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Only Gold!

  • #15,041
  • Aug 22, 2014 10:02am Aug 22, 2014 10:02am
Looks like its time to lower the SLs slightly on short positions..

Support building up nice and pretty in the 70ish range.... on VSA on M15 - M30 and more
Hello World!
  • #15,042
  • Aug 22, 2014 10:13am Aug 22, 2014 10:13am
Quoting ClockTrader
{quote} Guess what, I've been thinking of buying Silver lately, its more like buying micro lots in stages for investment purpose. It looks attractive at current prices & any price below this.
Then consider changing this thread name to Only Gold and Silver !
  • #15,043
  • Aug 22, 2014 10:16am Aug 22, 2014 10:16am
Quoting Mr.Kane
{quote} Then consider changing this thread name to Only Gold and Silver !
We can't change the thread title just like that, the fact is that I can't change it. Opening a new thread with a title like "Only Silver" doesn't look interesting either.
Hello World!
  • #15,044
  • Aug 22, 2014 10:28am Aug 22, 2014 10:28am
Opened 2.0 buy on 1278.50 !!! lets see where will reach
  • #15,045
  • Aug 22, 2014 10:38am Aug 22, 2014 10:38am
Quoting goldstreet
Opened 2.0 buy on 1278.50 !!! lets see where will reach
IF this is indeed on fire, let it show what it has got!

I would remain patient with my open longs w/o SL and pile of shorts with nice GREEN SL. I will add longs next week unless there is a good reason to do that tonight.
Hello World!
  • #15,046
  • Aug 22, 2014 10:38am Aug 22, 2014 10:38am
now..never close your longs!
  • #15,047
  • Aug 22, 2014 10:42am Aug 22, 2014 10:42am
Quoting ClockTrader
{quote} IF this is indeed on fire, let it show what it has got! I would remain patient with my open longs w/o SL and pile of shorts with nice GREEN SL. I will add longs next week unless there is a good reason to do that tonight.
CT , totaly agree with you, however SL on 1278.55 and will not risk it. but if it goes high tonight or more conflict happen between russia and ukraine then am on big win.
notthing to lose when SL on plus
  • #15,048
  • Aug 22, 2014 10:54am Aug 22, 2014 10:54am
Quoting goldstreet
{quote} CT , totaly agree with you, however SL on 1278.55 and will not risk it. but if it goes high tonight or more conflict happen between russia and ukraine then am on big win. notthing to lose when SL on plus
SL too close. Feel lucky if you make money on this position.
Hello World!
  • #15,049
  • Aug 22, 2014 11:01am Aug 22, 2014 11:01am
Quoting ClockTrader
{quote} SL too close. Feel lucky if you make money on this position.
agree, however as i said nothing to lose .
If not then I consider I didn’t open it. No one know whats going to happen tonight so I prefer to be in when some action start.
Just my way hope its right.
thanks again for your reply.
  • #15,050
  • Aug 22, 2014 11:06am Aug 22, 2014 11:06am
Quoting goldstreet
{quote} agree, however as i said nothing to lose . If not then I consider I didn’t open it. No one know whats going to happen tonight so I prefer to be in when some action start. Just my way hope its right. thanks again for your reply.
The last bar on H1 has opened in your favor. Lets see how it goes.

My point is that I don't understand why people even use SL?
Hello World!
  • #15,051
  • Aug 22, 2014 11:11am Aug 22, 2014 11:11am
Quoting ClockTrader
{quote} The last bar on H1 has opened in your favor. Lets see how it goes. My point is that I don't understand why people even use SL?
Ya will see where it goes.

R u telling me that you don’t use SL?
SL protect from risking all the money or big amount as u know market jump here and there from time to time and better to lose small amount and make it up in another trade rather than stay and get stuck.
Am I right?
  • #15,052
  • Aug 22, 2014 11:22am Aug 22, 2014 11:22am
Quoting goldstreet
{quote} Ya will see where it goes. R u telling me that you don’t use SL? SL protect from risking all the money or big amount as u know market jump here and there from time to time and better to lose small amount and make it up in another trade rather than stay and get stuck. Am I right?
agreed, unless you can hedge which is what CT does. Unfortunately my broker does not allow hedging, and I don´t want to change brokers right now, so I do use SL according to my MM rules.
  • #15,053
  • Aug 22, 2014 11:33am Aug 22, 2014 11:33am
Quoting goldstreet
{quote} Ya will see where it goes. R u telling me that you don’t use SL? SL protect from risking all the money or big amount as u know market jump here and there from time to time and better to lose small amount and make it up in another trade rather than stay and get stuck. Am I right?
Yes, I don't like to use SL. I trade very light, actually its ultra-light given the way people trade here. I don't mind how people trade, but, I keep failing to understand why people keep trading hard to lose money.

If you have a 10K account, I would suggest trading micro lots like 0.2 without SL. At the end of month if you can make 500 - 1K, its not bad. Of course it may take years of practice and good skill-sets. Until you have good skillsets, trade with your pocket money.

Like Waleed said, there is 70% or more probability the price shall be revisited. So, why use SL?

