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Entries and Exits

  • #1
  • First Post: Aug 12, 2009 2:53pm Aug 12, 2009 2:53pm
Once again today I was given a repeat lesson by the market in EUR/USD.
From 13:15 to 13:33 market was in a downtrend. The market then turned and I made an assumption that the trend would remain intact after a retracement. So I sold again at an assumed point without any signals from the market. The market was saying UP but I knew better and acted upon my assumption.
So a lesson relearned for me is as follows. ENTER a position only after I receive a valid market signal and EXIT on a valid reversal signal or an assumption, but Never, Never enter on an assumption that I think I know where the market is headed. Enter only on signals.
regards
emtee
  • #2
  • Aug 12, 2009 2:59pm Aug 12, 2009 2:59pm
Quoting emtee
Once again today I was given a repeat lesson by the market in EUR/USD.
From 13:15 to 13:33 market was in a downtrend. The market then turned and I made an assumption that the trend would remain intact after a retracement. So I sold again at an assumed point without any signals from the market. The market was saying UP but I knew better and acted upon my assumption.
So a lesson relearned for me is as follows. ENTER a position only after I receive a valid market signal and EXIT on a valid reversal signal or an assumption, but Never, Never enter on...

Been there, done that, again & again & again & again.............
Then I figured out that I like to keep my money and stopped doing that.
I am much better now, but it took awhile to get it through my thick head.
Good Luck

AZ
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #3
  • Aug 12, 2009 3:21pm Aug 12, 2009 3:21pm
It's all assumption.
If the market gave valid signals as to where it was going, we would all be trillionaires.
  • #4
  • Aug 12, 2009 3:25pm Aug 12, 2009 3:25pm
Accepting it's a an assumption is your first step.

The trick is losing small when your assumption is wrong and winning bigger when your assumption is correct.

And if possible try to win more than you lose.



Easy
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #5
  • Aug 12, 2009 3:43pm Aug 12, 2009 3:43pm
Hi Billbss
I understand your point and in an absolute sense the market does not give out valid signals but from each trader's perspective, it does give out valid signals based upon the trader's set of rules established by himself. For me, an assumed entry point on a retracement is one of the Fibo numbers, however I have to control my greed problem and allow some movement and loss of potential profit for it to be a potential valid entry point rather than just assuming that it will be valid.
I agree with you Turveyd that reacting quickly to losses is the way to go but boy is it hard work especially as I am a short term trader.
Thanks for your comment AZ-Heat.
regards
emtee
  • #6
  • Last Post: Aug 12, 2009 4:33pm Aug 12, 2009 4:33pm
Exiting quickly when I'm wrong, is my weak spot which I'm working on so tell me about it.

Need to think about the bigger picture and click the damn mouse
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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