with modified schiff
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- Post #1,121
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- Jan 4, 2011 4:21pm Jan 4, 2011 4:21pm
- | Joined Oct 2006 | Status: Member | 924 Posts
- Post #1,122
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- Jan 4, 2011 4:34pm Jan 4, 2011 4:34pm
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,123
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- Jan 4, 2011 7:53pm Jan 4, 2011 7:53pm
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,124
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- Jan 5, 2011 7:01am Jan 5, 2011 7:01am
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Price continued to fall and is bouncing off of the red ML on the chart above. An ML entry is always tricky because of the conflicting possibilities. Trade your edge or use a shorter time-frame for quick trades if you must click 
.
Take care,
FX4Newbies
.Take care,
FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,126
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- Edited 4:19pm Jan 5, 2011 2:19pm | Edited 4:19pm
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Hi Fx4,
Good luck with your trades,however i was a little suprised why you didnt trade the eur/usd.
The NZ is a little off the radar,i sugest you top up your account and start again
Pike
Below is a quote from a post by Auxesis:
I was taught that the great hitters in baseball batted on average somewhere around .350 35% more or less, meaning they failed about 2/3's the time they stepped to the plate. Honored and adored they didn't even bat 50%.
I was told to figure out a way to be profitable when I only trade winners to losers 1:3
In the earlier scenario I laid out for Big Pippin, the case was made for a long trade like he had posted, a little different criteria but valid imho. I could have just as well made a case and framed a continuation trade short off the Fib reject and retest of the broken support now turned resistance.
Which one is right which one was wrong, doesn't matter. You do your homework and learn the tools of your trade, you put them to use, frame a trade and make a case for putting your hard earned money on the line.
Great! Now do you close your eyes and hope everything turns out like you planned? The markets are dynamic ever changing. Even though we look at the chart and determine there's a better chance that price will go here instead of there, the next failed follow through or price falling back and taking out some support/resistance level changes the read. So no matter how great the setup looks, price has to play it's part and follow the plan. When it stops following, you have decisions to make, and being married to your preconceived bias will only take you down to dark and scary places.
You enter a trade and get stopped out at break even, So What! Your wrong and it cost you nothing????? Please!
There's a lot of bad things that can happen to you when you're in a trade, minimizing and managing risk is paramount. Retraining my brain to think in terms of survival/risk management/profitability above ego - was the hardest nut to crack.
Looking for more out of this than the profits (which I have generated before): it's about cracking the familiar "trading dilemmas" you read about in books on trading psychology etc. This trade brought one to the surface that I have seen in the last month or two and am on the hunt to eliminate. According to Auxesis, this "was the hardest nut to crack." There are two others that I will target as they surface. None of them have anything to do with analysis, but they are associated with becoming the trader for the next level. I think this experience will be good for all traders because somewhere I think we can all identify with the mental/emotional journey the trader goes through. Also, I think newbies will get some hope as they struggle to learn and become, which is the more important part in my estimation
.Thanks for the concern,
FX4Newbies
P.S. Ate something today that didn't quite agree with me. Opted not to put that account and myself to the test under those conditions
.
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,128
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- Jan 5, 2011 10:41pm Jan 5, 2011 10:41pm
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,129
- Quote
- Edited 12:15pm Jan 6, 2011 8:12am | Edited 12:15pm
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,131
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- Jan 6, 2011 11:43am Jan 6, 2011 11:43am
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Nice chart I have something similar on the daily. Also the Euro's move looks to be very impulsive, almost no corrective move YET..this could be indicative of a strong move down!
Take care,
FX4Newbies
P.S. Doing some "target practice" trading in another account to get the juices flowing again. So far so good. Also working on getting back my timing/trading rhythm for entries. Will see how that practice shapes up for the market next Sunday/Monday
.
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,132
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- Jan 6, 2011 12:08pm Jan 6, 2011 12:08pm
Very much so. Just gotta watch for "conclusive" changes in direction. Until then, go with the flow...remember Newton's law...a body (price) will continue until...something happens to change that direction.
Take care,
FX4Newbies
P.S. Doing some "target practice" trading in another account to get the juices flowing again. So far so good. Also working on getting back my timing/trading rhythm for entries. Will see how that practice shapes up for the market next Sunday/Monday
- Post #1,133
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- Edited 6:01pm Jan 6, 2011 12:44pm | Edited 6:01pm
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Agreed, good luck with the target practice! I'm sure you'll be back in rhythm in no time.
.FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,135
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- Jan 7, 2011 8:22am Jan 7, 2011 8:22am
- Joined Jan 2009 | Status: Member | 1,610 Posts
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
- Post #1,136
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- Jan 7, 2011 8:28am Jan 7, 2011 8:28am
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,137
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- Jan 7, 2011 8:38am Jan 7, 2011 8:38am
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,138
- Quote
- Jan 7, 2011 9:14am Jan 7, 2011 9:14am
- Joined Jan 2009 | Status: Member | 1,610 Posts
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
- Post #1,139
- Quote
- Jan 7, 2011 9:17am Jan 7, 2011 9:17am
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- Post #1,140
- Quote
- Edited 12:20pm Jan 7, 2011 9:41am | Edited 12:20pm
- | Commercial Member | Joined Apr 2010 | 2,835 Posts
Trade what you see, not what you think or feel. Let the market come to you.