132 pip loss today. Ouch.

davidmaria1 · Nov 20, 2009

Quote from AyeYo:

Yes, exactly. The market sweeps obvious stop levels all the time. The people using the stops are the ones that are the sitting ducks.

Regardless, I have stops south of .9000 AUD/USD for the weekend, but you can bet my fat arse I'm pulling them Sunday at 1500 hours.
Can't have those pesky stop orders messin up my Nightingale stragedy.

Pension_Admin · Nov 20, 2009

It's like this thread just threw risk management out the windows.

You guys might as well average down and use martingale strategy if you want to blow your account in style.

AyeYo · Nov 20, 2009

Quote from Pension_Admin:

It's like this thread just threw risk management out the windows.

You guys might as well average down and use martingale strategy if you want to blow your account in style.

Since when are stops required to have a risk management strategy?

athlonmank8 · Nov 20, 2009

Quote from cabletrader:

lmao where did you find that?

cabletrader · Nov 20, 2009

Quote from peilthetraveler:

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.

Ok, how about 500 pips in 2 hours at 2am while you're asleep, and then another 800 pips before any kind of meaningful rebound, that short enough for ya? There are dozens of examples like that.

Hey you do it your way, makes no odds to me, but other novice traders read these forums so they need to know the risks involved.

If you can handle a trade going 1300 pips against you and have margin and unrealized loss equity tied up for days/weeks/months/years then fine, most professional traders don't trade that way.

Could this be you!

cabletrader · Nov 20, 2009

Quote from AyeYo:

Don't close the position at the bottom. Do damage control and work your way out.

Now you're talking about something else altogether, trading out of a losing position. That requires some quick thinking, fancy footwork, and good strategic planning, it's not something you do on the spur of the moment because a trade is running away like a freight train and you don't want to lose!

Pension_Admin · Nov 20, 2009

Quote from AyeYo:

Since when are stops required to have a risk management strategy?

I am not discussing that. You might be right, and you might be wrong.

Whatever it is, I'll keep my patience and discipline and you do whatever you do to "control" the market.

PA

athlonmank8 · Nov 20, 2009

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.

oh man. This thread is almost worse than watching gay porn

davidmaria1 · Nov 20, 2009

Quote from Pension_Admin:

It's like this thread just threw risk management out the windows.

You guys might as well average down and use martingale strategy if you want to blow your account in style.

Martin Gale?
Never heard of him!
Spreads just widened for the weekend. I better go close some trades!!
LOL, I'm hilarious.

peilthetraveler · Nov 20, 2009

Quote from davidmaria1:

Martin Gale?
Never heard of him!
Spreads just widened for the weekend. I better go close some trades!!
LOL, I'm hilarious.

I think he was related to Dorothy Gale. (from the wizard of Oz)