Home > Markets > Forex Trading > Stupid Eur/USD Trade

Stupid Eur/USD Trade

  1. I would like some opinions on this. (Not a demo account)
    Monday 10/17/05: Charts indicating downtrend in EUR/USD after Friday's pop into 1.2100 area. Easy to see.
    Mid morning I'm short at 1.2057. Market drops below 1.2030 within about a couple of hours. My stop loss is at 1.2060.
    Market begins to retrace and I exit at 1.2037. 20 pip winner.
    I walk away for an hour to take care of some other business.
    When I return I'm thinking sell again if market conditions are right.
    Market is now trading just above 1.2000 and I'm waiting for a break below to go short again. When I open my deal station I notice that I am long at 1.2060 and suffering close to a 60 pip loss.
    My immediate reaction is WTF?? I didn't go long at 1.2060. Didn't take much time to realize that I had forgotten to remove my stop loss at 1.2060 on my earlier trade and I was filled at that price. My mistake. But I'm still wondering how in the hell does a stop loss order become a limit order if the original order is exited and the stop not removed?? Is this a common thing with all FX brokers??
    Stupidest damn thing that I ever heard of. If you are flat how can a stop loss even exist? I used to trading futures where if I'm flat, there is no possibility of a stop loss being filled.
  2. Because some people use a stop order to get into a position. Your broker takes an order, he doesn't know what other positions you may have on.
  3. Yeah I know. A stop limit not a stop loss. Who enters a position with a stop loss order?? Stop loss orders are exit orders everywhere else in the trading world.
  4. Plenty of people. I may be getting mixed up with your terminology here but the only stop limit order I am aware of is one that is still a stop (obviously) but instead of doing market, you do market with a defined slippage limit. I know plenty of people that enter positions using either (in my part of the world) Europe!
  5. A stop loss order is an EXIT order. A stop limit order is an ENTRY order. Some people refer to them as simply stop orders but there is a difference.
  6. Yeah a stop loss is an exit but I don't think you can actually put in a stop loss. You put in a stop (limit or market) your broker doesn't really care if you are getting in or out of a position. You had in a stop (to you it's a stop loss but to your broker it's just a stop order) some people use them to enter.
  7. There are two types of oders on my dealing station. (Excluding market orders)
    Stop loss and limit. It makes sense that limit orders can be used for entry or exit. But it makes absolutely no sense that a stop loss order can be used as an entry order.
    In the furures markets a stop loss order means exactly that and nothing else. Intended for one purpose only. To exit a loosing position. Never used to enter a position.
    The terminology is very simple and easy to understand. I just think that my particular broker has other ideas about what a stop loss order is. If it is something different in FX markets, then it should not be called a stop loss order.
  8. Well I have never heard of a stop loss in futures, stop yes, stop loss no. My brokers would take a stop but not a stop loss.
  9. Hell if my broker refused to take a stop loss order, I would find another broker. Big difference between a stop loss and stop limit and if the broker wants to simply refer to both as a stop order, then he most likely doesn't understand or care about your intentions. Definately not my kind of broker.
  10. That is the point: your broker doesn't care about your intentions. This is why (in futures) a terminology has been created to avoid misunderstandings.
  11. thank god someone is backing me up, was begining to feel like an idiot! wep not looking for an argument, just trying to help you out here as to how brokers think. They take stops (market or limit) not a stop loss. Maybe in FX it's different I don't know but in futures I know my stuff!
  12. Don't know what you are trading or who you are trading with but is my case, trading full size S&P contracts requires that my broker know EXACTLY what my intentions are. With the kind of commissions involved, he had better be jumping through hoops to know my intentions!! Or he sure as hell won't be my broker for very long.
    Sure, if you are trading mini-peanut butter contracts, I understand your point.
  13. Well if we can't help I'll get back to my peanut trading

    good luck
  14. Example: If I am long 1 S&P contract at 11000 and I place an order to sell 1 S&P contract at 10990 it is considered a stop loss order. If I place an order to sell 1 S&P contract at 11010 it is considered a stop limit order.
    If I place an order to sell 2 contracts at 10990 it is considered a stop limit reverse order. Many more scenereos for stop limit orders but the stop loss order is pretty cut and dry.
  15. I'll do the same.

