I have been touch and go on the hole trading, studying some months and then leaving it for a while, and so on and so forth because of my ADD.
Now i have more responsibility’s than before and i’'m a stay at home dad with a son of 2 years old, trading runs in the family since my dad was a trader himself.
I am following all the courses in the “School Of Pipsology” and then I’m going to open a small account with all that they have taught me.
I have a lot of confidence with this NEW Career choice and know that there are successes to be had.
If you want follow how I’m doing and maybe give me some advice, i think we are all here for the same thing.
Have been studying the EUR/USD, Fundamentals speak of a decrease in Bullish momentum and Fibonacci resistance levels are being tested at 1.31600 (0.236).
I have a gut feeling that some of the Bullish movement is dieing down, so im placing an entry order to SELL at 1.31150 (0.618) and if i am totally wrong about this trend im placing a entry order BUY at 1.32250 to try and take some profit either way it decides to move.
Well, you could also assume that the daily bullish trend will continue and may retrace near 1.3115 before continueing back up. Or it could be ending who knows!
Goodluck
My Sell Entry order got triggered and then moved in completely in the opposite direction, -5 pips, but you know what you win some you lose some, now im going to study the evidence and learn from it.
YHVH
ps.
Hellogoodbey, you were totally right about this one, maybe ill get it on the next.
i´m going to give you some advice that will save you from future losses: gut feeling will blow your account.
Every trade you take has to be based on your analysis of the market not in a gut feeling. Wait for the market to tell you what to do and then trade that. Dont do the opposite, dont try to anticipate the market.
Do you think the euro is going to make a retracement? fine, but dont trade yet. Wait for the market to develop into a retracement and then jump in. You cant pick up the exact top or the exact bottom, you need to give some money to the market in order to win some.
Gasanvill i want to thank you for your advice at the end it did pay off to look for the retracement i got mine at 3:56 when it dropped trough my entry at 1.3200,but know that my previous mistake was, that I was just a little to sure of what was gonna happen i didn’t analyze properly and it got me.
again thanks for the advice it did help.
Ps. Looking at the USD/JPY from yesterday it has had a very strong down trend but it looks like it might have hit some support levels, lets see what this tells us. Again…the waiting Game…MMMMMM
Now you need to record all your trades, and keep a trading journal, an excel sheet that includes entry time, exit time, pair traded, reasons for trading, and put charts at the moment of entry and exit. That is a key to improve your trading and measure your improvement, otherwise you wont be able to learn fomr your mistakes.
usd/jpy? I´ll tell you what is going on with that pair. The daily trend is down, you can see that if you place a 5,10,20 and 50 MA in the daily chart, all are pointing down. Now switch to 4H chart, is going up because right know the market is making a retracement. You have two options: trade the retracement (this is call counter trade because you will trade long against the daily trend that is down) or you can wait until the retracement is over and entre short. When will the retracement will end? Nobody knows but you can use some tools to have an idea: fibonacci, moving averages and bollinger bands.
Traded the USD/JPY yesterday put a sell entry order at 1.32000 and it triggered the order, the problem was that my stop-loss order didn’t leave enough room for the market to fluctuate so it closed prematurely and lost 5 pips.
I would really appreciate any suggestion on how to improve my Stop-loss /Limit placement as to avoid such unnecessary mistakes in the future.
Master Tang i wanted to thank you for your advice and i wanted to say i had the right pair,little typo but i was trading a on 3 timeframes (15m,30m,60m) but mainly 15min, my t/p points were, s/ 1.32050 and L/ 1.31950. not big margin i know.
I dont know if you would mind me asking, what would be a good margin to put on a trade like that.?
Had a Good day of trading, after the EUR/USD had a big Bullish move this afternoon, i made a nice 10 pip profit on the downward breakout placed my entry at 1.31500 and it fell strait trough. YEE i was using MACD and stochastics on a 30m/15m/5m timeframe.
Lets see what happens now with my USD/JPY long. analysis looks convincing.
