Martin, you talk about “loosely” this and “loosely” that. You say 1.3000 when you mean 1.2100 - and yet we are on a thread giving advice to an almost brand new entrant to this business who is trying very hard to find his way.
The least we can do as veterans is take great care over the accuracy and relevance of what we advise…which also includes what we read.
I am not offended in any way by you. Frustrated, maybe! Whilst we are currently dealing with a newbie account trading in cents, the ultimate ambition is of course something far greater. This is a business where thousands get potentially lost and gained in a day. It is not a game to be treated lightely or loosely.
My original post was not actually about people at all. It was all about timing - one of the most critical issues in trading alongside direction, entry/exit/stop levels, and risk/money management.
Timing is a difficult issue if one is basing direction on fundamental principles, like ben is. So my point was purely about using technical analysis to judge the right moment to enter the trade… Not prematurely while the market is still going in the other direction, nor too late when the boat has already sailed…Timing, not following other people’s ideas.
And since Ben is trading with such overly tight stops then the issue of timing is even more critical…!
But you are right, maybe I am too serious for this site. But I was nearly 10 years in the trading room management team of a major international bank including responsibility for training new traders - money was serious then and mistakes very expensive. I have since been a sole trader for some 15 years and I still do take it very seriously and I guess I can say I am right where I want to be because of it.
So, yes, I don’t like “loosely” when it comes to trading. Trading is a business and a very tough one. It does not let you off your mistakes lightly.
Ben is currently a few dollars down but the true cost to his account is actually quite a bit more in real terms. It is the difference between where he is now and where he would have been if his trades had succeeded instead of failing. Several of his trades have been within a pip or two of his targets and yet still ended up at the stop. This is the true difference between success and failure - and where one can make a real difference with a little effort.
But you are right. I have felt it already many times here. I am in the wrong pond. Time to retire and take up something more relaxing like motorcycle racing!
Good luck Martin, i know you mean well. And i hope you get there Ben, you have what it takes if you also have the stamina to maintain it long enough.