technical analysis torn to shreds by economic news - not good
that's why i don't set stop losses. i sit and watch the trade and using technical analysis, i try to get the best bet where the direction will take a u-turn, once it's abotu 10 pips or so close, i take the money i have won already. so i don't have to deal with this kind of pain.
The simple fact that there is no right and no wrong.
Sit and watch the trade? you must have no hair left haha
haha, yes this is also very annoying for a technical trader especially if he is trading on a higher time frame and a good trader of a day or two is wipped of by a bad news report.
Originally Posted by
My biggest challenge is not taking trades that turn out to be winners. Lots of times I hold back because there's a big event ahead or because I already have a similar position with another pair.
Right now I'm working on being more confident in my trade ideas and stepping up my trade management skills. Hopefully I'll get less should-have-been trades over the next few months.
Thought of a couple more...
Gurus trying to flog their amazing system - if its as good as they say, why aren't they drinking champagne on their yacht in the Caribbean instead of trying to hook noobies for $20 a month?
Noobies who's first post is asking others to tell them how to make money because their too lazy to be a###d to learn it themselves
Last edited by eddieb; 03-05-2015 at
I used to trade like a hamster on speed...
Now I target one or two pairs, always the same ones,
with a clear bias, and wait, and wait, and wait for the
right entry after pullbacks in a trend...
Plenty of false starts, so you can get caught out...
Better to lose 70 pips out of a possible 200-300 pip
move, say, than jumping in too early on a false move
because of impatience.
But the waiting will be worth it...
It is true that patience is a virtue. That is why in Forex we must be patient, wait for the right momment, but dont freeze either.
Really loss annoys me most. We all have good expectations of earning from this market but when it didn't work out for us, we seem not to be happy. All I am doing now is trying my best to limit losses while I increase my chances of gaining from this market.
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"No one knows what he can do until he tries."