/biz/ - Business & Finance

Im looking to short usd/jpy today

What does anyone else think?

>>11905247
ive been trying out the demo ctrader on icmarkets, i cant place orders though because it says markets are closed although the the price moves.. can anyone explain why this is happening?

>>11905247
Forex: the zero sum game where you're betting against literal trillion dollar funds, institutions and some of the smartest speculators on the planet.

You actually deserve cancer if you spread this bs. Show me an everyday person who has consistently made a good ROI for 20+ years in the market. They don't exist, because this is a zero sum game you plebs.

>>11905633
less than 10% of forex is speculative the rest are actual trade flows, just because its hard to predict and the majority of traders lose it doesn't make it a zero sum game

>>11905612
seems like a good try

>>11905632
Shitty broker

>>11905662
just ignore him he comes to every thread

>>11905633
Why do you join threads that make you go mad?
We had discussed this before in previous thread, read through it and make your own mind up.

This threads aren't about why Forex is zero sum game for some people. These threads are simply for sharing ideas and charts. Nobody is forcing you to trade forex and people can do with their money what they want and make up their own opinion through trial and error.

>>11875273

Have a nice day.

>>11905671
can you admise me a better broker? are mt4 or ctrader the only forex softwares?

I spent 8 years in Forex and let me save your life by telling this...

Just try this small experiment...

Try to earn $50/month for 3 consecutive months

If you do it go for it, so far no one did it.

Stay away from forex, you will most importantly waste time and certainly you will waste money.

>>11905681
First thread, and im mad you kids or uneducated have been taught this degenerate shit. Go work to produce something and you'll earn a better and more meaningful paycheck.

>>11905662
Wrong. Forex is trading on top of the underlying flows which set the price. Christ i'm 19, when will you lads learn basic economics?

Hey guys, question here. Whats harder to trade, crypto or forex?

>>11905715
Please this is the point im attempting to convey. Majority of forex profits are really institutions taking innocent unknowing speculator's money.

>>11905726
reading wiki answers isn't "learning basic economics" kiddo, speculative traders are a small part of forex volume

Bump to keep these threads alive.

Awaiting USDCAD to hit my trend line and support to go long on 4 hour timeframe as a swing trade.

USDJPY I think might go long personally, but haven’t been able to properly analyse on the higher timeframes like daily.

>>11905746
Wiki answers? Enjoy playing in the sand pit kiddo. One day, when I'm an executive at an investment bank, i'll laugh at your losses being my profit... No point trying to teach a dog english.

>>11905759
ha! u almost got me

>>11905715
>>11905726

Well, I started trading last year and so far had every month green just by swing trading and following sentiment/fundamentals + TA.

You are also calling me to get out and get a job. I actually have a nice job that is programming related and very exciting, while being very valuable to the company I work for and everyone respects me.

I trade as a way to make passive income and I enjoy discussing ideas. You seem like the toxic kid that doesn't have his life in order and traded with too big leverage and got burnt. I'm swing trader and risk aware, I'm not sure if you see your own self hatred and toxicity spilling out of your pockets, while judging someone that wants have genuine discussion with same minded people.

>>11905728
Depends on how you trade.

Also looking to potentially short eur/aud

>>11905726
By the way, I'll be releasing my past trades and future trades and explanations behind them in few months when my track record is big enough and people won't be able to say 'he got lucky'.

In the mean time, I'm just going to enjoy discussing and trading, learning, etc.. I don't condemn this toxic behavior and if you are purposely joining things that you hate and then get mad, then that tells more about you than me. I always advised to learn fundamentals, learn TA, learn sentiment, then swing trade with small lots and see if trading is for you or not.

To those that are more experienced and are trading, I welcome them to discuss further ideas and what's currently going on. Every thread there are people like you, while not understanding I'll keep making these threads and those that want to trade will be in them always.

>>11905778
>Depends on how you trade.
I'm swingtrading succesfully btcusd. Is this comparable with forex?

