If you let the market move hundreds of pips against you without closing your position, you will see it turn around and come back into profit 99% of the time which is why trading without a stop seems to be more profitable in the short term. The 1% of trades that don't turn around and come back will blow up your account, which is why people use stops.
If you let the market move hundreds of pips against you without closing your position, you will see it turn around and come back into profit 99% of the time which is why trading without a stop seems to be more profitable in the short term. The 1% of trades that don't turn around and come back will blow up your account, which is why people use stops.
fxleopard
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You can do that easily on a demo account but on a real account trading without SL is a suicide in my opinion....
wackypete2
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I see that Bernanke's speach has made the dollar plunge, and my Oanda platform has conveniently crashed... Twice in two days... I not mad at them though, I haven't experienced anything even remotely resembling foul play from them in the 5 months since I've been with them, in fact more then once I got taken out by a news spike that seemed to gap 20-50 points past my stop only to find out that they have closed me out with no slippage!
wackypete2
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eur..geez. What pops up must crash down. Was Ben speaking?
nevermind... AFK posted right before I did!
Peter
nevermind... AFK posted right before I did!
Peter
maaan, I love trading these news spikes, if the price spikes 50 pips or more in the first seconds after the news are released just wait for it to retrace most of the move (it usually does that in the first 2-3 minutes) and jump in with the stop below the low of the 15 min candle - 9 times out of 10 the high of the spike will at least be retested and maybe half the time the price will push farther, on occasion the spike will set the direction for the day and you will be in for a major payday. It should be said that this isn't for the faint of heart or the slow.. these retraces last seconds and if you miss them, DO NOT ENTER. whenever i entered at a less then optimal price I got shaken out at a loss by a whipsaw only to see the trade move my way a minute later (I suppose my balls are just aluminum, not steel 
)
)
B
Black Swan
Just the 2 small TF day-trades for me today and that's it on these small TFs for the week; have taken approx. 130 pips off the small TF (trading the Euro only) this week.
Have taken 9 day-trades only this week;
7 winners, 2 losses
Average win 24 pips
Average loss 19
Today's trades;
Stop 25
Trailing stop 32
Profit limit 50
Pips + 36
News related spike took me out at +51
Have taken 9 day-trades only this week;
7 winners, 2 losses
Average win 24 pips
Average loss 19
Today's trades;
Stop 25
Trailing stop 32
Profit limit 50
Pips + 36
News related spike took me out at +51
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Indeed it has
. And once again I did something stupid and cancelled the buy order I made yesterday before I went to sleep after I specifically decided not to do that just half an hour earlier... Having said that I've been up since 8am CET, which was just in time to buy the retest of the upper trendline of the bull flag after it broke out , later Ive been buying pullbacks of the breakout and actually managed to bag around 60 points. had my Oanda platform not crashed I would have surely bagged another 40 pips at least during Ben's speech. I'll post a chart with my E/U trades later when my platform comes back online.wackypete2
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maaan, I love trading these news spikes, if the price spikes 50 pips or more in the first seconds after the news are released just wait for it to retrace most of the move (it usually does that in the first 2-3 minutes) and jump in with the stop below the low of the 15 min candle - 9 times out of 10 the high of the spike will at least be retested and maybe half the time the price will push farther, on occasion the spike will set the direction for the day and you will be in for a major payday. It should be said that this isn't for the faint of heart or the slow.. these retraces last seconds and if you miss them, DO NOT ENTER. whenever i entered at a less then optimal price I got shaken out at a loss by a whipsaw only to see the trade move my way a minute later (I suppose my balls are just aluminum, not steel
Exactly how I play news trades...wait for the retrace. I usually like to see about 40% or so retrace. Makes a beautiful entry position, and yes the initial high of the spike usually gets retested.
Good Post.
Peter
I'm watching my IGMarkets advanced charts and I see that Ben's speech had it's usual effect - first a major spike, then a complete fade
Let him talk.
I haven't checked important events schedule properly. Anyway I was long EU and GU and not long ago it looked like there's no hope whatsoever - close to the stop. Then all of a sudden - bang.
That was so quick - I don't think I could have taken that profit without limit orders.
Just learned something, thanks guys. Now if I can REMBER it.....
Here's today's E/U chart that is a perfect demonstration of a trade-able news spike - on my IG charts I saw the price retrace down to 1.411 around 2 minutes after the price spiked. it was possible to bag 20-40 pips on the first candle if one entered on a retrace and if you missed the retest of the high on the first candle you had a chance to get out at a profit near the high of the spike on the next candle. There usually are a couple news releases every month that create these kind of spikes - if you patiently wait for them you will make some of your easiest profits with them. just be wait for a retrace, then either bag a retest of the high and run or close a part of your position, move your stop to break even and hope for more..
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wackypete2
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eur and aud down about 100 pips from highs in the past hour.
Peter
Peter
