I’m a bit frustrated today. Did my homework today early in the morning. I like to trade intraday, and after reading the fundamentals I decided I’m bulish today for the CHF. I really believed this.
So I open 2 lots today at London opening. I follow the general advice about having at least 2:1 ratio.
I enter short in the USDCHF at 0.9367 setting target 1 (for breakeven for the second lot) at 0.9330. So that’s 37 pips away. So I follow advice and set SL at 0.9382 above resitance, trying to respect the ratio somehow.
Now what happens! price goes down about 10 pips in my favour, and then little after hits my stop! and then it goes to my TP after my trade getting ran! So I know my CHF bulish sentiment was right! I’m so frustrated with ratio and forex in general. I feel there’s a lot of pips to profit from, but **** like this just keeps happening.
I’m a bit frustrated today. Did my homework today early in the morning. I like to trade intraday, and after reading the fundamentals I decided I’m bulish today for the CHF. I really believed this.
So I open 2 lots today at London opening. I follow the general advice about having at least 2:1 ratio.
I enter short in the USDCHF at 0.9367 setting target 1 (for breakeven for the second lot) at 0.9330. So that’s 37 pips away. So I follow advice and set SL at 0.9382 above resitance, trying to respect the ratio somehow.
Now what happens! price goes down about 10 pips in my favour, and then little after hits my stop! and then it goes to my TP after my trade getting ran! So I know my CHF bulish sentiment was right! I’m so frustrated with ratio and forex in general. I feel there’s a lot of pips to profit from, but **** like this just keeps happening.
Frustration reminds me something to tell you that its my first of trading live… Last 5 days i won around 500 pips without loss… It has given 25% to my whole equity … But since yesterday after the doller went crazy i failed to get a single trade… More funny thing is that continuously i got 8 losses and then i thought ok lets get a single pip profit just to make sure that i get something for today… And will u believe that open a trade and just make my self ready to click on close button as soon as it touches to the profit… Price turn my trade into profit 7 8 pips and i clicked it without wasting time… Would u believe that specific trade went on zero zero… No profit no loss… Thas not the funny part yet… Funny part is that almost 13 entries i made for today and all went with red color… Thats the only trade without color means zero zero… I lost almost one fourth which i earned in last five days… And the whole day is without earning a single pip…
I am mot sorry that i didnt earn money… Bcoz my moto is for now to learn this whole new world… But kind of disappointment when you try hard to get single pip and u cant…
I’m a bit frustrated today. Did my homework today early in the morning. I like to trade intraday, and after reading the fundamentals I decided I’m bulish today for the CHF. I really believed this.
So I open 2 lots today at London opening. I follow the general advice about having at least 2:1 ratio.
I enter short in the USDCHF at 0.9367 setting target 1 (for breakeven for the second lot) at 0.9330. So that’s 37 pips away. So I follow advice and set SL at 0.9382 above resitance, trying to respect the ratio somehow.
Now what happens! price goes down about 10 pips in my favour, and then little after hits my stop! and then it goes to my TP after my trade getting ran! So I know my CHF bulish sentiment was right! I’m so frustrated with ratio and forex in general. I feel there’s a lot of pips to profit from, but **** like this just keeps happening.
