Goldmine!

This is a discussion on Goldmine! within the Trading Journals forums, part of the Reception category; Trader was stopped out of one trade and not the other...one had a cash stop, the other no stop...have had ...

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Old Jun 3, 2010, 1:22am   #16
 
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Re: Use of Stops

FX4Newbies started this thread Trader was stopped out of one trade and not the other...one had a cash stop, the other no stop...have had problems. Here was my reply:

What you have experienced is typical in the market. However, you have to strategically place your stops. Using Cash Stops...just selecting a number of pips from your entry, may not be the best way. You need to hide your stops behind the buyers and sellers in the market. How do you locate them? One way for sure is to observe where support (where there are pending buying orders) and resistance (where there are pending selling orders) areas are. Your stops should be placed on the other side of these areas. The idea is to use these orders as a buffer that would shield you from any market action to take you out. For example, if you were selling with resistance overhead, your stop should go above the resistance level.

Sometimes, if I use a larger stop that is hidden behind a support or resistance area, I place an alarmed line maybe 15 to 20 pips or so from my entry to alert me if the market is moving in the opposite direction. That way I can re-evaluate my setup and entry.

And yes, they do hunt the stops...that is money for them.

Hope that helps.

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Old Jun 3, 2010, 2:45am   #17
 
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Re: "I want to get in a trade, and let it run," u r a dreamer ...

FX4Newbies started this thread Hello again pssonice,

This is what I mean by letting it run...sometimes I do not want to scalp. It is worth it to me to wait for my set-up and entry, then let the market go. This is my preferred style of trading. Chart T/F: 1 hour.

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Old Jun 3, 2010, 3:52am   #18
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Re: Don't quite understand what you mean!

Quote:
Originally Posted by pssonice View Post
my profit right now : 365 $
20100602.0728 EURUSD b.GT.12210 .... bottom
20100602.0746 EURUSD b.GT.12224 .... no top
20100602.0753 EURUSD s.LT.12224 .... top
20100602.0803 EURUSD b.GT.12208 .... bottom

" I don't like flipping coins, do you? "
Just put him on ignore. He has nothing nice to say about anyone on these boards.
Good luck with your trading!

Peter
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Thanks! The following members like this post: Doomberg
Old Jun 3, 2010, 3:57am   #19
 
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Re: Don't quite understand what you mean!

FX4Newbies started this thread Thank you Peter,

I got that idea pretty early on as I saw there were other very aggressive messages to others, not to mention the ones to me.

Appreciate your encouragement as well.

Take care, and best of trading to you as well.

FX4Newbies

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Originally Posted by wackypete2 View Post
Just put him on ignore. He has nothing nice to say about anyone on these boards.
Good luck with your trading!

Peter
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Old Jun 3, 2010, 3:58am   #20
 
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Re: "I want to get in a trade, and let it run," u r a dreamer ...

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Originally Posted by pssonice View Post
No1 is able to call on any entry just in time.

I m the one and only who is able to call on entries "just-in-time"
Since I use PPs as my Entry Triggers, all my Entries are clearly stated (or easily deduced if I don't post them) hours in advance.....go figure, numb nuts
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Old Jun 3, 2010, 4:19am   #21
 
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Re: Goldmine!

FX4Newbies started this thread Glad you have a system that works for you.

The trading statistics in your post...not sure how they fit. I don't think I like those numbers, do you?

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Old Jun 3, 2010, 5:16am   #22
 
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Re: "I want to get in a trade, and let it run," u r a dreamer ...

FX4Newbies started this thread Let us see what the market will do next. Some comments are made on the chart attached.

Quote:
Originally Posted by FX4Newbies View Post
Hello again pssonice,

This is what I mean by letting it run...sometimes I do not want to scalp. It is worth it to me to wait for my set-up and entry, then let the market go. This is my preferred style of trading. Chart T/F: 1 hour.

FX4Newbies
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Last edited by FX4Newbies; Jun 3, 2010 at 5:47am.
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Old Jun 3, 2010, 9:04am   #23
 
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Re: Goldmine!

Quote:
Originally Posted by FX4Newbies View Post
Glad you have a system that works for you.

The trading statistics in your post...not sure how they fit. I don't think I like those numbers, do you?

FX4Newbies
well you're a mug if you think you're going get anywhere near a decent winning % of trades, but that doesn't mean you can't be profitable.

