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
Comments
samed.karsanbas
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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?
TomProTrader
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Where did you enter? are you TP@ 1.28876??
TomProTrader
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Or is that your sell limit?
samed.karsanbas
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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?
nicholasjf
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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.
TomProTrader
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Obviously. Not having a stop loss can only mean one thing, that you're mentally incapacitated...
IvanLabrie
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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?
TomProTrader
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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
nicholasjf
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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.
TomProTrader
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It all comes to the premise of cutting your losses short, and letting your profits run. Whilst applying maximum financial opportunity tactics.