[quote author=infofirst post=74396291][/quote]
don't you use stoploss

Wow.. Yet another flash crash. Thought my eyes were playing tricks when I woke up.

When we say focus on limiting risk, it sounds like we are just making noise and scaring people but days like this happen at least once a couple of years..Wonder how many accounts have crashed today. The funny thing is, even the biggest movers like GJ and co only moved around 500pips. GU was just 200 pips and EU didnt even move much at all so anyone with a crashed account was overleveraged and/or not using SL.

Assuming your SL on big moving pairs is usually 100 pips on standard $1000 account risking 1% per trade, you would have lost just around 5% even if this move had you on -500pips. Even if it had you at minus -5000pips (for whatever crazy reason like broker, too many open trades etc), you'd still have 50% of your account left to recover with. If your account is much smaller then you shouldnt be in a position to lose 5000 pips in the first place.

The problem is, people dont see the need to risk so little most of the year when volatility is at normal levels but if you have been around long enough, no be person go tell you. Swiss bank intervention (which was way heavier), Brexit and these flash crashes are enough to make anyone see the reasons for capital preservation first.

Also sad to see these aimless countertrend people on ForexFactory lamenting. Especially that Davit thread. They were already in drawdown for weeks, come add this one join. Smh. A heavy down move like this that started since mid-Dec and people were still buying at "reversal" points and holding deep losses in the hope that the market will turn soon.. Okay o.

Still holding and trailing my own trades till month end.. Let's see if the moves will be reversed completely or if we will now go lower more gradually.

It's like Detty December came late for GBPUSD bulls

Maybe the market is trying to shed some weight for NFP. No serious event from the calendar to have prompted such movement across board.

GJ and EJ set for another crash.

Sell GJ at 134.50
Target 131.00
Stop loss 136.00

Shevychen2:
Wow.. Yet another flash crash. Thought my eyes were playing tricks when I woke up.

When we say focus on limiting risk, it sounds like we are just making noise and scaring people but days like this happen at least once a couple of years..Wonder how many accounts have crashed today. The funny thing is, even the biggest movers like GJ and co only moved around 500pips. GU was just 200 pips and EU didnt even move much at all so anyone with a crashed account was overleveraged and/or not using SL.

Assuming your SL on big moving pairs is usually 100 pips on standard $1000 account risking 1% per trade, you would have lost just around 5% even if this move had you on -500pips. Even if it had you at minus -5000pips (for whatever crazy reason like broker, too many open trades etc), you'd still have 50% of your account left to recover with. If your account is much smaller then you shouldnt be in a position to lose 5000 pips in the first place.

The problem is, people dont see the need to risk so little most of the year when volatility is at normal levels but if you have been around long enough, no be person go tell you. Swiss bank intervention (which was way heavier), Brexit and these flash crashes are enough to make anyone see the reasons for capital preservation first.

Also sad to see these aimless countertrend people on ForexFactory lamenting. Especially that Davit thread. They were already in drawdown for weeks, come add this one join. Smh. A heavy down move like this that started since mid-Dec and people were still buying at "reversal" points and holding deep losses in the hope that the market will turn soon.. Okay o.

Still holding and trailing my own trades till month end.. Let's see if the moves will be reversed completely or if we will now go lower more gradually.

That Davit guy hates Nigerians, anyone using his method would have been wiped clean by this move because he always preaches against using SL.

What he does instead is to open small positions and keep stacking as long as the trade is still valid.

Bolutumiii:

don't you use stoploss

I do not use stop loss. But I do not encourage any one to follow except you have a justifiable reason to do same.
Atleast I can remember as far back as 2011. I have not used and still not using it.
That's why I said learning and learning and improving.
And don't pity me because I used something else to complement that. I use leverage of 1:25. And I trade more of EU . And I do use no swap account.

