132 pip loss today. Ouch.

Quote from cabletrader:

lol, no? Check your charts!
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Checked em. No 500 pip moves in a short time frame. Found a 400 pip move over about a 12 hour period, but thats not really what i would call a short time frame.


Short time frame to me is 1 or 2 hours though. Maybe a short time frame to you is 1 or 2 days, i dontknow.



....bah you distracted me. While i was typing this gold ran up 3 bucks and i was waiting for that trade.
 
Quote from peilthetraveler:

No stop loss. I rarely use these
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watch out...the Forex traders are gonna eat you alive with this comment...Rule #1..always trade with a stop loss...please expound on your current trading methodoligy
 
do not use a stop.. if you must use a stop then you are over leveraged.. this is the best way to trade and stay in teh game.. if you can sleep at night without a stop then you are in good shape.
 
Quote from peilthetraveler:

I took my biggest hit since trading forex today on a single currency. Lost 132 pips over 2days on the GBP. Average price of 1.6746 and got out at the absolute low point of the day today at 1.6614 Losing 100+ pips always hurts, but what hurts with this trade is that i traded a size higher than normal because the day before I had my best day and thought i could take the risk. Luckily Im break even for the week so far. So basically I had a rollercoaster of emotions for nothing. :(

Now i want the GBP to go to 1.62 just so i can feel better, but knowing my luck, tonight when i sleep,something will happen and i will wake up to see GBP at 1.69 :(

But hey...we cant win everyday. Gotta take some losers with the winners i guess.
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Hey man, the pound is a stick of dynamite with all the uncertainty right now. It is in worse shape than the dollar.
I got farked on it a month ago and left it. Better vehicles out there.
 
Quote from limitupmike2:

do not use a stop.. if you must use a stop then you are over leveraged.. this is the best way to trade and stay in teh game.. if you can sleep at night without a stop then you are in good shape.
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obviously this cat needed a stop loss..or not to go to sleep on his trade...very sorry this happened..
 
Quote from cabletrader:

The traders graveyard is full of headstones with the inscriptions "I was waiting for a retracement!" and "This has got to turn around soon!".

Sorry to say it but your trading seems to be based more on luck than strategy by the sounds of it. The inevitable will happen one day, and it won't be that retrace you were waiting for!
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There's no luck involved in looking at a longer time frame when a short time frame play goes against you.

So you get a 9,000,000 pip surprise move against you in a matter of two seconds, even IF you wait for a 3,000,000 pip retrace that never happens... what's the worst that's going to happen? You're gonna end up losing the 9,000,000 pips, or maybe 9,000,010, basically what you would have lost with a set stop-loss. Big deal. Don't close the position at the bottom. Do damage control and work your way out.
 
Quote from increasenow:

watch out...the Forex traders are gonna eat you alive with this comment...Rule #1..always trade with a stop loss...please expound on your current trading methodoligy
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Actually its the other way around. Forex traders eat alive people with stops. Forex brokers, even more so. They love nothing more than to spike a price just to hit your stop. Dont tell me you've never seen this happen.
 
Quote from peilthetraveler:

Actually its the other way around. Forex traders eat alive people with stops. Forex brokers, even more so. They love nothing more than to spike a price just to hit your stop. Dont tell me you've never seen this happen.
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Yes, exactly. The market sweeps obvious stop levels all the time. The people using the stops are the ones that are the sitting ducks.
 
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