What an interesting thread.
Keep up the good work! And thank you for posting some charts.
Best to you, Purtle!
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Trade 13: Short NZD/CHF (First Open Trade Update)
Went short after spotting how this pair has been on a longterm downtrend, the resistance area since Dec also held strong and I also spotted a potential double top forming.
This was last week. After I entered, it went into purgatory mode where it’s basically just consolidating. This is one of those trades where I get antsy because I start wondering what the opportunity costs are.
Here’s my setup for your reference:
I’m up almost $9 as of this writing. It still has a bit more to go before it hits my TP but now I have two options: keep my TP or remove it in anticipation for more bleeding from this pair?
In the meantime, I will move my stop loss to the open price of yesterday’s candle so at least it’s a risk-free trade (well, more like a +9 pip trade, so tiny I know but better than getting chopped up I suppose).
Would love to read what your thoughts are on my plan/setup.
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I suggest take half at your TP, move the SL to breakeven and let the second half run with a trailing stop.
good luck
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I think that is great advice from Diabolo, I trade shorter time frames mostly, I believe in an uncertain market which your in, I would take my profits or use the trailing stop. there is always another trade. Great your making a profit and posting your trades. I wish i could gain just 1 dollar of every crook I have given my money to, nothing to do with trading. Also wish some of these so called book selling gurus would do like you and post there so called mega profits for all to see, makes me wonder? At least your honest!
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Good stuff Purtle!
Keep up the good work!
…Yeaaaahhhh. I read this earlier and by the time I read it, the pair has recovered.
Another shoulda woulda coulda moment brought to you by yours truly. I’ve seen far more riches ahead of me (like $9 lol) to close this trade now so it’s either I get stopped out for a breakeven trade or I go back higher. Go big or go home!!!
Happy Friday guys. I think I’ll keep my open trades throughout the weekend.
Thanks man! Hope my account will be around by week 10!
I agree with @Diabolo888 take half TP and move to break even, at the beginning I used to not do this, I would take half and then later my SL would get hit in some trades and take losses, now I have no problem taking half and moving to breakeven and now it’s basically just watching the show, mostly I get stopped out at breakeven, but when the trend keeps going that half I left open makes a killing, and so I then slowly take half whenever I fell like it and sometimes move SL away from breakeven so if price drops I am still in profit, honestly this has changed everything for me as I make way more gainz and its a lot less stress lol, I started in crypto also and this most definitely helps where ever you trade in my opinion awesome thread will keep watching and learning, good luck happy trading
Hi purtle.
To bring in a little bit of another view in behalf of taking profits… I didn’t check the big picture, but i see in your chart a sideways-movement (a-b-c retracement) after an up-movement. So if it was my trade, i would close the whole position at your TP area because of a relatively strong support area in a possible uptrend.
good luck and many many thanks for sharing your tading experiences
: )
ps … and i think it is always a good idea to trail the stop a little bit - but not too close
I checked the charts again midday and saw that all of my trades were in the green again which should make me feel good but why do I feel FEAR? I feel like it’s going to turn against me and all the unrealized gains I’ve made will vanish into thin air and will instead be replaced by losses.
Assuming the account got wiped out??
A great self-challenge to start forex. Good luck and I hope you develop to be a monster trader. Happy pipping!
why assume the worst? lol
We shouldn’t assume the worst, but we can narrow it down.
Something has happened to purtle or something has happened to his trading account. Hoping its something with his trading account.
You can always make another one, you can’t make another purtle.
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@purtle ,
Hope all is going well with your 10 week challenge! Looking forward to your next update!
I am still in demo.
KC
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Last seen April 16th 2019 - not good.
Can we all say a little prayer for purtle.
Haha thanks buddy! I’m back in action! Took a long break there due to some things going on in my personal life but I am happy to report that my forex account is STILL alive and kicking and so am I.
I’ll try and update this thread with the remaining trades for this 10-week challenge so I can finally close this unfinished chapter and start anew!
I can’t believe it’ll soon be a year since I last posted here? How have you been! I hope you’re trading live now!
(says my account!)
Wow that felt like a bit like reading my obituary lol
Thanks for the warm welcome man! Some things here have changed but also still stayed the same. Will definitely need to do a lot of catching up around here!