{quote} You are more than welcome. We all can improve afterall, not one of us is perfect and we have, do and will make mistakes, hopefully we make less of the ones that cause us the most pain. Good trading, Masterrmind...........
{quote} Thank you for the input and analysis as it would allow me to further improve. I think you've pinpointed the actual problem I'm facing. Besides identifying the entries I feel that the TP and SL are just random numbers... I mostly set them up by looking on charts for swings and when initially placing it keep it at least 1:1 but in reality I'm cutting TP shorts. Like I did with the USD/CAD trade and I know it's not a profitable way to go: taking < 1 profits and a full stop loss. I guess the reason I'm actually facing this is because I'm not...
{quote} I think the first step I must take is when posting trades to justify SL and TP as well, not just entry as this way you'd see and correct the wrong thinking. Plus I should also learn more about fundamentals. If there is anything else I should fix please let me know.
{quote} You are doing very well. I've had a look through your TE and its looking really good. Next year I look forward to viewing your real TE and showing control in your trading. I know you can do it ! ps. I'll be sure to let you know about areas requiring improvement, you can be sure about that ! Masterrmind............
{quote} Thanks Masterrmind, I will read everything carefully and ask new questions. you are very kind!
{quote} Thank you for the encouragement and input. I will do my best to keep trading as close as per your rules as that is what got me to this stage and hopefully, when I move to live I won't ruin it, by emotions. If that is ok I will do my best to expand trade description with reasons for SL and TP so you can look over it. For fundamentals, I'm struggling as I think they require more time for reading but I must do that as well to ensure better confluence. And yes, please do let me know everything you think as this is the best way to learn by apprenticeship...
{quote} 100% true, by working on larger time frames we're having a greater control of our actions and even with less precision, we can be profitable.
Trading GBP related pairs this week Market analysts are predicting some large whipsaw PA in and around the Brexit voting on Tuesday either during the London session or if voting is somehow delayed potentially creating even larger whipsaw swings due to thinner liquidity in later NY session. Market concensus is that the Brexit Deal will not be voted in favor. Such an outcome would trigger even greater uncertainty in the GBP based on a possible vote of no confidence in the UK PM May, a possible leadership challenge and a new round of Brexit negotiations,...
{quote} Another point worth making is that it is my intention to end the current year with only Equity showing on the trading account. This means that I will seek to close out all losing trades prior to year end including the eventual closure of all open positions in profit or any orders in the system. What matters most to me at year end is the %Gain in Equity (no open positions). This may also mean that the Monthly gain for December (via myfxbook) is non-favorable due to any accumulated DD from previous months. The new year then starts off with...
Trading GBP related pairs this week Market analysts are predicting some large whipsaw PA in and around the Brexit voting on Tuesday either during the London session or if voting is somehow delayed potentially creating even larger whipsaw swings due to thinner liquidity in later NY session. Market concensus is that the Brexit Deal will not be voted in favor. Such an outcome would trigger even greater uncertainty in the GBP based on a possible vote of no confidence in the UK PM May, a possible leadership challenge and a new round of Brexit negotiations,...
{quote} I'm in a somewhat similar situation with you based on the GBP/JPY long trade that is not yet closed, not yet in profit. I was thinking of leaving it open since the current risk-reward ratio would favour it. It's around 50 pips to SL 125 to BE and 250 to TP. During this period a great volatility is to be expected just to wipe SL positions and my thinking is that TP is way too far for this but moving it to BE would maybe work. I think the same as your position we're under solid supports so we could presume that there will be a hunt in the...
{quote} Again a thinking as your position of entry is not very close to the current price. If you leave pending orders along the way? I mean if the price goes down it'll take your stop loss but if the price goes up you could leave pending orders along the way for 50-100 pips as this would offer a better risk reward ratio for your SL? I know there is a risk of just getting the orders triggered and get higher drawdown in the end but if it would be just before brexit vote the high volatility would either push the trade down to SL or higher and it would...
GBPUSD Stop tightened to 1.26343 which represents close to 4% risk. Trailing Stop Loss applied at 2 octive gaps (2*61pips=122 pips) from current price with 1 octive gap steps as price moves higher. No stop widening will occur meaning that the market may well take me out sooner rather than later. My focus is on reducing risk on this trade not increasing it. Masterrmind.............
{quote} Thank you for the input. I know understand that we should avoid pending orders during events like this. So the best course of action in these situations ( if we can't be completely out ) is to adjust stop losses and sit in the news? If we get a chance to close the trade before the news on breakeven we should act on it or still sit in the trade? If the trade is still on loss Monday evening it should be closed anyway, no?
