Shikamaroo
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EU Short 1.1945 stop 1.1958
Are U on the other side of my position?
- Thread starter Shikamaroo
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Shikamaroo
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stopped out
Shikamaroo
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Short Eur/Gbp @ 0.8238 with stop 0.8253
Shikamaroo
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stopped again
Shikamaroo
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I just took a short on the EU at 1.1912
Shikamaroo
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exit at 2 pip profit.
Shikamaroo
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short on the UJ at 90.98 stop @ 91.11
Shikamaroo
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long EU, 1.2007 sl 1.1994
Shikamaroo
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come on ppl if you take any positions counter to me during the course of the trade please say. It'll go a long way to helping my exits
Shikamaroo
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2/3 off @ 1.2027
Shikamaroo
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closed off for 30
wackypete2
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no eurusd trades for me at all today. currently i am short usdjpy from 91.54
Peter
Peter
Shikamaroo
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looks good so far. I got to get more confidence to start taking those reversal trades in trading ranges. 3 good bounces today.
wackypete2
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There's no hurry. The trades will always be there. When you get the nerve to try reversal trades just start small and be flexible. Sometimes it's better to just exit if nothing is happening even if your stop wasn't. It takes some practice to get the feel of it.
Peter
Shikamaroo
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long UJ at 91.39, stop at 91.23
Shikamaroo
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long UJ @ 91.58.
facing some stern skepticism
facing some stern skepticism
Shikamaroo
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This is me Venting. I got to get this off my chest so i can get back to a proper mindset.
The morning began like any other, dark and lonely (no one else is waking up at 2 to trade). I turn on my PC and look over the EU and UJ. Long term resistance was 1.2353 on the EU there were 2 tests at 1.2347 and a high about 2 pts above. Pretending to be a good trader I waited. On a notepad i wrote "Attempt sell E/U 1.2347". The UJ started moving up, the level identified was yesterday's high 91.69 above it was 91.74, short term resistance that was holding since Monday. Ready for the trading day, I taught.
91.69 was the first to be hit on the UJ, a small shoot up as i entered, but no worries i told my self. Silly thing ran up to 91.74 and held, i should have known.
I looked accross to the EU, as it moved up and stalled 1 point from my level (1.2347). After a small unsustained run down it moved up (1m charts while waiting for entry). The idiot shot up like a rocket and i went into newbie mode, (click the button, dont click the button, click the button, dont click the button) It shot down forming a hammer and was now back at my level, but did i enter?
Nope, i was still in newbie mode! Still in newbie mode, i said to myself hmm that major resistance might break this short term/ broken long term resistance level at 1.2326 so i entered long on the short term resistance at 1.2322. (like four points could really do anything) Luckily in newie mode i have little confidence in counter positions and as it shot so far against me 5 points i exited at -1 pip.
Meanwhile back on the UJ, the market was going nowhere. I told myself that the USD was strong and might end up beating my position and i exited for one pip profit (stupes)
Back to the moving EU, Down down down down, where will it stop, at 1.2308 (at least that's what i taught). The level was hit hard but it only moved 3 points against me initially so i wasn't too scared, that feeling was short lived, i was soon down 13 and looking to craft an exit, i moved my target t0 5 pips and saw the price move to 16 against, (at least i wasn't nervous). I had a hard stop at 23 and was looking toward any loss less than 13 as acceptable. The market moved to -9, it stalled, then -7 but there was tick chart resistance and it came back to -8. I forgot to close in my stop so i wouldn't lose more than 13 as per my imagined super shik the trader mode. As i waited with the price stalled at -8, the Forex auctioneer whispered (cause i definitely couldn't hear him) going once, going twice, hahahahahah not for you and the market shot down to -14. I slipped back to newbie mode and hoped for a favourable bounce, I looked at he ceiling and when i looked at the trade again it was -20 against me, I scratched my beard and I was out. -23
Back at the UJ my focus on the EU prevented me from seeing the trendline get hit at 91.78. The bugger shot down form there and would have been a moderate trade so far. My mind succumbed to the "if ah did take" syndrome and i started to count unmade pips and the resulting difference between my actual and potential trading account. I am writing here until the revenge trade bug gets out my finger and i can hopefully trade objectively. As i write i missed an entry at 1.2297 to be Short the EU which was going to be on top of some news so maby this is working.
The morning began like any other, dark and lonely (no one else is waking up at 2 to trade). I turn on my PC and look over the EU and UJ. Long term resistance was 1.2353 on the EU there were 2 tests at 1.2347 and a high about 2 pts above. Pretending to be a good trader I waited. On a notepad i wrote "Attempt sell E/U 1.2347". The UJ started moving up, the level identified was yesterday's high 91.69 above it was 91.74, short term resistance that was holding since Monday. Ready for the trading day, I taught.
91.69 was the first to be hit on the UJ, a small shoot up as i entered, but no worries i told my self. Silly thing ran up to 91.74 and held, i should have known.
I looked accross to the EU, as it moved up and stalled 1 point from my level (1.2347). After a small unsustained run down it moved up (1m charts while waiting for entry). The idiot shot up like a rocket and i went into newbie mode, (click the button, dont click the button, click the button, dont click the button) It shot down forming a hammer and was now back at my level, but did i enter?
Nope, i was still in newbie mode! Still in newbie mode, i said to myself hmm that major resistance might break this short term/ broken long term resistance level at 1.2326 so i entered long on the short term resistance at 1.2322. (like four points could really do anything) Luckily in newie mode i have little confidence in counter positions and as it shot so far against me 5 points i exited at -1 pip.
