ewokuk wrote:i will not under any circumstances trade without a pretty tight stop again. trading without a stop means when one screws you over and you end up -50 pips or more and sit there sweating it out trying to trade your way out of it, praying it doesnt keep going and going and wipe you out completely.....
Ewkuk. Let me suggest a couple of things:
If you plan on using the semafor us it in conjunction with something esle like a stoch oor even the TRO SS RR. I like to use it in conjunction with the shi_channel (http://tradingmethod01-fxinside.blogspot.com/
All the shi_channel is basically when price hits one of it's boarders it will tend to bounce back to the center of the channel. There is more to it but keep it simple for now. Check the webpage out.
Dude this is what I do. When I see a potential entry I place a .01 lot entry ($0.10/pip). Then I wait and see if that entry reached say 20 -25pips and I look at all the stuff I have on the chart to confirm that it all says price is going that direction. If all matches up I then place the regular entry.
You see, before u enter the regular trade, if the small entry gets screwed over the loss is very minimal. -100 pip loss is around $10.00 loss. In addition if you see the little entry go the opposite what say -30pips (around -$3.00) and u see all the makings of a possible price movement in that direction then take the trade that way instead. Try it out, I am pretty sure you won't be sweating it that much anymore.
Hope it helps.