It’s good to know you have your own trading method, that’s great.
Isn’t it interesting that you choose to ignore the fact that I post my trades as I take them and not just the results?
What that’s meant to achieve is this;
those who want to trade along with me can
those who want to backtest my trades and the results against their own methods can too.
If mine are profitable ones or indeed even losing ones, the backtester can see where they could have taken a trade or not as the case may be.
There are enough methods, systems, etc here and all over the internet; people have enough systems to get on with.
I don’t intend to propose another system; we all know that each trader, even if they buy a system, tweaks it a bit to suit their trading style.
By the way, what has hackers and terrorists got to do with anything?
You’ve lost me totally.
Over and out.
Hahaha, good point Sweet Pip, plus he’s one of the few people that posts his actual name in the “About Me” section. Hmmm, a full name, city of residence and a picture for verification? Unless Tymen is actually a little girl living in Peru, he’s probably not the brightest conspiracy theorist on the block.
I must say I had a ‘belly’ laugh when I saw some of the replies here.
Tymen1, hackers have lots of millionaires, rich and famous people, who are all over the media day in day out to pursue.
It’s much easier for that hacker to hack into the account of someone named in the Forbes rich list, isn’t it?
As for the taxman, he’ll always be there, unless you’re in the UK and you want to use a spreadbetting account for its tax-free benefit.
Now to your question as to why that GBP/USD trade was a losing trade - I cannot for the life of me see the relevance of such a question, when even a novice would know that as forex traders, all we do is work with probabilities. Probabilities, that’s the name of the game we choose to play; Personally, I don’t get hang-up about losses. Enough said.
As for you not seeing the point of my approach, well, it all depends on one’s angle of vision.
[B]I saw this piece by Dr. Pipslow and thought wow!, I like it. It perfectly expands on what I was trying to get at in my previous post.[/B]
Enjoy.
[B]Forget that Perfect Trade[/B]
Posted 09:51 28 April 2009 by Dr. Pipslow
When you’re risking your own money, do you feel the need to find that secret information that nobody yet knows or find the perfect trade setup?
Some traders are so obsessed with trying to find the perfect trade that they end up not trading enough to come out profitable. Trading is not the line of work you want to be if you’re a perfectionist. You can plan a trade systematically only to end up losing money because an unforeseen event invalidates the trade setup you so thought was sooo perfect and your trade slaps you in the face and goes against you.
While you don’t want to become a careless and impulsive trader, you don’t want to be an extreme perfectionist either. Remember there’s no such thing as a guaranteed profit.
Instead of being perfect, try being average. For all the “A” students out there, I know this sounds blasphemous since I’m basically suggesting you strive for a “C” grade. But give it a try.
Rather than look for the “perfect” setup, just find a profitable setup. Yes, you might make less profit per trade, but you’ll feel better. Compare how it feels to strive for perfect standards versus average standards. You may find that you prefer average standards since you’re more relaxed. Since you’ll be putting on more trades, your profits will improve.
Trading is all about probabilities. You must make many trades to get the law of averages to work in your favor. As long as the setups are solid, and you’re using sound money management and risk control, you’ll make enough trades to come out ahead. You’ll be able to get the losing trades “off your back” and focus on winning trades.
If you’re an uptight perfectionist, you’ll always be on edge and will hardly be able to execute any trades. This will be your downfall because you won’t be able to pull the trigger on trades that are “less than perfect” but [I]are [/I]profitable.
Dare to be average and see what happens. A student who makes straight “A’s” may be smarter but the “C” student sitting behind him just might be richer.
This trade closed as above. The stop was moved earlier on as precaution.
The price here went all the way up to 1.4949 and I was going to cut the trade after seeing the reversal, but I lost phone signal in the building where I had a meeting just after 9am.
Got stuck in this meeting, didn’t worry abt it too much b’cos when I checked the price on my phone before signal went, I was confident we were really close to the t/p, only for the price to fall all the way down. Hmm…
All the same, ‘half a loaf is better than none’ they say.
