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I have a question for all you guys that have been trading forex for a while, buy while I mean over a year. I am new at this so please bare with me. I would like to get reponses from you experienced trades. I recently got a mail from a friend to a website. http://netpicks.typepad.com/netpicks_ultimate_trading/
I am in no way selling nor promoting this web site.
In their video, they say not to put stop loss because the market will take you out. I think that is true for the stock market but not forex. The stock market it traded in millions and a stock could be trading in thousands, but the forex is traded in trillions. I think that it will be very difficult for the forex market to take a stop loss out because it will involve $$$$$$$$$ to do so. The other reason I say that is trying Sir Igors T_S_R system some of his stop losses are only a few pips. In that case the market would have taken us out in a heart beat.
No stops are taken out unless:
1. Market moves aginst you and takes them out
2. Your broker steals from you taking your stops out through an artificial price movement (not reflecting true market action)
Good forex trader is they always put SL in every trade he entered based on proven system that they have.
don't put your SL only if you have trillions $$$ equity ))
We don't know what prices be tomorrow ...to prevent this ...you must put SL
It's Ok if someone used few pips SL ...cause he's doing research using his proven
forex system first ...this's statistical matter...
Remember that forex use leverage system ..High Risk High Gain...
use your SL with proven system and this will become Limited Risk High Gain
[quote=prasxz]Good forex trader is they always put SL in every trade he entered based on proven system that they have.
don't put your SL only if you have trillions $$$ equity ))
We don't know what prices be tomorrow ...to prevent this ...you must put SL
It's Ok if someone used few pips SL ...cause he's doing research using his proven
forex system first ...this's statistical matter...
Remember that forex use leverage system ..High Risk High Gain...
use your SL with proven system and this will become Limited Risk High Gain
================
But there trades are for less then an Hour. Check their demo out for each day.
Hi.I am new new here.I wish to learn and I thank you in advance.If I find the code for an indicator formular,say Demarks REI,how do I,and am not a programmer include it in the Custom Indicators of METATRADER?
it comes down to your strategy, when you enter and take profit and possibly get back in. this is what you need to learn, get in the right direction and there is no need for a SL but get in the wrong direction and you need a SL. To comment on SL or TS being taken out I have found that if you are within 50 pips you can get hit on retracements, you must realise that the market is affected by orders coming in and going out. For example say a high amount of traders has a 100 TP (they have entered within 20 pips of each other and some will manual close trades others will having a standing order) and that is all they want, well supply and demand will push the market around once they reach there TP, once they are out there may be other traders with 150 TP and new traders coming in.
Hopefully I have helped in a short space, I could go on and on. It is not bad if you get taken out within that area but you maybe able to reenter on that point.
I just opened up a demo account with FX Pro and hope to become a great fx trader. I was a stock broker in the early 1990s and want to use some of those strategies in the fx market. Next week, I will begin reading about creating and writing an expert advisor based on some ideas that I have.
About the question of using SLs (Stop Losses) or not, it all depends on your strategy, of course, but I would advise to ALWAYS put one, even it it's very far, because the following can happen:
1. You lose power due to all sorts of reasons for a long period
2. You lose your internet connection for a long period
3. Your broker disconnects for lengthy periods of time
4. You are the victime of a natural catastrophe (big storm, earthquake, flood) and can't access your account for a long period
Being in a trade which goes against you and not being able to access your account is no fun, but being in this situation and NOT HAVING A STOP LOSS in place will make matters much worse. So, just put one to make sure you don't lose your shirt. We never know what can happen.
Well given advice from an experienced trader, Ms Mel. Always good to listen to market wisdom and to practise it.
Catastrophic events (such as mentioned) will make you panic especially you have a standard account where every 1 pip is US$10.00; To be out of touch with your broker (whether by phone/internet) can be disastrous. Stop Loss will restrict your loss. My experience has also been that a stop loss of 20-50 pips can often be hit in a see-saw situation or where market is volatile and fast. Put a high stop loss of 100-150 pips, BUT when you realise that you have made a mistake in identifying the trend when you place your order, cut your loss without waiting for your stop loss to be fulfilled. Time and experience and reading forums will sharpen your skills.
To all members.
))
Mr
and there is no need for a SL but get in the wrong direction and you need a SL
. To comment on SL or TS being taken out I have found that if you are within 50 pips you can get hit on retracements, you must realise that the market is affected by orders coming in and going out. For example say a high amount of traders has a 100 TP (they have entered within 20 pips of each other and some will manual close trades others will having a standing order) and that is all they want, well supply and demand will push the market around once they reach there TP, once they are out there may be other traders with 150 TP and new traders coming in.
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