School of Pimpology - page 8
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Mr. Pimp's stops
Think that S/L is one of the subject that needs to be a little bit explained here by Mr. Pimp.
WE must take care of losses, profit will take care of himself (somebody said that and i can't remember who it was)
Something to add to my tool box, thank you Fx Pimp.
Fx Pimp, welcome to my club sir:) I quit using stoplosses on day 7 of my live trading
I am known (to myself) to hold negative floats of 500 pips for over 3 weeks.
I believe (Quoting someone from another forum) STop loss = Lose and stop.I use only mental SL. Bad boys sees fixed SL in your order.
Not putting SL will eventually put you into the point of no return. SL should always be inplemented about ten pips behind a major support/resistance depend on if you are long or short. Even when you are at your computer, what if an unforeseen catastrophic event occur, power/local isp goes out. You might get lucky many times, but without a SL, it would only take one major disaster to wipe your account out for all your hard trading years.
Fx Pimp, welcome to my club sir:) I quit using stoplosses on day 7 of my live trading
I am known (to myself) to hold negative floats of 500 pips for over 3 weeks.
I believe (Quoting someone from another forum) STop loss = Lose and stop.Right On!!!
I use only mental SL. Bad boys sees fixed SL in your order.
Stops
Not putting SL will eventually put you into the point of no return. SL should always be inplemented about ten pips behind a major support/resistance depend on if you are long or short. Even when you are at your computer, what if an unforeseen catastrophic event occur, power/local isp goes out. You might get lucky many times, but without a SL, it would only take one major disaster to wipe your account out for all your hard trading years.
Yes I agree there should be a stop of some description in place.
I'm also aware that the price can go 10 pips toward your stop and mysteriously you get stopped out. It's happened to me numerous time.
That's why I leave the CGSL where it is, about 100 pips from the price so no pig is sniffing out my truffle !
In case of a catastrophe I feel it wishful thinking that your stop would be honoured unless it is a guaranteed stop, which we don't have in the U.K with spread-betting firms.
But yes, for the guy on the street, 10 pips beyond the last reversal point on Majors is o.k. 30 on Gold and 50 on Crude.
re:stops
I agree with you FXPimp. I never use a stop that can be used against me
Stop-Huntiing. I've lost too much that way and they'll get you everytime....
Great stuff FXPimp, keep it up......
n case of a catastrophe I feel it wishful thinking that your stop would be honoured unless it is a guaranteed stop, which we don't have in the U.K with spread-betting firms.
I think the catastrophe he's referring to is not another WTC or WWIII but rather the frequent power outages some people get, myself included, and unreliable ISP's. Not something I had to worry about too much when I lived back home in the UK or when I was in the US but living in Asia now it's a regular event and something that any trading strategy I use has to have factored in.
Lux
stops
For more consevative trders - I think a stop above the 3 point (swing high) of the 123 is a good point although also an obvious target for a stop hunt but seems to give a great R:R ratio with this method
Just an idea!
Exactly Lux, although anything could happen such as WWIII hehe, you just never know. Oh yeah don't forget 2012 is just around the corner. Supposed to be doomsday for the world or maybe just for those w/o SL
, according to the Ancient Mayans.
I used to get stop hunt/unexplainable stopped out and got cheated on when I was using bucket shops with mt4, but things seems to be working smoothly since I've been using ECN. I use mt4 for charts only now. The only thing I can't do now is hedge my positions through ECN. However, I still net about 200-800+ pips/week without hedging so it's good. Omg... by the way I am a she.
I think the catastrophe he's referring to is not another WTC or WWIII but rather the frequent power outages some people get, myself included, and unreliable ISP's. Not something I had to worry about too much when I lived back home in the UK or when I was in the US but living in Asia now it's a regular event and something that any trading strategy I use has to have factored in. Lux