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My mentality - my problem

  • #281
  • Aug 14, 2013 2:24am Aug 14, 2013 2:24am
Quoting Eur Usd
ok, first trade: reason for entry was touch of 10ema (green circle), exit after s/l was hit (red circle). I think the reason of fail were flat 35sma/50ema, I forced the trade a bit. now, I'll sit on my ass and will keep waiting for better signal {image}
I wouldn't have entered Long when the momentum was confirming the bearish engulfing ...
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  • #282
  • Aug 14, 2013 2:33am Aug 14, 2013 2:33am
Quoting FerruFx
{quote} I wouldn't have entered Long when the momentum was confirming the bearish engulfing ...
there is nothing about momentum in "my" method: http://www.forexfactory.com/showthread.php?t=236210
I try to keep it simple. the entry was wrong, now I see it, but still when I enter I hope it will be fine, it was still a bet, not a trade.
On my way to financial independence - if others can do it - I can do it
  • #283
  • Edited 2:58am Aug 14, 2013 2:40am | Edited 2:58am
Quoting Eur Usd
{quote} there is nothing about momentum in "my" method: http://www.forexfactory.com/showthread.php?t=236210 I try to keep it simple. the entry was wrong, now I see it, but still when I enter I hope it will be fine, it was still a bet, not a trade.
I was not talking about momentum indicator but only price action. The price was clearly showing bearish momentum by breaking the low of the engulfing previous candle.

Even if it's not in your method, this is common sense to look at what the price is telling before entering a trade.
MT4/MT5 EAs/Indicators/Alerts coder
  • #284
  • Aug 14, 2013 2:41am Aug 14, 2013 2:41am
Quoting FerruFx
{quote} I was not talking about momentum indicator but only price action. The price was clearly showing bearish momentum by breaking the low of the engulfing previous candle. Even if it's not in your method, this is common sens to look at what the price is telling before entering a trade.
do you know any good thread about price action? I keep reading James 16, but the free one
On my way to financial independence - if others can do it - I can do it
  • #285
  • Aug 14, 2013 2:44am Aug 14, 2013 2:44am
Quoting Eur Usd
when I enter I hope it will be fine
This is the worst thing in trading. Hope means that you are not sure about your entry. In other words, you are not confident with your method.

Of course losses occur in any method ... but if you are confident in it, this isn't a problem.
MT4/MT5 EAs/Indicators/Alerts coder
  • #286
  • Aug 14, 2013 2:47am Aug 14, 2013 2:47am
Quoting Eur Usd
{quote} do you know any good thread about price action? I keep reading James 16, but the free one
A great example is the H4 power thread ... and most generally, 60minuteman threads.
MT4/MT5 EAs/Indicators/Alerts coder
  • #287
  • Aug 14, 2013 2:47am Aug 14, 2013 2:47am
Quoting FerruFx
{quote} This is the worst thing in trading. Hope means that you are not sure about your entry. In other words, you are not confident with your method. Of course losses occur in any method ... but if you are confident in it, this isn't a problem.
I agree. my mentality and impatience are killing me. The point is I want things fast. I see people who drive a car and I can't afford it. we're taking mortgage soon and it will be long time debt and I hate debts and never had one. I want things good for my son and wife, and the times are hard. all the situation pushes me into greed and get rich fast mode. I know it needs years to get profits of it, I just rush things.
On my way to financial independence - if others can do it - I can do it
  • #288
  • Aug 14, 2013 2:49am Aug 14, 2013 2:49am
Quoting FerruFx
{quote} A great example is the H4 power thread ... and most generally, 60minuteman threads.
thanks. will take a look at it. also once I know more about PA, I'll try to publish all pa examples I need in one row, to have them all in one place with explanations
On my way to financial independence - if others can do it - I can do it
  • #289
  • Aug 14, 2013 2:51am Aug 14, 2013 2:51am
Quoting Eur Usd
{quote} I agree. my mentality and impatience are killing me. The point is I want things fast. I see people who drive a car and I can't afford it. we're taking mortgage soon and it will be long time debt and I hate debts and never had one. I want things good for my son and wife, and the times are hard. all the situation pushes me into greed and get rich fast mode. I know it needs years to get profits of it, I just rush things.
You don't have many possibilities:

