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  • #4,861
  • Jan 17, 2013 4:46am Jan 17, 2013 4:46am
Haha as expected I could not hold on to the trade, I stayed and watched price go up and down a few pips. After fourty mins I decided to exit the trade at BE and wait for a better spot... needless to say in 3min nice uptrend started No control , and no discipline...
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  • #4,862
  • Jan 17, 2013 4:56am Jan 17, 2013 4:56am
Pfui finally made it. took a week before it finally made a big enough move. so far no other CZ's forming on my other pairs that I am monitoring
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  • #4,863
  • Edited 7:35am Jan 17, 2013 6:16am | Edited 7:35am
Hope I can hold on to this trade no matter the outcome... EU long....
EDIT: 1h into the trade and price hasn't moved, of course my patience is being tested, efforts to improve can never be rewarded! Had I waited for 1H with my last two trades I would be up 60 pips, but this one has to be even tougher...
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  • #4,864
  • Jan 17, 2013 7:42am Jan 17, 2013 7:42am
And here is the final update... after finally gathering my courage to keep a trade until the end (the only time I did not close at BE) I get rewarded by hitting my SL... PRECISELY THIS IS WHAT I WAS SCARED OF EVERY TIME... What really puzzles me is that i couldn't have picked a worse sequence or timing for my decisions. When I was scared and closed out at BE I missed 2 winning signals, when I finally decided to be tough and follow my system the market punishes me by hitting my SL... I am sick to my guts, this is emotional torture, you wait the whole week just to be punched in the face..... grrrrrrrr
This is so sick from all the trades that i posted and that turned out well after I closed at BE how on earth did I pick the exact one losing trade....
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  • #4,865
  • Jan 17, 2013 8:37am Jan 17, 2013 8:37am
Hope you guys caught that SHORT on the 15 min GBPUSD! Possibly over 60 pips after consolidation (1.6022 to 1.5955).
  • #4,866
  • Jan 17, 2013 9:03am Jan 17, 2013 9:03am
Quoting Forex_Fox
And here is the final update... after finally gathering my courage to keep a trade until the end (the only time I did not close at BE) I get rewarded by hitting my SL... PRECISELY THIS IS WHAT I WAS SCARED OF EVERY TIME... What really puzzles me is that i couldn't have picked a worse sequence or timing for my decisions. When I was scared and closed out at BE I missed 2 winning signals, when I finally decided to be tough and follow my system the market punishes me by hitting my SL... I am sick to my guts, this is emotional torture, you wait the whole...
Well, I think you need to trade as small size as your broker allows. not sure what our set up is like, but I personally have a high hit rate > 70% with a r:r approx 1:1. I never move stop to BE..... I set the trade TP ans SL and let it go. maybe if your r:r is 5:1 like doji trailing makes sense. i do not recall FH using a trailng stop, but i could be wrong. You obviously do not yet trust the system you are trading. trade small and stop messing with your trades and thinking so much. Until you trust what you are doing and your setups nobody including yourself can conquer your fear. Just my .02
  • #4,867
  • Jan 17, 2013 9:05am Jan 17, 2013 9:05am
Quoting xronin
Hope you guys caught that SHORT on the 15 min GBPUSD! Possibly over 60 pips after consolidation (1.6022 to 1.5955).
It did not meet my consolidation box requirement for that pair. N O trade for me. no worries, more setups are always just around the corner.
  • #4,868
  • Jan 17, 2013 9:07am Jan 17, 2013 9:07am
It was a bit premature for standard requirements. Just wishful thinking for the crew.
Quoting panamamike
It did not meet my consolidation box requirement for that pair. N O trade for me. no worries, more setups are always just around the corner.
  • #4,869
  • Jan 17, 2013 9:11am Jan 17, 2013 9:11am
I really appreaciate all of you guys...especially FH. I have learned so much from this post. You have REALLY opened my eyes to some great setups after many years of following the market, my friends.
Quoting xronin
It was a bit premature for standard requirements. Just wishful thinking for the crew.
  • #4,870
  • Jan 17, 2013 9:12am Jan 17, 2013 9:12am
Quoting Forex_Fox
And here is the final update... after finally gathering my courage to keep a trade until the end (the only time I did not close at BE) I get rewarded by hitting my SL... PRECISELY THIS IS WHAT I WAS SCARED OF EVERY TIME... What really puzzles me is that i couldn't have picked a worse sequence or timing for my decisions. When I was scared and closed out at BE I missed 2 winning signals, when I finally decided to be tough and follow my system the market punishes me by hitting my SL... I am sick to my guts, this is emotional torture, you wait the whole...
This is the 'news' effect.

