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Seen on another page today "The plan...................is about following rules".
So true
At the end of the day success is not just hopefully a gain, but the satisfaction that one has adhered to the plan which historically over days months and years has enabled one to ride some of the waves. Not all the waves.And not even all the way a wave would take us. But a result all the same.
I felt it appropriate to shut down the terminal and go away mid morning after 54 pips. Of course they were not all the available pips, I expect the masters of the system have done far better than myself, however they were positive pips, they far more than achieved my day's target and in fact my business plan was built on achieving 50 pips in a whole week. It's consistency I'm looking for, it is not a competition, I am not accountable to everyone else on the web, only to myself and the household wealth
128 net pips this week, 3 days attendance. 11 trades.
Trying to completely eliminate stress
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
ouch
FX broker Alpari UK enters into insolvency after Swiss franc shock
LONDON Fri Jan 16, 2015 12:10pm GMT
RELATED NEWS
UK regulator in talks with collapsed FX broker Alpari
(Reuters) - Retail currency broker Alpari filed for insolvency on Friday after a majority of its customers sustained losses after the Swiss National Bank's decision on Thursday abandon the three-year old cap against the euro.
"The recent move on the Swiss franc caused by the Swiss National Bank's unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity," Alpari said in a statement.
"This has resulted in the majority of clients sustaining losses which has exceeded their account equity. Where a client cannot cover this loss, it is passed on to us. This has forced Alpari (UK) Limited to confirm that it has entered into insolvency."
The SNB stunned markets by scrapping its three-year-old pledge to cap the value of the franc at 1.20 per euro. That sent the franc soaring over 40 percent against the euro at one point. EURCHF=R
Another player in the retail space, London-based interdealer broker IG Group, said on Thursday many clients were able to close out their Swiss franc positions with IG more swiftly than the broker itself managed to close out its hedged positions on the currency in the forex markets. It forecast it would take a hit of around 30 million pounds.
(Reporting by Anirban Nag and Alasdair Pal, editing by Nigel Stephenson)
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PS. Client money (our deposits) should be segregated and if they can't pay back the Financial Services Compensation Scheme exists to protect retail clients.
Not nice at all, more casualties have yet to be found I'm afraid.
You do not have the required permissions to view the files attached to this post.
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
I have not yet spoken to anyone who was in a Swisse trade when it all happened (about 0930 GMT Thurs 15/1) and I am really glad I wasn't in a trade on it too.
I know with Dax a lot of people came out lucky because the indicators were probably to be short at the time, but I wonder how many of you have looked at the USDCHF and considered what way you would have been?
Here's a chart of m5, and going on the aims boxes and the alligator I think I would have been long rather than short although it would not have been a perfect s1 entry, and think I would have been wiped out. In hindsight here are the possible numbers: Had I set a stop loss at 2% risk at 1.01980 at the start, on a SL around 15, I might have raised it to the next lower aims level of 1.02060, but if the broker was in trouble for 60 seconds trying to get out of the position until the end of the 0930 candle (on m1) because the buyers had all changed their minds the price would have fallen to 1.00681 which means I would have had slippage of 137. The scary bit is the next m1 candle closed at .98595 and the one after that at .87850. So where would that leave me? The answer is completely in the mercy of the broker and how long it took to get closed. 137 slippage would have taken around 20% of my account.,...... but where did I read some dealers froze for as much as an hour???? The price dropped 1400 pips, in about 3 minutes.... I know it's late at night and I might have got the sums wrong, but it's completely obvious why so much blood was spilled.
I have traded 5 and a bit years and apart from the crisis which hit Cyprus and impacted the euro 2 years ago one weekend, I have never seen anything remotely like this.
The bit that scares me witless is to know there's no law or provision against such a thing happening again, and it could be devastating to be the wrong side of such a trade.............
Never must we fail to have a stop loss. I know of so many people who dont. I know a broker who offers guaranteed stops but for an extra few pips every time....... as long as he remains in business...........Something to think about..........
I would suggest something has changed for ever. Or at least a very long time. And meanwhile I expect fewer brokers will offer 500:1 leverage or anything so potentially toxic....
You do not have the required permissions to view the files attached to this post.
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
wiseambitions wrote:I have not yet spoken to anyone who was in a Swisse trade when it all happened (about 0930 GMT Thurs 15/1) and I am really glad I wasn't in a trade on it too.
I know with Dax a lot of people came out lucky because the indicators were probably to be short at the time, but I wonder how many of you have looked at the USDCHF and considered what way you would have been?