    The guy is not only wrong, but he doesn't care to learn why...

    Besides, he says he trades Forex and then speaks of SnP...

    Just a waste of time, IMHO.
  16. Ok Mr smartass, explain how I am wrong? Sure I trade futures and FX and sometimes stocks. What does that have to do with anything? Are you trying to say that I don't know what I'm talking about with a stop loss order??? Man you have alot to learn.
  17. You are so mixed up

    if you are long of S&P from 11000 the order to do 1 at 11010 is a limit sell order - the word stop should not be in this order AT ALL. Honestly, please go away and learn, you came on here, asked a question, you now have 2 people telling you you are wrong and you still disagree.
  18. I couldn't have said it better: yes, you don't know what you are talking about.
  19. Forget the terminology that you are stuck on. The purpose of such an order is clear. Stop loss!!
  20. you are long, getting out higher than where you bought, how can the word stop even come into that order ?????? You're taking profit not a loss - what is wrong with you?

  21. Don't waste your time! :D

    I wonder how can his broker understand him... :D
  22. Are there any real traders here or just these jokers??? If you guys have never heard of a stop loss order, then I would like to know what you are trading and with who??
    Anyone trading FX with Forex.com? Limit orders, market orders and STOP LOSS orders are all available.
  23. Your right of course.
    A stop order that when elected becomes a market order can and often is used to both exit positions AND enter positions.
    If you already ready had a position then it's often referred to as a "stop loss" order. But it's the exact same order as far as your platform/broker/execution goes whether it's used to limit a loss ("stop loss") protect profit ("trailing stop") or enter into a position ("entry stop").
    A stop limit can be used exactly the same way only difference is when elected it becomes a limit order which may or may not get executed. Which is why many traders would not use them
    as a "stop loss". It doesn't mean that you could not use them that way.
  24. wep, if I am a joker explain one thing to me because you are pissing me off now. If you are long 1 s&p and you get out higher than you got in, how on earth can you call the order you use to get out a stop, as you just did. PLEASE EXPLAIN THAT TO ME then we can see who the joker's are. For your info I trade FTSE 100, EUROSTOXX, T-NOTES, BUNDS and GILTS and trade between 800-4000 r/t's a day, hence I know what a stop is and isn't.
  25. WTF are you talking about?? Man you and your buddys are definately confused. Go back and read it again. Not that difficult to understand. Maybe a little over your head but still very simple.
  26. Answer the question
  27. The most correct way to phrase that would be limit order. I agree. However alot of brokers have a habbit of placing the word "STOP" there also. It's not me using this terminology it's the damn broker. I know what a limit order is.
  28. No you are wrong, stop would not be included in that order. No way - sorry but wrong wrong wrong. If you are selling above market you can only use a limit order - how could the word "stop" possibly come into it. think about it.
  29. I'm not some newB that needs to read some brokers trading handbook that every broker would have a different opinion about. If a position is already filled an OCO order would only be used to cancel a stop loss order if a target price is hit. The target price and the stop loss price would both be part of the equation in an open position.
    As I clearly stated at the beginning of this thread, I exited the trade manually so an OCO order would not have been relevant without a target price.
    In twelve years of trading I have never heard of a position being opened with a stop loss order while flat. All of the live brokers that I have used know that a stop loss order is cancelled when a position is closed. Even without an OCO.
  30. Man you people are just real quick to try to make someone into a dumbass. Maybe it feeds you ego or something. As I said above (read it again please) brokers will often throw the word "STOP" around in places where technically is doesn't belong. Does that mean that I don't know what a limit order is?? Give me a break!! And besides, I am talking about stop loss orders. Some of you guys seem to think there is no such order.
  31. I think it is you throwing the word stop around where it shouldn't exist. You are just quite clearly wrong in the example you gave and won't admit it
  32. Wep, the best thing you can do is ignore markless1's rants of panic.

    lest you end up trading like him.