Look how a small horizontal consolidation zone we had before the news was published.
  • #4,871
  • Edited 9:49am Jan 17, 2013 9:21am | Edited 9:49am
Quoting Forex_Fox
And here is the final update... after finally gathering my courage to keep a trade until the end (the only time I did not close at BE) I get rewarded by hitting my SL... PRECISELY THIS IS WHAT I WAS SCARED OF EVERY TIME... What really puzzles me is that i couldn't have picked a worse sequence or timing for my decisions. When I was scared and closed out at BE I missed 2 winning signals, when I finally decided to be tough and follow my system the market punishes me by hitting my SL... I am sick to my guts, this is emotional torture, you wait the whole...
Hi Forex Fox

I think you should make a plan how you trade your boxes and stick to it every time, so you dont have to second guess yourself when in the trade. As you can see if you would set BE every time you would be BE after those 3 trades, and if you would leave them you probably would be in a winning situation.

Here is an example of one of possible plans:

+5 pips - do nothing
+10 pips - do nothing
+15 pips - move SL 5 pips closer
+20 pips - move SL BE or another 5 pips closer
+25 pips - do nothing or move SL BE+5
etc

When you make some kind of plan just stick to it, dont change it and you will see that you are less stressed and scared.

Regards
A.
  • #4,872
  • Jan 17, 2013 9:58am Jan 17, 2013 9:58am
Quoting Forex_Fox
And here is the final update... after finally gathering my courage to keep a trade until the end (the only time I did not close at BE) I get rewarded by hitting my SL... PRECISELY THIS IS WHAT I WAS SCARED OF EVERY TIME... What really puzzles me is that i couldn't have picked a worse sequence or timing for my decisions. When I was scared and closed out at BE I missed 2 winning signals, when I finally decided to be tough and follow my system the market punishes me by hitting my SL... I am sick to my guts, this is emotional torture, you wait the whole...
the next question is how are you going to take care of your mental capital, the grrrr can lead to revenge trades. You may want to turn off all your charts for a day and find a way to relax. Example of what I did last night, I had a pending trade on and forgot to put in the stop loss because I was going to monitor the market - well I fell asleep and of course the market punished me by hitting my pending order by 1 pip and then running the other way for a 100. I woke up to a nightmare - I closed out instead of trying to average down, closed all my other trades and went to bed. I will not look at my charts for the rest of the day. My mental capital is too valuable.
I make money anywhere in the world by taking orders
  • #4,873
  • Jan 17, 2013 12:23pm Jan 17, 2013 12:23pm
Quoting Forex_Fox
Haha as expected I could not hold on to the trade, I stayed and watched price go up and down a few pips. After fourty mins I decided to exit the trade at BE and wait for a better spot... needless to say in 3min nice uptrend started No control , and no discipline...
1. Remove these ugly weird lines
2. Uptrend, what's that supposed to mean?
3. Make 100 demo trades if you can't stomach the real thing just yet; set EVERY trade to the smallest lot size possible, set your S/L and T/P, get in the trades and walk away from the computer.
4. Learn to spot real CZs... most of what you have on your charts aren't CZ
5. Re-read the thread if need be (everyone needs to re-read it)
  • #4,874
  • Jan 17, 2013 12:51pm Jan 17, 2013 12:51pm
You will only be successful trading this method if you can get rid of all the "baggage" in your head that build up during the last few years - I'm including myself as well.....
  • #4,875
  • Edited 2:27pm Jan 17, 2013 1:10pm | Edited 2:27pm
Seems as of late, quite a few traders here have gotten off course. Frustration, fear, overleveraging are all on one side of the fence you dont want to be on. Re read carefully. Take notice on FXHards settings on GU? One pair? Settings dont change every day? Master on pair, one time frame then explore more opps on others. Learn to crawl before you run or you will fall flat on your face. It has been said many times........stats better than 50 percent and you can make money... above 60 and your doing great (remember 95 percent of traders fail) around 70 percent and your not making money? Then your trading blindly without any discipline and understanding..

