Single trades with stops are suggested by all forex scammers of this world. Does this ring a bell ? I have shown in several journals some approaches to trade profitably avoiding single-trade stops. If you don't know any better, continue trading that way. I am happy. I understand someone has to lose the money we make. As already said, i am not interested in arguing. I could not be happier of people trading that way. T
be compassionate with other traders, particularly those whom you might have already mistaken because of perhaps self-serving, self-preservation, self-arrogant or self-important.... if you are what your moniker implies--FULLAUTOTRADING; you really ought to read others' posts in depth before seemingly passing trading judgment, somewhat unbecoming of any trading school proprietor like yourself, really. likewise.... neither do i have time to argue whatever or whoever with you, alright? if you are guilty of ever misleading the beginning traders, then you ought to stop, because they need lots of help to become profitable.... but if you are interested in helping them to achieve proficiency, then more power to you and you have my highest esteem from the bottom of my heart.... however, if you are in neither category, then my sharp observation or comment does not apply toward yourself at all, OK? trade however and whichever your heart desires, you are the master of your own trading school and castle, right? but never imply that others who trade differently are not with it.... in any shape or form, K? with all due respect. any poster who operates a so-called trading school either in name or in actuality, either in front or behind some cover.... really ought to state in the onset that hey, i am such and such from such and such trading school..... in order to avoid gross misunderstanding or gross misleading others too naive to see the difference.... you guys/gals who operate or own such outfits do not have any objection to self-declaration and self-revelation, do you, sirs/madams?
I agree that if one suspects his broker in running his stops, it may be better to have catastrophe stop somewhat further away and exit trades manually with mental stop-loss. But in my experience, legit FX brokers don't run stops on purpose, that's more a myth people who are not consistent spread, consciously or subliminally rationalizing their inability to trade profitably. How do I know? Because I often use hard stop-losses as close as 4-6 pips away from my entry and they don't get hit any more often than in the cases, when I just watched same setups and didn't trade them and because FX quotes across several brokers show the same price level being hit too (yes, I check periodically just for the case ). Plus I seriously doubt that big FX brokers would care of manually hunting stops of any single client, even relatively large one. And big money doesn't use stops not because they are afraid of them being hit, but because they don't enter and exit all at once, but accumulate their positions over the course of time and exit in the same way to not move the market against them too much.
To make it in this business one must have the following: 1) Higher Education Degree (math, computer science) 2) Working in a LEGIT trading firm after graduating 3) After 10 years working in a LEGIT trading firm successfully can now open a retail account a mininmum $500,000 (Recommended $5 million to open a retail account) and lease a small office space 500 sq ft minimum in midtown nyc, downtown chicago, downtown san fran, downtown boston, Day trading ES requires 1 car per $100K.
@emg, my friend: honestly, i am totally and absolutely taken back by what you just said. emg, really now, do you ever trade for a living, pls? if so, which markets, pls? you do not at this moment talk the talk of a trader, nor do you walk the walk of a trader either. excuse me, emg, you seem to be a light year away from trading for a living, by the very appearance of your expression here. but then, i am often found to be frequently on the wrong side of the market at odds time too. i would really have to apologize profusely now, if i am found to be totally wrong again this time. and i can categorically assure you that it won't ever be the last time either. and that would be another total shame on myself, again. LOL wish you well, emg. and happy trading everyone.
time to bump this thread. Remember Small Traders. The best risk management is no stop. starting capital $100K per contract $100K = 1 contract. This whole trading system (nyse, nasdaq, cme, eurex) is only built for big traders and institution. It is not built for small traders.