1/ Keep your mind in the "get rich" fast mode ... and get nothing at the end

2/ Chi va piano va sano ... e va lontano

Your choice.
MT4/MT5 EAs/Indicators/Alerts coder
  • #290
  • Aug 14, 2013 2:59am Aug 14, 2013 2:59am
Quoting FerruFx
{quote} You don't have many possibilities: 1/ Keep your mind in the "get rich" fast mode ... and get nothing at the end 2/ Chi va piano va sano ... e va lontano Your choice.
I choose option 2 whatever it means ;-)
On my way to financial independence - if others can do it - I can do it
  • #291
  • Aug 14, 2013 3:07am Aug 14, 2013 3:07am
Quoting Eur Usd
{quote} I choose option 2 whatever it means ;-)
Anyway, this is the only choice if you want to go somewhere ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #292
  • Aug 14, 2013 3:20am Aug 14, 2013 3:20am
mow this one is where I should enter but was afraid off - another bad emotion after I screwed. my confidence is not back yet.
I've seen this one on James 16 and is called pinocchio. entry should be after the third bar in green circle was closed at the level where red line is, and it would get me 20 pips at least
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On my way to financial independence - if others can do it - I can do it
  • #293
  • Aug 14, 2013 3:34am Aug 14, 2013 3:34am
Quoting Eur Usd
mow this one is where I should enter but was afraid off - another bad emotion after I screwed. my confidence is not back yet. I've seen this one on James 16 and is called pinocchio. entry should be after the third bar in green circle was closed at the level where red line is, and it would get me 20 pips at least {image}
This is a perfect example of price action setup showing bullish momentum ... 2 bars engulfing ... then price continue and break the high of the pattern.

All you have to do is to check if the R:R of this potential trade is fine.
MT4/MT5 EAs/Indicators/Alerts coder
  • #294
  • Aug 14, 2013 3:40am Aug 14, 2013 3:40am
Quoting FerruFx
{quote} This is a perfect example of price action setup showing bullish momentum ... 2 bars engulfing ... then price continue and break the high of the pattern. All you have to do is to check if the R:R of this potential trade is fine.
rr would be around 2:1 in this case for me
On my way to financial independence - if others can do it - I can do it
  • #295
  • Aug 14, 2013 3:44am Aug 14, 2013 3:44am
Quoting Eur Usd
{quote} rr would be around 2:1 in this case for me
Where did you found this R:R ? You must find it on your chart before entry. That can't be a "hope" R:R

All your trading decisions must be technical.
MT4/MT5 EAs/Indicators/Alerts coder
  • #296
  • Aug 14, 2013 3:50am Aug 14, 2013 3:50am
risk to reward, I would risk 10 pips to earn 20. I found it nowhere to be honest. it is part of my method. how can you predict it by looking at the chart?
On my way to financial independence - if others can do it - I can do it
  • #297
  • Aug 14, 2013 4:01am Aug 14, 2013 4:01am
Quoting Eur Usd
risk to reward, I would risk 10 pips to earn 20. I found it nowhere to be honest. it is part of my method. how can you predict it by looking at the chart?
Exit, like your entry, must have a technical reason. Exit points are on your chart, not in your mind.

When you will have read the H4 power thread I gave you earlier, you will understand what that means ... and you would have improved your trading.

Of course I am not talking here to modify your method ... but your point of view.
MT4/MT5 EAs/Indicators/Alerts coder
  • #298
  • Aug 14, 2013 4:05am Aug 14, 2013 4:05am
Quoting FerruFx
{quote} Exit, like your entry, must have a technical reason. Exit points are on your chart, not in your mind. When you will have read the H4 power thread I gave you earlier, you will understand what that means ... and you would have improved your trading. Of course I am not talking here to modify your method ... but your point of view.
I get it. now my exit is always when price hesitates after going up/down, after I enter into trade I keep looking at the trade.
On my way to financial independence - if others can do it - I can do it
  • #299
  • Aug 14, 2013 4:07am Aug 14, 2013 4:07am
Quoting Eur Usd
risk to reward, I would risk 10 pips to earn 20. I found it nowhere to be honest. it is part of my method. how can you predict it by looking at the chart?

one way to maximize very high probability trades is to trade limit orders only.That's all I do
find price channels and set your limits on tops and bottoms and your SL and TP and forget about it.
Once triggered you already know you got the best numbers.
Not triggered then no trading day.Shift your thinking to swing.Reduce lot size and increase SL if going for 300pips SL should be 100
I hit over 80% winning rate.
This will solve your psychological problems.Once you place your orders allow PC to do the rest.Don't touch just let the trade conclude.
HDA also uses same method.You can find his posts here at FF

Let me give you a huge clue. 80% forex is not trending.Once you see this clearly then you can formulate trading plan to focus pairs that are in a range .
In trading, you have to be defensive and aggressive at the same time
  • #300
  • Aug 14, 2013 7:49am Aug 14, 2013 7:49am
entry at price constrainment, at 10ema and close to 132.50 area. s/l was set behind 35/50 ma and 10 ema on 1h chart.
mistake was not closing the trade before news release
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On my way to financial independence - if others can do it - I can do it
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