Was it because you were in a rush to put a trade in? Or was it because you were distracted? I find that I rush to hop in trades just so I have something, even though it’s not well thought out. 
@macilme Thanks for the heads up. Looking forward to getting feed backs from others.
@ponponwei I was not rushing to put trades on, I did all the necessary analysis before putting the trade on however, did not do one bit and that was where to put the SL. Rather than do proper analysis on where to put the SL I just made a number on where my SL was going to go.
I won’t be doing that again as I was looking at the EURNZD pair again, had a done a full analysis then I’d still be in the trade. Price has moved back up again, Daily and H4 chart are still showing there is an upward trend:
At least you weren’t rushing your trade! Although, why was it that you skipped the proper SL check you normally do? 
It’s a fault I have which I need to get rid off very quickly, especially that I am planning on trading on live account very soon.
Yeah I feel ya. At least with you it’s just the SL. Mine sometimes is the entire trade. 
On 16th June I said I was looking for Gold to find support above 1350.00, it was hovering between 1340.00 and 1350.00 at the time. I eventually found support above 1350.00 and look what happened 
:
I had an order at 1355.00 which triggered the trade with TP set at 1400.00 collecting cool 45 pips…shame it was only a dummy account I placed the trade 
Gold has hit heights not seen since 2013.
Not posted anything much for the past two weeks as I’ve been deliberating whether to start trading live account or not. I’ve been keeping up with trading on dummy account, traded gold when it went up from 1355.00 to 1400.00 and since did three more trades shorting on GBPCAD where I collected 40 pips:
I decided to alter my SL to lock in profits, having done that I collected my 40 pips however, as you can see from the chart price initially moved beyond my new SL before dropping down further 80 pips. Would have been nice to collect over 100 pips but, I am an amature and learning 
Going back to live accounts, opened an account with IC Markets due to how tight the spreads they offer however, with what has been going there I have decided not to fund the account. Then I decided to open a live account with CMC Markets with whom I have been trading on the dummy account. I was all ready to fund the account until I read up on charges they apply to positions left open overnight and IG Index seem to do the same. Is that normal? Can anyone recomend a broker?
overnight charges called swaps are nornal but you can also receive a credit it depends on the interest rates applicable to the two currencies. If you were short EUR/USD you would earn interest because the base rate for USD is higher than the EUR and you are effectively buying USD.
I’ve been practising on dummy account for some time now and have decided to setup a live account and go for it. Hopefully I won’t blow the account straight away but, at the same time I’m not aiming to increase the size of the account account 10 folds overnight. The plan is to use the strategy I have been using on the dummy account and ensure I maintain my discipline and very slowly start increasing the size of the account.
I was looking forward to start with a trade on USDJPY, which is showing a nice downsward trend on the daily chart. However, G20 summit and the agreement between China and US to start re-nogitations on trade has got the market excited a little so I think I’ll wait until the excitement fizzles away and market convention begins to dictate which way it is moving before I start placing trades. In the mean time I have one active trade short EURNZD and limit order on AUDUSD, shorting at 0.70. Both are on dummy account and both are showing downward trend
What am I doing wrong? I’m doing something wrong as it keeps happening and kicking me out of trades. Yesterday I opened a short position on the EURNZD with the trend on the daily showing a downward movement is developing and H4 chart showing the downward trend had already started.
My entry point on the trade was 1.69025, looking to go short with TP set at 1.67 and SL at 1.705. Shortly throughout the day price started to move in the opposite direction reaching before coming back down again round to 1.6920 as I type this. Fortunately this time I am still in the trade, 
price keeps following the trend down. The other three times this happened I took a whack, price hit SL and got kicked out of the trade. The first time it happened was on this currency pair, there was an upward trend and I decided to go long buying at 1.72729:
There was a initial re-tracement before price peaked at 1.73 and then it dropped, kept dropping until it hit my SL taking me out of the trade.
I thought I had learnt from that but then it happened again, entering two trades. One was on EURJPY and the other GBPJPY, entered both trades on the same evening (25th June; GBPJPY @ 136.018 and EURJPY @ 121.843) as both were on a downward trend on the daily and H4 chart. By 12:00pm the next afternoon price had already moved against me on both pairs. The trend was still downwards, I left the trades open as it still had not reached my SL before taking me out of both trades when the market opened on the evening of 30th June.
I have not changed the analysis I perform before entering a trade but, this issue is something that I really want to avoid as it is the reason why I am not profiting despite having more winning trades. Any thoughts ideas would be appreciated
Use risk based position sizing and forget about using hard stops.
@dpaterso please can you explain more how you would do that? Would really appreciate it and help my development.
Here’s one of (my) many explanations:
What can I say about the EURNZD? I was worried that I’ve not done something right and I think I’ve figured out what I’ve not been doing and that is looking at SR on the daily and H4 chart thoroughly. I’m sure I pointed that out to myself, I’ll need to drill that in my head. Looking at the pair again I was right to go short on the pair, the H4 chart was showing that downward trend had already developed whilst the daily chart is showing it is in the process of developing with the EMA 50 and EMA 200 coming close together on the path to crossing over. In the end I collected just shy of 30 pips and closed the trade. Had I done a more thorough analysis then I could have left the trade open, still be up 70 pips with the possibility of this pair dropping even more if the support level of 1.68 gives away:
Having done that I decided to do a thorough analysis on the USDCAD which was showing the exact trends as EURNZD with the only difference being the EMA 50 and EMA 200 are crossing paths on the daily chart, having already crossed on the H4 chart. So I decided to go short with TP set at 1.30 and SL set at 1.32:
The pair have already reached 2019 low and although the trend is showing move down I may still close this trade soon before the big economic data from both US and Canada come out on Friday. Added to the fact that tomorrow is 4th July, I cannot see much movement happening tomorrow.
It’s the 4th July, I didn’t think much was going to happen in the market today and looking at the charts there wasn’t much happening. I did close the USDCAD trade I was in yesterday, I’d have gained a few more pips had I stayed in but, I’m happy with the pips I gained and also I wasn’t looking to trade tomorrow as there are big data coming out of North America and the hangover from Independence Day I doubt there will be much activity happening apart from the data due.
Next week I will begin my assault on the charts on live account 
It’s the start of a new week, I have my live account set and ready and I’m short on the EURCAD:
It’s only a tiny account and I’m not looking to place more than 2-3 trades per week. So 
the first trade goes well and is first of many good trades, on route to becoming a successful trader
well it is certainly in a down trend. As of writing the D trend seems to be weakening and it has broken the H4 and H1 trendlines so it could be a short counter trend pb or a change in direction. Let’s hope it is the former. Good luck.
Lets hope it is the former, I was up 30 pips at one stage and all was looking rosey. It then pulled back significantly and I closed the trade 5 pips up even though price has not moved anywhere close to visible sight of my SL…amature I know. The H4 and H1 chart I’m looking at are still showing downward trend. Mind sharing screenshot of the chart you are looking at? Maybe I’m missing something.
not in my skill set I am afraid.
Week two of live trading and its only the second trade I have placed and it was another bite at EURCAD. There is no direction in the pair at the moment, moving up and down between 146.7 and 147. I still managed to catch some pips but, will probably steer clear from it until tomorrow afternoon.
Everybody seem to be talking about Gold at the moment, it appears to be consolidating above 1410 with a projected move up. Watch this space.