its interesting how many time s ive open trades abit too early even though they become profitable. Its seems this is about 80% of time ,even after looking at indicators and candlesticks ect for hours waiting for an execution .
Hi, hard to say, but there was one reasons why I switch manual trading to automatic. Regards Greg
ok thanks , i guess it human nature to be self critical too
Find out why did you open them to early and fix that issue.
Analysis is for making trading results better.
it is difficult to trade manually and introduce new ideas to the market, in addition, with larger amounts, trading becomes more stressful, which affects the results.
i think it waiting a fair amount of time for a better entry ,then feeling you might miss out .
yes it can do, i guess it about knowing your own personal psychology
taking the emotions out of trading as oppose to viewing screen s
constantly , i think they both positives and negatives
Very common when opening a trade at market.
One idea to test is using stop orders - maybe less pips but more accuracy.
There are others who advocate limits - problem is that you are entering when price is moving against your intended direction.
1 Like
trading on manually is really difficult with making profit constantly. for that reason traders move to automated system for very sometime.
where would you place the stop orders , is that the same argument that stops are place around the same levels of support and resistance
Everything have plus and minus, each trader need to decide which method is best for him.
yes true i agree
Obviously ahead of price - all part of a traders approach.
Levels are a pretty common approach.
One example yesterday morning - the BRC published a report on their web site headlined “WORST YEAR ON RECORD FOR RETAIL”.
Then a couple of hours later Carney was scheduled to speak - retail sales are a driver for price inflation, so reasonable chance that he would be far from upbeat.
Cable had reached up to 3120 early morning - so a decent sell stop would be below 3100 and a safe order would sit below 3080
If you have a look at 15min you will see that there were a few orders right there - went against that level by less than 10
Edit: some context here:
Sometimes hindsight is not so good for learning, I find that thinking about what’s up ahead is better.
So next week on cable - first draw a horiz on the daily - set it to the high of the winter 2019 (oct21).
Then check that very specific level - on Wed next the cpi is expected at 1.5%, anything less will cause a drop, greater will cause a rise and expected will be what to watch.
If price rises on expected then Friday is on the watch list - 0.8 expected - suspicion that this could be a miss - so a sell …
I guess if it works for you then theres no problem. If you watch markets all the time you’ll see that sometimes you can see the same setups occurring and that probably makes you take the trade earlier.
Its all sensible and methodical contrived ect putting stop orders, dose spoil part of the “fun” if im viewing the screen i rarely put a loss,otherwise i put a loss in in case of drastic news ect.
Aye - I was talking of orders that enter the market ahead of price - so when I said
That price level was 1.3010 on Oct21 - the current price was 1.3050 at time of post.
So a simple order ahead of price given the FA i mentioned is entry below 1.3000
Such trading has its own peculiarities as many other directions, but on the other hand many traders prefer it because they want more dynamics at Forex and at the same time less risk than at binary options. This is possible, but the main thing here is to keep in mind the risk management and to come in with small amounts so that you can buy up with the overlapping if you see that you are a little hasty.
yes its seems a good idea , i dont know if its the truth but ive heard a few times the establishments trade increments around certain prices levels