No worries. only lost $250. the joys of knowing where your risk is Buy-limits set at @ 1.4535 for a range back up to $1.4603.
No, I meant where the stop was placed. Sorry, $250 doesn't mean anything to me, that could be 50% of your account for all I know
?? ok? I am referring to $ loss from the s/l. I wouldn't trade standard lots with $500 in my account I forgot your a scalper & not a position trader. My bad.
lol, positional (you're buying my Eur/Usd between now and Xmas, don't forget!) and scalping intraday, but that wasn't really the point.....don't worry about it
Half serious question: When does a trader go from scalper to positional to swing? Is it time frame only? Or when a scalp goes against you, do you hope for it to come back into profit, and call it a swing?
Only half serious? Traditional trading wisdom says 'plan the trade and trade the plan', so if you follow that mantra you shouldn't change a short term scalp off an m5 chart into a longer term trade off a daily chart just because it's losing, imagine what that could do to risk and money management! Having said that, there are times when you can get 'creative' and trade out of a losing trade or reduce exposure, nothing needs to be written in stone apart from limiting risk. If the trade is still viable and you can review your analysis objectively (not so easy to be unbiased once you're in a trade) then why close at a loss? A lot of traders aren't flexible enough with their trades in my opinion, they have fixed entry, stop, and target and they expect the market to oblige, I think it makes more sense to adapt to what the market is doing rather than hope the market will adapt to what you're doing. As long as leverage is sensible and risk is controlled it's ok to do pretty much anything you like, the worst can happen is you lose a few percent but you'll survive to trade another day!
Concise and well-written as usual, cable. My question was more specific, perhaps voiced too broadly. (By the way, I love big important-sounding words) What is the difference between a position and a swing trader?
Yeah sorry about that, I went off on a tangent but it seemed a shame not to post it after all that effort I'll get a thesaurus I would say a swing trader trades the swings between highs and lows on a chart (any time frame), whereas a positional trader takes a longer term view more on fundamental analysis.
Position trading is the same as swing trading. I would say those bias' are made based on time frames 30 M and above. Scalping is for a few points, positional/swing trades are more in the 50, 100+ pip arena. Scalping is best done on 5 second or tick charts.