Forex Signals – EURUSD Money Management!
Recap: We were lucky to escape our long with only a 9 pip loss yesterday as our long was triggered at 1.2679 on the 9:23 UTC resistance break. That candle then closed at 1.2670, closing out our position as a false break.
All and all it was a profitable day for us to thanks to two things: 1) Wednesday’s AU short which finally move swiftly into the profit, and 2) our false break rule which closes out positions if the entry candle closes above/below our entry price (basically in the negative) then that closes the position.
**** One final though for all you piphutters before the weekend, this one on money management. This is a quote from a large trading desk trader, as he opines on the year for his firm: “Last year we made $360 million and lost $330 million.” Think about that: take off some zeros and that is equivalent to us saying “we lost 33 pips but gained 36 pips” for a 3 pip gain! That is the kind of ratio one of the best firms in the business attains! Too many traders enter these markets with the idea that they will get every move right, that they will become millionairres. Don’t believe outlandish claims from traders saying they make 8000 pips a month with hardly any losses. It just doesn’t happen 99.9999999% of the time! Solid money management, consistent profit (shameless plug: like our swing trading system) is the only thing that will take you from being part of the 90% who fails to the 10% who succeeds! Are we profitable every day? No. Do we have a 90% win ratio? No. Do we consistently make profit, as shown in our performance results to the right? A BIG YES! Slow and sure. Want to try a get rich quick system? Knock your socks off. We’ll be here, trucking along slowly but surely when you get-poor-quick :).
Today’s Important News Events:
| Date | Time (UTC) | Event | Forecast | Previous |
|---|---|---|---|
| There are no events scheduled. | |||
| *To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar. | |||
Trading Idea: No trades today as the weekend is quickly approaching. Have a great weekend!
* * * PipHut PRO* * *
Get alert when daily signal comes out
READ ME: How to trade PipHut’s Daily Signal
Read more about swing trading
Forex Income Calculator
Forex Market Hours
Forums
sahara
June 22, 2012 at 17:00hi@Mark have a nice week end too!!
Maria
June 22, 2012 at 18:06Thank you Mark for the signal and the thoughts.
Makes me wonder though if our commenting was what triggered that.
Anyway that made me think of my overall results and I would like to make it absolutely clear that although I have had couple of good months in a row then this is not the standard for me, I also have had many many bad months, to illustrate this with my personal statistic would be following:
pips gained from january to today – 46 024
pips lost from january to today – 35 005
This has been an excellent first half of the year for me and I do not take it as a given that this will be repeated. I will be happy if I have made with half of that net result until the end of the second half of the year. Also in my strategy the individual trade size differs making the value of a pip and a pip quite different.
I hope that commenting on our individual trading strategies is not against any PipHut code of conduct, but if it is then I would like to know about it.
PipHut Team
June 22, 2012 at 21:18Hi Maria, piphutters are welcome and encouraged to discuss their trading strategies. Have a good weekend!
Kay
June 22, 2012 at 19:00@piphut thanks for the parting gift for the week, your reminder on Money mtg couldn’t have come at a better time. We really appreciate your daily effort to make us better traders
sahara
June 22, 2012 at 19:07bon week end all !!! foot germany greece !!! gooooooooooo
Patrick
June 22, 2012 at 20:41slow and steady win the race forex is not a get rich scheme, just talking from experience
kayus
June 24, 2012 at 21:15that is one of my Favorite quote and i also add little drops makes an ocean. Get rich quick has its twin version of get poor quick:)
doc1
June 24, 2012 at 21:28lol excellent @ mark……
my ratio is about 3 out of 7 trades … however my 7 trades are for relatively small losses and the 3 are the ones I let the profits run……
My strategy is not to hold and hope..if the trade does not do as I expect I exit rather quickly…sometimes too quick but I’d rather lose a winner that hold a loser :D
doc1
June 25, 2012 at 00:29correction…. 3 out of ten trades
doc1
June 24, 2012 at 21:28that = “than”
Maria
June 25, 2012 at 04:03Good morning from lovely Czech Republic,
overview of my current ideas:
active trades: mid- and long-term long $USDJPY; mid-term long $EURJPY and short $AUDUSD, short term small long $EURUSD.
Looking to start building a mid-term short set on $EURUSD starting from 1.26 up to 1.285, variable position size, maximum 12 positions, over 1.30 invalidates.
Hope you all had a great weekend and wish you an excellent start to the new week.
Maria
June 25, 2012 at 05:48Stopped out of $EURJPY long for -45 pips, looking to re-enter at a better place later in the day.
sahara
June 25, 2012 at 05:56gm@maria gm @all have a good week
Chip
June 25, 2012 at 06:06Good morning everyone!
Here’s an interesting article I just read today … 4 Reasons to Expect a Disappointment from the EU Summit
http://www.forexcrunch.com/4-reasons-to-expect-a-disappointment-from-the-eu-summit-prepare-for-disappointment/?utm_source=newsletter&utm_medium=email&utm_campaign=20120624
It seems so far that we’ll have a slow monday…
Have an excelent trading day!