the thing is i still do not have the skill of spotting the best entry and exit point...

No worries. Skill will come once you ve spent enough time looking, analyzing and trading

he he he by that time capital also gone with the wind....

Dont put so much cry icon. Its not cute when you re a man

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Added on February 17, 2011, 10:34 pmHmm, now to come to think of it, I do not know if you re a man or a girl

This post has been edited by maxforce: Feb 17 2011, 10:34 PM

yea..it makes me wonder also whether there is any female trader here...anyone??

back to demo?

Why would u want to hold a few hundred pips of drawdown when u can exit and wait for better entry. If you know the market is going on ur favor, u should have also know the risk involve.

There are risk that you tot the market should be bullish, but instead the market could went a few hundred pips against you and stays there or get worst. Some jerk in Central bank can easily blow all ur trades by a few statements. If thats happens thats a few hundred pips of loss or thousands.

While I agree that trading longer timeframe should have largr stops, but I will not agree that one should trade without a stop. besides stop with 20-30pips are usually good enough to handle the noise. Anything above its just means you get the market wrong. What Luqmaz suggest is what I would suggest too, it is a better way to trade, risk must be in controlled. no matter what.

I would rather eat that 20-30pips loss and reenter later than trying to hold 200-300pips drawdown, because if with 20-30pips loss I can make 10 mistakes and still losing the same as your rarer 1 mistake. If I make 10 losses in a roll, it is not the market goes wrong it is myself who got wrong.

Well thats just me and my opinion. Cheers.

This post has been edited by billytong: Feb 18 2011, 02:13 PM

Long post, allow me to break it down to answer.

"Why would u want to hold a few hundred pips of drawdown when u can exit and wait for better entry."
I use a longer timeframe of which sometimes a few hundred pips would then only suffice to determine the trend.

"If you know the market is going on ur favor, u should have also know the risk involve."
Yes I do know. Thanks for the concerns though.

"There are risk that you tot the market should be bullish, but instead the market could went a few hundred pips against you and stays there or get worst. Some jerk in Central bank can easily blow all ur trades by a few statements. If thats happens thats a few hundred pips of loss or thousands."
Its a normal case for trading. When we enter a trade, we hope. We hope that in all our analysis, etc is proven right.
However in reality, it may not be, for whatever reasons it may be.
Reasons for the wrong analysis etc can vary from Central Bank to political unrest to anything the journalist could think of to feed in our minds. To me it is not so important as I rely only on my charts. Hence my reasons for my wrong analysis when it happens is fairly different from news events.

"While I agree that trading longer timeframe should have largr stops, but I will not agree that one should trade without a stop. besides stop with 20-30pips are usually good enough to handle the noise."
I did not mention that I trade without stop. I trade with mental stops, not stops keyed into the trading platform.
This is merely a case of preference meeting the monitoring time. I do not see any issue here.
20-30 pips may be sufficient if say one is using 15 minutes timeframe etc. For Daily chart, 20-30 pips is definitely insufficient to determine a trend change.

"Anything above its just means you get the market wrong. What Luqmaz suggest is what I would suggest too, it is a better way to trade, risk must be in controlled. no matter what."
Try not to impose the 20-30 pips which may work in your system into other systems which you may not be privy to.
Risks is controlled in my case, so no worries.

"I would rather eat that 20-30pips loss and reenter later than trying to hold 200-300pips drawdown, because if with 20-30pips loss I can make 10 mistakes and still losing the same as your rarer 1 mistake. If I make 10 losses in a roll, it is not the market goes wrong it is myself who got wrong."
Once again, 20-30 pips depends on your trading timeframe. I do keep open positions for months. So I really do not see why I should be concerned over 20-30 pips, otherwise, I need to worry about the movement almost every hour.

"Well thats just me and my perceptions. Cheers."
Thats right. And this is mine. LOLz. Cheers to you too!

Yay made 3.9 pips today..

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Added on February 18, 2011, 9:14 pmWow EU just jumped ~100 pips.. Was there any news announcement?

This post has been edited by sabrateur: Feb 18 2011, 09:14 PM

hi,pivot point indicator only available in mt4?o hv to count it by ourself?im using forex trader pro, didnt c any indicator for pivot point.

100?
can only scrap half

updated .

managed to earn more pips on EJ GJ ..as i'm holding buy on both pairs

for EU ...still -ve ..and it still looking good as the buy sentiment are on the move

this month the worst i had ...grabbed around ~700-800 dollar during countertrade on EJ EU GJ GU EA and AUSD

Why : my emotions is killing me ..and wants me to close trade again & again...damned :-|

i'm holding short atm, negative $600 on EU and AU combined, sweat......-100pips on each pair......today's spike is due to "leaked" news on raising interest rates from ECB. see monday sure retrace a lot......

friday is sure a crazy day

crazy is nice sometimes...almost reaching daily target with 4 trade compare to any other day

EU on balance. Thinking should long instead?
Monday will know

waiting for next week movement

kita lihat siapa yang kena :-)

he he saya sudah kena kaw kaw... anyway what luqmanz and billy said is true.. wasting 20 - 30 pips is better than to loose the big some like what had happen to me for the third time and i promised my self not to do that again...
i do understand the feeling of loosing money especially for those have high value per pip but again.. i do not have that big holding power... hopefully next week i will be a better person and start making money..

I may be wrong i can be wrong and have been wrong..but from my experience, usually, the biggest enemy in trading is your own self. Mistakes can be prevented if one trade with a CLEAR trading plan.

That means u know beforehand how much money to risk, where to enter and most importantly where to exit. Thats why backtesting and forward testing your system is important. Another important factor is the psychology factor; before you enter a trade you must "look" at yourself and see how youre reacting to possible setups.. are you following your trade rules or are you just entering a trade with Greed in your mind. Thats why i personally like mechanical approach to trading.. if you have backtest your system and it shows good result it would be easier for the trader to accept losses.

If you dont have holding power then maybe you shouldnt be trading..or you should risk less. If you cant sleep with an open trade then id say youre risking too much. Or you could try this.. let say you risk 2% each trade. You could risk 0.5% on the first entry..and when price confirms your trade.. you can put another 1% on the following retracement and keep adding depending on your confidence. Enter the trade put stop loss and stop watching the trade..

or you can do what i do..let an EA manage your trade. This way you cant feel Greed and Fear.. you wont be moving your stop losses or closing trade too early.. let the dice roll and accept win or loss. Just my 2 pips on the matter.

Agree. Trading is vs ownself. Not vs market. Not vs other players in the market.
As one conquers himself/herself, then naturally he/she will trade better.

By no holding power, do you mean patience or capital ?

If,
Patience - learn to trade intra-day
Capital - just trade smaller lots.