so i am in the climate
Cable Update (GBPUSD)
- #585,164
- Edited 4:46pm Mar 19, 2021 4:19pm | Edited 4:46pm
- Joined Apr 2020 | Status: Trader | 8,807 Posts
Trader with an Edge.
- #585,166
- Mar 19, 2021 4:45pm Mar 19, 2021 4:45pm
- Joined Apr 2020 | Status: Trader | 8,807 Posts
Trader with an Edge.
- #585,167
- Mar 19, 2021 6:11pm Mar 19, 2021 6:11pm
- Joined Apr 2013 | Status: Trader | 1,926 Posts
I need some advice on patience.. I’ve exited early before TP reached so many times this week, like today I had a solid sell in place at 1.39300 with TP set at 1.38500 but took profit before the massive drop down. I guess I need to identify true reversals better. I usually pay too much attention to the 5m & 1m when in a trade which can give too many false signals. Any advice on this? I’d love to be able to let a trade run and not stare at the charts but I can’t help monitoring it. Ironically my best trades all come in the Asian session when I’m asleep...
Since you asked for advice, let me tell you something... on my early days, i had the similar problem.
it's more common then we think or talk about. The biggest emphasis is given to "entry", everyone is looking for the best place to enter, with minimum to zero drawdown possible, and when a great entry is made, we can brag...."look at this! i'm in from this point!!!", usually if trade is green.
then what? Some will take profit to early, others let it run until it reverses back and a trade that was 50/60 pips positive becomes a "panic exit" with 10 pips only.
This is more common than traders talk.
This happens ALWAYS that a trade is not planned, or your "system/strategy" is neglecting TAKE PROFIT.
PLAN FIRST.
if you plan to take 10 pips target, take 10 pips. success case. case closed
if price continuous same direction, let it go, you had your WIN.
Now, how to set proper TP?
it depends on your trading style. S/R is very common, Fibs as well, ADR...you just need to check you trading style, scalp/intraday/trailer/swinger and find what suite you.
to lazy people (like me) a simple 1/3 ADR grid works like charm.
if you trade or usually have a m15 chart open, check chart bellow, identify your today's entry and see where would you possible take profit and let me know.
Stay cool, a nice weekend all.
If you don't know how to earn money, don't loose it.
- #585,168
- Mar 19, 2021 6:41pm Mar 19, 2021 6:41pm
- Joined Sep 2009 | Status: Trader | 6,009 Posts
{quote} Hi, Since you asked for advice, let me tell you something... on my early days, i had the similar problem. it's more common then we think or talk about. The biggest emphasis is given to "entry", everyone is looking for the best place to enter, with minimum to zero drawdown possible, and when a great entry is made, we can brag...."look at this! i'm in from this point!!!", usually if trade is green.
Expect nothing less from you
Have a great weekend
- #585,169
- Mar 19, 2021 7:00pm Mar 19, 2021 7:00pm
- Joined Apr 2013 | Status: Trader | 1,926 Posts
If you don't know how to earn money, don't loose it.
{quote} Hi, Since you asked for advice, let me tell you something... on my early days, i had the similar problem. it's more common then we think or talk about. The biggest emphasis is given to "entry", everyone is looking for the best place to enter, with minimum to zero drawdown possible, and when a great entry is made, we can brag...."look at this! i'm in from this point!!!", usually if trade is green.
This is very valuable information for anybody reading and you have given me a lot to think about.
I have an ADR price target tool on Trading View, but if you could tell me the name of your MT4 ADR tool that would be amazing thank you.
Have a great weekend
- #585,173
- Mar 20, 2021 2:11am Mar 20, 2021 2:11am
- | Additional Username | Joined Mar 2020 | 1,607 Posts
- #585,174
- Mar 20, 2021 2:31am Mar 20, 2021 2:31am
- | Additional Username | Joined Mar 2020 | 1,607 Posts
Have a good weekends rest. 
- #585,178
- Mar 20, 2021 3:36am Mar 20, 2021 3:36am
- Joined Apr 2013 | Status: Trader | 1,926 Posts
{quote} Thank you for your reply coolmakina, your posts have always been helpful for me, this one included! This is very valuable information for anybody reading and you have given me a lot to think about. I have an ADR price target tool on Trading View, but if you could tell me the name of your MT4 ADR tool that would be amazing thank you. Have a great weekend
here you go.
adr is in pips, grid must be made in points.
Stay cool
If you don't know how to earn money, don't loose it.
{quote} Hi, Since you asked for advice, let me tell you something... on my early days, i had the similar problem. it's more common then we think or talk about. The biggest emphasis is given to "entry", everyone is looking for the best place to enter, with minimum to zero drawdown possible, and when a great entry is made, we can brag...."look at this! i'm in from this point!!!", usually if trade is green.
