I’d probably close that trade soon enough myself - I wouldn’t risk leaving myself open to a big gap over the weekend in case the EU heads actually manage to achieve something over their weekend summit. The market seems to be seizing on any sort of good news for a melt up rally though on the other hand there’s probably some pretty stiff resistance from 1.3920 - 1.40 all the way up so you pays you money and takes your chances maybe! 
Absolutely. Wouldn’t let it go over the weekend. And ST is also right that trading without charts isn’t a good long term plan.
- 20 just now so moved stop to BE already. If I don’t het stopped I’ll close out at some point before close of play.
If it does get stopped out so be it now, nothing lost.
Thanks a lot, Sir! 
Well, I’ll try to forward that to my both bots which made 120 pips this week for itself and so them are responsible for the majority of pips. I hope they know what it means, lol. They seem to trade great, but have a little less understanding about human conversation and all the “bells and whistles”, lol.
HoG, just saying, your sl would be useless if eurusd would open at say 142 on Sunday. You would then have a loss of 300 pips. I mean, it’s not likely often that such a gap happens, but it does for sure sometimes. Just a matter of time. We had already such a big gap in 2010 if I recall that correctly. At this big downtrend from 150 to 118.
Yep, understand that Buckscoder, well, actually I didn’t, but I know what you mean, if you know what I mean. Confusing that eh?
Anyway, not an issue for 2 reasons. I wouldn’t leave a trade open over the weekend now. Simply not brave enough.
But anyway, got stopped out back at break-even so the week is over for me now.
Have a great weekend one and all!
HoG
Dear Home of Golf!
Interested story about yourself, but not the first what i’m reading. Most people think if they read a book about the trading and strategies,indicators, they already know how to use it!
I’m teaching forex since 2 years, and had lot of clients who lost money with forex. This market is unpredictable, the only way you can make money is the risk/reward calculation and the money management. Not the indikators and signals…
Allways use SL and TP!
Do you know what is the most important thing in forex trading? Not the buy or sell signals, or open an order,no.
EXIT STRATEGY, this is the most important thing when you trade. If I lose, how much? if i win, how much?
I don’t care about the hit rate(not really), only the exit strategy. if you have 50-60% hit rate, you’re very good and you can make lot of money.
If you’re beginner, read lot about fx, and beginn trade with an demo account. If you make profit with your demo, open a cent account with real money ($1-500) if you make money with the cent account, open a real account with a few houndreeds, and than open your real account!
If you have any questions, don’t hesitate to contact me, i’ll be glad to help you!
I trade the most in 4 hour chart. I don’t open any positions on friday, but i don’t close my opened positions, only take narrower my SL.
under 4hour trading i always close my positions on friday!
What’re you trading?
Hi, I appreciate that your post was not directed at me, but am interested that you teach Forex - what is your take on the current market? I am not looking for an in-depth analysis, just a quick answer is fine, but do you think that the market at the moment is tougher than normal for this time of year? My personal view is that end of day trading, so trades lasting a period of several days or more, is much tougher than it has been, the market is much less predictable, S&R levels are not holding as they usually would, trends are choppy. Intraday trading is easier, but still choppier than usual. I have vastly reduced my end of day trading, and have upped my intraday trading to make up the shortfall.
I would be interested to know whether you agree with that, or whether you are finding the market okay?
Always keen to hear new opinions, I’m asking every trader I meet at the moment lol! Thanks for reading.
ST
The European Union has a conferenc on this sunday. Sarkozy and Angela Merker had allready meating yesterday and they don’t agree with each, so they gonna do an other meating next wednesday.
Be careful with the EUR!
Forexclubusa
Unfortunately I find it hard to go into a lot of detail on a Friday due to work commitments ( I don’t trade full time ) I don’t usually get home until about 11 pm GMT so I’ll try to give a fuller answer later.
But As ST pointed out, fresh opinions are always welcome here.
Hi Kacraj.
I know PipBandit already gave you an answer regarding risk levels, but this is the first chance I’ve had to answer your post in full. But first of all, you should know that I am in no way as experienced as some of the people on this thread, and I would do a lot better myself if I could follow MY advice let alone theirs, but here’s my tuppence worth anyway.
First of all, before we even get to the risk level stuff, your indicators. As far as I’m aware, MACD, RSI and Stochastics are more or less just telling you the same thing as each other. Plus the fact that they are all telling you this stuff AFTER it has happened. And if I was a contestant on “Who Wants To Be A Millionaire”, I would have guessed that Parabolic SAR was in actual fact a disease !!
