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  • #970,141
  • Mar 17, 2015 5:17pm Mar 17, 2015 5:17pm
Quoting KGP
{quote} https://www.tradingfloor.com/posts/a...-traps-4008768
There's some great advice in there. For me, the biggest mistake has been failing to get out of trades early (with a small loss) before they get out of hand. Psychologically, that's a big one. "Yeah, I know I have this 10-pip SL here, but I'm just gonna move it a LITTLE bit, because it's about to turn around." Then a little later, "Oh man, I was sure this would turn around before now. But now that it's gone 25 pips the wrong way, it's gotta come back... my entry timing was just wrong." And so on.

I really think that's one of the toughest hurdles to get past (at least for me). Actually I haven't done so bad, break-even at least. But I would be WELL into profit area, were it not for just a few bad moves. The other day I went back and checked all my trades, one by one. I'm at a nearly 90% win rate, with the size of the average win being a bit larger than the size of the average loss. So that WOULD mean a really good profit... WERE IT NOT FOR those very small handful of trades that I stubbornly refused to let go of. Lesson learned. After going over all the trades like that, and seeing how stupid I was, I think I've kicked that bad habit.
  • #970,142
  • Mar 17, 2015 5:22pm Mar 17, 2015 5:22pm
And to add to Ratmach.... Not letting your winning trades run long enough! (this is my biggest issue)
  • #970,143
  • Mar 17, 2015 5:26pm Mar 17, 2015 5:26pm
Quoting craftcheese
And to add to Ratmach.... Not letting your winning trades run long enough! (this is my biggest issue)
Yeah, when you both let losses run too much, and not let the winning trades run long enough as well, it's a double whammy recipe for disaster. This one has plagued me as well, along with position sizes being way too big/lack of proper bankroll management. You can be "right" over and over again, see big moves coming before they happen, and you'd still lose rather than catch big moves and do well. It's definitely the most important aspect to this business that needs to be respected OR ELSE.
  • #970,144
  • Edited 5:49pm Mar 17, 2015 5:29pm | Edited 5:49pm
Quoting afroz
hi please can anyone tell me tht should i buy eurusd rite now or sell like which way its gona go for next few hours i m really depressed and sad i have lost all my money m really close to have no money left. its all my fault i didnt follow any rules and didnt learn forex well just guessed when opening trades and always lost money. rite now i put some money in my account and want to strt fresh and hopefully i will recover some money and if anyone of you who is experienced can help me tht would be great
Just saw your trade list. OMG you are out of your mind. You are trading 70 micro lots (1K) when you only have $100 in your account? If you follow FxTyrant money management, you should only trade 0.4 micro lots. You really need a break from forex and try to read up more about money managment before you trade again in forex. GL to you.
  • #970,145
  • Mar 17, 2015 5:31pm Mar 17, 2015 5:31pm
Quoting Ck87
{quote} As expected, WTI will fall more than Brent.
Brent being a higher quality sees more demand ... is a good spread trade , yup ....
Hear the music before the song is over ...
  • #970,146
  • Mar 17, 2015 5:31pm Mar 17, 2015 5:31pm
todays movers should be gbp prs and UC

Uj could be the biggest of all but I guessing it wont be what everyone is expecting, so positioning between now and 10.30 tonight 9hrs, then will be 12hrs of heavy action, please use double condom :nerd:
If you are new to Forex? Say Goodbye to your account!!
  • #970,147
  • Mar 17, 2015 5:32pm Mar 17, 2015 5:32pm
This is arguably the most hyped forex event in recent memory (granted, not as important as the SNB, but that didn't have hype going in, only once it was done). And less than one day till the news drops...
Attached Image
  • #970,148
  • Mar 17, 2015 5:32pm Mar 17, 2015 5:32pm
Quoting craftcheese
And to add to Ratmach.... Not letting your winning trades run long enough! (this is my biggest issue)
Yep, I've done that plenty of times. It seems to happen most often when the initial move is the opposite of what I expected. Not to the point it hits a SL, but just going the wrong way at first. Then it starts to come back... slowly, grudgingly. Finally it gets back to break-even and a little bit positive, but still moving really slowly. "Ah, okay, this thing FINALLY came back. I apparently guessed wrong to begin with, but luckily it came back and gave me a LITTLE profit. I'll take it!" And then what happens? Yep... as soon as I close the trade it KEEPS MOVING in my direction. Maybe that's not as bad as staying in a losing trade too long, but still kinda depressing.

I guess the fact that I KNOW where I need to improve psychologically is a start, eh?
  • #970,149
  • Mar 17, 2015 5:34pm Mar 17, 2015 5:34pm
Quoting takari
This is arguably the most hyped forex event in recent memory (granted, not as important as the SNB, but that didn't have hype going in, only once it was done). And less than one day till the news drops... {image}
You been living on the moon lately? This is every single FED meeting for the last 2 years.
The coincidental success is more dangerous than the expected failure
  • #970,150
  • Mar 17, 2015 5:34pm Mar 17, 2015 5:34pm
Quoting KiwiTrada
todays movers should be gbp prs and UC Uj could be the biggest of all but I guessing it wont be what everyone is expecting, so positioning between now and 10.30 tonight 9hrs, then will be 12hrs of heavy action, please use double condom :nerd:
Man, you wanna kill my account again right? .

