Disliked{quote} Where did you determine, before you opened the trade, the point at which you are proven wrong? That is where you get out. Either that, or if price action tips you off before your stop is hit that you are wrong, you can save yourself some money and take the loss early. There isn't a trader alive that is right every time. If you don't know how to deal with being wrong, then you will be in for a lot of pain.Ignored
yes now i realised it but you see i felt like i got played big time.
Disliked{quote} Stop trading. Again. Stop trading. But you won't listen to me. I know what it's like...it's addictive. But know this, estimates vary, but it's commonly said that it takes about 10 years to be able to trade consistently profitably. In other words, "to get it". If you can't, or are unwilling, to pay the price in terms of effort and busted accounts and broken relationships (seriously) it's not worth it. Get out now while you still can. Don't look back.Ignored
Anyway on that day price was supposed to go downwards but on the usdjpy it was going upwards. I put my trade on top of price line cos whenever i enter a trade i always try to buy/sell it off a retracement so i suppose that brings you the biggest profits rather than using a buy or sell stop order which would net u less. One more thing is i seldom hold trades overnight even. I don't i want to quickly grab and rush out. The most would be a couple of hours or half a day. Anyway i put in my sell at 99.3 area and what do u know.
Price shoots downwards a bit but keeps on shooting upwards from 99.3 to 4 to 5 to 6 and above which is at the 21 fib line i think. I think oh shucks i'm in the red my very first lost here. Night is approaching and markets are going to close soon. I really need to make something make some money that is. Price then comes downwards. As you know it doesn't shoot downwards it goes down then up then down. I decide to put my stop loss around the 99.5 area i think. Usually in such situations i would put it close to my entry and i have ever switched it pass my entry and taken a small profit instead. Anyway this is how i got played. Price hits my SL and i take quite a big loss to me. It's not big in regards to my account size but for someone that has been in a streak and who doesn't really make that much in every trade that's quite a big loss to me. Anyway if i didn't even put in my SL i wouldn't have lost a single thing at all cos price is shooting downwards at that time i didn't know that of course i thought price was going upwards.
ANyway my SL gets hit and i am pissed cos i could have moved it closed to my entry and taken a smaller loss. At that time i didn't bet on it going downwards i am sure it was going upwards. So i put in a buy instead. I am sure you know the rest of story.
Disliked{quote} I'll put it this way. When you entered your trade your first focus should be how much potential loss do you expect, not how much you think you will make though that's important. Quantify loss rather than quantify profit. That's the strategy and the profit will come naturally to you. Now that you did not do so and are caught in a limbo, the only decision available to you is to study the market as of now and decide if it's going to give you more pain or less going forward. Use bigger TFs to do this, gives a better perspective. Most important...Ignored
Thanks for the input and from the looks of bigger TF of weeks and months well it sort of looks like going up but lord knows maybe that will take months even? Who knows?
I also see the hammer candle on the montly chart 2 months ago and a hammer at the top means it's going downwards but that's only 1 indicator anyway.
