Fail Better | Page 130 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

A better Editor for mql is available. 100x better than MetaEditor 20 replies

Broker needs to do better, much better 4 replies

Better momentum and better Sine wave indicator 0 replies

Mathematical reasons why MOST DayTraders & scalpers fail? 197 replies

Is Better still better? 1 reply

Attachments: Fail Better
Exit Attachments

Fail Better

  • #2,581
  • Feb 2, 2012 6:15am Feb 2, 2012 6:15am
Attached Image (click to enlarge)
Click to Enlarge Name: 08w5n.png Size: 14 KB



Third trade for the day and need to catch some momentum.


Cheers,

FxPro_Trader.
  • #2,582
  • Feb 2, 2012 6:31am Feb 2, 2012 6:31am
Attached Image (click to enlarge)
Click to Enlarge Name: 68w5n.png Size: 14 KB



My apologies, I've not been posting the exact trade prices/parameters. The latest is a sell @ 1.31245, 25 pip stop and i've just moved the TP out to 100 pips.


Cheers,

FxPro_Trader.
  • #2,583
  • Feb 2, 2012 9:06am Feb 2, 2012 9:06am
Quoting FxPro_Trader
Attachment


My apologies, I've not been posting the exact trade prices/parameters. The latest is a sell @ 1.31245, 25 pip stop and i've just moved the TP out to 100 pips.


Cheers,

FxPro_Trader.
Hey FxPro,

I have no idea what you are doing selling Euro at 1.3125 (with a 100 pip target) but I am sure you have your reasons!

The lows you highlighted as a breakout trade (and which you sold) is the exact kind of area where I look for a "trap" so I can take the other side of the weaker hands.

You wait for the shorts to get into profit on the breakout and the longs at support to puke and then you get long off the first lower level which happened to be 1.3090.

At this point the longs are cleaned out and the shorts are now on the back foot.

I actually tweeted this entry earlier.
  • #2,584
  • Feb 2, 2012 9:19am Feb 2, 2012 9:19am
Quoting FxPro_Trader
Attachment


Third trade for the day and need to catch some momentum.


Cheers,

FxPro_Trader.
Wait, I'm actually still digesting all this. You sold a breakout after price has already collapsed?

And you've got a STOP right on your S/R level from the previous post.

Is this a wind up?
  • #2,585
  • Feb 2, 2012 9:30am Feb 2, 2012 9:30am
Attached Image (click to enlarge)
Click to Enlarge Name: 5Bw5n.png Size: 15 KB



Hi guys,

Quick update, sell limit put in at previous stop with 25 pip stop and a 125 pip TP. Just about in the last trade.

Will get back to you regarding your questions.


Cheers,

FxPro_Trader.
  • #2,586
  • Feb 2, 2012 9:31am Feb 2, 2012 9:31am
Just wanted to add - sorry for coming across as a bit harsh. It's not that bad a trade - I've done way worse in my career. It's just that your trade goes against the very essence of what this thread and this style is about. If you read the thread in its entirety you will see that this kind of trade is the exact setup that allows us to make money off the weak hands.

Tom
  • #2,587
  • Feb 2, 2012 9:47am Feb 2, 2012 9:47am
Quoting FxPro_Trader
Attachment


Hi guys,

Quick update, sell limit put in at previous stop with 25 pip stop and a 125 pip TP. Just about in the last trade.

Will get back to you regarding your questions.


Cheers,

FxPro_Trader.
I think you might need to stop trading for today.
  • #2,588
  • Feb 2, 2012 10:23am Feb 2, 2012 10:23am
Quoting FxPro_Trader
Attachment


Hi guys,

Quick update, sell limit put in at previous stop with 25 pip stop and a 125 pip TP. Just about in the last trade.

Will get back to you regarding your questions.


Cheers,

FxPro_Trader.
I've got a question for you, what strategy are you following exactly? It seems to be completely against what the_wizard is trying to teach on here, and to be honest I find it distracting (although entertaining).

Happy trading.
  • #2,589
  • Feb 2, 2012 10:28am Feb 2, 2012 10:28am
Attached Image (click to enlarge)
Click to Enlarge Name: FBw5n.png Size: 14 KB



Reversed again at previous stop, 25 pip stop 150 pip target. The target/TP price is off screen.

Under closer analysis i've decided to go for new highs.

Regarding your thoughts and feelings guys and gals,...what can i say...we take the trades we want to, hindsight doesn't pay. Don't let the game get you down.


Cheers,

FxPro_Trader.
  • #2,590
  • Feb 2, 2012 10:44am Feb 2, 2012 10:44am
Quoting FxPro_Trader
Attachment


Reversed again at previous stop, 25 pip stop 150 pip target. The target/TP price is off screen.

Under closer analysis i've decided to go for new highs.

Regarding your thoughts and feelings guys and gals,...what can i say...we take the trades we want to, hindsight doesn't pay. Don't let the game get you down.


Cheers,

FxPro_Trader.
I'm a little bit confused, why are you posting here then when the materials are irrelevant to the thread instead of making your own?
  • #2,591
  • Feb 2, 2012 10:49am Feb 2, 2012 10:49am
Hey

I have been following you for months and succesfully imlementing your ideas.

It has been working great for me and BIG thank you for sharing all that.

I am trying to get better and better and I today I came across something I often have doubts.

It was the nive level on AUD/USD 1.06815 I wanted to buy on a pullback but there were 2 things concerning me.