I found a resistance bar on AuD/USD … Just trying to be on more safer side… I entered a trade with buy stop limit just after the resistance bar… By thinking if price succeeded to cross the bar then only my trade will have to execute… Fine
Price slightly cross the resistance line and make my trade execute and then again fall back…
I said ok its my mistake i place trade so near to the resistance… So i did it again with reasonable space and made buy stop limit … This time again same thing happened … Price came and took my trade and fell down… Check the chart for aud/usd u will understand the whole scenario…
Now tell me how much person will be frustrated if he didnt succeed to get a single pip…
I found a resistance bar on AuD/USD … Just trying to be on more safer side… I entered a trade with buy stop limit just after the resistance bar… By thinking if price succeeded to cross the bar then only my trade will have to execute… Fine
Price slightly cross the resistance line and make my trade execute and then again fall back…
I said ok its my mistake i place trade so near to the resistance… So i did it again with reasonable space and made buy stop limit … This time again same thing happened … Price came and took my trade and fell down… Check the chart for aud/usd u will understand the whole scenario…
Now tell me how much person will be frustrated if he didnt succeed to get a single pip…[/QUOTE]
I can tell you your problem in a nutshell, you entered 13 trades today!!! If I enter 13 trades a week that’s alot! You are not trading your gambling! What system do you have for trading? Or do you just click on any random pair and enter? If you analyse properly and take your time to do some research you will not have this problem
I can tell you your problem in a nutshell, you entered 13 trades today!!! If I enter 13 trades a week that’s alot! You are not trading your gambling! What system do you have for trading? Or do you just click on any random pair and enter? If you analyse properly and take your time to do some research you will not have this problem[/QUOTE]
Gambling or learning… May be you will not understand it…
Gambling means something you do to earn money… Frankly speaking i am not looking for money…
Then the other thing is who can do like this… A person who is new to this field and where almost all old fellas are thinking they are something and dont want to tell something… Then this is the best method i have to learn it via experience… To feel that thing to observe… And meantime bu little hope that may be some expert like u will be so kind and share some knowledge instead of referring some book store to go there and find a book… If lucky u will get the answer… Dont know why people are so selfish when its all about sharing…
You can write this paragraph but cant write few lines which can help… Isnt it amazing ? Why every body wants to give other the same punishment from which they passed …
Gambling or learning… May be you will not understand it…
Gambling means something you do to earn money… Frankly speaking i am not looking for money…
Then the other thing is who can do like this… A person who is new to this field and where almost all old fellas are thinking they are something and dont want to tell something… Then this is the best method i have to learn it via experience… To feel that thing to observe… And meantime bu little hope that may be some expert like u will be so kind and share some knowledge instead of referring some book store to go there and find a book… If lucky u will get the answer… Dont know why people are so selfish when its all about sharing…
You can write this paragraph but cant write few lines which can help… Isnt it amazing ? Why every body wants to give other the same punishment from which they passed …[/QUOTE]
Sorry I didn’t mean it to come across like that, I am more then willing to answer any questions you have and share advice but my advice to you right now is never again enter 13 trades in one day, trading is all about playing the probabilities and picking the right trades. What other questions would you like answered?
I can tell you your problem in a nutshell, you entered 13 trades today!!! If I enter 13 trades a week that’s alot! You are not trading your gambling! What system do you have for trading? Or do you just click on any random pair and enter? If you analyse properly and take your time to do some research you will not have this problem[/QUOTE]
One more thing i forgot to tell you … You were saying about only 13 trades… I posted my link for the portfolio go and check for last five days i approximately opened 500 trades… Specifically i remembered for yesterday 167 and day before yesterday 180 plus…
And honestly speaking u may confirm as well that out of 500 trades i just lost 20 and 13 are from today… But again let me remind u i am seriously not looking for money… My nick eager… Eager to know something… Not to get money at all…
One more thing i forgot to tell you … You were saying about only 13 trades… I posted my link for the portfolio go and check for last five days i approximately opened 500 trades… Specifically i remembered for yesterday 167 and day before yesterday 180 plus…
