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  • #461
  • Jul 8, 2013 7:41am Jul 8, 2013 7:41am
Quoting jimmij
{quote} I'm not big fan of SL nor the fx expert but I believe that when SL is hit one should go for a walk and re-consider his/her positions. Opening next position just when SL was hit doesn't make sens to me.


SL is mandatory. no matter if you like it or not.
  • #462
  • Jul 8, 2013 7:41am Jul 8, 2013 7:41am
Quoting jimmij
{quote} I'm not big fan of SL nor the fx expert but I believe that when SL is hit one should go for a walk and re-consider his/her positions. Opening next position just when SL was hit doesn't make sens to me.
Hey may be it's trend reversing. I believe it is in uptrend be careful. But I'm newbie. Not sure about you. Good luck.
  • #463
  • Jul 8, 2013 7:43am Jul 8, 2013 7:43am
Quoting Bhoopalan
{quote} Hey may be it's trend reversing. I believe it is in uptrend be careful. But I'm newbie. Not sure about you. Good luck.
it all depends on time frame... on smaller timeframes it's uptrend, indeed. but just zoom out...
  • #464
  • Jul 8, 2013 7:47am Jul 8, 2013 7:47am
Quoting sibajnok
{quote} SL is mandatory.
Yeahhhh, all brokers would love to see that everybody use SL and TP, as tight as possible....
  • #465
  • Jul 8, 2013 7:47am Jul 8, 2013 7:47am
Yes, I see it's still in downtrend in daily or 4 hourly basis. I never zoom in this much to take a decision. I only zoom in this much only when I want some accurate pip calculation or something. I know I'm counter trending. My last two trade that went pretty great was at sell in Gold only. It is just too good for me to believe right now that the trend corrects or revers Since when I placed the order I've been sure that am counter trending. That's why am nervous even though it goes in way good profit for me. I just don't know where to set the TP. My previous TP (which was not physically set in MT4 but in mind) is hit. I believe it is still in strong uptrend. I just need additional proof if anybody can strengthen my view.
  • #466
  • Jul 8, 2013 7:49am Jul 8, 2013 7:49am
Quoting jimmij
{quote} Yehhhh, all broker would love to see that everybody use SL and TP, as tight as possible....
I second that. I set sl and tp only in mind until I'm closely watching.
  • #467
  • Jul 8, 2013 7:59am Jul 8, 2013 7:59am
Quoting jimmij
{quote} I'm not big fan of SL nor the fx expert but I believe that when SL is hit one should go for a walk and re-consider his/her positions. Opening next position just when SL was hit doesn't make sens to me.
If I keep opening one short after each previous short is hit, I'm losing only 10% of the equity earned. The downside in this case is that the equity is liquid profit whereas the loss is tangible.

I got 9 longs & was opening one short. I full agree with you about the walk thing though. We need to get out of the hypnotism these charts & screen render on our minds.
Hello World!
  • #468
  • Jul 8, 2013 8:01am Jul 8, 2013 8:01am
Quoting jimmij
{quote} Yeahhhh, all brokers would love to see that everybody use SL and TP, as tight as possible....
I don't care about stop hunting discussions. I am happy with my STP broker, and have never had to worry about being my stop hunted.

On the other hand I think if a stop loss is triggered it only means that it is placed incorrectly...
  • #469
  • Jul 8, 2013 8:22am Jul 8, 2013 8:22am
Cycles/seasonals suggest choppy baseing action for the rest of july then UP starting around the 1st of august, long term. No need to hurry.
  • #470
  • Jul 8, 2013 8:24am Jul 8, 2013 8:24am
Quoting sibajnok
{quote} I don't care about stop hunting discussions. I am happy with my STP broker, and have never had to worry about being my stop hunted. On the other hand I think if a stop loss is triggered it only means that it is placed incorrectly...
^^^ crazy trader right there. If you are wrong about direction, STOPS can be your best friend. (STAY IN THE GAME - DON'T GET BLOWN OUT)
  • #471
  • Jul 8, 2013 8:38am Jul 8, 2013 8:38am
Quoting chiknthief
{quote} ^^^ crazy trader right there. If you are wrong about direction, STOPS can be your best friend. (STAY IN THE GAME - DON'T GET BLOWN OUT)
and that's what I mentioned in my previous post, too.