  33. hahah, so I take it you agree with what this guy is saying - sums you up really. But hey sure you know how the stops on your demo software works haha
  34. Listen how can you call me a moron, I just can't figure you out, or what's going on in your head. You came on here, asked a question, a couple of people told you the answer, you didn't like it, so you started arguing. I'm sticking to my guns because I feel I am right, I'm not just gona turn around and say ok fine, when I think you are wrong. I have never ever in my career heard of the word stop being used in an order when you are selling above where the market is trading, whether you are long or flat. Never. I have also never heard a broker use an order called a stop loss. I would not give a broker an order called a stop loss. No one in my office would either. Yes we would give a stop limit or stop (i.e pay market) but never a stop loss. As someone mentioned what you really needed to do was make your stop order an OCO so it got cancelled when you got filled on your bid. Your broker can't assume automatically that your stop order is to exit a position only (and not to enter a position) hence he will not pull it unless you tell him or make it an OCO. If you think about it you could have orders/positions with different brokers, and only you know what you really want to do. Your stop order could be to get out of a position, entered into through another broker. So just because you are flat through one broker doesn't neccesarily mean that you don't want to use a stop to enter an order. That's why in my experience I have never heard the term stop loss used as an order entry. Granted in the US the terminolgy is different, for example you don't use AT and FOR to diffrentiate between buying and selling which can also lead to confusion (and I am assuming you are US and not Europe)

    And I note your last post that this was in reference too has been removed.
  35. You are hung up on terminology. It's pretty simple to understand the example. Are you trying to say that the word STOP is never used with limit??
    Right or wrong it is used by alot of brokers. But that is all beside the point that an order placed in the opposite direction of the open position, for the same amount of contracts would definately be considered as a stop loss order. No matter what you wanna call it.
    If it is placed in the opposite direction for more contracts then it is a limit (buy or sell) order. Too damn simple to argue about.
  36. Ok let's call it a day then, really not trying to make you look dumb by any means, just trying to pass on what I know. With the greatest of respect I am hung up on terminology (and most traders in Europe are) because as you have discovered it's all too easy for mistakes to be made if things are not made perfectly clear. It may help you in the future to think along the lines of stop loss being an order in your head, but giving it is a stop,a nd if neccesary making it an OCO with a bid or offer - may protect against more mistakes in the future.
  37. .
  38. Yeah and taken out because again you removed your post it was in response to. (FXSCALPER)
  39. Well, thanks for your concern. But I didn't start this thread this morning in search of advice on how to avoid mistakes in the future. I already know what the mistake is and how to avoid it.
    It was simply to point out that on Forex.com a stop loss order does exist but turns into a limit order if the trade is exited and the stop loss is not manually removed. Sure an OCO eliminates the problem but I don't trade FX markets with a specific target since market conditions change rapidly.
    And here in the US, a stop loss order is exactly what it says. An order intended to liquidate a position in order to prevent further loss. No hidden meanings and definately never used to enter a position.
  40. Fair enough but the issue then is there should not be something called a stop loss with your broker because as you have found out it isn't a stop loss, it's a stop. That's why it wasn't pulled I guess. It seems like your broker uses the wrong terminology which really screw things up for you. Because that button should say "stop" not "stop loss"
  41. Yes, you are absolutely correct. They are using the wrong terminology with the 'stop loss' order. I'm going to call them to find out what their definition of stop loss is and how it relates to their trading platform.
  42. That's why I'm long this morning at 1.1907. With a 'stop' (haha that's been a dirty word around here this morning) just below 1.1850. I'm not buying into all of this talk about a 1.1500 Euro. Don't really believe the dollar will sustain much higher. But the net capitol inflow data is what was really surprising. I think around 90b. Seems that the Europeans are intent on supporting our trade and account deficits.
    Anyway, a solid break below 1.1850 might change my opinion.
  43. I think Ur right...but even if does go up...
    1.2100 would most likely be the highest...then it might stay east for a good month...for the next drop to 1.15...maybe even 1.10
  44. might do this for next week...with 50 pip stop and 15 trail pt 45 pips for Cable
    10/19/2005 17:00 1.7634 1.7379
    10/20/2005 17:00 1.7634 1.7378
    10/21/2005 17:00 1.7633 1.7377
    10/23/2005 17:00 1.7631 1.7376
    10/24/2005 17:00 1.7632 1.7376
    10/25/2005 17:00 1.7633 1.7377
    10/26/2005 17:00 1.7634 1.7378
    10/27/2005 17:00 1.7635 1.7379
    10/28/2005 17:00 1.7637 1.7381
    10/29/2005 17:00 1.7639 1.7383