And honestly speaking u may confirm as well that out of 500 trades i just lost 20 and 13 are from today… But again let me remind u i am seriously not looking for money… My nick eager… Eager to know something… Not to get money at all…[/QUOTE]
500!!! Ok I’m not saying I’m an expert but I have some experience. Firstly are you using stop losses? What amount of capital do you have in your account and how much are you risking per trade in %
500!!! Ok I’m not saying I’m an expert but I have some experience. Firstly are you using stop losses? What amount of capital do you have in your account and how much are you risking per trade in %[/QUOTE]
This is my 2nd live account … First account i deposited 5000 and finished in almost two days…that one was with ava traders…
Now changed the broker becoz there fixed spread i dont like so now moved to xm …
500!!! Ok I’m not saying I’m an expert but I have some experience. Firstly are you using stop losses? What amount of capital do you have in your account and how much are you risking per trade in %[/QUOTE]
No stop loss… I was testing that what if a price goes against u then how much u can wait …
Same mistake i did for now… Today still opend 19 trades although i closed 13 of them but still these are opened… Waiting for price to come back atleast near so that i can accept the loss…
This all started yesterday as price changed the direction all of sudden…
The most important mistake i did today that i followed some one else signals … Some on the forum was saying to buy eur/usd… I immediatly bough… Then i realized that already i have 10 lots on sale for the same pair…
2nd mistake for today i had eur/jpy on bull side… And again some one said make sell on usd/jpy… I did the same … And later on i found that if usd/jpy goes down then eur/jpy will increase… If eur:jpy down then usd/jpy increased… And both are at such a center position that i cant close a single trade … Except just waiting for anyone to come close to a low loss atleast…
Anyhow learning alot … Atleast better than these so called gurus…
I’m a newbie too so don’t place too much emphasis on what I say. Fundamentals relate to the well-being of an economy, which translates to swing trades more than intraday trades. This does not equate to 16 pip stops and 32 pip targets. If you’re talking about the current trend, you’re right, it is a down trend on the higher time frames. But this type of action is simply the nature of charts. It will happen over and over again unless you’re prepared. You took a classic breakout trade but got faked out. That’s all. Better luck next time.
I wouldn’t have managed the trade. i would have left it alone and got stopped out the same way you did, given that we had the same analysis.
No stop loss… I was testing that what if a price goes against u then how much u can wait …
Same mistake i did for now… Today still opend 19 trades although i closed 13 of them but still these are opened… Waiting for price to come back atleast near so that i can accept the loss…
This all started yesterday as price changed the direction all of sudden…
The most important mistake i did today that i followed some one else signals … Some on the forum was saying to buy eur/usd… I immediatly bough… Then i realized that already i have 10 lots on sale for the same pair…
2nd mistake for today i had eur/jpy on bull side… And again some one said make sell on usd/jpy… I did the same … And later on i found that if usd/jpy goes down then eur/jpy will increase… If eur:jpy down then usd/jpy increased… And both are at such a center position that i cant close a single trade … Except just waiting for anyone to come close to a low loss atleast…
Anyhow learning alot … Atleast better than these so called gurus…[/QUOTE]
My first advice to you is start using proper risk management, never risk more then 2% of your account on any one trade (for a $5000 account it would be $100 per trade) also never have more then 10% of your account at risk at any time, that would mean never having more then $500 or 5 trades at 2% on at the same time. Always have a stop loss, even if it’s 800 pips, it means you can never lose your entire account at once. It also means you can figure out your position size, there is a position size calculator under tools on babypips. You also have to do some learning, go through babypips school. If you don’t do these things you WILL continue to lose all of your money. Good luck
Entering a cash out zone in range conditions is a sure recipe for disaster.
They are running the range top and bottom for stops so they can get their offers/bids filled and the clueless holding the bag in the cash out zone - YOU!
As a rule of thumb - if you want to trade under range conditions - you need to identify the range top and bottom.
You enter long at the bottom and you enter short at the top.
Your stops are placed OUTSIDE the range.
You cash out in the middle.
Translation:
Top of the range c9410
Bottom of the range c9330
Range 80 pips
Cash out zone c9370
Check WHERE you entered…bang on in the cash out zone.
