I got ways to calculate embedded in my system/trade, Lon. I'd give up 30% to interest payments by the time I hit my TP. trust me on this one.
Say you ran a position for a month you are saying your take profit is only 60pips; if ran for a year only 4.5 cents? Seems a very odd strategy when you seem prepared to run positions several (if not more) big figures against you.
I'm not a good trader cause i forsee correctly if i should go long or short. I'm a good trader cause once i'm proved wrong i STICK TO MY STOP LOSS! And this stop loss happened to be carefully calculated so that i can still trade and hope to get my money back. I know i'm the best trader in the universe (which beat best trader on the planet) and even I can't forsee the future. So i'm not impressed by those calls of "i nailled it right dude!".
dude, I'm not going to debate this with you. you got bagged. that's the bottom line. no matter what the reason is. anyway, hopefully you'll see what you did wrong, modify it and become a 10-times better trader in the future. I've made every screw-up possible and ALMOST gotten wiped out a number of times on my live account. but I made changes afterward and got better. on demo accts I blew up so many accts I should have been arrested. sorry to have come across like I did, I do think you have great potential as a trader. and I know how tough it is to have gone thru a massive loss like you did. my reply to you was in regards to an out of the blue flame/dis you posted on me, else I would not have posted what I did. I do think you need to see that there is little merit in sticking with a system that blows your account up even if you DO call it a "Stop Loss." Because it's bound to happen over and over. take care, s ps: THIS discussion is over.
MP$, just wanted add one other thing... I've never berated a trader for losing or blowing up their acct. In fact, the best I've ever been able to do is run each trade as a test, trying to corner the currency market. But currency trading is SO risky, I know when I open a trade that my system is dialed to extremes, and that, I MAY die before the trade is over. That's the risk I take when I trade and put my money on the line. Don't think it's different for me. Just wanted to clarify that to you, that, you blowing up your acct is not an unusual experience for even the best traders in the world. Only LUCK was the reason I didn't blow up my live acct on that EUR/USD short I was in that went to 1.3665. Although I do have Luck built into my system. It turns out that time it worked. I guess I just wanted to clarify that I am in no way above market forces, and when I get OUT of a trade... I breath a sign of relief. My problem to date has been that I have MISSED so much profit I could have had so much more money by now, but just MISSED it. So, I think that you, even having a chunk taken out of your account, are still accounted a good trader. I've had chunks taken out of my account too, just in other ways (not all at once). I have not been bagged yet ... and that's just about all I can say. This forex trading is extremely risky! So, you know, we all just got to do the best we can and I think there is really no one above getting wiped out in the market. As far as I go, we'll see where I am when this dollar finishes strengthening... (will it ever??). If my new system works well and makes a good chunk of dough instead of bailing water like the last 8 months spent in that EUR/USD short then I may have something to be happy about.... But usually my systems have worked for a few trades then the following trade I've had to fend for my life again, and re-write some basics trying to fix the problems, sometimes even adapt on the fly. You know when that euro France vote deal happened? I was long EUR/USD, in a drawdown, I kicked in my Stop Loss and LOST. I was able to quickly recover the loss though and later opened up another long eur/usd (that is in drawdown, but I'm managing it). So, you had your Stop Loss hit, I kicked mine in manually. Point being, we were both pretty much in the same boat. Every cent I've ever earned has come at great risk. If not, it's just been Luck. Sometimes I've felt like a lucky klutz. Hopefully someday my trading will get better. Thanks for reading, Coinz
Lol @ this thread. Back on topic, BOE meeting tomorrow, most expect repo to stay on hold so I would imagine this is already mostly priced in, it would be devasting for sterling if they cut rates, as this is not really anticipated this time round, earliest expectance is August. Recent UK economic indicators are not as bad as they were, but watch for tomorrow mornings Halifax home sales info, as this can be very relevant. I'm currently short GBPUSD from 1.7575, but did get scaled out of part of my lot when there seemed to be a blatant stop hunt (or trap!) at 1.7605, which incidentally ONLY seemed to go that far on Oanda, all other brokers I have access to got as high as 1.7602, but hey I lost 40% of my lot, and realised the loss, only to see it come back and go into profit. Skank! I think she'll get as low as 1.7450 before finding strong support again, but again, if interest rates are lowered, it may cause a longer drop. But considering that a rate drop is forecast soonish, and probably mostly factored into the price, how much lower than 1.7200 can it go before it looks good value again? Anybody's guess I reckon, but I'll personally only long cable on small bounces until we get this interest rate thing out of the way, either by doing it, or indications of improvement economically (i.e. no need). An interest rate cut *may* help (I'm a retailer, of home furnishings, so currently sales are down!).
I'm currently long GBP/USD at 1.7538 with a TP at 1.9400 and a SL 150-pips lower than entry price, set to be re-entered each time the 150-pt SLs are hit. I don't usually have this type structure in place but sterling is just too dangerous a currency to trade otherwise. Make no mistakes, though, guys, there will be a "silver spike" (up) - it is just a matter of when. The last silver spike of over 1800-points in 3 mos was very impressive. Thanks, Myforex, for getting the thread back on topic. Good luck to all cable traders.
Hope you've been well. Good stop loss, gave good room to breath, considering the gain you are looking for, and cable rebounding slightly now. Now looks a good time to go long, but need to have a real good look at things, which I don't have the time to do at the moment. GBPJPY looks good at the moment, at 194.** odd?
Funny you should mention it, I had just picked up a GBP/JPY long at 194.96. The GBP in general is showing some real resilience to the bombing. Current GBP/JPY = 194.92