132 pip loss today. Ouch.

Quote from AyeYo:

Where did I say anything about holding positions overnight? I clearly said I DO NOT LEAVE THE COMPUTER when in a position.
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I didn't say you hold positions overnight, my post was in reply to a post from peilthetraveler.

You might want to review your thinking on stops though, and trading itself. Capping 'maximum pain' isn't what stop losses are all about, they're a simple risk management tool is all, and losses should never be painful anyway.

Also by looking at higher time frames when a trade isn't working out on the time frame it was planned on means you're either not planning trades or you're changing your plan mid trade. Neither are a good idea.
 
Quote from cabletrader:

I didn't say you hold positions overnight, my post was in reply to a post from peilthetraveler.

You might want to review your thinking on stops though, and trading itself. Capping 'maximum pain' isn't what stop losses are all about, they're a simple risk management tool is all, and losses should never be painful anyway.

Also by looking at higher time frames when a trade isn't working out on the time frame it was planned on means you're either not planning trades or you're changing your plan mid trade. Neither are a good idea.
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hey all...please listen to cabletrader...this cat knows Forex...only one knows more..Soros...:D
 
Quote from increasenow:

hey all...please listen to cabletrader...this cat knows Forex...only one knows more..Soros...:D
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Not me, in the scheme of things I'm a novice!

You're the extreme trading cat around here, even Soros is in awe at how many markets and instruments you've traded......you're THE man! :cool:
 
Quote from cabletrader:

Not me, in the scheme of things I'm a novice!

You're the extreme trading cat around here, even Soros is in awe at how many markets and instruments you've traded......you're THE man! :cool:
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I'm needing these answers right now from many that read this:

1-who here...thinks it is totally crazy to trade Forex with no stop loss in place?

2-who here...thinks it is totally crazy to trade without stop's and go to bed with open positions?

hmmm...
 
Quote from peilthetraveler:

Wow! What a stroke of luck. I went short last night before i went to bed the EUR and the GBP. (short the GBP at 1.6636 and short the EUR at 1.4901)

I woke up because i had to pee really bad and figured why not check the forex, although i didnt plan to check it until around 5:30or 6 am PST (its 4:18am when i checked.) I was as shocked to see I had made 154 pips in the GBP and another 73 pips in the EUR for a total of 227 pips! I liquidated right away because i was so excited and too tired to examine my position, but it looks like i already left another 30 pips on the table as i write this.

I cant complain...I made everything back that i lost yesterday and then some. And i did it with a smaller size.

I was expecting it was goingto take at least a week to get that loss back. Sometimes its good to get lucky.
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so it you lost 132 and gained back 227...you are way ahead...correct?
 
Quote from increasenow:

I'm needing these answers right now from many that read this:

1-who here...thinks it is totally crazy to trade Forex with no stop loss in place?

2-who here...thinks it is totally crazy to trade without stop's and go to bed with open positions?

hmmm...
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My answer is in the thread, grasshopper.

Remember.....

Tomorrow always comes, and today is never yesterday.

Eggs cannot be unscrambled.
 
Some ideas, to hedge the trade with another currency instead of using stop.

For example, short GBP/USD, long EUR/USD.

Could use more contacts on side that you believe in.

Or another option, trade with stop but no profit target, see what 2 days in a trade may bring in regards of return so trying to hit home run and keep stops small.

Or have a reverse trade setup, for example, you short GBP/USD with 10 contracts, your stop is set with 16 contracts, so if proved wrong, you are now long 6 contracts, then set that trade to reverse again with say 2 - 3 contracts short if you wrong again so each time you are wrong, your number of contracts decreases. Once you win, you go back to normal contract size.
 
Quote from increasenow:

so it you lost 132 and gained back 227...you are way ahead...correct?
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Actually between that 132 pip loss and 227 win, i was just barely up. I had 3 lots with the 132 pip loss and 2 lots with the 227 pip wins, so in reality it was like i had a 60 pip win really.

But between 4:18 am and 10 or 11am, I added another 116 pips so it was a pretty good day.

On a normal day, i usually win or lose 30-50 pips over the course of the day. My average win though is around 17 pips and my average loss is 21 pips, but of course, my win rate is 72% last time i checked it. Basically you could say that for every 2 dollars i make, i will give 1 dollar back.
 
Quote from oraclewizard77:

Some ideas, to hedge the trade with another currency instead of using stop.

For example, short GBP/USD, long EUR/USD.
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So at what point would you undo the hedge?
 
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