Quote:
Originally Posted by bhops
Thanks for the feedback Art,
I took a second ib trade today at 18.15 for the same reasons; directional flow, a strong bear bar when the price was making eyes at the approaching 1.7650 level and a scrool back on one of my lines told me that although the price seemed headed up towards the 1.7650 level it was unlikely to break it plus the last time price touched up at that level it fell away quite sharply.
Got in at 1.75534 with my stop loss tucked way back above the candle before the ib 1.76225 soooo........I should have been prepared to give it more breathing room than I did.
However once price dropped to 1.74922 approaching 1.74800 I chickened out and took my profit.
Really I can't justify the r:r ratio there can I? Not even close.
Now it has continued dropping like a stone through the 1.7350 level in an almost carbon copy move from yesterday and I'm as sick as a a parrot (even in demo mode)
A classic case of not trusting my charts and the levels I had plotted out aye Art?
Any tips from anyone would be appreciated on how to keep yourself in a trade like this, and how to keep yourself from bailing early but I think this is more a case of practice practice practice.
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Hi bhops,
If i were in your shoes, once the price moves to the 1.74800, I will move my stop loss down to 1.7500 to lock in my profits and let the trade runs. If you are trading multiple lots, close out half of your position at 1.74800, then move your remaining position stop losses to break even.
Never mind if you exit a trade early, it will be better than you losing. At least you profited from this trade, and no point feeling bad missing the big move. There are alot of signals in the market everyday, why feel bad over a single trade. Just my own point of view.
