Smart2 Main Discussion Thread

[SmartTrader]

Guys, i am waiting for fridays profit booking. Before market close we will see some movement in favor of us. This is a bad situation to be in. I am waiting for some turn.

[Salubrious]

I don't know what I was thinking in giving him another chance. He obviously hasn't learnt his lesson and the rules he sent us a few days ago are already out the window.

Nick, you need to take some control here. He obviously won't communicate with us until he's blown another 25%. This guy is turning into everyone's worst nightmare. You need to step up and protect your clients before you lose them all.


Sent from my iPhone using Tapatalk

[An Ríocht]

Vijay you need to communicate with us here. You've just said you're going to exit early if things don't work out and now you are getting yourself into an uncontrollable situation again. All of us who decided to stay with you after your recent heavy losses deserve to know what your plan is for this open basket.

[Salubrious]

And let's not forget he's already used his three lifelines.


Sent from my iPhone using Tapatalk

[Salubrious]

Also looking at strength and weaknesses in the currencies you should be able to determine this. After a lot of bullishness from the NZD it's now lost strength. So he's bought the NZD when it's already lost its strength at the bottom of a downtrend.


Sent from my iPhone using Tapatalk

[Salubrious]

What time frame do you have in mind Salubrious?

Primi, it doesn't matter which chart you look at even monthly, weekly, daily, 4 hourly. This bottom has been tested numerous times since 2012 if you look at higher time frames, and hasn't been breached. It's a strong support, so why take a sell position at this point.


Sent from my iPhone using Tapatalk

[miul]

Please Vijay,
tell us about this new DD happening. What is your plan? I don't want to have another incredible one (which is actually already happening).
Please tell us abut maximum loss and I will make my consideration about it.

[primi]

You took a sell position right at the bottom of a trend and now market has reversed.
Sent from my iPhone using Tapatalk

What time frame do you have in mind Salubrious?

[Salubrious]

Are you going to let the same thing happen again with GBPNZD? You took a sell position right at the bottom of a trend and now market has reversed. You had an opportunity to cut the trade when you had two trades open at breakeven but now you going into DD again. What's going on Vijay? Where is your rule of cutting early if it doesn't work out? How far into DD are you going to let this go?


Sent from my iPhone using Tapatalk

[ales]

Plan your trades from start to finish (entry, stop, take profit).

Then the rest will become obvious:

- risk reward ratio (hopefully you wont risk 25% of capital to earn 20 pips in a single trade)
- adjust size of your position accordingly to the total amount of capital you are willing to risk into ONE single trade/idea

Stick to your initial plan, especially the stop level. Trends do change and one has to respect that. If you entertained a 5 minute trend you cant switch for weekly chart at the end.

[Big River Man]

Totally agree and respect your point brm ...
Just wanted to clarify my point of view .. and why i unsubscribed and left already after the last hit .. as i lost trust ..
Good luck with the recovery though ... no hard feelings ...

Sent from my SM-G900H using Tapatalk

No hard feelings at all Sherif
Good luck in making all the money back i wish you well!!

[primi]

SmartTrader, may I ask if your strategy incorporates moving the SL to b/e when up by x pips/profit and if not why you wouldn't consider it?

Thank you

If I may, it's not the best practice to move your SL to BE when it's up by x pips. First you need to ask yourself why X pips? And why not Y pips? If it's because you're scared to go back in DD after being in X pips profit, that's not the right reason.

You can do 2 things when you have your trade in profit. You can (a) move your SL to BE or you can (b) take partial profit. Which one of these 2 actions you take have to be considered individually depending on current situation. It depends on what your first target is and what you expect to happen when you hit your first target. First target is not X pips mind you! If there is a high chance of price going back to your original entry or further before turning again then you can't go to BE can you? Because you will be knocked out of your trade with no profit even though you were right. In that case it makes more sense to take partial profit and leave your SL where it was (assuming you're using one in the first place). If your analysis shows that price is not supposed to go back to your original entry then yes, you can go to BE and you don't take partial profit.

It's about making money, not trading scared. And you can make more money if you're objective and your actions actually make sense. If statistics shows that going to BE after X pips is best - that's not a good reason to go to BE either.

[Salubrious]

Hey Guys,

Here is my update.

