eur/usd long 1.2890 lol mistake, pushed long instead of short when it passed the bottom and it went back up lol talk about luck... closed her for a quick 8 pips, that paid for a few steaks lol... will keep an eye on it atticus looking through your #'s now May look at an IB acct soon, don't want to get ahead of myself... That's a lot to relearn... will set up a demo Thanks wdbaker xclr8tr atticus wannabee
For the way I trade that huge 1 hr just kinda unravels any normal trades I would do... lol It's like a big obstacle in the way that throws anything over a 30 min view into disarray... as I tend to work off the 1day, 4hr, 1hr, 30min, 15min and 5min altogether ha ha... This is more like a fundamental/tech trade... to SimpleTrades... I will live or die by these trades I'm making so as much fun as i make it sound... this is my only income... It definitely changes your outlook on things and is difficult when you don't have the correct bankroll to start with... OPM is looked at differently by me at this point... if you can withdraw your initial sum like you're talking about and then trade that's great... When I talk about OPM... maybe a better and more properly scary word would be pyramiding... A hypothetical: Lets say i have a $100 acct... I short $100 and then every so many pips down I add or roll it into my 100 increasing the size as I go... there are a million ways to do this but i warn You Strongly that Margin will be your undoing if done incorrectly because you will quickly see your equity moving up but you are running out of margin and it can happen in a flash... you find yourself on the sideline cut by a third or half... it's like dying by a 1000 cuts... This is not the way I do it as it is more controlled and mechanical (I have many written programs along with much experience that I use along with good mentors) in nature because you can blink when things go wrong and they will trust me... and it's game over... In some ways this is bit like gridding if you do it wrong... Stick with your way I think it much safer... until you have developed your own theories... Maybe I shouldn't have explained any of this but I don't need you or anyone else blowing up because of me As for scaling in when you already have the money and like the trade... most of the time, and I think atticus and others would agree, that you are better off to get it all in with your x% of your acct(bankroll etc...) that you've decided to risk on that trade and then stop out as predetermined quickly if your wrong and wait for the next opportunity. I use all my margin and it is excessive but much smaller than that of our European counterparts... I can blow up in a heartbeat if I screw up... I don't have time to fully access your strategy... if it works for you fine but sounds like you are playing with fire... especially if you get serious... get into good habits right away so that there is no question when you are violating them and how that plays into your strategy as a whole or doesn't... it's easy to fool yourself in this game... to be honest the fact that you casually mention your acct wouldn't have been blown out over the weekend worries me as I get the sense this is throw away money which is fine but not the same as those who will pay their rent or buy groceries tomorrow with what they make or lose. Just some thoughts and none meant to be demeaning Maybe others can also look at your strategy, I don't mind if you don't... Just don't look at mine because you won't find it here only glimpses... Feel like I just wrote a book wdbaker xclr8tr atticus wannabee
wdbaker, You and I are definately playing in a different ball park. I don't have anywhere even close to your experience. This is year 2 for me. I am not living off of my trading income. This is real money but I can easilly replace it with my current self-employment. I follow a money mangement rule that would make it very difficult for me to blow out. Currently, the EUR/USD would need to go against me 55 cents (5500 pips) to blow me out, because for now I am trading with at most one mini lot (10,000) on an almost $6000 account because by my own rule the margin requirement can not exceed 10% of my total equity. Am I playing it too safe? Probably. Edit: Actually, if I follow my own rule strictly, I am forced to stop trading or reload if my equity falls below $3000 X (EUR/USD) given the 3% margin requirement rule. So, actually that is considerably less than 55 cents ( more like 25 cents), but still enough cents that something absolutely massive would need to happen.
I am long as of 21:55:43 EST at 1.290040. Shooting for an overnight 1.296. For my sake, I hope your wrong wdbaker. No stop set on this one.
eur/usd my guess 1.2888 or lower Which isn't really hard to guess lol that the eur is going to break lower out of it's earlier lame azz consolidation lol No real brain storm here look for 1.2888 is she bust through there could be on it's way to the 1.2872 again nothing new just keep an eye on for sure below 1.2888 wdbaker xclr8tr atticus wannabee
Funny thing is, we're probably both right. The opening gap will partialy close. You will see 1.306 overnight or tomorrow before 4 pm EST. Of course after that, it may very well continue its decline.
Kobe steak = eur/usd pips, I should call my pips Kobe steaks lol wouldn't that be funny... I don't think I could eat that much... man made a bunch of Kobe's today... probably offend some people definitely not calling em tofu's ha ha getting bored by myself... edit: this won't work, then I would have to send everyone a Kobe calculator how many Kobe's equal a pip or other way around... wdbaker xclr8tr atticus wannabee
eur/usd out 1.2897 8 Kobe's, took my 8 Kobe's and left, she might be getting ready to run again... I think i'm devaluing the Kobe, that stuff expensive as hell now watch I'll find out my mentor is a vegan wdbaker xclr8tr atticus wannabee
You're flat? Damn me! I just broke my own rule. Its too tempting. I'm long 20,000. Average cost 1.28978.