DIlemma - What's to do?

Oh you’ll feel them soon enough, when you get started. I think you posted on them only a few days ago !

There is a difference between feeling emotions and acting on them however. Sure, I can feel nervous or anxious about a trade, but my trading plan and discipline keep me from acting on them as emotional decisions are never as good as logical, rational decisions in my opinion.

I was one of a number of people who were encouraging you NOT to give up completely, if I remember.

???

No one ever said anything about giving up. I am just saying have a plan that you use to make your trades so that you are not making knee jerk reaction type of decisions.

Another long position added at 1.1762 SL 1.1735 so now 3 long positions

Hey J whats up, do you remember what the Daily mean point is on this pair, I need to have my memory refreshed.

The Ever Refreshed VIPER

Around 1.1780ish, my notes aren’t super clear

Yeah, that’s the ticket, hey F, these trades are doomed to failure

The Ever Grim Reaper VIPER

Perhaps V - but if so I’m still at 1% of account for loss ! :slight_smile:

Subordinating the trade to protection of profits in order to avoid a purely notional loss is emotion-driven trading. It can have a good outcome only by chance.

Yeah, but it is an unnecessary loss, by looking at the market structure and context all you have to do is apply the SOH strategy and wait.

The Ever Wondering VIPER

Total loss projection is 1.18%

ok @TradeViper Viper, I Know you’re a man of knowledge, but I’ve only been here 2 weeks, so I don’t know How Good you are !

Atm I sit in position with a most exactly break- even (at 1770 I’m £70 up as we speak.) My target, (which I believe in, sits 1.1870 and gives profit £3070 - a little over 3%.

The stops sit the other side of the 618 and offer a loss of 1%. - So I am 3:1 reward risk - will I take random movement at 3:1 ? - Hell yes !

You may be proven right, I may be, or we both may be.

Poker shows that you are only about 6:4 underdog with almost any 2 cards against an All-in and the worst you can be is around 2-1 underdog, so we need to look at the bet size against the pot size, to decide what to do.

What I do know is that having taken the risk of £1100 stop - out, it woukd be completely wrong to close for +£70 ! :slight_smile:

Let’ see how this pans out ! :sunglasses:

Yeah, no prob, but you will never see a poker game with a person named Yellen, or Draghi in it.

The Ever Traders Life VIPER

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Last night’s bet just got stopped out Locking in a £270 loss.

[Edit - Irrespective of the merits of teh position as a whole, that was plain BAD stop - placement at 1735 - ! The prevoius low was 1735 and retracements often go a few pips past the previous low / high, to trigger stops and provide some momentum for the upside. The stop was only 10 pips above the others, which held. Limit of the move was 1729. ]

“…It’s clear, as Draghi repeatedly mentioned, that policy makers are concerned about the strong and rapid appreciation that the currency has experienced, which is probably preventing them from making a tapering announcement at this time. The problem they face is, in not talking about tapering or, more importantly, suggesting that the program could be extended as it is beyond the end of the year, they are effectively confirming that tapering will happen. Or at least, that’s how traders are perceiving it…”

Hmm That’s interesting ! 31 months downwards, few weeks upwards and Germany is wanting to keep the Euro LOW ! - wierd - but valuable info nonetheless - Thanks Viper !

So back to no-man’s land again bet wise 1777 still negative with that stop-out at -£140. Proper stop placement and it would have been +£280 .

1784 breakeven - That loss of £270 has cost me a toatal of £490 so far !

Taken a short term up-bet 17829 after biggish plunge at 8:15 GMT (It’s actually 9:15 - but we’re still on “Summertime”

[Edit - I wonder what caused that ? :yum: ]

Ok so now dilemma time again. That was a short term bet, but is now 21 pips (£210) to the good - so do I close it - or do I let it become long term replacement for that stop - out ?

Ok deceision made - it is closed at 1802 for 19 pips £190.