Quote from cabletrader:
lol, I've been called worse, success where others have tried and failed often brings out the worst in some of the less successful!
Actually the reason I started posting blotters was in response to people (who I can only assume were losing money or lacked ability) that said retail forex is a scam, that intraday trading (especially scalping) isn't profitable, and that all bucketshops are robbers and would shut down profitable scalpers. Oanda was singled out so I posted a few blotters to demonstrate that intraday trading retail forex with a bucketshop (especially scalping!) is indeed not only possible but extremely lucrative if you know what you're doing. Some people don't like my blotters or success for obvious reasons.
The 'what then' scenario you illustrated requires just a little bit of lateral thinking outside the normal stop/limit box and a bit of strategic planning. As I mentioned to you, that Eur/Usd short was to partially hedge a long Aud/Usd. Add in the mix the previous 40 pip gain overnight and it actually equated to practically zero risk. Sure, I could have done what you do and had a 'hard stop' on my Aud long and probably lost money, instead I traded out of a potential loss, reduced risk and exposure, and made money instead of losing it. To me that makes more sense and goes some way to explaining my high win:lose and relatively smooth equity curve (the object of the exercise!).
There should never be a situation where there's a risk of blowing up, that would demonstrate a lack of risk, money, and trade management, and the discipline to adhere to it. Like I said before, if the worst happens and my overall risk threshold is reached I'll have no hesitation in closing everything to limit loss. At the end of the day this strategy is no more risky than more conventional strategies similar to yours, in fact the way gains are compounded trade-by-trade makes it less so.
Also like I said, it might not suit everyone, no-one has the monopoly on profitable trading strategies and it really is up to the individual to find something which fits and which they're comfortable with.
For someone who doesn't like my blotters you seem extremely interested in them, this is the second or third time you've tried to pick fault, if I remember correctly you were reading one upside down! They're not compulsory reading you know!
Why do you make so much efforts to defend currency bucket shops?
There is only one reason I can think of: you work for one of the currency brokers.
These currency brokers are capable of any kinds of scams. I remember they even got CNBC to carve out $100,000 for currency trading in the 1 million dollar stock trading contest (that made a lot of traders disgusted).
These scam brokers will do anything, including trolling on ET and other online forums.
