Tuesday, January 20, 2009

questions ...

20 Jan 09, 08:19
Steve: Hey Soul, How did you decide to short GBPCHF at 6140 - its probly a trade secret but I'm curious why you didn't short it when it was at 67??

No secret Steve - I always give a trade plenty of room to make sure it's broken a level. The fools would have shorted at 67 - in this case it would have been a good area and they feel smug, but that's just one out of say seven wheras the other six would have bounced and gone back into the range. A test of a level will mostly be at least 20 pips deep because of the orders sat there

I normally go for the 70 below the nearest figure or the 30 when going long. 20 to 50 pips is neither here nor there on the trades i take

20 Jan 09, 09:16
bigAl: Morning Soul. Could you clarify something for me with regards your stake size on EURGBP (if you get filled), at $144 a pip are you basically risking ~$30K? If so DANG i see why they call you the soul man ;-) 3 mil in the account??

Mornin Al,

Ive traded 17mio on account before now Al. i've lost more than $120,000 on a single trade and made more than double that on a single trade before now too. Figures like 30k risk are small potatoes in this game.

However, please note that when i quote a figure for a standard lot, they are standard interbank lots (1 lot = 1mio). A retail trader's standard lot ($100,000) on eurgbp would have been $14 per pip and a mini account (10,000) just $1.40. Then you can even open a micro account and have 14 cents a lot lol, tho why you would even bother is beyond me.

I always quote per Mio, that doesnt mean i take a full lot every time as most of the client accounts I trade are mini accounts. Sometimes I take more than a mio and sometimes less.

Tell you what tho Al, you don't half lose your respect for money in this profession.

As for the full size of the accounts I trade, i'll keep that to myself i think :)

GBPUSD chancer entered and died - 50 pips at 2X stake = -100

EURAUD just died -200


EURGBP kicked in off the entry as did GBPCHF

Results so far - January 2009 +809 on closed trades

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