Remember this also...not everyone post there losers...but they DO have them, I guarantee it. 3 losers in a row, 4 losers in a row, SO WHAT, trust the stats.....trust the method.....learn what a CZ is......I see alot of non valid CZ's on pics....and wonder why? I believe its the need to be in the trade.

Its been said time after time also....25 percent of trades shoot straight away from CZ's the other 75ish retrace before taking off....
These are all nuggets, pieces to a visual puzzle, just put it together....

I have said more than i should im feeling right now...lol....its all here in the thread..... don't mean to rant, but I just want to see people that are serious about it be sucessfull. Much joy will come to you once you reach this point, its worth the discipline.
  • #4,876
  • Jan 17, 2013 1:18pm Jan 17, 2013 1:18pm
Quoting Jayf19
1. Remove these ugly weird lines
2. Uptrend, what's that supposed to mean?
3. Make 100 demo trades if you can't stomach the real thing just yet; set EVERY trade to the smallest lot size possible, set your S/L and T/P, get in the trades and walk away from the computer.
4. Learn to spot real CZs... most of what you have on your charts aren't CZ
5. Re-read the thread if need be (everyone needs to re-read it)
Bang on, Jay. Forex Fox, do yourself a favour and follow these 5 tips - you won't regret it.
  • #4,877
  • Jan 17, 2013 2:42pm Jan 17, 2013 2:42pm
WOW I am truly impressed! Guys I really appreciate Your support! I will definitely take some of the above advice. The good news is I won 2 trades in a row so I am BE for the day. The bad news is that my mental game is plain terrible.
I have picked settings with a 2:1 RR at 57% but since i cannot hold on to the trades that long I think i will go with the classic SSBO 1:1 RR where the win rate is at 68%. The other difference is that my SL is fixed at 15 pips rather than at the opposite end of the CZ (I know the default setting is strongly recommended). I am trading the min lot size which is 0.05 with this broker. As can be seen from the display below 7 consecutive trade losses are easily possible even with a 68% win rate, which means a 105 pip draw back (caused by plain variance) is well possible.
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  • #4,878
  • Jan 17, 2013 3:08pm Jan 17, 2013 3:08pm
Quoting Forex_Fox
The other difference is that my SL is fixed at 15 pips rather than at the opposite end of the CZ
Are you following anything related to SSBO, or are you trying to create a recipe with a tool that you don't seem to understand?

From what you are saying, you shouldn't even be using the indicator yet, it seems as though you don't understand the basic principles of SSBO.
  • #4,879
  • Jan 17, 2013 3:09pm Jan 17, 2013 3:09pm
Quoting Forex_Fox
WOW I am truly impressed! Guys I really appreciate Your support! I will definitely take some of the above advice. The good news is I won 2 trades in a row so I am BE for the day. The bad news is that my mental game is plain terrible.
I have picked settings with a 2:1 RR at 57% but since i cannot hold on to the trades that long I think i will go with the classic SSBO 1:1 RR where the win rate is at 68%. The other difference is that my SL is fixed at 15 pips rather than at the opposite end of the CZ (I know the default setting is strongly recommended)....
Hi forex fox,

Please post all your settings from the last pic....help us help you...along with your chart.......Just looking at whats there, something isnt right.....

doji
  • #4,880
  • Jan 17, 2013 3:24pm Jan 17, 2013 3:24pm
I'm in no way a peacekeeper, but I also think we're getting a bit off the track now. Yep, you just need to re-read or at least digest the information in the topic, Forex Fox.

Plus, I suggest you start with the bigger picture: what's your ultimate goal? (To give up your day job? etc.) Then think about how to achieve that.

Finally, if you do the maths, all you need is about 2-3 winning trades a week, no need to chase the market -- but then I'm quoting FxH there. To repeat Dojirock, we don't see your settings with the recommended number of CZ's/week etc...
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