I will start from June. I have taken GBP trade 3 weeks before brexit. The reason (i have explained it earlier too) i have taken this trade is because there was still 3 weeks left and there will be lot of volatality but there will not be a definite one direction. No one knows what will be the brexit result so price might move up and down and that is what we want, even if in a worse case scenario to exit at break even. But the survey results ruined it for us and price went too much to one direction. I did not add the way i used to because of the obvious reasons, i waited and i took another trade strategically. Which was a good trade, but i did not want to risk more so i kept a SL of 100 pips. Our bad luck, price just hit our SL and moved in favor. Had it not hit the SL we would have exited at break even or with profits very easily. So keeping a SL resulted in a loss which could have been avoided totally. Basically our strategy is not at fault. Its the decisions i have taken considering the risky situation. Same thing i have done with AUDUSD trade, i have not added, nor traded the same way i used to because i waited for the brexit heat to go off, which became a costly thing for us later.

Recent GBPJPY trade worked well. I did a mistake by not closing it even at 150 pips. Because i was expecting more so that i can close AUDUSD at loss and our accounts will not suffer with huge loss. I got two chances to close GJ. But i did not close it. Again the strategy is working but my decisions were wrong.

I will continue to trade the same strategy with more focus on exiting early if things dont work out. i ll watch the news closely and not trade before/during the news. If we have trades that are already open, i will try to exit as soon as i know news gonna change things.

I have taken losses several times earlier too. but i always made money back. I am confident that i will get back to high water mark levels.

Apologies for the late reply, i needed some time.

Vijay, I appreciate that you have taken responsibility for the poor choices you made and risks you took.

The changes you've made appear to be moving in the right direction.

However I'm still concerned why your system alerted you to a change in trend on the GBPJPY when you were already in approx 400 pips DD?

It was clear to some of us that trend had changed much earlier on after you missed the second TP attempt. This is a huge concern because there's no reason why this couldn't happen again. I respect that you will be more diligent when it comes to news events. However the GBPJPY had already changed sentiment before the news came out - the news just made the situation worse. So what measures have you got in place to avoid that happening again?



Sent from my iPhone using Tapatalk

[Nick]

Hey Guys,

Here is my update.

I will start from June. I have taken GBP trade 3 weeks before brexit. The reason (i have explained it earlier too) i have taken this trade is because there was still 3 weeks left and there will be lot of volatality but there will not be a definite one direction. No one knows what will be the brexit result so price might move up and down and that is what we want, even if in a worse case scenario to exit at break even. But the survey results ruined it for us and price went too much to one direction. I did not add the way i used to because of the obvious reasons, i waited and i took another trade strategically. Which was a good trade, but i did not want to risk more so i kept a SL of 100 pips. Our bad luck, price just hit our SL and moved in favor. Had it not hit the SL we would have exited at break even or with profits very easily. So keeping a SL resulted in a loss which could have been avoided totally. Basically our strategy is not at fault. Its the decisions i have taken considering the risky situation. Same thing i have done with AUDUSD trade, i have not added, nor traded the same way i used to because i waited for the brexit heat to go off, which became a costly thing for us later.

Recent GBPJPY trade worked well. I did a mistake by not closing it even at 150 pips. Because i was expecting more so that i can close AUDUSD at loss and our accounts will not suffer with huge loss. I got two chances to close GJ. But i did not close it. Again the strategy is working but my decisions were wrong.

I will continue to trade the same strategy with more focus on exiting early if things dont work out. i ll watch the news closely and not trade before/during the news. If we have trades that are already open, i will try to exit as soon as i know news gonna change things.

I have taken losses several times earlier too. but i always made money back. I am confident that i will get back to high water mark levels.

Apologies for the late reply, i needed some time.

Thanks Vijay,

We can now see that you got yourself into a mess, and every time you tried to untangle the ball things just got worse.

All these decisions are easy to analyse and criticize in hindsight, it takes a lot of strength to admit when you're wrong and close substantial losers. In my mind there's no doubt you've made the right decision to cut and rebuild. A 30% drop from equity high's can be recovered within 6 months, and while you'll no doubt lose many subscribers and people will jump out of the MAM, once you've clawed your way back to the top of the mountain it'll be yet another feather in your cap in your ability to overcome adversity.

Just keep plugging away and you'll be back on top before you know it.

[saint023]

SmartTrader, may I ask if your strategy incorporates moving the SL to b/e when up by x pips/profit and if not why you wouldn't consider it?

Thank you