>>11905842
Yes, if you got experience with swing trading, then Forex will be easy for you. Trading Forex is much more enjoyable than mainly BTC, since you got tens of different pairs that create opportunities. So, just learn the fundamentals and currency correlations and you'll do fine.

Swing trading Forex is one of the most enjoyable things I've done, just be risk aware and take good opportunities. I spend 99% of the time finding perfect circumstances to take the trade and 1% actually trading. So have that in mind.

>>11905823
I got out of EURNZD for around 60 pips profit, just couldn't wait anymore and it traded in range.

I entered USDJPY and am gonna set take profit to 30pips, I think DXY is going to retest channel trendline again and in meanwhile $ is going to get weaker.

Easy money.

>>11905832
I'm not trying to be toxic- I just struggle to communicate my underlying desire.. In this case, I'm suggesting there is far more money to be made in the stock market, identifying mispricings and valuing stocks using more appropriate metrics to uncover hidden value or fundamental moats missed by the majority. I was an apprentice for a year but it wasn't stimulating enough- and I prefer the idea of working with numbers more, as selfish as it is.

Asx:aog. I've got 20k shares, you tell me your TA analysis and i'll show you how the company itself uses a conservative valuation for its balance sheet and ultimately why it is a half price bargain.

Play in a bigger and more rewarding game..?

>>11905874
I know what you mean. Although I'm only trading BTCUSD, it makes lots of fun!
Thank you mate, I will try it out.

>>11905894
Why would I go to a different game, if I'm completely happy doing what I do right now?

Even if Stock trading is more rewarding, it's that I have a happy life and I don't bother going into something I don't feel comfortable with and have no time learning on the side currently. I've traded Stocks here and there also, had nice success with indexes, but I feel like swing trading Forex is my game and where I'm the least stressful and most happy.

I don't care if I make 2x more money in Stock market. When I feel like trading it and find good opportunity, then so be it, but it's not my primary focus.

>>11905890
Well here we go

Here's an example of a pattern that im currently testing

The 17th closed below the 16ths low, the 18th closed higher than the18ths open

So i look to sell just before the london open on the 19th

All this has to happen above or below the 89 sma for it to be valid

There's a few variations but this is the basic pattern

>>11906146
You can see it happened a couple times in that trend too, october was a good month

>>11905708
Tradersway seems pretty good

>>11905832
Looking forward to it

hold onto those fucking usdmxn shorts boys. the news is all fake as fuck and that is ready to fucking drop

>>11906490
elaborate why they are fake

>>11906610
take the trade or dont i dont care to explain

>>11906614
???? then whats the point of posting

btw buy chf/jpy its gona skyrocket not explaining why though

>>11906614
>>11906731
look how useful this tread is with nobody explaining anything kek

>>11906735
One guy doesn't explain a thing and the whole thread is like that?

>>11906731
i shouldent need to explain anything if you so called forex traders know what youre doing, im just calling it short

>>11906885
Even more so no point to you making a post

>>11906885
That's a pretty bad argument.

One thing I've always wanted to know is how much money it would take to instantly pump one of the majors (eurusd or usdjpy for eg) by like 0.25%

>>11907067
alot

Why?

>>11907119
>>11907067
could only be a couple hundred mil since currency markets can be massively leveraged.
soros has done it before.

>>11907119

I just want to know what I'm dealing with. Like for eg when something pumps 1% within an hour, would that be doable by some smaller funds, or can I be sure that a bank just threw their multibillion dollar cock into the ring?

>>11907141
And if they have then what?

If the crypto meme dies i hope people post more about forex

>>11907697
there are plenty of other websites that talk about forex

Any tips on setting profit targets?

>>11908072
depends on your trading style, theres scalping and intradaytrading or full investing, as in whole something for months.
im a scalper with a intraday bias

>>11908082
well i take trades that usually only last 1-2 days at most

>>11908337

Dead

Does anyone here actually make money with this or am I just getting myself into a scam?

