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Olwatosin1 Jan 18, 2019 3:40pm | Post# 74021

{quote} This is the most important and useful trading advice I have seen on Forex Factory
I would like to add that from experience, people dont think much in terms of percentages, they think more in terms of absolute numbers - profit or loss. And I a very guilty of that. It s the reason why I may close a trade in profit early when it should have been left to run or close a loosing trade when it has not hit the stop and has a good chance of reversal.
What I have done which works for me is to trade constant lot on a small account. So I link the small account to the big account so that I dont get to see the trades on the big account. All trades are automatically copied with no lag whatsoever. That way I can focus on the small account and dont get greedy or panic.

wealthyqueen Jan 18, 2019 4:48pm | Post# 74022

{quote} You are absolutely right in almost everyword! About 90% or above of my short term trades are working perfectly since long time so Ithink I trusted myself and my trades more that I should be. In the first week of the year I said to myself : okay, let's get some more profits rather than those. Why I don't take like 1k instead of just 200 or so. So I traded all the 5 days like that. After taking some profits at first. Lost a huge amount at the end. Thanks for your advice bro and hope your all trades are green!
This is good advice! Alorente! You appear to be very balanced in your trading. Especially, emotionally. This is great advice.

kayikayi Jan 18, 2019 5:51pm | Post# 74023

H4+ 5M i said yesterday that i getting out at 1.13990 , and once again i did the opposite {image} {image}

Okie Mightie Motie!!

so this week you got all once and nothing twice! (and I am not factoring in the pip gain vs the pip loss. ..and I don't care if you blew your account already or not...I am sticking to very simple basic logic here lol lol....not hard most of the time but it seems elusive sometimes to some.)

All or Nothing strategy (or what I call self inflicting DD strategy lol) failed this week big time!

Are you gonna stick to it next week?



.... I can hear the head banging the wall yet another time
am I being too quick to pigeon hole our mightie motie?

to be continued....

Bogi Jan 18, 2019 9:55pm | Post# 74024

Trump tweet that will make major announcement at 3 pm ET on Saturday. How an emergency for a brand new wall will reflect to the dollar?

Pollen Jan 19, 2019 12:04am | Post# 74025

1 Attachment(s)
EU, just broke some support

Go down = like
Go up = dislike

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FirasBK Jan 19, 2019 1:40am | Post# 74026

{quote} I always say: If you feel emotional and uncomfortable with a trade, it is a sure sign you are trading a position that is too large. How large? It is easy to determine. Just reduce the size in your next trade. If you still feel stress, reduce it again in your next trade. You will get to a point where you feel no stress, maybe even boredom. That is the size you should be trading. Now, make a note of your margin % level and keep the same % on all future trades even as your balance grows. Stress leads to bad decisions and you should avoid it...
That is the best message I have read on this website, Absolutely true... Been there, done that, readjusted and keep investing accordingly, thank you very much for that wise shout-out.

prophetfx Jan 19, 2019 3:06am | Post# 74027

EURUSD seems confused?

okshop Jan 19, 2019 3:38am | Post# 74028

1 Attachment(s)
{quote} for bulls IF price maintain aboved 1.13991 H1 closed, will project a target of 1.14289 for H1
EU
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Name: EURUSDDaily.png
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Moty Jan 19, 2019 5:36am | Post# 74029

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h1
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Name: eur usd 5M.png
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tiborf71 Jan 19, 2019 5:41am | Post# 74030

1 Attachment(s)
I'm already looking for the Northern Opportunity.
I think, this trendline stops the falling.
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Hickson Jan 19, 2019 6:05am | Post# 74031

H4+ 5M i said yesterday that i getting out at 1.13990 , and once again i did the opposite {image} {image}
Hi Moty, here is my answer: By accepting what is, we can improve. Food for thought.

