free & uncensored discussion arena for TheRumpledOne
lukx wrote:OUCH! It didn't want to go lower anymore
I see, that you're extensively using market orders for your trades?
Are there any special reason, why you're not using
limit or stop limit orders instead.
Do you know, how much are you loosing on slippage
with your broker. By the way, who is your broker?
MightyOne wrote:It has been my experience that moving stops to even or a small profit virtually guarantees no profit or a small profit almost every time.
It is my belief that one should reduce risk by taking profit and not by moving stops...
but you do what you want
Thanks for the tip MO...I have noticed that as well but have not adjusted my trading accordingly yet. I do have plans to adjust how I trade soon though after I see myself progressing and getting very few losers.
lukx wrote:Well if I knew what I'm doing maybe I would use limit and stop orders
I'm using OANDA.
last week when you said " i had a huge draw down but it came back" and then someone asked you if you didn't use stops. Then you said something about going off someones call so you stayed in.
i knew that was going to lead to bad things. When you break the cardinal rule of moving your stop and it comes back, it gives a false sense of security. _____"see i was right and it came back" then you do it till the 1 time it doesn't come back
I would hope that you would not have a 5 million dollar account and take that risk. Blowing it out bec you dont want to admit you are wrong. Would you?
if you are not willing to treat a 20 dollar account like you would a 5 mill account then this will never work for you.
your account is your access to the market. Why would you risk it on 1 trade?
now what to do
1. take responsibility and regroup
2. never do it again
3. start over
you were doing great and then bammmmmmmmmm 1 trade--- blow out
ask yourself what would have happened if just would have taken the small loss like you were supposed to do.
small losers and bigger winners
you must live to trade another day. You cant roll the dice on 1 trade
Bend over and assume the position for another 4 years of hope and change.