I have loaded Geppys, also think GBP should correct. Is massively oversold. But still not safe instrument, elections finish up in May.
"I know one thing, that I know nothing." Sokrates
  • #970,151
  • Mar 17, 2015 5:34pm Mar 17, 2015 5:34pm
Quoting takari
This is arguably the most hyped forex event in recent memory (granted, not as important as the SNB, but that didn't have hype going in, only once it was done). And less than one day till the news drops... {image}
Just another news event which allows for big moves to occur. If euro goes up, it's irrelevant, if euro goes down it's irrelevant. Bottom line: Euro is going down. Whether it goes up tomorrow and rallies to 1.0822 or even 1.1, it's still going to continue the trend and make new lows. Personally, I'd love to see it go higher so I can take that cash from selling those levels.
  • #970,152
  • Mar 17, 2015 5:35pm Mar 17, 2015 5:35pm
Quoting Neqrotik
{quote} You been living on the moon lately? This is every single FED meeting for the last 2 years.
hahahaha
  • #970,153
  • Mar 17, 2015 5:50pm Mar 17, 2015 5:50pm
hi, i'm new here and quite new to forex. however, i'm trading my small real account and slowly develop my trading style. i'm learning a lot and this thread is very helpful, i'd like to thank you for all your valuable postings. my advice for the guy who did loose most of his money: take a step back, relax, don't trade, think how you can improve, test your success on a demo account and get back once you feel more comfortable in trading.
  • #970,154
  • Mar 17, 2015 5:58pm Mar 17, 2015 5:58pm
http://www.project-syndicate.org/com...letsky-2015-03
This is an interesting read.
Everything you want lies on the other side of fear.
  • #970,155
  • Mar 17, 2015 6:23pm Mar 17, 2015 6:23pm
Quoting Tom_D_Trader
{quote} Man, you wanna kill my account again right? . I have loaded Geppys, also think GBP should correct. Is massively oversold. But still not safe instrument, elections finish up in May.
I would never try kill any thing, well maybe bank manager, certainly not your account

Geppy has paid bills for long time now I am still targeting 187 20 on higher time frame

the attack of the ltl of the rising channel was worthy of watching, right now Im thing the BO aka bear flag has played out at least the meat of the move (incidentally she did print a H&S)
so now have enter long for few reasons, 178 40 is monthly level, there is rising tl from 15 10 2014 attack which was inline with attack of 169 50 also monthly level, 200 sma cruising up underneath, and under todays open zone is sitting right on top of this week open zone,
soo have squeezed short stops and open a long @ bottom of todays open zone stop below this week open zone so is cheap entry ist bull target is mini 1hr 50sma then the falling tl if gbp falters yen pums breaking the rising tl and then 178 40 will be pulling short stops down 1 level each and sit on sidelines for awhile come on brits
lots of gibberish, but at least I can understand it
Attached Image (click to enlarge)
Click to Enlarge Name: Geppy daily 18 3 2015.png Size: 44 KB
If you are new to Forex? Say Goodbye to your account!!
  • #970,156
  • Mar 17, 2015 6:28pm Mar 17, 2015 6:28pm
Quoting Ck87
Will this matter, or does EU get crushed even lower? Guess tomorrow will provide some insight to that. {image}
Key lies in FOMC.... all FOMC meeting this 2015 has a potential to break that line
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #970,157
  • Mar 17, 2015 6:28pm Mar 17, 2015 6:28pm
Quoting gatorinla
{quote} if it was 2006 and that's all the chart u had.. where would u have placed shorts on the eu in 2008?.. based on what u know, now using this. with just prier to 2008 info
Using only 2006 info to trade 2008...on the weekly

damn near all of 2007 was apple after apple after apple....

Even the top 1.6037 (very suspicious that's an even number with no pipettes) was an apple from 1.3838 mid and 1.1639 low...which also has no pipettes

The batman at the top, or camel- whatever you wanna call it dropped the hint as well- especially when it broke the weekly LL for the first time since 2005

Other than that (may to august)- 2008 was a nightmare to short (using what I know now). But 2008 was manipulated to shit...

Maybe I'm missing what you are trying to show me.
  • #970,158
  • Mar 17, 2015 6:33pm Mar 17, 2015 6:33pm
Quoting KiwiTrada
, but at least I can understand it {image}
Yeh, is cheap entry. I wouldnt enter if it wasnt, coz I dont trust GBP election movements . I can read your gibberish well, am practicing it for five years .

And dont you try to fool me you aint trying to kill my account, when you almost always counter my trades!

Btw, also bought GU. Dont like to counter the USD king, but.. is also very cheap. Cant help myself. Here are my Geppy charts, this place down here is heavy support cluster @ 178,4. Targetting 180,9 retest for both bears and bulls, suppose it is gonna break and then 181,5 as a final hurdle holding bulls from breaking tops again.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 117 KB
Click to Enlarge Name: h4.JPG Size: 121 KB
"I know one thing, that I know nothing." Sokrates
  • #970,159
  • Mar 17, 2015 6:41pm Mar 17, 2015 6:41pm
Quoting Ck87
Will this matter, or does EU get crushed even lower? Guess tomorrow will provide some insight to that. {image}

I do not think it is going to be so easy for everyone. They are yet again going to test our " Patience "
Intraday only.
  • #970,160
  • Edited 7:06pm Mar 17, 2015 6:47pm | Edited 7:06pm
Ooo, watch out for that Nikkei Kiwi. H1 seems wanna go down. Not good for Yen shorts. Is hanging on support, but candles dont look nice.

Edit: m5 bouncing. Uf, but is just m5 so far. Hope support holds.
"I know one thing, that I know nothing." Sokrates
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