Aren't you glad you got out and weren't continuing your hope of it going up?

This post has been edited by sleepwalker: Oct 12 2009, 11:07 PM

YOu will not make money if your SL is bigger than your TP, unless every trade you do wins. Your profit to risk ratio has to be more than 1:1. Best if you can maintain 2:1, for every 2 pip profit, 1 pip risk. That way even if you breakeven in the number of trade wins/loss, you will still make more money each winning trade than you lose.

If 2 percent stoploss is 18 pips for you, then you can reduce your order volume by half (example, instead of 1 mini, you do half a mini) and that will stretch your pips to 36 pips stop loss. Either that or increase your risk to 4%.

2 things most traders do not learn before they trade. When is the best time to enter and the best time to exit. MOst will think like you, that the market movement fluctuates 50 pips up and down. Most will think that it fluctuates around their entry and that by keeping an order open, they will eventually fight back the wave to close the deal. That is also why 95% of the people do not make money. Do a quick read-up online of entry and exit strategies before doing anything else. It will save your pips.

Do not trade UJ when you are just starting out. It is one of the most difficult pair to trade, yet people still want to put their heads into it.

Familiarity with what? Both U and J are safe haven currency, which people flee to when other riskier equities are down. Hence there will be a tug-of-war between U and J, causing it to be erratic and difficult to predict. These are just simple basic reasons and you'd find more answers online as you learn.

No that is not quite true. You got the exposure wrong. The equity is not at risk. Of course, in his case, there is no stoploss and risky but we know gold is only heading one direction. For example, if I have USD10000 and I buy 10 lots that cost USD7500 with a stop loss of 10pips, that is not 75% risk. That is only 10% risk as hitting stop loss would cost me only USD1000 and not USD7500.

This post has been edited by sleepwalker: Oct 26 2009, 10:27 AM

No. That's a typical reaction to DOW falling 200 points. It went right through the floor and it's a basic forex101 that when equities, oil and commodities fall, USD goes up. It's not just the EU. Oil fell, USD/CAD went up. Typical reaction is oil price down, USD up and vice versa. Commodities fell, AU and NU went through the floor too together with it. All happened last night with the DOW leading the way down.

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Added on October 27, 2009, 9:52 amNot so much old school trendline break. It's more old school people buying USD when riskier equities fall. It all happened last night.

This post has been edited by sleepwalker: Oct 27 2009, 09:53 AM

You were too late but most of us intraday players would have seen this drop coming when DOW dropped like a stone and the forex followed it. So predicable.

What do you mean no news? US Fed Chairman Bernanke was speaking. All these people make market moves, esp if they say the right/wrong thing. In last night's case, he said the right thing and people jumped on the dollar.. only to think that they can't believe him and the dollar lost everything back. For those trading on news, would have traded both ways, making money on the initial reaction to the news and then the retracement. Basic concepts of trading on news and it is so predictable. The guys like Bank of England Govenor King speaks, GBP/USD can plunge 200 pips. Last month.. 500 pips in 3 days because of what he said.

You have to be a little bit more up to date with your news.

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Added on November 17, 2009, 10:25 amThose are nice spreads but since I trade on news and IBFX widens their spread during announcements, that is not going to work for me. So far FXDD keeps their spreads under control. Even during Non-Farm Payrolls announcement the EUR/USD spread is still kept at 2 and GBP/USD at 4. That is perfect for news trading.

This post has been edited by sleepwalker: Nov 17 2009, 10:25 AM

As with the rest of the forum in Lowyat, we do not condone any form of advertisement in this thread.

Furthermore, please do not post demo figures as anybody can take a snapshot of a winning demo account by opening both positions and then closing the losing position and taking a very beautiful looking screenshot.

What kind of trading system are you trying to sell by opening positions without any TP and SL target? Even the craziest EAs have 500 pip SL. Your system does not have none?

This has nothing to do with Technical analysis. It was caused by this news....Abu Dhabi government agrees to fund $10 billion to Dubai world.

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Added on December 14, 2009, 12:53 pmThis happened....

Euro Gains as Dubai Pledges to Repay Debt; Pound Reverses Loss

http://www.bloomberg.com/apps/news?pid=206...z62Oa25qQ&pos=2

This post has been edited by sleepwalker: Dec 14 2009, 12:53 PM

I trade on Fundamental Announcements which has a preset release date/time. This piece of news is not a Fundamental Announcement. This is just a piece of good news that everybody goes "Whoo haaaa".... we'd just have to wait till London to see whether the Bulls continue the party or it gets crashed by the Bears. The spike came with the news but nothing much after that. Let's wait and see...

A hundred pip spike means nothing to a long term position trader. Long term position traders eat 500 pip drawdowns for breakfast...

This post has been edited by sleepwalker: Dec 14 2009, 02:41 PM

This is definitely going to be an interesting London open later this afternoon.

It didn't go.... then it did.. then it didn't....

I don't really trust any form of technical indicators during low volume periods except for resistance/support. The price action tends to do whatever it wants, for no reason and in every direction.

NO that will not happen. BNM has no regulatory powers outside of Malaysia. Am I the only person old enough here to have gone through the 1997/98 Asian Economic Crisis when Malaysia pegged the Ringgit to USD and stopped trading the Ringgit on the open market to prevent Soros from speculating? Even at those extreme circumstances you can still send money out of Malaysia in the form of USD, except that you have to declare it with BNM if you are sending out more than RM10000. SO there is nothing to be afraid of BNM.

I believe we have mentioned many times in this thread that at this moment, BNM does not allow the setup of any Forex Brokers in Malaysia. They can setup a company to provide training and support their clients locally but they are not allowed to accept funds.

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Added on December 15, 2009, 9:53 amNo, that will not happen. What you do with your money overseas is not controlled by Malaysia. What you do with your money in Malaysia is controlled by BNM. So they cannot stop you from trading in another country.

This post has been edited by sleepwalker: Dec 15 2009, 09:53 AM

I'd be keeping an eye on this thread. Just report any sales of EA/Systems/Training and I'd slap on a warning, esp to non-newbies.

Not yet. They are just in the final process of being regulated. Other than 100:1 leverage change and backoffice statements, nothing has changed. Hedging is still allowed.


edited: Oops.. looks like they have obtained NFA membership. I didn't check my email this morning.

This post has been edited by sleepwalker: Dec 16 2009, 11:03 AM

So far only GFT forex has BB forex platform. The rest either claims to have but can't download or have none at all. MT4 is only available for Windows Mobile.

http://www.gftforex.com/software/mobile/blackberry.asp

Lethargic? Where were you during the Abu Dhabi spike on Monday and EU tumble yesterday? You call that lethargic? Well, sure, we do have the normal boring Asian session but the excitement starts later in the afternoon.

Unfortunately human heart/emotions will override the human brain in most circumstances. That is why I decide when to buy sell but my EAs/scripts decide when to close the order according to my strategy. This way I take the emotions out of the equation. Human brain, robot heart. Best of both worlds.

This post has been edited by sleepwalker: Jan 6 2010, 02:16 PM