At 9:00 am gmt a massive spike of about 200 point only wipe out my acount, I was short on the same item on the gbp/usd. There was no news announcement. Did something happen on wall st? I believe that I may have put this in the wrong section.
At 9:00 am gmt a massive spike of about 200 point only wipe out my acount, I was short on the same item on the gbp/usd. There was no news announcement. Did something happen on wall st? I believe that I may have put this in the wrong section.
Again I see a lot of views on placing up hard stop losses and not. If enjoying extended duration then I can see why you do not want one though I guess that a lot here like myself have egies with the smallest stop potential.
With the events which happened to OP, not much you can do, I could surely highlight because it happened to me I lost 20% of my account if my 13 pip stop loss did not get triggered until 100 pips away. What did I do? What can you do... bounced back and accepted this is part of the game.
In my mind and I am sorry to be like this but can I say many of pro stop loss posters are brokers thoughts melding you guys in thinking to put in tough stops for devious purposes!?
Well, yeah, pretty much....Originally Posted by ;
1) One hundred consecutive losses in maximum stops and maximum slippage....
2) Five decades of practice prior to going live....
3) Never risk more than 1%....
My inquiries were simplistic: Why would you even trade if you thought 100 successive losses were potential? Why would you spend five or more decades of your life practicing and studying this just to create pennies or dollars daily (because realistically most people won't start out with a $100K account...a $10K account is most likely on the high side, actually )?
My opinion, for what it is worth, is that this type rhetoric give people the impression it is normal to be 6 years in your trading profession with no profitable month after month. That 5 decades of 8-hours/day learning is needed before you may become a trader. That there are dues that must be paid...a right of passage to undergo in order to become successful. That a trader is measured not by the cash he/she makes, but just by being consistantly profitable.
I started trading years ago with the idea to make money. . .lots of cash. Would I put in time to make money than that I could make doing something which requires time? Is cash management important? Absolutely!! But it seems to me that when people spent more time developing. . .that they have confidence in, and they would feel better about buying a complete lot with a $10K account balance than just risking $100 to create a couple dollars weekly.
I just examine the amount of time I am spending on something....if I can't make enough cash to make it worth a while, then why would it? Why not spend my time doing something else to make money? Why can I buy a house, take to revive, and resale it for $2500 profit? Not worth the effort unless I did it. Perhaps some people are not trying to find the type returns I am, but for me personally, trading is all about the cash!!
I certainly meant no disrespect to, I just assumed everybody was in this to create as much cash as they could, and just wondered why he set such strict criteria for himself and recommended the same to other people, that's all. And that I was being totally serious about the cans and ebay...I've done both over the past 40 years....for a return higher than a number of the traders here.
Morning all from uk. I dont think a person needs to study FX for 5 years its experiance they need remember a lot of trading ways contradict them selves ie they dont do what the majority state lol. In terms of having a bank roll, the more you have the more I use bankroll and exchange for a living. Yesterday was a mega fantastic day I captured the pips going up then got a lot coming down, happy trading joyful days
Everyone reckons they're a much better driver than average, but from the law of averages, the majority of people are simply average.Originally Posted by ;
In order that they guess it might take the average Joe a tens of thousands of hours to get anyplace but they're an outlier because they're smarter.
On the plus side though, this delusion keeps you in the game - maybe long enough to get profitable.
Its impossible to eliminate 100 percent the risk in trading, all you can do is minimize it.
There is a point where it simply boils down to being in the wrong place at the incorrect time.
For instance, you might be the best driver in the world, however this doesn't mean that you wont fulfill some lunatic on the incorrect side of the road on a blind corner.
This risk is present for everyone who drives a vehicle, however how many people dont drive due to this risk?
Its immpossible to be 100% safe in any facet of life. There's always the unexpected.
You might never be eased by 100 pips on a commerce again, all you can do is decrease your lot size so that if you're you wont be wiped out the next time.
Thanks to all that replied to my own tread, Lessons have been learnt, suggestions have been taken on board. I could be wrong but reading some remarks one can find the wrong impression that some folks forgot that they did creep at the same point in their lives until they leant to walk. I'm refering to account size, I appreciate that there are a lot of traders here with accounts for gt;20k but surely there will be anything wrong with having a micro or maybe a nano account to trade with prior to the farm get sold. Afterall by investing in a account since its money a person will be alot more careful than using a demo account
There is nothing wrong with having a little account, its better to lose to a little on than a significant one. Problems come when people screw hell out of a little account to try and make a lot out of a bit, Im convinced some claim they could do for most its a disaster.Originally Posted by ;
I would not be happy if I lost my account, particularly this way. You might choose to modify brokers.
Another thing you can do is not place all of your trading funds in your trading account.
Say you alloe $500 for trading next time, just pay in $100-150. It will depend on how much leverage you have available. Lets say you risk 1% per transaction on $500.
Im not certain if brokers can take money from your bank account if you get in trouble (maybe somebody knows) but as far as I would be concerned if you get 100 pip slippage onto a stoploss also it puts your account in negative territory I would inform the broker to p%off pip.