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Neenisti
Registered: Mar 2011
Posts: 393 |
05-20-11 01:20 PM
Quote from stock777:
So you're short Euro at 142.60 or so.
Is there a stop, or are you ready to lose infinity?
I was really hoping for something that might not take weeks to play out, like my call for Linkedin to go <100 today (@ 102) . Within 60 seconds it was 95. Too bad you couldn't get short, but if you were long, it saved you some coin.
I see you aren't familiar with the currency futures.
Entry 1.4260
Stop 1.4285
Target 1.4000
Will exit before target if signal received. I will tightly watch this trade due to a potential short term bottom setting in. Will monitor it remotely today. Out enjoying the sunshine for a change.
On 10 contracts, profit is currently a bit over $10K with price currently at 1.4187
I don't trade stocks. It isn't I can't but I have a preference for large profits on small margins. That is one of the ways I manage risk. This trade won't take weeks to play out but for individuals like you with zero patience, a day or two must seem like years.
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Visaria
Registered: Sep 2004
Posts: 3803 |
05-20-11 01:57 PM
Quote from Neenisti:
I found that trying to trade more that 10 times a day per chart, for me anyway, was suicide. 200 is ridiculous. I only day trade for about 4 hours a day tops and 2 or 3 trades per chart in that time frame is comfortable. A lot of my charts average 1 or 2 trades a day maximum.
I've watched individuals try to trade a chart like playing a video game and it drives me nuts. It is absolutely no wonder they loose their shirts.
(Relating to CL) I traded 50 roundtrips a couple of days ago. I was down 100 pips at one point but ended up +155 at the end of the day. I was so exhausted that next day i entered one trade in the morning, chilled the whole day and exited in the afternoon for +280 pips 
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oilfxpro
Registered: Oct 2007
Posts: 1600 |
05-20-11 03:33 PM
Quote from Visaria:
(Relating to CL) I traded 50 roundtrips a couple of days ago. I was down 100 pips at one point but ended up +155 at the end of the day. I was so exhausted that next day i entered one trade in the morning, chilled the whole day and exited in the afternoon for +280 pips
Thats the difference between good swing trading and day trading, you only need a few good trades without burning out.
If you spend all your energies looking for a few good trades , you wasted it on those wind gush trading.There were three to four good trades on simple systems on oil this week.
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Neenisti
Registered: Mar 2011
Posts: 393 |
05-20-11 10:27 PM
Quote from Visaria:
(Relating to CL) I traded 50 roundtrips a couple of days ago. I was down 100 pips at one point but ended up +155 at the end of the day. I was so exhausted that next day i entered one trade in the morning, chilled the whole day and exited in the afternoon for +280 pips
Nice!
I know, I like Crude for intraday trading just can't take that many trades. I like the few trades I take each day.
Then on the other hand I like taking the whole day off and still cleaning up. That Sept. Euro trade was nice for a short swing trade. I'm moving my stop to 1.2187 on half of my position. See how it reopens Sunday.
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oilfxpro
Registered: Oct 2007
Posts: 1600 |
05-21-11 07:50 AM
Quote from Neenisti:
Nice!
I know, I like Crude for intraday trading just can't take that many trades. I like the few trades I take each day.
Then on the other hand I like taking the whole day off and still cleaning up. That Sept. Euro trade was nice for a short swing trade. I'm moving my stop to 1.2187 on half of my position. See how it reopens Sunday.
Good trade.
What was your criteria for entry?
These people using 10 pip stops on oil have been brainwashed , their stops get hit frequently , they have to do 100 trades after being taken out so many times out of good trades.Your stop should be where the market does not want to go,and it should be there to protect you.I use 100 pip stops on oil , they work fine and there are only a couple of trades a day.
I saw a few traders on tight stops of 8 to 10 pips on forums , these traders are no more ,the remaining ones have increased their stops to 20 pips on fx.
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oraclewizard77
Moderator
Registered: Jan 2006
Posts: 2290 |
05-21-11 08:17 AM
Seriously, just because you need a 100 tick stop, does not mean there are those of us that have better systems than you, and can trade with small stops.
Its called an edge. It means I can predict the future, so that sometimes, I can get into a trade and not even take 1 tick of draw down.
When I talked to NoDoji on skype, we found that we took some of the same trades.
Trust me, she is also a way better trader than you, and per our pm's, she does not need a 100 tick stop either.
Also, its called a tick, not a pip. And, as far as I know both NoDoji and I still post on these forums.
By the way, I had a few of my systems put on tracking sites that record every trade. 1 of them was the number 1 Forex system for over a year out of 3,000 systsems, and 1 of them is an stock / option system that is in the top 10 systems of that site.
Quote from oilfxpro:
Good trade.
What was your criteria for entry?
These people using 10 pip stops on oil have been brainwashed , their stops get hit frequently , they have to do 100 trades after being taken out so many times out of good trades.Your stop should be where the market does not want to go,and it should be there to protect you.I use 100 pip stops on oil , they work fine and there are only a couple of trades a day.
I saw a few traders on tight stops of 8 to 10 pips on forums , these traders are no more ,the remaining ones have increased their stops to 20 pips on fx.
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