Eurusd

[The Artist]

Well it is human nature isn't it, and a common trader's dillemma.

One has to ask oneself what hurts more:
- To see a trade reach its original target after you have cancelled it because your emotions got the better of you.
- To get stopped out as you stuck to your original strategy.

In the end it means:
- Not being rewarded when you are right
- Being wrong

To me not being rewarded when I am right hurts more than being wrong because it does not offer the possibility of improvement. If your strategy was flawed at least you get the chance to make it better for the future, whereas if it was already good but you did not get credit for it, then what is the point?

Hope it helps somehow.

 

[Mike Kshemaraja]

Well it is human nature isn't it, and a common trader's dillemma.

One has to ask oneself what hurts more:
- To see a trade reach its original target after you have cancelled it because your emotions got the better of you.
- To get stopped out as you stuck to your original strategy.

In the end it means:
- Not being rewarded when you are right
- Being wrong

To me not being rewarded when I am right hurts more than being wrong because it does not offer the possibility of improvement. If your strategy was flawed at least you get the chance to make it better for the future, whereas if it was already good but you did not get credit for it, then what is the point?

Hope it helps somehow.

Yes, good post.

For me is better to stay into the trade until the technicality tells me otherwise.

Doing that way takes a lot of emotions out of my trades and I do not have to second guess or shoot from the hip.

 

[angelnish]

It is a bit higher risk now, a lot of currencies down, so a rally/bounce can be expected, but with all the problems that persist some really big plan has to be made to make sure the EURO or GBP keeps rising. EUROBONDS, god forbid, ESM, another big bad thing to kill our money, I do not get any bit optimistic about that all.

 

[Mike Kshemaraja]

I think I am done for the day, I am having a streak of winning trades since I am being very selective about my trades.

My selectiveness lays on the fact to not anticipate and just trying to be objective as much as I can during my session taking action only when is considered worth putting my money at risk.

 

[Mike Kshemaraja]

Risked 6 pips, made 10.

To be honest I was a bit lucky here, she retraced and nearly my SL got hit, but did not, la Fortuna premia gli audaci.

 

[Mike Kshemaraja]

I am stopping trading this pair for the day, the bid rate for Euro in about two hours.

 

[Mike Kshemaraja]

I bit of a battle going on around 1.2550. I am watching.

 

[Mike Kshemaraja]

She is swinging around 30 pips, some chances were present, but not easy job.

 

[DMayzler]

Well it is human nature isn't it, and a common trader's dillemma.

One has to ask oneself what hurts more:
- To see a trade reach its original target after you have cancelled it because your emotions got the better of you.
- To get stopped out as you stuck to your original strategy.

In the end it means:
- Not being rewarded when you are right
- Being wrong

To me not being rewarded when I am right hurts more than being wrong because it does not offer the possibility of improvement. If your strategy was flawed at least you get the chance to make it better for the future, whereas if it was already good but you did not get credit for it, then what is the point?

Hope it helps somehow.

That is actually a really good way of putting it. If you have no conviction to your strategy, then your research and analysis has essentially been for nothing. if you stick by it and record all your results and assess over time, only then can you make truly educated adjustments to your system. If you risk no more than you are prepared to lose and manage your leverage and capital risk then this can help you from making harsh emotional jerk reactions. Hope this also helps

 

[Mike Kshemaraja]

That is actually a really good way of putting it. If you have no conviction to your strategy, then your research and analysis has essentially been for nothing. if you stick by it and record all your results and assess over time, only then can you make truly educated adjustments to your system. If you risk no more than you are prepared to lose and manage your leverage and capital risk then this can help you from making harsh emotional jerk reactions. Hope this also helps

Sure it helps, everything with grace does. Welcome.

 

[Mike Kshemaraja]

Well, not trades for me today. I did not see many opportunities, maybe a few, but not very clear at the time but very evident in hindsight, porco diavolo.

Take care. Done trading for the day.

Rip Rig + Panic - Sunken Love - YouTube

 

[BLS]

ARB/BB at E1. Orange line is my tipping point. Trade slipped a few pippettes but I made target very quickly anyway (10.7 pip, 0.7 pip to cover the commission, though it's probably 0.8 pip now since my broker charges commission based on USD amount instead of notional trade volume). Risk was about 7-8 pip with commission.

Possible SB at S1 but I skipped it because the with trend move after the first pullback took out the high of the early with trend move making a higher top. (Time on the chart is GMT -7, this is the first half of the NY session)

I don't want to show my P/L on the trade yet from my platform because one of my trading rules is to not look at the P/L window while trading. Looking at the P/L window negatively affects my decision making process on later trades.

Federal Reserve Chairman Ben Bernanke Testimony to US Congress coming up in less than 30 minutes. I will have to be more selective with my trades if I decide to trade at all.

 

[Mike Kshemaraja]

ARB/BB at E1. Orange line is my tipping point. Trade slipped a few pippettes but I made target very quickly anyway

Possible SB at S1 but I skipped it because the with trend move after the first pullback took out the high of the early with trend move making a higher top. (Time on the chart is GMT -7, this is the first half of the NY session)

I don't want to show my P/L on the trade yet from my platform because one of my trading rules is to not look at the P/L window while trading. Looking at the P/L window negatively affects my decision making process on later trades.

Federal Reserve Chairman Ben Bernanke Testimony to US Congress coming up in less than 30 minutes. I will have to be more selective with my trades if I decide to trade at all.

Nice one, clear and crispy. Welcome.

I think you should not show anything that you do not want to show.

Yes, to be selective will make the difference.

 

[BLS]

Bernanke's prepared remarks is making the markets move much quicker now. He hasn't even begun to talk yet! I did not think the markets would move like this until maybe 15 minutes later.

 

[BLS]

Possible IRB trade here. I'm too distracted watching Bernanke's Q&A to trade though.

 

[BLS]

Had a failed Double Doji trade at E2. Prices did retrace to a former resistance level (not to the pip though) so I thought this would be a good opportunity to trade. Seems there is too much resistance at the 80 area though.

I think I am done for the day. I made two trades, one profitable, one not. A gain of 5.4 pip for the day.

I am trading microlots (1K units) on an ECN account with spreads typically under 1 pip and commissions ranging from 0.7-0.8 pip depending on the EUR/USD exchange rate.

 

[Mike Kshemaraja]

She broke the range, pulled back towards it, saw a bit of indecision, got in, my initial risk was 6.5 pips, made 10.9, slippage in my favour, I like that.

Now I am waiting for London to open.

 

[Mike Kshemaraja]

I am done trading for the day, one trade only, but 2% in the pocket. There were a few other good trades, but I played cautiously, because I was handling other things.

I wish you all the pips.

Beyoncé - Live at Glastonbury 2011 HD COMPLETE - YouTube

 

[Mike Kshemaraja]

Just for the record, when I am completely focus on the chart I feel I can get money out of the market much easier, the only thing is that it is difficult to keep 100 focus. But I am working on it.

 

[BLS]

Advanced Range Break at E1. I tried to enter at 1.2454 but my order slipped in my favor to 1.2455. I closed out my trade early, probably short of 0.6 pip at around 1.2445. I don't have exact numbers because I'm not going to look at my P/L window until my trading session is over.