And i ant got any this week 
when you get stopped out by a hand full of points and miss profits of 20.000-35.000
you simply feel like smashing the computer at a wall
my fault. i got tight this week to much playing my trades with the hand on the “emergency exit jumpchair” and moved my stop losses too early. ive never been a friend of stop losses but here are 3 examples of how perfectly tzey stop you from havibg profits.
I feel for you, Turbo!!
What rotten luck!!
Amazing I had this feels !Did you use stop loss , how many pip
Must let go but its hard )))
Must be interesting Well i know a guy around that trade gold and now he own private room storage full of gold , he invest in physical gold from there he started and now…
its really unbelievable, 3 times getting stopped out by 1-2 pips. most annoying week i ever encountered. those are only the 3 i recorded, i had another one on dow and another one on gold, just the same getting stopped out by 1-2 pips. and all short trades.
i mean the direction is clear i only can not find any entree at the moment and even when i find it, a day or two later i get stopped out because i move the stop losees.
going to abandon stop losses for a while now.
the worst thing, all those trades were in much bigger minus then when they got hitted on the stop loss, but i moved the stop losses myself after i was 100 points in plus and within minimum time they get trigered. funny sh!t
Well, this was the case for many this week with Gold. I was looking for a modest 1265, instead we tested 1256. I was selling this from 1272, so you can imagine the broad smile on my face. It doesn’t always go that way but it was nice. Anyway, next week should be interesting, I am playing derivatives so have an Vanilla Option trade on Dollar Yen, so let’s see. It is 21 day expiry so slightly long dated but it was an at the money call, so it made sense to buy more theta knowing I will come out before expiry, I am already 15% up on the premium, so a bit more implied volatility increase and I should be close to 40% on the premium, I am only looking to double the premium so, let’s see what happens.
I love Options, as long as the markets are volatile, then you are in form. The ***** is when the markets go flat, then vega starts to eat at you in addition to time decay. The moment they go all volatile again everything re-align. I have started to become a volatility hound. I am loving it all though.
Maybe sometimes we need luck for us to get good results here in forex trading. It will help us be motivated on our work here n this kind of business. But we must not always depend on luck because it doesn’t always come our way.
definately, i trade options aswell.
on this 3 gold trades the votality just kicked me in the back. 3 times i was in bigger minuses, after it moved failry into my direction i lowered my stop losses and got stopped out. you live you learn.
generally april and may are flat markets. best time to go to holidays in my opinion
ok today im having a verybad day.
in my book the narket owes me 81.000 as thats the profit i missed on my gold short that got triggered by 1 pip on its stop loss.
starring at the gold price since morning and kickibg my ass.
but what annoys me the most is that ive been anticipating and wauting for over 2 month on the fall of the gold price. 2 months waiting for nothing.
stop loss. pfft never again.
meh sh!t happens. traides are like trams.no use to run after a missed tram, the next is coming sooner or later
I remember your gold trade from a view posts before and I was wondering how it went. Now I know, Sorry for you TURBONero… More luck next time!
I had one time a gap between the Hi from the candle and closing my SL missing all the pips It just happens sometime but never three times in a row
Do you think the Gold cycle will come true (to the downside) or that something is warping that
historic ‘harmony’ of ups and downs?
if theres one thing thats sure in commodities trading then that the giant gold cicle is valid since 200 years. every 20 years a new high and then a new low. the up starting from this years beginning was just the fear of a new crisis which (the fear) topped in february this year seeing the worlds indexes loosing 10-15%. now everybody knows that the fear was unreasonable (they know it since a month) but it needed a trigger to start the down movement of the gold and to kill the hope of the last bulls. that trigger was last weeks fear of a increase of interest rates from fed which schock the s&p and dow down 300points in a day. a higher interest rate increses the value of the dollar. gold is traded only in dollar, so the price must come down. its the anticipation of the very sure interest rate increase from FED next month.
but as i said, it was only the trigger. the gold is going to go down very much longer still. a historicaly fair goldprice moves somewhere around 500-700$.
now the next 2 weeks im expecting it to go sidewards a bit and when FED increases its interest rates it will start a new down movement of 50-100$
thou im still hoping that the gold pricewill come back a bit somewhere between 1250 and 1275 to form a head and shoulders (even thou i dont believe in head and shoulders) in favour of some last hopes of the last bulls. if it does it would give good new opportunities to goin short again and stick to the short for months. but its only a hope, i wouldnt bet on it.
but my plan is to look for good opportunities from now on to go short in again. a price of 1050 till mid summer is very realistic from my point of view. thats still around 17.000 pips to be made in this move.
no for me no 3 times definately. threw out all stop loss orders and “stop loss orders thinking”, now trading completely without stop loss. this is not going to happen to me again.
Well, to trade without stops in the spot market is potentially suicide, I have been on here now since 2009 and I have seen many threads with busted accounts. The solution is to go Options if spot is too volatile. That way you gain from Vega as well when volatility increases. This is the biggest issue with trading these days is volatility, with QE only set to intensify in years to come I expect volatility to go up.
Just a thought much better than eliminating the stops. Had a 2 day Call Option on Cable last week for 1.4440 more than doubled the premium and I eventually exercised an hour before the NY cut. I saw so many posts of people losing money some how I felt I was the only guy who made anything. How bizarre…?
yes may is a dangerous month to trade. the other dangerous months are june, july, december, october, january, february, march, november, september, august and april.
joke aside. yes i know what you mean. in fact i come from options trading. its what im doing 80% of my trades on. agrar products like us wheat abd corn, stocks etc you cant trade properly on CFDs.
ive observed too many times stop loss destroying a highly profitable trade. i trade daily weekly and 4 hours chart so 150 points move against me isnt anything big enough to endanger my accounts. but what ebdengares my psychological wellbeeing is when you know the direction you bet on it and before you make 70.000 you get stopped out because you played with the stop loss to early thinking “now youre on the safe side” so i must eliminate that factor for good. only manual closing is allowed in my book, may the market move against me 10 points more or less is the only difference im experiemcing since i skipped the stop loss practice.
Having a stop loss is not the equivalent of having a sound strategy or plan,
just as much as not having a stop loss is not the equivalent of having a sound strategy or plan…
If having a stop loss is part of your plan, then so be it; if not, then so be it too.
I think luck is not a main factor in forex trading , it is just happening when you got any lucky chance. When this time come no one knows properly. So we can not say we can depend on luck .Luck is just a dream that can or can not come true.
We must not defend on luck. Because it not always come our way, all you need to do is. learn, create and manage all things here for you to have good results in this business.
