Buying Yen

Quote from azmi:

skalpz...you are going to get rocked in this trade...i wish I had been to this site earlier I could have given you a dozen reasons not to take it. But hindsight is a bliss we dont enjoy so as you must be feeling the pain right now, I suggest at the next dip get out and wait and see. Even though China revalued the basket trading band from 1.5 to 3% it was mostly against the eur and the gbp - which are usd positive indicators. If anything you might want to go short at the 113 / 113.50 levels as that was the year high and stiff resistance there. You should get a yen or two on that one. But as of now...since rita didnt do the damage we all feared I think the USD is gonna rally like hell on Monday . especially against USD CAD
cheers
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so am I going to make money on this position EURCAD long ?
i got in at a shitty price 1.42. or I should get the hell out on the first bounce.
i should've just stick to index futures. where i am more consistent.
 
well...good for you my man. Just one concern...why hold a 10 yen loser for a 3 yen winner? Arnt winners supposed to be bigger than losers? At some point one has to decide that the position was a wrong entry - and if you keep doubling - tripling in and over leverage yourself, isnt there the risk of the roof blowing off your head one day? I am not an experienced trader like many on this forum...but these are some basic common sensical rules that I thought all successful traders adhere to.

"..90% of my profits came from 10% of my trades"

Richard Dennis
 
Quote from kalzayani:

I think the this pair won't Slow down much this week
I will still Long.
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No, it's gonna crash this week.

Thanks for your (long) money ahead of time! :D

fx
 
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