Hi all, new trader here (4-5 years) and old market analyst/strategist (25+ years)
i m from Egypt/Netherlands but worked in the dealing room in several countries, from Netherlands, to UAE, Egypt to Indonesia. Let me tell you, being a good analyst does not mean you are a good trader. Knowing what to do is very different from actually doing it. i started trading after i partly retired as an analyst. I m here to learn and also share whatever i know. Trading is a lonely business and i look forward to interact with ppl more. Happy trading everyone.
Amro
ps: i was on babypips in 2015 but then the site took a new design and i felt a bit lost. However, i m back and i have to say, this site is truly unique because of the ppl and the community. Glad to be back. Somewhere i have some old posts here from another account.
(I was disappointed when the site changed format a few years back but its the members behind the screen, not how the screen looks, that makes babypips work.)
Welcome aboard again. I (hopefully) know exactly what your are experiencing as it happens to me. It’s not having a detached mind when emotional reactions occur. These you must accept as being normal.
How I deal with FEAR & PAIN is as follows:
Daily TF for trend, and 4hr for synch entry, having beamed down to the 15m for confirmation like three ducks in a row. Otherwise wait.
I place my TP below a S&R or S&D zone where losing traders close their position or get stopped out. I set my S/L accordingly, which in an upward trend is further below to cater for a small retracement event on the way to success. Then turn off the desktop and let it run to its conclusion, with an exit plan for the following morning…
Alternatively, as you have no control over what the market throws at you, always close losing trades early. I hate losing, but I hate losing big more so. Never ever add to a losing position in the hope that it will reverse in your favour.
As for winning trades nurse these as follows. Aim to move the S/L to one pip above breakeven, scalp off 30-50% of profit and use a trailing stop for the balance until it hits your T/P area.
Apologies if I got everything wrong for you and best of luck.