Here's a chart of m5, and going on the aims boxes and the alligator I think I would have been long rather than short although it would not have been a perfect s1 entry, and think I would have been wiped out. In hindsight here are the possible numbers: Had I set a stop loss at 2% risk at 1.01980 at the start, on a SL around 15, I might have raised it to the next lower aims level of 1.02060, but if the broker was in trouble for 60 seconds trying to get out of the position until the end of the 0930 candle (on m1) because the buyers had all changed their minds the price would have fallen to 1.00681 which means I would have had slippage of 137. The scary bit is the next m1 candle closed at .98595 and the one after that at .87850. So where would that leave me? The answer is completely in the mercy of the broker and how long it took to get closed. 137 slippage would have taken around 20% of my account.,...... but where did I read some dealers froze for as much as an hour???? The price dropped 1400 pips, in about 3 minutes.... I know it's late at night and I might have got the sums wrong, but it's completely obvious why so much blood was spilled.
I have traded 5 and a bit years and apart from the crisis which hit Cyprus and impacted the euro 2 years ago one weekend, I have never seen anything remotely like this.
The bit that scares me witless is to know there's no law or provision against such a thing happening again, and it could be devastating to be the wrong side of such a trade.............
Never must we fail to have a stop loss. I know of so many people who dont. I know a broker who offers guaranteed stops but for an extra few pips every time....... as long as he remains in business...........Something to think about..........
I would suggest something has changed for ever. Or at least a very long time. And meanwhile I expect fewer brokers will offer 500:1 leverage or anything so potentially toxic....
I trade shorter time frames, I 'm in the market only for a few minutes and I always close my trade before Red News. If I was in swissy and at 12.15 uk time SNB chairman was about to speak, I'd be out long before he opened his filthy mouth... same is the case when we are in EU or Dax trades and The ugly face ECB Chairman the Drugi speaks... thats why we are safe...
IMHO
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
immy wrote:I trade shorter time frames, I 'm in the market only for a few minutes and I always close my trade before Red News. If I was in swissy and at 12.15 uk time SNB chairman was about to speak, I'd be out long before he opened his filthy mouth... same is the case when we are in EU or Dax trades and The ugly face ECB Chairman the Drugi speaks... thats why we are safe...
IMHO
Horrible news about this around the world. AIMS has an excellent approach that don't trade just before big news and continue trading after news is out. I have many times closed trades before big news. Learned this long time ago when rapid move happened and the stoploss didn't hold. I got -3% that time from one trade.
One fellow trader got a call from the broker that he has to pay all the losses that broker got from his swissy trade. His account balance was way in positive before the move and after move the balance was negative by an amount that you could buy a house... Well, that really shouldn't happen but now it all comes to the fine print of agreement that nobody ever reads or understands.
This is something that was not totally inconceivable there was always the possibility of something like this happening to any forex currency or "Highly Leveraged" instruments. The chances of something like this occurring are very low but with swissy every one knew SNB is "holding the level" everyone knew SNB does intervention and when that information is known you don't wanna touch that instrument. You would hardly find any swissy trade in this forum. Because we have seen how Swissy spiked in the past and it was due to SNB injections. Michael K from London once enlightened me of this fact I was not trading swissy in the past during those days but when he talked about how SNB intervenes in this currency I thought, we'd better stay away. Thanks to Michael K. but my heart goes out for those who worked hard and traded their money with a trust that they were safe but they were not. Taking positions in swissy in "current climate" was certainly high risk. Risk management is key to trading. Hope none of us here got a margin call! cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Couldn't agree more about keeping away from big news, a glance at the day's expected announcements must always be done before starting.
We are always at the risk of an item which is not scheduled, and that could be something like a military attack or earthquake, and we know what happened when MH17 came down.......
It would be foolhardy to trade this stuff without some understanding of what can go wrong as well as right. And I remember a sit-down chat many years ago when option trading came in that this brought a considerable advantage over trading futures where there could come a time that physical delivery would be called for if a position was not or could not be closed. I couldn't cope with a row of lorries outside.........
Hey there are bound to have been some lucky winners in all this mayhem, but we haven't heard about them
Glad to be a survivor.
Enjoy the weekend
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
Following AIMS rules, having a regulated broker, keeping account leverage decent level and layering the bricks steadily with feet on the ground is a good approach. Have a nice weekend chaps!
I'm getting emails from several brokers telling me they are safe.
I can't see any regulatory changes coming in to affect us fellows as a consequence of all, this but I was just thinking if they reduced the leverage down really tight (which would not be a bad thing) it might only restrict us on a minority of trades eg where small SL as consequence of a very thin aims box allows a high lot size for a constant % risk.
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
