Update on my USD/JPY Short Trade

Discussion in 'Forex' started by sKaLpZ, Jul 7, 2005.

  1. For those interested in following the progress on my live USD/JPY short trade, chronicled on the thread that was closed due to being burned down by flamers, this thread will be strictly for updates.

    First, for first time readers, the beginning stats:

    Trade pair: USD/JPY.
    Trade direction: Short.
    Average Price: 110.34
    TP: 500-points.
    Trade Status: Live.
    Current Market: 110.56

    Now for the update:

    Trade pair: USD/JPY.
    Trade direction: Short.
    Average Price: 111.33
    TP: 500-points.
    Trade Status: Live.
    Current Market: 111.94
    Total Positions: 2.

    Another short was opened at 112.32, bringing the average price up to 111.33.

  2. I used to be a dealer in las vegas. One day at the tables i saw a guy try to use your system. He had a bankroll of 15k. First he bet 25, if that lost he bet 50, if that lost he bet 100, then 200, then 500 then 1000 then 2000. Max limit on table was 2k. So he played for about 15 minutes or so and got up a few hundred dollars or so...then it all went agaisnt him...losing hand after hand. After another 5 minutes that 15k was gone. 30 minutes go by and the guy comes back with 2 ratty old 1 dollar bills thinking he was going to make his money back with that. The reason most people lose in stocks & forex is because of that averaging down strategy. If it worked dont you think everyone in the world would use it and make money? When a trade goes against you, you should get out of the trade.

    Like the saying goes....do you want to be right, or do you want to make money?
  3. Why hasn't this spammer been banned yet? Noone wants to hear your idiotic rants about losing money. Go get yourself a life. start learning how to trade for real and stop buggins us with your crappy trading system that loses money.
  4. We've had a substantial 300-point retracement since market opening this week.

    Propelling USD/JPY down to 110.76 and EUR/USD up to 1.2255.

    A good showing!

    Shaking out at least part of the USD-bulls, undoubtably causing some shock to others.

    Quick update on my USD/JPY short trade:

    I'm currently sitting 25-points in profit (average price) - current market is 111.08.

    Good luck to yen longs! :D

  5. abnfx


    Well they certainly seem to be in better shape than your short right now, 111.88 :D
  6. USD longs are too terrified to move it much past 112.

    We'll be a cent+ down by Friday.
  7. abnfx


    You might be a cent+ down, I won't :D

    So, you must be the infamous no-stop averaging trader we read so much about, don't you think it's a bit of a waste of tradeable market moves and an awful lot of effort and risk?
  8. "No-stop averaging trader?"

    I'm not that.

    Though, trading forex is extremely risky (read high possibility of losing money) - I'm not telling you anything you don't already know.

    Are you actually long USD/JPY??
  9. cmk


    Are you trading the cash or futures here?
  10. spot.
    #10     Jul 13, 2005