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Addicted to the trade

  • #1
  • First Post: Mar 20, 2008 4:18am Mar 20, 2008 4:18am
i know were to get in and i know where to put my stops, i just don't know where/when to get out .

i closed a trade for 150pips (SL 90pips) - it then ran to a max of 460
i closed a trade for 60pips (SL 95pips) - its (now) upto to a max of 160

i trade the trend, so when i see a retracement i panic and pull out, any tips for a good TS, or a S/R indicator? cheers
  • #2
  • Mar 20, 2008 4:46am Mar 20, 2008 4:46am
Quoting trevman
i know were to get in and i know where to put my stops, i just don't know where/when to get out .

i closed a trade for 150pips (SL 90pips) - it then ran to a max of 460
i closed a trade for 60pips (SL 95pips) - its (now) upto to a max of 160

i trade the trend, so when i see a retracement i panic and pull out, any tips for a good TS, or a S/R indicator? cheers
I wouldn't sweat it so much.
It happens.
There's always another trade in the making.

Kicking your own arse for "lost" pips is psychological warfare on yourself.

Aren't you happy with the 150 & 60?
Carpe Divitiae
  • #3
  • Mar 20, 2008 4:49am Mar 20, 2008 4:49am
You are too concentrated on getting 'all out', if you can go with another lot, you can scale out your exits, hence you are still winning, and you let the other half run with a break even stop.

Then again, you are winning, so do not be so frustated, its most important to be positive balance afterall.
  • #4
  • Mar 20, 2008 6:33am Mar 20, 2008 6:33am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting winlots
You are too concentrated on getting 'all out', if you can go with another lot, you can scale out your exits, hence you are still winning, and you let the other half run with a break even stop.

Then again, you are winning, so do not be so frustated, its most important to be positive balance afterall.
Yeah, one idea that seems to work quite well is to close out half of your position and move the stop to break even. Worst case scenario is then price comes back and takes your stop out at be, but even then you have cashed some of your position out.
  • #5
  • Mar 20, 2008 6:58am Mar 20, 2008 6:58am
Quoting trevman

i closed a trade for 150pips (SL 90pips) - it then ran to a max of 460
i closed a trade for 60pips (SL 95pips) - its (now) upto to a max of 160
This is much the way I trade. I am much more consistent when I just take the profit and call it a day.

Too many times that 150 goes back and stops you out for -90. The +60 turns into -95.

Yes, you could have gotten 460. But would it have been worth the stress? Would you have stayed in through all those retracements? That apparently isn't your trading style.

If you risked 1% on the first trade, you came out with > 1.5% profit. A good day's work. The other, OK, only 0.7%. Still a good day.

Yesterday I set a target of 150 and once I had 100 I watched it retrace until I only had 30 or 40. Then 100. Then 60. Then 113. Then 70. It was 3 in the afternoon. Next time it went to 100 I took it. During the night it hit the 150, but it could have also taken away my 100 during that time.
  • #6
  • Mar 20, 2008 7:39am Mar 20, 2008 7:39am
Quoting trevman
i know were to get in and i know where to put my stops, i just don't know where/when to get out .

i closed a trade for 150pips (SL 90pips) - it then ran to a max of 460
i closed a trade for 60pips (SL 95pips) - its (now) upto to a max of 160

i trade the trend, so when i see a retracement i panic and pull out, any tips for a good TS, or a S/R indicator? cheers
that' is my problem also for my trade.. i open short g/u at 2.03 first i put tp at 1.95 then after 300 pip i chicken out now all i can do is regret my self

then i got an entry aud/usd at 0.926 tp set at 0.89 i chicken out at 0.91...

if the veteran know how to deal this problem please i need it...

sorry to butt in but i can't help my self
struggle in life is never ending
  • #7
  • Mar 20, 2008 8:37am Mar 20, 2008 8:37am
I believe it's way better than loosing all your profits because of greed.Thinking like this you have much more chances to succeed.
  • #8
  • Mar 20, 2008 8:52am Mar 20, 2008 8:52am
Quoting deviance
that' is my problem also for my trade.. i open short g/u at 2.03 first i put tp at 1.95 then after 300 pip i chicken out now all i can do is regret my self

then i got an entry aud/usd at 0.926 tp set at 0.89 i chicken out at 0.91...

if the veteran know how to deal this problem please i need it...

sorry to butt in but i can't help my self
You guys are kidding, right? You really just want to brag and not sound like you're bragging, is that it?

Let me get this straight, you are sad because you only made 300 pips on one trade, and 160 on another?

If you're telling the truth then there's no hope for you as a trader, your greed will take you down.
  • #9
  • Mar 20, 2008 8:55am Mar 20, 2008 8:55am
Quoting blueruby
You guys are kidding, right? You really just want to brag and not sound like you're bragging, is that it?

Let me get this straight, you are sad because you only made 300 pips on one trade, and 160 on another?

If you're telling the truth then there's no hope for you as a trader, your greed will take you down.
Humble Lifetime Member
  • #10
  • Mar 20, 2008 9:48am Mar 20, 2008 9:48am
Quoting blueruby
You guys are kidding, right? You really just want to brag and not sound like you're bragging, is that it?

Let me get this straight, you are sad because you only made 300 pips on one trade, and 160 on another?

