Daily 100 pips and more in Major FX

Lord Flasheart said:
I am watching with the greatest admiration at what this guy is going to do,so lets see him in action.Its not fair to go for him before he has made many calls.However the trades must be posted in real time and not delayed. Whos to say hes not e genius. Good luck lep

The spread on him lasting more than a month 1-1.5
Click to expand...

You bookmaking now?
You opened the line 16 hours after the OP started this thread. Sounds like a delayed call to me. :whistling

Peter
 
closed usd/chf for abt 40 pips..scaling down for the weekend. I leave aud/cad long and gbp/chf and usd/yen shorts over the weekend.
 
Shakone said:
leopard-trader you're right.

Short GBPUSD 15995. If this works out for me then this was an entry I was filled on moments agoand I'll take 50% off at 30-40 pips. If it doesn't, I think I'll take a small profit or a little loss on it. No stop of course.
Click to expand...

leopardtrader-com said:
Of course if wanna know, GBP/USD is heasding to 15910 where we expect a bounce. Shorts with respect to 16030 should work out.

In response to your characterisation..I do have these that guide trades:

1. Trade location is more important than just putting stop loss.
2. Stop loss must be large enough to withstand spike. Those spikes that take out trades and still go in your direction.
3. Mental stop tells you when to go.
4. It is important to note that if your location is right, even when broken there is always a high change for a second test. That gives opportunity to exit positions.
5. Tight stops are what brokers sell to majority that loose money
6. It is not a crime to be wrong in any trade.
7. It is human to err; it devilish to remain wilfully in error
Click to expand...

Wanted to bring to your attention on how gbp/usd turned @16030 as I posted hours ago. Also check out most trades today and those were just at he exact levels.
As I opined earlier, it is more important for an experienced trader to locate tradee properly than to begin to worry about stop loss positions. Inexperienced traders are told the usefulness of stop losses and they keep losing money until they are flushed out.
To me stops are just to prevent crash like event..that rarely occurs. Very seldomly have I been stopped out. I instead do a great job in fnding optimal and high probability location to trade off a larger trend.
 
* Use of stop loss is the single tool that cause losses for traders. Stops are only useful to prevent crash which is rare.

*S&P500 monthly range is about 100 points. Eur/USD ~600pips. Incessant use of stops on these could cost much more than monthly range.

* Important work is in trade location. Avoid stops due to volatility. If your trade location is fine, over time it comes in profitable.

* Even when your trade location is wrong, you will always have safe opportunity to move on from the trade

* Put your stop loss very far away

* If you are doing well your stop would rarely be hit.

* If you are in a loss for considerable amount of time, look for a good opportunity to close th trade.

* A good trader should know when the trade is not working instead of mechanically reacting to volatility.
* Minimise leverage and keep stake low relative to account size. With time you will make BIG money
 
You must log in or register to reply here.

Similar threads

ritzn75
Making Pips Daily... Easily
Replies
5
Views
4K
pb8856
pb8856
jacknapier
Take 10 pips or hope for breakout?
2 3
Replies
50
Views
7K
wackypete2
W
P
Tentative Analysis of FX Majors
Replies
2
Views
1K
Purple Brain
P
H
Currency Strength and Trend for Trade Setups
Replies
3
Views
3K
hyperscalper
H
T
A simple newbies forex theory - thoughts and comments please
Replies
4
Views
2K
thesite
T
Top