Short didn't work out.
Did anyone take the break to long ?
Just proves it's a numbers game so one keeps plugging away.
I didn't wake up early today so missed the trade. Now I see it would have been a loss. What to do - no system is 100% right. I guess one has to learn to accept a loss every so often and go on. Money management in that sence quite important. I have been doing trading for some time and still learning to accept loss in a normal rellaxed way - sad isn't it?[/QUOTE]
Not sad at all.
Loss is very difficult to accept since we are hard wired to believe loss equals failure rather than accept a trading loss as a business expense. Various posters have said that the psychology of trading is the hard bit - and it is. You cannot explain the psychological difficulties of trading to another person; it is something the other person has to experience to truly appreciate. The biggest obstacle to your success as a trader is you - glib but true
As Neil mentioned psychology, just remembered book I read in early August: Trading In The Zone by Mark Douglas. Bit demanding to read, but after I read it made 20 days without a single loss. Afterwards got carried away (guess forgot about what I read and became big headed) and managed to half my account in 3-4 days. Analyzing those 4 days got impression I lost a plot a bit (Can one be hypnotized by market and all day chart following?) Anyway recovered since than by being in control of my trading actions, greed, fear etc. I guess I'll read it again and try not to forget this time. Through my experience you should stay disciplined as long as you are trading. Don't let emotions get envolved. Wish you successful trading.
The move down and move up was weird. I cant see any clear sup/res areas/zones.
Does this explain anything Trendie? I bet Gamma noticed.
Short didn't work out.
Did anyone take the break to long ?
Just proves it's a numbers game so one keeps plugging away.
Long 16219.3 closed 16235.6 another bite at 16286.4 closed 16296.2. All in just shy of my 40 pip daily.
In my working life/day I am a big fan of keeping it simple. I apply this to trading but i still wonder if I am making a mistake. It almost feels like I am taking the **** against a lot of the advanced theory and in particular some very advanced charting that I see throughout this site. As a newbie I fear the flame.
As a reference I deal with Turkish contractors on a day to day and this in itself is a very interesting experience.
I have never been a great lover of indicators but, after reading a good bit of the "Trading Naked" thread, I have, also, got rid of my averages and Bollinger. I put on the hourly average to check the trend but switch it off again, afterwards.Looking at a chart with nothing on it, except the bars, is a new experrience for me and focuses me, totally, on PA.
I like PA as well but have never been trading seriously with it yet. How is PA working out for you?
You're always trading with PA, whether you realise it or not.
Yes but I was referring to no indicators. just S&R lines, trendlines and higher highs etc