A guy posts an opinion, and one can expect another to jump with a rebuttal, or an objection, or even a lousy flame for the feebleminded. But darn it, two pages of presumptuous blasting just because I said Oanda seems good?! Not only that but it actually takes a trip to giving the moderators the finger! This is an FX trading forum for God's sake not a Newcastle football fanclub.
Steve, your assumption that I am cheering for Oanda is totally wrong. I joined this forum exactly one week ago, and I am currently trading with FXCM, and had no idea about Oanda except when Gamalruach (The FIRST Sam) told me about it. I'm the Managing Director of my own firm that employs 27 people, and don't run around collecting pennies from endorsing a broker. I put forward an honest opinion, about the demo that I just gave a try last night.
This brings us to the second mistake in your post. You have launched your flame and objections against my opinion.... That's absolutely cool. It's fine to have a different point of view. But why the heck would you take such a busted up hard core drill at me, when all you're saying is that you HEARD they're crap?! If you don't have a first hand experience, then what's eating you? And on that same line, what is this pent-up anger that flowed in from the rest of the posters.
Everybody hates useless and false endorsements, but let's not start acting like alley brats "NOOOOOO, My Broker Is Better Than Yours... Nyah naa na naa naaah"
Now that is done, back to Sam's post:
I have understood and agree with all your points, you seem to have a great system going for you here. I have one itchy point to discuss though:
"I focus more of my time on how to win and how to avoid losing than making losing such a structural component of my trading that it interferes with the other dyamics that must be present in order to win every trade."
Sounds great, but every trader has seen how one trade left with running losses can wipe out the account despite other stronger winning trades. The known fact is that the S/L is placed below a support or above a resistance because if a price breaks above or below, it's gonna run in that direction, so even if the original direction is still valid, it's better to let it run until it stops and starts climbing again, THEN one can re-enter the trade. Also, the S/L protects the trade if it breaks during the night.
I'm with you that many people just jump in with an automatic stop-loss of 25 points regardless where the heck it is, and naturally those people will eat through more stops than a color-blind driver, effectively wiping their account out of spread losses rather than real ones, but you have to draw the line somewhere. I mean do you watch the market for hours and hours and stay in only while you're sitting there? and how would you handle a news triggered 150 point move against you that sometimes happen in seconds?
(P.S. Emirati Princesses are cuter, wilder, and DO have a better sense of humor.
Besides you don't wanna be stuck with the princess's grandmother, for you won't see your bride till after the wedding if she's Saudi.
)
Sam (THE OTHER ONE!)