These are some of what I spend time each day to study, meditate and learn from. It is not easy, it will not happen suddenly but over time. You will get better. Take a pair, study the chart of the pair right from inception, note the very record high of the pair, the record low, the last swing high or low. Study, think. And you can use any other system or indicator on another side so you can have alternative while learning to understand the market.
Try stuffs but with low risk. When you get better understanding a pair, it will be easier to add more pairs based on your ability.

scopusng:


Shut up and learn to use stop loss

Ha. My big bros. I offend you ni. This insult is somehow nah.

This is just little flash crash, if you check weekly and monthly chart, you should know some extreme move is at the making.

I mentioned in my earlier post, using the NOW TREND and not losing sight of the MAJOR TREND. If you’re not experienced, you shouldn’t even be trading any counter trend, just take ONLY trades that goes with the Major trend.

If serious flash crash happen, nothing can can help or protect you, even you so called Stop Loss would be knocked out . It’s there in your contract when you’re setting up a live account , that you can lose more than you have in your account, there’s possibility of negative account balance.

Companies / Forex Brokers went belly-up after CHF flash crash, let alone account holders. The only thing that can help you after serious flash crash is to be at the right side of the move or NOT HAVE ANY TRADE POSITION ON.

I don’t care for Davit system, as I think it’s very risky way to trade and I don’t especially like his attitude. BUT you guys should stop saying he doesn’t use stop losses, he does, he specified using stop loss of specific % that you’re comfortable with.

For people who doesn’t use stop loss, it’s no big deal, you don’t have to use if you don’t want and know what you’re doing.

What you need to do is set up additional account, 1st account is your capital account, 2nd account is your trading account. The money in your trading account should be what you can afford to lose, say 3, 5 or 10% of your total account balance.

When you double your trading account , transfer the money to your capital account and start over again. Say flash crash happens, you will only lose your trading account.

My 2cents.

Ps: Look at the chart, why would anyone be buying gbpjpy , gbpusd , usdjpy ??

And with those I have posted.... I will set a pending sell for EU at 1.1400. Tp... 1.1150. Sl. Nothing.... If price gets to 1.1830 and no sign of reversal. I will manually close my loss. If it ends as a loss. Then it will push me to ask myself questions. And that will no doubt open my mind further...

Hehehe, I was expecting something like this as i said few days ago, but it came too too fast. Good mm is the key...Even the hand written has started yesterday. Thank God for minimizing by cable buy because I went out at a reasonable loss and recovered , with profits from usdjpy and eurusd. I stopped trading around 11gmt yesteday until i checked here now and saw peoples comments.
This year will full of surprises because there will be serious hunting- sharks against sharks, cobra against Phyton, hawks against eagles, which ever sides you are , better shine your eyes and know what you are doing. If possible, get out for reasonable profits because no one will know their next devouring actions. Even cryptocurrencies will be affected because there is a conspiracies to take most of the cryptocurrencies to 1.xxxxxx especially that bitcoin. It will come and come so fast.
Be guided.

greyham:


That Davit guy hates Nigerians, anyone using his method would have been wiped clean by this move because he always preaches against using SL.

What he does instead is to open small positions and keep stacking as long as the trade is still valid.

who told yhu Davit doesn't use stop-loss, nd can you show evidence of him preaching against it as well as his hatred for Nigerians

Tunderr:


If serious flash crash happen, nothing can can help or protect you, even you so called Stop Loss would be knocked out .

When you double your trading account , transfer the money to your capital account and start over again. Say flash crash happens, you will only lose your trading account.

As if you are reading my mind.
Take this advice with full attention.

^^^ I respectfully disagree guys.. If bigger crashes happen, proper position sizing can save you. Position sizing here meaning your lot size and total exposure.. I always ask myself how much I will lose if the markets suddenly reverse against me by 1000 pips across all my positions..together with always being in line with the larger trend, it forms the crux of my position sizing and I make sure it doesn't equate to more than 10% of my account.

I know before it gets that bad I would have exited by TS, SL or manually somewhere but even in the unlikely event that price forces my SL wider and I sit at as much as- 3000 pips before the platform or myself can react, it's still - 30%. Not exactly a catastrophe.