>>11909560
Its not a scam if you willingy throw money away

>>11909606
Any particular advice other than being disciplined with a practice account before using real money?
Right now I have very little expenses or obligations and would like to take advantage of this by slowly transitioning away from wageslavery, and thought that this might be an interesting path to take.

>>11910232
Download Anton Kreil!

Seriously good!

>>11910337
No thanks mr shill.

>>11910394
Babypips.com

Short NZD/USD?

>>11910571
I've been using that website along with Investopedia to get a clue before diving in and they seem like they're pretty legit.
I guess I'll just start a practice account and decide if this is worth it or not in a few months? Which brokers let you start a practice account with a custom amount of money? I'd rather practice with what I'm actually planning to use rather than some preset amount.

>>11910815
Well i use a tradersway demo account and its never given me any problems

>>11905612
This post didn't age well

>>11910846
I’m on tradersway, only had a good experience so far.

>>11910779
My bias is short too for an intra day trade, misses entry point however so won’t be taking part. My TP wouldn’t be any further than the 800 EMA

>>11911246
i'm gona wait till just before the london open tomorrow to see what the situation is

>>11909560
With 5 trillion dollars traded daily, someone out there is making money
But it is the hardest market to play

>>11910232
If by practise account you mean demo account I’d actually advise just making a live account, putting some funds in that you have to spare and practise with real money, the physiological difference between demo and live is huge and not to be underestimated.

Ofcourse tho, you need to get comfortable with a strategy first!

>>11908337
How bigs your stop loss? Or do you adjust your risk and lot sizes per trade?

>>11911504
right now im using a 20 day period ATR to determin sl/tp

lets say its 80 pips

Sl is 25% so 20 pips

TP is 62.5% (1/2.5 risk/reward) so 50 pips

Sometimes get stopped out by noise but not often enough to warrant a bigger SL

i trade on the 1h

>>11911594
Ah right got ya, very structured method of getting your SL’s and TP’s.

Everyone & every strategy is susceptible to noise so no biggy there.

I tend to take profit myself when it looks like price has hit a zone or run out of momentum.

>>11911681
What does a typical trade of yours look like?

>>11912379
I’ll use 4 hour & 1 hour time frames mainly but I always eyeball the daily just incase it makes my day swing potentially more risky or my analysis somewhat redundant.

Basic support or resistance using zones. I’ll then wait to see if the 1 hour or 4 hour candle can close above or below the zone, if it can’t thats my signal to enter.

I’ll measure out a 10 pip SL so I know the rough region of my entry point. If it hits my stop loss I’ll let the candle close again or just move onto the next trade.

TP tends to be a case of monitoring for price exhaustion or to the next zone on the timeframe I’ve based my trade off. More often than not it’s always price exhaustion that determines my take profit!

>>11913422
I’ll also monitor what time I’m at, if London, New York or news is coming up it will make a difference to if I feel a trade is worth holding.

If news is coming up and I’ve been graced with enough pips to put my SL at breakeven I always will.

>>11913455
Hopefully this explains visually where my wording lacks.

The top zone where the arrows are show that the candles couldn’t close above that resistance, they traveled beyond the resistance zone but then never closed above it so from there is where I work out my 10 pip SL.

Fun fact, the support zone in the screenshot was a losing trade but at the price of 10 pips I’m happy to give it a shot.

I could make a $10K/year surplus with 16 hour weeks where I am, trading the rest of the time. Is that good enough to make it? Or should I go to oil sands? I haven't started doing anything yet but gathering and organizing training material from a private tracker, so I find it fun to ask noob questions. thx.

>>11913575
Not sure what your asking dude.

Trading gets pretty objective, what I struggled with you might find easy and vice versa. So it might be easier for you to “make it” than others or you might find it harder than others do etc..

Ideally you gotta get ur feet wet to understand what you’re up against trading.

>>11913843
Just wondering if my starting capital would be enough. But yeah thanks, I got my answer.

