The second, and I mean the actual second I go long, the price drops like a rock. Sometimes I honestly believe it’s rigged haha.
I checked the economic calender, I checked the news, there was nothing that would suggest a sharp drop. I just don’t get it, I am literally lost for words. It might pick up and reverse but it just pisses me off when this kind of thing happens. So demotivating.
Looks like you bought 5 minutes before the US open. I don’t know if this routinely has any impact on this pair, I don’t generally trade/screen-watch intra-day, but it seems a plausible theory - everything’s connected in forex.
In all fairness “dropping like a rock” is a slight over statement, rather it was a gradual decline over a fairly extended time period. However, yes I understand it can sometimes be annoying and frustrating - but that’s trading. No level of experience is ever going to stop [I]‘those situations’[/I] from occurring.
When you have confidence in your trade plan, and understand it’s expected success rate (over time) you will allow losses to pass much more easily as you know that over time you will average out on top. This level of knowledge is though easier said than done in reality - some people will never be able to shift the physiological aspects to one side [no matter how great their trading approach may be]
Yeah I know and if the opposite happened and my trade shot up I probably would not be making this thread so I know it’s just psychology but I can’t help feeling demotivated when I’m waiting days for a trade and I finally find good technical’s, ECB somewhat hawkish. BOJ mostly dovish, I think it was such a good opportunity.
However it’s recovered back to break even now so perhaps it was right, just the market had a little influx of selloffs or whatever. I’ve got my TP and SL in place so I’ll just let it do it’s thing.
I never understand why these dramatic up down curves happen.
It all boils down to real market order flow (not the type your retail broker shows you on MT4) - the market takes the path of least resistance, and that’s really it. You’ve got to remember that the market, regardless of the instrument being ‘traded’ [you never trade in FX, by the way, just bet], is a collective view of human psychology - in fact the largest representation of human psychology in the world.
Remember, humans are not always rational, so don’t expect the market to be rational [I]just because[/I] your rational analysis is lined up to the stars 
Also (no critical tone intended!) you might want to think about the time of day you enter trades, and whether it’s optimal timing to enter a long trade right after the price has gone down a fraction from an apparent “double top” on the chart. :33:
I prefer to hold trades between 1 day and 1 month so the exact time of day isn’t too important for me. Plus the long term daily chart the technical’s looked good. I don’t mind it the price drops, I don’t expect perfect entry but having it drop 50pips in a few hours is a bit demotivating.
I could not agree more and it is the reason many will never make it to the finish line. This can be such a hard, long and punishing point to get past and it can completely paralyse your trading.
Ah…if only we could have all had a small peek into the future at the beginning of it all…
Yes, it is extremely demotivating but don’t let the pity take you over. The market is quite unpredictable and these things happen all the time. All kinds of events, breaks, news, movements, etc. have impact especially on Forex so always be prepared. We need to be kind of flexible when something like this drop happens and try to control our emotions. Don’t let fear and disappointment ruin your further experience and expectations
Forex Trading is not at all about the luck, all it is about the proper knowledge and experience and skills. It is more about relying on the Market Analysis.
Here is some advice I have recently given someone through a quick google search on best time to trade.
"Our data show that over the past 10 years, many individual currency traders have been successful range trading European currency pairs during the “off hours” of 2 PM to 6 AM Eastern Time (7 PM to 11 AM UK Time).
Many traders have been very unsuccessful trading these currencies during the volatile 6 AM to 2 PM time period.
Asia-Pacific currencies can be difficult to range trade at any time of day, due to the fact that they tend to have less distinct periods of high and low volatility. "
I have been applying this to my Binary options strategy recently and last night for example I made 3 ITM (In the Money) trades. It was paper trades but nonetheless positions I would have taken on a live account. That would have been a net profit of $3000. But the profit is not the focus, how right I was is.
I completely agree with the sentiment. Stroke of luck, I believe, can apply only a few times, if even that. It would result in losses ultimatley though. That’s not to say that one does not need to consult themselves with their “gut feeling” ultimately but only after careful and elaborate research and market analysis. On that thought, can you recommend site or tool with best market analysis. I’ve visited some websites with video tutorials but cannot differentiate about quality at that stage.
Yeah, but we cannot totally rely on the “gut feeling”, we need some good knowledge and experience and certain skills to become successful in Forex.