Rayner Too explains it clearly for me. Hope it helps, you check out his youTube videos as well
This is also another good resource website which I have found useful: Trading Psychology 101 | Action Forex
How are you getting on with journal?
Hey!, I didn’t quit, but I was demo trading and was trying to find a system. I had been trading with out a real system, just what I kludged together.
I found a podcast called Trading Nut and listened to an interview of a guy named Derek Vandelinder. He has a free series of videos teaching his system and I have been practicing with that.
I am going to start posting my trade journal again once I get back into live as I’m pretty sure no one will be interested in my demo antics.
Ok I’m back (again).
I found this podcast called trading nut and heard an interview from Derek Vandelinder. I’ve been following and learning from his videos and so far its been very useful. I highly recommend watching his videos and using the knowledge.
Today I am in USDCAD I entered too early (again) which is a problem I need to figure out how to avoid…
USDCAD
1.24690 Long.
1.242 SL / 1.252 TP
Was on the 200MA on the 4H, and the 800MA on the 1H. was also on a Strong line of support (not so strong in hindsight…) There was a sharkfin on the 1H so I figured it was a good time to enter… ended up being too early and at the time of this post I am 26 pips down… but still haven’t hit my SL.
Still in USDCAD as before
1.24690 Long.
1.242 SL / 1.252 TP
last night i guess it got REALLY close to my SL but then rebounded up into positive territory for me and then dropped again, so juuuuust barely in positive. lets see how Sunday goes.
Right now the 1D chart has a hidden divergence on the 50MA and should reject off that (which it just barely started doing today. the 1 hour was oversold as a “sharkfin” as Derek V calls it but stalled at the 50MA.
Looking at the 1D chart if the hidden divergence plays out, then this could go to 1.28, but I put my final TP (of 3) at 1.273.
Still in USDCAD, that is all.
Out of USDCAD now.
Set a Buy order for USDJPY at 108.9.
SL is 108.5
TP is 109.9
Sharkfin on 1H, hits a trendline at that same place.
Almost a Sharkfin on the 4H, this may come back to bite me if it comes back down to retest.
Also the 3rd touch on the same trendline.
1D chart it has just touched the bottom bollinger line.
lets see if this works.
if it doesnt i need to seriously look at just sticking with 10-20 pip wins and not going beyond that. keep getting burned on the 50mA