Well I have 50% out and covered with the last 50% holding for a long time. I will continue to play minor scale outs and scale back ins as I get significant intra-day based signals. Over the course of the next 6 to 12 months this trade will diminish in position size as I "trade-around-a-trade".
I can admit when I'm wrong, we have seen the top of the euro. Atleast for the time being. Euro and US economies are hurting right now and oil is the only thing saving the dollar right now.
It was "There Will Be Blood" last week for the EUR/USD.....what fun!!! The remaining 50% of my short position has a target for 1/5'th remianing quantity of contracts at 1.4920 ..... the rest will be held for any run to the 1.4300's, and then the last portion of my position will be held for a gut shot draw to the zone of 1.3700 to 1.3500 ....... BOMBS AWAY!
Readers: I like a thread like this one. Notice the majority of posters were following the trend and did not comprehend/consider the possibility of trend end despite being warned to the contrary. In trading, majority is always wrong, and only the minority is right. This thread is no different. If I were a reader looking for advice, I would already cross out all those who got it wrong. I would then start learning only from those who got right. Yours truly also hanged the bulls at the top! And he is glad to have done it. I closed 90 of the position on Friday to taste the new money, and it tastes good.
Yes it is about right or wrong (win or lose). You got it wrong, and no matter how you will try to hedge it, you got hanged at the top. You had your chance to take sides that you took with free will, and you took the wrong. You lose we win. The case is clear. What tells us that you not again doing the same wrong judgement! Once wrong, always it is possible to .... And therefore not reliable.
Successful traders don't worry about being right or wrong because they understand that trading is a game of probabilities. Why do you say that I lose? Where did I say I had a long position? I was waiting for a long signal on the weekly chart that never came and then when the weekly chart gave me a signal i got in short and made a nice short trades in both Eur/Usd and Aus/Usd. Unlike yourself I am not so overflowing with excitement because I have made a successful trade that I have to get on ET and shout about it.
You see Drevil. You think you are smart, and that the others are dumb, when they just proved with money that they are better, and you still think they are lower. Let me touch on the intellectual element in your post where you seem to think we the winners do not understand. What I am saying is not what you understood. What I am saying is that I have not seen anything from you that would suggest that you have a system with a positive expected value. From your post you seem to think that I do not even understand that, and that I confuse the outcome of a draw from a random variable, and worse, view it as a deterministic value. You got to move beyond that my friend. I am at the stage to make the standard deviation of my trading methods to be as close to zero as possible. And if you think that the key to trading success is that one should understand that we are dealing with random variables rather than a deterministic process assumed in some minds, you are wrong. That realization is necessary, but it is not sufficient, to success. Otherwise all probability and statistics professors would be rich trading (because they understand that for certain). The majority of them are ... Trading is more than that! You have to nail major points with scientific methods and razor accurate analysis that comes from sharp minds. Probs/etc are tools. The engine that wins is what you in the head. Thanks for serving as the fuel of the market.
This is hilarious! Thank you but I don't need trading advice from a papertrader with a penchant for picking the top of bull markets. Yes, it's easy to be a riskfreetrader when you are in demo mode! Let me sum this up, I was not long because I am a breakout trader and Eur/Usd did not break out! Please go bore someone else with your fantasy of "razor accurate analysis and deterministic outcomes" ... I'll just stick with what I do.
I think today was lowest for da next 250 days I longed earlier 1.4934 avg Target 1.5330 check Out EURAUD should do 8 Big figures in 2 weeks