EUR/USD & GBP/USD & AUD/USD Forex Trading
- Thread starter increasenow
- Start date
Any support at 1.46?
Or .8800 AUS?
Or .8800 AUS?
Support is 1.4603 to be exact.. but major support is back down in the 1.4535 area.
It's been ranging 1.4603 to 1.4631 for some time.. (I brought up these 2 price levels on my post last Thursday)
Those levels have been very significant.
I am convinced 1.48 handle has to meet the spot prices again as part of a bigger range trade.
We shall see, only time will tell.
Quote from cabletrader:
Only half serious?
Traditional trading wisdom says 'plan the trade and trade the plan', so if you follow that mantra you shouldn't change a short term scalp off an m5 chart into a longer term trade off a daily chart just because it's losing, imagine what that could do to risk and money management!
Having said that, there are times when you can get 'creative' and trade out of a losing trade or reduce exposure, nothing needs to be written in stone apart from limiting risk. If the trade is still viable and you can review your analysis objectively (not so easy to be unbiased once you're in a trade) then why close at a loss?
A lot of traders aren't flexible enough with their trades in my opinion, they have fixed entry, stop, and target and they expect the market to oblige, I think it makes more sense to adapt to what the market is doing rather than hope the market will adapt to what you're doing.
As long as leverage is sensible and risk is controlled it's ok to do pretty much anything you like, the worst can happen is you lose a few percent but you'll survive to trade another day!
How can you not have a fixed entry & exit?
If it blows up in your face, oh well, at least you knew where you were comfortable with a loss instead of playing damage control.
This is only my opinion. If it works for you, keep on pipin'
Nothing is going to blow up in your face, that's why I said 'if risk is controlled' it's ok to do pretty much anything you like.
You seem to be stuck in the entry/stop/exit rut which many many traders get themselves into, you need those kinds of rules and parameters in order to develop some sort of discipline and to overcome the psychological problems with trading. Once you get more experience and get more confidence you'll be able to be flexible and adjust to what the market is doing instead of having a rigid approach and hoping the market fits in with what you're doing!
Why do you think I have such a good win:lose ratio (97 trades today and just 2 losses for 3 pips)? It's not because I'm a wizard at picking short term direction, that's for sure!
Quote from cabletrader:
Nothing is going to blow up in your face, that's why I said 'if risk is controlled' it's ok to do pretty much anything you like.
You seem to be stuck in the entry/stop/exit rut which many many traders get themselves into, you need those kinds of rules and parameters in order to develop some sort of discipline and to overcome the psychological problems with trading. Once you get more experience and get more confidence you'll be able to be flexible and adjust to what the market is doing instead of having a rigid approach and hoping the market fits in with what you're doing!
Why do you think I have such a good win:lose ratio (97 trades today and just 2 losses for 3 pips)? It's not because I'm a wizard at picking short term direction, that's for sure!
LOL.
I guess knowing where there will be profit taking, knowing where bias changes is a psychological problem. LOL @ a scalper telling me I don't know what the market is doing & I have to overcome psychological problems. Isn't your average profit like 2-3 pips? I guess your entries and exits don't have to be ridged as you are betting on luck rather than skill.
The difference here is I made 1 trade today, up $6,700.
Waiting for $1.48 to hit and I'll leave wit $20,300.
As long as we are in the topic of "# of trades," in the last 17 weeks I have made 533 trades, won 492 of them, maximum draw-down 200 pips, total net $553,120. Lot size 1 - 20 lots.
Quote from sakhter:
The difference here is I made 1 trade today, up $6,700.
Waiting for $1.48 to hit and I'll leave wit $20,300.
As long as we are in the topic of "# of trades," in the last 17 weeks I have made 533 trades, won 492 of them, maximum draw-down 200 pips, total net $553,120. Lot size 1 - 20 lots.
Ok, and now you're showing exactly what I was talking about, inexperience.
Like I mentioned to you before but you didn't grasp what I was talking about, dollar amounts mean absolutely nothing in this context, besides which without audited accounts your claims should be taken for what they are, just unsubstantiated claims. In my experience people who like trying to boast about how many dollars they make and how big they trade usually turn out to be trading micro or mini acounts with a few thousand bucks. Nothing wrong with trading micro or mini lots and not something to be embarrassed about, we all started somewhere. Either way it's not impressive, just a bit childish in my opinion
As far as trading being 'luck' I think you're going to need more than luck to achieve consistent profitability!
Now if you want to discuss the merits (or otherwise) of rigid entries and exits, fine, I'll debate it with you.....
Quote from cabletrader:
[ Nothing wrong with trading micro or mini lots and not something to be embarrassed about, we all started somewhere. Either way it's not impressive, just a bit childish in my opinion
[/B]
That cuts me deep, cable.
Real deep.....
What does, the fact that it's unimpressive and childish for someone to talk in dollar terms of how much money they make or how big they trade?
Like I say there's nothing wrong with micro or mini lot trading, it's all relative, that's why dollar amounts aren't important.
You were joking though, right?