Forex Day Trader's Thread

I bet a lot of S&P traders are pulling their hair out.. It's days like these when the sidelines are so warm and cozy..
 
any strategy to "immediately make back losses" is a not a good idea and will likely result in more losses, based on the mentality of the trader at the time
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Then the snowball effect of getting in a deeper and deeper hole and making more and more risky trades to get back to even on a day when you don't have a very good handle on the price action crushes your margin.
 
Pippy5000 said:
Are you talking about a stop and reverse? I definitely don't recommend that.. It opens the door for a big loss for minimal potential gain.. If you're using fib levels just be patient and trust that it will reach the next level. If you're using any sort of s/r method that's the thing to do although it's not easy to wait.. I know it's horrible to get stopped and then watch the trade reverse for profit in the direction you originally wanted it to go, but jumping back in in no man's land is a margin murderer. I usually go take a shower after I get stopped so I'm not tempted to jump back in.
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yeah i was thinking about a stop and re-entry (same direction if high or low is broken) since i usually use a 20 pip stop and tighten it after 3 candles(5 min) to the last high or low created with a manual exit if the market continues higher. i use ema's and S/R for confluence
 
Overall pretty good I suppose. Made a silly mistake on thursday, I like to think of it as my final lesson. Turned it around to take a nice profit today but it feels hollow. Just took a trade on eur/usd - going to get back into the shorter trades with small losses. I just realised beige book at in about 25 mins, not sure what i'll do about that but it depends on how this trade is.

How about you?
 
Doing good. Got 80 on ninja last night and euro this morning. On & off on the forum though.
 
big wipe out today!!! Very pissed off with myself, didnt follow my rules and certainly let the emotions get the better of me!! Argghhhhhhh! Sorry, useless info but just felt like a shout!

:mad: (n)
 
UJ hit 87.487 I missed getting filled by 1 pip! GRRRRRRRRRRRRRRRRRRRRRRRRRRRR..

I just got back from seeing 2012.. it was soooo long, but entertaining.

That's rough PJ.. Has happened to all of us. The trick is not to do the same things again.
 
make that short 88.2 with a 15 pip stop.. JPY negative rumors are floating around and ninja looks like it could pop tonight.

buy stop 87.63 +25 -20

:cheesy:

we shall see

USDJPY20091202223042.GIF
 
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