>>11907067

A shitton of money. Or, a fucking lot of money while trading during low liquidity hours.

>>11913990
Ah got ya. Np. If i started off with that capital I’d probably use a tenth of it personally on a first time.

Be wary once you’ve put money into a broker someone won’t pay out until you’ve earns double your deposit.

>>11910232
If you're consistently successful on demo, try opening up a micro account with something like $300. Some people I've talked to said it basically took them around 3 years total trading both demo and live to become consistently profitable. One of their biggest hurdles was getting past the early nerves with their first live account. A micro account would probably be beneficial in that regard.

>>11914080
Strongly agree with this. Demo is good for practicing a strategy but it’s nothing like the real thing

>>11914080
Once I *do* get confident would it be worth my time using a micro account if I don't plan on using high leverage or would I better off simply with a larger account at that point?

>>11914799
Micro account all the way. When you’re comfortable then add more.

It’s something I wish I did when I first started.

>>11914799
Start with a micro IMO. The best way I can put it, is that you don't want to need to have a big account. It's just there. You make some clicks. You win some money, you lose some money. That's it. Use the same leverage, just adjust the size of your positions to make your percentages. If you want 1% per day, do the math and figure out what it takes to make 1%. If you want 1% per week, figure out the math to make that happen. Once those rules are burned into your brain, and your account has been profitable for a long enough time, then you can add some more money to it.

>>11914940
>Micro account all the way. When you’re comfortable then add more.
>It’s something I wish I did when I first started.

Same. I blew about $9k on my first live account. I got too cocky practicing through a really quiet market for my first year of demo. I put in $5k, and added another $4k to cover the steadily increasing losses because I was fucking stupid and had a shit trading plan. I was very much over leveraged. Even when I made $2100 in one week, it didn't help that I would blow $600 a week for the next 6 weeks straight.

I've toned it down quite a bit now. I still went a bit overboard which bit me in the ass in september and october (I know august was bad too, but I knew a bad month was going to happen at some point), but I've hit my main goals. I haven't added any more money to the account aside from the $3600 which was done in january, and I've learned to not trade when my system doesn't give me the right signal to trade. It's better to have a day off, than to have a day forcing a trade that can put you in the negative.

https://www.myfxbook.com/members/4xLife/rags2riches/2418618

>>11905247
Are you me?

>>11910779
Wait for RBNZ Financial Stability Report. This shit is going to define NZD direction of weeks

>>11916241
Yeah I did the same, not with that much cash but still with an amount I was uncomfortable losing.

Absolutely right about not forcing trades. In my trading plan one of the rules is I have to wait an hour after I’ve done my analysis. No shorter than that, stops me forcing trades. I’d rather be disciplined and see trades that I could have taken than damage my confidence and discipline over 1 losing trade.

I'm very busy this month, I'll keep making threads here and there when I have time, but I'm not sure how much I'll be able to contribute.

Sold my GOLD @1225 yesterday and closed USDJPY position for small profit, then went into USDCAD @1.32000 which turned out to be great position already.

>>11916418
I've been in EURNZD for about a week and closed my long for around 55 pips 2 days ago, cause I went long at 1.665 and got tired of that sideways trend it traded. Gonna jump in if it breaks 1.68 and also keep an eye on the report.

But it was mostly technical trade, Daily chart looks nice and a week ago I thought EURUSD will go up, but it didn't and DXY cuntinues to rally.. Nevertheless, NZD is still in the sideways range, trying to breach 1.677

>>11916877
I’ll try do some here and there, after the initial butthurt crypto fag comments the threads get good.

Closed my USDCAD position. Good move.

>>11916241
Nice on your road man, I set myself a goal next year to go for around 5k pips a year. I think 10k is actually possible, with day trading here and there, but I don't wanna force it as you and 4x already stated.

I'm still happy with where I'm today, since I started trading shitcoins around November last year and had no prior trading experience. Few months into shitcoins I dabbled into other markets and here we are now.

