I'm going for a walk at the beach. When I come back... we'll take a look at your "system." *ahem* dRaWdOwN 1.2636 (short @ 1.2534)
Hi guys (the two of you specially): I am not supporting or believing or whatever either one of you....while its been entertaining its getting boring....some of us at least me would profit more from comments or advise on the following: I tried to trade with stops, without stops, with trailing without, letting your "winners run and losers cut short"...nothing works...at least it hasnt in the last few months..... for your guide I am not new at this....I am also a bank trader in NY although I don't trade forex as much anymore.... any sarcastic answers will be enjoyed (as I am very sarcastic) but not really welcomed...I don't think its the purpose of the thread or my question... last thing...I might try to implement something like what Ivy (10 points) suggests.....thanks...others of course welcome.... happy trading to both ( and the rest) of you
Ok coinz, let's stop and both be serious for a moment. Do you want to know the *real* reason why your posts get under our skin? It's because the way you "trade" -- your "methodology", so to speak -- is the antithesis of everything we strive to be as successful traders. I'll give you the dubious benefit of the doubt that you came up with it all on your own (from other posts I see from other fx traders, however, there seems to be a common language and vocabulary that you all share -- but for the moment I won't assume what you do is just some cookie-cutter scheme cooked up from the retail brokerage manager's handbook). But the bottom line is: you trade like a trader who's already given up, except you must somehow find a way to stay in the game, as if a gun were to your head. You trade like a person who's told to sit at the roulette table and figure out a way to not to come out a loser, for as long as possible, while at the same time providing a semblance of "success". Your miniscule lot size (I'm talking proportionately, not nominally), which you pass off as conservative money management, is just your way of staving off the inevitable result of the repeated negative expectancy bets you place at the roulette wheel of the markets. You say you have a system, yet all I see is a priority placed upon not wanting to be wrong. For example, you made a good call with this thread, and accurately surmised that street sentiment was tilted to the long side on USD. Yet just because you blew the handling of your short USD position, you instinctively and likely impulsively add to the long and losing side, to salvage that open loss. This isn't the first time we've seen it, and it likely won't be the last. This is pretty much the kind of mistake all traders make when they start out, and strive to work against continually. You on the other hand, have actually found a way to systemize all the faulty instincts a beginning trader might have, in a package that on the surface might actually appear viable to the uneducated. But real progress comes when you start to trade in order to make money, rather than trading to be right. So it's just kind of sickening to read what you continually post, when it's obvious you have no interest in self-progress, nor any desire to genuinely help others. You just sound like you're here to sell something which doesn't exist: an easy route to successful trading. I don't know what it is that's managed to convince you that your "system" works, but god knows the positive reinforcement ain't coming from the market. What you get from those that fall for it, and why you only post to FX forums when you could do exactly the same thing in much larger and more liquid markets -- well, I won't speculate any further. But I would say you shouldn't take things too personally; it just so happens that you've managed to become the embodiment of exactly all you should *not* do if you want to succeed in this game, whether you realize it or not. The funny thing is, turn it all on its head, and you'll have everything you need to actually begin learning how to trade, rather than avoiding it in "non-trading". It's not productive for either of us to continue posting in the same manner, so I figured I'd burn the bridges and let you go on your merry way from now on. I'll only post to you again if you reply directly to this post; otherwise, I leave you in peace. Good trading.
Stops should be inseperable from the methodology behind the entry -- where your stop is, is where the market should not be, given what you have anticipated in placing your trade. Whatever you decide upon, keep in mind that: -- A good entry, by definition, has a clear stop point that cleanly defines where that entry is wrong (and it doesn't necessarily mean a price stop -- it could be amount of time elapsed, a change of pace, etc.) -- No method of stops will save a losing methodology. If "nothing works", it's likely you have to re-examine your reasoning for placing a trade, rather than focusing on the stops.
Illiquid's analysis on Coinz is right on, in my opinion. I would only add one other thing that is human nature to dislike, and that is the arrogant boasting and bragging about being the know-all, see-all, god of forex and good calls. People hate others who act like that. I'm sure you'd never act like that in person, because if you did, you'd never have any friends. Or maybe that IS your problem in real life. I don't know. But saying "I don't know" is precisely what makes people comfortable around other people. Because no one really knows, and we all hate a know-it-all.
Thanks for sharing your rules. 5: What leverage is that, on one trade? Is it up to 5:1? (10% of 50:1) Do you ever add to losers (averaging down)? Do you ever add to winners (scaling in, pyramiding)? Thanks again.
Leverage I use is 20:1. I do not add to losers. On occasion, I will add to winners, but only after locking in my stop to assure profit on the previous trades, and only when I see a sharp trending movement. Hope that helps.
*jams a cigar in your mouth* If THAT isn't the %$#^%**est trade of the month! Good going, Chaffro! What's your plan now? dd 1.2638