If you're telling the truth then there's no hope for you as a trader, your greed will take you down.
300 is nothing if you have a 400-500SL... and 160 is even less. same as my trades, i made 60 + 150 but ive lost more which puts it in perspective.
  • #11
  • Mar 20, 2008 9:59am Mar 20, 2008 9:59am
Hmmm.

I think if you need a 400-500 SL you may need to rework your entries.
  • #12
  • Mar 20, 2008 10:17am Mar 20, 2008 10:17am
...not on the big time frames, but thats beside my point. what i was trying to show is that people shouldn't be so quick to assume 100pips is good.
  • #13
  • Mar 20, 2008 11:20am Mar 20, 2008 11:20am
Quoting blueruby
You guys are kidding, right? You really just want to brag and not sound like you're bragging, is that it?

Let me get this straight, you are sad because you only made 300 pips on one trade, and 160 on another?

If you're telling the truth then there's no hope for you as a trader, your greed will take you down.
sorry but i don't mean to brag at all... what i'm trying to say here is that i wanted to be confidence like all of you veteran... i remembered when markam and karmo battle on the g/j said 241 and 210... that kind of achievement and confidence i wanted to have.... no brag at all

to achieve that confidence and patience is hard i know but when i analyze and in one point i'm sure that the price get there and in the middle of the road chicken out and then watched priced reached you're original target... that was hard..... that's what im' trying to say no brag at all
struggle in life is never ending
  • #14
  • Mar 20, 2008 11:44am Mar 20, 2008 11:44am
Quoting deviance
sorry but i don't mean to brag at all... what i'm trying to say here is that i wanted to be confidence like all of you veteran... i remembered when markam and karmo battle on the g/j said 241 and 210... that kind of achievement and confidence i wanted to have.... no brag at all

to achieve that confidence and patience is hard i know but when i analyze and in one point i'm sure that the price get there and in the middle of the road chicken out and then watched priced reached you're original target... that was hard..... that's what im' trying to say no brag at all
What you have to also remember that they used to trade intra-day until they moved along to trading on higher TF's. I personally trade off the daily charts. When I go into a position it is for a couple of hundred pips. The most that I held onto a position was for over 2900 pips for six weeks, when the trend changed.
Humble Lifetime Member
  • #15
  • Mar 20, 2008 3:02pm Mar 20, 2008 3:02pm
Quoting trevman
i know were to get in and i know where to put my stops, i just don't know where/when to get out .

i closed a trade for 150pips (SL 90pips) - it then ran to a max of 460
i closed a trade for 60pips (SL 95pips) - its (now) upto to a max of 160

i trade the trend, so when i see a retracement i panic and pull out, any tips for a good TS, or a S/R indicator? cheers
Sounds to me like you need to define an exit strategy with set rules. This is different than a S/L strategy which is used for emergency stop-outs. For example, you could say that you will get out if price retraces more than 1.4 X ATR for the pair. This way you will stay in trades longer for pairs that have large ranges (guppy) and get out sooner on other pairs. Just one idea.
Disregard all prognostications.
  • #16
  • Mar 20, 2008 4:45pm Mar 20, 2008 4:45pm
If you're taking 150 and 60 pips from the market be happy. I'm willing to guess that most are taking far less per trade.
  • #17
  • Edited 7:17pm Mar 20, 2008 7:16pm | Edited 7:17pm
I think its just the volatile market these past few days...see if this kind of thing continues in the future.
  • #18
  • Mar 20, 2008 7:47pm Mar 20, 2008 7:47pm
I can't belive what I'm reading. Do you realize how hard is to be profitable here? Greed will blow your accont soon or later. Just have a compouding plan and with a target of 20,30,40 pips daily, you make a fortune. Sometimes I place a 20 full lots contract, looking for 10 to 15 pips. But for me to be able to do that, I have a exel file that tell me when I can do that kind of contract. See, I don't need 100, 200 whatever pips to make money. Well of course, if I catch a good move of 50, 60 or 100 pips I will be more than happy, but with a good MM you don't have to worry about 100s of pips.
I just wonder if you are on a demo or live account, because the way you sound, look like demo account to me. Live is another story.
  • #19
  • Mar 21, 2008 4:16am Mar 21, 2008 4:16am
Quoting Pidgeon
Sounds to me like you need to define an exit strategy with set rules. This is different than a S/L strategy which is used for emergency stop-outs. For example, you could say that you will get out if price retraces more than 1.4 X ATR for the pair. This way you will stay in trades longer for pairs that have large ranges (guppy) and get out sooner on other pairs. Just one idea.
...now thats an idea!, will look into that, thanks alot.
  • #20
  • Mar 21, 2008 3:17pm Mar 21, 2008 3:17pm
Like was mentioned above, I've seen people here use strategies of partial TPing for relatively large ranges like that. For example, close half or a third or a quarter of your position at predifned TP points and let the rest run with SL at breakeven.

A thing worth remembering though even for these mid-term trades I believe is that eventually - in the long run, you will have many wins and losses and the statistics of your average risk to reward per trade and of course win to loss ratio - together they determine weather you profit or loose. Keeping this in mind should also help you to hang in there - knowing that in the long run you have to win more than you loose.

May the pips be with ya
On the path to Enrichment.
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