Nice to meet same minded people on here.

>>11916932
I'm gonna wait at least 2-3 days before closing my USDCAD position. I think there's still a lot of upward potential with EURUSD getting stronger and wait for what >>11875770 said. It's on 6th December and I think a lot of speculation could either further help the price or vice versa. Keeping an eye on anyway. It'd be great if I could squeeze out 200 pips on USDCAD this week.

>>11917077
FOMC ahead take cover-

>>11917077
Yeah it still has a lot of potential to continue long. Hit my TP zone tho & gotta abide by my own rules. Good luck, hope it hits ur 200 target, looks like it has a good chance of doing so.

>>11917171
You went out, because of pic related resistance or why?

I think either way it has a lot of potential, IF oil continues to go down it's gonna follow this trend channel and if EURUSD is gonna get stronger then it will fly.

In other case, I think there will be a nice big initial breakdown, when and if it breaks the trendline.

t. forgot my tradingview password fucks sake

>>11917266
Yeah exactly your yellow zone. For my analysis those 2 candles I’ve circled were a potential sign it could start ranging or atleast comeback down to revisit the trendline.

That’s why I set my TP there and not higher, it looks like price is conquering that zone so the potential to go up is there in my opinion.

>>11916995
>Nice to meet same minded people on here.

I'm glad to see a 4x thread on here now. When /biz/ first started there were a few of us that talked about it a bit. Then trolls kept on popping up and derailing the threads, and the forex threads surely enough died.

I started browsing reddit for a bit, because they had dedicated subs for it. But I can't stand that place. They don't even know the difference between a re-quote and slippage. Half of the threads were about EAs, and the other half of them were "dear diary, I lost 4% this week" bullshit.

I feel like making a shitty blog where I attempt to make my beginner self into a solid and self sustainable trader

A 1k to ___ challenge basically

What are some things people would enjoy hearing about other than results graphs?

>>11905612
retarded

Looking to short aud/usd soon

>>11917774
Calm your tits captain hindsight

>>11918085
Wtf was that

good thread, i've really been considering getting into forex

>>11918569
I've seen these things happen few times now and it's even worse because the spread gets so big it usually hits your stoploss easily, if you are on the wrong end. That's why I swing and rarely daytrade.

>>11918611
so you buy in expecting based on your TA to hold for approx. a day+?

>>11918611
Brexit got delayed apparently, gona leave my sell order on anyway its only demo

Gold looks like it's about to snap, but EURUSD has 1.13 support for a while. If Gold snaps down I expect EURUSD snapping below 1.13 also and vice versa.

>>11918638
I hold 7 days or more usually.

>>11918611
Looks like someone tapping into that premium price zone to me, hate saying it because it sounds like a conspiracy theory but that’s a hell of a wick though

>>11918732
Visual of the zone I’m talking about on the 1 hour timeframe

>>11918658
oh wow, isnt there a high risk that a forex pair will jump around a lot in that much time or are you just so sure of your TA?

>>11918827
Not really if you are risk aware and understand what is happening. A crazy jump in forex would be 2% or so.

>>11918841
Seconded, risk management is one of your only friends in the market.

EUR/HUF to 342.75
you're welcome.

>>11918841
so just keep your SL good and have faith in your analysis? sounds baller, hope you succeed enough to come back here and show everyone up

>>11918995
It's not as risky as you seem to think. I got fucked a couple of times in my first 2 months of trading, but since then I've avoided clusterfucks and make sure to enter trades during low volatility and low risk.

EURUSD @1.13 good for bounce!

>>11919700
Long?

Where'd yall learn your TA? Any book recommendations?

>>11919791
ye, I'm gonna take a long position here, think it's a good temporary bounce zone. if it breaks short it or long usdcad, I closed my usdcad, was up a nice chunk anyway

So how much leverage do you guys use in Forex? Is it similar to BitMex where you can use cross-100x? Explain the process of deciding with how much you enter and on what leverage as if I'm a retard?