Since 2008, the market has always been wild with every bout of wildness having some explanation for it.. We just have to find a way to consistently cope.

Aside: this is also a good time to find rogue brokers. If your broker posted lows or highs that are not consistent with LMAX, Dukascopy, Darwinex and others like them, hmmmm.

Fxwarrior:

Gold is XAUUSD but its very volatile. Check for it.

bro please check your mentions

Is gold more volatile than dax? @fxwarrior and others who have much knowledge of both. Am only familiar trading dax and not much of gold.

Fxwarrior:


Mention topsyn03 I think he's a scalper.

OK thank you.
Topsyn03

Bolutumiii:


who told yhu Davit doesn't use stop-loss, nd can you show evidence of him preaching against it as well as his hatred for Nigerians

I am the source of this information and would have loved to share the links on his thread from forexfactory to proove what I said, but it is not worth my time. I'd rather use that energy to watch my charts.

Someone here just complained about his attitude, so I think you should try to interact with him and have your own opinion. Everybody is entitled to one.

ayesco202:
My brother, come and see lamentations on a forex telegram group I belong. So many accounts have been blown up just because of this little drama. Use stop loss they will not listen.

I don't understand why people still complain because of rare volatility like this. Stop loss should as served as a condom to prevent the unexpected Carnage. But I think many still don't understand the concept of expecting, managing, and accepting losses.

Theres a major USD news by 4:00pm which may lead to a gold correction should USD turn out positive and also theres a monthly resistance at 1299.Consider this a heads up.

priceaction:
Is gold more volatile than dax? @fxwarrior and others who have much knowledge of both. Am only familiar trading dax and not much of gold.

I have never traded dax before. Dax sounds like stock if am not mistaken.

priceaction:
Is gold more volatile than dax? @fxwarrior and others who have much knowledge of both. Am only familiar trading dax and not much of gold.

Gold has high spread and is VERY volatile, it can take you from Russian Oligarch to Third world status in minutes if you don't have experience.

I'll advise you run a demo account for Gold to understand how it works since you're not familiar with it.

Compared to DAX, Gold should have equal or a bit more volatility.

EJ, GJ keep doing what you are doing.

EA and GA not on radar until next week. EN and GN looking confused, no clear cut direction.

Shevychen2:
^^^ I respectfully disagree guys.. If bigger crashes happen, proper position sizing can save you. Position sizing here meaning your lot size and total exposure.. I always ask myself how much I will lose if the markets suddenly reverse against me by 1000 pips across all my positions..together with always being in line with the larger trend, it forms the crux of my position sizing and I make sure it doesn't equate to more than 10% of my account.

I know before it gets that bad I would have exited by TS, SL or manually somewhere but even in the unlikely event that price forces my SL wider and I sit at as much as- 3000 pips before the platform or myself can react, it's still - 30%. Not exactly a catastrophe.

Since 2008, the market has always been wild with every bout of wildness having some explanation for it.. We just have to find a way to consistently cope.

Aside: this is also a good time to find rogue brokers. If your broker posted lows or highs that are not consistent with LMAX, Dukascopy, Darwinex and others like them, hmmmm.

First you need to acknowledge that the worst thing you can imagine can happen, doesn't mean that it will, but it "can" a lot of people think things that are improbable or unlikely that won't happen, just won’t happen. 

That’s why the risk disclosure clearly states "losses can exceed your initial deposit”.

You’re talking about position sizing saving you during that crash that causes a lot of people to get negative equity balance. It can help but nobody is ultimately immune even Bank of England in 1992 couldn’t stop attack on £ and it cost them around £3 billion in loses trying to fight it.


Our stop losses will fail to protect price slippage. You know, millions of dollars were wiped out from global financial markets and many big players of the forex exchange market suffered heavy losses while some even announced bankruptcy. Or you think you have better risk management systems compare to the big players?

