I would love to see yours giles, i am almost 100% sure that you lose money, and that in the future you will never make a success of the forex market. From reading your posts that is clear. YOU GAMBLE this market and its a simple as that. Good luck to gambling.
Yes, we're all eccentric millionaires who just trade for the hell of it, lol. You want a statement to read then read this one, it should keep you amused for a while http://home.freeuk.com/efexuk/statement.htm Me and my unsustainable flawed system, goodness, when will I ever learn to trade forex! Really, I'm out of here now or the wife will kill me!
If you decide on a mandatory stop of 40 pips ad the trade needs 50 ot 60 to move then your ENRTY Is wrong and you should not take the trade. if you allow the market to move away from you, you are chasing it. you "hope" the market will come back and get you that profit. Having read the last few posts from you its clear you have no clue what you are talking about, i can promise you 100% your model will not work, Espcially when you allow a market to move -35 pips away from you when your aim is to make 10 pips? you are CHASING the market, good luck. it still be a steep learning curve for you.
WOW. I struck a nerve. LOL. Yes I lose money and I gain money. I trade FOREX like I trade futures... Smart and nimble. Once again, I never said MY PERSONAL goal was 10 pips. Yet with that understanding, your judgement of how I ACTUALLY trade is clouded. I prefer the 200-300 pip trades with 40 pip loses. I am probably a 40/60 trader. The loses are minimal and the gains substantial... I Lost 100K once and it hurt. I took 2 years to get it and I lost in less than 3 months. I learned the hard way. PROTECT YOUR CAPITAL.....
So, 200-300 pip profits with a 40 pip loss is very good. Im sure you can do very well if you trade like that. my point was that taking 10 pip profits will not work. The trading method you suggest above is how i trade, and is the reason i am aruging that 10 pips will not work.
Finally we are on common ground, You say it cant be done, I say it can. LOL.. So long as 10 pips is a MINIMUM goal. Not a STATIC Goal.
See, now you've gone and proved my point! He's going to re-read all of your posts and desperately try to figure-out how you made all that loot, while it's pretty obvious to giles and myself what you did. I
I am glad to hear that I am not the only crazy one who likes medium to long term swing/position trades, to capture as much of those huge moves as possible. I know exactly what you mean by having the stomach to let it take its time... It can be gut wrenching. That's where hedging pays off, but since IB does not support it, I had to find another broker that does. Thanks to CT for his tip on using futures options for hedging. That should work fine on IB. I feel so stoopid for not thinking of that before myself. Sometimes you don't see the forest through the trees. It sounds like most of us went to the school of hard knocks. I learn from every trade I lose. Even if it was only what NOT to do. I chalk the loss up as tuition for another lesson, so it is really not wasted or lost money... LOL As they say, experience is something you get AFTER you need it. Have a Happy everyone!
ROFL Laughing. The only dif between cable trader and myself is the length I hold a trade.... I saw small losses and reasonable gains.. Keep it up..... And notice how as his account balance increased so did his trade size and gain size.. Isnt that just how this business works???? Last I checked... YES.... I started with $300 and traded stocks up to $3100 then switched to futures. Took small measure trades, with careful mental stops. and watched it fly past 20K in 3 months. Then I heard about Tradestation and IB... I Picked IB and the rest has been gravy..... If anything trading futures changed how I saw the stock trading business. I love IB's SSF's. I traded in a vacuum. I just woke up one day while out on the road touring and said it's time to start trading again. I bought one book and that book taught me the one thing I didnt know before. Money Management. and that is exclusively how I look at my trading. Strictly from a money management perspective. Then I found ET... I heard about Tradestation, did a google search and found ET. You guys have been fun. LOL. I find this a nice place to blow off steam and pass the quiet boring trading days away. LOL. It also helps me keep focused on the screen.
This trading statement is a load of rubbish. 130 or so winning trades without a single loss? balance going from 500 to 6,000 in 1 month??? get real please, that is not sustainable. If you can sustain this kind of trading you would be a billionaire by now, and probably a legend in the trading world, with every major bank begging you to work for them.