>>11919827
>>11919924
Read the sticky

>>11920189
Meant for >>11920176

>>11919924
How often do you take trades anyway?

Like how many a week/month

>>11920471
Depends on market conditions and probability value of a given circumstance in which I take a position.

>>11920471
as a scalper i make aboutr 40-60 trades a day

>>11920811
Jesus fucking christ. Don't you need a superb custom order flow script to do that?

>>11920834
no i place alot of pending orders and have all my open trades and pendings dedicated to 1 monitor, when price aproaches my target i get a light on that pair and then on my main screen i just flick to the chart and see if im still happy with taking that trade, during volatility i would prolly reduce my risk, but when its quiet and theres little events moving the market im quite comfortable

>>11920834
my trading days consist of 12hour days btw :/, long and boring, thats plenty of time to scalp that many. the pros on on wallstreet are fucking insane theyre processing like 50 -100 orders every 4 fucking minutes or something crazy

>>11920850
I've been only recently thinking about putting in multiple trades when price hits a major prize zone and usually consolidates sideways for a day or two, before making a bigger move. Idk, I need to get my hands on some order flow script that is legit to put multiple trades intraday. I usually just scalp when price hits major price zone and take 20 pips, then put another swing trade in when it makes a bigger move. Like EURUSD now for example at 1.13 level.

>>11920890
But then again, I'm a safe low risk swing trader.

>>11920890
what people normaly do when a market is consolidating is build a position,
so say your bias is short, you place a short, market moves against you, you place another short, markets starts to go down, you close your first short for minimal loss/maximum profit and hold onto your better one, then if price goes up again which it usually does, you just place another short, and you keep trying to improve your position while getting rid of your worst ones, then when the market does its big stop rally up, you load up like 2-3 positions and hold on to those baby's

>>11920913
this also givbes you the opportunity to hedge scalps long for half the size, cause even if it goes against you your SHORT is covering it.

Potential short if trend line broken?

>>11920913
I see, sounds nice.

>>11921017
I think a lot has to do with when EURUSD will choose a direction from this strong daily support. We'll see, but I'm long right now.

>>11921017
usdchf looks like a mess to me i would avoid it, if i had to take a trade on it i think its a short, tho i would wait for a really big pop

>>11921091
looks like bullish head and shoulders to me, had a nice H&S short on usd/jpy not too long ago

EURUSD looks like it will pop on 4hr, just hope this initial pop won't be upper wick of a red candle later he-he.

>>11921138
Here it is, had my order under the arrowed low, even made a thread about it the day before it moved

>>11921192
What MA is that

>>11921224
89 simple

o btw if you were able to stomach holding on to usdmxn shorts whether you took it or not, well done.
i just booked mad profits

>>11921283
Nice dude

>>11921303
still a long long way to fall should try to wait for a nice pop to short again, i am. still holding 2-3 positions of downdraft tho, but theyre paying me swaps so its fine

usdnok going to take a shit tomorrow or later today, calnder says friday news coming out in nok will prolly trigger it

>>11921283
Nah, no offense that argument was just whatever. I'm busy with other things also (since I'm not pro, but a hobbyist) and kind of shrugged my shoulders at this one.

I did check it out yesterday, but I thought it's going to go up to that old ATH before falling. If it breaks trendline, then I'm going to jump in. Still a nice catch, congrats.

I'm only mad at myself for closing my USDTRY like a month ago, since I had a shorting position from 5.82 level. I'm even more mad, because I missed the 20% rally, since I was just observing it.

>>11921404
well yeah i know the argument was worthless but i mean thats just how you get used to talking to people when you work with them all day, you see something you call it long/short, its up to other people to look at it and judge for themselves where they want to exit and enter, which also reduces the blame on me because short term i was wrong but its not like i was the only one carrying downdraft

>>11921440
I mean, I don't want to feed people with spoon also, so I understand. Also someone coming in and saying something like that out of a blue is also sketchy a bit.

