set Limit short order -- USD/JPY -- for 113.00. TP = ? (hopefully something under 112.00.) SL non-existent at this point (probably somewhere up above 130.00 - I trade Hell). good luck to yen longs!
*shakes head* Those who are just getting into forex would be wise not to follow the previous poster's trading style.
I definitely agree! In fact, those who are just getting into fx, stay on a demo until you know what you're doing (or, at least think you do). even the most advanced "forex traders" I would not encourage to attempt to replicate my trades. fx
well, here it is, Saturday late afternoon, 7:15PM - I was reading a book and got bored - figured I'd come here and do a update on my USD/JPY short trade. Still in the trade - pair hasn't fallen like I thought (best case scenario) it would have by now. I was able to take out a position higher up that, when it fell back I took a good chunk of profit. however, that left me with the original position still in the same place it was when the trade was first opened. so, here's the update. Trade pair: USD/JPY. Trade direction: Short. Average Price: 110.34 TP: 500-points. Trade Status: Live. Current Market: 110.24 Total Positions: 1. I'm 11-points in profit according to my platform indicator - I have been over 100-points, I think, but the rate has flucuated. Being short USD I am losing money daily to interest - bleeding is just the price of keeping this short open. Sooner or later, as a trader, you just have to open a trade. In my case, I like to open a trade then deal with what happens after. As a trader I'm a puncher. Not a really sophisticated "quantum theory"-type technical analyst. Once I get in the market most the fundamentals and technicals for the trade change rapidly anyway, so, I've taught myself to trade based on what is currently happening in the forex versus what the trade was first based on. In this case, I did allow a pretty broad limit of tolerance for changing environments - so, to that extent this trade has been a bit of a 'sleeper' as far as having to use any hardcore survival tools and methods. Actually, this particular trade has been a walk in the park. The worse that's happened is that it climbed to 113.72 - I counter-punched with another short at 112.32 - I later closed it and made some money. the lowest it's seen has been 109.06 before it bounced back up in a pretty good retracement. well, I'm in black, while interest keeps being sucked out of my account - heh. good luck, yen longs! skz
sKaLpZ, thanks for keeping us updated on your trades -- win, lose or draw. You're one of the FEW people who actually talk trading on here. Everyone else just takes self-righteous potshots at those who do, though they (like myself) contribute nothing. Even if you end up being the tragic example of what NOT to do, you're still helping others more than those who do nothing but put you down.
... thanks, Cable. Can I call you Cab? (pronounced "CAEB" or "Cabe" - long A, E is silent... as in "Cable" without the "LE." "Cay" or "Kay"). sKaLpZ
Sure, you can call me a cab, just don't call me late for dinner! {*Ba-dum-Pah!*} Thank you, thank you, I'll be here all week.
well, thought I'd post an update here - the trade was just being such a non-performer so I closed it today for 11-pips profit. Overall I think it was a loser because of all the interest I had to pay. The 11-points recouped some of it but, time-wise it was just not going the direction (down) enough for me to keep it open. Officially, the USD/JPY short trade is closed. I may open another short if the rate climbs to a suitable price but I won't set a 500-pip TP. Will probably play a shorter-range band to take profits. My port is now sitting in over 65% cash - I just don't see any good trades to make across the board at this time. I suspect sometime will pop up soon. fx
Hit the nail on the head. Why pay carry when there are so many natural buyers going +carry? Don't short the dollar-yen.