The Rainbow Room

Quoting Yuppie

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Thought my discipline before was bad?...

You should check this out...

I am now truly leaving the screen for the day...

Maybe posting trades, while I trade, is not such a good idea... Although, I think that is actually an excuse... I think the real problem was that I was trying to see how many consecutive winning days I could maintain... This, combined with the big loss earlier today, caused me to lose perspective...

These last few weeks I was doing so consistently well... I thought the discipline thing was well under control... Maybe not...

Will see how tomorrow goes...

[Managed to lose yesterdays gains as well as todays...]


Magnus

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Quoting Stan

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Yuppie,
I see nothing wrong with backing off trading when one is not focused.
The mantra says use less lots, but I will at times just back off totally and re-evaluate myself, what I am doing wrong, what are my plans to improve.
I have stopped trading for several days due to this introspection evaluation.
Perhaps others have other opinions, but the market will be and ready for you to regain your profits, once you are ready.
I did not detect discouragment in your post, more of disappointment in your self, That is good.
Looks like you are on the right track though.

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Quoting wheelsut

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Magnus 1st off thankyou so much for all of your post I have learned alot from your charts and insight, you do have a way with words. I am in the same boat over the past two days I have not followed my own rules let alone the mantra and the trollman, therefore I have lost money. It is crazy because over the past month I have been very very disciplined in turn had made money. So goes the learning process. Anyway hang in there, walk away and come back ready to apply what you have learned (iam saying this to you but know that it is for me also). Thanks once more for your insight.

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Quoting Yuppie

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Right, getting back on track now...

First trade of today... Watched charts for about 4 hours... Saw this one setting up about 20-30 mins before I entered...


Could have been in earlier on this one... But was playing it how I planned... And an early [Read: riskier] entry was not part of that plan...

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Quoting prosperfx

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Great trade Magnus!! 27 pips profit - done for the day?!

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Quoting Yuppie

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Cheers Glen...

That trade was a few hours ago... The next one lost 8 pips... +19 pips for the day... Damn, so close to my 20 pip target...

Really considering having a 20 pip profit target for each day... And stop trading after that for the rest of the day... Seems like it might actually work... Will think about it some more...


Magnus

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Quoting Stan

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Please understand this is just my opinion and personnal experience.
The goal of a set number of pips either per trade or per day quite often ends in a losing trade or day. The reason is we have no control of the market, but try to control it by achieving a certain amount of pips which compels us to get into trades we probably shouldn't get into or stay in trades longer than we should.
I believe to take what it gives us and be happy.
Also, I have in the past, had a set number of pips as my goal (say 10 pips) and soon as I got out of the trade with my 10 pips, it ran for MANY more pips, sometimes 100 or more.
Not to take away from your goals, just something to consider.
Take what the market gives you, and learn to be satisfied with that.
This is just my opinion.
You are doing very well on your charts.

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Quoting Yuppie

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The reason I was considering it was because I have a tendency to let gains get eaten away as the day progresses... I don't believe [that I can remember] having started the day neutral, that I have gone into negative pips straight away... Ok, I have not been doing it that long...

However... I do observe that I am very focused at the start of the day... My idea of a pip target for the day was more of a limit.... Not to be exceeded [sounds silly I know]... Rather than a target...
[Yesterday: First few hours of trading - +3, +3, +5, 0, +7, -3, +7, +2; Later on that day lost all of this and a whole lot more; Today: First trade - +27; next 3 trades - -8, 0, -1... Is it coincidence? Or a [repeating] pattern?]


Magnus

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Quoting DrainBamage

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Hi Magnus!

Thats exactly what is happening to me lately! I am usually very successfull on the London opening (as LT recommended) and add 2-5% to my account easy enough, but then I keep trading and over day (especially after London close) I lose all my profits. So I am going to just force myself and keep away from computer after 2 hours of trading and doesnt matter what big moves will I miss next.

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