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PA by Julexo

  • #1,141
  • Jun 20, 2012 12:18am Jun 20, 2012 12:18am
strong multidemand keep price...feckers have to shake down a little
  • #1,142
  • Jun 20, 2012 12:57am Jun 20, 2012 12:57am
Quoting isengoz
aah, -140 for the day... I should stop relying on my bias, and be more flexible to change sides. After German figures, I expected the Euro to go down all day long, but it never did... It will take 4-5 days to recover this loss...

ismail...
Do you mean -140 pips or -$140? If it's in pips I guess you didn't set your stop loss properly. If it's in $ then it is a sign that the market warned you to be more careful so that you will not loss $1,400 in the future.
  • #1,143
  • Jun 20, 2012 1:44am Jun 20, 2012 1:44am
Quoting fxstir
Hello isengoz,

Out of curiosity, what is your strategy for placing stops?
hi fxstir,

I know that game and that's why I lost that much actually. I just didn't expect them to bring the price up that much. but fx market is no place for expectations, we just need to act on what we see, I know that, too. most of my problems are about psychology. if I win a couple of trades, greed comes into play and I want to get more, that's why I put a limit on my daily profits. if I have a winning streak, overconfidence overwhelms me and if price goes against me I remove my stops and wait until overleveraging kills me. yesterday was also something similar. I entered a sell when price retraced after the German news, then it waited a bit I entered one there, then it went up I added another. by the way, I removed stops of my previous orders, because I was sure (!!!) that the price would come down. but it never did, and I gave up when my total loss was -140 pips. I also know things like not adding to a loosing position, stopping losses at a certain point, etc. but knowing and applying are different things, and I'm working on that. I think I'd better write my rules to several pieces of paper in capital letters and attach them next to my screen, on my wall, on the mirror, etc. and when I enter a trade continuously repeat until I strictly obey them...

I still have some ammo in my arsenal, so the fight goes on. let's see what today the market will offer us. I hope that I won't repeat these newbie mistakes again (something which I tell myself everytime I loose )...

good luck to you all...

ismail...
  • #1,144
  • Jun 20, 2012 1:47am Jun 20, 2012 1:47am
Quoting BillGates
Do you mean -140 pips or -$140? If it's in pips I guess you didn't set your stop loss properly. If it's in $ then it is a sign that the market warned you to be more careful so that you will not loss $1,400 in the future.
hi billgates,

it's in pips and you're right about stops. I explained my psychology a bit in my previous post. normally I would quit between -50 to -70 pips of daily loss, but I stayed in because of my expectations and overleveraging led me to such a loss. anyway, I hope not to repeat the same mistakes again...

ismail...
  • #1,145
  • Jun 20, 2012 1:51am Jun 20, 2012 1:51am
Quoting isengoz
hi billgates,

it's in pips and you're right about stops. I explained my psychology a bit in my previous post. normally I would quit between -50 to -70 pips of daily loss, but I stayed in because of my expectations and overleveraging led me to such a loss. anyway, I hope not to repeat the same mistakes again...

ismail...
This man is brave...majority doesnt share their losses and mistakes.Only winning ones. I salute u. Fell and learn why he fell and stood up to fight again. I envy you bro.I wish my strength is as strong as u or more.
  • #1,146
  • Jun 20, 2012 2:01am Jun 20, 2012 2:01am
Quoting Luska
This man is brave...majority doesnt share their losses and mistakes.Only winning ones. I salute u. Fell and learn why he fell and stood up to fight again. I envy you bro.I wish my strength is as strong as u or more.
thanks for your words and welcome to the thread, luska. I encourage you to join this therapy of admitting losses and send your charts anytime you'd like...

ismail...
  • #1,147
  • Jun 20, 2012 2:02am Jun 20, 2012 2:02am
by the way, here are my levels for today...
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  • #1,148
  • Jun 20, 2012 2:04am Jun 20, 2012 2:04am
Quote
"Do you mean -140 pips or -$140? If it's in pips I guess you didn't set your stop loss properly"

Depends on the time frame. 140 pips stop losses are not uncommon in weekly and daily charts.
  • #1,149
  • Jun 20, 2012 2:12am Jun 20, 2012 2:12am
Quoting isengoz
thanks for your words and welcome to the thread, luska. I encourage you to join this therapy of admitting losses and send your charts anytime you'd like...

ismail...
Im a silent follower on many SnD threads...Sorry to say this, i actually learning the mistakes u guys r making so that i wont do it. Although i do have wins and losses screenshoted, i just keep it in my journal in a private group in Facebook... Maybe 1 day when i am ready shall i share my shots, i saw the QM yday in M5 and entered long. Bagged 103 + 68(add on) pips...
Happy green pippin

Luska
  • #1,150
  • Jun 20, 2012 2:33am Jun 20, 2012 2:33am
Yday trade i was talking about

Luska
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  • #1,151
  • Jun 20, 2012 2:46am Jun 20, 2012 2:46am
Quoting Thaddeus
Depends on the time frame. 140 pips stop losses are not uncommon in weekly and daily charts.
I notice most traders in this thread are trading smaller time frames and 140 pips stop loss is way too big if you are trading with s/d method IMHO.
  • #1,152
  • Jun 20, 2012 2:47am Jun 20, 2012 2:47am
isengoz,

Thank you for being genuine in your reply. I know how you feel. I have felt the same way. I have done some of the same things you mentioned, I think we all have.