>>11921481
thats kind of how the forex / investing world is and always will be, when one persons wrong someone else is right, always do your own analysis

>>11921017
>>11921096
theres your pop, nows the time to start slowly building a short

>>11921643
actually be careful with that can still run a little higher

>>11921643
EURUSD still holding 1.13 line, even though candles looking pretty ugly and feels like a counter intuitive buy. I went in at 1.325, but would buy right now if I wouldn't be pushing it.

What do you think

>>11921682
I feel like I'm gonna hit stop loss @ 1.129, exactly where they are going to come for liquidity lol.

>>11921682
weekly and the daily chart scares the shit out of me it looks short, 1h looks like a short term long but yeah, im staying out of that, i dont trade what i dont like, i look for trades that im 90% certain on,

Meh, should of waited a little bit longer on this one, can't win everyone. Looking back it seems like a dumb entry, should of waited longer, even if it turns around.

>>11921694
i also dont trade with stoploss's i manage my own risk because they can see that information, this is a long squeeze happening right now, youd be better off loading another long and trying to break even out of it

>>11921712
no youre right its a long, but youl be holding a while

>>11921722
I know weekly looks like shit and monthly also, just wanted 20 pips or more, based on bounce and strong daily support.

still funny to watch how this zone is unfolding right now, I did remove SL, am watching it anyway

>>11921732
GOLD is snapping pretty hard right now also, had support @1220 and look at it bleed

>>11921759
yeah nice call i saw that earlier, ive been short gold since last week tho :D, my positions are just entering positive now

>>11921765
that's a nice breakdown, DJI bleeding again is helping also. gonna wait for bounce hopefully and gtfo

>>11921722
I used to trade without SL's, now I put them in. It's always a good idea. Look back to early October 2016, and the flash crash that happened with the GBP/USD. That shit dropped over 1100 pips in a matter of minutes. There also is the chance of something technical or your side, or your broker's side, fucking up at some point. Then you won't be able to open/close trades until that is resolved. Now do I use like a 20 or 30 pip stop? No, I'll use like 100+ pip stops. Stops that are well beyond what seems to be the daily move for whatever pair I'm trading. That way if some black swan event does happen, my account won't be hit too bad. I honestly don't know what I'd do, if I woke up one day to see my account wiped out because of some bizarre, unexpected event.

this is from a demo account that i opened today because im currently in the process of changing brokers because of some fucking aussie cunts, but yeah 6.5 hours work, wreckless trading but managing the risk, 2grand of fake money i cant keep made so easyly

>>11921857
there was a guy that posted on one of these threads a few days ago that lost 80% if his account using a "mental stoploss" ... overnight

>>11921857
stop losses are fine i just dont use them, downdraft is a natural thing in forex and trust me when you get heavy in the game playing all kinds of pairs at once youre constantly dealing with downdraft, it all just turns into a big risk management simulator, i comfortable with 10-20% downdraft cause i know i can still make money with my remaining margin.
the easiest way to get out of a pair thats going against you is to hedge, like what i told you to do with eurusd

>>11921875
I always use S/L, but in this case it was a squeeze waiting to happen, I had S/L at 1.12900, price hit it perfectly and is now doing what I described here to myself lol >>11921694

>>11921955
think of it this way, when you put in a stop loss you are giving market makers ammunition.
when you get more comfortable with yourself and your trading you wont ever need them, i would prolly use a stoploss on something like a exotic, where the spreads are so insane they could kill your account, thats probably it.

>>11921857
>>11921890
I feel like there's never a reason to not set a SL, unless your margin is your entire risk capital lol.

>>11921890
Yeah. I can see that shit happening. There was a guy on forex factory who held some trades through that G/U flash crash. In the blink of an eye, he lost 3 years worth of work. Why? I'm willing to bet no SL's to protect him.

Another guy was trading the USD/ZAR, then an african finance minister got arrested on charges of corruption. The market swung hard, and next thing he knew he OWED his broker about $3k.

