DislikedMany traders and maybe the big majority of traders post only succesful trades which would made me thinking that all are millionaires.
Thats not the case. The loses are a part of this profession and we need to take it as a normal part of it.
I want to share this unsuccesful trade with fellow traders.
This trade was taken at a very late Asia session when PA was consolidating around 3770-3780.
Yesterday day was bearish and weekly showed a range, I would normally expect a pullback towards 3900.
I made an analysis which showed a very good potential...Ignored
Really sorry to hear that ... shit happens sometimes ... hmm ... yes always check the calendar ... not only from day to day ... always check the calendar at week-ends ... and look out where the best volatile market movers might be with us ... just prior to a beginning of a trading week ...
But that can happen accidently ... but should not happen too often ...
Otherwise ... no ... it is not really a bad day ... just a case of missunderstood the situation ...
Look ... I was often in the market until now today ... and I started really slowly ...
Mostly I was long ... countertrade ... just the way like you were ...
80% was traded against the major wind energy ... sailing not with a spinnaker ... sailing hard against the wind ...
Was long 1.3720 ... the area where you had a stop ... I noticed that ... sorry for that mate ... jumped out soon again ... did not mary that trade ...
Was long 1.3695 ... same thing ...
Was long 1.3661 ... out and rein again ... long 1.3646 ... cashed at 57 (my 11 pip runner) ... long at 1.3654 now ... out again at 63 with 74% of origin entry ... only 16% of previous taken entries still running ...
That way this cannot damage my long list of taken trades anymore ... even not then ... if it goes against me for a while ... but I never get sleepy ...
Was not a day for taking a real position that way ... but I always say ... every trade that lasts longer than three hours until being yummy profitable ... is at least a rotten trade ...
But please believe me ... my smallest runner was 1 pip only ... and I have a lot of those ... largest runners were 22, 17, 18, and 11 ...
All green ... only three trades red ... 1, 2, 1 pip ... I do not hesitate long ... not waiting around ... never hoping too long ...
Total sum of pips is "locker" more than 100 pips green ... only by scalping ...
Look at that 5 min chart ... each move that you can see has 10 pips move energy aproximately ... no matter which direction ... if you are getting used to being fast at trading ... and your estimations are getting more precise ... with every day you practice that ... then you are not waiting for too much ... but at the end of the day ... you have a jolly good récolte ... harvest ... prima Ernte ...
And I never ... never use stop loss (!) ... never ... because I have learned how to 'repair' or adjust a miss-judged fail entry ... with various kinds of methods ...
But such things are not easy to learn in an internet forums or so-called 'webinars' ... moreover most of those tutors not much heard about that ... this is only possible in real life ... and in real trading rooms ...
It is like fishing ... or even a bit like sailing ... it is possible to sail against the wind as well ... with a nice 'flying dutchman' ...
look at this chart ...
http://cdn.forexfactory.com/images/attach/png.gif
2010-11-11_18h00_ChartStation_EURUSD 005min _ 001.PNG (125.2 KB)
Most of those 5 min bars are long enough ... you can learn to ride a part of the DNA-Spiral ... and the longer we do ... we are not forced anymore to wait for a nice trendy market ...
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts