Tom_Killick
Long

USDCAD: Stay Long,Absolutely no Reason Not To Still Be In-Update

FX:USDCAD   U.S. Dollar/Canadian Dollar
735 22 14
Friends,

Like I said before, there was no reason to take profits at this level. It's a terrible way to trade. Anyone who wised up and stayed in got the 200 plus move today, and is in with me falling over bags of cash.

Tom
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Youtube: https://www.youtube.com/channel/UCrKe1mbrc5cAj1BuuQNoyrA?nohtml5=False
Nice post.
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moneymaking
a year ago
Hey tom, just wanted to clarify that, don't you think a MONTHLY close above the previous resistance level would be better before going long on USDCAD?
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moneymaking
a year ago
Sorry forgot to add the chart, here it is:
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moneymaking
a year ago
damn it, lol, here it is:
snapshot
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Tom_Killick PRO moneymaking
a year ago
Its not my trading style to do that. My trading style is to pick out bottoms, I'm buying when people don't even realise whats happening yet usually.

Let me reveal a small secret that a lot of traders don't know about stocks.

The lower you buy, the lower risk you have. The maximum financial opportunity is at the true bottom. And the bottom is easily defined. For example, i'd never buy above the monthly close above that level, just based on that principal, the move has started primarily now, and I saw a very nice pullback daily to get long, disregarding the monthly.
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Tom_Killick PRO Tom_Killick
a year ago
If we go above the close, and i'm still in, take profits, then we see a daily pullback, then alongs we are at what I define as a significant bottom of stability, then I may buy back in to the higher highs.
-1 Reply
Tom_Killick PRO Tom_Killick
a year ago
I'd be amused to see who disliked these comments, please come forward and let's compare profile idea success ratios. Lol
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moneymaking Tom_Killick
a year ago
Hey Tom, whoever disliked the comments are to afraid to come forward. These kind of people are only here mess around with other traders forums :)
+1 Reply
Tom_Killick PRO moneymaking
a year ago
Yeah, I'm not too bothered. I just planned to illustrate their poor ideas here for trying to stamp on mine haha :)
+1 Reply
cheers Tom! next round is on me!
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FullTimeTrader
a year ago
Nice, great lesson to learn
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Tom_Killick PRO FullTimeTrader
a year ago
Thank you. I've tried so hard to explain it as well as I can. I really hope i'm able to help traders learn this unbelievably important lesson.

Regards
Tom
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nicholasjf
a year ago
Absolutely right. From my old days trading when I lost consistently, the one thing that turned me around was the rule: run your winners and cut your losses quickly. Had against the NZD for a long time, but a lot of days they keep making money but until there is a definite turn in trend, I let them run.
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Tom_Killick PRO nicholasjf
a year ago
It all comes to the premise of cutting your losses short, and letting your profits run. Whilst applying maximum financial opportunity tactics.
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nicholasjf
a year ago
And, also, remember the stop loss is insurance - you pay for it. Not to say you shouldn't have a stop in place but it's one of the brokers' best friends. If you use stops too close to the market, the noise in that market is likely to get you out at some stage, A spread betting firm in the UK showed that more than 50% of bets were right but because of stops, bad money management 95% of clients lost. Stops, money management and emotional desire to take profits too soon are the biggest hurdles to successful trading.
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Tom_Killick PRO nicholasjf
a year ago
Obviously. Not having a stop loss can only mean one thing, that you're mentally incapacitated...
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IvanLabrie PRO Tom_Killick
a year ago
Or that you know what you're doing and trading intraday with tight spreads and experience.
(or trading spreads)
I'd love to try FX options, shame I can't get a broker for that. You have any experience with that Tom?
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Tom_Killick PRO IvanLabrie
a year ago
I don't trade currency spot options, I only use options for stocks. (Since I trade FOREX and stocks differently)

You shouldn't have much of a problem finding an FX options broker though, there's quite a few around

Regards
Tom
+1 Reply
my pending order trade and i forgot to put stoploss lvl so im stil in sell position about 1.28876 position i dont want to close it it wasnt such a bad sell position :) what u think?
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Tom_Killick PRO samed.karsanbas
a year ago
Where did you enter? are you TP@ 1.28876??
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Tom_Killick PRO Tom_Killick
a year ago
Or is that your sell limit?
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samed.karsanbas Tom_Killick
a year ago
1.27340 thats my pending order has enter on this price. and i forgot put stoplose decide to cary to position for long. what u think about my long sell position?
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