You got burned with UCHF you say??.. Welcome to the club. I did a buy three weeks ago and I got burned to the tune of 6 thousand dollars on two accounts on one Friday three or four weeks ago. Use to be one of my favorite pip maker. I stay out of it now. Lessons learned. I am watching it. I will take back what it took from me one of these days.
It was another not waiting for confirmation on D TF disaster.
Why do I say another ??
Cause I did one yesterday also. GU sell…LOL. Yes it was not only you jumping the gun, I did the same and F280 who was chatting with me at that time did the same classic mistake. I still managed to take 50 pips but it was pure luck.
It was a classic case of reading what is not there, and assuming its a sell when all the rules in the communist system said I had to look for a buy. Was too shaken after that one hour I did not take the subsequent by signal on EU.
So I guess you can be comforted that we all still make mistakes now and then.
The most important thing is feeling comfortable with a system and trying to repeat it so we become familiar with it.
If you are attempting to learn something then dont use a real account. It will make the learning harder cause now we are glued to how much money we loosing or winning instead of watching what our trade is doing.
My mentor use to tell me again and again that dont think. If you are thinking then you are going to loose money. Just observe. Its one of the hardest things to condition your mind to.
We nearly got burned yesterday because we THOUGHT it was a sell but we had no confirmation what so ever on any TF as per our rules of entry. Yet we shorted, throwing all of it out of the window. And rightfully so we nearly got burned.
Practice. Practice Practice. And finally every trader makes a mistake now and then. Just try to keep your winnings ahead of your loosing trades.
it doesnt hurt that much cause that was an account I started with USD 300 initially.
So its ok.
look back on this thread. You will see a link called Luminous Dejavu. Look at his account statement. USD 1000 to USD 1 Million in 107 days. You will see how he has losses as part of his trading.
Its all about keeping your average winning higher then your losers/
I lost 1% of my account shorting USD/CHF earlier this week, simple trade off a high test on the Daily. Shot up and stopped me out, all the fundamental speculation about the value of the CHF didn’t help! Although I don’t like losing, as NikitaFX says, above, that pair has been giving good, predictable pips for months now. There is always going to be some volatility on any pair at some point, which is likely to give a losing trade, but this should be more than offset by the winners up to that point. You take all the setups, have a good run, then get out at the end of the run and find another pair - sometimes taking a hit as you do so. Think of it as a business expense!!
ok i might not get a trade everyday. but if i got one it’s gotta be a sweet one. why… check those green circles. those are the signals to OP. nevermind the color of the candle body. pay attention to the long wick. those long wicks are like the trail of smoke from a booster rocket. once i determine whether it’s going to be bull or bear day, i just have to wait for that rocket.
see that that rocket only happens once a day. there’s even a day when there’s no rocket. houston had a problem
my target per day is only 20 pips actually. with total per week is 100. two or three rockets should be enough for a weekly dose.
I bought at the same candle, but my buy was at 1.4400 and I was out with 40 on one account and had another moved to BE +1. Which of cause just got me 1 pip at the end of the hour.
I didnt go in on big risk because of D TF correlation mess.
If we see that the price is going to go one of two ways, then its very important we try to buy as low as possible or sell as high as possible. That is to ensure that our SL is as small as it can get.
Try to enter trade at the beginning of the candle. Entering at 15 past or 30 past the hour will enlarge SL unnecessarily. It comes with practice and patience. And its not something that can be done all the time. Sometimes the candle opens and just shoots one way.
I missed out on the sell yesterday US session as I was out and came back to see that I missed the train.
Morning has not been bad on AU and GU so far.
Hope to have a good Friday and make up for yesterday.
My physics teacher use to always tell us " Do as I say, dont do as I do!"/
on a serious note, there is a big difference with what you did the other day and what I did today.
Notably the valid SL your trade had was 135 pips without adding spread if we followed wave. Mine was much much less then that. Even if we had picked SL at the peak of todays HH, it was only about 20 pips.
Had your position gone against you, you would have been in deep you know what.
Malaysia is having a serious crisis. Government, electoral, Political etc etc etc.
This below sums up whats wrong with our civil service in a nutshell.
Government JOB
Gopal goes to the Post Office to apply for a job.
The interviewer asks him, "Are you allergic to anything?"
He replies, “Yes - coffee.”
"Have you ever been in the military service?
“Yes,” he says, "I was in Iraq for two years."
The interviewer says,“That will give you 5 extra points towards
employment.” Then he asks,"Are you disabled in any way?"
Gopal says,"Yes. A bomb exploded near me and I lost both of my testicles."
The interviewer grimaces and then says, "O.K. You’ve got enough points
for me to hire you right now. Our normal hours are from 9:00 A.M. To
6:00 P.M. You can start tomorrow from 11:00 AM every day."
Gopal is puzzled and asks, “If the work hours are from 9:00 A.M. to
6:00 P.M., why do you want me to start here from11:00 A.M.?”
“This is a government job,” the interviewer says, “For the first two
hours, we just stand around drinking coffee and scratch our balls.
No point you coming in for that.”
Cant buy you guys a drink, so I thought Ill share the above for a weekend.
i currently work in africa. slightly near middle east.
A disappointed salesman of Coca Cola returns from his Middle East Assignment.
A friend asked. “why weren’t you successful with the Arabs?”
The salesman explained.
When I got posted in Middle East, I was very confident that I would make a good sale pitch as Coca Cola is virtually unknown there. But, I had a problem I didn’t know to speak Arabic.
So, I planned to convey the message through three posters.
First poster: A man lying in the hot desert sand….totally exhausted and fainted.
Second poster: The man is drinking our Cola….
Third poster: Our man is now totally refreshed……
And then these posters were executed all over the places…”Then that should have worked!” Said the friend.
[B]“The hell it should have!?” Said the salesman. “Didn’t realize that Arabs read from right to left”.[/B]
Yes. Waves are all that matters on smaller TF. But picking HH or LL or more importantly the LH and HL are where we would need practice.
That is where the daily trade forms and its where our SL comes into play.
Since the waves do not form by the book, it requires practice to be able to see the bottom or top of a new wave.
Combine that with some basic S&R levels and you should be atleast 70% successful. Keep in mind that the market will occasionally do something against all norms and you will have some losers. SL is important. Allocate for this.
