so i went short GBP/USD about a little over a week ago at 1.8985 and i set my limit at 1.8773. So the price has gone down but it was just within 3 pips today at 1.8776, but my signals haven't told me to close the position yet So close to take a 212 pips!... I am so close to closing out my position...but i tell myself..if i do it now..when will i start to become a good trader if i don't follow my system..we'll see if friday close will bring it down....
- #1
- First Post: Aug 18, 2006 11:29am Aug 18, 2006 11:29am
- Joined Jun 2006 | Status: Trader | 5,709 Posts
- #13
- Aug 21, 2006 5:59am Aug 21, 2006 5:59am
Hope . . . strange thing, but no place for it in the market. But alas, it's only when the market kicks you to the curb that you acknowledge your misplaced hope took a beating.
By the way, if you don't mind me asking, where did you start ($ initial dep), where are you now ($ current) and where are you heading ($ and timeframe).
By the way, if you don't mind me asking, where did you start ($ initial dep), where are you now ($ current) and where are you heading ($ and timeframe).
a journey of a thousand trades begins with a single pip
dof, if that is what your system says to do, then that is what you do, only then will you learn the disciplined needed to make it long term in this game. If price reverses, and you lose a big chunk, then you know it is your system that needs adjusting for this kind of situation, you have a clear answer, and something clearly defined to work on.
Best of luck.
Improve the rules, don't break them.
Friday i've lost 50 pips because it reversed and i was at break even. I didn't took those 50 pips because the system didn't say it's about time. Okay, so I've lost 50 pips. The day before I made 150 pips in one trade. I didn't got out at +50. If i would broke the rules i would have now 100 pips, instead i have 150. It's all about the long run.
I know it would have been nice that my system would have told me on friday to get out at +50
, to have 200 pips now...
Try hard, think fast, die young
- #15
- Aug 21, 2006 10:31am Aug 21, 2006 10:31am
- Joined Jun 2006 | Status: Trader | 5,709 Posts
well i have 2 accounts with oanda. One where i implement my range strategy and the other is for my trend strategy. I like to call it forex diversification
I started with 500 on both accounts, right now i have 497 in my range and 500 in my trend (i'm currently long nzd/usd from 0.6337)
But anyway, i didn't exit my position because well my system didn't say so.
But I want you guys to know what my objectives are as of now.
Currently I am forward testing my systems. I record everything from my risk taken, the price that I opened with, lost and gain in pips..the works. I have made sort of a business contract for myself of what i need to do for each trade, each week, month, every six month and every year. Recording and graphing my equity return over time.
So although I want to make money in the market, my primary objective is to gauge my system. I set aside a year to test my range system and 2 years for my trend system. Visit www.nocturnalsystem.blogspot.com for all the info. This is my personal blog of my involvemnet with forex since may 2006. In the beginning you can see a newbie struggling with what he wants to do. Then with time, i started to become more focused and consistent with my trading. You can also read my systems and many revisions, my contract and updates.
So yea, now GBP went against me again. But hey, as long it's not hitting my s/l, i don't really care. I want to see where this trade will go.
I am sort of not attached with my forex money but at the same time I do. So everytime i make a loss, i'm like ok..there's always another trade. And everytime i make a winner, i'm like..ok let's move on to the next trade.
ps. trading is boring! but kind of fun
I started with 500 on both accounts, right now i have 497 in my range and 500 in my trend (i'm currently long nzd/usd from 0.6337)
But anyway, i didn't exit my position because well my system didn't say so.
But I want you guys to know what my objectives are as of now.
Currently I am forward testing my systems. I record everything from my risk taken, the price that I opened with, lost and gain in pips..the works. I have made sort of a business contract for myself of what i need to do for each trade, each week, month, every six month and every year. Recording and graphing my equity return over time.
So although I want to make money in the market, my primary objective is to gauge my system. I set aside a year to test my range system and 2 years for my trend system. Visit www.nocturnalsystem.blogspot.com for all the info. This is my personal blog of my involvemnet with forex since may 2006. In the beginning you can see a newbie struggling with what he wants to do. Then with time, i started to become more focused and consistent with my trading. You can also read my systems and many revisions, my contract and updates.
So yea, now GBP went against me again. But hey, as long it's not hitting my s/l, i don't really care. I want to see where this trade will go.
I am sort of not attached with my forex money but at the same time I do. So everytime i make a loss, i'm like ok..there's always another trade. And everytime i make a winner, i'm like..ok let's move on to the next trade.
ps. trading is boring! but kind of fun
- #19
- Aug 21, 2006 12:06pm Aug 21, 2006 12:06pm
well i have 2 accounts with oanda. One where i implement my range strategy and the other is for my trend strategy. I like to call it forex diversification
I started with 500 on both accounts, right now i have 497 in my range and 500 in my trend (i'm currently long nzd/usd from 0.6337)
But anyway, i didn't exit my position because well my system didn't say so.
But I want you guys to know what my objectives are as of now.
Currently I am forward testing my systems. I record everything from my risk taken, the price that I opened with, lost and gain in pips..the works. I have made sort of a business contract for myself of what i need to do for each trade, each week, month, every six month and every year. Recording and graphing my equity return over time.
So although I want to make money in the market, my primary objective is to gauge my system. I set aside a year to test my range system and 2 years for my trend system. Visit www.nocturnalsystem.blogspot.com for all the info. This is my personal blog of my involvemnet with forex since may 2006. In the beginning you can see a newbie struggling with what he wants to do. Then with time, i started to become more focused and consistent with my trading. You can also read my systems and many revisions, my contract and updates.
So yea, now GBP went against me again. But hey, as long it's not hitting my s/l, i don't really care. I want to see where this trade will go.
I am sort of not attached with my forex money but at the same time I do. So everytime i make a loss, i'm like ok..there's always another trade. And everytime i make a winner, i'm like..ok let's move on to the next trade.
ps. trading is boring! but kind of fun
Following your rules is good to a degree, but honestly, you have to figure that almost hitting 212 when you hit 209, at some point you had to see that there might be some sort of failure level. with a 3 pip difference, as stated earlier, that's within 1.5% of your target. I think your system did fine, but there is absolutely no way anyone of you could tell me the EXACT pip level you needed to reach when you're that far away from your target. It's one thing to say 5-10 even 20 pips...but to come within 1.5% of your goal using a trusted system...there has to be some discretion.
If anything you should have seen the first 20 pip bounce as a reaction that would have triggered a closure. Secondly, you definitely should have been aware of the UK report released on sunday and kissed it as a gift that the rise didn't happen until a few hours later. If you're still in that position or if you closed out without a loss, then you definitely should have taken away that trading is part art and part science. The science you had very close, but it's that nuance that turned your masterpiece trade into crap.