A question I dare not ask my broker.

Discussion in 'Forex' started by kenazen, Dec 10, 2005.

  1. kenazen

    kenazen

    Based on your first post, you would have gone long at 1.800 and got stopped out at 1.775. Then you would have gone short at 1.700 with a stop at 1.7725 and a profit target of 50 pips. Your target was met the next day.

    If you had stuck to your plan, you would have made money, right?
     
    #11     Dec 10, 2005
  2. I did stick to my plan, and re-entered a second order which also lost money. Remember...I can't look into the future.

    Try an order like this when the markets are open, the wider your stops are the longer the position is open before any profit (if any) is made, but wider stops will not improve your chances at all. The problem is currencies jump up and down too much and take out your stops, it's not an even 600 pip climb. Without stops your long and short positions will cancel each other out.

    I know from entering these sort of orders that you will NOT make money from them. I think I made about 5 orders on a live account and all lost money, my biggest profits came from directional orders (long or short, but not both) without stops (very risky).

    There is no free lunch with forex.
     
    #12     Dec 10, 2005