hey john,
good thing that trade never got triggered…i find myself take small PA if i find the area too good to pass on, it worked for me so far but i think your right…it might be a bad habit that bite me in the future
i will work on it
Heya Rob,
1: We mark out key levels on the daily charts. These key levels are then used to find trades on both the daily and intraday charts.
2: Don’t follow news; that’s why we trade price.
3: Yes. Unless I was trading 30 min or 1hr charts etc, but normally if I am holding daily trade I will generally hold most trades.
4: Get a good broker who doesn’t charge silly spreads or commissions. I wont trade a pair if the spread is too large to make it where it puts me too far behind from the start off the trade. The max I will pay for spreads (in normal trading) for pairs such as EURSGD is around 3 pips and if I paid any higher I would not trade them because it would not be worth it.
Safe trading,
Johnathon
Great job in turning a profit in your first month Rcreddyvanga!
Also great job in realising what you did wrong. I hope you have a journal because this is both the best and quickest way to improvement!
It is amazing how many people think they need to just keep trading and trading and trade and how long it can take them to realise that is exactly what is killing their accounts.
The one thing I would say to you is; you may as well give right now up trying to pretend you have no emotions. We all have emotions. It is just simple human nature and this is why at times we are our worst enemies when it comes to trading. I often here traders saying things like “I am going to be a rock”. It was actually in another thread in this very forum I read another poster saying that he got his wife to call him the “rock” so he could pretend he had no emotions. :51:
It is how we deal with these emotions when they come to us that divides that best from the rest. By trying to block them out you will still have them, but you just wont deal with them as well as if you were ready and prepared for them.
The major hurdle for traders is uncertainty and dealing in a market place full of uncertainty. We place a trade and the price could go anyway. Nothing is certain. As a trader we don’t know what to do. Our money is being risked and that feeling of worry and uncertainty sits in our tummy eating at us. So we start playing with things. We move the stop, or we cut the trade short or we take profit etc, etc, and this is how trades and accounts are ruined everyday by traders emotional reactions to uncertainty and not knowing how to deal with it every single day. This is just a tiny snap shot of it. If you want to you can read more about this in an article I recently put up. I don’t want to put a link and get into trouble, but there is an educational article that will help people that need help with dealing with uncertainty in there trading.
Hope this helps. Safe trading,
Johnathon
It makes me very dissapointed when I see good traders making silly mistakes not following their plans. I know you turned a profit, but if you risked 2% on each of these trades, that’s 8% down the drain because you did not follow your plan and rule set and an extra 8% that should be sitting in your profit tables. I don’t get dissapointed for me, I get dissapointed for you because when you get so close to becoming a consistently profitable trader, you can’t afford to make mistakes that are simply not following your plan. This is serious business.
It takes guts to make your post and post up your losses and you must be admired for that! But now is the time to crack back on and get back to business. I don’t need to tell you (but I will anyway :18:) that random retraces, chasing trades after they have broken (???:28:) and entering pin bars in the middle (what the? :58:), is not the way to success.
You can do it and you have already proven you can do it with profitable trading. What you have found is what a lot find is that their is a transition period and this can be either from demo to live and can also be when in a live account and increasing the amount traded i,e the trader may go from from risking $500 a trader to $1,000 a trade.
What you have found is that when moving to live all of a sudden real money and greed is involved and where as on a demo no greed come into play all of a sudden you wanted to increase your risk reward to make more money and you did not want to miss out on a trade because that meant you missed out on more money being made. Once you saw a trade had passed you figured you could still get on board and even though the trades weren’t the best you figured you could still trade them because you wanted to make “real” money.
This is just a transition and it can take longer for some than others. This is where your trading/business plan is more important than EVER and following it crucial. You may also have to play around with how much money you risk because you may be risking to much at this stage which may be causing you your mind into greed and fear mode. Everybody has their limits and these limits have to be slowly breached over time otherwise fear/greed will cause mayhem.
Safe trading and all the success,
Johnathon
Is the acceptable spread not more to do with the ratio of spread to risk than being an absolute number?
For example if the spread is 2 pips but you trade a risk of 20 pips that’s 10% of your risk paid to the spread. But if another market has a spread of 4 and you place a trade with a risk of 50 then your spread is only 8% of risk.
There could also be a mention for the average pip range. Some markets are obviously more volatile and paying a premium to be in and out of the trade in a shorter period of time could be well worth it.
Thank you for your guidance Johnathon!
Right now I’m looking at my trade getting realllllly close to stoploss and I’m not feeling anything much which is a good sign I think. Stick to the plan, let it run. I can do this.
if you dont mind me asking, which trade is that? show the set up
It’s a continuation set up not covered in this thread. Wouldn’t be appropriate to post it here I think.
The GBP pairs have formed some nice PA at some good levels on the 4hr tf.
GBPCAD 4H BUEB
CABLE 4H BUEB
Darth
Thanks! This in fact closed with a loss today.
eurcad h12 bueb at support and closed above vbrn/brn 1.5000 and signal not yet triggered. thoughts?
is it too close to the NFP announcement to trade anyway?
thanks, b.
Signal is valid until other side is not broken. NFP announcement affects all pairs with USD, so you safe.
How you guys fell about the BUEB forming on the GBP pairs? now its retracing and NFP tomorrow I wasnt sure about taking it so I didnt… but now it retraced…
Cheva/Darth- I’m taking the BUEB trade on the 4H on Cable. Think that it is bouncing off of a more solid support line than GBP/CAD. Nice find!
The problem I see is the very close resistance right above the entry, that you have not marked, but it can cause trouble…
Many have entered GBP CAD H4 BUEB. I’m watching the pair and it’s not looking good. Wish you all the best of luck on this one.
It is a very large and obvious BUEB. However there is 0.8200 right above with lots of choppiness.
i didnt enter it for the traffic on the left, the price clearly is reacting to 1.800…so i thought its better to stay out of it