    and GBP/JPY
    with a 45 piP STOP AND 30 Trail
    Target 100 pips

    10/19/2005 17:00 203.8307 201.4492
    10/20/2005 17:00 203.8253 201.4438
    10/21/2005 17:00 203.8296 201.4480
    10/22/2005 17:00 203.8337 201.4521
    10/24/2005 17:00 203.8446 201.4629
    10/25/2005 17:00 203.8440 201.4623
    10/26/2005 17:00 203.8400 201.4584
  45. Yeah, I'm thinking in near term and looking at 1.2100 as a top. Good place to go short no doubt. Until the FOMC release in a couple of weeks, I think the range 1.1850-1.2120 will hold. Without any major news event, there is nothing to drive the market to either side. So for now, I'm looking for profit taking in the USD to be a factor.
    Are those your trading ranges for cable next week??
  46. Yes wep..they are...U think they OK?

    Usually I PT with 1/3 the range as max

    these are EurCAD...seems time is soon to long this pair
    KaL.. :)

    10/19/2005 17:00 1.4174 1.3963
    10/20/2005 17:00 1.4174 1.3964
    10/21/2005 17:00 1.4174 1.3964
    10/22/2005 17:00 1.4173 1.3962
    10/23/2005 17:00 1.4172 1.3962
    10/24/2005 17:00 1.4172 1.3962
    10/25/2005 17:00 1.4174 1.3963
    10/26/2005 17:00 1.4174 1.3963
    10/27/2005 17:00 1.4175 1.3964
    10/28/2005 17:00 1.4176 1.3966
    10/29/2005 17:00 1.4178 1.3968
  47. Yeah Kalz, I think that your cable projections are just as legitimate as anyone elses. But I think that 1.7700 is possible.
    Today cable is straight up for the past 8 hours. Dragging the Euro right along with it. Very impressive and making my counter move in the Euro look good.
    The hammer that formed on yesterdays daily (cable) turned into a powerfull move. Hope that you are catching some of it.
  48. Thanks web...this is Hourly for euro
    the right most Index is what I think as the trend
    if U like , U copy onto excel and chart...
    The index is like "follow me" while using the ranges...
    I think euro has one more drop...small into the next two days IMHO...but U this stuff is hard to come up with.. LOL

    TIA and GL
    10/19/2005 11:00 1.2006 1.1961 100.01%
    10/19/2005 12:00 1.2006 1.1961 100.01%
    10/19/2005 13:00 1.2006 1.1961 100.01%
    10/19/2005 14:00 1.2006 1.1961 100.01%
    10/19/2005 15:00 1.2006 1.1961 100.01%
    10/19/2005 16:00 1.2006 1.1961 100.01%
    10/19/2005 17:00 1.2006 1.1961 100.01%
    10/19/2005 18:00 1.2006 1.1961 100.01%
    10/19/2005 19:00 1.2006 1.1960 100.01%
    10/19/2005 20:00 1.2006 1.1960 100.01%
    10/19/2005 21:00 1.2006 1.1960 100.01%
    10/19/2005 22:00 1.2005 1.1960 100.01%
    10/19/2005 23:00 1.2005 1.1960 100.00%
    10/20/2005 0:00 1.2005 1.1960 100.00%
    10/20/2005 1:00 1.2005 1.1959 100.00%
    10/20/2005 2:00 1.2004 1.1959 99.99%
    10/20/2005 3:00 1.2004 1.1959 99.99%
    10/20/2005 4:00 1.2004 1.1959 99.99%
    10/20/2005 5:00 1.2004 1.1959 100.00%
    10/20/2005 6:00 1.2004 1.1959 100.00%
    10/20/2005 7:00 1.2004 1.1959 100.00%
    10/20/2005 8:00 1.2004 1.1959 100.00%
    10/20/2005 9:00 1.2005 1.1959 100.00%
    10/20/2005 10:00 1.2005 1.1959 100.00%
    10/20/2005 11:00 1.2005 1.1960 100.00%
    10/20/2005 12:00 1.2005 1.1960 100.00%
  49. Funny thread. Marky is right, Wep is wrong, period. Uniform rules and terminology apply across all products (futures, FX, equities, etc.). A "stop" is the short-handed slang for "stop-loss". The order remains live unless cancelled. A "stop-limit" must be specified. Your broker doesn't care about your P/L or if it's an actual loss. Unfortunately, we've all had the situation that Wep describes happen to us if we've had any sort of career in this business. Wep should be look within and take measures to protect against that sort of sloppiness rather than looking to blame a broker or third-party. Wep claims to be trading for 12 years but clearly doesn't know the terminology. Congratulations on trading the Big contract. If your representations about your broker are correct, he is a mere newbie as well. Bottom line, "stop" is synonomous with "stop-loss" and is a market order if triggered and unless cancelled in either direction and for any purpose. A "stop-limit" is a limit order if triggered in either direction which may or may not be filled. You cannot place an above market sell or below market buy on a "stop", they are mere "limit" orders. If your broker is taking these as stops, he is either tolerating your lack of industry knowledge or he is mistaken himself.
  50. http://www.angelfire.com/jazz/kalzayani/Currencies.htm