Using SL implies you blew the very first opportunity to make money.
Hello World!
  • #15,054
  • Aug 22, 2014 11:34am Aug 22, 2014 11:34am
Quoting diegobeyer
{quote} agreed, unless you can hedge which is what CT does. Unfortunately my broker does not allow hedging, and I don´t want to change brokers right now, so I do use SL according to my MM rules.
Am not an expert with hedging strategy however I believe that the risk is presenting.
Anyway I need more study on hedging. If its effective maybe ill use it in the future.
  • #15,055
  • Aug 22, 2014 11:38am Aug 22, 2014 11:38am
Here is the summary of my trades:

Average of longs: 1292 (48 longs)
Average of shorts: 1310 (36 shorts)

NET: 12 longs

Floating Profit this month: 9%
Profit realized this month: 2%

Wish you all a nice & green weekend!
Hello World!
  • #15,056
  • Aug 22, 2014 11:47am Aug 22, 2014 11:47am
Quoting ClockTrader
{quote} Yes, I don't like to use SL. I trade very light, actually its ultra-light given the way people trade here. I don't mind how people trade, but, I keep failing to understand why people keep trading hard to lose money. If you have a 10K account, I would suggest trading micro lots like 0.2 without SL. At the end of month if you can make 500 - 1K, its not bad. Of course it may take years of practice and good skill-sets. Until you have good skillsets, trade with your pocket money. Like Waleed said, there is 70% or more probability the price shall...
No offense but I disagree with your view. I think its very risky for traders to not use SLs, yes the price might be revisited at some pt in the future but it could be weeks, months or even years before that happens, or it may never happen. There are people who bought gold at $1900 and those guys are still hurting now, same thing for the peeps who were short the S&P500 when it went under 1k.

Trading with no SL works... until it doesn't (and the trader blows up or is stuck with the loss forever).

I do agree with you that SL should not be tight unless its extreme scalping, though I generally discourage people from scalping...
"Where you want to be is always in control, never wishing, always trading.
  • #15,057
  • Aug 22, 2014 11:47am Aug 22, 2014 11:47am
Quoting ClockTrader
{quote} Yes, I don't like to use SL. I trade very light, actually its ultra-light given the way people trade here. I don't mind how people trade, but, I keep failing to understand why people keep trading hard to lose money. If you have a 10K account, I would suggest trading micro lots like 0.2 without SL. At the end of month if you can make 500 - 1K, its not bad. Of course it may take years of practice and good skill-sets. Until you have good skillsets, trade with your pocket money. Like Waleed said, there is 70% or more probability the price shall...
With my full respect to your trading strategy however I believe this strategy work for 100K account or more. Then the micro lots will be 1.0 and here you can open three or four lots.
For 10K account I have another strategy :
1- I open a lot or tow of 1.0 asper the wave and technical analysis for sure not gambling.
2- I set a limit to lose like $300 to $500 on this trade.
3- If am in winning position I keep it open till I feel that I have reach the limit or theres no further profit.
4- If I reach the limit of -$500 on loss and I believe that loss will increase because of the news then I stop my loss.

This way will grant me more profit than loss and I don’t get stuck in minus for long time.

The winning daily will be minimum $100 and maybe $1000 when other people make the same amount in one month I can make in a week.

You will tell me that am risking my money. No am not and I respect MM as I close when am in minus and don’t risk more than a week profit.

Again guys this is my way of trading please excuse me am not trying to teach anyone.
  • #15,058
  • Aug 22, 2014 11:53am Aug 22, 2014 11:53am
what you guys think about gold now? will it go down again to previous low and will it cross it? or it will go long now? i personally think it will move sideways and when market opens again later it will start its upward trend. any thoughts?
  • #15,059
  • Aug 22, 2014 12:07pm Aug 22, 2014 12:07pm
Quoting ClockTrader
{quote} Yes, I don't like to use SL. I trade very light, actually its ultra-light given the way people trade here. I don't mind how people trade, but, I keep failing to understand why people keep trading hard to lose money. If you have a 10K account, I would suggest trading micro lots like 0.2 without SL. At the end of month if you can make 500 - 1K, its not bad. Of course it may take years of practice and good skill-sets. Until you have good skillsets, trade with your pocket money. Like Waleed said, there is 70% or more probability the price shall...
Do not mind my existence here, i agree with you Sir.

Basically it works the same way for my end, i used to trade with SL, but after 4 years of SL trading, i've slowly worked out on the RR and the probability of retracement/consolidation be it sideways over a period of time, i trade with no SL at all be it wadeva pairs.

And i totally understand what you meant by your "Using SL implies you blew the very first opportunity to make money" as sometime when you pended trade, it goes the way down due to spike of sudden news effect/after which hitting your SL and, when the dust settles down, market back to mean prices, that's where the trade price you initially planted.

Prior to SL, i do use SL, only when to lock in profits and let the market run, manually adjusting the SL further locking in more profits instead of a trailing stop.
Sincerely Yours Cheers!
  • #15,060
  • Aug 22, 2014 12:13pm Aug 22, 2014 12:13pm
Quoting DingDongWay
{quote} Do not mind my existence here, i agree with you Sir. Basically it works the same way for my end, i used to trade with SL, but after 4 years of SL trading, i've slowly worked out on the RR and the probability of retracement/consolidation be it sideways over a period of time, i trade with no SL at all be it wadeva pairs. And i totally understand what you meant by your "Using SL implies you blew the very first opportunity to make money" as sometime when you pended trade, it goes the way down due to spike of sudden news effect/after...
nice but theres 2 issues with no SL.when you plus in a side you are minus in other side and the second issue you cant sleep.
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