You have touched upon the very core of what makes and breaks a trader - Discipline or lack thereof. I have found it difficult to be disciplined especially when trying to be patient while under pressure. Think about that for a moment (smirk). This can occur when I am in front of the screen while in a trade.

Although it doesn't always work out, perhaps you might try the following strategy as a test: For the next 10 trades, determine your entry, your take profit and stop loss before you enter the trade. Use a limit order and walk away. Again, they don't always work out but consider the following:

What this strategy doesn't do:
It does not allow me to see the price action once the order is executed, unless I am near the computer when the limit order is hit. If I am not in front of the screen I cannot manually exit the trade if price doesn't do what I expect it to do.

What this strategy does do:
1. It forces you to plan your trade. I like this saying, "If you fail to plan, plan to fail."

2. It forces you to determine your risk to reward ratio, so you can make the determination to enter the trade or not.

3. It helps to remove emotion.

Of course, I highly recommend using a demo account to test this strategy.

By all means, I don't have all the answers and welcome anyone who wishes to contribute here.

Good luck and Happy Trades,
fxstir

Quoting isengoz
hi fxstir,

I know that game and that's why I lost that much actually. I just didn't expect them to bring the price up that much. but fx market is no place for expectations, we just need to act on what we see, I know that, too. most of my problems are about psychology. if I win a couple of trades, greed comes into play and I want to get more, that's why I put a limit on my daily profits. if I have a winning streak, overconfidence overwhelms me and if price goes against me I remove my stops and wait until overleveraging kills me. yesterday was also...
  • #1,153
  • Jun 20, 2012 12:57pm Jun 20, 2012 12:57pm
Quoting BillGates
I notice most traders in this thread are trading smaller time frames and 140 pips stop loss is way too big if you are trading with s/d method IMHO.
thaddeus and billgates, please note that 140 pips is not the stop of one trade, but three trades. and also, I normally risk between 10-30 pips for each position depending on the time frame and level I enter. I also had some minor losses earlier, so it makes around 40 pips for each trade (40x3=120) on average. again, normally I don't trade this way, but as I explained earlier I had removed my stops and let my deficit grow because of my bias...

ismail...
  • #1,154
  • Jun 20, 2012 12:59pm Jun 20, 2012 12:59pm
Quoting fxstir
Although it doesn't always work out, perhaps you might try the following strategy as a test: ...
fxstir
thanks for your time and advice fxstir, I'll consider about that...
  • #1,155
  • Jun 20, 2012 1:12pm Jun 20, 2012 1:12pm
and euro did its thing again. I was in four longs, and price just missed my TP by 1,5 pips (1.2724). as I was waiting for it to retest the price or go higher, one by one it took out my positions. I was sure (!) that the price would rise again, so I entered new longs from below. however, news got me out of all of them, and finally blew my account then, it went up much higher than my TP. the funny thing is that, in the morning I sent my chart with levels on it, and I was thinking of selling at 1.2725. but I was caught on the other side...

anyway... now it's time to refill... I think I'll go back to my low risk/low reward targets of +/-30 pips a day, and single trade method for a while...

see you later guys, good luck...

ismail...
  • #1,156
  • Jun 20, 2012 5:48pm Jun 20, 2012 5:48pm
will c ...price in range....up and down...loads of orders coming in market...want to c demand lower
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  • #1,157
  • Jun 20, 2012 5:52pm Jun 20, 2012 5:52pm
my friends...we never gone give up on this market...whatever happens we help to each other.....
  • #1,158
  • Jun 20, 2012 5:57pm Jun 20, 2012 5:57pm
My main loss is same times I not follow rules of my trading....but keep saying to my self....stop doing like this....las week lost 2 days profit...but....for lessons you have to pay...same times to much...no one can teach you how to trade...just you can...
  • #1,159
  • Jun 20, 2012 6:00pm Jun 20, 2012 6:00pm
Quoting Julexo
will c ...price in range....up and down...loads of orders coming in market...want to c demand lower
consolidation at moment of flags range...will c wer price goes....
  • #1,160
  • Jun 20, 2012 6:08pm Jun 20, 2012 6:08pm
for future euro showing same signals at the zones positve trend up...but will c this later....just want to clear out my shorts at moment...
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