{quote} USD CAD Adding more buy CAD {image}
USD CAD
P A T I E N C E
Fear of losing is the #1 reason you are losing.
- Joined Dec 2008 | Status: Newbie | 7,252 Posts
USD CAD
P A T I E N C E
- Joined Dec 2008 | Status: Newbie | 7,252 Posts
{quote} GBP USD Hodl One position in negative {image}
This pair is just like a grumpy old man.
Even tho, it has shown a reversal set up from yesterday, it came down and take more order before pushing it by taking out all the Stop Loss (Sell LimiT) from novice traders.
The "W' formation has become like VW Logo............
Currently, price will retest YH.
Fear of losing is the #1 reason you are losing.
- Joined Dec 2008 | Status: Newbie | 7,252 Posts
{quote} I donno why you want to go LONG . You need to briefly mentioned your basis for going long. All I can see is this guy is making a weekly QM zone and about to go lower.
Tell me something I dont know, Why you going LONG.
Convince me to believe your set up is correctly presented.
Trade what you see with the set up, not what you think it will happen.
Fear of losing is the #1 reason you are losing.
{quote} {image} Tell me something I dont know, Why you going LONG. Convince me to believe your set up is correctly presented. Trade what you see with the set up, not what you think it will happen.
, possible long, let's see, but imho looks like in middle of the field, value area must be lower for long
- Joined Dec 2008 | Status: Newbie | 7,252 Posts
{quote} My view looks like that... maybe depends on strategy
Fear of losing is the #1 reason you are losing.
- Joined Dec 2008 | Status: Newbie | 7,252 Posts
{quote} GBP USD This pair is just like a grumpy old man. Even tho, it has shown a reversal set up from yesterday, it came down and take more order before pushing it by taking out all the Stop Loss (Sell LimiT) from novice traders. The "W' formation has become like VW Logo............
CHOOSING TO EXIT (TP) THE TRADE.
Successful traders close out their trade and move onto the next one.
They don’t keep going over your old ones and saying “if only…” Except of course you’ll want to review your past trades to see what you can learn from them, if anything.
Some use the expected timeframe of the trade (related to profit target)
The type of trader you are will have a bearing on the time that your trades need to stay open to reach your profit target.
day trader or a scalper would hold a position for hours, minutes or even seconds.
At the other extreme, a carry trader holds positions for weeks, or months.
For the carry trader, capital gain on the trade is usually less important.
The goal is to hold the position open for as long as possible to accumulate interest.
Having decided on a timeframe and on the trending characteristics, we can now choose an appropriate profit target that will give our trade a high win probability.
Conceptually you want to be IN a trade as long as the odds are good.
When you get into a trade, if it all goes well you should be aiming for 2:1 or 3:1 risk reward. (risk is the distance to your stop loss).
That doesn’t mean you will get that every time, just that in a perfect world you can make enough to cover the inevitable losing trades.
At some point the trade matures.
And the odds start changing.
When you approach 1:1 risk reward ratio, ie it could still keep going up, but just as equally not work out and reverse, you want to either tighten your stop drastically or exit.
Because we can trade only the right hand edge of the chart, and we don’t know the future, we should NOT attempt to guess where the move will stop.
In that way lies madness, and nobody can do it consistently.
Just build a set of rules for exiting based on logical properties of markets and follow them the same way every time.
Likely the results will be better than you trying to get every trade individually correct.
Some things you can use as targets.
measured moves
multiples of ATR from entry point
wait until the move makes more than 2x your initial risk and then tighten stop, using a chandelier stop, parabolic SAR, bollinger bandwidth turning down stop, etc.
old spike highs and spike lows
In the trade above I didn’t get a good exit. I ended up with 1.55R and the move is ongoing.
Nevertheless I don’t worry or think about that, it is impossible to get it right every time.
Fear of losing is the #1 reason you are losing.
Hi pat pls be posting your trades before you take it so we too can be partaken from it till we become perfect like you thous we still learning this but it will be much you post it just after you take the trade, I don't see much of that i see of that i see most you r close trade,thanks
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