Forex trading live calls and set ups

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pocrel said:
morning guys, well last week for me was a disaster, decided to have a couple of off the cuff trades no idea why just got bored and before i knew it with a couple of losses and one revenge trade i was down 2500,
now i managed to recover a 1000 with some other trading and some proper trading, but last night again i was trading my plan and broke the rules
the question is why did i break the rules again

the big thing is that i had made some heavy losses and i was pushing for more money, now if i had not done these few trades last week i would actually be sitting here after making about 20 % on my account

this is just a warning to you 3 random trades has totally blowen my profit for the month and now i am making mistakes try to recover the money

mentally its very hard, and again i am trading this morning and not taking profit as i am pushing for more

what a shame, just when you think your ahead in the game the demons rare there ugly head
Click to expand...
I know exactly what you mean bro..it happened with me as well. I got burnt by playing with crude - entering without even seeing if i have a signal or not.

And once you start off on the wrong foot, you will remain astray and continue to make incorrect entries/exits..then you reach a point where you say sodd it and take random big positions and blow your account.

And worse to come you end up stirring at charts, seeing how of your "ideal" set ups would have performed well.

As I said before this game is 70% discipline, 30% strategy etc..
 
DDI said:
As I said before this game is 70% discipline, 30% strategy etc..
Click to expand...



The last week was not that brilliant for me either - I guess the market behaviour was not compatible with my style of trading.
The best way to limit the damage to the account is to apply the risk control all the time.
 
pocrel said:
morning guys, well last week for me was a disaster, decided to have a couple of off the cuff trades no idea why just got bored and before i knew it with a couple of losses and one revenge trade i was down 2500,
now i managed to recover a 1000 with some other trading and some proper trading, but last night again i was trading my plan and broke the rules
the question is why did i break the rules again

the big thing is that i had made some heavy losses and i was pushing for more money, now if i had not done these few trades last week i would actually be sitting here after making about 20 % on my account

this is just a warning to you 3 random trades has totally blowen my profit for the month and now i am making mistakes try to recover the money

mentally its very hard, and again i am trading this morning and not taking profit as i am pushing for more

what a shame, just when you think your ahead in the game the demons rare there ugly head
Click to expand...

if you have what you believe to be a working edge/strat never, ever, ever detour from it. As bedsit points out there are times when that edge/strat will not be compatible with market conditions, but if it's robust and tested ( back & live) you should come through. Honestly any time I detoured from my plan I got smacked, even last night took a trade outside my usual scope, on the "trade a week thread", a punt (short) on the AUS/USD..really weird feeling taking a trade outside my rules..I always wait for my conditions to be met, it helps with self loathing if the trade goes bad.
 
bedsit said:
:eek:

What is your risk per trade? Have you used the stops?
Click to expand...

risk per was thrown out the window, these trades were off the cuff and the usual risk reward was not use, position sizing was massive and i lost my head

and when you lose a couple of big trades DDI is right you get bigger and bigger, just glad i did nt blow the account but it could have happened

becareful of revenge trades and patience is key
 
forgot to add: its easy to lose your discipline when one os on a good run too...pips have accumulated, so you start taking punts that are outside your conditions...and then that would put you on course to a disaster....

one must be mentally balanced whether on a god or bad run.
 
pocrel said:
morning guys, well last week for me was a disaster, decided to have a couple of off the cuff trades no idea why just got bored and before i knew it with a couple of losses and one revenge trade i was down 2500,
now i managed to recover a 1000 with some other trading and some proper trading, but last night again i was trading my plan and broke the rules
the question is why did i break the rules again

the big thing is that i had made some heavy losses and i was pushing for more money, now if i had not done these few trades last week i would actually be sitting here after making about 20 % on my account

this is just a warning to you 3 random trades has totally blowen my profit for the month and now i am making mistakes try to recover the money

mentally its very hard, and again i am trading this morning and not taking profit as i am pushing for more

what a shame, just when you think your ahead in the game the demons rare there ugly head
Click to expand...

Surely one must follow the plan. In trading however, the plan must be robust and adapt to changing conditions.
Our model is based on a weighted model for single currencies. We determine and classify each period whether a single currency is weak, strong or sideways. We then buy/sell trough/dip of appropriate pairs.
With this model, it is proper to stay in the right side of the trade and then manage stops/targets.
Going forward we have determined that NZD,AUD,GBP are strong: CAD, JPY, CHF,USD and EUR are weak. EUR actually changed to strenght shortly b4 London open. I had the opportunity to get off the earlier short..but was not within..
Therefore I normally have to trade pairs within the above premise..and keep monitoring each currency to see when changes could occur. Single currency sentiments dont change abruptly..could last from 1 day to several days.
 
Last edited:
Single currency sentiment is a powerful tool to take consistent short term profit in FX trading. Trendlines, Indicators and sometimes technical levels may not be helpful on short term FX trading. Long tem trendlines or S/R could see a bounce naturally but will it hold or break myth has been the problem. Currency trading also involve 2 pairs and each of the pairs has influence on the move. Therefore if for example we have eur/aud level @13800..when prices gets here from below, and eur is strong and aud is weak (sentiment)..it means that this level could still be broken even after the initial bounce...

My 2 cents
 
Once a probable direction of pair is determined, patience is key to enter trades at a discount

A different strategy must be used for pairs derived from same class. That is strong/strong or weak/weak. It is mostly a two-sided range. example today we expect chf/yen as range...but eur/cad or gbp/yen as trend
 
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