Beginner's Disaster!

I always thought that with any move, getting in during the first third of the move risks getting in too early and being stopped out, and getting in during the final third risks it being over and reversing before you get out, whereas just capturing the middle third of the move gets you a nice confirmed Entry and a safe exit at a decent TP. Capturing the middle third of every move would give very solid, high probability pips over the longer term. So well done on the 120 pips!

ST

LOL !! Wasnā€™t my decision mate. Because I trade a micro account, my trading platform uses the dollar as the currency of choice.

If I ever work this FX thing out and progress to upgrading to a standard account or a spread betting account, then I can deal in photos of the queen. Until then itā€™s Uncle Buck !!

Somedays you just have to laugh. Fancied both EU and GU to go long this morning. Erring on the side of safety I decided to pick one, not both. One has went long, one has hardly moved. Guess which one I picked !!

The usd? :stuck_out_tongue:

LOL, I used to think that it only happened with my entries.

I use to trade three pairs, GU EU and AU. And it was before all this PA trading. Each and every time all three pairs showed an entry, it would rain exceptionally hard if I did not pick the one that ends up not moving an inch.

It occurred so regularly that I came to believe this concept my husband used to talk about.

It was called the 2% quota. 2% quota just means that you can count yourself to be one of the two unlucky people out of a hundred just because of pure luck!. Its abit like Murphys law, but only difference is, this one seeks you out like an active missile.

Then I tried to become smarter and beat the system by entering on all three pairs. :stuck_out_tongue:

This was before a concept or sense of money management sunk in. Ofcause all three pairs would tank and you could guess what happened to all my money.

So you are not alone. It happens to the best of us. It happens to all of us.

I just noticed: this thread is not too far off the 1000 posts mark, which is quite a testament to HoGā€™s style. I realize that this will be difficult to engineer, but I feel we ought to let HoG himself make the thousandth post on the thread. Everyoneā€™s trading journey should be punctuated by the positive landmarks along the way, after all.

And donā€™t worry, HoG - I have given you around 50 postsā€™ warning, to give you plenty of time to think of something inspirational to postā€¦!!

ST

Iā€™m thinking Moves Like Jagger by Maroon 5.

Well it would certainly mark us out as different!

Hello HoG. Iā€™ve been following for a month or so on a different account, but never commented. Now that I have a name thatā€™s a bit easier to remember (my other was letters and numbers) I shall try not to be a stalker any more. I enjoy your outlook on life and you and everyone elsesā€™ posts always brighten my day.

LOL !! A guy would need to get up pretty early to slip one passed you Buckscoder !!

Welcome to the Traders Arms skapipdoosh. Always good to have another collaberator. Donā€™t ever be shy, weā€™re a friendly bunch.

Canā€™t wait to hear ST try to say your name after a Chatsworth and a couple of Hobgoblins !!

Good to have you.

HoG

Itā€™s my evening in the pub today so Iā€™ll have a run at it later!

Thanks HoG. Donā€™t try too hard ST I wonā€™t deny itā€™s a bit of a tongue twister haha.

Ok, getting back to things, took a long of EU @ 1-3602 just at NY close. Very tight stop ( only 12 pips ) looking for 1-3630. See what happens.

Told you stop was tight. Price has only moved up 4 pips and Iā€™ve already moved my stop to BE.

EDIT: Just closed as a scalp. 3 lots, +4 pips. Still think it will go up a bit but might look for a better entry price again

EDIT 2: Shows you what I know :frowning:

EDIT 3: Missed the dip below last entry price. ( in bath ) Went long again (3 lots) at 1-36088. Target this time 1-3645 ( just below yesterdayā€™s high ). Futures looking up just now slightly. Stop 1-3595. Will watch and if price does move up may still close early if +10-15 pips are on the table. If it gets stopped out so be it.

Hmmm, looks a little too scrambled for my taste. Plus we are in a downtrend on the daily. But I wish you luck! :slight_smile:

I made some 30+ pips in the ny session with a long and another one with a short. Covering some losses from the past. :smiley:

My gut feeling HOGā€¦ is weā€™ll see some Asian range trading above the open, maybe as high as 1.3626-3635. But the move of the day (London-London/New York) will be overall short.

Yep RC

Looked at the Fib Retrace from 8th Nov high to 10th Nov low and 38.2% is 1-3629. Moved my target to 1-3625.

It appears no dilly dallying tonight? Strait into the shortā€¦ refreshing change! Short EU off 1.3608 and GU 1.5936ā€¦ TP on both 50 pips.

almost same trade here on the E/U :smiley: my tp is at 1.3566 that gap needs to be filledā€¦