head and shoulders EUR/JPY

Dont worry Seeking - I heard you loud and clear the first time - thanks for the post. I wonder if I would have had a better result had I not started the thread. I saw an opportunity and I wanted to share but now I am thinking an open discussion of my trade while its in progress may not be the best way to manage a live trade. Blueruby,s reminder of the daily resistance may have helped me to stick it out but I didnt see that post yesterday. On the one hand, other people may see things that you are blind to but on the other, your original confidence can be undermined and you end up second guessing yourself. Much to think about

[quote=M.A.C.Doug;1944968]How frustrating! quote]
Last time euro was at 160+ i shorted similary then u,..and i similary then u cut my loss, instead of leaving it and going to bed, ...so from then on i dont try to sell on a break (the first one is usually false one),...i aint trying to sell a break from then on,...for bigger trends we really need to have slses much higher then our entry, and we need to set and forget...i know i must...

Yes, a larger stop would have been more appropriate to give the trade a chance rather than cutting at the first sign of trouble. It looked pretty bullish at the time I bailed but price was yet to make a new high and hold it - lots of lessons learned

Discussing a live trade is really dependent on your own tolerance to being influenced by other people’s opinions. It seems you've figured that out though.

The first company I worked for taught us to trade in groups and I constantly had the CEO, a very successful trader, trading beside us or near us. By the second year there, it really taught you to develop and stick to your plan no matter what anyone else’s opinion was. I could look my ceo in the face and trade the opposite direction as him (and it was his money I was trading). Being able to trade the opposite direction of someone you respect as a trader is a good lesson to learn, you should always respect your own opinion first and stick to it. It helped me a lot in the second company I traded for, as it had 6 owners who had all come together to start a fund. The problem was, all 6 owners traded different systems and had different opinions at all times. Being able to digest their opinions, while maintaining my own was very important.

If your plan is able to be changed by others, it wasn't a strong enough plan.

..at all is a no-no imho. (i.e. agree with Vensik, you gotta do your own thing 100%)

You can illustrate something and mention that this is a trade you're also in, but asking someone other than yourself about what to DO is something that only has negative outcomes(at least imho).
(Asking what others think about a setup is one thing, asking about an actual trade a whole other can of worms. And actually acting upon someones advice/call/signal/comment and making one's own decision is also something to seperate.)

Regardless of outcome, you'll have made yourself susceptible to "outside" influence(must never happen), dethroned yourself as the authority over your own decisionmaking and whether or not it fails or succeeds, set yourself up for frustration. If it works because of someone else's advice, then you might be grateful for the help, but you've not achieved a thing yourself, making you dependent and powerless. The question "Why not just skip the selfmanaged trading then" arises. If it fails even with someone's advice, you might think forgiving, but really are again off for the worse, as it wasn't even purely your own mistake you made to learn something from.

Allowing anyone other than yourself to determine your actions can only and must end in a negative outcome(lose-lose), in trading and - I daresay - usually in life, too.

My personal opinion.

P.S. Thou shalt not set stops past your setup in the vein hope of giving yourself more success thusly. And if your setup does not supply you with a set stop, rethink your strategy

Great, now I feel like an 50+ year old smartass know-it-all teacher
Don't wanna sound like that, these are however my personal convictions.