My first advice to you is start using proper risk management, never risk more then 2% of your account on any one trade (for a $5000 account it would be $100 per trade) also never have more then 10% of your account at risk at any time, that would mean never having more then $500 or 5 trades at 2% on at the same time. Always have a stop loss, even if it’s 800 pips, it means you can never lose your entire account at once. It also means you can figure out your position size, there is a position size calculator under tools on babypips. You also have to do some learning, go through babypips school. If you don’t do these things you WILL continue to lose all of your money. Good luck[/QUOTE]
Nice information … I am also following it… But as i told u if you are having more then ten trades and all started to jump in different direction so it will be a little trouble…
If u can help me to find the best way of
To identify the support line
To identify the resistant line
In the book what i have read till now is where the chart bounce back… If it bouncing downward so it means its resistant line and if bouncing up-word then support…might be i am wrong but my question is that other then book language how u see a support line in light of your experience… As i have read that support and resistance do exist even its a blank chart… Means price never reached there…
Then next question will be what is the best method to get the right trend other then tools in meta trader… As some people says that follow the average line … It guides us the trend… What your experience says…
As i was reading an article of a professional trader he claims that he dont need any tools… He just look at the chart and can find the support and resistant and can imagine the trend…
[QUOTE=“kashix;513293”]I’m a newbie too so don’t place too much emphasis on what I say. Fundamentals relate to the well-being of an economy, which translates to swing trades more than intraday trades. This does not equate to 16 pip stops and 32 pip targets. If you’re talking about the current trend, you’re right, it is a down trend on the higher time frames. But this type of action is simply the nature of charts. It will happen over and over again unless you’re prepared. You took a classic breakout trade but got faked out. That’s all. Better luck next time.
I wouldn’t have managed the trade. i would have left it alone and got stopped out the same way you did, given that we had the same analysis.[/QUOTE]
I feel happy by reading the last line and most of it the last two words…
Yes environmental factor is the key to move price… Last week end i had usd/jpy on sell side… But all of a sudden it start bullish… Given me loss… But i didnt close the trade untill the market closed… Once it closed i got time to know what happened actually bcoz trade was moving fine…anyhow i got to know that in japan there is election for uper house… So some traders says they withdrawal the money to use it on election… Anyhow somehow i got the information that if shanze abe won by ine third majority then economy will boost… It means yen will go high… So obviously usd/yen will go down… It was weekend and my open trade was on loss but i was quite sure that it will turn into profit as market will open… So these things really matters alot…
Anyhow can you please tell me what is pivot and pin bar… Butterfly and how these helps us to open trades… ? Appreciate for your help …
Don’t be dogmatical and stick to “advice about having at least 2:1 ratio”. If you know what you are doing then you can decide best R:R yourself, but if not … then 1:2 won’t help you anyway.
I don’t understand people who tarde USDCHF… it is mirror of EURUSD which has more volatility and more liquidity.
I don’t know much about fundamentals, but from technical point of view it seems like you have no idea of what you are doing.
It is hard to exaplain here every detail of what I see and why it is like that, but I will try give my short general insight.
Your entry timing was really bad. It seems like you don’t know how to “buy low sell high” nor have a feel for it. Generally in upward trending market buy zone (zone where I might look for buy setups) is pullback, but sell zones are after breakout. What you did is sell in pullback. For the same reason your stop loss was very bad, because you buy in sell zone.
I believe your take profit level was also quite bad, because for price to get there it has to break out of pattern (just a general idea). If I was selling from 0.9390 area I would be aiming for like 0.9350 or else I would just let profits run, because if it breaks that 0.9347 I expect it to keep going down (don’t know how far though).
Good luck.
(I don’t know how much money you have, but I would advise you to trade smaller size for now.)
Im no expert at all… hence am posting in the newbie section…
I’ve seen that normally activity starts at London opening normally, I’ve looked at the charts, and mostly everyday markets are flat or slowly trending until 8 GMT, so I like to trade starting at this time… Early in the morning… as soon as I see a signal in the chart that is aligned with my fundamental analysis. So in this case it was the bearish candle.
The fundamental was… today one of the most important investment banks in Switzerland … Credit Suisse reported a rise of 33% in net profit. This is IMO a big deal coz swiss is a small country, and banks are the main business. So I believed that today’s strongest currency was going to be CHF.
Maybe this is bul****… again I’m a newbie, but I believe that most of the moves are made when the real markets are open because of what large corporations do, and they do it according to the fundamentals, so resistance created by small tarders like us mean very little when big transactions are happening.
So yes maybe EURUSD is a mirror of USDCHF, but my choice for today was CHF, and I guess with a better strategy I could have profited today as you can see in the carts.