R2-d2 Jan 19, 2019 8:02am | Post# 74032

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h1 {image}
Hi Moty,
In my opinion it was a mistake to took any trade in EURUSD last week.
The reason is that at the moment we have very unfavorable market conditions.
I am a big fan of the EMA 20 (close) on different timeframes because you see nearly always some price reaction (like Dynamic S/R).
Look at the chart (Blue = EMA 20 D1, Red = EMA 20 H4, Green EMA 20 H1, D1 and H4 are time shifted for H1)
When price is between the EMAs the market gets choppy .
When price If the EMAs are showing different directions then conditions are even more bad.
When price is goes near the EMA 20 D1 into a range then I think chances to make money are better when you play roulette.
Now you can wait for a pullback near 1.3000 or that the price goes beyond EMA 20 D1.
But be careful because the bears could probably waiting for your buy order (see 3 Jan).
So it's more secure to buy the first pullback after the EMA 20 D1 breaks.
The problem is EURUSD has the tendency to stay in a his range for days and weeks.
If you want to trade, the I would recommend a currency pair with better market conditions.
For example I traded last week mainly YEN pairs.
The market conditions are either not perfect but good enough to make profit.
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knkie Jan 19, 2019 8:39am | Post# 74033

h1 {image}
Hey Moty i think alot of good trading advice has been given to you so I wont go there.
But here is an interesting probability riddle that should help you:

You are on a game show and there are 3 doors. One door has a car the other 2 are empty.
Lest say you choose door nr.1 ....now the game show host opens door nr. 3 to show you there is nothing there.
And the host asks you: do you want to change your mind from door 1 to door 2?

There are many websites and books about this, but the correct choice is to switch to nr.2
The reason is that you have received new statistical information: door nr2 now includes the probability value that was once door nr3's...

You tend to hold on to door nr.1 no matter what, even when the host gives you free new information.....

All of this is to tell you this:
If you wish to keep your strategy of opening a counter trade as soon as you exit your trend trade.....
and then Price gives you confirming dependable new information against your choice.....
Probability dictates you should exit.

IN essence: you need risk management.
You literally have no risk management now.
surely you know that in the long run the market will always beat you if you do that?

tiborf71 Jan 19, 2019 9:14am | Post# 74034

hi moty
I'm trying to help you.
if a strategy is not good then it should not be used.
don't trade until you find a workable good method.
peace

TheLaw1 Jan 19, 2019 9:26am | Post# 74035

hi moty I'm trying to help you. if a strategy is not good then it should not be used. don't trade until you find a workable good method. peace
And Always test in a Simulator first. Test test test. When successful then go live.

kayikayi Jan 19, 2019 10:24am | Post# 74036

{quote} Hey Moty i think alot of good trading advice has been given to you so I wont go there. But here is an interesting probability riddle that should help you: You are on a game show and there are 3 doors. One door has a car the other 2 are empty. Lest say you choose door nr.1 ....now the game show host opens door nr. 3 to show you there is nothing there. And the host asks you: do you want to change your mind from door 1 to door 2? There are many websites and books about this, but the correct choice is to switch to nr.2 The reason is that you...
Very niiiice Knkie. I thank you for the effort and taking the time, very altruistic of you...and many others in this forum too.

Waiting to see what's gonna click...

Velol Jan 19, 2019 1:28pm | Post# 74037

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Price on trend line low point now Time for buy !



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Starcraftmaz Jan 19, 2019 8:56pm | Post# 74038

I think there will be some resolution to US shutdown this week (there will need to be actually, otherwise all furloughed workers get automatically fired).

This is likely to cause a risk off rally and a huge upswing in eu.

I just hope it goes to 1.133 or so first, would be great for me.

groper Jan 20, 2019 4:41am | Post# 74039

{quote} I would like to add that from experience, people dont think much in terms of percentages, they think more in terms of absolute numbers - profit or loss. And I a very guilty of that. It s the reason why I may close a trade in profit early when it should have been left to run or close a loosing trade when it has not hit the stop and has a good chance of reversal. What I have done which works for me is to trade constant lot on a small account. So I link the small account to the big account so that I dont get to see the trades on the big account....
i do exactly the same thing, for exactly the same reasons it works

Abrar1299 Jan 20, 2019 4:46am | Post# 74040

1 Attachment(s)
If the next daily candle isnt bearish on the Dxy EU is headed to atleast below 1.10. failure above 1.15 meant that bulls left the building and the price action on weekly looks really bearish.
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