Ouch is right. You should take a step back and try to imagine the emotions you would be feeling if it were real money. You would probably be sick to your stomach. Hoping that your USD/MXN trade comes back to you is poor risk management. Hope and money management don’t go together. Until you get a grasp of never letting a winner turn into a loser you shouldn’t be putting real cash in the line. Sorry if this sounds harsh. I do wish you the best.
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That’s an interesting thought. It is something I am considering.
Believe me when I say I don’t have to imagine.
Can never hear the fundamentals too often. Thanks for posting @Bleemus_1
KC
There is NO excuse for you!!! You should be making real money by now. Not mucking about with USDMXN for crying out aloud.
By the way (and this is what’s been worrying me all along):
Some Iranian spokesman said today that if the US wants to stay “safe” then Trump basically must “butt out” (OBVIOUSLY my extremely loose translation). Problem with that type of rhetoric: it’s not the army that’s of concern. You now what I mean. Worries me. Believe it or not: 911 had a bad effect on me. Will never forget the day. Had JUST finished watching a DVD that morning (happened to not have to work that day and was watching something with the family of the time). DVD finished, turned the player off, only to see the first plane (I think CNN was on at the time in the background). Honestly thought it was a movie ad. or something like that at first. Of course then sat and watched the rest of the events of the day unfold. Only words that came to mind then as today: “surreal”. And then anger. Anyway. Whatever. You get my point I’m sure. Somebody needs to reign this maniac in.
You’re right, I should.
I did hear that on NPR.
OK. So Dale has a good point. 
But before I wrap here I have to actually codify my plan. Looking through the charts and trades I have taken here are some things that I will be incorporating into my plan.
TP, Set it when trade is initiated this will be based on ATR and PA
When the xlv4 color 9ma changes send out a .01 “scout” to see where it will be heading.
Confirm the direction and start laying limit orders with TPs
I will be using the XLV4 Color MAs 9 & 20
ADX without the +/- lines
Accelerator Oscillator
Monthly/weekly SR SD zones
Looking for confluence I will put on and off Fibs and the shved_supply_and_demand indicator.
Will lay limit orders as trend continues. If TPs don’t hit will take profit manually.
While my patience can be deep it has caused me to believe the trend will never end allowing winners to become losers and having to wait for it to come back into profit which can be eons for some traders here!
This has been the reason for holding some positions for months. Not a good reason but closing out the money is a confirmed loss. Managing money/risk has allowed me the luxury to wait out the storm.
The solution is to scout better entries using the M/W S/R S/D zones, enter on the daily 9ma color change watch for the direction and layout limit orders and know where I’ll be taking profit.
That’s pretty much it. Not very complicated. No chart gazing for hours. I’ll be posting some examples over the next couple of days.
Still haven’t settled on a broker…
KC
Edit: Yes I know indicators are lagging, all price bars to the left are lagging, naked charts? I’m not that comfortable with my nakedness yet… sorry. Given my longer term trading approach this set up seems to be working for me as long as I remember to take profit.
Some folks have FOSI (fear of staying in) I have FOGO (fear of getting out!!) Have to relax my “alligator arms” and not try to squeeze every pip from each position. It’s like trying to take all the water from a river… no need … just dip in my bucket and remove when it’s full then “do it again” as becker and fagan said.
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For the sake of interest I just found out something interesting:
TD Ameritrade obviously falls under the CFTC and is a member of FINRA BUT is ALSO a member of the SIPC. And they offer FOREX (not saying a word). Minimum deposit is apparently $3K USD.
Reason I’m posting this out of the blue for you: I only just found out about the existence of the SIPC!!!
Interesting. All this talk about Take Profit levels and no mention of Stop Loss.
Figure out the stop loss level for every trade based on capital you are willing to lose if you are wrong.
Take into account every other trade that you have a stop loss on at the same time and add all the losses up if every trade goes against you because someday it will. Are you vomiting yet? If so then you are either risking too much per trade or have too many positions open.
Find the number that you can HONESTLY say to yourself “I can sleep well tonight and be totally fine waking up finding every one of my stop losses got hit”.
Your not there yet.
PS Your only win in the trading game with what I call “runners”. A runner is when you hit a TP and you take a percentage of the trade off to pocket the profits and then move your STOP LOSS to breakeven on the balance. The remainder of the trade gets to run with a wide trailing stop to let it “breathe” and blossom into a true runner.
Your not there yet.
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PS. These trades you have held for months please tell us were they initiated on monthly charts signals?
If they were initiated on weekly, daily or lower time frame signals you have to admit . . . .
YOU WERE WRONG.
Your stop loss based on good money management would have taken you out of that trade long ago.
Admit you were wrong and move on.
For example. I shorted the AUD/USD pair early today at the .6950 strike knowing full well there was news tonight. I won’t explain my reasons for thinking it would drift slowly lower into the news but I had a hard stop set based on what I would comfortably wake up to tomorrow having lost.
It drifted lower all day giving my hard stop a lot of breathing room. News comes it and it is not as negative as I expected by the market took a dip to where I was about 30 pips in profit luckily. I was WRONG and quickly took half the trade off for about 27 pips profit and added a trailing stop loss at 25 pips so I won’t lose on this trade at all. Didn’t make much money but I now have no way I can lose and I have a “runner”.
If I wake up tomorrow and it is still in play I will reassess and maybe widen the stop if I can still make a tiny profit keeping the runner going.
I am the cheapest guy in the world. Capital preservation is key. Once I have NO CHANCE of losing I become the gambler with my runners. Putting more runners into play is my game but until it is a runner I fight giving a single penny to the other side.
Don’t be a gambler till you have nothing to lose. Sleep well at night!
Ignore my post re: TD Ameritrade.
Take a look at @Clint’s CFTC thread re: this issue and the SIPC (in response to my brainwave yesterday).
SIPC does not cover client funds at all if FOREX is involved.
I remember somewhere some years ago somebody saying that if you constantly and obsessively have to check your positions then it’s a sure sign that you’re overtrading (this with reference to your comment about sleep).
This is good info. Thanks!
KC
Que Kenny Rogers!!
I’ve been sleeping well. Good point.
KC
Yeah. I know.
Too much time at home as I’m waiting on a new project to start.
KC
Roger.
Will do.
KC
What’s up with you today and the flipping one liners??? LOL!!!
I thought I had. I had posted earlier in the thread that these were from when I had first started. Poor entry, too many positions, too close. Sorry for your need to ask for clarification. Sometimes communication is not my strong point! I’m always working on that.
KC
OMFG. Now Big Red messing with the Germans.
You know: this is nothing more than electioneering. Has this man thought how he is going to put Pandora back in the box once he has achieved his goal of getting re-elected??? This is not some property deal that he can push and push and push to try and improve the terms of the deal and then just walk away with no harm done if the deal falls through.
Had just gotten up, needed to drive my son to the train and wanted to address posts!
KC
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Yesterday he openned the U.S. Presidetial election to the international arena of influence by taking all comers with “dirt” on his opponents. For a guy who doesn’t read I’m am sure that the “dirt” will be well vetted, comfirmed and marketed.
It’s almost like he is baiting the Dems to play the impeachment card knowing that the Repubs are more concerned with staying in power than the fate of their constituents.
KC
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