Trading The FOREX for Fun

This is a discussion on Trading The FOREX for Fun within the Trading Journals forums, part of the Reception category; I went long the EUR/USD at 1.2865 looking for 1.2925 first and then 1.3000....

Reply
 
LinkBack Thread Tools Search this Thread
Old Nov 5, 2008, 10:01am   #1
 
hwsteele's Avatar
Joined May 2004
Trading The FOREX for Fun

I went long the EUR/USD at 1.2865 looking for 1.2925 first and then 1.3000.
__________________
Always wanting to learn more!
hwsteele is offline   Reply With Quote
Old Nov 5, 2008, 10:38am   #2
 
£10kLoser's Avatar
Joined May 2008
Yes, but where is your stop?
£10kLoser is offline Trading system vendor   Reply With Quote
Thanks! The following members like this post: BSD
Old Nov 5, 2008, 7:56pm   #3
 
hwsteele's Avatar
Joined May 2004
hwsteele started this thread That's a good question. The stop was equal distance as the target. In other words in this case it was 1.2730 for the long target and 1.2805 for the shorter target. I had actually put two trades on. And both targets were hit. I only wish I had been awake to let them run higher BUT I'm still happy!
__________________
Always wanting to learn more!
hwsteele is offline   Reply With Quote
Old Nov 5, 2008, 8:19pm   #4
 
shadowninja's Avatar
Joined Jul 2007
Quote:
Originally Posted by £10kLoser View Post
Yes, but where is your stop?
No stops... that is part of the fun.
__________________
The markets can stay solvent longer than you can stay irrational.
My sports trading challenge: http://www.trade2win.com/boards/trad...challenge.html
shadowninja is offline   Reply With Quote
Old Nov 5, 2008, 8:58pm   #5
 
hwsteele's Avatar
Joined May 2004
hwsteele started this thread I do make trades in the FOREX with one system and don't use stops with it. Well that's not completely true. I use me as a stop if it has gone too far against me, but I don't set any when I make the trade.

Wow shadowninja, I see you made your star!
Congratulations!!
I too hope to have a star some day!
__________________
Always wanting to learn more!
hwsteele is offline   Reply With Quote
Old Nov 5, 2008, 9:37pm   #6
 
shadowninja's Avatar
Joined Jul 2007


Well, it can work but for others it can be the road to disaster. I've traded without stops and that nearly stopped me trading. Fancy that. I've made up one of my own philosophical bull**** phrases. "Trade without stops and it may stop you from trading."
__________________
The markets can stay solvent longer than you can stay irrational.
My sports trading challenge: http://www.trade2win.com/boards/trad...challenge.html
shadowninja is offline   Reply With Quote
Old Nov 6, 2008, 12:38am   #7
 
hwsteele's Avatar
Joined May 2004
hwsteele started this thread Yes I like to use two of the three types of stops I know of:

1st: Setting it when I get into the trade.

2nd: Not setting a stop and sitting in front of the computer. (Mostly scalps)

3rd: Trailing stops. I don't like to use these with the forex.

Oh and the ultimate stop that totaly sucks: When all your money is gone!!
I used to use that one the most 'til I learned to leave my ego in bed every morning.
__________________
Always wanting to learn more!
hwsteele is offline   Reply With Quote
Old Nov 7, 2008, 8:17am   #8
 
hwsteele's Avatar
Joined May 2004
hwsteele started this thread Ok I decided to post my account balance sheet on closed orders every day instead of talking about each trade.

This is a paper account so keep that in mind.

The trading is based on some cycles I lay out on the charts. If I am home when the cycle comes out I enter into the trade. As the trades last for some time(hours) I am not always home to watch them. Because of that I use stops for safety and profit.
Attached Files
File Type: htm Closed Transactions 11-6-08.htm (54.0 KB, 249 views)
__________________
Always wanting to learn more!
hwsteele is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
New At Trading Forex, Need some help,,,,THANKS 1arko23 Forex 7 Aug 19, 2008 7:34am
Protect the novice investor public: Awareness about Online Forex Trading Easy Forex forex.victim General Trading Chat 21 Aug 16, 2008 6:51pm
trading forex between 5am to 9pm breadman Forex 6 Aug 10, 2008 2:37pm
new to trading forex glen Forex 7 Mar 31, 2004 10:49am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)