>>11922003
>think of it this way, when you put in a stop loss you are giving market makers ammunition.

Only if you follow the hivemind that most retail traders do. If you're trading with a plan of 2:1/3:1/4:1/etc., then yes your are doing that. But if you set incredibly wide stops. Stops where they are far greater than your TP's, there is no way the banks/brokers are going to go hunting for those.

speaking of zar, i just closed my trade for 3% and i think i picked the top
And fortunately its my live account

>>11922115
. But if you set incredibly wide stops.
Market makers have the ability to open the spread and wide as they want during NZ open when the rest of the world is closed, and trust me, they do. Which is why i stopped working for them

>>11922181
>open the spread as wide as they want
they can open it unlimited pips, and nail a bunch of stops.
You can look back on any chart and see this being done, where you get those really long out of it fucking wicks right at the start of the session, usdnok is a good example, i had take profits down there on my shorts, they ignored them

>>11922050
>I feel like there's never a reason to not set a SL, unless your margin is your entire risk capital lol.
It's mostly a psychological thing. Some people (myself included for many years) believe that putting in a SL is akin to admitting defeat. If you don't put in a SL, then you're not going to lose. If you've already controlled your risk before entering a trade, then stops should be a non-issue. They're just there to protect you in case the market goes a way you didn't anticipate.

went out of EURUSD, and into shorting GOLD.

>>11922181
I don't trade with market makers, and usually don't hold trades for longer than 6 hours. I also have yet to see any broker hit anyone with a 100+ pip spread on any major on minor pair. If you want to trade exotics, I can see spread widening to that degree happening at the end of the day. Since something like the USD/ZAR has an average spread of 30 pips during high liquidity times. In that case, set a 400 pip stop, then adjust it as liquidity comes back and the spread tightens.

>>11922392
>I also have yet to see any broker hit anyone with a 100+ pip spread on any major on minor pair

>>11922434
That's why I don't trade weird pairs.

Currently I went short on GOLD put S/L at 1224 and TP at 1201.2 and won't even bother opening the chart for 3 days prob. When you know shit's going to happen I just let it fly, currently it's GOLD.

>>11922492
my targets 1159, we'l see tho ill have to watch this every 4 hours

im still waiting for aud/usd to drop more

>>11922434
You stupid nigger. That isn't a fucking spread. That was the british pound flash crash. THAT IS EXACTLY THE REASON WHY YOU USE A STOPLOSS.

>>11922559
yes im a stupid nigger.

>>11920811

Wow what an accountancy nightmare.

>>11922559
Whoa, like, calm down there, geez.

>>11922515
>>11922515
I don't know what to think about EURUSD right now. Do you think, since 1.13 was a strong support most people put in a long @1.13 and stop losses down to 1.127 and they took a bunch of them out right now? Kind of feel this just happened/is happening. Or I'm being irrational or emotional right now. I think I need to go for a run.

>>11922674
its fine just ignore it for a few days, i can see it going back up to 1.39ish, dont know when
im going to bed now will check out this thread tomorow

>>11922705
1.139*

>>11922674
I'm going to wait for some momentum before dedicating a position. I've just been scalping 40 pip shorts while it decides what to do.

I plan to short hard if it breaks 1.2, it keeps teasing lower and lower resistances.

>>11922674
Nah, weekly and monthly are ugly as fuck. I suppose I'm being irrational, time to take time off and just stop looking at charts all together for few days, peace out boys, see you on friday night. I think I need a few days off and just let GOLD drop.

gl, had a good week already anyway. Sadly didn't hold USDCAD longer as planned, but I also missed EURUSD approaching 1.13 which made me reconsider things and sell position.

I still think USDCAD is good when it comes to long, but I think GOLD will snap harder and faster now.

>>11911204
>tradersway
isn't tradersway unregulated? Doesn't that mean that they make their own market? i'm on a practice account with oanda atm