Long EG 8802
Your standard R:R per trade is 1:1? Variable?
- Why did you go long Gold?
- How did you take a loss on Silver?
- Where was your SL on EG and where did you take TP?
The silver trade was the worst and i feel awful about that. I saw a weak level which wasn't really a level it was just the high of the previous candle. The 50 fib (weak also) and whole number was near and i was thinking about a touch trade there but rightly decided against it. I then saw price react to that zone and convinced myself price was going up (as its in a huge uptrend) when i noticed a 30 minute pin. i jumped in despite the fact i had not planned the trade and it was an impulsive buy which is against my rules. I was then angry with myself and should have stopped trading
The gold trade. Maybe another case of revenge trading. I saw heavy consolidation and 61% fib confluence. I entered a couple of pips above a daily candles high. I was rushing on this trade and actually messed up the order on the sb platform as well which ended up saving me some money. Still goes in as a 1R loss though. My stop would have been hit anyway and it was still very bad trading.
EG. Stop was at 88 below the 50% fib and pivot confluence (where the better entry would have been) I liked the whole number level and i didn't want to miss it as i have been missing a few good trades. I was nearly stopped out on this also. My first TP was at 1R which was around 8819 and my second is at 8839 below a weekly level i have marked.
I put the silver trade down to lack of discipline so its mental issue and i put the gold trade down to wanting to trade after a loss so thats a mental issue as well even if the setup was technically flawed. These are the mistakes i need to avoid but can't seem to stop making. I have to be positive and i do notice they are becoming fewer. Also had 2 BE trades last week that should have been winners. I'm going to have to think carefully about how i can improve my psychology. I just convinced myself silver was going up!!!
So i know silver was a terrible technical setup but how do you see the gold and EG trades?
- #53
- Apr 11, 2011 6:32pm Apr 11, 2011 6:32pm
- | Commercial User | Joined Feb 2008 | 4,633 Posts
I'm trading with 1 position which i take profit at 1R or there abouts and another position which i try for a daily or weekly level.
Just come back from being out. I wasn't happy with my trading today. My worst in a few months. There was a lack of discipline and i broke rules. Didn't want to post charts while i was so annoyed with myself
The silver trade was the worst and i feel awful about that. I saw a weak level which wasn't really a level it was just the high of the previous candle. The 50 fib (weak also) and whole number was near and i was...
Gold - it's a viable intraday setup...and price has actually held that area so far as its not closed below there. I don't personally trade these types of small swing setups...but that's my style and partly is because I can afford to wait for the larger swing setups.
EG - another small swing one but clear confluenced area. so I would class this as the best setup out of the three.
I've said it before and I'll say it once more, I really don't like it when people use monetary reasons for exiting a trade, it's a bad haibt and can cause ongoing psychological problems especially as your account grows IMO, I've seen too many traders not achieve anywhere near their potential because they have a hang up about money and are too focussed on %R. The reasons you enter a trade are based on chart and so the reasons you exit should be based on the same too...%R and money should never come into it IMO.
Look at the chart below, how would you feel if you'd exited all of your trade at 1R or part at 1R and then part at a near PPZ .. the potential for getting large winners is hugely constrained if %R is part of your exit strategy.
Discipline comes with practice, experience and having a very rigid trade setup plan. You can't teach or learn to be disciplined to an extent, all you can do is acknowledge your mistake, register it in your mind and when you feel like taking a trade again based no impulses try and cast your mind back to what happened the last time. The first rule of trading in my mind is to not lose money and you re not going to ever lose money by not being in a trade, but you increase the chances greatly of losing money if you are taking a trade based on emotions / impulses.
Hey Majestic, thanks for the buddy list
Can you link to their profiles please, makes it easier to contact them or follow their threads.
Cheers
- #60
- Apr 21, 2011 2:18pm Apr 21, 2011 2:18pm
- Joined Mar 2008 | Status: Trader | 1,462 Posts
Nice EU trade. I was preoccupied with EGBP 88-87.9 and didn't want to overexpose myself on euro longs but surely wish I would have hopped on eur/usd first.
