Hey Spanners, hows it hangin.. I see you have got another trading buddy mimicking your trades and wealth building program just like you had on your oil blog a while back.
cheers mate. Made a nice few quid on that one. What sort of stops do you use on your trades out of interest?
Spanish you crazy little mofo, I love you man you're my trading hero, those chumps from that other trading forum are missing out big by banning us loose cannon's. mwhaaa!
Hi mate, when i take losses on trades i do it manually, not by waiting till my stoploss gets touched. As since my style of trading focuses exlusively on catching the snap-back after big moves, if you are short-selling a market after (and due to) its moved up 8% in vertical line, it would be illogical for you to then take a loss just because it moved-up 2-3% further (as the now 11% move would mean an even more powerful snap-back). I always do use a stoploss through, but use ''natural-disaster stoplosses'', as they protect me from natural disasters like if theres suddenly an earthquake or terrorist attack that causes giant move in markets... ect I constantly monitor all my open trades though, and so when i take losses i do it manually way way BEFORE it would hit my stoploss. For this Usd/Jyp long trade my stoploss is at around 71/72 level. And no im extremely relaxed about this trade though, as the Japanese government have already said that they are not going to let the Yen get any stronger than the 76.50/77 level, and so anyone who tries to step infront of the Japanese government and short this pair would be a total fool! LOL Thats why last week when the BoJ stepped in and shorted loads of Yen there was a 300pips spike up in seconds, and they are saying that they are going to do it again this week if the yen remains this strong. So almost a risk-free trade, as the support level at this price is basically insured by the Japanese government.
It depends on the trade and the market. Due to my style of trading, which is waiting for huge moves till the market is extremely overbought or oversold and then catching the snap-back, you almost want you trade to go against you after you enter so you can load-up even more on the trade at a better price before the snap-back comes... And so i always take losses manually, but i take the loss at level which is a logical level to take the loss at and once ive researched and planned it, not just take a loss at a random rubbish level due to fear. I always have a natural-distaster stoploss in-place though for safety.
Cheers mate, i wouldn't class myself as 'little' or as a 'loose cannon' though.. lol I trade in the exact same style and method, and with the same mentality that Jim Rodgers does, and hate us or love us the fact is that we both consistently make money every week, every month, every year...
The fact that oil actually rose despite the news from Europe, and when dow was down nearly 200points is extremely bullish, and so i have no interest in selling anymore oil until $90.95. Although i am very interested in selling Oil at between 90.86/90.95 if it can spike up to that level tomorrow. My Usd/Jyp long trade is doing quite reasonably, part of me is considering buying 1 extra contract, however i think im going to wait and keep that as my ammunition instead. So now either market has to rise up giving me more profit, or it has to go even lower which will give me chance to buy even more at a better price, so win-win scenario. Im going to look at the swiss franc as i would like to short-sell it, however need it to be a higher price before i do.
I just short-sold the USA's 10-year treasury bond at 130.08, target price is set at 129.43, although i may lower this to 129.15 depending on what dow does into the close today. My stoploss on this trade is 130.36, so 10points above the high of the day, and so a tight stoploss of just 30points.