    I Just ftped is...the index is with gold color...
  51. Man some of you guys are really funny. I suppose that maybe you think that your opinion is written in stone somewhere.
    First of all I don't think that I tried to blame anyone for anything. I accept full responsibility for anything that I do. PERIOD!!!!
    Second of all, if you read my original post and pay attention to what I actually said, you should understand that there is a discrepancy in terminology at the Forex.com dealing station in regards to STOP LOSS orders.
    I have been reading this site for quite awhile and rarely posting until today. Seems to be alot of self appointed trading gurus around here that try to jump on any opportunity to try to make others look foolish. I think that is really funny as hell.
    For me, trading is what really matters and I'll match any of you guys trade for trade in the FX. And yes I have been an active trader in "The Big One". So what??
    I didn't come here claiming to know more than anyone else and I don't accept your insinuation that I know less.
    A stop loss is a stop loss is a stop loss.
    So exactly what is your issue? You don't like it because I came here and admitted that I made a stupid trade on Monday?
    You don't like it because I pointed out that a stop loss order at Forex.com is really not a stop loss order but a stop order? Even though they call it a stop loss?
    As far as the trade goes, no big deal. I made the 60 pips back and then some on my next trade.
  52. Wow, such confusion over something so simple.

    There are 2 types of stop orders - a plain old stop (or stop-market) or a stop-limit.

    A plain stop (or as wep insists calling it stop-loss) is an order entered with a certain level, that when hit turns the order into a market order.

    A stop-limit is an order entered with 2 levels - one that when it hits causes it to turn into a limit order with the limit being the second level.

    Of course either one can be used no matter what your current open position or lack thereof. They can be entry orders or exit orders - your broker (real or fx <G>) doesn't really care. Thus calling them "stop-loss" orders doesn't make any sense because they don't have to offset an existing position.
  53. I understand what you are saying. Not that difficult. And it is not me calling it a stop loss it is FOREX.com calling a stop loss. Since they refer to it as a stop loss order, then it should be cancelled when the position is closed. Or else it is not a stop loss order but a stop limit order a (buy sell) stop or just a plain stop.
    Talked to Forex.com about it and their response is that it is not the correct terminology and that the issue has been brought to management for review. They admit that it should be listed as nothing more than a stop order.
  54. When you entered the "stop-loss" order, did you have to enter the "size" of the order or did it do it for you automatically?
  55. Be all that as it may, OCO is the only resting order which automatically cancels another order upon execution.

    I learned this the hard way back in the early '90s as a greenhorn commodities trader.

    No broker I have ever employed cancelled a stop order for me when I took a profit and went flat. If I failed to cancel my protective stop "(-loss)" order manually, it was liable to get filled and present me with a surprise (and not always a pleasant one).

    The crux of the biscuit is this: Your broker works for you, but has no obligation or authority to make any trading decision for you.

    Hence, you must pay attention and be precise in managing your open trades.

    I'm happy it worked out for you, wep56. You were lucky -- this time.

