Hi Guys,
I can take anyway from 500 - 1000 points (MT4 platform) out of GBP/USD on a daily basis quite consistently. My style consists of trading around London open, fading and scalping and looking at how the price moves or doesn't move in order to determine direction.
But here is the problem, Im so right nearly all the time that when Im wrong its hard for me to admit Im wrong when Im right so often! Sounds stupid but its true. I watch my loser get bigger and bigger and still refuse to cut it, HOPING for a reversal. And as the lose gets bigger then the idea thats its goes to reverse even sooner becomes more real in my mind.
This happened yesterday when I was long when the trend was down. I kept averaging in betting it was going to hit support and reverse soon and hence be in the money faster. What happened, just keep going down until my margin auto exited my positions and finally the GBP found support around the 1.62707 although the bounce doesn't look strong.
I don't know why I don't use stops, I guess I never had to before because I'm right so often. They say you know your wrong when the price tells you your wrong. I don't know what this means. How do you know your wrong? The obvious answer when the trade doesn't go in your favour. Its stands to reason that the real loss you incur when you cut a losing trade is at least 3x the amount of a winning trade. I don't like the idea of this because you start trading with scared money. I would like to hear other peoples thought on this.
I can take anyway from 500 - 1000 points (MT4 platform) out of GBP/USD on a daily basis quite consistently. My style consists of trading around London open, fading and scalping and looking at how the price moves or doesn't move in order to determine direction.
But here is the problem, Im so right nearly all the time that when Im wrong its hard for me to admit Im wrong when Im right so often! Sounds stupid but its true. I watch my loser get bigger and bigger and still refuse to cut it, HOPING for a reversal. And as the lose gets bigger then the idea thats its goes to reverse even sooner becomes more real in my mind.
This happened yesterday when I was long when the trend was down. I kept averaging in betting it was going to hit support and reverse soon and hence be in the money faster. What happened, just keep going down until my margin auto exited my positions and finally the GBP found support around the 1.62707 although the bounce doesn't look strong.
I don't know why I don't use stops, I guess I never had to before because I'm right so often. They say you know your wrong when the price tells you your wrong. I don't know what this means. How do you know your wrong? The obvious answer when the trade doesn't go in your favour. Its stands to reason that the real loss you incur when you cut a losing trade is at least 3x the amount of a winning trade. I don't like the idea of this because you start trading with scared money. I would like to hear other peoples thought on this.