Currently long and just moved to BE.
Missed being taken out by 1 pip then went to the smaller 1:1 and price stalling so decided to TP.
Missed being taken out by 1 pip then went to the smaller 1:1 and price stalling so decided to TP.
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Disliked{quote} I have set my trading rules to ensure that I protect when I reach a +20 pip or more profit position. In the past I have seen profit reach 20+ only to retrace to the stop loss and I have regretted protecting the trade. As price hit 24739 I moved the Stop loss to 24754 (i.e. Break Even+5) and got taken out only to watch price go lower. It was literally taken out by 1 or 2 pips. My rules create more 'break evens' but fewer losing trades. I created them and back tested them because on many occasions I saw price reverse to Stop out. As I have...Ignored
Disliked{quote} Thanks for the clarification PeteH. I hope you weren't offended by me asking. I am trying to figure out my rules too. I usually wait until at least +30 but that's more out of fear and not my rule. My rule is when it interacts with structure (which in this case would have been below 720). Like you, I have also been taken out when I could've protected early and didn't. But I have also protected too early out of fear and lost out on some huge wins. I do think those that turn to winners will out way the losers in the long run.Ignored
Disliked{quote} I move at structure, preferably the previous high or low and not some in-between structure. I didn't start moving to BE until I joined this thread and started following Damian. I figure he's backtested/forward tested enough on the YM 233T that he's probably nailed it in terms of the BE move. Before I came to this thread, I wasn't moving to BE at all on fx, but would take a portion of my profit at structure, while still allowing the rest to come all the way back to SL or go on to my TP. I've quit that in favor of the BE at structure rule...Ignored
DislikedLast trade for the day a BE+2. Entered just past the 1:1 and price seemed to be holding at structure, waited and got a good rotation at the third time of asking then rode the pain train, missed my SL by about 8 pips (just above previous structure. Protected trade at the previous low and got taken out immediately. Finished with +63 on the day. {image}Ignored
DislikedThoroughly whipped today, anybody got a world market they want me to bring down? I could take down an entire currency with a buy button.Ignored
DislikedFor anyone here struggling with emotions and lack of consistency (including myself): http://www.newtraderu.com/2017/07/10/tradersreality-became-consistent-forex/ The story how the author of that article became profitable in forex. It's not the system, it's our thoughts. Have a good evening, fellow tradersIgnored
Disliked{quote} Not offended at all. You are right though on this occasion although I followed my rules I am kicking myself as I should have yielded +75 pips (which would have wiped out my negative day). I think 30 pips is the better protective level. {image}Ignored
Disliked{quote} Could a solution be to Quick reenter the Trade after the BE stop was shown “wrong”??Ignored
Disliked{quote} Nope... Feeling not so well today, flu or something.. . Would have posted charts if I did trade . Don't have a lot of time tomorrow but let's see if there's opportunity to trade. Good nightIgnored
Disliked{quote} Reckless or not if you follow your rules and achieve the same or more you will do well. I've had a tough time of it. Presently on -212 since last Wednesday and my long trade is struggling on the pain train at -22 at the moment.Ignored
DislikedHello All, My first chart here. Starting with improving my identification of NSH NSL. Please give feedback. Thanks.{image}Ignored