On this chart of FTSE, selected at random just to prove my point, the Long Trigger is the green line at S3

on the first trade here the 1st Lot hit T1
but the 2nd & 3rd Lots fell back and were stopped out for losses

the third circle shows the next attempt, when
1st Lot hit T1, and Lots 2 & 3 went on to make their Targets

so despite a scratch trade (actually a slight loser), this was still a highly profitable session

that's the point of my signature -
  • dont expect big winners every time
  • accept small losses
  • don't give up on your entries, if they're valid, just cos they failed the first time(s)
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Old Jun 3, 2010, 10:04am   #24
 
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Re: Goldmine!

FX4Newbies started this thread Well, at best that represents a winning trade percentage of 30 based on the stats in your signature. To come away with any profit your stops must be very, very tight. I know of traders who have 70% winners. Don't know what to say. Maybe its the difference in trading method or system. I do agree though it is wise to realize and accept the reality of losing in this business and to prepare for it in your trading...good MM etc. Controlling losses is about the only thing we can control, apart from ourselves.

Enjoy your trading day.

FX4Newbies

Quote:
Originally Posted by rathcoole_exile View Post
well you're a mug if you think you're going get anywhere near a decent winning % of trades, but that doesn't mean you can't be profitable.

On this chart of FTSE, selected at random just to prove my point, the Long Trigger is the green line at S3

on the first trade here the 1st Lot hit T1
but the 2nd & 3rd Lots fell back and were stopped out for losses

the third circle shows the next attempt, when
1st Lot hit T1, and Lots 2 & 3 went on to make their Targets

so despite a scratch trade (actually a slight loser), this was still a highly profitable session

that's the point of my signature -
  • dont expect big winners every time
  • accept small losses
  • don't give up on your entries, if they're valid, just cos they failed the first time(s)

Last edited by FX4Newbies; Jun 3, 2010 at 11:58am. Reason: spelling
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Old Jun 3, 2010, 1:22pm   #25
 
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View Before The News

FX4Newbies started this thread Just a snapshot before the news.
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june3-2010b4news.jpg  
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[COLOR="Blue"]The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.

Last edited by FX4Newbies; Jun 4, 2010 at 8:17am.
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Old Jun 3, 2010, 3:23pm   #26
 
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Re: View AfterThe News: TARGET HIT!

FX4Newbies started this thread Chart is attached. Will post again before London session.

FX4Newbies

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Originally Posted by FX4Newbies View Post
Just a snapshot before the news.
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[COLOR="Blue"]The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.

Last edited by FX4Newbies; Jun 4, 2010 at 8:16am.
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Old Jun 3, 2010, 3:25pm   #27
 
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Re: Goldmine!

Quote:
Originally Posted by FX4Newbies View Post
Well, at best that represents a winning trade percentage of 30 based on the stats in your signature. To come away with any profit your stops must be very, very tight. I know of traders who have 70% winners. Don't know what to say. Maybe its the difference in trading method or system. I do agree though it is wise to realize and accept the reality of losing in this business and to prepare for it in your trading...good MM etc. Controlling losses is about the only thing we can control, apart from ourselves.

Enjoy your trading day.

FX4Newbies

i dunno why the fkkk you're arguing with me,
my original post was in response to that star W@nk@, pyss-on-ice
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Old Jun 3, 2010, 3:36pm   #28
 
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Re: Goldmine!

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Originally Posted by FX4Newbies View Post
I know of traders who have 70% winners.
that's meaningless, you tube.

look at that ***ka MEDBS with his 100% success thread - he's blown his account 3 times this month trying to be "right".

winning % has SFA to do with success, and the sooner you realise that, the sooner you'll start to evolve as a trader
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Old Jun 3, 2010, 3:42pm   #29
 
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Re: Goldmine!

FX4Newbies started this thread I already realize that, hence my comment about using tight stops, because that is the only way to be profitable with a very low winning percentage. I know that a winning percentage alone is not the answer.

I also know your comment was in response to another member, but as I noticed your signature, I wanted to ask a question about it.

Anyway, I would appreciate it if you do not make posts to this thread with what appears to be the use of obscenities. By the way, I am not arguing with you...just discussing.

Thanks much,

FX4Newbies

Quote:
Originally Posted by rathcoole_exile View Post
that's meaningless, you tube.

look at that ***ka MEDBS with his 100% success thread - he's blown his account 3 times this month trying to be "right".

winning % has SFA to do with success, and the sooner you realise that, the sooner you'll start to evolve as a trader
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Old Jun 4, 2010, 2:21am   #30
 
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Re: June 3, 2010...EurUsd Asian Session

FX4Newbies started this thread Chart attached of the Eur-Usd as we continue...
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[COLOR="Blue"]The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.

Last edited by FX4Newbies; Jun 4, 2010 at 8:16am.
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