Ohhhh man…
My half position has been stopped out!!! Was pretty sure we’ll brake the recent highs…
Anyway +0.5% better then nothing!
Ohhhh man…
My half position has been stopped out!!! Was pretty sure we’ll brake the recent highs…
Anyway +0.5% better then nothing!
I would like to think you’ve paid yourself already for the trade and that the stops are at BE.
If so, you’ve got nothing to lose, leave it running
Yup, I got what I needed for this week total So, I won’t be too hearth broken…
posting the pic of the trade, the 45 position all closed…
it is important to be taking profits along the way, no matter how imperfect the exits may seem in retrospect.
A wise mentor of mine told me that you need to let the winners run and stop the losers quick. In expanding what he means by that (and yes, I realise he didn’t magically work it out - it is fairly common knowledge but not often put to the test) is that you should stay in the trade until the trade becomes invalid.
If you look at your reasons for entering, whatever they are, and those reasons are still valid, hold on to it. If the reasons that make it valid have broken down, then close the trade out
Yes, sometimes it is hard to know if your judgement is correct or not. Even if you think you have a good set-up or what not, it sometimes it goes against you no matter what it is…
I guess when things go against you don’t take it so personally…just leave it as is. don’t push yourself so much…
I’m letting it go…
Hopefully, this will serve as an example to our fellow traders out there. It is not always winning… but how you handle your loses too (psychological and risk).
that is correct, with one amendment i would say
One has to consider the new information that’s input in the model. Whatever price action gives in between the time of first entry and the time of trade re-consideration is new information, and it is important. Otherwise it would be akin to saying, to use a chess example, “on every game my fifth move will be pawn D4 because his first move was knight F6”. It does not work that way so we need to pay attention to rules that sound good but need a bit of tuning.
I was really tempted to get Long again from 1.3280 on the Fiber… Didnt trade it though…
Divergence between Cable/Fiber/USDX…
True IbePippin,
That is where mentioned that you look at your reasons for entering to see if those reasons are still valid. I may have not explained myself well enough, but I do agree with what you are saying.
PipNRoll - this is definately where the psychological and emotional part of trading comes in. A very good trader (much better than me) would treat the current price movements without emotion. I only just read an Alexander Elder book today where he explained that a true professional trader would not give any sign physically whether he was %500 in front or $500 behind on his/her trade. The trade would be valid and money lost or won would be a moot point as they are trading their system/method, which would make money overall so long as they stuck completely to their method
I am still a developing trader and only been trading a little over a year. I am more paying attention on my psychological more than anything else (truly) because if you can handle the psych part (not the psycho…lol) you can handle anything. Our brain is more powerful than any tools that you can get… well, that’s what I think anyway…
Always stay positive… positive energy will drawn positive result…
anyone else seeing fibre bearish from today’s PA . Lower high plus yesterday’s low broken ( now retraced) .
I’ve been bearish since yesterday on EURUSD when structure broke downwards on a short term 4h move.
In terms of structure I think the daily is still bull, where the 4h and 1h are currently bearish.
Cable is the opposite though I think
I think I’m starting to understand what “Trade what you see” means.
Today was a good example, I saw the sign to jump in & then the sign to get out, didn’t let my hopes & expectations (emotions?) dictate. I’m also finding I don’t need a lot of fancy Nancy tools, just S/R, OTE, SMT, USDX & Kill Zones it seems…
Lets see what tomorrow delivers us
I’m out, I still think we are going to have ago at1.3480, however I can’t see the banks not taking the stops at 1.3250/55 first. Especially with us being so close!
I will probably long there!
Good luck everyone
yes, trade what you see!
it’s right there on the chart in little colored sticks.
Sometimes it’s hard to read because it’s made to look like gibberish, especially the very short frames, other times it’s hard to read because people may come up with scenarios about the fifth move. But i believe most of the time, the story is right there, on the screen.
so good luck and good reading tomorrow!
Wish I had done that today… I actually wrote a post on the forum here, commenting on the bearish divergence the fiber had with the USDX, and thinking about closing the remainder of my long trade at that point, but I didn’t, and not long after that, price dropped like a rock!!
that damn rule
I’m thinking that if 79.80 holds as support then we will see a retest of the 1.3140 area before I get long. That was my idea on Sunday and seems to be playing out so far.
As always though tomorrow could change everything but that’s what I’ll be watching.
They’ll give you the longevity in the end man, plus you made some porridge today…