So here’s the first bit of advice, get rid of them, ALL !! Do a search on tour search engine on Japanese Candlesticks in Forex and start to read about the patterns they make and signals they give. ( This is Price Action )
Go to Babypips School of Pipsology and start to read up on Support and Resistance levels. Resistance being the high point a pair reached before it dropped, and Support being the low point price reached before it rose. Draw horizontal lines on your charts at these levels and watch how often price hits these levels then reverses. Then you can start to read up on angled trend lines, which are just sloping Support and Resistance lines.
And those are the very basics to work from. Demo them for a while. Get used to them. Unfortunately this is a game of homework. There is no short cut. as much as I’d like to say to you, do this or do that, no-one can. You need to put the homework in. But you do sound keen enough
Then as PipBandit said, deal with your risk level. I trade a micro account with FXCM. The price per pip, for buying or selling 1 lot in a micro account is $0.10. So if my account balance was $100 and I used a 2% risk, that would mean I could risk a maximum of $2 on that trade. And since each pip costs me $0.10, that would mean I could allow a maximum of 20 pips from my entry point as my Stop Loss.
So this is why it is important to pick your entry point a bit carefully. If , for instance, EUR/USD had been trading in a range from 1-37 up to 1-38, and back and forward, there wouldn’t be much point in me entering ( buy or sell ) at 1-3750 as price could easily go passed my 20 pip margin of error.
It would make much more sense to SELL if price got to 1-3790, and I put my stop at 1-3810, just in case price broke resistance. OR it would make more sense to BUY if price got to 1-3710, and I put my stop at 1-3690, in case price broke support.
As beginners we are just itching to hit that button and get involved. But it is a learning game. I’ve had an on off relationship with demo accounts. I see the point of them to teach you what things do, but they teach you nothing about the psychology of live trading. And the psychology is vitally important. Because it is the psychology that causes everything you thought you’d learned in demo trading, to immediately leave your head once you enter a live trade, only to be replaced by what you dearly wish would happen.
As I said at the start, I am by no means fluent in language of forex, ( did I just make that up ? ) I know some of the basic theory, it’s the practice that lets me down often.
However, the good news is, ANY question you have, regardless of how trivial or basic you think it is, just ask it here. There are some great people on here who will try their best to answer you.
Anyway, better get going, think I’m coming down with a mild dose of Parabolic SAR
Main chart I probably look at I would say is the 1 Hour. Recently, I have lost mainly down to just poor decisions and trying to find a trade that isn’t really there.
Strange thing is though, I have made some of my losses back, but I’ve made them back through scalping the 1 min chart. I know a lot of people would say this is not the way to go, but over the last few weeks my track record at scalping is much better than my longer trades.
If I was to list my 5 biggest mistakes, as I see them, they would be ;
- Looking for a trade that isn’t really there just because I’ve worked all day and now want to come home and trade.
- Made poor entry decisions, ( buy or sell ) maybe out of just wanting to trade.
- Poor money management, risked too much, moved my stop losses often.
4 I tend to be very quick to move my stop to Break Even, a lot of times this causes me to get stopped out for +/- 0 as price retraces a little. - I find studying difficult. It’s a patience thing, I just don’t have any. I need to force myself to read. This obviously doesn’t help
So I’d probably say those were my biggest faults if I’m honest.
My account is a micro with FXCM. It’s had it’s ups and down, ( more downs than ups recently ) 10 cents per 1 lot.
I say I’m trying to work on my faults but the report card would probably read; “Could Do Better.”
Anyway, always glad to have you here.
HoG
Dear ST.
I think now is everything a little bit chaotic. I trade with 4 hour charts. Daytrading is tougher now. If you daytrade, you can make lot of money, but i’m shure you’re nervous all day long.
So, i think the market behaves normally. We’re in the last quarter of this year, all the companies performing the “big plan”.
Greece is in bankruptcy,they’re waiting for more than 8 billion EUR from IMF. CHF is stronger than ever, and lot of peoples from other countries (other currencies too) has loan in CHF. They’re now in big trouble, because their repayment is 30-40% higher than 1 year ago.Even the Swiss economy has hard time now.
So, my opinion is, we live in big changes now, and the big fishes making lot of money. Thus the prices are shaky.I support now the higher time frames like H4-D1.
Dear HoG,
They’re big faults, but i can tell you, not anybody can see their own faults. you’re much better than lot of loser traders!
can i ask a question? Which steps you follow before you open a position? do you’ve a trading plan?
Again, in the spirit of honesty, I would have to say that I don’t follow any set plan or plan any trade. I tend to trade as it happens trying to use Support and Resistance lines as best I can.
I can write about the support and resistance levels if you want? I use they too!
That would be great. Anything you wish to add please feel free, especially if it is of an educational nature. No need to ask permission here.
Would have pinched him over if you had not offered. 
Hello folks! I hope your weekend was no weak end.
Do I see a hanging man there on the we[B]a[/B]kly or is this a fata morgana? 
I’m sure you and I could both reach a suitable financial arrangement LOL !!