Hello friends 
I'm writing this to thank you for some very cool suggestions to try to improve my recent lack of form. I borrowed that word from cricket games because it fits me well for now, and I love the game too. You don't have to read this and answer now (or ever!) because trading market is open and I am writing this in my break at work. I will add a chart when I get home but now I am working from a screenshot on my phone.
My problem is not so much my entries. When I look at the first trade from yesterday, I entered to sell right under the 1.1300 line. It was not possible for me to enter about 10 candles before, which would have been nice, because I was not home from work yet. So this entry was good I think. The TP line was about 2 or 3 pips higher than the support that we all know about and the price reversed about 2 pips from my TP! I took a manual exit for +28. This is all good. My mistake could have been that I should have set my TP a few pips higher, but that's easy to say now! I think my TP was reasonable and it was just unlucky that TP just missed.
My second trade entry was ok, and I say that because the candles had tried very hard to go up, but they could not. There was no power to make them go up. USDX at that time could not go down. The pressure of bears was strong enough to make an entry a good risk. My TP was at the next support level as it seemed that the immediate support level was not going to hold or reverse the action. Sl was good too. I took a manual exit for a small loss and soon after the candles went to my TP and would have paid me well.
So why did I take the manual exit for a small loss, and not let the trade 'breathe' as I have heard people here say? Why did I not let it run a little negative when I knew that the chances of a reversal here was just about zero?
The answer is, because I am stupid sometimes. And this is not the first time.
I do not like to let a trade that is in profit go back to negative. That is why I took manual exit on the first trade. This was the right thing for me to do. But the second trade was only ever in a little bit of profit and so I should have let it go negative because this is part of the way of the market. The price was never going to reverse here so I was either too scared, too impatient or both. I think I was both.
You might have seen in my trading that I have very few losses, but also my wins are not as consistent as they could be. My entries are mostly pretty good and in the right direction (please understand that I only have a small window to be trading because of work, so sometimes I may enter a little late).
Q: So what is solution to my problem?
A:
1. To accept and understand that it is ok to have losses. To accept losses is necessary to invite wins to my account sometimes. Trades must be allowed to breathe, even if that means a loss sometimes. The losses should be limited by getting the entry correct, or at least in the right direction.
2. To have more confidence in myself.
3. To have more coffee available
4. To make sure to wear trading T Shirt every time I trade. I have a new pretty T Shirt and if I don't wear it, I lose!!
The first one will take a big effort to achieve, but I will do it.
The second one is hard too, but I will do it.
The third & fourth one's are easy!
So here is the chart from yesterday in M15 time. I hope you can understand it, I'm not very good with this graphic program.
Thank you for listening and helping me. You are all so wonderful xxx
Indiara
I'm writing this to thank you for some very cool suggestions to try to improve my recent lack of form. I borrowed that word from cricket games because it fits me well for now, and I love the game too. You don't have to read this and answer now (or ever!) because trading market is open and I am writing this in my break at work. I will add a chart when I get home but now I am working from a screenshot on my phone.
My problem is not so much my entries. When I look at the first trade from yesterday, I entered to sell right under the 1.1300 line. It was not possible for me to enter about 10 candles before, which would have been nice, because I was not home from work yet. So this entry was good I think. The TP line was about 2 or 3 pips higher than the support that we all know about and the price reversed about 2 pips from my TP! I took a manual exit for +28. This is all good. My mistake could have been that I should have set my TP a few pips higher, but that's easy to say now! I think my TP was reasonable and it was just unlucky that TP just missed.
My second trade entry was ok, and I say that because the candles had tried very hard to go up, but they could not. There was no power to make them go up. USDX at that time could not go down. The pressure of bears was strong enough to make an entry a good risk. My TP was at the next support level as it seemed that the immediate support level was not going to hold or reverse the action. Sl was good too. I took a manual exit for a small loss and soon after the candles went to my TP and would have paid me well.
So why did I take the manual exit for a small loss, and not let the trade 'breathe' as I have heard people here say? Why did I not let it run a little negative when I knew that the chances of a reversal here was just about zero?
The answer is, because I am stupid sometimes. And this is not the first time.
I do not like to let a trade that is in profit go back to negative. That is why I took manual exit on the first trade. This was the right thing for me to do. But the second trade was only ever in a little bit of profit and so I should have let it go negative because this is part of the way of the market. The price was never going to reverse here so I was either too scared, too impatient or both. I think I was both.
You might have seen in my trading that I have very few losses, but also my wins are not as consistent as they could be. My entries are mostly pretty good and in the right direction (please understand that I only have a small window to be trading because of work, so sometimes I may enter a little late).
Q: So what is solution to my problem?
A:
1. To accept and understand that it is ok to have losses. To accept losses is necessary to invite wins to my account sometimes. Trades must be allowed to breathe, even if that means a loss sometimes. The losses should be limited by getting the entry correct, or at least in the right direction.
2. To have more confidence in myself.
3. To have more coffee available
4. To make sure to wear trading T Shirt every time I trade. I have a new pretty T Shirt and if I don't wear it, I lose!!
The first one will take a big effort to achieve, but I will do it.
The second one is hard too, but I will do it.
The third & fourth one's are easy!
So here is the chart from yesterday in M15 time. I hope you can understand it, I'm not very good with this graphic program.
Thank you for listening and helping me. You are all so wonderful xxx
Indiara
I am neither brave nor stupid...I am just a part time trader