This market is highly rigged, it will swallow millions of $$ before we blink, and you think you and I stand a chance if serious flash crash happen??

FXCM quotes 6000 pips (NOT 600 pips) in 2 seconds or you think can close/cut the market fast enough? re-quote?

The spreads of EUR/CHF alone were more than 2000-3000 pips, so if you manage to enter eurchf trade, you have -2000 to -3000 pips instantly.

I hope it will never happen but I know it can happen.

Fxwarrior:


I have never traded dax before. Dax sounds like stock if am not mistaken.

Ok, it's under indices , index or futures depending on the broker.

Most of the currency pairs have already completed their daily movement. We have a very volatile situation right now but with ur SL and risk management in place anything is possible
Sell alert
Audusd,Nzdcad,Nzdusd

priceaction:
Hehehe, I was expecting something like this as i said few days ago, but it came too too fast. Good mm is the key...Even the hand written has started yesterday. Thank God for minimizing by cable buy because I went out at a reasonable loss and recovered , with profits from usdjpy and eurusd. I stopped trading around 11gmt yesteday until i checked here now and saw peoples comments.
This year will full of surprises because there will be serious hunting- sharks against sharks, cobra against Phyton, hawks against eagles, which ever sides you are , better shine your eyes and know what you are doing. If possible, get out for reasonable profits because no one will know their next devouring actions. Even cryptocurrencies will be affected because there is a conspiracies to take most of the cryptocurrencies to 1.xxxxxx especially that bitcoin. It will come and come so fast.
Be guided.

Can you explain in detail the conspiracy against crypto please?

Thanks

priceaction:

Ok, it's under indices , index or futures depending on the broker.

Hehehe. Thanks.I think I'll pass.

greyham:


Gold has high spread and is VERY volatile, it can take you from Russian Oligarch to Third world status in minutes if you don't have experience.

I'll advise you run a demo account for Gold to understand how it works since you're not familiar with it.

Compared to DAX, Gold should have equal or a bit more volatility.

I see, I did some demo sometimes back then I went live on micro lots, all my entry was so fast to hit sl. Then I stopped it without thinking of it again. Dax on the other hand, has a spread of fixed 1pip on majority of brokers without spread, so if it jump to my side, I can adjust my sl as it goes automatically. Then it comes to traders interest and understanding of market of choice. There are lots of niche markets to get used to.
Some traders don't even trade currency pairs, some only oil, others commodities, I think it depends on traders choice.

Tunderr:
This is just little flash crash, if you check weekly and monthly chart, you should know some extreme move is at the making.

I mentioned in my earlier post, using the NOW TREND and not losing sight of the MAJOR TREND. If you’re not experienced, you shouldn’t even be trading any counter trend, just take ONLY trades that goes with the Major trend.

If serious flash crash happen, nothing can can help or protect you, even you so called Stop Loss would be knocked out . It’s there in your contract when you’re setting up a live account , that you can lose more than you have in your account, there’s possibility of negative account balance.

Companies / Forex Brokers went belly-up after CHF flash crash, let alone account holders. The only thing that can help you after serious flash crash is to be at the right side of the move or NOT HAVE ANY TRADE POSITION ON.

I don’t care for Davit system, as I think it’s very risky way to trade and I don’t especially like his attitude. BUT you guys should stop saying he doesn’t use stop losses, he does, he specified using stop loss of specific % that you’re comfortable with.

For people who doesn’t use stop loss, it’s no big deal, you don’t have to use if you don’t want and know what you’re doing.

What you need to do is set up additional account, 1st account is your capital account, 2nd account is your trading account. The money in your trading account should be what you can afford to lose, say 3, 5 or 10% of your total account balance.

When you double your trading account , transfer the money to your capital account and start over again. Say flash crash happens, you will only lose your trading account.

My 2cents.

Ps: Look at the chart, why would anyone be buying gbpjpy , gbpusd , usdjpy ??

Speechless... You are so full of wisdom