Hello my Pip Friends
I really have a hard time to decide for myself, wich timeframe to use. Im at the beginning, online Course, reading books etc.
Everything smooth till now. I have fun learning
But i lack confidence on wich Timeframe im gonna use for my future trading and demo trading. For now, i do a mix of everything between 1 H, 4 H, Daily. Im sure im not for lower Timeframe like the 1 Minute or 5 Minute. Pips up and down drive me crazy so its not for my Trade Personality. I didnt closed the door definetely but for now, the beginning, im gona stick to higher timeframe then 30M .
My biggest problem for now:
Im in a trade and its gonna really good with various Pips plus. What i do? As soon there is a little retracement i jump out of the trade. I could kill myself for this behaviour…i think its the fear to lose a winning trade. Since i dont have much time to look on my charts all the day (i do every evening after work a 2 Hour Screening and Backtest and 2 hour of reading book).
So i would like to share my journey with you and i would like to have some tipps from you guys how you do it ? How to get this stupid fear under control. Its not the fear of loosing since i dont care to be right all the time, its really the fear of loosing a winning trade….strange…
Before Work (6 AM, after the daily morning Women Business )
- Look at Forexcalendar to identify big news event to avoid them (or at last the heavy one)
- Looks at currency strenght. I pick up a medium strenght versus a medium low currency. No more as 3 Pairs at last.
- I looks to the charts and i decide after those two key question if i pick those or not:
- Do i feel good with those charts?
- Is there any key level in sight? If yes, i mark those.
- Set alarm for price
End.
I do not spend more then 30 min /pro Chart for my analyisis because i have found out something: If i spend too much time with my analysi i start to lost confidence in my research. More and more question comes up…ist he Support line there…or not…maybe there.
With this technique its going really well. I take decision, i close the notebook and i wait for my alarms.
Repeat evening and next morning.
But…damn me…i lost confidence when im 100 pips in my favoure. Why this happen ? How you ride this problem ?
Do you think, using Trailing Stop could fix this?
Maybe multipe Targets?
I have a picture of one of my trade where i just cut off a running trade.
My initially Target was down (look at the left side…the level a bit above 1.30000 and i jumped out on 1.31852 . How stupid…
No evidence of cut the trade off. Nothing!
Thanks alot and pleace, forgive my english.