You can't always do that 100 pips down thing, or you will miss getting in with more, If you already have higher losing longs, you have upward targets.
Huge drops? we haven't had that many. A huge drop ended on 3/16/08 down at 192.XX. I live for and thrive on the huge drops. That is my assurance of profits is movemnet. There is no question that what goes down must come up.
Keep in mind you are playing against the major banks in the world and all sorts
of brokers. This is the big leagues. Forex trading must total something like 10times the volumne of all other markets combined.
I am not concerned with the trend as much as I "should" be. But I don't see the trend as that significant. I make money on retracements and movement.
I only have 11 minilots going into NFP. And I am in it for the long haul.
So even if it takes a week from tomorrow to get back into 209, I am ok with that and will collect interest in the mean time and continue to scalp up and down in range.
I have said before that I often space orders wider when I am expecting runs down. And place them closer at the bottom or in dips and at support.
If you learn to play this GJ like I do, you will be way ahead pips, and making pips day in and day out will pile up and even if you carry a 3000 unrealized loss for months and it doesn't CHANGE. In two months you should make at least 6000 pips and if you are tired of the marathon, close all your trades and you will still be up 3000 pips.
You should have long term goals and ST goals clearly detailed and defined and indicate % that you want to grow your account. 5% a month is not unreasonable and should yield 60% or more a year.
You can get rich quick in forex but you are much more likely to lose everything first.
My way is safe, and slowly and certainly builds equity and almost fool proof,
I don't care who the bank is on the other side. I doubt any bank or any
group of banks could collaborate and severly manipulate price on GJ.
The world is too big and the banks are too small in comparison.
Quote:
Originally Posted by pipsquito
Glad to see you here hndymann. Glad to see you trading the system. It is very interesting, and I have had two very successful runs with it. I am wondering how it would work to start the cascade of buy limit orders 100 pips south of the most recent high...I would wonder what rrram would say to that. It seems it then has a better chance of getting back up to that point on the rebound. Less profit potential unless you doubled up lots or TP goals...if we are counting for it to move up all the way back to our start point, why not put all our trades concentrated in one spot somewhere in the middle?...of course all I have seen so far are these huge drops. Maybe rrram has experienced much smaller drops...and if you started 100 pips down you would miss them entirely. Curious to hear what he has to say.
I missed racking up for this next push down...seems we have already dropped 100 pips from our recent high. Maybe I'll get back in right now. Is anyone playing this one? Elijah?
Bring your friends hndymann...would be great to have more lurkers.
Todd  |
Nerves of Steel
I have been making a few small trades using this system, dont have the time to catch every dip but the profits have been pretty good, even for a very small lot trade. Yes I know you say demo only but I find no fun in demo, id rather risk a small percentage of my account to learn what a system is all about. Good trading to you guys, was a nice month, almost two complete cycles.
Cold Feet
Linear Mode
