... trade closed with 12 pips loss, ... which one will be next?
Attached Image (click to enlarge)
The System II (Yes with irony)
... ready for next
Thank you Paul & Dare
feels good to get some advice, and good words,...and yes, I will stick to it furthermore.
In the beginning I traded the Set ups with too big units, I reduced it
already to a load that does not hurt financially, but gives me the respect
about what I´m doing here. And it helps very much to feel comfortable and
jump in without fear.
I read the hole thread already and I did print out guidelines and stuff, so
I´m pretty much "brainwashed" (in a good sense) already.
I am dreaming of fractals and setups
Its just sometimes frustrating spending hours, days, weeks in front of the screen and feel and know: man, still you can´t do it (til now) ...and you´re not good enough yet...
With the beginning of last week my undertake was to go for every signal, also the fractals, to achieve the mindset of not missing any opportunity and get as much practise as possible.
That was ok, but now I ´m considering, that during this holiday times maybe its a good idea to be a bit more picky with my trades. Especially the Frankfurt & London session very often turns out to be very sluggish ! (as you mentioned already some days ago...)
Maybe I will only trade the NY Sessions during next days....
Hey ...and thanks Dare, ...watching you feels really like having a tower of strenght here. (hehe sorry for my english man
...) and its relaxing that you agree that this market is shitty ...!
Sorry for this long post, by the way, I´m break even now with the last short move !
Cheers
feels good to get some advice, and good words,...and yes, I will stick to it furthermore.
In the beginning I traded the Set ups with too big units, I reduced it
already to a load that does not hurt financially, but gives me the respect
about what I´m doing here. And it helps very much to feel comfortable and
jump in without fear.
I read the hole thread already and I did print out guidelines and stuff, so
I´m pretty much "brainwashed" (in a good sense) already.
I am dreaming of fractals and setups
Its just sometimes frustrating spending hours, days, weeks in front of the screen and feel and know: man, still you can´t do it (til now) ...and you´re not good enough yet...
With the beginning of last week my undertake was to go for every signal, also the fractals, to achieve the mindset of not missing any opportunity and get as much practise as possible.
That was ok, but now I ´m considering, that during this holiday times maybe its a good idea to be a bit more picky with my trades. Especially the Frankfurt & London session very often turns out to be very sluggish ! (as you mentioned already some days ago...)
Maybe I will only trade the NY Sessions during next days....
Hey ...and thanks Dare, ...watching you feels really like having a tower of strenght here. (hehe sorry for my english man
...) and its relaxing that you agree that this market is shitty ...!Sorry for this long post, by the way, I´m break even now with the last short move !
Cheers
- #3,577
- Aug 11, 2009 10:02am Aug 11, 2009 10:02am
- | Commercial User | Joined Jun 2006 | 1,578 Posts
After a couple of trades today, again, I´m facing a proper loss of
- 35 pips.
Honestly I don´t know if I can make this method really work for me.
So many fakouts ! If I´m lucky I will get a run and maybe end up breakeven again or a smaller loss. Hm.
Lets see, where the shorttrade brings me now......good luck to all of you
cheers....
how much that represents in matters of equity?
what % of loss is related to your total bankroll (the amount you set aside for trading)
for instance - let's think for a moment that your risk tolerance is parked @ $100.00 a day - and you lost 35 pips or let's say - $35.00..so why did you put your trading on a halt mode?
you still have 65 bucks on your risk side. Just adjust your load based on 65 instead of 100.
or
You can take your risk and split it in half....let's say that your tolerance is @200 bucks...you split that in half (100) in case you lose more than once, there's still room to go in the middle.
I know...I hear you....I lost you...check this out.
you lost 35 bucks..and you have 65 more to go The idea is to keep the load in check so we don't pass our daily limit.... cool..
If your real limit is 200 bucks, instead of adjusting your load to 65, maybe you can up a notch...75-85..you're just using the half (100) as a psychological line in the sand. If happens that you get a runner before your half-way risk is reached...nice!
Who knows? maybe you can turn 35 into 500...it happens..
People, stop thinking about pips - see things as how much$$$ you will risk today.
You must say"well the market is choppy today" only after the fact you just exhausted your daily pre-determined risk for the day..Not before.
You need to be first in line ready to bet...until risk stops you out...not the market.
You need to keep shooting 'til you run out of ammo....or get the prey
Part of your job description is to be there when opportunity knocks and act without hesitation ...no mercy...no second guessing.
Enough of me....I think I talk too much sometimes.
Good Karma.
Peace