Meanwhile back on the UJ, the market was going nowhere. I told myself that the USD was strong and might end up beating my position and i exited for one pip profit (stupes)
Back to the moving EU, Down down down down, where will it stop, at 1.2308 (at least that's what i taught). The level was hit hard but it only moved 3 points against me initially so i wasn't too scared, that feeling was short lived, i was soon down 13 and looking to craft an exit, i moved my target t0 5 pips and saw the price move to 16 against, (at least i wasn't nervous). I had a hard stop at 23 and was looking toward any loss less than 13 as acceptable. The market moved to -9, it stalled, then -7 but there was tick chart resistance and it came back to -8. I forgot to close in my stop so i wouldn't lose more than 13 as per my imagined super shik the trader mode. As i waited with the price stalled at -8, the Forex auctioneer whispered (cause i definitely couldn't hear him) going once, going twice, hahahahahah not for you and the market shot down to -14. I slipped back to newbie mode and hoped for a favourable bounce, I looked at he ceiling and when i looked at the trade again it was -20 against me, I scratched my beard and I was out. -23
Back at the UJ my focus on the EU prevented me from seeing the trendline get hit at 91.78. The bugger shot down form there and would have been a moderate trade so far. My mind succumbed to the "if ah did take" syndrome and i started to count unmade pips and the resulting difference between my actual and potential trading account. I am writing here until the revenge trade bug gets out my finger and i can hopefully trade objectively. As i write i missed an entry at 1.2297 to be Short the EU which was going to be on top of some news so maby this is working.
Shakone
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Good idea to take a break.
So anyway, you seem a little bit unsure of your system. What do you think the problem is? 23 pips too much of a stop loss? Risking too much of the account? There is obviously a lot of uncertainty of when to get in and when to get out. Do you always do market orders?
You've made some excellent entries in this thread. Maybe trust your system a bit more? Or find out what it is about it that is giving you these uncertain thoughts, and fix that.
So anyway, you seem a little bit unsure of your system. What do you think the problem is? 23 pips too much of a stop loss? Risking too much of the account? There is obviously a lot of uncertainty of when to get in and when to get out. Do you always do market orders?
You've made some excellent entries in this thread. Maybe trust your system a bit more? Or find out what it is about it that is giving you these uncertain thoughts, and fix that.
Shikamaroo
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I lack confidence because I'm not consistent and I lack consistency because i'm not confident. That is how it goes in this game i'm told, but I expect to get there. I think in learning how to trade I developed a habit of doubting my trades because I was not sure about what I was doing and now i cant stop. Hopefully in 21 days i can form a new habit of not doubting my trades since i read an article that says you can develop a habit in 21 days.
If the market goes against me 10 pips then I know to myself that the trade is bad. I normally keep the stop at 13 for that reason. However, I think i could shave some of the losses by using a wider stop since usually the market would give a better exit due to the resistance level even if i determine it to be a poor trade.
Sometimes i use limit orders but only after breakouts
If the market goes against me 10 pips then I know to myself that the trade is bad. I normally keep the stop at 13 for that reason. However, I think i could shave some of the losses by using a wider stop since usually the market would give a better exit due to the resistance level even if i determine it to be a poor trade.
Sometimes i use limit orders but only after breakouts
Very good post above describing the days trading, I can remember a time where I was operating in exactly the same way. Could I be so bold as to offer four suggestions:
1) Stop trading. You'll only hammer your confidence if you don't have a sound methodology, and its essential to keep trading after losses which will always happen. At the moment you might be trading for the action, emotion and excitement - that won't work. Break the cycle.
2) Trade mechanically. You might eventually develop the ability to be a top discretionary trader but starting out its well nigh impossible. Forcing yourself to stick to a good mechanical system for an extended period will show you how to be profitable, teach you good habits (ruthlessly cutting losers, reversing bias readily but only with confirmation, letting your profits run etc) and build your confidence. Read "Mechanical Trading Systems" by Weissmann, excellent book.
3) Trade longer term for a while - minimum 4 hour charts. You'll think more about each decision rather than prevaricating and it will reduce the chance of impulse trades.
4) Don't use market orders at all. Until you're trading like a machine with total control of your emotions etc they're like a match in a gunpowder factory.
Sorry hope you don't mind me 'preaching' but I could really empathise with what you said above, all the best.
1) Stop trading. You'll only hammer your confidence if you don't have a sound methodology, and its essential to keep trading after losses which will always happen. At the moment you might be trading for the action, emotion and excitement - that won't work. Break the cycle.
2) Trade mechanically. You might eventually develop the ability to be a top discretionary trader but starting out its well nigh impossible. Forcing yourself to stick to a good mechanical system for an extended period will show you how to be profitable, teach you good habits (ruthlessly cutting losers, reversing bias readily but only with confirmation, letting your profits run etc) and build your confidence. Read "Mechanical Trading Systems" by Weissmann, excellent book.
3) Trade longer term for a while - minimum 4 hour charts. You'll think more about each decision rather than prevaricating and it will reduce the chance of impulse trades.
4) Don't use market orders at all. Until you're trading like a machine with total control of your emotions etc they're like a match in a gunpowder factory.
Sorry hope you don't mind me 'preaching' but I could really empathise with what you said above, all the best.
