Usd/cad
- Thread starter Ivanovich
- Start date
A stop is an intrinsic part of a trade. Without it, risk-for-reward cannot be evaluated. With it, and with the risk/reward judgment that it produces in conjunction with entry and profit target, factors such as trade memory and trade culling -- the latter critical and dependent on the former, b/c in my experience, it's the trades you don't make that determine overall success -- remain in play.
Risk/reward allows a trader to profit with a .500 or lower trade batting average. A stop? Never leave home without it, I say.
Risk/reward allows a trader to profit with a .500 or lower trade batting average. A stop? Never leave home without it, I say.
I never trust that Oanda stuff.
As for stops, I use them all the time. But with the CAD pair, my stop is hundreds of pips away. Why? Because I play CAD different than I play other pairs because it behaves different than other pairs. My trades in CAD are open for far longer timeframes than the other pairs I play (which are more intraday).
I've made over $20,000 playing CAD this way since the inception of this thread. It works for me. It may not work for you.
Will I eventually get burned? In all likelyhood. Will it be this time? I don't think so.
Knocking how others trade isn't something you should concern yourself with. Trade the way you make money.
Coinz, of course, being the exception.
As for stops, I use them all the time. But with the CAD pair, my stop is hundreds of pips away. Why? Because I play CAD different than I play other pairs because it behaves different than other pairs. My trades in CAD are open for far longer timeframes than the other pairs I play (which are more intraday).
I've made over $20,000 playing CAD this way since the inception of this thread. It works for me. It may not work for you.
Will I eventually get burned? In all likelyhood. Will it be this time? I don't think so.
Knocking how others trade isn't something you should concern yourself with. Trade the way you make money.
Coinz, of course, being the exception.
It's just an opinion, happens sometimes on these forum things. 
I've followed this thread for a while, and am somewhat familiar with how you trade. But it's one thing to have a pre-meditated scaling plan, quite another to say "wtf is going on here? I guess I'll just avg down". My post was more directed to the latter contingent as just a bit of cautionary advice.
I've followed this thread for a while, and am somewhat familiar with how you trade. But it's one thing to have a pre-meditated scaling plan, quite another to say "wtf is going on here? I guess I'll just avg down". My post was more directed to the latter contingent as just a bit of cautionary advice.
Quote from illiquid:
It's just an opinion, happens sometimes on these forum things.
I've followed this thread for a while, and am somewhat familiar with how you trade. But it's one thing to have a pre-meditated scaling plan, quite another to say "wtf is going on here? I guess I'll just avg down". My post was more directed to the latter contingent as just a bit of cautionary advice.
Illiquid, you and I have "known" each other on these forums for long enough to not get offended at what either of us says. Cheers, mate.
All I'm saying is that out of the pairs I play, this one is the only one I do not use what a forex trader would call a "traditional" style. Just because of it's behavior. It's like the red-headed stepchild of pairs. Note also that I have never been someone who has ever asked "wtf" about this pair. Others have, but I'm content playing it as is.
-Ivan