Is there anyway one can avoid entering a trade to early?

Beginner Questions Candlesticks, Chart Patterns, and Price Action
1

I have this problem of entering a trade too early when I trade along with the trend.
What I do is wait for a pullback\retest of a support\resistance area,. But most of the time I enter the trade too early thinking the retest is over and the market is ready to continue with the trend, only for me to see that the market is still retesting and it hits my SL most times before it gets back according to plan.

Is there anyway to avoid this
NB: I do use the fib retracement tool but I still encounter the same issue

2

if it hits your sl and then moves in the direction just move the stop loss higher?

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3

Hi, you can only minimize the number of times you activate your stop loss. The method you are using is discretionary so you just need time to get better results. It may be helpful to keep a diary in which you describe the reason for taking the position in this place and no other. When you have the right amount of information, analyze your actions, and draw conclusions. Regards Greg

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4

You could try using stop orders rather than market orders.

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5

Thank you so much

6

Thank you for the advice

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7

What is happening is you are buying the falling knife (however small).

Very short term momentum is not yet on your side. Just because a price reaches a support line does not mean it’s going to bounce immediately (if at all).

You need to find a point ABOVE the current market price that is your trigger line. This is what @MattyMoney is alluding to when he suggests stop orders not market orders.

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8

I understand.
Thank you very much

9

you can also wait for BPC BPC– Breakout, Pullback & Continuation Forex Trading Strategy

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10

This comes with experience but my philosophy is to take the lions share of the move not the beginning or end. So i will happily be a little late and more confirmed than early

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11

I agree.
Perhaps place your order outside of the consolidation period.
Thats what the breakout is about.

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12

Don’t buy until price has already started rising again and has held above prior resistance.

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13

I have a habit of entering a trade too early. This habit has proved to be bad many times but I still do it. I don’t know what I am thinking about when doing this. I really need to control my emotions in a better way.

14

You can make use of stop loss and determine the entry and exit accordingly. This is one way of dealing with it.

15

Yes you have to wait for confirmation which is based on what you are seeing. If you don’t have rules about entry then you’re going to fail

16

Who was the renowned trend trader ? Who said -

"You can have the first 20% and the last 20% and I’ll have the middle 60%"

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17

I have no idea but that’s about right

18

I’ve got about mixed feelings about this situation.
FIrst of all, you need to understand whether this has become your regular mistake ot it happens just from time to time. I mean that our memory works in such a way that we tend to remember only the striking moments of our life or some activities. That is why it is important to have a sort of trading diary where you can fix all of yor thoughts and then analyze them. If you came to the conclusion that this mistake repeats itself many times, then you’d better reconsider your criteria for setting the stop loss. Perhaps, you can try to set them according to support and resistance levels instead of Fibonacci retracements? I have seen a guy used FIbs, but he didn’t use the stop losses. He claimed that they fix the losses too frequently when they shouldn’t have done it. Therefore, why not you try trading without stoplosses. You should just calculate your risk/reward ratio and watch the price. Do it on your demo account first just in order to test the idea and see your results without using stop losses.