Just 2 cents: A 10 pips stop in playing spot FX (assuming with any general platforms) would be truly precision trading, imo.
Came very close to being stopped out (Within 4 pips). Too close if you ask me. Limit was hit for a gain of 25 pips. So for the week, the record stands as 2/17/4 +65 2/18/4 +19, -1 2/19/4 +25 for a total of +108 Analysis of trades: 2/17/4 It is rare that I can call them that close. Lucky or just mad skilz. You make the call. I'm just happy it worked and didn't blow up in my face because it went only 7 pips higher to drop something like 400 pips in two days. Missing that opportunity hurts. But still generally satisfied because I followed my rules. 2/18/04 Not happy with this one. Entered in too soon and did not wait it out long enough. The analysis was good, the execution was bad. Just because it went positive does not make it a good trade. 2/19/4 Some of the same problems here. Entered into the trade too soon and nearly got stopped out. Should have waited. No picks for now. Looking at the eight and daily chart, this might be a double top. If this true, I think on Sunday/Monday we will see it drop a little further then make a nice bounce into maybe the low 1.2800's before it starts to make a dump toward 1.23. I am not taking any chances, though, and will be staying out until I am sure. I probably will have an idea sometime Monday on more specific targets. Tentatively, I will say a drop to about 1.245, but who really knows.
Lou, What's your experience in trading? You are doing pretty well so far. I guess like me you must be kicking yourself for missing the move today. Tell me; you are not a fan of Lou Dobbs are you?
Lou Dobbs, not really. Its more my poor suburban gentrification of snoop dogg. As far as my trading experience goes, it is a bit haphazard so say the least. I first started with Dow Stocks with what I guess could be called a swing trading system. I really didn't win or lose too much, but I enjoyed it so I guess it was worth it. I did that for about 2 years until I became bored with it and stopped actively trading for a while. I was then drawn to Forex about two years ago mainly because of the ridiculous leverage that can be obtained. I can't lie and say that I didn't do stupid things and use 80% of my available capital at sometimes 400:1. Obviously, I blew up a few times. Luckily, it was always on the simulators. After a few decent months on the simulators, I went live with mixed results for the first 15 months. The last three have been good. I chose Forex over Futures initially because it just seemed simpler and the fact that most Forex dealers don't let you go into debt ( I'm sure there are examples that prove otherwise). I have heard too many horror stories about people losing $300K in futures with aggressive pyramiding. Knowing my tendencies, I thought it might be better to wait before trying that arena. Also, it doesn't require a lot of capital. I've seen as low as $300, but I wouldn't recommend it. Sorry to sound like such shill for the industry. There are definitely problems (unregulated, no central exchange, shady brokers) which I think prevent from being treated seriously. But as a way to learn and practice trading, I think it is a good place to start.
Lou, Just out of curiosity where at in Houston are you? I'm close Clear Lake and am rather new to FX as well. Been at it for about a year now.
To be precise, League City. Since most people don't where that is though (I'm sure you do, since your in Clear Lake), I usually say Houston. It all one giant suburb of H town, anyway.
Cool, I know where League City is, me and my wife looked at houses there but settled for La Marque. We'll have to hook up some time.
Drop me a line, I am definitely interested in meeting Houston/Galveston County area traders. While things have been going well so far, there is always something new to learn. Besides that, trading is a lonely business when no one lese seems to understand or appreciated it. I am currently looking at the Euro/USD chart and it is trading at 1.2512. It just rose something like 60 points in 45 minutes. This looks like it might be the beginning of a big move up, but not just yet. My feeling is that we will see it drop again( maybe to 1.247?) and then it will rise 100+. For now, I am looking to buy, but not now.