132 pip loss today. Ouch.
- Thread starter peilthetraveler
- Start date
Luck? Are you serious?
very sorry to hear this...where was your stop loss set at?...sounds like there was none?...did you go to sleep without one set?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.
You misunderstood. Luck meaning the momentum was stronger that expected, not luck that i picked the right direction. The trend was downward and I expected it to keep going down. Had no idea it was going to really pick up the pace. Thats luck. I expected to pick up maybe 20-30 pips by this morning for the GBP. It was luck that it gave me an extra 120 pips in that currency alone.
No stop loss. I rarely use these as they usually just end up making me lose more money over the long run. I take the good days with the bad days. Yeah some days i take a hit, but other days i make a killing, like this morning. If I had used a stop last night, I wouldnt have made back everything this morning. (at least not in the GBP)
Made about another 100 pips this morning on top of what i made back, so im up a good 300+ pips today. If i can keep this momentum up, i may be looking at my best day yet!.
I am down this week 5%, it has been absolutely terrible week for my system... uhg..
Quote from AyeYo:
Way to bounce back, man.
Thumbs up on the lack of stop losses too. You usually have to throw on the flame suit before announcing you don't use them.
Oh yeah i know! Any time i've ever announced a loss, first question is "where is your stop loss at? Why didnt you use it? You should use stop losses."
I stopped using stop losses because when i get stopped out, the chart turns around at that point half the time and then i have to make a choice if I want to get back in or not. If i want to get back in, then i gotta pay the spread/commission again which makes my profits a bit less. I admit that a stop loss would stop me from losing a big loss now and then, but if i get stopped out of five 30 pip stop loss trades that would've turned around vs losing one 100 pip trade, then it makes more sense to take the big loss. Yeah its more psychologically devestating, but it makes sense in the long run.
Quote from peilthetraveler:
Oh yeah i know! Any time i've ever announced a loss, first question is "where is your stop loss at? Why didnt you use it? You should use stop losses."
I stopped using stop losses because when i get stopped out, the chart turns around at that point half the time and then i have to make a choice if I want to get back in or not. If i want to get back in, then i gotta pay the spread/commission again which makes my profits a bit less. I admit that a stop loss would stop me from losing a big loss now and then, but if i get stopped out of five 30 pip stop loss trades that would've turned around vs losing one 100 pip trade, then it makes more sense to take the big loss. Yeah its more psychologically devestating, but it makes sense in the long run.
Yes, x1000
These are key:
"I stopped using stop losses because when i get stopped out, the chart turns around at that point half the time and then i have to make a choice if I want to get back in or not. If i want to get back in, then i gotta pay the spread/commission again"
" if i get stopped out of five 30 pip stop loss trades that would've turned around vs losing one 100 pip trade, then it makes more sense to take the big loss."
If I used stops I would get stopped out of more big winners than I would big losers.
Glad to see someone else thinks the same way.