking of EURJPY and whether it's at the end or beginning of a trend just hit my Memory Recall button. Back in the 90s when we were drawing charts and indicators by hand and I was desperately looking for guidance, I joined a futures trading club. There were no Forums or trading computers then just ads in Stocks and Commodities magazine.

In that club was a very successful lady who was very good on Soybeans, Sugar and Coffee (more memories of Ken Roberts flooding in!), and she had just made a killing on what I thought was a fantastic trend. Although I knew she was very independent and strong and I was an absolute nobody, I made the mistake of congratulating her on her "trend trade". Her reply, in front of everybody was, "Hey little guy, that was no trend, it was no better than sex, - you don't know how long it's going to last or how many inches you're going to get!"

Lesson learned - Stay away from strong, independent, controlling women