- #6,802
- Aug 22, 2014 4:56am Aug 22, 2014 4:56am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
- #6,805
- Aug 22, 2014 4:59am Aug 22, 2014 4:59am
Thanks Vlady and Ephisi
I have been watching the higher time frames and been working on the fact that it is in a downtrend I like your analogy of moving back for the run up : )
I got burned today saw it had moved up and thought it should be due to move back down.
I clearly entered at the wrong level and have been keeping my stops fairly tight..... which is maybe not such a good idea I would have hit my target if my SL had been 1 pip higher
but was reading this thread and it sounded as though we were in for a fairly larger correction before it continued down I've only been trading for a few weeks so don't have enough experience yet to really know how far a correction is likely to go before the trend resumes...... I have been 50 50 on winning and losing trades which has felt really dissapointing so not feeling all that confident.
Thanks for taking the time to answer
I have been watching the higher time frames and been working on the fact that it is in a downtrend I like your analogy of moving back for the run up : )
I got burned today saw it had moved up and thought it should be due to move back down.
I clearly entered at the wrong level and have been keeping my stops fairly tight..... which is maybe not such a good idea I would have hit my target if my SL had been 1 pip higher
but was reading this thread and it sounded as though we were in for a fairly larger correction before it continued down I've only been trading for a few weeks so don't have enough experience yet to really know how far a correction is likely to go before the trend resumes...... I have been 50 50 on winning and losing trades which has felt really dissapointing so not feeling all that confident.Thanks for taking the time to answer
- #6,806
- Aug 22, 2014 5:04am Aug 22, 2014 5:04am
- | Membership Revoked | Joined Jun 2007 | 3,782 Posts
Thanks Vlady and Ephisi I have been watching the higher time frames and been working on the fact that it is in a downtrend I like your analogy of moving back for the run up : ) I got burned today saw it had moved up and thought it should be due to move back down. I clearly entered at the wrong level and have been keeping my stops fairly tight..... which is maybe not such a good idea I would have hit my target if my SL had been 1 pip higher
- #6,807
- Aug 22, 2014 5:07am Aug 22, 2014 5:07am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
Thanks Vlady and Ephisi I have been watching the higher time frames and been working on the fact that it is in a downtrend I like your analogy of moving back for the run up : ) I got burned today saw it had moved up and thought it should be due to move back down. I clearly entered at the wrong level and have been keeping my stops fairly tight..... which is maybe not such a good idea I would have hit my target if my SL had been 1 pip higher
That's for recognising it's your fault. That is the BIGGEST breakthrough you can or will get in this business.
The market is the market. I cannot begin to tell you! LOL The market is always right.
Take a read of this thread: http://www.forexfactory.com/showthread.php?t=2644 (http://www.forexfactory.com/showthread.php?t=2644)
Secondly, it may not be recommended but I actually think it's good you're trading with real money. My caveat to Ephisi's suggestion is to make sure this is money you are prepared to lose. If you go in thinking you'll turn $1000 into $10K...FORGET. IT. It's GONE. If that's okay, you can begin. If it's not, then do not trade because the emotion of trying to NOT LOSE will severely impair how you react to the market. The 2nd book in the list in the thread above is my favourite and I am re-reading this now. It's amazing each time I read it because each new experience tells me more about MYSELF. If you change your perspective from being a Money Keeper/Protector to a Probability Player, the trading game will change for you. You will then ask yourself before you trade whether the move you're expecting has a higher or lower chance of happening compared to not doing anything, and if you're wrong what is the risk?
Thirdly, yes participate in forums - but make an opinion for yourself and test it. If it works, $. If not -$ but it will be priceless.... another thing not to do.
A pip is only worth it if you know how much you risked to earn it
- #6,812
- Aug 22, 2014 5:23am Aug 22, 2014 5:23am
- Joined Jul 2009 | Status: Left Leg In, Right Leg Out! | 5,792 Posts
A pip is only worth it if you know how much you risked to earn it