1) We did came close to the level before. But the level hasn't been hit. Do you still see the level as valid as we came that close but didn't hit it.

2) The behaviour of the second pullback worried me. We didn't accelerated into the level but paused before it.

Would love to hear your opiníon about that.

http://img217.imageshack.us/img217/5633/49970143.gif
  • #2,592
  • Feb 2, 2012 10:50am Feb 2, 2012 10:50am
I have seen this repeatedly as it is something that I learned from reading this thread, but in a slightly different form. Worth mentioning:
Attached Image (click to enlarge)
Click to Enlarge Name: 121.jpg Size: 95 KB
  • #2,593
  • Feb 2, 2012 10:54am Feb 2, 2012 10:54am
Quoting FxPro_Trader
Attachment


Reversed again at previous stop, 25 pip stop 150 pip target. The target/TP price is off screen.

Under closer analysis i've decided to go for new highs.

Regarding your thoughts and feelings guys and gals,...what can i say...we take the trades we want to, hindsight doesn't pay. Don't let the game get you down.


Cheers,

FxPro_Trader.
OK, now I can see it's a wind up!

Very funny. No one consistently cuts and reverses and loses money like that and keeps going.
  • #2,594
  • Feb 2, 2012 10:55am Feb 2, 2012 10:55am
Quoting the_wizard
I think you might need to stop trading for today.
I saw those charts and if you ask my opinion I would go further.

FX pro obviously haven't read the whole thread I believe or is "mixing" the trading ideas to come up with something "else" . i have been to that road in past and I know where did it end.


At the end of the January. I can report that I have 78.8 % winning trades this month. (Best month ever)

all I can say is "LISTEN" to Tom and not impose your ideas on what he is teaching and secondly there is no "short cut" way to Price movement-price action whatever you want to call it. You got to put those hours watching the tape.It might not look useful but trust me after few years you will notice it will "click"

I can happily say that tom is the best mentor in items of strategy & "mindset" out there for trading.

I personally was spending 10 hours a day 6 days a week (yes I look at markets sunday morning and saturday as well as its my passion)

my plan for FEB is to get more picky with my trades
  • #2,595
  • Feb 2, 2012 11:07am Feb 2, 2012 11:07am
[quote=Czecze;5350165]

I had the order there too. Pulled it as it was not AAA. and the FTA was very close. plus I was watching this scenario.

http://content.screencast.com/users/...2-17.05.54.png

also bernanke on wires.
  • #2,596
  • Feb 2, 2012 11:12am Feb 2, 2012 11:12am
Quoting FxPro_Trader
Attachment


Reversed again at previous stop, 25 pip stop 150 pip target. The target/TP price is off screen.

Under closer analysis i've decided to go for new highs.

Regarding your thoughts and feelings guys and gals,...what can i say...we take the trades we want to, hindsight doesn't pay. Don't let the game get you down.


Cheers,

FxPro_Trader.
Not sure where any of this fits in to the strategies discussed on this thread but good luck with it anyway, you will find out quickly enough if there is an edge to it.

I would recommend you signing up for Toms free sunday evening webinars which will be of considerable use to you if you want to listen to someone who understands the markets and why the style of trading you are adopting will undoubtedly lead to ruin.

All the best
  • #2,597
  • Feb 2, 2012 11:56am Feb 2, 2012 11:56am
Quoting FxPro_Trader
Attachment


Reversed again at previous stop, 25 pip stop 150 pip target. The target/TP price is off screen.

Under closer analysis i've decided to go for new highs.

Regarding your thoughts and feelings guys and gals,...what can i say...we take the trades we want to, hindsight doesn't pay. Don't let the game get you down.


Cheers,

FxPro_Trader.


You did.....what?

Is there a patron saint of Traders? If so, hang his picture above your monitors. Pour holy water all over your PC. Say 10 Hail Mary's, 12 Our Fathers and dip a chicken leg in red paint and use it to inscribe pentagrams all over you trading room walls. If that fails, people always need insurance. Best of luck.
  • #2,598
  • Feb 2, 2012 12:24pm Feb 2, 2012 12:24pm
Quoting daft
You did.....what?

Is there a patron saint of Traders? If so, hang his picture above your monitors. Pour holy water all over your PC. Say 10 Hail Mary's, 12 Our Fathers and dip a chicken leg in red paint and use it to inscribe pentagrams all over you trading room walls. If that fails, people always need insurance. Best of luck.
hahahahahahahahahahahah love it....
  • #2,599
  • Feb 2, 2012 12:55pm Feb 2, 2012 12:55pm
[quote=trader8080;5350221]
Quoting Czecze

I had the order there too. Pulled it as it was not AAA. and the FTA was very close. plus I was watching this scenario.



also bernanke on wires.

Yes I guess thats right. Not an AAA setup. Still it is hard to see that the scenario you layed out is actually playing out without you.

But thanks for your input. On to the next
  • #2,600
  • Feb 2, 2012 1:25pm Feb 2, 2012 1:25pm
In theory it would be really great not to have to manage live trades, but unfortunately, as i have proved today, laziness and wishful thinking has put my account down by 100 pips.

Moving the stop to break-even and beyond on todays trades would have proved a lot less costly.

So i've tried it like The_Wizard would let you believe is the best way forward....ouch!

I think it's time to employ the James16 approach.

Let's see who's giving the best advice here on the, Forex Factory?


Cheers,

FxPro_Trader.
6 traders viewing now