    ...well, you asked for opinions. :D
  56. Don't know what kind of relationships that you guys have with your brokers but mine either deal on my terms or I don't deal with them. Never had a problem finding a competent broker willing to do so.
    For two and one half years, from 1996 until 1999 I was daytrading full size S&P contracts. There was no mini back then as I remember. Very, Very few people would dare to place an online order back then but it was possible. Too much slippage and bad fills. Margin requirements were $4500 per contract with nothing carried overnight. All positions needed to be closed by the end of the day. So you could actually controll 10 full size s&p's with a $45,000 account if you had those kind of guts.
    Since I maintained a minimum $60,000 account, my typical trading day with my broker went like this:
    Ring Ring: "Bob **** speaking."
    "Bob this is (wep56)>>Buy 4 S&P at market> stop loss 6500"
    Click>>End of conversation. Order sent to the pit. Filled within 5-10 seconds.
    1-2 hours later.
    Ring Ring: "Bob **** speaking."
    "Bob this is (wep56)>>Sell 4 S&P at market."
    Click>>End of conversation. Order sent to the pit. Filled within 5-10 seconds. Always with minimum negative slippage and sometimes with positive slippage. There is not enough time to discuss stops and stop losses. My broker knew that if my exit order contained the same number of positions as my open order, that I intended to be flat and my stop loss order was automatically cancelled by him. EVERYTIME-EVERYDAY !!!! And it required no additional conversation or OCO's and never once was I filled on a stop loss order while I was flat.
    And there was definately a difference betweet a stop order and a stop loss order. If I were long 2 positions and I wanted to reverse at a certain price the order would be > "Sell 4 S&P>6480 stop. No other conversation required. If my stop were hit I would be short 2 positions. If my stop were not hit, my original position would be sold at market price a couple of minutes before the close. Automatically by my broker. And no need to call to make sure that the opriginal stop loss order had been cancelled since my broker took care of it. If there were ever any confusion, my broker would immediately call me after the fill to verify that we were on the same page.
    I've never had a problem finding this type of broker. Maybe you guys have.
  57. I entered the size of the order. Exact same size as my open position.
  58. Your experience is EXTREMELY unusual and not in accordance with industry norms. Your thought process, terminology, and manner of placing orders was/is incorrect. Your broker was simply taking a risk and likely thought that he understood your intentions. It could have backfired on him because he was not handling your orders within generally accepted guidelines. No need to try to rebuff me with some sort of person attack. This is nothing personal, just simple right/wrong. I don't expect you to take my word of course, i am unknown to you. Let other industry experts back me up.
  59. There is NOTHING incorrect in any market, my friend, that consistantly makes money. Your thought process along with a few others here is highly subjective in my opinion.
    Typical of a herd of buffalo. If one stampedes off the cliff, the rest will follow.
    No offense intended.
  60. You are Coinz, aka FxSkapler aren't you? I knew it! Nice play there...:)
  61. Don't know Coinz or FxSkalper. Never heard of them. And no I am not them. I don't know what they do, why they are here or whose crap list they are on. Don't really care.
    I am a successfull trader that joined this forum only to share ideas with other traders. Not to be ridiculed by guys simply because they have 500-1000 posts on this site.
    I'm sure that there are some here that know more than I do and of course I respect that. But in actual trading experience and success, I'm quite confident that I can stand my ground with any of you guys.
  62. Who's ridiculing you? It seems that most people who replied to you were trying to help you out. It seems that you became very defensive as soon as someone disagreed with your theory on stops and order placement. It was you who introduced the fact that you've been trading for 12 years and trade full size S&P contracts. Why so defensive?
  63. Well that is a good question. Why am I so defensive? Hell I don't know. Maybe it is because of the spin of the conversation.
    There is little doubt that different opinions have been tossed around her all day today and I am not trying to argue with anyone. In fact I enjoyed it. Especially since I yanked 79 pips out of the Euro today while getting to know you guys. In my mind it was a good day.
  64. Hey Kalzayani,
    Thinking about selling cable tonight into the Asian and European sessions. Looking kind of weak around 1.7630. Any thoughts?
  65. looks like your memory is a tad off WEP56

    the ES started trading in late 1997 according to the CME website ...

