Disliked
Speaking of stitch ups ; we want to keep a close eye on the 0.9165 which is the extreme range low for an SFP on the H1 to try and punish the shorts here but overall I wouldn't hang around too long on the long side.Ignored
My GBPUSD trade.
I am ashamed of it. exit could have been better (with hindsight)
I looked at this level on H1 (it was not a AAA level) (Liked the acceleration)
flicked the M15 and picked the entry there (Short)
and then this crazy "Greek deal" rumours started making the PA go Nuts. it was like playing "deal or no deal" on European level. and then Spoke deraghi and I said lets exit it before he utters some rubbish and it goes through my stop. The PA was extremely untidy
so closed for only 15 pips.
now I understand why "Nicolas Darvas" failed when he came back to wall street and traded there ....
must try harder next time.
http://content.screencast.com/users/...2-19.34.00.png
I am ashamed of it. exit could have been better (with hindsight)
I looked at this level on H1 (it was not a AAA level) (Liked the acceleration)
flicked the M15 and picked the entry there (Short)
and then this crazy "Greek deal" rumours started making the PA go Nuts. it was like playing "deal or no deal" on European level. and then Spoke deraghi and I said lets exit it before he utters some rubbish and it goes through my stop. The PA was extremely untidy
so closed for only 15 pips.
now I understand why "Nicolas Darvas" failed when he came back to wall street and traded there ....
must try harder next time.
http://content.screencast.com/users/...2-19.34.00.png
My GBPUSD trade.
I am ashamed of it. exit could have been better (with hindsight)
It's only a bad trade if...
1. I didn't learn anything from the experience
2. I crapped out at the top/bottom even though my stop wasn't hit
3. I got out for no good reason
In this case I think you had a valid reason i.e. someone with the ability to move the market is talking and you didn't write the speech
You've got to, got to avoid negative mental/feelings about trades otherwise your subconscious (which is way more powerful than you can imagine) will start 'gifting' you with lots of reasons to not trade or take crappy trades
And Finally... the IRON LAW of trading.
There will always a better place to get in and a better place to get out
This is simply something to accept and live with.
EVERY TRADE CAN BE BETTER but use hindsight as a vehicle for learning rather than beating yourself up!
The real 'secret' of trading is to notice how you can improve day after day after day and implement each tiny improvement until you are trading like a BOSS
You saw the trade, took it, worked the setup, worked the process (didn't puke the high) and the rest is simply down to experience.
Lots of people will have got stopped out on this and made a loss.
Yes, this was written for my own benefit as much as a reply - lol
- #2,728
- Feb 9, 2012 4:29pm Feb 9, 2012 4:29pm
- | Commercial User | Joined Jan 2007 | 1,442 Posts
My GBPUSD trade.
I am ashamed of it. exit could have been better (with hindsight)
I looked at this level on H1 (it was not a AAA level) (Liked the acceleration)
flicked the M15 and picked the entry there (Short)
and then this crazy "Greek deal" rumours started making the PA go Nuts. it was like playing "deal or no deal" on European level. and then Spoke deraghi and I said lets exit it before he utters some rubbish and it goes through my stop. The PA was extremely untidy
so closed for only 15 pips.
now I understand why "Nicolas...
It took me about half a minute :-)
- #2,729
- Edited 4:51pm Feb 9, 2012 4:36pm | Edited 4:51pm
- | Joined Jan 2012 | Status: Trader | 57 Posts
I wonder how many people have noticed what's odd about your chart.
No idea.
EDIT: Hang on - the red/green candles are up/down i.e. the 'wrong' way around... Erm. Why?
I wonder how many people have noticed what's odd about your chart.
It took me about half a minute :-)
The candle colours don't make much difference to me I just changed them I think a while back and hardly take a trade based on candle colour. I hope its nothing else other than candle colour
P.S and now looking back I would have got full target if I have held. hmm but as Robert said its always easier to bash your self with "hindsight"
planning next targets
and more of Greek see saw news
- #2,731
- Edited 3:53am Feb 10, 2012 3:42am | Edited 3:53am
- | Joined May 2011 | Status: Trader | 137 Posts
Its the candles I guess as robert has said. other than that it looks normal.
The candle colours don't make much difference to me I just changed them I think a while back and hardly take a trade based on candle colour. I hope its nothing else other than candle colour
P.S and now looking back I would have got full target if I have held. hmm but as Robert said its always easier to bash your self with "hindsight"
planning next targets
- #2,738
- Feb 10, 2012 12:18pm Feb 10, 2012 12:18pm
I saw the potential SFP on USDCAD before (what makes me a little bit proud as a newbie in that awesome tradingstyle) and when Tom twittered it, I had to jump right into it 
So far, so good. Only problem seemed to be, that I had no luck with my stop loss. I put it rigth above the bar that poked down through the level on February the 1st. I donīt know who, but someone harvested that one at the next candle before the trade started to run into my favored directon - without me. My take pofit is seemingly wrong choosen, too.
So, where should the stop loss and the take profit have been placed better and why? I would appreciate any hints to improve for the next trade!
Greetings,
Jan.
So far, so good. Only problem seemed to be, that I had no luck with my stop loss. I put it rigth above the bar that poked down through the level on February the 1st. I donīt know who, but someone harvested that one at the next candle before the trade started to run into my favored directon - without me. My take pofit is seemingly wrong choosen, too.
So, where should the stop loss and the take profit have been placed better and why? I would appreciate any hints to improve for the next trade!
Greetings,
Jan.
I really need work on my "patience".
It also helps that this thread is full of rational people that just want to become ridiculously good at trading rather than being 'right' all the time.
You lot are all great. (Apologies again, appreciate the question was to Tom but it's a problem I have.)
Here's my two cents worth...
Not having patience or not sticking with a trade is driven by worry which in turn derives from simply not knowing what's going on. The challenge with trading is that as soon as you begin to be emotionally concerned then rationality leaves the building/decision making process.
I used to be ridiculously bad at this and it still takes huge work. As explained brilliantly here one approach is to do all the worrying before you execute the trade. Then your idea is out there in the wild, all on it's own, riding the market. It's not 'yours' anymore so the aim is then to watch what happens but with as much detachment as you can muster.
The more familiarity you get with how price moves then the less nerves and feelings of tension you have. It's not a lack of patience, it's developing coping mechanisms based on being able to manage your emotional stress through good planning (worrying in advance), rationality and experience of how price moves. Developing this requires time.
Try to understand what's happening, look at other (related) pairs or the Dax/Dow what the market is doing on the whole - esp related to risk on/off and so on... Hell, distract yourself looking for another trade even.
What Tom's teaching is also hugely beneficial in that you get ridiculously good entry points. This reduces the patience requirement to the minimum. I began trading a momentum system last October. It's got a very decent foundation and once you've got the framework down it does make sense but for me it's way too painful. Putting money on the line with a 40-50 point stop off a 5 minute chart with little reference to higher time-frames is quite a roller coaster...
I love this thread 'cause it deals with S/R based price action and on trader psychology when people get it wrong. People screwing up make bad decisions over and over. I'll stop there before I get carried away
The best analogy I can come up with is learning to step into the eye of the hurricane then having the stones to stand there calmly until you're happy to step out again with your profits.
You need to do this again and again till standing in the hurricane is something you're entirely familiar with and it feels like a light breeze rather... If you've made a thorough study and done all the worrying in advance then you'll become more comfortable there. Everything becomes relative.
Exists are still a bitch though
Not looking at your P&L during a trade also helps ALOT