"SL is mandatory. no matter if you like it or not."
  • #472
  • Jul 8, 2013 8:39am Jul 8, 2013 8:39am
BTW I understand that demo traders don't care about stops.

but I don't want to see my live account blown one day because of lack of stop
  • #473
  • Jul 8, 2013 9:07am Jul 8, 2013 9:07am
Quoting sibajnok
BTW I understand that demo traders don't care about stops. but I don't want to see my live account blown one day because of lack of stop
I trade in live account and I still don't set stoploss. May be it is because I'm still new. May be I have to learn it the hard way as others. But I always have a stop loss set in mind and act accordingly.

It is not that I never have a sl. I just don't show it to my broker.
  • #474
  • Jul 8, 2013 9:43am Jul 8, 2013 9:43am
Quoting jimmij
{quote} I'm not big fan of SL nor the fx expert but I believe that when SL is hit one should go for a walk and re-consider his/her positions. Opening next position just when SL was hit doesn't make sens to me.
Quoting ClockTrader
{quote} I full agree with you about the walk thing though. We need to get out of the hypnotism these charts & screen render on our minds.
Well said! I must learn this attitude I believe.
  • #475
  • Jul 8, 2013 10:47am Jul 8, 2013 10:47am
Quoting Bhoopalan
Gold seems to reverse pretty good. All indicators I use say that only. It is not often that all my indicators point equally. As you can see in the image below, fib 61.8 (1235.76) was almost last hour's high and this hour also it is going strongly over that fib. The next fib is at 1252. Anybody here believe that it'll reach that target in coming hours? {image}
I believe its going down from current level of 1235 in the next 12 - 24 hrs.

If you are highly convinced of Gold's up trend on monthly or Annual chart AND if you are not using more than 2% of your equity, its fair to not use SL. Many would disagree with me here though.
Hello World!
  • #476
  • Jul 8, 2013 11:35am Jul 8, 2013 11:35am
Quoting ClockTrader
{quote} I believe its going down from current level of 1235 in the next 12 - 24 hrs. If you are highly convinced of Gold's up trend on monthly or Annual chart AND if you are not using more than 2% of your equity, its fair to not use SL. Many would disagree with me here though.
Your knowledge is much respected. I'm just going to wait a little longer though.
  • #477
  • Jul 8, 2013 11:49am Jul 8, 2013 11:49am
Quoting Bhoopalan
{quote} Your knowledge is much respected. I'm just going to wait a little longer though.
A jump of 4 - 5 $s can't be ruled out, however I don't see much longer climb from here unless it dips first. Consider me average good trader.
Hello World!
  • #478
  • Jul 8, 2013 12:51pm Jul 8, 2013 12:51pm
Quoting ClockTrader
{quote} A jump of 4 - 5 $s can't be ruled out, however I don't see much longer climb from here unless it dips first. Consider me average good trader.
Am almost convinced with you right now. But my indicators now only show buy signal in 4 hour chart. So could there still be an uptrend or is that a fake signal?? You know, am just technical as much as any newbie would be. I admit that.

Pretty much confused whether to close my trade or not. Hope you know it's sleeping time in India.
  • #479
  • Jul 8, 2013 12:54pm Jul 8, 2013 12:54pm
I believe the next hour is going to ruin my profit a little. fingers crossed.
  • #480
  • Jul 8, 2013 1:14pm Jul 8, 2013 1:14pm
Quoting ClockTrader
{quote} I believe its going down from current level of 1235 in the next 12 - 24 hrs. If you are highly convinced of Gold's up trend on monthly or Annual chart AND if you are not using more than 2% of your equity, its fair to not use SL. Many would disagree with me here though.
haha, then I am the first to disagree I never use more than 2% of my equity but always use SL.

But, anyway, whatever. Different traders, different strategies, different money managements. The important is to gain your account no matter if it's going up or down. And that's what I wish for all you guys here.
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