    -With the launch of the E-Mini S&P 500 futures and options on September 9, 1997-
  66. On your S&P example, your stop was automatically pulled at the end of the day if not hit. Your exit was MOC. Are you saying that you did use something with this broker called a "stop loss" but you are now also saying that with your fx broker you are complaining to them because they are using the word "stop loss" but you now don't belive that terminology exists?

    By the way re-read my first few responses to this thread, I think the first 4 or 5 were okay and calm/polite. You deteriorated the post by calling me a peanut butter trader and a joker of a trader. I am not looking to get into a "I'm better trader than you, as you seem to want to go with people answering your original post". Just came on here to try to help you out, I'm busy, to be honest didn't need the hassle but felt it was good to try and get accross what I knew about stops. Since I last read this post a few other people have confirmed what I thought. Not trying to knock you, make you look dubm or anything, but maybe people got a little pushy with you because you just would not listen?

    anyway good luck today with your trading
  67. Did you not find it odd, if the stop order was in fact supposed to be tied to your opening order - that you were asked for the size of your order?
  68. Ok. Never traded the ES back then and neither did anyone else that I knew. Never even paid any attention to it.

  69. hi weppy,
    your posts demonstrate the psychology of 95% of the losing traders, in fact while the market is going in one direction you bet on the other and argue the trend....will be surprised to know that your trades are profitable...no offense mate.

    Z CoMaNdAtOrE!
  70. HaHa, and I suppose that you are in the other 5% no doubt.
    I'm curious as to how you would know the psychology of 95% of the loosing traders?? Must of read it in a book somewhere, Huh?
    The market is going in one direction and I bet on the other and argue the trend? Wonder where you came up with that nonsense?
  71. reading your posts mate, arguing with every body on the stops..and not wanting to understand or accept and camping on your "positions":D you reflect the psychology of the "mass" 95%!!
  72. Well first of all ‘mate’, I’m not arguing anything with anybody. Merely pointing out the fact that one of my FX platforms makes available an order called a “stop loss” which in fact is not a true stop loss order but a stop order. Nothing more that a minor discrepancy in terminology in my opinion.
    The mass psychology of the 95% has absolutely nothing to do with me, my trading, or this topic. The greed/fear factor is an entirely different subject. And I don’t buy into that 5% / 95% mass psychology ratio anyway. Especially in the FX markets. I will accept the fact that 95% of individual traders will fail in the long run. The reason for that is simple.
    Under capitalization, over leveraged accounts and poor risk management. There are plenty of good trading strategies and charting programs, available for anyone willing to put in the time and effort. But all of that is secondary to sound money management. That is where 95% of individual traders fail.
    So your attempt to label me or anyone else as being in the 95% group is nothing but conjecture on your part.
    As far as camping on positions as you say, well I think that you are a little out of whack with that statement since you know absolutely nothing about me or my trading style.
    My trigger finger works just fine.
  73. 08:02 AM EST
    GBP/USD>>Bearish engulfing pattern on 4h.
    At top of recent trading range on 4h.
    Failed to break resistance at 1.7812 during European session.
    Trading down from upper Bollinger band on daily.
    Unable to overcome 40 m/a on daily.
    Slightly overbought on daily ROC2.
    Sold just before the 8:00 AM open on the 4h at 1.7756. Stop at 1.7830. Target 1.7608
    Anyone disagree with this trade?
  74. 12:00 Update
    Looking for solid break of 1.7694 pivot support on 1h. Will move stop to B/E if this happens.
    Will monitor last 4hours for possible exit if target is not hit.
    Not real crazy about holding over the weekend.
    Current Price: 1.7692
    12:14 Update
    Moved stop to B/E. Current Price: 1.1.7665
  75. 12:21 Update: Placed a buy stop at 1.7666. (.250 retracement level of 1.8498 to 1.7390) Looks like a good place to get out. Possible support area.
    12:27 Update: Buy stop hit at 1.7666. I'm flat. 91 pip profit.
  76. Comandatore,
    The above is how my trading day went today. Not bad for someone in the 95% group, huh? $1820 in a little over 4 hours.
    I wonder what you did today?? Maybe you will share that??
    Anyway, my day is over. I have to prepare for a hurricane that is supposed to slam us here in south Florida on Monday.
    I'll let you know when I get another trade setup. HaHa
    Anyway, good trading to you.