Stop was hit here and I took 537 pips loss. This was good stop, If I had let it run it would have ruined me, the loss would have been 1137 pips at the lows of 0.90. I was right in front of my screen when 0.90 printed, didn't have the guts to buy... next time
Let me update few things here: Final score for May: Total pips : = 20+110+537+17= 694 pips Total trades: 4 Wining trades: 4 Losing trades: 0 All trades posted real time
I don't get it.. your previous post said you took 537 pips loss and now you're adding it to your winners?
June - no trades July - no trades August - no trades September Only one trade short eur/jpy gave 516 pips. October Total Pips: 1484 - 537 = 947 Total trades: 2 Wining trades: 1 Losing trades: 1 All trades posted real time
This one doesn't look good at all, I am down almost 5000 pips. I have three small size lots here (total trade $3/pip) so down aroung 15K. Its the only trade open at the moment, still don't know what to do with it, put stop somewhere or just wait and average down below 11.0000 and try to get out at b/e. 5000 pips for this pair is nothing, it can move so much in a matter of few days.... If only oil were to colapse
Doesn't this sort of negate the accuracy of reporting your overall trade progress in pips? I've always wondered why on all of the FX forums, traders post their P&L in the form of pips (rather than $ or %). When a pip value could be anywhere from $0.90 (USD/MXN) to $10, reporting by pips is rather ambiguous..
You might be right, pips don't show everything, I guess it depends on how deep your pockets are. Some people trade $1000/pip. Perhaps I should start posting in terms of $, that's the most accurate way, even % don't mean anything if your account size is small.
Let's try one quick trade, usd/cad short that is, I just shorted one lot few seconds ago at 0.9875, this is standard lot, so $10/pip. Living one more limit order over night to short 0.9925. Both lots have 20 pips tp, the first one at 0.9855 and the second one 0.9905. Stop loss for both lots is at 1.00 I am doing this ahead of canadian trade balance, expecting ranging until then. Warning: I am a lousy day trader, so please don't try this at home.